Edgar Filing: MARKET VECTORS ETF TRUST



                                  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  333-123257

                            MARKET VECTORS ETF TRUST
               (Exact name of registrant as specified in charter)

                     335 Madison Avenue, New York, NY 10017
               (Address of principal executive offices) (Zip code)

                         Van Eck Associates Corporation
                     335 Madison Avenue, New York, NY 10017
                     (Name and address of agent for service)

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

Date of fiscal year end:  APRIL 30

Date of reporting period: APRIL 30, 2013

Item 1. Report to Shareholders

	ANNUAL REPORT
	A P R I L 3 0, 2 0 1 3

MARKET VECTORS
CORPORATE BOND ETFs

Fallen Angel High Yield Bond ETF	ANGL^TM
Investment Grade Floating Rate ETF	FLTR^®
Treasury-Hedged High Yield Bond ETF	THHY^TM

MARKET VECTORS
EQUITY INCOME ETFs

BDC Income ETF	BIZD^TM
Mortgage REIT Income ETF	MORT^TM
Preferred Securities ex Financials ETF	PFXF^TM

MARKET VECTORS
INTERNATIONAL BOND ETFs

Emerging Markets High Yield Bond ETF	HYEM^TM
Emerging Markets Local Currency Bond ETF	EMLC^TM
International High Yield Bond ETF	IHY^TM
LatAm Aggregate Bond ETF	BONO^TM
Renminbi Bond ETF	CHLC^TM

TABLE OF CONTENTS

MARKET VECTORS INCOME ETFs
President’s Letter	1
Market Review	1
Performance Record
BDC Income ETF (BIZD)	7
Emerging Markets High Yield Bond ETF (HYEM)	9
Emerging Markets Local Currency Bond ETF (EMLC)	11
Fallen Angel High Yield Bond ETF (ANGL)	13
International High Yield Bond ETF (IHY)	15
Investment Grade Floating Rate ETF (FLTR)	17
LatAm Aggregate Bond ETF (BONO)	19
Mortgage REIT Income ETF (MORT)	21
Preferred Securities ex Financials ETF (PFXF)	23
Renminbi Bond ETF (CHLC)	25
Treasury-Hedged High Yield Bond ETF (THHY)	27
Explanation of Expenses	29
Schedule of Investments
BDC Income ETF (BIZD)	31
Emerging Markets High Yield Bond ETF (HYEM)	32
Emerging Markets Local Currency Bond ETF (EMLC)	38
Fallen Angel High Yield Bond ETF (ANGL)	42
International High Yield Bond ETF (IHY)	44
Investment Grade Floating Rate ETF (FLTR)	52
LatAm Aggregate Bond ETF (BONO)	54
Mortgage REIT Income ETF (MORT)	57
Preferred Securities ex Financials ETF (PFXF)	58
Renminbi Bond ETF (CHLC)	61
Treasury-Hedged High Yield Bond ETF (THHY)	63
Statements of Assets and Liabilities	66
Statements of Operations	68
Statements of Changes in Net Assets	70
Financial Highlights
BDC Income ETF (BIZD)	75
Emerging Markets High Yield Bond ETF (HYEM)	75
Emerging Markets Local Currency Bond ETF (EMLC)	76
Fallen Angel High Yield Bond ETF (ANGL)	76
International High Yield Bond ETF (IHY)	77
Investment Grade Floating Rate ETF (FLTR)	77
LatAm Aggregate Bond ETF (BONO)	78
Mortgage REIT Income ETF (MORT)	78
Preferred Securities ex Financials ETF (PFXF)	79
Renminbi Bond ETF (CHLC)	79
Treasury-Hedged High Yield Bond ETF (THHY)	80
Notes to Financial Statements	81
Report of Independent Registered Public Accounting Firm	90
Tax Information	91
Board of Trustees and Officers	92
Approval of Investment Management Agreement	95

MARKET VECTORS INCOME ETFs

Dear Shareholder:

As the chart below shows, interest rates are at very low levels.

	Historically, Low Yields Driving Demand for Alternative Income Sources

Source: FactSet

We now offer four interesting high yield bond ETFs, two of them launched during the past twelve months. High yield markets are growing significantly (please see discussion below) and offer income when global growth is stable or accelerating.

■

Emerging Markets High Yield Bond ETF (HYEM), launched on May 8, 2012, invests in high yield bonds issued by companies in Asia, Latin American and other emerging market areas.

■

Treasury-Hedged High Yield Bond ETF (THHY), launched on March 21, 2013, combines the more liquid portion of the high-yield bond universe with short positions in 5-year U.S. Treasury notes to help hedge against the risk of rising interest rates, while offering income potential.

■

Fallen Angel High Yield Bond ETF (ANGL) invests in high yield corporate bonds that once were investment-grade, but have been downgraded to non-investment grade.

■

International High Yield Bond ETF (IHY) invests in non-U.S. high yield corporate debt with 56% in Europe, 34% in emerging markets and the balance in other.

Finally, the launch of two other new funds over the past twelve months offers unique dividend income opportunities:

■

Preferred Securities ex Financials ETF (PFXF), launched on July 16, 2012, offers exposure to the income potential of preferred securities without the volatility characteristics of financials.

■

BDC Income ETF (BIZD), launched on February 11, 2013, provides dividend income from tax-advantaged companies that lend to companies with higher credit risk.

Going forward, we will, as always, continue to seek out and evaluate both the most attractive opportunities, and the most effective solutions to the challenges that you, as a shareholder, face. On the following pages, you will find the performance record of each of the funds for the twelve-month period ended April 30, 2013. You will also find their financial statements and portfolio information. We value your ongoing confidence in us and look forward to helping you meet your investment goals in the future.

Jan F. van Eck
Trustee and President
Market Vectors ETF Trust

May 17, 2013

Represents the opinions of the investment adviser. Past performance is no guarantee of future results. Not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue.

Market Review

The global high-yield corporate bond universe, defined by the BofA Merrill Lynch Global High Yield Index¹, has grown to $1,548 billion for both the U.S. and foreign markets. As shown in the graph, global high yield bond market value increased by more than seven times from 1997 through 2012. The non-U.S. share of the global high yield market increased over this period from 10.9% to 44.1%.²

	Growth of International Corporate High-Yield Market
	Global Market Value

Source: Bank of America Merrill Lynch. Figures based on market value of high-yield corporate bonds in the BofA Merrill Lynch Global High Yield Index which encompasses below investment-grade corporate debt publicly issued in major domestic or Eurobond markets. Indexes are unmanaged and are not securities in which an investment can be made.

The Barclays U.S. Aggregate Bond Index³returned 3.68% for the twelve months ending April, and the Barclays U.S. Corporate High Yield Index⁴performed even better, returning 13.98% over the same period.⁵As a result of high yield bond performance spreads over 10 year U.S. Treasuries have compressed. Today, however, in comparison with other low default rate environments, most recently during the 2004-2007 periods, high yield spreads remain relatively wide, with the potential for further compression.

	High Yield Spread over 10 Year US Treasuries

Source: Bank of America Merrill Lynch and FactSet. Figures based on yields of BofA Merrill Lynch Global High Yield Index and US Treasury Constant Maturity – 10 Year Index. Indexes are unmanaged and are not securities in which an investment can be made.

Even as the Federal Reserve holds short-term U.S. interest rates near zero and continues its aggressive “quantitative easing,” investors are starting to anticipate the potential for a future increase in rates, and, accordingly, many are adjusting portfolios toward shorter maturities. This trend influenced a steepening yield curve during the first quarter of 2013, with short- and intermediate-term debt instruments outperforming long-term bonds. In late March, the trend reversed temporarily. Long-term Treasuries rallied, due mainly to banking sector problems in Cyprus and increased

MARKET VECTORS INCOME ETFs

concerns over a potential debt crisis in Europe. Through these fluctuations, one recent trend has remained relatively constant: In searching for yield, investors have demonstrated a willingness to assume higher credit risk while also seeking to reduce exposure to long-term maturities and the related bond price volatility.

Demand for preferred securities also has increased with the search for yield. Recently, The Wall Street Journal reported that preferred issuance reached $13.6 billion in the U.S. in the first four months of 2013. This was the fastest pace of preferred securities issuance since 2008.⁶

EQUITY INCOME

Business Development Companies (BDCs)

Because BDCs typically invest in, and lend to, small, privately held companies, they are susceptible to concerns over the creditworthiness of those companies and fluctuations in the capital markets used to finance such transactions. In late March, BDCs experienced a period of underperformance and high volatility relative to the broad market. However, by the end of April, BDCs had erased much of that underperformance. The industry ended the period offering an attractive dividend yield of 7.64% as measured by the Market Vectors^®US Business Development Companies Index⁷.

Mortgage REITs

Boosted by an attractive spread between short-term borrowing rates and mortgage yields, Mortgage REITs flourished through the first five months of the previous period. Concerns regarding “quantitative easing”, mortgage prepayments and dividend reductions contributed to a sell-off in the sector at the end of calendar year 2012. Mortgage REITs ended the period strong, while yielding 10.87% as measured by the Market Vectors^®Global Mortgage REITs Index⁸.

Preferred Securities

Preferred securities exhibited strong performance from late July as returns remained relatively stable compared to the broad equity markets. The non-financial “preferreds” market was driven by automobiles, aerospace and defense, and healthcare providers & services. Metals and mining companies, as well as oil, gas and consumable fuels were the main detractors.

INTERNATIONAL BOND

Latin American Bonds

The death of Venezuela’s President Hugo Chavez on March 5, after a long bout with cancer, produced a mild short-term decline in the country’s bonds, temporarily halting a rally based on prospects for new leadership and government reform.⁹Also, the government of Brazil successfully sold $1.35 billion in sovereign bonds in September 2012, but the Brazilian bond market has since run into setbacks based on inflation and growth concerns.¹⁰These events have left Mexico as perhaps the most stable large bond issuer in Latin America. Holders of Mexican bonds have been were helped by a relatively calm political transition following the election of President Enrique Pena Nieto in July.

Renminbi Bonds

The dim-sum market consists of bonds denominated in Chinese currency (renminbi) and sold to market participants outside mainland China. In addition to receiving bond interest payments, investors can use this market to gain access to China’s currency, which is widely viewed as being undervalued.

After growing rapidly to $13.88 billion in issuance in 2011, China’s offshore dim-sum bond market stagnated at $13.99 billion in 2012, according to The Wall Street Journal. A leading index of the market, the HSBC Offshore Renminbi Bond Index¹¹, fell 7.63% over the course of 2012, before recovering in early 2013. Two large dim-sum bond offerings in early 2013, by New World China Land and China Minmetals (not held by the Fund) have helped to revive dim-sum issuance.¹²

Emerging Market Bonds

With the slowdown in Europe and slow economic growth in the U.S., emerging markets have become the main global growth engine, and their monetary policy, generally, has not been as heavy-handed as in developed nations. Emerging markets sovereign debt instruments have offered relatively attractive yields over the past twelve months. When issues are denominated in local currency, they also offer U.S. investors currency diversification and appreciation potential against the dollar.¹³

A leading index of this market, the J.P. Morgan GBI-EMG Core Index¹⁴, tracks bonds of 16 emerging market countries denominated in local currencies. During the past year, the index has added bonds of Romania and Nigeria as components.

CORPORATE BONDS

Investment Grade Floating Rate Notes

Floating rate notes are investment grade-rated corporate debt issues with variable coupons that reset to current interest rates, based on an index. The coupons paid on these securities fluctuate with the index. Therefore, floating rate notes tend to display a higher degree of price stability in environments when interest rates are moving up or down. The floating rate feature seeks to act as protection against loss of principal when interest rates rise. While investment grade credit quality, the fund’s average allocation tends to be toward the lower end of the investment grade quality scale. The greatest source of positive contribution came from exposure to A- average rated bonds, led by Citigroup (6.2% of Fund net assets^†) with the top performing bond of the group. Also rated A-, National City Bank (1.4% of Fund net assets^†) was the bottom performer, but its impact was negligible to overall returns.

Fallen Angel Bonds

“Fallen angels” are high-yield corporate bonds that once were investment-grade, but have been downgraded to non-investment grade. Current examples of U.S. fallen angel issuers include Masco, Regions Bank, Frontier Communications, Weyerhaeuser, Ally Financial and Sprint Nextel (3.1%, 3.0%, 2.9%, 2.5%, 3.4%, 2.0% of Fund net assets, respectively^†). Fallen angels tend to have a higher rate of ascension to investment grade than original issue high yield bonds. In April, Dish Network (not held by the Fund) announced a $25.5 billion bid to acquire Sprint Nextel. The bid caused Sprint’s fallen bonds to fall by about 3%, due to anticipated higher leverage and risk involved in funding the proposed acquisition.¹⁵Sprint is also being targeted as an acquisition by Softbank (not held by the Fund), a transaction which has lower perceived credit risk by the market. In 2013, fallen angel General Motors raised $2.5 billion in new debt through its finance unit ($500 million more than originally planned) to finance the acquisition of foreign operations of fallen angel Ally Financial.¹⁶

In May 2012, Ford ascended out of the fallen angel category when Moody’s increased its credit rating to investment-grade.¹⁷In November, the largest steel producer in the world, ArcelorMittal (9.4% of Fund net assets^†), became a fallen angel when Moody’s cut its credit rating below investment-grade.¹⁸

The banking and telecommunications sectors contributed the most return toward the fund, with Ally Financial leading the banking sector and Sprint Nextel leading its sector as well as the top-ten fund performers. While not significantly impacting the fund, J.C. Penney (1.5% of Fund net assets^†) negatively contributed to return slightly.

International High Yield Bonds

The market for non-U.S. high yield corporate debt has grown (in market value) from $24 billion in 1997 to $683 billion in 2012¹⁹, based on the BofA Merrill Lynch Global High Yield Index. Investors who focus only on U.S. high yield bonds are missing at least 44% of the world’s current high yield opportunities, and also those regions with the highest rates of high yield market growth. Europe now accounts for about 27% of global high yield corporate bond market value, and emerging markets represent about 12%. Recently, annual default rates in the high yield bond sector have been relatively low, around 3%.

Strong returns from international high yield bonds were driven primarily from the U.K. and French banking sectors along with the industrials sector, led by France’s building materials producer Lafarge (2.0% of Fund net assets^†). Only the services sector negatively contributed to returns, mainly from exposure to Urbi Desarrollos Urbanos (0.1% of Fund net assets^†), a Mexican real estate services company.

Emerging Markets High Yield Bonds

As a subset of the international high yield bond markets, emerging markets high yield bonds saw solid returns driven by the industrials and real estate sectors. Chinese and Russian issuers as a whole contributed the most to returns, led by Chinese real estate companies Country Garden Holdings Co. Ltd. and Agile Property Holdings Ltd. (1.7% and 1.0% of Fund net assets) and from Russian telecommunications firm Vimple Communications (2.4% of Fund net assets^†).

MARKET VECTORS INCOME ETFs

^†	All Fund assets referenced are Total Net Assets as of April 30, 2013.

	All indices listed are unmanaged indices and include the reinvestment of all dividends, but do not reflect the payment of transaction costs, advisory fees or expenses that are associated with an investment in the Fund. An index’s performance is not illustrative of the Fund’s performance. Indices are not securities in which investments can be made.

¹	BofA Merrill Lynch Global High Yield Index tracks the performance of USD, CAD, GBP and EUR denominated below investment grade corporate debt publicly issued in the major domestic or eurobond markets.

²	Advantages of International High-Yield Bond Allocations by Francis G. Rodilosso, CFA, Journal of Indexes, Chart 1.

³	Barclays U.S. Aggregate Bond Index is comprised of fixed-rate, publicly placed, dollar-denominated, and non-convertible investment grade debt issues with at least $250 million par amount outstanding and with at least one year to final maturity.

⁴	Barclays U.S. Corporate High-Yield Index measures the market of USD-denominated, non-investment grade, fixed-rate, taxable corporate bonds.

⁵	Morningstar, 4/30/13.

⁶	Preferred Shares Find Favor Among Banks, Wall Street Journal 5/2/13: http://online.wsj.com/article/SB10001424127887324582004578458982944311840.html

⁷

Market Vectors^® US Business Development Companies Index (MVBIZDTG) includes companies which are treated as Business Development Companies. To be eligible for the Index and qualify as a BDC, a company must be organized under the laws of, and have its principal place of business in the U.S., be registered with the Securities Exchange Commission and have elected to be regulated as a BDC under the Investment Company Act of 1940. As of April 30, 2013, the 30-day SEC yield for Market Vectors BDC Income ETF was 7.31%.

⁸

Market Vectors^® Global Mortgage REITs Index (MVMORTTR) is a rules-based index intended to give investors a means of tracking the overall performance of publicly traded U.S. and non-U.S. mortgage REITs that derive at least 50% of their revenues from mortgage-related activity. As of April 30, 2013, the 30-day SEC yield for Market Vectors Mortgage REIT Income ETF was 10.16%.

⁹	The Wall Street Journal, Venezuela Debt Weakens After Death of Chavez, 3/6/13: http://online.wsj.com/article/SB10001424127887323628804578344212392515952.html

¹⁰	The Wall Street Journal, Brazil Seeks $750M from Reopening of 2023 Sovereign Bond, 5/9/13: http://online.wsj.com/article/BT-CO-20130509-712132.html

¹¹	HSBC Offshore Renminbi Bond Index (CNH Index) tracks total return performance of renminbi-denominated and renminbi-settled bonds and certificates of deposit issued outside the People’s Republic of China.

¹²	The Wall Street Journal, Dim-Sum Bond Issuance Climbs, 3/25/13: http://online.wsj.com/article/SB10001424127887323466204578382074137672956.html

¹³	Business Wire, Market Vectors Emerging Markets Local Currency Bond ETF Passes $1.5 Billion Mark, 3/5/13: http://www.businesswire.com/news/home/20130305006073/en/Market-Vectors-Emerging-Markets-Local-Currency-Bond

¹⁴	J.P. Morgan GBI-EMG Core (Government Bond Index-Emerging Markets Global Core) Index (GBIEMCOR) is designed to track the performance of bonds issued by emerging market governments and denominated in the local currency of the issuer.

¹⁵	Barron’s, Sprint Bonds Fall Over 3 Cents on Dollar on Dish Bid, 4/15/13: http://blogs.barrons.com/incomeinvesting/2013/04/15/sprint-bonds-fall-over-3-cents-on-dollar-on-dish-bid

¹⁶	Bloomberg, GM Said to Raise $2.5 Billion 5/7/13: http://www.bloomberg.com/news/2013-05-07/gm-said-to-raise-2-5-billion-with-three-five-10-year-bonds.html

¹⁷	FOXBusiness, Moody’s Upgrades Ford’s Credit Rating, 5/22/12: http://www.foxbusiness.com/industries/2012/05/22/moody-upgrades-ford-credit-rating-returns-blue-oval-trademark

¹⁸	FirstPost Business, Moody’s downgrades ArcelorMittal debt to junk, 11/7/12: http://www.firstpost.com/business/moodys-downgrades-arcelormittal-debt-to-junk-517022.html

¹⁹	Advantages of International High-Yield Bond Allocations by Francis G. Rodilosso, CFA, Journal of Indexes.

BDC INCOME ETF (BIZD)

PERFORMANCE COMPARISON

April 30, 2013 (unaudited)

	Total Return
	Share Price¹	NAV	MVBIZDTG²
Life* (cumulative)	4.99%	4.79%	4.89%
*since 2/11/13

Hypothetical Growth of $10,000 (Since Inception)

Commencement date for the Market Vectors BDC Income ETF (BIZD) was 2/11/13.

The price used to calculate market return (Share Price) is determined by using the closing price listed on NYSE Arca. Since the shares of the Fund did not trade in the secondary market until several days after the Fund’s commencement, for the period from commencement (2/11/13) to the first day of secondary market trading in shares of the Fund (2/12/13), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

The performance data quoted represents past performance. Past performance is not a guarantee of future results. Performance information for the Fund reflects temporary waivers of expenses and/or fees. Had the Fund incurred all expenses, investment returns would have been reduced. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares.

Investment return and value of the shares of the Fund will fluctuate so that an investor’s shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Performance current to the most recent month-end is available by calling 1.888.MKT.VCTR or by visiting marketvectorsetfs.com.

Gross Expense Ratio 4.82% / Net Expense Ratio 0.40%

Van Eck Associates Corporation (the “Adviser”) has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding interest expense, offering costs, trading expenses,taxes and extraordinary expenses) from exceeding 0.40% of the Fund’s average daily net assets per year until at least September 1, 2014. During such time, the expense limitation is expected to continue until the Fund’s Board of Trustees acts to discontinue all or a portion of such expense limitation.

Fund shares are not individually redeemable and will be issued and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called “creation units” and otherwise can be bought and sold only through exchange trading. Creation units are issued and redeemed principally in kind. Shares may trade at a premium or discount to their NAV in the secondary market.

The “Net Asset Value” (NAV) of a Market Vectors exchange-traded fund (ETF) is determined at the close of each business day, and represents the dollar value of one share of the fund; it is calculated by taking the total assets of the fund, subtracting total liabilities, and dividing by the total number of shares outstanding. The NAV is not necessarily the same as the ETF’s intraday trading value. Market Vectors ETF investors should not expect to buy or sell shares at NAV.

BDC INCOME ETF (BIZD)

PERFORMANCE COMPARISON
(unaudited) (continued)

Market Vectors US Business Development Companies Index (MVBIZDTG) (the “Index”) is the exclusive property of Market Vectors Index Solutions GmbH (a wholly owned subsidiary of the Adviser), which has contracted with Structured Solutions AG to maintain and calculate the Index. Structured Solutions AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards Market Vectors Index Solutions GmbH, Structured Solutions AG has no obligation to point out errors in the Index to third parties. Market Vectors BDC Income ETF (the “Fund”) is not sponsored, endorsed, sold or promoted by Market Vectors Index Solutions GmbH and Market Vectors Index Solutions GmbH makes no representation regarding the advisability of investing in the Fund.

Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. Investors cannot invest directly in the Index. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.

Market Vectors^®US Business Development Companies Index (MVBIZDTG) (the “Index”) includes companies which are treated as Business Development Companies. To be eligible for the Index and qualify as a BDC, a company must be organized under the laws of, and have its principal place of business in the U.S., be registered with the Securities Exchange Commission and have elected to be regulated as a BDC under the Investment Company Act of 1940.

FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS

(unaudited)

BDC Income ETF (BIZD)
Closing Price vs. NAV

The following Frequency Distribution of Premiums and Discounts chart is provided to show the frequency at which the closing price for BIZD is at a premium or discount to its daily net asset value (NAV). The chart is for comparative purposes only and represents the period noted.

	*February 12, 2013 through April 30, 2013**
		Number		Percentage of
Premium/Discount Range		of Days		Total Days
Greater than or Equal to 3.0%			0		0.0	%
Greater than or Equal to 2.5% And Less Than 3.0%			0		0.0	%
Greater than or Equal to 2.0% And Less Than 2.5%			0		0.0	%
Greater than or Equal to 1.5% And Less Than 2.0%			0		0.0	%
Greater than or Equal to 1.0% And Less Than 1.5%			0		0.0	%
Greater than or Equal to 0.5% And Less Than 1.0%			3		5.6	%
Greater than or Equal to 0.0% And Less Than 0.5%			45		83.3	%
Greater than or Equal to -0.5% And Less Than 0.0%			6		11.1	%
Greater than or Equal to -1.0% And Less Than -0.5%			0		0.0	%
Greater than or Equal to -1.5% And Less Than -1.0%			0		0.0	%
Greater than or Equal to -2.0% And Less Than -1.5%			0		0.0	%
Greater than or Equal to -2.5% And Less Than -2.0%			0		0.0	%
Greater than or Equal to -3.0% And Less Than -2.5%			0		0.0	%
Less Than -3.0%			0		0.0	%
			54		100.0	%

*	First day of secondary market trading.

EMERGING MARKETS HIGH YIELD BOND ETF (HYEM)

PERFORMANCE COMPARISON

April 30, 2013 (unaudited)

	Total Return
	Share Price¹	NAV	EMHY²
Life* (cumulative)	13.65%	13.47%	14.83%
*since 5/8/12

Hypothetical Growth of $10,000 (Since Inception)

Commencement date for the Market Vectors Emerging Markets High Yield Bond ETF (HYEM) was 5/8/12.

The price used to calculate market return (Share Price) is determined by using the closing price listed on NYSE Arca. Since the shares of the Fund did not trade in the secondary market until several days after the Fund’s commencement, for the period from commencement (5/8/12) to the first day of secondary market trading in shares of the Fund (5/9/12), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

Gross Expense Ratio 0.69% / Net Expense Ratio 0.40%

Van Eck Associates Corporation (the “Adviser”) has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding interest expense, offering costs, trading expenses, taxes and extraordinary expenses) from exceeding 0.40% of the Fund’s average daily net assets per year until at least September 1, 2013. During such time, the expense limitation is expected to continue until the Fund’s Board of Trustees acts to discontinue all or a portion of such expense limitation.

EMERGING MARKETS HIGH YIELD BOND ETF (HYEM)

PERFORMANCE COMPARISON

(unaudited) (continued)

Merrill Lynch, Pierce, Fenner & Smith Incorporated and its affiliates (“BofA Merrill Lynch”) indices and related information, the name “BofA Merrill Lynch”, and related trademarks, are intellectual property licensed from BofA Merrill Lynch, and may not be copied, used, or distributed without BofA Merrill Lynch’s prior written approval. The licensee’s products have not been passed on as to their legality or suitability, and are not regulated, issued, endorsed, sold, guaranteed, or promoted by BofA Merrill Lynch. BOFA MERRILL LYNCH MAKES NO WARRANTIES AND BEARS NO LIABILITY WITH RESPECT TO THE INDICES, ANY RELATED INFORMATION, ITS TRADEMARKS, OR THE PRODUCT(S) (INCLUDING WITHOUT LIMITATION, THEIR QUALITY, ACCURACY, SUITABILITY AND/OR COMPLETENESS).

The BofA Merrill Lynch High Yield US Emerging Markets Liquid Corporate Plus Index (EMHY) is comprised of U.S. dollar denominated bonds issued by non-sovereign emerging market issuers that are rated BB1 or lower (based on an average of Moody’s, S&P and Fitch) and that are issued in the major domestic and Eurobond markets.

FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS

(unaudited)

Emerging Markets High Yield Bond ETF (HYEM)
Closing Price vs. NAV

The following Frequency Distribution of Premiums and Discounts chart is provided to show the frequency at which the closing price for HYEM is at a premium or discount to its daily net asset value (NAV). The chart is for comparative purposes only and represents the period noted.

	*May 9, 2012 through April 30, 2013**
		Number		Percentage of
Premium/Discount Range		of Days		Total Days
Greater than or Equal to 3.0%			11		4.5	%
Greater than or Equal to 2.5% And Less Than 3.0%			17		7.0	%
Greater than or Equal to 2.0% And Less Than 2.5%			22		9.1	%
Greater than or Equal to 1.5% And Less Than 2.0%			16		6.6	%
Greater than or Equal to 1.0% And Less Than 1.5%			29		11.9	%
Greater than or Equal to 0.5% And Less Than 1.0%			89		36.6	%
Greater than or Equal to 0.0% And Less Than 0.5%			57		23.5	%
Greater than or Equal to -0.5% And Less Than 0.0%			2		0.8	%
Greater than or Equal to -1.0% And Less Than -0.5%			0		0.0	%
Greater than or Equal to -1.5% And Less Than -1.0%			0		0.0	%
Greater than or Equal to -2.0% And Less Than -1.5%			0		0.0	%
Greater than or Equal to -2.5% And Less Than -2.0%			0		0.0	%
Greater than or Equal to -3.0% And Less Than -2.5%			0		0.0	%
Less Than -3.0%			0		0.0	%
			243		100.0	%

*	First day of secondary market trading.

EMERGING MARKETS LOCAL CURRENCY BOND ETF (EMLC)

PERFORMANCE COMPARISON

April 30, 2013 (unaudited)

	Total Return
	Share Price¹	NAV	GBIEMCOR²
One Year	9.27%	9.75%	11.00%
Life* (annualized)	8.32%	8.29%	9.42%
Life* (cumulative)	24.79%	24.71%	28.38%
*since 7/22/10

Hypothetical Growth of $10,000 (Since Inception)

Commencement date for the Market Vectors Emerging Markets Local Currency Bond ETF was 7/22/10.

The price used to calculate market return (Share Price) is determined by using the closing price listed on NYSE Arca. Since the shares of the Fund did not trade in the secondary market until several days after the Fund’s commencement, for the period from commencement (7/22/10) to the first day of secondary market trading in shares of the Fund (7/23/10), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

Gross Expense Ratio 0.48% / Net Expense Ratio 0.47%

Van Eck Associates Corporation (the “Adviser”) has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding interest expense, offering costs, trading expenses, taxes and extraordinary expenses) from exceeding 0.47% of the Fund’s average daily net assets per year until at least September 1, 2013. During such time, the expense limitation is expected to continue until the Fund’s Board of Trustees acts to discontinue all or a portion of such expense limitation.

EMERGING MARKETS LOCAL CURRENCY BOND ETF (EMLC)

PERFORMANCE COMPARISON

(unaudited) (continued)

Market Vectors Emerging Markets Local Currency Bond ETF (EMLC) is not sponsored, endorsed, sold or promoted by J.P. Morgan and J.P. Morgan makes no representation regarding the advisability of investing in EMLC. J.P. Morgan does not warrant the completeness or accuracy of the J.P. Morgan GBI-EMG Core Index. “J.P. Morgan” is a registered service mark of JPMorgan Chase & Co.^©2013. JPMorgan Chase & Co. All rights reserved.

J.P. Morgan Government Bond Index-Emerging Markets Global Core (GBIEMCOR) is designed to track the performance of bonds issued by emerging market governments and denominated in the local currency of the issuer. The Index is designed to be investible and includes only those countries that are accessible by most of the international investor base.

FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS

(unaudited)

Emerging Markets Local Currency ETF (EMLC)
Closing Price vs. NAV

The following Frequency Distribution of Premiums and Discounts chart is provided to show the frequency at which the closing price for EMLC is at a premium or discount to its daily net asset value (NAV). The chart is for comparative purposes only and represents the period noted.

	July 23, 2010* through April 30, 2013
		Number		Percentage of
Premium/Discount Range		of Days		Total Days
Greater than or Equal to 3.0%			0		0.0	%
Greater than or Equal to 2.5% And Less Than 3.0%			1		0.1	%
Greater than or Equal to 2.0% And Less Than 2.5%			1		0.1	%
Greater than or Equal to 1.5% And Less Than 2.0%			6		0.9	%
Greater than or Equal to 1.0% And Less Than 1.5%			53		7.6	%
Greater than or Equal to 0.5% And Less Than 1.0%			302		43.5	%
Greater than or Equal to 0.0% And Less Than 0.5%			256		36.7	%
Greater than or Equal to -0.5% And Less Than 0.0%			56		8.0	%
Greater than or Equal to -1.0% And Less Than -0.5%			16		2.3	%
Greater than or Equal to -1.5% And Less Than -1.0%			1		0.1	%
Greater than or Equal to -2.0% And Less Than -1.5%			4		0.6	%
Greater than or Equal to -2.5% And Less Than -2.0%			1		0.1	%
Greater than or Equal to -3.0% And Less Than -2.5%			0		0.0	%
Less Than -3.0%			0		0.0	%
			697		100.0	%

*	First day of secondary market trading.

FALLEN ANGEL HIGH YIELD BOND ETF (ANGL)

PERFORMANCE COMPARISON

April 30, 2013 (unaudited)

	Total Return
	Share Price¹	NAV	HOFA²
One Year	15.47%	16.40%	19.53%
Life* (annualized)	17.00%	16.36%	19.59%
Life* (cumulative)	18.01%	17.33%	20.77%
*since 4/10/12

Hypothetical Growth of $10,000 (Since Inception)

Commencement date for the Market Vectors Fallen Angel High Yield Bond ETF (ANGL) was 4/10/12.

The price used to calculate market return (Share Price) is determined by using the closing price listed on NYSE Arca. Since the shares of the Fund did not trade in the secondary market until several days after the Fund’s commencement, for the period from commencement (4/10/12) to the first day of secondary market trading in shares of the Fund (4/11/12), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

Gross Expense Ratio 1.48% / Net Expense Ratio 0.40%

Van Eck Associates Corporation (the “Adviser”) has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding interest expense, offering costs, trading expenses, taxes and extraordinary expenses) from exceeding 0.40% of the Fund’s average daily net assets per year until at least September 1, 2013. During such time, the expense limitation is expected to continue until the Fund’s Board of Trustees acts to discontinue all or a portion of such expense limitation.

FALLEN ANGEL HIGH YIELD BOND ETF (ANGL)

PERFORMANCE COMPARISON

(unaudited) (continued)

promoted by BofA Merrill Lynch. BOFA MERRILL LYNCH MAKES NO WARRANTIES AND BEARS NO LIABILITY WITH RESPECT TO THE INDICES, ANY RELATED INFORMATION, ITS TRADEMARKS, OR THE PRODUCT(S) (INCLUDING WITHOUT LIMITATION, THEIR QUALITY, ACCURACY, SUITABILITY AND/OR COMPLETENESS).

The BofA Merrill Lynch US Fallen Angel High Yield Index (H0FA) is comprised of below investment grade corporate bonds denominated in U.S. dollars that were rated investment grade at the time of issuance.

FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS

(unaudited)

Fallen Angel High Yield Bond ETF (ANGL)
Closing Price vs. NAV

The following Frequency Distribution of Premiums and Discounts chart is provided to show the frequency at which the closing price for ANGL is at a premium or discount to its daily net asset value (NAV). The chart is for comparative purposes only and represents the period noted.

	April 11, 2012* through April 30, 2013
		Number		Percentage of
Premium/Discount Range		of Days		Total Days
Greater than or Equal to 3.0%			1		0.4	%
Greater than or Equal to 2.5% And Less Than 3.0%			2		0.8	%
Greater than or Equal to 2.0% And Less Than 2.5%			8		3.1	%
Greater than or Equal to 1.5% And Less Than 2.0%			16		6.1	%
Greater than or Equal to 1.0% And Less Than 1.5%			23		8.8	%
Greater than or Equal to 0.5% And Less Than 1.0%			42		16.0	%
Greater than or Equal to 0.0% And Less Than 0.5%			98		37.3	%
Greater than or Equal to -0.5% And Less Than 0.0%			53		20.2	%
Greater than or Equal to -1.0% And Less Than -0.5%			17		6.5	%
Greater than or Equal to -1.5% And Less Than -1.0%			2		0.8	%
Greater than or Equal to -2.0% And Less Than -1.5%			0		0.0	%
Greater than or Equal to -2.5% And Less Than -2.0%			0		0.0	%
Greater than or Equal to -3.0% And Less Than -2.5%			0		0.0	%
Less Than -3.0%			0		0.0	%
			262		100.0	%

*	First day of secondary market trading.

INTERNATIONAL HIGH YIELD BOND ETF (IHY)

PERFORMANCE COMPARISON

April 30, 2013 (unaudited)

	Total Return
	Share Price¹	NAV	HXUS²
One Year	15.44%	16.01%	16.93%
Life* (annualized)	15.03%	14.66%	15.68%
Life* (cumulative)	16.27%	15.87%	16.98%
*since 4/2/12

Hypothetical Growth of $10,000 (Since Inception)

Commencement date for the Market Vectors International High Yield Bond ETF was 4/2/12.

The price used to calculate market return (Share Price) is determined by using the closing price listed on NYSE Arca. Since the shares of the Fund did not trade in the secondary market until several days after the Fund’s commencement, for the period from commencement (4/2/12) to the first day of secondary market trading in shares of the Fund (4/3/12), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

Gross Expense Ratio 0.52%/ Net Expense Ratio 0.40%

Van Eck Associates Corporation (the “Adviser”) has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding interest expense, offering costs, trading expenses, taxes and extraordinary expenses) from exceeding 0.40% of the Fund’s average daily net assets per year until at least September 1, 2013. During such time, the expense limitation is expected to continue until the Fund’s Board of Trustees acts to discontinue all or a portion of such expense limitation.

INTERNATIONAL HIGH YIELD BOND ETF (IHY)

PERFORMANCE COMPARISON

(unaudited) (continued)

Merrill Lynch, Pierce, Fenner & Smith Incorporated and its affiliates (“BofA Merrill Lynch”) indices and related information, the name “Bank of America Merrill Lynch”, and related trademarks, are intellectual property licensed from BofA Merrill Lynch, and may not be copied, used, or distributed without BofA Merrill Lynch’s prior written approval. The licensee’s products have not been passed on as to their legality or suitability, and are not regulated, issued, endorsed, sold, guaranteed, or promoted by BofA Merrill Lynch. BOFA MERRILL LYNCH MAKES NO WARRANTIES AND BEARS NO LIABILITY WITH RESPECT TO THE INDICES, ANY RELATED INFORMATION, ITS TRADEMARKS, OR THE PRODUCT(S) (INCLUDING WITHOUT LIMITATION, THEIR QUALITY, ACCURACY, SUITABILITY AND/OR COMPLETENESS).

The BofA Merrill Lynch Global Ex-US Issuers High Yield Constrained Index (HXUS) tracks the performance of below investment grade debt issued by corporations located throughout the world (which may include emerging market countries) excluding the United States denominated in Euros, U.S. dollars, Canadian dollars or pound sterling issued in the major domestic or eurobond markets.

FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS

(unaudited)

International High Yield Bond ETF (IHY)
Closing Price vs. NAV

The following Frequency Distribution of Premiums and Discounts chart is provided to show the frequency at which the closing price for IHY is at a premium or discount to its daily net asset value (NAV). The chart is for comparative purposes only and represents the period noted.

	April 3, 2012* through April 30, 2013
		Number		Percentage of
Premium/Discount Range		of Days		Total Days
Greater than or Equal to 3.0%			8		3.0	%
Greater than or Equal to 2.5% And Less Than 3.0%			2		0.7	%
Greater than or Equal to 2.0% And Less Than 2.5%			5		1.9	%
Greater than or Equal to 1.5% And Less Than 2.0%			16		5.9	%
Greater than or Equal to 1.0% And Less Than 1.5%			43		16.0	%
Greater than or Equal to 0.5% And Less Than 1.0%			103		38.4	%
Greater than or Equal to 0.0% And Less Than 0.5%			62		23.0	%
Greater than or Equal to -0.5% And Less Than 0.0%			13		4.8	%
Greater than or Equal to -1.0% And Less Than -0.5%			15		5.6	%
Greater than or Equal to -1.5% And Less Than -1.0%			2		0.7	%
Greater than or Equal to -2.0% And Less Than -1.5%			0		0.0	%
Greater than or Equal to -2.5% And Less Than -2.0%			0		0.0	%
Greater than or Equal to -3.0% And Less Than -2.5%			0		0.0	%
Less Than -3.0%			0		0.0	%
			269		100.0	%

*	First day of secondary market trading.

INVESTMENT GRADE FLOATING RATE ETF (FLTR)

PERFORMANCE COMPARISON

April 30, 2013 (unaudited)

	Total Return
	Share Price¹	NAV	MVFLTR²
One Year	5.52%	3.82%	4.20%
Life* (annualized)	1.24%	1.17%	1.66%
Life* (cumulative)	2.51%	2.37%	3.38%
*since 4/25/11

Hypothetical Growth of $10,000 (Since Inception)

Commencement date for the Market Vectors Investment Grade Floating Rate ETF (FLTR) was 4/25/11.

The price used to calculate market return (Share Price) is determined by using the closing price listed on NYSE Arca. Since the shares of the Fund did not trade in the secondary market until several days after the Fund’s commencement, for the period from commencement (4/25/11) to the first day of secondary market trading in shares of the Fund (4/26/11), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

Gross Expense Ratio 1.48% / Net Expense Ratio 0.19%

Van Eck Associates Corporation (the “Adviser”) has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding interest expense, offering costs, trading expenses, taxes and extraordinary expenses) from exceeding 0.19% of the Fund’s average daily net assets per year until at least September 1, 2013. During such time, the expense limitation is expected to continue until the Fund’s Board of Trustees acts to discontinue all or a portion of such expense limitation.

INVESTMENT GRADE FLOATING RATE ETF (FLTR)

PERFORMANCE COMPARISON
(unaudited) (continued)

Market Vectors Investment Grade Floating Rate Index (the “Index”) is the exclusive property of Market Vectors Index Solutions GmbH (a wholly owned subsidiary of the Adviser), which has contracted with Structured Solutions AG to maintain and calculate the Index. Structured Solutions AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards Market Vectors Index Solutions GmbH, Structured Solutions AG has no obligation to point out errors in the Index to third parties. Market Vectors Investment Grade Floating Rate ETF (the “Fund”) is not sponsored, endorsed, sold or promoted by Market Vectors Index Solutions GmbH and Market Vectors Index Solutions GmbH makes no representation regarding the advisability of investing in the Fund.

Market Vectors^®Investment Grade Floating Rate Index (MVFLTR) is comprised of U.S. dollar-denominated floating rate notes issued by corporate issuers or similar commercial entities that are public reporting companies in the U.S. and rated investment grade by at least one of three rating services: Moody’s Investors Service, Inc. (“Moody’s”), Standard & Poor’s Rating Services (“S&P”) or Fitch International Rating Agency (“Fitch”). Investment grade securities are those rated Baa3 or higher by Moody’s or rated BBB- or higher by S&P or Fitch.

FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS
(unaudited)

Investment Grade Floating Rate ETF (FLTR)
Closing Price vs. NAV

The following Frequency Distribution of Premiums and Discounts chart is provided to show the frequency at which the closing price for FLTR is at a premium or discount to its daily net asset value (NAV). The chart is for comparative purposes only and represents the period noted.

	*April 26, 2011 through April 30, 2013**
		Number		Percentage of
Premium/Discount Range		of Days		Total Days
Greater than or Equal to 3.0%			0		0.0	%
Greater than or Equal to 2.5% And Less Than 3.0%			0		0.0	%
Greater than or Equal to 2.0% And Less Than 2.5%			0		0.0	%
Greater than or Equal to 1.5% And Less Than 2.0%			0		0.0	%
Greater than or Equal to 1.0% And Less Than 1.5%			8		1.6	%
Greater than or Equal to 0.5% And Less Than 1.0%			52		10.3	%
Greater than or Equal to 0.0% And Less Than 0.5%			156		30.7	%
Greater than or Equal to -0.5% And Less Than 0.0%			57		11.3	%
Greater than or Equal to -1.0% And Less Than -0.5%			59		11.7	%
Greater than or Equal to -1.5% And Less Than -1.0%			83		16.4	%
Greater than or Equal to -2.0% And Less Than -1.5%			52		10.3	%
Greater than or Equal to -2.5% And Less Than -2.0%			33		6.5	%
Greater than or Equal to -3.0% And Less Than -2.5%			5		1.0	%
Less Than -3.0%			1		0.2	%
			506		100.0	%

*	First day of secondary market trading.

LATAM AGGREGATE BOND ETF (BONO)

PERFORMANCE COMPARISON

April 30, 2013 (unaudited)

	Total Return
	Share Price¹	NAV	LATS²
One Year	9.99%	9.25%	11.81%
Life* (annualized)	7.87%	7.72%	10.64%
Life* (cumulative)	16.11%	15.80%	22.07%
*since 5/11/11

Hypothetical Growth of $10,000 (Since Inception)

Commencement date for the Market Vectors LatAm Aggregate Bond ETF was 5/11/11.

The price used to calculate market return (Share Price) is determined by using the closing price listed on NYSE Arca. Since the shares of the Fund did not trade in the secondary market until several days after the Fund’s commencement, for the period from commencement (5/11/11) to the first day of secondary market trading in shares of the Fund (5/12/11), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

Gross Expense Ratio 1.26% / Net Expense Ratio 0.49%

Van Eck Associates Corporation (the “Adviser”) has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding interest expense, offering costs, trading expenses, taxes and extraordinary expenses) from exceeding 0.49% of the Fund’s average daily net assets per year until at least September 1, 2013. During such time, the expense limitation is expected to continue until the Fund’s Board of Trustees acts to discontinue all or a portion of such expense limitation.

LATAM AGGREGATE BOND ETF (BONO)

PERFORMANCE COMPARISON

(unaudited) (continued)

²	The BofA Merrill Lynch Broad Latin America Bond Index (LATS) is composed of external and local currency Latin American sovereign debt and the external debt of non-sovereign Latin American issuers denominated in USD or Euros.

FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS

(unaudited)

LatAm Aggregate Bond ETF (BONO)
Closing Price vs. NAV

The following Frequency Distribution of Premiums and Discounts chart is provided to show the frequency at which the closing price for BONO is at a premium or discount to its daily net asset value (NAV). The chart is for comparative purposes only and represents the period noted.

	*May 12, 2011 through April 30, 2013**
		Number		Percentage of
Premium/Discount Range		of Days		Total Days
Greater than or Equal to 3.0%			6		1.2	%
Greater than or Equal to 2.5% And Less Than 3.0%			5		1.0	%
Greater than or Equal to 2.0% And Less Than 2.5%			10		2.0	%
Greater than or Equal to 1.5% And Less Than 2.0%			16		3.2	%
Greater than or Equal to 1.0% And Less Than 1.5%			41		8.3	%
Greater than or Equal to 0.5% And Less Than 1.0%			81		16.4	%
Greater than or Equal to 0.0% And Less Than 0.5%			101		20.6	%
Greater than or Equal to -0.5% And Less Than 0.0%			85		17.2	%
Greater than or Equal to -1.0% And Less Than -0.5%			85		17.2	%
Greater than or Equal to -1.5% And Less Than -1.0%			45		9.1	%
Greater than or Equal to -2.0% And Less Than -1.5%			12		2.4	%
Greater than or Equal to -2.5% And Less Than -2.0%			7		1.4	%
Greater than or Equal to -3.0% And Less Than -2.5%			0		0.0	%
Less Than -3.0%			0		0.0	%
			494		100.0	%

*	First day of secondary market trading.

MORTGAGE REIT INCOME ETF (MORT)

PERFORMANCE COMPARISON

April 30, 2013 (unaudited)

	Total Return
	Share Price¹	NAV	MVMORTTR²
One Year	28.60%	28.75%	24.69%
Life* (annualized)	23.29%	23.18%	19.12%
Life* (cumulative)	42.95%	42.75%	34.80%
*since 8/16/11

Hypothetical Growth of $10,000 (Since Inception)

Commencement date for the Market Vectors Mortgage REIT Income ETF was 8/16/11.

The price used to calculate market return (Share Price) is determined by using the closing price listed on NYSE Arca. Since the shares of the Fund did not trade in the secondary market until several days after the Fund’s commencement, for the period from commencement (8/16/11) to the first day of secondary market trading in shares of the Fund (8/17/11), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

Gross Expense Ratio 0.58% / Net Expense Ratio 0.41%

Van Eck Associates Corporation (the “Adviser”) has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding interest expense, offering costs, trading expenses, taxes and extraordinary expenses) from exceeding 0.40% of the Fund’s average daily net assets per year until at least September 1, 2013. During such time, the expense limitation is expected to continue until the Fund’s Board of Trustees acts to discontinue all or a portion of such expense limitation.

MORTGAGE REIT INCOME ETF (MORT)

PERFORMANCE COMPARISON

(unaudited) (continued)

Market Vectors Global Mortgage REITs Index (the “Index”) is the exclusive property of Market Vectors Index Solutions GmbH (a wholly owned subsidiary of the Adviser), which has contracted with Structured Solutions AG to maintain and calculate the Index. Structured Solutions AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards Market Vectors Index Solutions GmbH, Structured Solutions AG has no obligation to point out errors in the Index to third parties. Market Vectors Mortgage REIT Income ETF (the “Fund”) is not sponsored, endorsed, sold or promoted by Market Vectors Index Solutions GmbH and Market Vectors Index Solutions GmbH makes no representation regarding the advisability of investing in the Fund.

²	Market Vectors^®Global Mortgage REITs Index (MVMORTTR) is a rules-based index intended to give investors a means of tracking the overall performance of publicly traded U.S. and non-U.S. mortgage REITs that derive at least 50% of their revenues from mortgage-related activity.

FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS

(unaudited)

Mortgage REIT ETF (MORT)
Closing Price vs. NAV

The following Frequency Distribution of Premiums and Discounts chart is provided to show the frequency at which the closing price for MORT is at a premium or discount to its daily net asset value (NAV). The chart is for comparative purposes only and represents the period noted.

	August 17, 2011* through April 30, 2013
		Number		Percentage of
Premium/Discount Range		of Days		Total Days
Greater than or Equal to 3.0%			0		0.0	%
Greater than or Equal to 2.5% And Less Than 3.0%			0		0.0	%
Greater than or Equal to 2.0% And Less Than 2.5%			0		0.0	%
Greater than or Equal to 1.5% And Less Than 2.0%			1		0.2	%
Greater than or Equal to 1.0% And Less Than 1.5%			3		0.7	%
Greater than or Equal to 0.5% And Less Than 1.0%			10		2.3	%
Greater than or Equal to 0.0% And Less Than 0.5%			327		76.7	%
Greater than or Equal to -0.5% And Less Than 0.0%			77		18.0	%
Greater than or Equal to -1.0% And Less Than -0.5%			7		1.6	%
Greater than or Equal to -1.5% And Less Than -1.0%			2		0.5	%
Greater than or Equal to -2.0% And Less Than -1.5%			0		0.0	%
Greater than or Equal to -2.5% And Less Than -2.0%			0		0.0	%
Greater than or Equal to -3.0% And Less Than -2.5%			0		0.0	%
Less Than -3.0%			0		0.0	%
			427		100.0	%

*	First day of secondary market trading.

PREFERRED SECURITIES EX FINANCIALS ETF (PFXF)

PERFORMANCE COMPARISON

April 30, 2013 (unaudited)

	Total Return
	Share Price¹	NAV	WHPSL²
Life* (cumulative)	7.53%	7.38%	7.59%
*since 7/16/12

Hypothetical Growth of $10,000 (Since Inception)

Commencement date for the Market Vectors Preferred Securities ex Financials ETF was 7/16/12.

The price used to calculate market return (Share Price) is determined by using the closing price listed on NYSE Arca. Since the shares of the Fund did not trade in the secondary market until several days after the Fund’s commencement, for the period from commencement (7/16/12) to the first day of secondary market trading in shares of the Fund (7/17/12), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

Gross Expense Ratio 0.51% / Net Expense Ratio 0.40%

Van Eck Associates Corporation (the “Adviser”) has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding interest expense, offering costs, trading expenses, taxes and extraordinary expenses) from exceeding 0.40% of the Fund’s average daily net assets per year until at least September 1, 2013. During such time, the expense limitation is expected to continue until the Fund’s Board of Trustees acts to discontinue all or a portion of such expense limitation.

PREFERRED SECURITIES EX FINANCIALS ETF (PFXF)

PERFORMANCE COMPARISON

(unaudited) (continued)

The Fund is not issued, sponsored, endorsed or advised by Wells Fargo & Company, Wells Fargo Securities, LLC or their subsidiaries and affiliates (collectively, “Wells Fargo”). Wells Fargo makes no representation or warranty, express or implied, to the Fund’s investors or any member of the public regarding the advisability of investing in securities generally or in the Fund particularly or the ability of any data supplied by Wells Fargo or the Index to track financial instruments comprising the Index or any trading market. Wells Fargo’s only relationship to the Adviser is the licensing of certain trademarks and trade names of Wells Fargo and of the data supplied by Wells Fargo that is determined, composed and calculated by Wells Fargo or a third party index calculator, without regard to the Fund or its shareholders. Wells Fargo has no obligation to take the needs of the Fund or the Fund’s shareholders into consideration when determining, composing or calculating the data. Wells Fargo has no obligation or liability in connection with the administration, marketing or trading of the Fund.

²	Wells Fargo^®Hybrid and Preferred Securities ex Financials Index (WHPSL) is designed to track the performance of convertible or exchangeable and non-convertible preferred securities listed on U.S. exchanges.

FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS

(unaudited)

Preferred Securities ex Financials ETF (PFXF)
Closing Price vs. NAV

The following Frequency Distribution of Premiums and Discounts chart is provided to show the frequency at which the closing price for PFXF is at a premium or discount to its daily net asset value (NAV). The chart is for comparative purposes only and represents the period noted.

	*July 17, 2012 through April 30, 2013**
		Number		Percentage of
Premium/Discount Range		of Days		Total Days
Greater than or Equal to 3.0%			0		0.0	%
Greater than or Equal to 2.5% And Less Than 3.0%			0		0.0	%
Greater than or Equal to 2.0% And Less Than 2.5%			0		0.0	%
Greater than or Equal to 1.5% And Less Than 2.0%			0		0.0	%
Greater than or Equal to 1.0% And Less Than 1.5%			0		0.0	%
Greater than or Equal to 0.5% And Less Than 1.0%			8		4.1	%
Greater than or Equal to 0.0% And Less Than 0.5%			179		90.8	%
Greater than or Equal to -0.5% And Less Than 0.0%			10		5.1	%
Greater than or Equal to -1.0% And Less Than -0.5%			0		0.0	%
Greater than or Equal to -1.5% And Less Than -1.0%			0		0.0	%
Greater than or Equal to -2.0% And Less Than -1.5%			0		0.0	%
Greater than or Equal to -2.5% And Less Than -2.0%			0		0.0	%
Greater than or Equal to -3.0% And Less Than -2.5%			0		0.0	%
Less Than -3.0%			0		0.0	%
			197		100.0	%

*	First day of secondary market trading.

RENMINBI BOND ETF (CHLC)

PERFORMANCE COMPARISON

April 30, 2013 (unaudited)

	Total Return
	Share Price¹	NAV	MVCHLC²
One Year	2.71%	5.61%	6.36%
Life* (annualized)	4.50%	5.97%	5.92%
Life* (cumulative)	7.07%	9.42%	9.34%
*since 10/11/11

Hypothetical Growth of $10,000 (Since Inception)

Commencement date for the Market Vectors Renminbi Bond ETF was 10/11/11.

The price used to calculate market return (Share Price) is determined by using the closing price listed on NYSE Arca. Since the shares of the Fund did not trade in the secondary market until several days after the Fund’s commencement, for the period from commencement (10/11/11) to the first day of secondary market trading in shares of the Fund (10/12/11), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

Gross Expense Ratio 2.42% / Net Expense Ratio 0.39%

Van Eck Associates Corporation (the “Adviser”) has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding interest expense, offering costs, trading expenses, taxes and extraordinary expenses) from exceeding 0.39% of the Fund’s average daily net assets per year until at least September 1, 2013. During such time, the expense limitation is expected to continue until the Fund’s Board of Trustees acts to discontinue all or a portion of such expense limitation.

RENMINBI BOND ETF (CHLC)

PERFORMANCE COMPARISON

(unaudited) (continued)

Market Vectors Renminbi Bond Index is the exclusive property of Market Vectors Index Solutions GmbH (a wholly owned subsidiary of the Adviser), which has contracted with Structured Solutions AG to maintain and calculate the Index. Structured Solutions AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards Market Vectors Index Solutions GmbH, Structured Solutions AG has no obligation to point out errors in the Index to third parties. Market Vectors Renminbi Bond ETF (the “Fund”) is not sponsored, endorsed, sold or promoted by Market Vectors Index Solutions GmbH and Market Vectors Index Solutions GmbH makes no representation regarding the advisability of investing in the Fund.

Market Vectors^®Renminbi Bond Index (MVCHLC) is designed to track the performance of fixed-rate, Chinese Renminbi (“RMB”)-denominated bonds that are available to market participants outside of mainland China issued by Chinese or non-Chinese corporate, governmental, quasi-governmental or supranational issuers (“RMB Bonds”).

FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS

(unaudited)

Renminbi Bond ETF (CHLC)

Closing Price vs. NAV

The following Frequency Distribution of Premiums and Discounts chart is provided to show the frequency at which the closing price for CHLC is at a premium or discount to its daily net asset value (NAV). The chart is for comparative purposes only and represents the period noted.

	*October 12, 2011 through April 30, 2013**
		Number		Percentage of
Premium/Discount Range		of Days		Total Days
Greater than or Equal to 3.0%			14		3.6	%
Greater than or Equal to 2.5% And Less Than 3.0%			21		5.5	%
Greater than or Equal to 2.0% And Less Than 2.5%			20		5.2	%
Greater than or Equal to 1.5% And Less Than 2.0%			16		4.2	%
Greater than or Equal to 1.0% And Less Than 1.5%			44		11.4	%
Greater than or Equal to 0.5% And Less Than 1.0%			67		17.3	%
Greater than or Equal to 0.0% And Less Than 0.5%			11		2.9	%
Greater than or Equal to -0.5% And Less Than 0.0%			13		3.4	%
Greater than or Equal to -1.0% And Less Than -0.5%			61		15.8	%
Greater than or Equal to -1.5% And Less Than -1.0%			62		16.1	%
Greater than or Equal to -2.0% And Less Than -1.5%			43		11.2	%
Greater than or Equal to -2.5% And Less Than -2.0%			13		3.4	%
Greater than or Equal to -3.0% And Less Than -2.5%			0		0.0	%
Less Than -3.0%			0		0.0	%
			385		100.0	%

*	First day of secondary market trading.

TREASURY-HEDGED HIGH YIELD BOND ETF (THHY)

PERFORMANCE COMPARISON

April 30, 2013 (unaudited)

	Total Return
Total Return	Share Price¹	NAV	MVTHHY²
Life* (cumulative)	1.12%	1.36%	1.40%
*since 3/21/13

Hypothetical Growth of $10,000 (Since Inception)

Commencement date for the Market Vectors Treasury-Hedged High Yield Bond ETF (THHY) was 3/21/13.

The price used to calculate market return (Share Price) is determined by using the closing price listed on NYSE Arca. Since the shares of the Fund did not trade in the secondary market until several days after the Fund’s commencement, for the period from commencement (3/21/13) to the first day of secondary market trading in shares of the Fund (3/22/13), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

Gross Expense Ratio 4.53% / Net Expense Ratio 1.54%

Van Eck Associates Corporation (the “Adviser”) has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding interest expense, interest on securities sold short, offering costs, trading expenses, taxes and extraordinary expenses) from exceeding 0.50% of the Fund’s average daily net assets per year until at least September 1, 2014. During such time, the expense limitation is expected to continue until the Fund’s Board of Trustees acts to discontinue all or a portion of such expense limitation.

TREASURY-HEDGED HIGH YIELD BOND ETF (THHY)

PERFORMANCE COMPARISON

(unaudited) (continued)

Market Vectors US Treasury-Hedged High Yield Bond Index is the exclusive property of Market Vectors Index Solutions GmbH (a wholly owned subsidiary of the Adviser), which has contracted with Structured Solutions AG to maintain and calculate the Index. Structured Solutions AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards Market Vectors Index Solutions GmbH, Structured Solutions AG has no obligation to point out errors in the Index to third parties. Market Vectors Treasury-Hedged High Yield Bond ETF (the “Fund”) is not sponsored, endorsed, sold or promoted by Market Vectors Index Solutions GmbH and Market Vectors Index Solutions GmbH makes no representation regarding the advisability of investing in the Fund.

²	Market Vectors^® US Treasury-Hedged High Yield Bond Index (MVTHHY) is comprised of long positions in below-investment grade corporate bonds, denominated in U.S. dollars, and an equivalent amount of short positions in Treasury notes and bonds.

FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS

(unaudited)

Treasury-Hedged High Yield Bond ETF (THHY)

Closing Price vs. NAV

The following Frequency Distribution of Premiums and Discounts chart is provided to show the frequency at which the closing price for THHY is at a premium or discount to its daily net asset value (NAV). The chart is for comparative purposes only and represents the period noted.

	March 22, 2013* through April 30, 2013
		Number		Percentage of
Premium/Discount Range		of Days		Total Days
Greater than or Equal to 3.0%			0		0.0	%
Greater than or Equal to 2.5% And Less Than 3.0%			0		0.0	%
Greater than or Equal to 2.0% And Less Than 2.5%			0		0.0	%
Greater than or Equal to 1.5% And Less Than 2.0%			0		0.0	%
Greater than or Equal to 1.0% And Less Than 1.5%			1		3.7	%
Greater than or Equal to 0.5% And Less Than 1.0%			14		51.9	%
Greater than or Equal to 0.0% And Less Than 0.5%			8		29.6	%
Greater than or Equal to -0.5% And Less Than 0.0%			4		14.8	%
Greater than or Equal to -1.0% And Less Than -0.5%			0		0.0	%
Greater than or Equal to -1.5% And Less Than -1.0%			0		0.0	%
Greater than or Equal to -2.0% And Less Than -1.5%			0		0.0	%
Greater than or Equal to -2.5% And Less Than -2.0%			0		0.0	%
Greater than or Equal to -3.0% And Less Than -2.5%			0		0.0	%
Less Than -3.0%			0		0.0	%
			27		100.0	%

* First day of secondary market trading.

MARKET VECTORS ETF TRUST

EXPLANATION OF EXPENSES

(unaudited)

As a shareholder of a Fund, you incur operating expenses, including management fees and other Fund expenses. This disclosure is intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The disclosure is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, November 1, 2012 to April 30, 2013.

Actual Expenses

The first line in the table below provides information about 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 under the heading entitled “Expenses Paid During Period.”

Hypothetical Example for Comparison Purposes

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the 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 the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of 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 fees on purchase payments. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value November 1, 2012		Ending Account Value April 30, 2013		Annualized Expense Ratio During Period			Expenses Paid During the Period November 1, 2012- April 30, 2013
BDC Income ETF***
Actual	$	1,000.00	$	1,047.90		0.40	%	$	0.88
Hypothetical**	$	1,000.00	$	1,009.83		0.40	%	$	0.86
Emerging Markets High Yield Bond ETF*
Actual	$	1,000.00	$	1,056.90		0.40	%	$	2.04
Hypothetical**	$	1,000.00	$	1,022.81		0.40	%	$	2.01
Emerging Markets Local Currency Bond ETF*
Actual	$	1,000.00	$	1,065.70		0.49	%	$	2.53
Hypothetical**	$	1,000.00	$	1,022.34		0.49	%	$	2.48
Fallen Angel High Yield Bond ETF*
Actual	$	1,000.00	$	1,060.00		0.40	%	$	2.04
Hypothetical**	$	1,000.00	$	1,022.81		0.40	%	$	2.01
International High Yield Bond ETF*
Actual	$	1,000.00	$	1,080.50		0.40	%	$	2.06
Hypothetical**	$	1,000.00	$	1,022.82		0.40	%	$	2.00
Investment Grade Floating Rate ETF*
Actual	$	1,000.00	$	1,013.20		0.19	%	$	0.95
Hypothetical**	$	1,000.00	$	1,023.85		0.19	%	$	0.95
LatAm Aggregate Bond ETF*
Actual	$	1,000.00	$	1,055.50		0.49	%	$	2.48
Hypothetical**	$	1,000.00	$	1,022.38		0.49	%	$	2.44

MARKET VECTORS ETF TRUST

EXPLANATION OF EXPENSES

(unaudited) (continued)

	Beginning Account Value November 1, 2012		Ending Account Value April 30, 2013		Annualized Expense Ratio During Period			Expenses Paid During the Period November 1, 2012- April 30, 2013
Mortgage REIT Income ETF*
Actual	$	1,000.00	$	1,153.40		0.41	%	$	2.21
Hypothetical**	$	1,000.00	$	1,022.74		0.41	%	$	2.08
Preferred Securities ex Financials ETF*
Actual	$	1,000.00	$	1,033.80		0.40	%	$	2.02
Hypothetical**	$	1,000.00	$	1,022.80		0.40	%	$	2.01
Renminbi Bond ETF*
Actual	$	1,000.00	$	1,035.70		0.39	%	$	1.97
Hypothetical**	$	1,000.00	$	1,022.86		0.39	%	$	1.96
Treasury-Hedged High Yield Bond ETF****
Actual	$	1,000.00	$	1,013.60		1.54	%	$	1.70
Hypothetical**	$	1,000.00	$	1,003.79		1.54	%	$	1.69

*	Expenses are equal to the Fund’s annualized expense ratio (for the six months ended April 30, 2013) multiplied by the average account value over the period, multiplied by 181 and divided by 365 (to reflect the one-half year period).
**	Assumes annual return of 5% before expenses
***	Expenses are equal to the Fund’s annualized expense ratio (for the period from February 11, 2013 to April 30, 2013) multiplied by the average account value over the period, multiplied by 78 and divided by 365 (to reflect the one-half year period).
****	Expenses are equal to the Fund’s annualized expense ratio (for the period from March 21, 2013 to April 30, 2013) multiplied by the average account value over the period, multiplied by 40 and divided by 365 (to reflect the one-half year period).

BDC INCOME ETF

SCHEDULE OF INVESTMENTS

April 30, 2013

Number
of Shares			Value

COMMON STOCKS: 100.1%
Finance-Commercial: 0.9%
	6,877	Horizon Technology Finance Corp.		$101,023
Investment Companies: 78.1%
	72,030	Apollo Investment Corp.		634,584
	86,513	Ares Capital Corp.		1,571,076
	49,042	BlackRock Kelso Capital Corp.		487,968
	52,678	Fifth Street Finance Corp.		581,565
	16,155	Gladstone Capital Corp.		149,757
	22,148	Golub Capital BDC, Inc.		390,469
	20,361	KCAP Financial, Inc.		220,306
	17,280	Main Street Capital Corp.		519,437
	53,785	MCG Capital Corp.		276,455
	15,256	Medallion Financial Corp.		227,925
	18,201	MVC Capital, Inc.		236,431
	28,881	New Mountain Finance Corp.		440,147
	17,162	NGP Capital Resources Co.		114,299
	43,360	PennantPark Investment Corp.		507,312
	69,676	Prospect Capital Corp.		768,526
	21,525	Solar Capital Ltd.		515,093
	8,371	Solar Senior Capital Ltd.		160,472
	17,824	THL Credit, Inc.		274,133
	33,905	TICC Capital Corp.		344,814
	17,010	Triangle Capital Corp.		475,770
				8,896,539
Private Equity: 15.7%
	107,997	American Capital Ltd. *		1,633,995
	21,696	Gladstone Investment Corp.		161,418
				1,795,413

Number
of Value			Shares

Venture Capital: 5.4%
	24,368	Harris & Harris Group, Inc. *		80,414
	40,324	Hercules Technology Growth Capital, Inc.		536,309
				616,723
Total Common Stocks (Cost: $11,100,146)				11,409,698
Liabilities in excess of other assets: (0.1)%				(11,488	)
NET ASSETS: 100.0%			$	11,398,210

*	Non-income producing


	% of
Summary of Investments by Sector (unaudited)	Investments			Value
Finance - Commercial		0.9	%	$	101,023
Investment Companies		78.0			8,896,539
Private Equity		15.7			1,795,413
Venture Capital		5.4			616,723
		100.0	%	$	11,409,698

The summary of inputs used to value the Fund’s investments as of April 30, 2013 is as follows:

Level 2

Level 3

Level 1

Significant

Quoted

Observable

Unobservable

Prices

Inputs

Value

Common Stocks*

11,409,698

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

See Notes to Financial Statements

EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

April 30, 2013

Principal
Amount			Value

CORPORATE BONDS: 92.4%
Argentina: 0.4%
		Pan American Energy LLC/Argentine Branch
USD	200,000	7.88%, 05/07/21 (c) Reg S	$	196,000
	700,000	7.88%, 05/07/21 (c) 144A		686,000
				882,000
Austria: 1.3%
		OGX Austria GmbH
	650,000	8.50%, 06/01/15 (c) Reg S		411,125
	450,000	8.50%, 06/01/15 (c) 144A		284,625
	2,150,000	Sappi Papier Holding GmbH
		8.38%, 06/15/15 (c) 144A		2,416,062
				3,111,812
Azerbaijan: 0.6%
	600,000	Azerbaijan State Oil Company
		4.75%, 03/13/23 Reg S		607,012
	900,000	State Oil Co. of the Azerbaijan Republic
		5.45%, 02/09/17 Reg S		969,750
				1,576,762
Barbados: 0.5%
		Columbus International, Inc.
	425,000	11.50%, 11/20/14 (c) Reg S		474,938
	700,000	11.50%, 11/20/14 (c) 144A		782,250
				1,257,188
Bermuda: 4.3%
	300,000	Alliance Oil Co. Ltd.
		9.88%, 03/11/15 Reg S		328,125
	1,000,000	BW Group Ltd.
		6.63%, 06/28/17 Reg S		1,065,000
		China Oriental Group Co. Ltd.
	650,000	8.00%, 08/18/15 (c) Reg S		684,937
	250,000	8.00%, 08/18/15 144A		263,438
		Digicel Group Ltd.
	1,500,000	8.25%, 09/30/16 (c) 144A		1,612,500
	2,650,000	10.50%, 04/15/14 (c) Reg S		2,948,125
		Digicel Ltd.
	1,400,000	6.00%, 04/15/16 (c) 144A		1,407,000
	100,000	8.25%, 09/01/13 (c) 144A		105,750
	300,000	GeoPark Latin America Ltd., Agencia en Chile
		7.50%, 02/11/17 (c) Reg S		311,250
		Hopson Development Holdings Ltd.
	800,000	9.88%, 01/16/16 (c) Reg S		818,980
	700,000	11.75%, 01/21/14 (c)		762,625
	400,000	Pacnet Ltd.
		9.25%, 11/09/13 (c) 144A		420,500
				10,728,230
Brazil: 3.2%
	850,000	Banco BMG S.A.
		9.95%, 11/05/19 144A		809,625
	2,250,000	Banco do Brasil S.A.
		9.25%, 04/15/23 (c) Reg S		2,823,750
	2,650,000	Centrais Eletricas Brasileiras S.A.
		6.88%, 07/30/19 144A		3,047,500
	1,050,000	Hypermarcas S.A.
		6.50%, 04/20/16 (c) 144A		1,140,825
				7,821,700

Principal
Amount			Value

British Virgin Islands: 3.4%
USD	1,000,000	CITIC Resources Finance 2007 Ltd.
		6.75%, 05/15/14 (c) 144A	$	1,038,125
	2,050,000	Franshion Development Ltd.
		6.75%, 04/15/21 (c) 144A		2,224,250
	1,600,000	Gold Fields Orogen Holding BVI Ltd.
		4.88%, 10/07/20 (c) 144A		1,541,432
	400,000	RKI Finance 2010 Ltd.
		9.50%, 09/21/13 (c)		429,896
	450,000	Road King 2012 Ltd.
		9.88%, 09/18/15 (c) Reg S		498,375
	850,000	Sparkle Assets Ltd.
		6.88%, 01/30/17 (c) Reg S		859,340
	1,050,000	Star Energy Geothermal Wayang Windu Ltd.
		6.13%, 03/28/17 (c) 144A		1,092,000
	750,000	Studio City Finance Ltd.
		8.50%, 12/01/15 (c) 144A		841,875
				8,525,293
Canada: 1.0%
		Pacific Rubiales Energy Corp.
	1,400,000	5.13%, 03/28/18 (c) 144A		1,449,000
	800,000	7.25%, 12/12/16 (c) 144A		916,000
				2,365,000
Cayman Islands: 15.6%
	2,200,000	Agile Property Holdings Ltd.
		8.88%, 04/28/14 (c) Reg S		2,381,500
	200,000	Central China Real Estate Ltd.
		12.25%, 10/20/13 (c) Reg S		219,990
	400,000	China SCE Property Holdings Ltd.
		11.50%, 11/14/15 (c) Reg S		447,018
		China Shanshui Cement Group Ltd.
	850,000	10.50%, 04/27/15 (c) Reg S		966,875
	200,000	10.50%, 04/27/15 (c) 144A		227,500
	3,700,000	Country Garden Holdings Co. Ltd.
		11.13%, 02/23/15 (c) Reg S		4,264,250
		Dar Al-Arkan International Sukuk Co. II
	100,000	10.75%, 02/18/15 Reg S		111,000
	100,000	10.75%, 02/18/15 144A		111,000
	1,250,000	Emaar Sukuk Ltd.
		6.40%, 07/18/19 Reg S		1,409,375
	2,075,000	Evergrande Real Estate Group Ltd.
		13.00%, 01/27/15 (c) Reg S		2,272,125
		Fibria Overseas Finance Ltd.
	650,000	6.75%, 03/03/16 (c) Reg S		732,062
	550,000	7.50%, 05/04/15 (c) 144A		628,375
	300,000	Fufeng Group Ltd.
		7.63%, 04/13/14 (c) Reg S		309,750
	600,000	Global A&T Electronics Ltd.
		10.00%, 02/01/16 (c) 144A		655,500
	200,000	Glorious Property Holdings Ltd.
		13.25%, 03/04/16 (c) Reg S		202,432
	1,050,000	Industrial Senior Trust
		5.50%, 11/01/22 144A		1,055,250

See Notes to Financial Statements

Principal
Amount			Value

Cayman Islands: (continued)
		Jafz Sukuk Ltd.
USD	300,000	7.00%, 06/19/19 Reg S	$	343,500
	1,600,000	7.00%, 06/19/19 Reg S		1,832,000
	1,150,000	JBS Finance II Ltd.
		8.25%, 01/29/15 (c) 144A		1,253,500
		Kaisa Group Holdings Ltd.
	2,000,000	10.25%, 01/08/17 (c) Reg S		2,209,038
	79,000	13.50%, 05/22/13 (c) Reg S		84,633
	1,600,000	KWG Property Holding Ltd.
		12.75%, 03/30/14 (c) Reg S		1,813,418
		Longfor Properties Co. Ltd.
	350,000	6.75%, 01/29/18 (c) Reg S		356,160
	1,400,000	9.50%, 04/07/14 (c) Reg S		1,537,375
	650,000	9.50%, 04/07/14 (c) 144A		713,781
	2,150,000	Marfrig Overseas Ltd.
		9.50%, 05/04/15 (c) 144A		1,978,000
	1,750,000	MCE Finance Ltd.
		5.00%, 02/15/16 (c) Reg S		1,778,437
	750,000	MIE Holdings Corp.
		9.75%, 05/12/14 (c) Reg S		817,500
	200,000	Mongolian Mining Corp.
		8.88%, 03/29/15 (c) Reg S		205,760
	1,000,000	Nile Finance Ltd.
		5.25%, 08/05/15 Reg S		947,500
	400,000	Shelf Drilling Holdings Ltd.
		8.63%, 05/01/15 (c) 144A		430,000
		Shimao Property Holdings Ltd.
	1,775,000	6.63%, 01/14/17 (c) Reg S		1,778,163
	100,000	8.00%, 12/01/13 (c) Reg S		104,750
	950,000	9.65%, 08/03/14 (c) Reg S		1,052,299
		SOHO China Ltd.
	800,000	5.75%, 11/07/15 (c) Reg S		812,032
	400,000	7.13%, 11/07/17 (c) Reg S		403,299
	400,000	Sunac China Holdings Ltd.
		12.50%, 10/16/15 (c) Reg S		463,997
	1,400,000	TAM Capital 3, Inc.
		8.38%, 06/03/16 (c) 144A		1,568,000
				38,477,144
Chile: 0.7%
	1,000,000	Automotores Gildemeister S.A.
		8.25%, 05/24/16 (c) 144A		1,090,000
	250,000	CorpGroup Banking S.A.
		6.75%, 03/15/23 (c) 144A		265,938
	436,206	Inversiones Alsacia S.A.
		8.00%, 02/18/15 (c) Reg S		368,594
				1,724,532
China / Hong Kong: 2.2%
	200,000	Bank of East Asia Ltd.
		8.50%, 11/05/19 (c)		231,136
	1,050,000	China Resources Power East Foundation Co. Ltd.
		7.25%, 05/09/16 (c)		1,107,407
		CITIC Pacific Ltd.
	1,400,000	6.80%, 01/17/23 Reg S		1,419,008
	2,500,000	6.88%, 01/21/18 Reg S		2,694,662
				5,452,213

Principal
Amount			Value

Colombia: 2.9%
USD	1,800,000	Banco Davivienda S.A.
		5.88%, 07/09/22 144A	$	1,903,500
	2,200,000	Bancolombia S.A.
		6.13%, 07/26/20		2,420,000
	1,800,000	Colombia Telecomunicaciones S.A. E.S.P.
		5.38%, 09/27/17 (c) 144A		1,809,000
	850,000	Transportadora de Gas Internacional S.A. E.S.P.
		5.70%, 03/20/17 (c) Reg S		941,375
				7,073,875
Costa Rica: 0.6%
	1,400,000	Instituto Costarricense de Electricidad
		6.95%, 11/10/21 (c) 144A		1,606,500
Dominican Republic: 0.7%
	1,600,000	Aeropuertos Dominicanos Siglo XXI S.A.
		9.25%, 11/13/15 (c) Reg S		1,744,000
Georgia: 0.4%
	800,000	Georgian Railway JSC
		7.75%, 07/11/22 144A		934,000
India: 0.8%
		ICICI Bank Ltd.
	1,100,000	6.38%, 04/30/17 (c) Reg S		1,141,250
	700,000	6.38%, 04/30/17 (c) 144A		726,250
				1,867,500
Indonesia: 2.0%
	1,275,000	Adaro Indonesia PT
		7.63%, 10/22/14 (c) 144A		1,396,061
		Gajah Tunggal Tbk PT
	500,000	7.75%, 02/06/16 (c) Reg S		541,250
	250,000	7.75%, 02/06/16 (c) 144A		270,625
	2,500,000	Perusahaan Listrik Negara PT
		5.50%, 11/22/21 Reg S		2,787,500
				4,995,436
Ireland: 5.7%
	3,100,000	Alfa Bank OJSC
		7.88%, 09/25/17 Reg S		3,518,810
	400,000	Bank of Moscow
		6.70%, 03/11/15 Reg S		425,920
		EuroChem Mineral & Chemical Co. OJSC
	200,000	5.13%, 12/12/17 Reg S		205,800
	400,000	5.13%, 12/12/17 144A		411,600
	850,000	Gazprombank OJSC
		7.25%, 05/03/19 Reg S		921,825
	1,750,000	MTS International Funding Ltd.
		8.63%, 06/22/20 144A		2,209,375
	300,000	Nomos Bank
		8.75%, 10/21/15		321,375
		Nomos Bank
	200,000	7.25%, 04/25/18 144A		203,966
	200,000	10.00%, 04/26/19 144A		214,750
	450,000	Raspadskaya OJSC
		7.75%, 04/27/17 144A		478,688

See Notes to Financial Statements

EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal
Amount			Value

Ireland: (continued)
		SCF Capital Ltd.
USD	200,000	5.38%, 10/27/17 Reg S	$	207,250
	200,000	5.38%, 10/27/17 144A		207,250
	1,600,000	Sibur Securities Ltd.
		3.91%, 01/31/18 144A		1,580,400
		Vimpel Communications
	200,000	7.75%, 02/02/21 Reg S		229,250
	200,000	7.75%, 02/02/21 144A		229,250
	1,400,000	9.13%, 04/30/18 144A		1,688,260
	800,000	9.13%, 04/30/18 Reg S		964,720
				14,018,489
Israel: 1.4%
		Israel Electric Corp. Ltd.
	550,000	7.25%, 01/15/19 (c) Reg S		642,890
	2,400,000	7.25%, 01/15/19 (c) 144A		2,805,336
				3,448,226
Kazakhstan: 1.8%
	1,435,000	Alliance Bank JSC
		10.50%, 03/25/17 Reg S		1,393,744
	250,000	ATF Bank JSC
		9.00%, 05/11/16 Reg S		239,713
		Halyk Savings Bank of Kazakhstan JSC
	100,000	7.25%, 05/03/17 Reg S		108,500
	1,800,000	7.25%, 05/03/17 144A		1,953,000
	100,000	9.25%, 10/16/13 Reg S		102,900
	650,000	Kazkommertsbank JSC
		7.50%, 11/29/16 Reg S		643,793
				4,441,650
Luxembourg: 8.4%
		ALROSA Finance S.A.
	950,000	7.75%, 11/03/20 Reg S		1,109,030
	600,000	7.75%, 11/03/20 144A		700,440
	1,600,000	Altice Financing S.A.
		7.88%, 12/15/15 (c) 144A		1,776,000
		Evraz Group S.A.
	1,050,000	7.40%, 04/24/17 (c) Reg S		1,113,000
	1,575,000	7.40%, 04/24/17 (c) 144A		1,669,500
	200,000	Home Credit & Finance Bank
		9.38%, 04/24/18 (c) 144A		217,500
		MHP S.A.
	200,000	8.25%, 04/02/20 144A		198,496
	100,000	10.25%, 04/29/15 (c) Reg S		106,878
	275,000	10.25%, 04/29/15 (c) 144A		293,915
	200,000	Minerva Luxembourg S.A.
		7.75%, 01/31/18 (c) 144A		214,040
	1,000,000	MOL Group Finance S.A.
		6.25%, 09/26/19 Reg S		1,045,000
	200,000	OJSC Promsvyazbank
		8.50%, 04/25/17 Reg S		215,000
		Promsvyazbank OJSC
	200,000	6.20%, 04/25/14 Reg S		204,500
	200,000	6.20%, 04/25/14 144A		204,346
	600,000	8.50%, 04/25/17 144A		641,838
	1,400,000	Russian Standard Bank
		9.25%, 07/11/15 (p) Reg S		1,526,280

Principal
Amount			Value

Luxembourg: (continued)
		Severstal OAO
USD	1,650,000	5.90%, 10/17/22 144A	$	1,642,080
	100,000	6.70%, 10/25/17 Reg S		108,125
	1,000,000	6.70%, 10/25/17 144A		1,081,250
	450,000	TMK OAO
		7.75%, 01/27/18 Reg S		478,125
	2,400,000	Vimpel Communications OJSC
		8.25%, 05/23/16 144A		2,703,120
	600,000	Virgolino de Oliveira Finance Ltd.
		10.50%, 01/28/15 (c) 144A		612,000
	2,750,000	Yapi ve Kredi Bankasi
		5.19%, 10/13/15 Reg S		2,894,375
				20,754,838
Mexico: 2.9%
		Axtel SAB de C.V.
MXN	171,000	7.00%, 01/31/16 (c) # 144A		22,938
USD	800,000	7.00%, 01/31/16 (c) 144A		728,000
		Cemex S.A.B. de C.V.
	150,000	9.00%, 01/11/15 (c) Reg S		164,250
	1,050,000	9.00%, 01/11/15 (c) 144A		1,149,750
	200,000	9.50%, 06/15/16 (c) 144A		229,000
	1,125,000	Desarrolladora Homex S.A.B. de C.V.
		9.75%, 03/25/16 (c) 144A		691,875
	1,800,000	Empresas ICA S.A.B. de C.V.
		8.90%, 02/04/16 (c) Reg S		1,764,000
	2,050,000	Grupo Elektra S.A. de C.V.
		7.25%, 08/06/15 (c) Reg S		2,160,187
	200,000	Grupo KUO S.A.B. de C.V.
		6.25%, 12/04/17 (c) 144A		217,500
	200,000	Urbi Desarrollos Urbanos S.A.B. de C.V.
		9.50%, 01/21/15 (c) Reg S		63,000
				7,190,500
Netherlands: 6.3%
		Access Finance B.V.
	200,000	7.25%, 07/25/17 Reg S		213,451
	200,000	7.25%, 07/25/17 144A		213,451
	700,000	Arcos Dorados B.V.
		7.50%, 10/01/14 (c) 144A		770,910
	1,800,000	Bharti Airtel International Netherlands B.V.
		5.13%, 03/11/23 (c) 144A		1,858,680
	400,000	DTEK Finance B.V.
		9.50%, 04/28/15 (c) Reg S		420,500
	450,000	GTB Finance B.V.
		7.50%, 05/19/16 Reg S		483,975
	2,050,000	Indo Energy Finance II B.V.
		6.38%, 01/24/18 (c) 144A		2,093,460
	100,000	Indosat Palapa Co. B.V.
		7.38%, 07/29/15 (c) 144A		112,750
	650,000	Intergas Finance B.V.
		6.38%, 05/14/17 Reg S		732,875
		Majapahit Holding B.V.
	175,000	7.75%, 01/20/20 Reg S		219,188
	925,000	7.75%, 01/20/20 144A		1,158,562
	3,400,000	8.00%, 08/07/19 Reg S		4,275,500

See Notes to Financial Statements

Principal
Amount			Value

Netherlands: (continued)
		Metinvest B.V.
USD	300,000	8.75%, 02/14/18 Reg S	$	307,500
	1,575,000	8.75%, 02/14/18 144A		1,614,375
	700,000	VimpelCom Holdings B.V.
		7.50%, 03/01/22 Reg S		792,750
	300,000	WPE International Cooperatief UA
		10.38%, 09/30/15 (c) Reg S		277,500
				15,545,427
Paraguay: 0.3%
	600,000	Telefonica Celular del Paraguay S.A.
		6.75%, 12/13/17 (c) 144A		655,500
Peru: 0.2%
	400,000	Corp Lindley S.A.
		4.63%, 04/12/23 (c) 144A		407,000
Philippines: 2.1%
	300,000	BDO Unibank, Inc.
		4.50%, 02/16/17 Reg S		312,755
	300,000	Development Bank of Philippines
		5.50%, 03/25/21		341,734
		Power Sector Assets & Liabilities Management Corp.
	200,000	6.88%, 11/02/16 Reg S		234,000
	2,900,000	7.25%, 05/27/19 Reg S		3,672,125
	500,000	7.39%, 12/02/24 Reg S		683,750
				5,244,364
Singapore: 2.2%
	350,000	Bakrie Telecom Pte. Ltd.
		11.50%, 06/03/13 (c) Reg S		121,625
		Berau Capital Resources Pte Ltd.
	200,000	12.50%, 07/08/13 (c) Reg S		214,000
	1,050,000	12.50%, 07/08/13 (c) 144A		1,123,500
	700,000	Bumi Investment Pte Ltd.
		10.75%, 10/06/14 (c) 144A		570,500
	1,250,000	Flextronics International Ltd.
		5.00%, 02/15/23 (c) 144A		1,281,250
	1,318,000	STATS ChipPAC Ltd.
		4.50%, 03/20/16 (c) 144A		1,342,712
		Yanlord Land Group Ltd.
	500,000	10.63%, 03/29/15 (c) Reg S		573,750
	200,000	10.63%, 03/29/15 (c) 144A		229,500
				5,456,837
South Korea: 0.4%
		Woori Bank Co. Ltd.
	350,000	6.21%, 05/02/17 (c) Reg S		380,625
	650,000	6.21%, 05/02/17 (c) 144A		706,875
				1,087,500
Spain: 1.9%
		Cemex Espana Luxembourg
	400,000	9.25%, 05/12/15 (c) Reg S		442,000
	150,000	9.88%, 04/30/16 (c) Reg S		172,500
	3,600,000	9.88%, 04/30/16 (c) 144A		4,140,000
				4,754,500
Sri Lanka: 0.3%
	750,000	Bank of Ceylon
		6.88%, 05/03/17 Reg S		800,437

Principal
Amount			Value

Sweden: 0.3%
USD	700,000	Eileme 2 A.B.
		11.63%, 01/31/16 (c) Reg S	$	838,250
Turkey: 2.2%
	800,000	FinansBank A.S.
		5.15%, 11/01/17 Reg S		842,000
	1,600,000	Tupras Turkiye Petrol Rafinerileri A.S.
		4.13%, 05/02/18 144A		1,645,536
	600,000	Turkiye Is Bankasi
		6.00%, 10/24/22 144A		658,500
	500,000	Turkiye Is Bankasi S.A.
		6.00%, 10/24/22 Reg S		548,750
	1,000,000	Turkiye Vakiflar Bankasi
		6.00%, 11/01/22 Reg S		1,061,250
	400,000	Turkiye Vakiflar Bankasi Tao
		6.00%, 11/01/22 144A		424,500
	200,000	Yapi ve Kredi Bankasi A.S.
		5.50%, 12/06/22 144A		207,750
				5,388,286
Ukraine: 0.7%
	1,725,000	National JSC Naftogaz of Ukraine
		9.50%, 09/30/14		1,797,622
United Arab Emirates: 0.0%
	100,000	Dubai Electricity & Water Authority
		8.50%, 04/22/15 Reg S		112,750
United Kingdom: 4.7%
		Atlantic Finance Ltd.
	325,000	10.75%, 05/27/14 Reg S		355,063
	1,725,000	10.75%, 05/27/14 144A		1,870,440
	400,000	Ferrexpo Finance Plc
		7.88%, 04/07/16 Reg S		399,000
	400,000	Ferrexpo UK Ltd.
		7.88%, 04/07/16 144A		399,000
	1,700,000	Oschadbank
		8.25%, 03/10/16		1,666,000
	2,200,000	Ukreximbank
		8.38%, 04/27/15 Reg S		2,199,890
		Vedanta Resources Plc
	1,975,000	8.25%, 06/07/21 144A		2,161,391
	1,050,000	9.50%, 07/18/18 (c) 144A		1,207,500
	400,000	West China Cement Ltd.
		7.50%, 01/25/14 (c) 144A		416,000
	850,000	Zhaikmunai International B.V.
		7.13%, 11/13/16 (c) 144A		924,375
				11,598,659
United States: 2.8%
		Cemex Finance, LLC
	2,000,000	9.38%, 10/12/17 (c) Reg S		2,305,000
	1,800,000	9.38%, 10/12/17 (c) 144A		2,074,500
	625,000	9.50%, 12/14/13 (c) 144A		675,000
	1,650,000	JBS USA LLC / JBS USA Finance, Inc.
		7.25%, 06/01/15 (c) 144A		1,757,250
				6,811,750

See Notes to Financial Statements

EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal
Amount			Value

Venezuela: 7.2%
USD	700,000	CA La Electricidad de Caracas
		8.50%, 04/10/18 (c)	$	595,000
		Petroleos de Venezuela S.A.
	650,000	4.90%, 10/28/14		628,225
	3,950,000	5.00%, 10/28/15		3,663,625
	5,600,000	5.25%, 04/12/17 (c) Reg S		4,886,000
	3,950,000	5.38%, 04/12/27 (c) Reg S		2,784,750
	500,000	5.50%, 04/12/37 (c) Reg S		342,500
	200,000	8.50%, 11/02/17 (c) Reg S		194,000
	1,925,000	8.50%, 11/02/17 (c) 144A		1,867,250
	400,000	9.00%, 11/17/21 (c) Reg S		379,000
	400,000	9.00%, 11/17/21 (c) 144A		379,000
	1,925,000	12.75%, 02/17/22 (c) 144A		2,151,187
				17,870,537
Total Corporate Bonds (Cost: $227,698,727)				228,366,307
GOVERNMENT OBLIGATIONS: 4.3%
Argentina: 1.8%
		City of Buenos Aires, Argentina
	375,000	12.50%, 04/06/15 Reg S		369,375
	800,000	12.50%, 04/06/15 144A		788,000
		Provincia de Buenos Aires, Argentina
	100,000	9.38%, 09/14/18 Reg S		71,000
	225,000	9.38%, 09/14/18 144A		159,750
	225,000	10.88%, 01/26/21 Reg S		162,000
	490,000	10.88%, 01/26/21 144A		352,800
	2,325,000	11.75%, 10/05/15 Reg S		1,999,500
		Provincia de Cordoba
	500,000	12.38%, 08/17/17 (c) Reg S		397,500
	250,000	12.38%, 08/17/17 (c) 144A		198,750
				4,498,675

Principal
Amount			Value

Hungary: 0.2%
USD	400,000	Magyar Export-Import Bank RT
		5.50%, 02/12/18 Reg S	$	412,000
Mongolia: 0.4%
	1,000,000	Development Bank of Mongolia, LLC
		5.75%, 03/21/17 Reg S		1,035,893
Turkey: 0.9%
		Export Credit Bank of Turkey
	450,000	5.88%, 04/24/19 Reg S		512,438
	1,575,000	5.88%, 04/24/19 144A		1,793,531
				2,305,969
Ukraine: 1.0%
		Financing of Infrastructural Projects State Enterprise
	100,000	7.40%, 04/20/18 Reg S		95,340
	200,000	7.40%, 04/20/18 144A		191,494
	2,000,000	8.38%, 11/03/17 144A		2,030,000
				2,316,834
Total Government Obligations (Cost: $10,508,782)				10,569,371

Number of
Shares

MONEY MARKET FUND: 1.6% (Cost: $3,903,049)
	3,903,049	Dreyfus Government Cash Management Fund		3,903,049
Total Investments: 98.3% (Cost: $242,110,558)				242,838,727
Other assets less liabilities: 1.7%				4,241,047
NET ASSETS: 100.0%			$	247,079,774

See Notes to Financial Statements

MXN	Mexican Peso
USD	United States Dollar
(c)	Callable Security - the redemption date shown is when the security may be redeemed by the issuer
(p)	Puttable Security - the redemption date shown is when the security may be redeemed by the investor
#	Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $22,938 which represents 0.0% of net assets.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted to $110,289,529, or 44.6% of net assets.

Summary of Investments by Sector (unaudited)	% of Investments			Value
Basic Materials		10.2	%	$	24,819,317
Communications		10.1			24,490,531
Consumer, Cyclical		3.7			9,021,284
Consumer, Non-cyclical		3.7			9,047,300
Diversified		0.1			217,500
Energy		16.5			40,156,826
Financial		30.5			74,008,770
Government		4.4			10,569,371
Industrial		10.3			25,079,059
Technology		0.6			1,342,712
Utilities		8.3			20,183,008
Money Market Fund		1.6			3,903,049
		100.0	%	$	242,838,727

The summary of inputs used to value the Fund’s investments as of April 30, 2013 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds*	$	-	$	228,366,307	$	-	$	228,366,307
Government Obligations*		-		10,569,371		-		10,569,371
Money Market Fund		3,903,049		-		-		3,903,049
Total	$	3,903,049	$	238,935,678	$	-	$	242,838,727

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

See Notes to Financial Statements

EMERGING MARKETS LOCAL CURRENCY BOND ETF

SCHEDULE OF INVESTMENTS

April 30, 2013

Principal
Amount			Value

CORPORATE BONDS: 11.1%
Brazil: 4.6%
BRL	36,474,000	Banco do Brasil S.A.
		9.75%, 07/18/17 † Reg S	$	20,521,755
	23,218,000	Banco Safra Cayman Islands Ltd.
		10.88%, 04/03/17 Reg S		12,447,960
	51,934,000	Banco Safra S.A.
		10.25%, 08/08/16 Reg S		27,402,036
	9,470,000	Cia Energetica de Sao Paulo (TIPS)
		13.69%, 01/15/15 Reg S		7,254,766
	2,000,000	Concessionaria Ecovias dos Imigrantes S.A. (TIPS)
		4.28%, 12/31/24 # (a)		1,000,938
				68,627,455
Germany: 0.4%
MXN	70,670,000	Landwirtschaftliche Rentenbank
		8.50%, 02/22/16		6,566,126
Ireland: 2.4%
RUB	1,113,700,000	RusHydro JSC
		7.88%, 10/28/15		36,123,266
Netherlands: 0.2%
		Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A.
MXN	24,360,000	6.69%, 10/05/15 ^		1,826,910
	14,730,000	9.20%, 09/28/15		1,364,481
				3,191,391
Russia: 0.2%
RUB	105,260,000	Federal Hydrogenerating Co. JSC
		8.00%, 04/18/16 (p)		3,409,795
South Africa: 3.3%
		Eskom Holdings Ltd.
ZAR	5,350,000	7.85%, 04/02/26		624,945
	57,330,000	8.91%, 08/18/27 ^		1,945,380
	224,000,000	9.25%, 04/20/18		28,356,359
		Transnet Ltd.
	21,000,000	9.50%, 08/19/25		2,669,988
	4,500,000	10.50%, 09/17/20		601,898
	105,900,000	10.80%, 11/06/23		14,836,516
				49,035,086
Total Corporate Bonds (Cost: $173,731,679)				166,953,119
GOVERNMENT OBLIGATIONS: 84.8%
Brazil: 5.0%
		Brazilian Government International Bonds
BRL	3,450,000	8.50%, 01/05/24		1,929,032
	7,230,000	10.25%, 01/10/28		4,528,920
	2,860,000	12.50%, 01/05/22		1,973,893
		Letra do Tesouro Nacional
	5,100,000	2.46%, 04/01/14 ^		2,374,287
	7,760,000	3.05%, 01/01/14 ^		3,683,425
	4,200,000	5.93%, 07/01/14 ^		1,917,023
	3,400,000	6.66%, 07/01/16 ^		1,298,844
	24,200,000	7.35%, 01/01/15 ^		10,572,138
	28,300,000	7.65%, 01/01/16 ^		11,303,808
	19,300,000	7.96%, 04/01/15 ^		8,253,257

Principal
Amount			Value

Brazil: (continued)
BRL		Nota do Tesouro Nacional, Series F
	13,300,000	10.00%, 01/01/14	$	6,734,753
	4,000,000	10.00%, 01/01/15		2,054,957
	17,000,000	10.00%, 01/01/17 (b)		8,800,385
	3,100,000	10.00%, 01/01/18		1,609,781
	9,500,000	10.00%, 01/01/21		4,909,614
	5,700,000	10.00%, 01/01/23		2,928,533
				74,872,650
Chile: 2.8%
CLP	18,949,000,000	Chilean Government International Bond
		5.50%, 08/05/20		42,833,180
Colombia: 3.1%
		Colombian Government International Bonds
COP	6,419,000,000	4.38%, 12/21/22 (c)		3,567,371
	23,487,000,000	7.75%, 04/14/21		16,183,384
	28,563,000,000	12.00%, 10/22/15		18,757,336
	10,182,000,000	Republic of Colombia
		9.85%, 06/28/27		8,694,015
				47,202,106
Hungary: 4.0%
		Hungarian Government Bonds
HUF	841,460,000	5.50%, 02/12/14		3,738,823
	1,017,570,000	6.00%, 11/24/23		4,735,266
	843,230,000	6.50%, 06/24/19		3,992,068
	609,230,000	6.75%, 08/22/14		2,767,783
	2,141,590,000	6.75%, 02/24/17 †		10,036,620
	1,427,890,000	6.75%, 11/24/17		6,748,881
	1,959,410,000	7.00%, 06/24/22		9,669,517
	92,880,000	7.50%, 10/24/13		414,550
	847,950,000	7.50%, 11/12/20		4,256,674
	1,218,200,000	7.75%, 08/24/15		5,754,415
	1,573,350,000	8.00%, 02/12/15		7,363,773
				59,478,370
Indonesia: 6.8%
		Indonesian Treasury Bonds
IDR	3,000,000,000	6.38%, 04/15/42		304,746
	33,000,000	6.63%, 05/15/33		3,479
	3,054,000,000	7.00%, 05/15/27		340,716
	11,238,000,000	8.25%, 07/15/21		1,373,532
	9,956,000,000	8.25%, 06/15/32		1,229,854
	11,049,000,000	8.38%, 09/15/26		1,374,658
	49,653,000,000	9.50%, 06/15/15		5,625,929
	25,488,000,000	9.50%, 07/15/23		3,417,253
	39,454,000,000	9.50%, 07/15/31		5,431,821
	23,692,000,000	9.75%, 05/15/37		3,377,727
	47,098,000,000	10.00%, 07/15/17		5,804,465
	35,072,000,000	10.00%, 09/15/24		4,855,938
	46,844,000,000	10.00%, 02/15/28		6,599,678
	42,728,000,000	10.25%, 07/15/22		5,879,878
	106,129,000,000	10.25%, 07/15/27		15,129,416
	67,631,000,000	10.50%, 08/15/30		10,022,431
	11,812,000,000	10.50%, 07/15/38		1,798,870
	17,628,000,000	10.75%, 05/15/16		2,130,548
	1,528,000,000	11.00%, 11/15/20		212,375
	112,288,000,000	11.00%, 09/15/25		16,546,487
	30,907,000,000	11.50%, 09/15/19		4,254,736

See Notes to Financial Statements

Principal
Amount			Value

Indonesia: (continued)
IDR	38,947,000,000	11.60%, 08/15/18	$	5,222,792
	9,623,000,000	12.80%, 06/15/21		1,467,147
				102,404,476
Malaysia: 8.0%
		Malaysian Government Bonds
MYR	13,070,000	3.20%, 10/15/15		4,316,060
	6,782,000	3.21%, 05/31/13		2,229,361
	13,450,000	3.31%, 10/31/17		4,445,259
	14,420,000	3.42%, 08/15/22		4,748,898
	16,284,000	3.43%, 08/15/14		5,388,048
	14,348,000	3.46%, 07/31/13		4,720,754
	13,790,000	3.58%, 09/28/18		4,607,804
	4,291,000	3.70%, 05/15/13		1,410,697
	16,477,000	3.74%, 02/27/15		5,493,586
	4,067,000	3.81%, 02/15/17		1,368,018
	11,920,000	3.84%, 08/12/15		3,996,277
	4,990,000	4.01%, 09/15/17		1,695,623
	4,510,000	4.13%, 04/15/32		1,545,093
	19,120,000	4.16%, 07/15/21		6,640,041
	3,269,000	4.23%, 06/30/31		1,133,978
	20,171,000	4.24%, 02/07/18		6,928,727
	16,972,000	4.26%, 09/15/16		5,803,186
	51,615,000	4.38%, 11/29/19		18,022,838
	38,887,000	4.39%, 04/15/26		13,840,935
	57,675,000	5.73%, 07/30/19		21,519,760
				119,854,943
Mexico: 6.1%
		Mexican Government International Bonds
MXN	91,490,000	5.00%, 06/15/17		7,792,710
	20,000,000	6.00%, 06/18/15		1,716,896
	10,468,000	6.25%, 06/16/16		918,408
	45,350,000	6.50%, 06/10/21		4,272,437
	12,500,000	7.00%, 06/19/14		1,068,193
	16,100,000	7.25%, 12/15/16		1,468,102
	126,498,300	7.50%, 06/03/27		13,307,639
	2,665,600	7.75%, 12/14/17		253,022
	75,276,000	7.75%, 05/29/31		8,180,232
	43,270,000	7.75%, 11/13/42		4,851,219
	1,010,000	8.00%, 12/17/15		91,285
	32,259,900	8.00%, 06/11/20		3,260,464
	2,262,000	8.00%, 12/07/23		239,912
	24,171,700	8.50%, 12/13/18		2,417,601
	53,668,000	8.50%, 05/31/29		6,166,999
	65,513,900	8.50%, 11/18/38		7,814,254
	34,490,000	10.00%, 12/05/24		4,234,369
	177,237,000	10.00%, 11/20/36		23,862,991
				91,916,733
Nigeria: 2.8%
		Nigerian Government Bonds
NGN	2,039,030,000	7.00%, 10/23/19		10,280,325
	1,169,480,000	10.50%, 03/18/14		7,364,245
	1,563,470,000	15.10%, 04/27/17		10,934,395
	1,711,670,000	16.39%, 01/27/22		13,560,110
				42,139,075
Peru: 2.8%
		Peruvian Government Bonds
PEN	19,328,000	6.90%, 08/12/37		9,233,717
	9,350,000	6.95%, 08/12/31		4,414,502

Principal
Amount			Value

Peru: (continued)
PEN	31,993,000	7.84%, 08/12/20	$	15,172,924
	15,535,000	8.20%, 08/12/26		8,191,796
	9,360,000	8.60%, 08/12/17		4,340,618
	2,326,000	9.91%, 05/05/15		1,016,894
				42,370,451
Philippines: 2.8%
		Philippine Government International Bonds
PHP	181,000,000	3.90%, 11/26/22		4,727,284
	560,000,000	4.95%, 01/15/21		15,306,122
	696,000,000	6.25%, 01/14/36		22,174,144
				42,207,550
Poland: 9.4%
		Polish Government Bonds
PLN	6,250,000	3.75%, 04/25/18		2,067,454
	17,760,000	4.60%, 01/25/14 ^		5,508,323
	17,599,000	4.75%, 10/25/16		5,942,179
	31,960,000	4.75%, 04/25/17		10,889,038
	12,786,000	5.00%, 10/24/13		4,089,027
	34,681,000	5.00%, 04/25/16		11,733,946
	29,833,000	5.25%, 10/25/17		10,448,391
	43,978,000	5.25%, 10/25/20		16,019,514
	40,274,000	5.50%, 04/25/15		13,449,047
	22,971,000	5.50%, 10/25/19		8,378,971
	22,992,000	5.75%, 04/25/14		7,495,208
	59,020,000	5.75%, 10/25/21		22,313,111
	25,674,000	5.75%, 09/23/22		9,808,304
	36,681,000	6.25%, 10/24/15		12,601,915
				140,744,428
Romania: 3.0%
		Romanian Government Bonds
RON	39,160,000	5.75%, 01/27/16		12,257,563
	52,620,000	5.80%, 10/26/15		16,417,613
	52,940,000	5.90%, 07/26/17		16,805,527
				45,480,703
Russia: 5.1%
		Russian Federal Bonds
RUB	127,563,000	6.88%, 07/15/15		4,214,677
	90,935,000	6.90%, 08/03/16		3,035,257
	104,560,000	7.00%, 06/03/15		3,466,816
	91,249,000	7.10%, 03/13/14		2,985,043
	15,533,000	7.35%, 01/20/16		522,260
	247,496,000	7.40%, 06/14/17		8,437,046
	287,987,000	7.50%, 03/15/18		9,928,983
	401,570,000	7.50%, 02/27/19		13,929,307
	350,172,000	7.60%, 04/14/21		12,263,366
	268,230,000	7.60%, 07/20/22		9,464,393
	38,201,000	8.10%, 11/26/14		1,282,247
	132,030,000	8.15%, 02/03/27		4,835,592
	58,055,000	11.20%, 12/17/14		2,037,217
				76,402,204
South Africa: 6.3%
		South African Government Bonds
ZAR	65,874,000	6.25%, 03/31/36		6,301,181
	64,524,000	6.50%, 02/28/41		6,257,378
	111,583,804	6.75%, 03/31/21		12,979,742
	32,916,000	7.00%, 02/28/31		3,562,069
	134,151,000	7.25%, 01/15/20		16,018,233

See Notes to Financial Statements

EMERGING MARKETS LOCAL CURRENCY BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal
Amount			Value

South Africa: (continued)
ZAR	22,231,000	7.50%, 01/15/14	$	2,515,387
	9,890,000	7.75%, 02/28/23		1,221,186
	40,047,000	8.00%, 12/21/18		4,932,361
	1,750,000	8.25%, 09/15/17		214,720
	74,250,000	8.75%, 02/28/48		9,246,863
	160,173,000	10.50%, 12/21/26		23,744,064
	64,234,800	13.50%, 09/15/15		8,454,781
				95,447,965
Supranational: 3.7%
MXN	11,960,000	Asian Development Bank
		6.55%, 01/28/15		1,026,821
	6,000,000	European Bank for Reconstruction & Development
		7.30%, 08/20/13		495,591
		European Investment Bank
	6,730,000	5.33%, 09/01/15 ^		512,310
HUF	1,417,600,000	6.50%, 01/05/15		6,615,605
ZAR	33,760,000	8.00%, 10/21/13 †		3,804,378
	7,995,000	8.50%, 11/04/14		935,059
	2,890,000	9.00%, 12/21/18 Reg S		372,683
BRL	9,570,000	9.65%, 10/22/19 ^ #		3,090,782
MXN	168,510,000	Inter-American Development Bank
		8.00%, 01/26/16		15,540,247
		International Bank for Reconstruction & Development
	36,800,000	5.00%, 07/01/13		3,045,628
	117,710,000	6.50%, 09/11/13		9,822,238
BRL	300,000	9.50%, 03/02/17		162,941
MXN	117,060,000	International Finance Corp.
		6.00%, 01/28/16		10,295,687
				55,719,970
Sweden: 0.3%
MXN	44,960,000	Kommuninvest I Sverige
		7.20%, 07/07/14		3,829,914
Thailand: 5.5%
		Thailand Government Bonds
THB	123,400,000	2.80%, 10/10/17		4,174,923
	102,349,000	3.13%, 12/11/15		3,513,371
	230,250,000	3.25%, 06/16/17		7,939,185
	148,760,000	3.45%, 03/08/19		5,162,068
	266,250,000	3.63%, 05/22/15		9,218,455
	106,145,000	3.63%, 06/16/23		3,688,273
	173,660,000	3.65%, 12/17/21		6,065,219
	111,610,000	3.85%, 12/12/25		3,931,106
	117,182,000	3.88%, 06/13/19		4,157,446
	149,454,000	4.13%, 11/18/16		5,303,239
	158,130,000	4.75%, 12/20/24		6,044,596
	8,395,000	4.88%, 06/22/29		325,747
	260,217,000	5.13%, 03/13/18		9,707,504
	33,365,000	5.25%, 07/13/13		1,142,302
	212,618,000	5.25%, 05/12/14		7,427,605
	30,186,000	5.40%, 07/27/16		1,108,669
	30,977,000	5.50%, 03/13/23		1,241,905
	23,507,000	5.63%, 01/12/19		906,182
	52,214,000	5.85%, 03/31/21		2,096,606
				83,154,401

Principal
Amount			Value

Turkey: 7.3%
		Turkish Government Bonds
TRY	1,750,000	6.30%, 02/14/18	$	999,192
	5,260,000	6.50%, 01/07/15		3,009,150
	4,070,000	7.50%, 09/24/14		2,345,393
	7,726,000	8.00%, 10/09/13		4,372,517
	2,380,000	8.00%, 01/29/14		1,357,573
	17,690,000	8.00%, 06/04/14		10,189,172
	12,260,000	8.50%, 09/14/22		7,934,188
	20,960,000	9.00%, 01/27/16		12,750,486
	12,440,000	9.00%, 03/08/17		7,758,309
	19,288,000	9.50%, 01/12/22		13,056,194
	3,680,000	10.00%, 12/04/13		2,123,112
	12,905,000	10.00%, 06/17/15		7,872,018
	35,277,000	10.50%, 01/15/20		24,508,708
	18,983,000	11.00%, 08/06/14		11,365,244
	500,000	11.40%, 07/17/13 ^		276,409
				109,917,665
Total Government Obligations (Cost: $1,226,425,244)				1,275,976,784

Number of
Shares

MONEY MARKET FUND: 0.0% (Cost: $647,229)
	647,229	Dreyfus Government Cash Management Fund		647,229
Total Investments Before Collateral for Securities Loaned: 95.9% (Cost: $1,400,804,152)				1,443,577,132
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 0.2% (Cost: $2,764,428)
	2,764,428	Bank of New York Overnight Government Fund		2,764,428
Total Investments: 96.1% (Cost: $1,403,568,580)				1,446,341,560
Other assets less liabilities: 3.9%				58,656,019
NET ASSETS: 100.0%			$	1,504,997,579

See Notes to Financial Statements

BRL	Brazilian Real
CLP	Chilean Peso
COP	Colombian Peso
HUF	Hungarian Forint
IDR	Indonesian Rupiah
MXN	Mexican Peso
MYR	Malaysian Ringgit
NGN	Nigerian Naira
PEN	Peruvian Nuevo Sol
PHP	Philippine Peso
PLN	Polish Zloty
RON	Romanian Leu
RUB	Russian Ruble
THB	Thai Baht
TRY	Turkish Lira
USD	United States Dollar
ZAR	South African Rand
(a)	When-issued security
(b)	Security is segregated as collateral for when issued security
(c)	Callable Security - the redemption date shown is when the security may be redeemed by the issuer
(p)	Puttable Security - the redemption date shown is when the security may be redeemed by the investor
^	Zero Coupon Bond - the rate shown is the effective yield at purchase date
†	Security fully or partially on loan. Total market value of securities on loan is $2,566,766.
#	Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $4,091,720 which represents 0.3% of net assets.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
TIPS	Treasury Inflation Protected Securities

Summary of Investments by Sector Excluding	% of
Collateral for Securities Loaned (unaudited)	Investments			Value
Consumer, Non-cyclical		0.1	%	$	1,000,938
Financial		4.9			70,129,268
Government		88.4			1,275,976,784
Industrial		1.2			18,108,402
Utilities		5.4			77,714,511
Money Market Fund		0.0			647,229
		100.0	%	$	1,443,577,132

The summary of inputs used to value the Fund’s investments as of April 30, 2013 is as follows:

			Level 2		Level 3
	Level 1		Significant		Significant
	Quoted		Observable		Unobservable
	Prices		Inputs		Inputs		Value
Corporate Bonds*	$	-	$	166,953,119	$	-	$	166,953,119
Government Obligations*		-		1,275,976,784		-		1,275,976,784
Money Market Funds		3,411,657		-		-		3,411,657
Total	$	3,411,657	$	1,442,929,903	$	-	$	1,446,341,560

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

See Notes to Financial Statements

FALLEN ANGEL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

April 30, 2013

Principal
Amount			Value

CORPORATE BONDS: 98.1%
Cayman Islands: 1.6%
$	100,000	Mizuho Capital Investment 1 Ltd.
		6.69%, 06/30/16 (c) Reg S	$	110,750
	60,000	Mizuho Capital Investment 2 Ltd.
		14.95%, 06/30/14 (c) Reg S		68,400
				179,150
Finland: 1.8%
	100,000	Nokia OYJ
		5.38%, 05/15/19 (c)		99,000
	100,000	UPM-Kymmene OYJ
		7.45%, 11/26/27 (c) 144A		100,500
				199,500
France: 3.9%
		Credit Agricole S.A.
	100,000	6.64%, 05/31/17 (c) Reg S		95,965
	100,000	8.38%, 10/13/19 (c) 144A		111,875
	200,000	Lafarge S.A.
		6.20%, 07/09/15 (c) 144A		217,000
				424,840
Luxembourg: 9.4%
		ArcelorMittal
	200,000	5.75%, 08/05/20 (c)		211,886
	350,000	6.00%, 03/01/21 (c)		371,405
	200,000	6.13%, 06/01/18 (c)		219,319
	100,000	7.25%, 03/01/41 (c)		102,571
	100,000	10.35%, 06/01/19 (c)		127,176
				1,032,357
Netherlands: 1.0%
	100,000	EDP Finance B.V.
		6.00%, 02/02/18 (c) Reg S		107,175
Norway: 4.8%
		Eksportfinans ASA
	255,000	2.00%, 09/15/15		247,109
	85,000	2.38%, 05/25/16		81,660
	200,000	3.00%, 11/17/14		199,921
				528,690
United Kingdom: 9.9%
	100,000	Barclays Bank Plc Perpetual
		6.28%, 12/15/34 (c)		99,683
	200,000	Hanson Ltd.
		6.13%, 08/15/16 (c)		221,750
	100,000	HBOS Capital Funding No. 2 LP
		6.07%, 06/30/14 (c) Reg S		92,625
	200,000	HBOS Plc
		6.75%, 05/21/18 144A		224,196
		Royal Bank of Scotland Group Plc
	200,000	5.00%, 10/01/14		206,670
	150,000	5.05%, 01/08/15		156,312
	100,000	7.64%, 09/29/17 (c)		95,250
				1,096,486
United States: 65.7%
	100,000	Alcatel-Lucent USA, Inc.
		6.45%, 03/15/29		78,500
		Ally Financial, Inc.
	100,000	6.75%, 12/01/14		107,750
	200,000	8.00%, 11/01/31		262,000
	200,000	Ameren Energy Generating Co.
		7.95%, 06/01/32 (c)		150,500

Principal
Amount			Value

United States: (continued)
		CenturyLink, Inc.
$	100,000	5.15%, 06/15/17 (c)	$	1,108,253
	100,000	7.60%, 09/15/39 (c)		103,297
	200,000	Clear Channel Communications, Inc.
		4.90%, 05/15/15 (c)		190,500
	100,000	Commercial Metals Co.
		6.50%, 07/15/17 (c)		110,000
	200,000	El Paso Corp.
		7.75%, 01/15/32 (c)		228,935
	200,000	Embarq Corp.
		8.00%, 06/01/36 (c)		220,713
	150,000	Fifth Third Capital Trust IV
		6.50%, 04/15/17 (c)		151,031
	300,000	Frontier Communications Corp.
		9.00%, 08/15/31 (c)		314,250
	100,000	Glen Meadow Pass-Through Trust
		6.51%, 02/15/17 (c) 144A		97,125
	100,000	Hartford Financial Services Group, Inc.
		8.13%, 06/15/18 (c)		119,400
	100,000	HCA, Inc.
		7.50%, 11/15/95		93,250
	100,000	Health Management Associates, Inc.
		6.13%, 04/15/16 (c)		110,750
	100,000	International Lease Finance Corp.
		5.65%, 06/01/14		105,000
	100,000	iStar Financial, Inc.
		5.88%, 03/15/16 (c)		106,000
	200,000	JC Penney Corp., Inc.
		6.38%, 10/15/36		161,250
	200,000	Ltd Brands, Inc.
		6.90%, 07/15/17 (c)		231,000
	300,000	Masco Corp.
		6.13%, 10/03/16 (c)		337,670
	100,000	Mirant Americas
		9.13%, 05/01/31 (c)		113,500
	100,000	New Albertsons, Inc.
		8.00%, 05/01/31 (c)		80,375
	150,000	NGPL Pipeco LLC
		7.12%, 12/15/17 (c) 144A		156,938
	100,000	Nuveen Investments, Inc.
		5.50%, 09/15/15 (c)		101,250
	63,018	PPL Ironwood LLC
		8.86%, 11/30/25 (c)		71,525
	100,000	PulteGroup, Inc.
		7.63%, 10/15/17		118,250
	300,000	Regions Bank
		6.45%, 06/26/37		330,750
	100,000	Reynolds Group Issuer, Inc.
		9.00%, 10/15/14 (c)		108,500
	200,000	Rockies Express Pipeline LLC
		6.85%, 07/15/18 (c) Reg S		206,000
	200,000	RR Donnelley & Sons Co.
		6.13%, 01/15/17 (c)		216,500
	150,000	Ryland Group, Inc.
		6.63%, 05/01/20 (c)		166,312
		Springleaf Finance Corp.
	100,000	5.40%, 12/01/15		104,875
	200,000	6.90%, 12/15/17		209,125

See Notes to Financial Statements

Principal
Amount			Value

United States: (continued)
		Sprint Capital Corp.
$	200,000	6.88%, 11/15/28 (c)	$	205,500
	100,000	6.90%, 05/01/19 (c)		109,125
	200,000	8.75%, 03/15/32 (c)		237,500
	200,000	Sprint Nextel Corp.
		6.00%, 12/01/16 (c)		217,500
	70,000	Toll Brothers Finance Corp.
		6.75%, 11/01/19 (c)		81,889
	200,000	Toys R Us, Inc.
		7.38%, 10/15/18 (c)		192,250
		United States Steel Corp.
	100,000	7.00%, 02/01/18 (c)		107,750
	100,000	7.50%, 03/15/17 (c)		105,750
	100,000	Universal Health Services, Inc.
		7.13%, 06/30/16 (c)		114,875
	100,000	Vulcan Materials Co.
		7.00%, 06/15/18 (c)		114,375

Principal Amount			Value

United States: (continued)
$	100,000	Wendy’s International, Inc.
		6.20%, 06/15/14 (c)	$	104,875
	200,000	Weyerhaeuser Co.
		7.38%, 03/15/32 (c)		273,922
				7,236,385
Total Corporate Bonds (Cost: $9,855,209)				10,804,583

Number of
Shares

MONEY MARKET FUND: 0.5% (Cost: $53,810)
	53,810	Dreyfus Government Cash Management Fund		53,810
Total Investments: 98.6% (Cost: $9,909,019)				10,858,393
Other assets less liabilities: 1.4%				158,858
NET ASSETS: 100.0%			$	11,017,251

(c)	Callable Security - the redemption date shown is when the security may be redeemed by the issuer
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted to $907,634, or 8.2% of net assets.

Summary of Investments by Sector (unaudited)	% of Investments			Value
Basic Materials		13.4	%	$	1,456,357
Communications		17.4			1,884,138
Consumer, Cyclical		10.5			1,136,201
Consumer, Non-cyclical		5.9			643,875
Energy		5.4			591,873
Financial		34.6			3,758,644
Industrial		8.2			890,795
Utilities		4.1			442,700
Money Market Fund		0.5			53,810
		100.0	%	$	10,858,393

The summary of inputs used to value the Fund’s investments as of April 30, 2013 is as follows:

			Level 2		Level 3
	Level 1		Significant		Significant
	Quoted		Observable		Unobservable
	Prices		Inputs		Inputs		Value
Corporate Bonds*	$	-	$	10,804,583	$	-	$	10,804,583
Money Market Fund		53,810		-		-		53,810
Total	$	53,810	$	10,804,583	$	-	$	10,858,393

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

See Notes to Financial Statements

INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

April 30, 2013

Principal
Amount			Value

CORPORATE BONDS: 96.8%
Argentina: 0.2%
USD	318,500	Aeropuertos Argentinia 2000
		10.75%, 12/22/15 (c) Reg S	$	300,186
	100,000	Pan American Energy, LLC/ Argentine Branch
		7.88%, 05/07/21 (c) Reg S		98,000
				398,186
Australia: 1.4%
		FMG Resources August 2006 Pty. Ltd.
USD	300,000	6.00%, 04/01/15 (c) 144A		313,500
	350,000	6.88%, 02/01/14 (c) † 144A		374,063
	300,000	6.88%, 04/01/17 (c) † 144A		322,875
	1,110,000	7.00%, 06/03/13 (c) 144A		1,168,275
	600,000	8.25%, 11/01/15 (c) † 144A		663,000
EUR	600,000	Santos Finance Ltd.
		8.25%, 09/22/17 (c)		914,640
				3,756,353
Austria: 0.9%
		OGX Austria GmbH
USD	1,500,000	8.50%, 06/01/15 (c) † Reg S		948,750
	330,000	8.50%, 06/01/15 (c) 144A		208,725
		Sappi Papier Holding GmbH
EUR	650,000	6.63%, 04/15/15 (c) Reg S		935,115
USD	400,000	7.75%, 04/15/17 (c) 144A		447,000
				2,539,590
Azerbaijan: 0.2%
USD	400,000	Azerbaijan State Oil Company
		4.75%, 03/13/23 Reg S		404,674
Bermuda: 1.2%
USD	500,000	BW Group Ltd.
		6.63%, 06/28/17 Reg S		532,500
EUR	300,000	Central European Media Enterprises Ltd.
		11.63%, 09/15/13 (c) Reg S		426,173
USD	650,000	China Oriental Group Company Ltd.
		7.00%, 11/17/14 (c) Reg S		665,438
		Digicel Group Ltd.
	1,050,000	7.00%, 02/15/16 (c) Reg S		1,110,375
	300,000	10.50%, 04/15/14 (c) 144A		333,750
	200,000	10.50%, 04/15/14 (c) Reg S		222,500
				3,290,736
Brazil: 1.3%
USD	850,000	Banco BMG S.A.
		9.95%, 11/05/19 Reg S		809,625
	300,000	Banco BTG Pactual S.A.
		5.75%, 09/28/22 Reg S		297,750
	1,200,000	Banco do Brasil S.A.
		9.25%, 04/15/23 (c) 144A		1,506,000
	300,000	Banco do Estado do Rio Grande do Sul S.A.
		7.38%, 02/02/22 Reg S		331,500
	500,000	Cent Elet Brasileiras S.A.
		6.88%, 07/30/19 144A		575,000
				3,519,875
British Virgin Islands: 0.6%
USD	500,000	Franshion Development Ltd.
		6.75%, 04/15/21 (c) Reg S		542,500

Principal
Amount			Value

British Virgin Islands: (continued)
USD	400,000	Road King 2012 Ltd.
		9.88%, 09/18/15 (c) Reg S	$	443,000
	650,000	Studio City Finance Ltd.
		8.50%, 12/01/15 (c) 144A		729,625
				1,715,125
Canada: 5.6%
USD	1,140,000	Air Canada
		9.25%, 06/03/13 (c) 144A		1,214,100
		Bombardier, Inc.
	400,000	5.75%, 03/15/22 (c) 144A		429,500
EUR	300,000	6.13%, 05/15/21 (c) Reg S		430,622
USD	400,000	6.13%, 01/15/23 (c) 144A		434,500
EUR	900,000	7.25%, 06/03/13 (c) Reg S		1,242,032
CAD	164,000	7.35%, 12/22/26 144A		173,644
		Cascades, Inc.
USD	350,000	7.75%, 12/15/13 (c)		374,500
	275,000	7.88%, 01/15/15 (c)		298,375
CAD	400,000	Corus Entertainment, Inc.
		4.25%, 02/11/20 Reg S		393,697
	250,000	Great Canadian Gaming Corp.
		6.63%, 07/25/17 (c) 144A		262,216
USD	900,000	Inmet Mining Corp.
		8.75%, 06/01/16 (c) 144A		976,500
		MEG Energy Corp.
	500,000	6.38%, 07/30/17 (c) 144A		530,000
	1,100,000	6.50%, 03/15/15 (c) 144A		1,185,250
	1,205,000	Novelis, Inc.
		8.75%, 12/15/15 (c)		1,373,700
		Pacific Rubiales Energy Corp.
	300,000	5.13%, 03/28/18 (c) 144A		310,500
	200,000	7.25%, 12/12/16 (c) Reg S		229,000
	1,000,000	PetroBakken Energy Ltd.
		8.63%, 02/01/16 (c) 144A		1,035,000
	500,000	Precision Drilling Corp.
		6.50%, 12/15/16 (c)		543,750
		Quebecor Media, Inc.
	200,000	5.75%, 01/15/23 (c) 144A		209,500
CAD	400,000	6.63%, 01/15/23 144A		417,060
	700,000	Sherritt International Corp.
		7.50%, 09/24/19 (c)		708,108
		Telesat Canada / Telesat, LLC
USD	200,000	6.00%, 05/15/14 (c) 144A		213,750
	200,000	12.50%, 11/01/17 (c)		212,800
	600,000	Tervita Corp.
		9.75%, 11/01/15 (c) 144A		592,500
		Videotron Ltee
CAD	700,000	6.88%, 06/15/16 (c)		772,481
	760,000	7.13%, 01/15/15 (c)		833,971
				15,397,056
Cayman Islands: 6.7%
USD	905,000	Agile Property Holdings Ltd.
		8.88%, 04/28/14 (c) Reg S		979,662
		China Shanshui Cement Group Ltd.
	200,000	8.50%, 05/25/14 (c) Reg S		215,000
	400,000	8.50%, 05/25/14 (c) 144A		430,000
		Country Garden Holdings Co. Ltd.
	965,000	11.13%, 02/23/15 (c) Reg S		1,112,162
	400,000	11.13%, 02/23/15 (c) 144A		461,000

See Notes to Financial Statements

Principal
Amount			Value

Cayman Islands: (continued)
GBP	1,000,000	Dubai Holding Commercial Operations MTN Ltd.
		6.00%, 02/01/17	$	1,597,256
USD	300,000	Emaar Sukuk Ltd.
		6.40%, 07/18/19 Reg S		338,250
	1,020,000	Evergrande Real Estate Group Ltd.
		13.00%, 01/27/15 (c) Reg S		1,116,900
	1,050,000	Fibria Overseas Finance Ltd.
		7.50%, 05/04/15 (c) Reg S		1,199,625
	200,000	Fufeng Group Ltd.
		7.63%, 04/13/14 (c) Reg S		206,500
	200,000	Industrial Senior Trust
		5.50%, 11/01/22 Reg S		201,000
	250,000	JBS Finance II Ltd.
		8.25%, 01/29/15 (c) Reg S		272,500
	278,000	Kaisa Group Holdings Ltd.
		13.50%, 05/22/13 (c) Reg S		297,821
	650,000	KWG Property Holding Ltd.
		12.75%, 03/30/14 (c) Reg S		736,701
	900,000	Longfor Properties
		6.88%, 10/18/16 (c) Reg S		968,044
	100,000	Marfrig Overseas Ltd.
		9.50%, 05/04/15 (c) Reg S		92,000
	200,000	MCE Finance Ltd.
		5.00%, 02/15/16 (c) 144A		203,250
	250,000	MIE Holdings Corp.
		9.75%, 05/12/14 (c) Reg S		272,500
	300,000	Mizuho Capital Investment 1 Ltd.
		6.69%, 06/30/16 (c) Reg S		332,250
	800,000	Mizuho Capital Investment 2 Ltd.
		14.95%, 06/30/14 (c) 144A		912,000
	200,000	Mongolian Mining Corp.
		8.88%, 03/29/15 (c) Reg S		205,760
	350,000	Resona Preferred Global Securities Cayman Ltd.
		7.19%, 07/30/15 (c) Reg S		381,700
	600,000	Sable International Finance Ltd.
		8.75%, 02/01/16 (c) Reg S		682,500
		Shimao Property Holdings Ltd.
	500,000	8.00%, 12/01/13 (c) † Reg S		523,750
	400,000	11.00%, 03/08/15 (c) Reg S		461,957
	500,000	SOHO China Ltd.
		7.13%, 11/07/17 (c) Reg S		504,124
		TAM Capital 3, Inc.
	475,000	8.38%, 06/03/16 (c) Reg S		532,000
	400,000	8.38%, 06/03/16 (c) 144A		448,000
EUR	300,000	UPCB Finance II Ltd.
		6.38%, 07/01/15 (c) Reg S		428,150
USD	500,000	UPCB Finance III Ltd.
		6.63%, 07/01/15 (c) 144A		546,250
	1,100,000	UPCB Finance V Ltd.
		7.25%, 11/15/16 (c) 144A		1,232,000
EUR	300,000	Viridian Group FundCo II Ltd.
		11.13%, 04/01/15 (c) Reg S		430,128
				18,320,740
Chile: 0.2%
USD	663,034	Inversiones Alsacia S.A.
		8.00%, 02/18/15 (c) 144A		560,264

Principal
Amount			Value

China / Hong Kong: 0.6%
		Citic Pacific Ltd.
USD	1,000,000	6.63%, 04/15/21 † Reg S	$	1,034,610
	600,000	6.88%, 01/21/18 † Reg S		646,719
				1,681,329
Colombia: 1.3%
		Banco Davivienda S.A.
USD	250,000	5.88%, 07/09/22 Reg S		264,375
	385,000	5.88%, 07/09/22 144A		407,138
		Banco GNB Sudameris S.A.
	100,000	7.50%, 07/30/22 Reg S		112,000
	900,000	7.50%, 07/30/22 144A		1,008,000
		Bancolombia S.A.
	700,000	5.13%, 09/11/22		718,550
	200,000	6.13%, 07/26/20		220,000
	200,000	Colombia Telecomunicaciones S.A., E.S.P.
		5.38%, 09/27/17 (c) Reg S		201,000
	600,000	Transportadora de Gas Internacional S.A., E.S.P.
		5.70%, 03/20/17 (c) 144A		664,500
				3,595,563
Croatia: 0.4%
EUR	700,000	Agrokor D.D.
		9.88%, 05/01/15 (c) Reg S		1,052,083
Denmark: 1.7%
GBP	1,400,000	Danske Bank A/S
		5.68%, 02/15/17 (c)		2,157,389
EUR	700,000	ISS A/S
		8.88%, 06/03/13 (c) Reg S		945,952
	50,000	ISS Global A/S
		4.50%, 12/08/14		68,392
	400,000	Nykredit Realkredit A/S
		9.00%, 04/01/15 (c)		582,469
USD	845,000	Welltec A/S
		8.00%, 02/01/15 (c) 144A		918,937
				4,673,139
Dominican Republic: 0.1%
USD	200,000	Aeropuertos Dominicanos Siglo XXI S.A.
		9.25%, 11/13/15 (c) Reg S		218,000
Finland: 1.2%
		Nokia OYJ
USD	1,265,000	5.38%, 05/15/19 (c) †		1,252,350
EUR	300,000	6.75%, 02/04/19		422,703
USD	750,000	Stora Enso OYJ
		6.40%, 04/15/16 (c) 144A		810,000
	800,000	UPM-Kymmene OYJ
		7.45%, 11/26/27 (c) 144A		804,000
				3,289,053
France: 9.3%
EUR	500,000	Alcatel-Lucent/France
		8.50%, 01/15/16 Reg S		694,632
		Banque PSA Finance S.A.
	300,000	3.88%, 01/14/15 Reg S		402,976
	900,000	4.25%, 02/25/16		1,217,287
		BPCE S.A.
	400,000	4.63%, 07/30/15 (c)		504,832
	1,350,000	5.25%, 07/30/14 (c)		1,751,835

See Notes to Financial Statements

INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

France: (continued)
USD	500,000	Cie Generale de Geophysique – Veritas
		6.50%, 06/01/16 (c)	$	532,500
		Credit Agricole S.A.
EUR	1,900,000	4.13%, 11/09/15 (c)		2,435,631
USD	200,000	9.75%, 12/26/14 (c)		215,258
EUR	450,000	Europcar Groupe S.A.
		11.50%, 05/15/17 (c) Reg S		682,272
	600,000	Groupama S.A.
		7.88%, 10/27/19 (c)		772,527
	200,000	Italcementi Finance S.A.
		6.63%, 03/19/20		284,544
		Lafarge S.A.
USD	200,000	6.50%, 07/15/16 (c)		225,118
EUR	1,260,000	6.63%, 11/29/18		1,901,641
	2,000,000	8.88%, 11/24/16		3,171,412
	1,150,000	Peugeot S.A.
		6.88%, 03/30/16 Reg S		1,612,843
		Renault S.A.
	815,000	4.63%, 05/25/16 Reg S		1,140,936
	740,000	6.00%, 10/13/14		1,032,990
USD	1,000,000	Rexel S.A.
		6.13%, 12/15/15 (c) 144A		1,080,000
		Societe Generale S.A.
	450,000	8.75%, 04/07/15 (c) † Reg S		484,425
EUR	1,500,000	9.38%, 09/04/19 (c)		2,303,066
		Wendel S.A.
	200,000	4.38%, 08/09/17		277,919
	2,000,000	4.88%, 05/26/16		2,820,058
				25,544,702
Germany: 2.9%
EUR	600,000	Deutsche Lufthansa A.G.
		6.50%, 07/07/16		915,587
	875,000	Franz Haniel & Cie GmbH
		6.25%, 02/08/18		1,329,371
	500,000	Kabel Deutschland Vertrieb und Service GmbH
		6.50%, 06/30/14 (c) Reg S		708,640
	150,000	KM Germany Holdings GmbH
		8.75%, 12/15/15 (c) 144A		219,553
	360,000	Orion Engineered Carbons Bondco GmbH
		10.00%, 06/15/14 (c) Reg S		541,071
		ThyssenKrupp A.G.
	670,000	4.38%, 02/28/17		934,369
	300,000	8.00%, 06/18/14		428,198
		Unitymedia KabelBW GmbH
	450,000	9.50%, 03/15/16 (c) Reg S		692,655
	1,485,000	9.63%, 12/01/14 (c) Reg S		2,216,747
				7,986,191
Hungary: 0.2%
EUR	300,000	OTP Bank Plc
		5.27%, 09/19/16		394,531
India: 0.2%
USD	610,000	ICICI Bank Ltd.
		6.38%, 04/30/17 (c) Reg S		632,875
Indonesia: 0.8%
USD	400,000	Adaro Indonesia PT
		7.63%, 10/22/14 (c) 144A		437,980

Principal Amount			Value

Indonesia: (continued)
USD	975,000	Berau Coal Energy Tbk PT
		7.25%, 03/13/15 (c) 144A	$	972,562
	500,000	Gajah Tunggal Tbk PT
		7.75%, 02/06/16 (c) 144A		541,250
	200,000	Theta Capital Pte Ltd.
		6.13%, 11/14/16 (c) Reg S		208,937
				2,160,729
Ireland: 3.7%
USD	2,000,000	Alfa Bank OJSC
		7.75%, 04/28/21 144A		2,275,400
EUR	630,000	Ardagh Glass Finance Plc
		8.75%, 02/01/15 (c) Reg S		892,887
	1,500,000	Ardagh Packaging Finance Plc
		7.38%, 10/15/14 (c) Reg S		2,165,472
USD	653,600	AWAS Aviation Capital Ltd.
		7.00%, 10/18/13 (c) 144A		691,182
	400,000	Elan Finance Plc / Elan Finance Corp.
		6.25%, 10/15/19 (c) 144A		472,336
	100,000	Gazprombank OJSC
		7.25%, 05/03/19 Reg S		108,450
EUR	1,050,000	Nara Cable Funding Ltd.
		8.88%, 12/01/13 (c) Reg S		1,495,066
USD	500,000	Nomos Bank
		8.75%, 10/21/15		535,625
EUR	800,000	Smurfit Kappa Acquisitions
		5.13%, 06/15/18 (c) Reg S		1,124,996
USD	300,000	XL Group Plc
		6.50%, 04/15/17 (c)		296,250
				10,057,664
Israel: 0.5%
		Israel Electric Corp. Ltd.
USD	300,000	7.25%, 01/15/19 (c) † Reg S		350,667
	750,000	9.38%, 01/28/20 144A		980,533
				1,331,200
Italy: 2.6%
		Banca Monte dei Paschi di Siena SpA
EUR	600,000	4.50%, 03/07/14 Reg S		794,690
	400,000	4.88%, 05/31/16		482,534
GBP	500,000	5.75%, 09/30/16		579,759
EUR	915,000	Banco Popolare S.C.
		6.00%, 11/05/20 Reg S		1,215,963
	1,700,000	Edison SpA
		3.88%, 11/10/17 Reg S		2,478,901
		Intesa Sanpaolo SpA
	500,000	8.05%, 06/20/18 (c)		672,055
	650,000	8.38%, 10/14/19 (c) Reg S		909,278
				7,133,180
Kazakhstan: 0.9%
USD	690,000	Alliance Bank
		10.50%, 03/25/17 Reg S		670,163
	600,000	Halyk Savings Bank of Kazakhstan JSC
		7.25%, 05/03/17 Reg S		651,000
		Kazkommertsbank JSC
EUR	790,000	6.88%, 02/13/17		1,023,309
USD	200,000	7.50%, 11/29/16 144A		198,090
				2,542,562

See Notes to Financial Statements

Principal
Amount			Value

Luxembourg: 13.7%
USD	1,000,000	ALROSA Finance S.A.
		7.75%, 11/03/20 144A	$	1,167,400
	400,000	Altice Financing S.A.
		9.88%, 12/15/16 (c) 144A		457,600
		ArcelorMittal
	750,000	5.00%, 02/25/17 (c)		796,297
	1,000,000	6.00%, 03/01/21 (c)		1,061,158
	800,000	6.13%, 06/01/18 (c)		877,277
	750,000	6.75%, 02/25/22 (c)		824,035
	950,000	7.25%, 03/01/41 (c)		974,424
	1,350,000	7.50%, 10/15/39 (c)		1,424,486
	800,000	10.35%, 06/01/19 (c)		1,017,410
EUR	450,000	Beverage Packaging Holdings Luxembourg II S.A.
		8.00%, 06/03/13 (c) Reg S		597,730
USD	500,000	CHC Helikopter S.A.
		9.25%, 10/15/15 (c)		535,625
EUR	400,000	Cirsa Funding Luxembourg S.A.
		8.75%, 05/15/14 (c) Reg S		553,728
	850,000	Codere Finance Luxembourg S.A.
		8.25%, 06/15/13 (c) Reg S		902,115
USD	500,000	Convatec Healthcare E S.A.
		10.50%, 12/15/14 (c) 144A		565,000
	2,000,000	Evraz Group S.A.
		8.25%, 11/10/15 (c) 144A		2,199,800
	450,000	Expro Finance Luxembourg S.C.A.
		8.50%, 12/15/13 (c) 144A		482,625
		Fiat Finance & Trade S.A.
EUR	2,000,000	6.88%, 02/13/15		2,824,013
	1,150,000	7.00%, 03/23/17 Reg S		1,647,909
		Fiat Industrial Finance Europe S.A.
	345,000	5.25%, 03/11/15 Reg S		483,276
	450,000	6.25%, 03/09/18 Reg S		677,526
USD	600,000	Fuerstenberg Capital International S.A.R.L.& Cie SECS
		10.25%, 06/30/15 (c)		614,100
	300,000	Home Credit & Finance Bank
		9.38%, 04/24/18 (c) Reg S		326,250
EUR	660,000	Ineos Group Holdings Ltd.
		7.88%, 06/03/13 (c) Reg S		886,459
USD	1,330,000	Ineos Group Holdings S.A.
		8.50%, 05/15/13 (c) † 144A		1,354,106
		Intelsat Jackson Holdings S.A.
	450,000	6.63%, 12/15/17 (c) 144A		488,813
	450,000	7.25%, 10/15/15 (c)		501,188
	945,000	International Automotive Components Group S.A.
		9.13%, 06/01/15 (c) 144A		948,544
EUR	150,000	Lecta S.A.
		8.88%, 05/15/15 (c) Reg S		206,165
USD	450,000	MHP S.A.
		10.25%, 04/29/15 (c) Reg S		480,951
		Minerva Luxembourg S.A.
	500,000	7.75%, 01/31/18 (c) 144A		535,100
	200,000	12.25%, 02/10/17 (c) Reg S		248,000
	1,150,000	MOL Group Finance S.A.
		6.25%, 09/26/19 Reg S		1,201,750

Principal
Amount			Value

Luxembourg: (continued)
USD	600,000	OJSC Promsvyazbank
		8.50%, 04/25/17 Reg S	$	645,000
		Ontex IV S.A.
EUR	100,000	7.50%, 04/15/14 (c) Reg S		141,728
	300,000	9.00%, 04/15/15 (c) Reg S		421,229
USD	400,000	Russian Standard Bank
		9.25%, 07/11/15 (p) Reg S		436,080
		Severstal OAO
	350,000	6.70%, 10/25/17 Reg S		378,438
	1,025,000	9.25%, 04/19/14 144A		1,099,107
EUR	500,000	Sunrise Communications Holdings S.A.
		8.50%, 12/31/14 (c) Reg S		718,528
	600,000	Telenet Finance Luxembourg S.C.A.
		6.38%, 11/15/15 (c) Reg S		845,187
USD	500,000	Trinseo Materials Operating S.C.A / Trinseo Materials Finance, Inc.
		8.75%, 08/01/15 (c) 144A		501,250
EUR	400,000	UniCredit International Bank Luxembourg S.A.
		8.13%, 12/10/19 (c)		549,773
USD	300,000	Virgolino de Oliveira Finance Ltd.
		11.75%, 02/09/17 (c) Reg S		310,500
		Wind Acquisition Finance S.A.
	700,000	7.25%, 11/15/13 (c) 144A		742,000
	200,000	11.75%, 07/15/13 (c) Reg S		215,500
EUR	700,000	11.75%, 07/15/13 (c) Reg S		989,789
USD	1,200,000	11.75%, 07/15/13 (c) 144A		1,293,000
	200,000	Wind Acquisition Holdings Finance S.A.
		12.25%, 07/15/13 (c) 144A		215,250
				37,363,219
Mexico: 1.9%
		Axtel S.A.B. de C.V.
MXN	85,500	7.00%, 01/31/16 (c) # 144A		11,469
USD	75,000	7.00%, 01/31/16 (c) 144A		68,250
		Cemex S.A.B. de C.V.
	300,000	9.00%, 01/11/15 (c) Reg S		328,500
	1,300,000	9.00%, 01/11/15 (c) 144A		1,423,500
	760,000	9.50%, 06/15/16 (c) 144A		870,200
	300,000	Corp GEO S.A.B. de C.V.
		9.25%, 06/30/15 (c) Reg S		139,500
		Empresas ICA S.A.B. de C.V.
	550,000	8.90%, 02/04/16 (c) Reg S		539,000
	630,000	8.90%, 02/04/16 (c) 144A		617,400
	350,000	Grupo Elektra S.A. de C.V.
		7.25%, 08/06/15 (c) Reg S		368,813
	200,000	Grupo KUO S.A.B. de C.V.
		6.25%, 12/04/17 (c) Reg S		217,500
	200,000	Servicios Corporativos Javer S.A.P.I de C.V.
		9.88%, 04/06/16 (c) Reg S		176,000
	1,060,000	Urbi Desarrollos Urbanos S.A.B. de C.V.
		9.75%, 02/03/17 (c) Reg S		333,900
				5,094,032

See Notes to Financial Statements

INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal
Amount			Value

Netherlands: 10.2%
EUR	450,000	ABN Amro Bank N.V.
		4.31%, 03/10/16 (c)	$	565,010
USD	250,000	Arcos Dorados B.V.
		7.50%, 10/01/14 (c) Reg S		275,325
		Conti-Gummi Finance B.V.
EUR	580,000	6.50%, 10/05/13 (c) Reg S		805,009
	800,000	7.50%, 09/15/13 (c) Reg S		1,116,010
USD	100,000	DTEK Finance B.V.
		9.50%, 04/28/15 (c) Reg S		105,125
		EDP Finance B.V.
EUR	500,000	4.13%, 06/29/20		674,074
	1,275,000	4.63%, 06/13/16		1,769,631
	400,000	4.75%, 09/26/16		555,925
	300,000	5.75%, 09/21/17 Reg S		434,083
	500,000	Fresenius Finance B.V.
		2.88%, 07/15/20 (c) 144A		669,088
	2,310,000	HeidelbergCement Finance B.V.
		8.00%, 01/31/17 (c) Reg S		3,640,170
USD	300,000	Indo Energy Finance II B.V.
		6.38%, 01/24/18 (c) 144A		306,360
	300,000	ING Groep N.V.
		5.78%, 12/08/15 (c)		292,500
	1,000,000	InterGen N.V.
		9.00%, 06/03/13 (c) 144A		1,017,500
GBP	450,000	Koninklijke KPN N.V.
		6.88%, 03/14/20 (c) Reg S		712,427
		Majapahit Holding B.V.
USD	830,000	7.25%, 06/28/17 Reg S		972,137
	1,000,000	7.75%, 01/20/20 144A		1,252,500
	800,000	Marfrig Holding Europe B.V.
		8.38%, 05/09/18 Reg S		716,000
	650,000	Metinvest B.V.
		10.25%, 05/20/15 Reg S		695,500
EUR	250,000	New World Resources N.V.
		7.88%, 05/01/14 (c) Reg S		312,296
USD	300,000	NXP BV / NXP Funding LLC
		9.75%, 08/01/14 (c) 144A		340,500
EUR	200,000	OI European Group B.V.
		6.75%, 09/15/20 (c) Reg S		307,570
		Portugal Telecom International Finance B.V.
	700,000	5.00%, 11/04/19		961,069
	1,075,000	5.63%, 02/08/16		1,521,739
	500,000	Refresco Group B.V.
		7.38%, 05/15/14 (c) Reg S		715,232
	930,000	Schaeffler Finance B.V.
		8.75%, 02/15/15 (c) Reg S		1,419,470
USD	500,000	Sensata Technologies B.V.
		6.50%, 05/15/15 (c) 144A		547,500
EUR	400,000	SNS Bank N.V.
		11.25%, 11/27/19 (c) Reg S		31,642
	770,000	ThyssenKrupp Finance Nederland B.V.
		8.50%, 02/25/16		1,178,755
	250,000	UPC Holding B.V.
		6.38%, 09/15/17 (c) Reg S		335,368
		VimpelCom Holdings B.V.
USD	2,300,000	6.25%, 03/01/17 Reg S		2,492,625
	400,000	6.25%, 03/01/17 144A		433,500

Principal
Amount			Value

Netherlands: (continued)
EUR	600,000	Ziggo Bond Co. B.V.
		8.00%, 05/15/14 (c) Reg S	$	864,211
				28,035,851
Norway: 1.0%
		Eksportfinans ASA
USD	250,000	2.00%, 09/15/15		242,263
	1,000,000	2.38%, 05/25/16		960,700
	1,000,000	3.00%, 11/17/14		999,604
	150,000	5.50%, 06/26/17		156,779
EUR	250,000	Norske Skogindustrier ASA
		11.75%, 06/15/16 (c) Reg S		252,144
				2,611,490
Peru: 0.6%
USD	1,015,000	Corp Azucarera del Peru S.A.
		6.38%, 08/02/17 (c) 144A		1,092,647
	615,000	Maestro Peru S.A.
		6.75%, 09/26/16 (c) 144A		654,975
				1,747,622
Portugal: 1.2%
EUR	550,000	Banco Comercial Portugues S.A.
		5.63%, 04/23/14		743,248
	1,250,000	Banco Espirito Santo S.A.
		5.63%, 06/05/14		1,697,440
	700,000	Caixa Geral de Depositos S.A.
		5.13%, 02/19/14		945,583
				3,386,271
Russia: 0.1%
USD	300,000	Alfa MTN Invest Ltd.
		9.25%, 06/24/13 (p) Reg S		303,516
Singapore: 0.5%
USD	150,000	Bakrie Telecom Pte. Ltd.
		11.50%, 06/03/13 (c) Reg S		52,125
	400,000	Bumi Investment Pte. Ltd.
		10.75%, 10/06/14 (c) Reg S		326,000
	500,000	Flextronics International Ltd.
		5.00%, 02/15/23 (c) 144A		512,500
	425,000	STATS ChipPAC Ltd.
		4.50%, 03/20/16 (c) 144A		432,969
				1,323,594
South Africa: 0.2%
EUR	300,000	Edcon Pty Ltd.
		9.50%, 03/01/14 (c) Reg S		410,945
South Korea: 0.1%
USD	300,000	Woori Bank Co. Ltd.
		6.21%, 05/02/17 (c) 144A		326,250
Spain: 1.7%
USD	400,000	Abengoa Finance SAU
		8.88%, 11/01/17 (c) Reg S		386,000
		Abengoa S.A.
EUR	100,000	8.50%, 03/31/16 (c)		131,845
	100,000	9.63%, 02/25/15 Reg S		135,848
		BBVA International Preferred SAU
USD	295,000	5.92%, 04/18/17 (c)		269,925
EUR	600,000	8.50%, 10/21/14 (c)		826,874
	600,000	BPE Financiaciones S.A.
		4.00%, 07/17/15		802,338

See Notes to Financial Statements

Principal
Amount			Value

Spain: (continued)
		Mapfre S.A.
EUR	400,000	5.13%, 11/16/15	$	559,022
	150,000	5.92%, 07/24/17 (c)		185,660
	550,000	Obrascon Huarte Lain S.A.
		8.75%, 03/15/15 (c)		803,977
GBP	300,000	Santander Finance Preferred S.A. Unipersonal
		11.30%, 07/27/14 (c)		497,363
				4,598,852
Sweden: 1.0%
		Eileme 2 AB
USD	100,000	11.63%, 01/31/16 (c) Reg S		119,750
	250,000	11.63%, 01/31/16 (c) 144A		299,375
EUR	400,000	11.75%, 01/31/16 (c) Reg S		627,559
		Perstorp Holding AB
USD	200,000	8.75%, 05/15/15 (c) 144A		216,250
EUR	250,000	9.00%, 05/15/15 (c) 144A		359,264
	467,000	TVN Finance Corp II AB
		10.75%, 11/15/13 (c) Reg S		674,184
	300,000	Verisure Holding AB
		8.75%, 09/01/14 (c) Reg S		445,949
				2,742,331
Switzerland: 0.5%
EUR	1,075,000	UBS AG
		4.28%, 04/15/15 (c)		1,444,386
Turkey: 0.8%
		FinansBank AS
USD	200,000	5.15%, 11/01/17 Reg S		210,500
	200,000	5.50%, 05/11/16 Reg S		210,500
	250,000	Turkiye Is Bankasi AS
		6.00%, 10/24/22 Reg S		274,375
		Turkiye Vakiflar Bankasi T.A.O.
	200,000	6.00%, 11/01/22 Reg S		212,250
	400,000	6.00%, 11/01/22 144A		424,500
	900,000	Yapi ve Kredi Bankasi AS
		5.50%, 12/06/22 144A		934,875
				2,267,000
United Arab Emirates: 0.2%
		Dubai Electricity & Water Authority
USD	150,000	6.38%, 10/21/16 Reg S		168,938
	420,000	6.38%, 10/21/16 144A		473,025
				641,963
United Kingdom: 11.1%
USD	600,000	Afren Plc
		10.25%, 04/08/16 (c) 144A		720,000
		Algeco Scotsman Global Finance Plc
	900,000	8.50%, 10/15/15 (c) 144A		976,500
	200,000	10.75%, 10/15/16 (c) 144A		204,500
		Atlantic Finance Ltd.
	300,000	10.75%, 05/27/14 Reg S		327,750
	350,000	10.75%, 05/27/14 144A		379,510
		Barclays Bank Plc
EUR	1,120,000	4.75%, 03/15/20 (c)		1,116,272
	850,000	4.88%, 12/15/14 (c)		863,476
	450,000	Boparan Finance Plc
		9.75%, 04/30/14 (c) Reg S		670,051
USD	1,200,000	CEVA Group Plc
		8.38%, 12/01/13 (c) 144A		1,203,000

Principal
Amount			Value

United Kingdom: (continued)
GBP	550,000	Co-operative Group Holdings Ltd.
		5.63%, 07/08/20	$	907,382
	250,000	Crown Newco 3 Plc
		8.88%, 02/15/15 (c) Reg S		411,473
	300,000	Elli Finance UK Plc
		8.75%, 06/15/15 (c) Reg S		518,281
	570,000	Enterprise Inns Plc
		6.50%, 12/06/18		893,359
USD	100,000	Ferrexpo UK Ltd.
		7.88%, 04/07/16 144A		99,750
GBP	350,000	Gala Group Finance Plc
		8.88%, 06/03/13 (c) Reg S		588,320
	350,000	GKN Holdings Plc
		5.38%, 09/19/22 Reg S		595,853
	1,355,000	HBOS Capital Funding LP
		6.46%, 11/30/18 (c)		2,040,383
USD	700,000	HBOS Plc
		6.75%, 05/21/18 Reg S		784,687
GBP	100,000	Heathrow Finance Plc
		7.13%, 03/01/17 (c)		170,133
EUR	150,000	Ineos Finance Plc
		9.25%, 05/15/13 (c) Reg S		207,154
		Jaguar Land Rover Plc
GBP	200,000	8.13%, 05/15/14 (c) Reg S		344,743
	1,000,000	8.25%, 03/15/16 (c) Reg S		1,773,130
EUR	400,000	Kerling Plc
		10.63%, 02/01/14 (c) Reg S		549,114
		Lloyds TSB Bank Plc
GBP	300,000	10.75%, 12/16/16 (c) Reg S		567,770
USD	1,250,000	12.00%, 12/16/24 (c) 144A		1,703,125
GBP	300,000	Matalan Finance Plc
		8.88%, 06/03/13 (c) Reg S		476,259
	$260,000	National Westminster Bank Plc
		7.88%, 09/09/15		453,770
USD	400,000	Nord Anglia Education (UK) Holdings Plc
		10.25%, 04/01/15 (c) Reg S		450,000
EUR	500,000	Old Mutual Plc
		5.00%, 11/04/15 (c)		645,381
	1,000,000	OTE Plc
		4.63%, 05/20/16		1,292,691
	300,000	ProSecure Funding LP
		4.67%, 06/30/16		399,851
	450,000	Rexam Plc
		6.75%, 06/29/17 (c) Reg S		639,046
		Royal Bank of Scotland Group Plc
	700,000	4.63%, 09/22/16 (c)		881,235
USD	700,000	5.05%, 01/08/15		729,455
	1,200,000	7.64%, 09/29/17 (c)		1,143,000
EUR	350,000	Thomas Cook Group Plc
		6.75%, 06/22/15		467,785
USD	450,000	Ukreximbank
		8.38%, 04/27/15 Reg S		449,978
	1,530,000	Vedanta Resources Plc
		8.75%, 01/15/14 (c) Reg S		1,591,200
		Virgin Media Finance Plc
	800,000	4.88%, 02/15/22 (c)		820,000
	400,000	5.25%, 02/15/22 (c)		410,000
GBP	100,000	Voyage Care Bondco Plc
		6.50%, 02/01/15 (c) Reg S		161,866

See Notes to Financial Statements

INTERNATIONAL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal
Amount			Value

United Kingdom: (continued)
USD	400,000	West China Cement Ltd.
		7.50%, 01/25/14 (c) † Reg S	$	416,000
	400,000	Zhaikmunai International B.V.
		7.13%, 11/13/16 (c) 144A		435,000
				30,478,233
United States: 4.2%
USD	785,000	Calfrac Holdings LP
		7.50%, 12/01/15 (c) 144A		812,475
	400,000	CEDC Finance Corporation International, Inc.
		9.13%, 12/01/13 (c) 144A®		314,000
		Cemex Finance LLC
	100,000	9.50%, 12/14/13 (c) Reg S		108,000
	1,000,000	9.50%, 12/14/13 (c) 144A		1,080,000
	1,200,000	Fresenius Medical Care US Finance II, Inc.
		5.88%, 01/31/22 (c) 144A		1,380,000
	550,000	Fresenius Medical Care US Finance, Inc.
		5.75%, 02/15/21 (c) 144A		628,375
	590,000	Grifols, Inc.
		8.25%, 02/01/14 (c)		650,475
		JBS USA LLC / JBS USA Finance, Inc.
	650,000	7.25%, 06/01/15 (c) Reg S		692,250
	660,000	7.25%, 06/01/15 (c) 144A		702,900
GBP	400,000	Lynx I Corp.
		6.00%, 04/15/17 (c) 144A		659,136
	200,000	Lynx II Corp.
		7.00%, 04/15/18 (c) 144A		328,880
USD	785,000	Nielsen Finance LLC / Nielsen Finance Co.
		7.75%, 10/15/14 (c)		878,219
	950,000	RBS Capital Trust II
		6.43%, 01/03/34 (c)		888,250
		Valeant Pharmaceuticals International
	500,000	6.38%, 10/15/16 (c) 144A		556,250
	900,000	6.88%, 12/01/14 (c) 144A		984,375
	600,000	7.00%, 10/01/15 (c) 144A		666,000
	250,000	7.25%, 07/15/16 (c) 144A		284,375
				11,613,960

Principal
Amount			Value

Venezuela: 3.1%
USD	870,000	CA La Electricidad de Caracas
		8.50%, 04/10/18 (c)	$	739,500
		Petroleos de Venezuela S.A.
	250,000	4.90%, 10/28/14		241,625
	2,400,000	5.38%, 04/12/27 (c) Reg S		1,692,000
	650,000	5.50%, 04/12/37 (c) Reg S		445,250
	600,000	8.50%, 11/02/17 (c) Reg S		582,000
	1,300,000	8.50%, 11/02/17 (c) 144A		1,261,000
	300,000	9.00%, 11/17/21 (c) Reg S		284,250
	500,000	9.00%, 11/17/21 (c) 144A		473,750
	1,300,000	12.75%, 02/17/22 (c) 144A		1,452,750
	1,050,000	12.75%, 02/17/22 (c) Reg S		1,173,375
				8,345,500
Total Corporate Bonds (Cost: $255,510,861)				264,930,415
GOVERNMENT OBLIGATIONS: 0.2% (Cost: $437,916)
Turkey: 0.2%
USD	400,000	Export Credit Bank of Turkey
		5.88%, 04/24/19 Reg S		455,500

Number of
Shares

MONEY MARKET FUND: 0.1% (Cost: $392,707)
	392,707	Dreyfus Government Cash Management Fund		392,707
Total Investments Before Collateral for Securities Loaned: 97.1% (Cost: $256,341,484)				265,778,622
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 2.1% (Cost: $5,897,193)
	5,897,193	Bank of New York Overnight Government Fund		5,897,193
Total Investments: 99.2% (Cost: $262,238,677)				271,675,815
Other assets less liabilities: 0.8%				2,059,844
NET ASSETS: 100.0%			$	273,735,659

CAD	Canadian Dollar
EUR	Euro
GBP	British Pound
MXN	Mexican Peso
USD	United States Dollar
(c)	Callable Security - the redemption date shown is when the security may be redeemed by the issuer
(p)	Puttable Security - the redemption date shown is when the security may be redeemed by the investor
†	Security fully or partially on loan. Total market value of securities on loan is $5,734,848.
#	Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $11,469 which represents 0.0% of net assets.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted to $74,539,701, or 27.2% of net assets.
s	Security in default

See Notes to Financial Statements

Summary of Investments by Sector Excluding
Collateral for Securities Loaned (unaudited)	% of Investments			Value
Basic Materials		13.2	%	$	35,058,122
Communications		13.5			35,748,182
Consumer, Cyclical		10.6			28,216,904
Consumer, Non-cyclical		6.9			18,327,579
Diversified		2.7			7,169,765
Energy		8.6			22,720,659
Financial		27.1			72,103,995
Government		0.2			455,500
Industrial		11.8			31,391,698
Technology		0.5			1,320,969
Utilities		4.8			12,872,542
Money Market Fund		0.1			392,707
		100.0	%	$	265,778,622

The summary of inputs used to value the Fund’s investments as of April 30, 2013 is as follows:

			Level 2		Level 3
	Level 1		Significant		Significant
	Quoted		Observable		Unobservable
	Prices		Inputs		Inputs		Value
Corporate Bonds*	$	-	$	264,930,415	$	-	$	264,930,415
Government Obligations*		-		455,500		-		455,500
Money Market Funds		6,289,900		-		-		6,289,900
Total	$	6,289,900	$	265,385,915	$	-	$	271,675,815

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

See Notes to Financial Statements

INVESTMENT GRADE FLOATING RATE ETF

SCHEDULE OF INVESTMENTS

April 30, 2013

Principal Amount			Value

FLOATING RATE NOTES: 95.8%
Australia: 7.8%
$	100,000	Australia & New Zealand Banking Group Ltd.
		1.02%, 01/10/14 144A	$	100,497
	300,000	Australia Commonwealth Bank
		1.01%, 03/17/14 144A		301,988
	100,000	BHP Billiton Finance USA Ltd.
		0.56%, 02/18/14		100,231
		National Australia Bank Ltd.
	250,000	0.58%, 01/22/15 144A		250,335
	300,000	1.00%, 04/11/14 144A		302,048
	300,000	Westpac Banking Corp.
		1.01%, 03/31/14 144A		301,904
				1,357,003
Canada: 8.9%
	250,000	Bank of Montreal
		0.75%, 04/29/14		251,188
		Bank of Nova Scotia/Houston
	350,000	0.48%, 10/18/13		350,584
	200,000	0.72%, 09/11/15		200,794
		Royal Bank of Canada
	245,000	0.58%, 04/17/14		245,789
	300,000	0.65%, 03/08/16		300,806
	200,000	The Toronto-Dominion Bank
		0.46%, 07/26/13		200,106
				1,549,267
Denmark: 1.7%
	300,000	Danske Bank A/S
		1.33%, 04/14/14 144A		301,631
France: 1.1%
	200,000	Societe Generale S.A.
		1.33%, 04/11/14 144A		201,075
Netherlands: 3.4%
	450,000	ING Bank N.V.
		1.92%, 09/25/15 144A		458,395
	140,000	Volkswagen International Finance N.V.
		1.03%, 03/21/14 144A		140,700
				599,095
Sweden: 2.0%
	350,000	Nordea Bank A.B.
		1.18%, 01/14/14 144A		352,168
Switzerland: 5.8%
	1,000,000	Credit Suisse
		1.24%, 01/14/14		1,006,026
United Kingdom: 2.9%
	200,000	BP Capital Markets Plc
		0.73%, 06/06/13		200,099
	100,000	HSBC Bank Plc
		0.94%, 08/12/13 144A		100,159
	200,000	Vodafone Group Plc
		0.68%, 02/19/16		200,279
				500,537
United States: 62.2%
	200,000	American Express Credit Corp.
		1.38%, 06/12/15		203,540
	300,000	AT&T. Inc.
		0.68%, 02/12/16		301,075
	200,000	Bank of America Corp.
		0.54%, 10/14/16		195,300

Principal Amount			Value

United States: (continued)
$	500,000	Bank of America N.A.
		0.56%, 06/15/16	$	486,391
	350,000	BlackRock, Inc.
		0.59%, 05/24/13		350,043
	1,051,000	Citigroup, Inc.
		1.99%, 05/15/18		1,093,874
	500,000	Coca-Cola Enterprises, Inc.
		0.59%, 02/18/14		501,214
	150,000	Daimler Finance North America LLC
		0.88%, 01/09/15 144A		150,591
		General Electric Capital Corp.
	200,000	0.46%, 02/15/17		197,368
	600,000	0.48%, 01/08/16		596,434
	282,000	0.68%, 05/05/26		258,337
	200,000	0.88%, 01/08/16		201,421
		Goldman Sachs Group, Inc.
	700,000	0.73%, 03/22/16		694,539
	125,000	0.78%, 01/12/15		124,889
	100,000	0.88%, 09/29/14		100,176
	100,000	1.30%, 02/07/14		100,515
	500,000	Hewlett-Packard Co.
		1.83%, 09/19/14		505,818
	325,000	HSBC Finance Corp.
		0.53%, 01/15/14		324,799
	250,000	International Business Machines Corp.
		0.27%, 02/04/15		249,979
	100,000	John Deere Capital Corp.
		0.68%, 10/04/13		100,210
		JPMorgan Chase & Co.
	185,000	0.91%, 02/26/16		185,490
	150,000	1.03%, 05/02/14		151,082
	400,000	1.18%, 01/25/18		403,252
	500,000	JPMorgan Chase Bank, N.A.
		0.61%, 06/13/16		491,687
	250,000	MetLife Institutional Funding II
		1.18%, 04/04/14 144A		252,069
		Morgan Stanley
	300,000	0.76%, 10/15/15		296,426
	50,000	1.88%, 01/24/14		50,385
	250,000	National City Bank/Cleveland OH
		0.65%, 06/07/17		247,446
	15,000	PepsiCo., Inc.
		0.50%, 02/26/16		15,057
	600,000	The Bear Stearns Cos, LLC
		0.68%, 11/21/16		595,144
	200,000	The Walt Disney Co.
		0.28%, 02/11/15		200,089
	150,000	Toyota Motor Credit Corp.
		0.33%, 09/09/13		150,053
	250,000	Verizon Communications, Inc.
		0.89%, 03/28/14		251,106
	600,000	Wachovia Corp.
		0.55%, 06/15/17		595,022
	250,000	Wells Fargo & Co.
		0.48%, 10/28/15		249,555
				10,870,376
Total Floating Rate Notes (Cost: $16,647,291)				16,737,178

See Notes to Financial Statements

Number of Shares		Value

MONEY MARKET FUND: 4.5% (Cost: $782,825)
782,825	Dreyfus Government Cash Management Fund	$	782,825
Total Investments: 100.3% (Cost: $17,430,116)			17,520,003
Liabilities in excess of other assets: (0.3)%			(58,273	)
NET ASSETS: 100.0%		$	17,461,730

144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted to $3,213,560, or 18.4% of net assets.

Summary of Investments by Sector (unaudited)	% of Investments			Value
Basic Materials		0.6	%	$	100,231
Communications		5.4			952,549
Consumer, Cyclical		1.7			291,291
Consumer, Non-cyclical		2.9			516,271
Energy		1.1			200,099
Financial		79.5			13,920,940
Money Market Fund		4.5			782,825
Technology		4.3			755,797
		100.0	%	$	17,520,003

The summary of inputs used to value the Fund’s investments as of April 30, 2013 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Floating Rate Notes*	$	-	$	16,737,178	$	-	$	16,737,178
Money Market Fund		782,825		-		-		782,825
Total	$	782,825	$	16,737,178	$	-	$	17,520,003

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

See Notes to Financial Statements

LATAM AGGREGATE BOND ETF

SCHEDULE OF INVESTMENTS

April 30, 2013

Principal Amount			Value

CORPORATE BONDS: 37.8%
Austria: 0.5%
USD	250,000	ESAL GmbH
		6.25%, 02/05/18 (c) Reg S	$	249,750
Bermuda: 0.5%
		Digicel Group Ltd.
USD	100,000	10.50%, 04/15/14 (c) Reg S		111,250
	100,000	10.50%, 04/15/14 (c) 144A		111,250
				222,500
Brazil: 7.6%
USD	138,000	Banco BMG S.A.
		9.95%, 11/05/19 Reg S		131,445
		Banco Bradesco S.A.
	100,000	5.90%, 01/16/21 Reg S		110,150
	200,000	5.90%, 01/16/21 144A		220,300
		Banco do Brasil S.A.
	245,000	5.38%, 01/15/21 Reg S		263,375
	200,000	5.88%, 01/26/22 Reg S		218,500
		Banco Santander Brasil S.A.
	100,000	4.50%, 04/06/15 Reg S		104,900
	142,000	4.50%, 04/06/15 144A		148,958
	250,000	Banco Votorantim S.A.
		7.38%, 01/21/20 Reg S		289,375
	250,000	Centrais Eletricas Brasileiras S.A.
		6.88%, 07/30/19 Reg S		287,500
		Itau Unibanco Holding S.A.
	200,000	6.20%, 04/15/20 Reg S		223,000
	200,000	6.20%, 04/15/20 144A		223,000
	400,000	Oi S.A.
		5.75%, 02/10/22 (c) Reg S		423,000
	200,000	Telemar Norte Leste S.A.
		5.50%, 10/23/20 (c) Reg S		211,000
EUR	150,000	Vale S.A.
		4.38%, 03/24/18 (c)		222,840
	325,000	Votorantim Cimentos S.A.
		5.25%, 04/28/17 Reg S		475,300
				3,552,643
Canada: 0.5%
USD	200,000	Pacific Rubiales Energy Corp.
		7.25%, 12/12/16 (c) Reg S		229,000
Cayman Islands: 8.8%
		Braskem Finance Ltd.
USD	100,000	7.00%, 05/07/20 (c) Reg S		115,500
	150,000	7.00%, 05/07/20 (c) 144A		173,250
	300,000	Fibria Overseas Finance Ltd.
		6.75%, 03/03/16 (c) Reg S		337,875
	400,000	Grupo Aval Ltd.
		4.75%, 09/26/22 (c) Reg S		404,500
	100,000	Marfrig Overseas Ltd.
		9.50%, 05/04/15 (c) Reg S		92,000
		Odebrecht Finance Ltd.
	200,000	7.13%, 12/26/41 (c) Reg S		230,000
	200,000	7.13%, 12/26/41 (c) 144A		230,000
		Petrobras International Finance Co.
	200,000	3.50%, 02/06/17 (c)		208,883
EUR	300,000	4.88%, 03/07/18 (c)		440,314
USD	515,000	5.38%, 01/27/21 (c)		571,273
	495,000	6.75%, 01/27/41 (c)		589,555

Principal Amount			Value

Cayman Islands: (continued)
USD	685,000	Vale Overseas Ltd.
		6.88%, 11/21/36 (c)	$	816,812
				4,209,962
Chile: 2.8%
USD	250,000	Banco Santander Chile
		3.75%, 09/22/15 Reg S		261,920
	255,000	Celulosa Arauco y Constitucion S.A.
		4.75%, 10/11/21 (c)		265,912
	300,000	Cencosud S.A.
		5.50%, 01/20/21 (c) Reg S		327,053
		Corp. Nacional del Cobre de Chile
	200,000	3.75%, 11/04/20 Reg S		214,825
	117,000	7.50%, 01/15/19 144A		149,276
	100,000	7.50%, 01/15/19 Reg S		127,586
				1,346,572
Colombia: 0.8%
USD	250,000	Bancolombia S.A.
		5.13%, 09/11/22		256,625
	100,000	Transportadora de Gas Internacional S.A. E.S.P.
		5.70%, 03/20/17 (c) Reg S		110,750
				367,375
Luxembourg: 0.6%
USD	250,000	CSN Resources S.A.
		6.50%, 07/21/20 (c) Reg S		268,750
Mexico: 7.2%
		America Movil S.A.B. de C.V.
USD	250,000	3.13%, 07/16/22 (c)		255,032
EUR	200,000	4.13%, 10/25/19 (c)		301,308
USD	125,000	5.00%, 03/30/20 (c)		144,523
	425,000	5.63%, 11/15/17 (c)		505,231
		Axtel S.A.B. de C.V.
MXN	247,900	7.00%, 01/31/16 (c) Reg S		33,293
USD	217,000	7.00%, 01/31/16 (c) Reg S		197,470
	435,000	Banco Mercantil del Norte S.A.
		4.38%, 07/19/15 Reg S		458,925
	350,000	BBVA Bancomer S.A.
		6.50%, 03/10/21 (c) Reg S		400,750
		Cemex S.A.B. de C.V.
	100,000	9.00%, 01/11/15 (c) Reg S		109,500
	135,000	9.00%, 01/11/15 (c) 144A		147,825
	100,000	Desarrolladora Homex S.A.B.de C.V.
		7.50%, 06/10/13 (c) †		67,000
	685,000	Petróleos Mexicanos
		5.50%, 01/21/21 (c)		806,587
				3,427,444
Peru: 0.6%
USD	255,000	Banco de Credito del Peru
		5.38%, 09/16/20 (c) Reg S		283,050
Spain: 0.7%
USD	290,000	Cemex Espana Luxembourg
		9.25%, 05/12/15 (c) Reg S		320,450
Trinidad & Tobago: 0.8%
USD	300,000	Petroleum Co. of Trinidad & Tobago Ltd.
		9.75%, 08/14/19 (c) Reg S		386,250

See Notes to Financial Statements

Principal Amount			Value

United States: 3.8%
USD	329,000	Gerdau Holdings, Inc.
		7.00%, 01/20/20 Reg S	$	379,173
		Pemex Project Funding Master Trust
EUR	340,000	5.50%, 02/24/25 Reg S		539,555
USD	495,000	6.63%, 06/15/38 (c)		627,446
	200,000	Southern Copper Corp.
		7.50%, 07/27/35 (c)		250,785
				1,796,959
Venezuela: 2.6%
		Petróleos de Venezuela S.A.
USD	429,000	5.38%, 04/12/27 (c) Reg S		302,445
	100,000	5.50%, 04/12/37 (c) Reg S		68,500
	275,000	8.50%, 11/02/17 (c) Reg S		266,750
	150,000	8.50%, 11/02/17 (c) 144A		145,500
	320,000	9.00%, 11/17/21 (c) Reg S		303,200
	150,000	9.00%, 11/17/21 (c) 144A		142,125
				1,228,520
Total Corporate Bonds (Cost: $17,611,399)				17,889,225
GOVERNMENT OBLIGATIONS: 58.9%
Argentina: 2.3%
		Argentine Republic Government International Bonds
USD	449,000	2.50%, 12/31/38		151,538
	855,281	8.28%, 12/31/33		509,961
	400,000	City of Buenos Aires, Argentina
		9.95%, 03/01/17 Reg S		356,000
	100,000	Provincia de Buenos Aires, Argentina
		11.75%, 10/05/15 Reg S		86,000
				1,103,499
Aruba: 0.9%
USD	400,000	Government of Aruba
		4.63%, 09/14/23 (c) Reg S		416,600
Brazil: 13.3%
USD	250,000	Banco Nacional de Desenvolvimento Economico e Social
		6.50%, 06/10/19 Reg S		300,625
		Brazil Notas do Tesouro Nacional, Series F
BRL	455,000	10.00%, 01/01/15		233,605
	3,591,000	10.00%, 01/01/17		1,857,791
	490,000	10.00%, 01/01/18		254,290
	163,000	10.00%, 01/01/19		86,803
	1,195,000	10.00%, 01/01/21		617,192
	1,025,000	10.00%, 01/01/23		526,293
		Brazilian Government International Bonds
USD	425,000	4.88%, 01/22/21 (c)		508,300
	275,000	6.00%, 01/17/17 (c)		322,163
	340,000	7.13%, 01/20/37		500,650
	685,000	10.13%, 05/15/27		1,225,465
				6,433,177

Principal Amount			Value

Chile: 2.0%
		Chilean Government International Bonds
USD	246,000	3.88%, 08/05/20	$	277,365
CLP	307,000,000	5.50%, 08/05/20		694,767
				972,132
Colombia: 10.6%
		Colombian Government International Bonds
USD	400,000	4.38%, 07/12/21 (c)		458,400
	300,000	7.38%, 03/18/19		391,200
COP	3,063,000,000	7.75%, 04/14/21		2,111,777
	3,177,000,000	12.00%, 10/22/15		2,087,583
				5,048,960
Costa Rica: 0.5%
USD	174,000	Costa Rican Government International Bond
		10.00%, 08/01/20 Reg S		237,945
Dominican Republic: 0.6%
USD	239,000	Dominican Republic International Bond
		7.50%, 05/06/21 Reg S		276,284
El Salvador: 0.8%
		El Salvador Government International Bonds
USD	100,000	7.38%, 12/01/19 Reg S		119,250
	100,000	7.38%, 12/01/19 144A		119,250
	140,000	7.65%, 06/15/35 Reg S		163,450
				401,950
Jamaica: 0.2%
USD	100,000	Jamaica Government International Bond
		8.00%, 06/24/19		100,000
Mexico: 19.2%
		Mexican Government International Bonds
EUR	100,000	2.75%, 04/22/23		135,448
USD	700,000	5.63%, 01/15/17 (c)		810,600
MXN	3,703,000	6.00%, 06/18/15		318,258
USD	700,000	6.05%, 01/11/40 (c)		924,000
MXN	7,663,000	6.50%, 06/10/21		722,784
	957,500	7.50%, 06/03/27		100,848
	7,710,000	7.75%, 12/14/17		732,706
	20,428,300	8.00%, 12/17/15		1,848,498
	6,700,000	8.00%, 06/11/20		677,957
	3,827,000	8.00%, 12/07/23		406,377
	21,244,600	8.50%, 05/31/29		2,444,096
				9,121,572
Panama: 1.3%
		Panamanian Government International Bonds
USD	250,000	5.20%, 01/30/20 (c)		298,250
	218,000	7.13%, 01/29/26		304,110
				602,360
Peru: 2.3%
		Peruvian Government Bonds
USD	305,000	6.55%, 03/14/37	$	436,913
	85,000	7.13%, 03/30/19		110,713

See Notes to Financial Statements

LATAM AGGREGATE BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

Peru: (continued)
USD	255,000	8.38%, 05/03/16	$	310,845
	200,000	9.88%, 02/06/15		231,700
				1,090,171
Uruguay: 0.7%
USD	340,000	Uruguayan Government International Bond
		4.13%, 11/20/45		332,520
Venezuela: 4.2%
		Venezuelan Government International Bonds
USD	170,000	5.75%, 02/26/16 Reg S		161,925
	125,000	7.00%, 12/01/18 Reg S		116,875
	255,000	7.75%, 10/13/19 Reg S		240,975
	170,000	9.00%, 05/07/23 Reg S		162,605
	515,000	9.25%, 09/15/27 †		508,563
	170,000	9.25%, 05/07/28 Reg S		163,455
	250,000	10.75%, 09/19/13		256,250
	340,000	11.75%, 10/21/26 Reg S		372,810
				1,983,458
Total Government Obligations (Cost: $27,783,134)				28,120,628

Number of Shares			Value

MONEY MARKET FUND: 2.5% (Cost: $1,182,278)
	1,182,278	Dreyfus Government Cash Management Fund	$	1,182,278
Total Investments Before Collateral for Securities Loaned: 99.2% (Cost: $46,576,811)				47,192,131

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 0.8% (Cost: $370,000)
	370,000	Bank of New York Overnight Government Fund		370,000
Total Investments: 100.0% (Cost: $46,946,811)				47,562,131
Other assets less liabilities: 0.0%				9,174
NET ASSETS: 100.0%			$	47,571,305

BRL	Brazilian Real
CLP	Chilean Peso
COP	Colombian Peso
EUR	Euro
MXN	Mexican Peso
USD	United States Dollar
(c)	Callable Security - the redemption date shown is when the security may be redeemed by the issuer
†	Security fully or partially on loan. Total market value of securities on loan is $362,085.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted to $1,810,734, or 3.8% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Basic Materials		7.0	%	$	3,322,584
Communications		4.9			2,293,357
Consumer, Non-cyclical		1.4			668,803
Diversified		1.0			475,300
Energy		12.2			5,738,133
Financial		8.5			3,998,773
Government		59.6			28,120,628
Industrial		2.3			1,104,775
Utilities		0.6			287,500
Money Market Fund		2.5			1,182,278
		100.0	%	$	47,192,131

The summary of inputs used to value the Fund’s investments as of April 30, 2013 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds*	$	-	$	17,889,225	$	-	$	17,889,225
Government Obligations*		-		28,120,628		-		28,120,628
Money Market Funds		1,552,278		-		-		1,552,278
Total	$	1,552,278	$	46,009,853	$	-	$	47,562,131

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

See Notes to Financial Statements

MORTGAGE REIT INCOME ETF

SCHEDULE OF INVESTMENTS

April 30, 2013

Number of Shares			Value

REAL ESTATE INVESTMENT TRUSTS: 100.1%
United States: 100.1%
	557,072	American Capital Agency Corp.	$	18,556,068
	156,940	American Capital Mortgage Investment Corp.		4,168,326
	1,317,715	Annaly Capital Management, Inc.		21,004,377
	380,377	Anworth Mortgage Asset Corp.		2,400,179
	90,160	Apollo Commercial Real Estate Finance, Inc.		1,599,438
	853,955	ARMOUR Residential REIT, Inc.		5,542,168
	251,672	Capstead Mortgage Corp.		3,342,204
	2,050,716	Chimera Investment Corp.		6,767,363
	170,163	Colony Financial, Inc.		3,794,635
	465,548	CYS Investments, Inc.		5,786,762
	135,672	Dynex Capital, Inc.		1,458,474
	215,174	Hatteras Financial Corp.		5,880,706
	276,936	Invesco Mortgage Capital, Inc.		5,926,430
	200,807	iStar Financial, Inc. *		2,345,426
	691,003	MFA Financial, Inc.		6,405,598
	519,664	Newcastle Investment Corp.		5,887,793
	532,546	NorthStar Realty Finance Corp.		5,309,484

Number of Shares			Value

United States: (continued)
	145,684	PennyMac Mortgage Investment Trust	$	3,678,521
	160,378	RAIT Financial Trust †		1,369,628
	215,223	Redwood Trust, Inc.		4,911,389
	257,051	Resource Capital Corp.		1,693,966
	229,088	Starwood Property Trust, Inc.		6,297,629
	489,017	Two Harbors Investment Corp.		5,858,424
	78,275	Winthrop Realty Trust		994,875
Total Real Estate Investment Trusts (Cost: $123,305,263)				130,979,863
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 0.8% (Cost: $1,045,853)
	1,045,853	Bank of New York Overnight Government Fund		1,045,853
Total Investments: 100.9% (Cost: $124,351,116)				132,025,716
Liabilities in excess of other assets: (0.9)%				(1,141,821	)
NET ASSETS: 100.0%			$	130,883,896

*	Non-income producing
†	Security fully or partially on loan. Total market value of securities on loan is $1,021,811.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)		% of Investments				Value
Financial			100.0	%		$	130,979,863

The summary of inputs used to value the Fund’s investments as of April 30, 2013 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Real Estate Investment Trusts*	$	130,979,863	$	-	$	-	$	130,979,863
Money Market Fund		1,045,853		-		-		1,045,853
Total	$	132,025,716	$	-	$	-	$	132,025,716

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

See Notes to Financial Statements

PREFERRED SECURITIES EX FINANCIALS ETF

SCHEDULE OF INVESTMENTS

April 30, 2013

Principal Amount			Value

PREFERRED SECURITIES: 100.0%
Basic Materials: 6.8%
$	61,708	AngloGold Ashanti Holdings Finance Plc
		6.00%, 09/15/13	$	1,462,480
	351,906	ArcelorMittal
		6.00%, 01/15/16		7,284,454
	114,370	Cliffs Natural Resources Inc
		7.00%, 02/01/16 †		2,341,154
				11,088,088
Communications: 8.0%
	44,965	Comcast Corp.
		5.00%, 12/15/17 (c) †		1,156,500
		Qwest Corp.
	82,112	7.00%, 04/01/17 (c)		2,228,520
	62,561	7.00%, 07/01/17 (c)		1,700,408
	103,421	7.38%, 06/01/16 (c)		2,815,120
	89,933	7.50%, 09/15/16 (c)		2,462,366
	46,922	Telephone & Data Systems, Inc.
		7.00%, 03/15/16 (c)		1,264,548
	53,491	United States Cellular Corp.
		6.95%, 05/15/16 (c)		1,424,465
				13,051,927
Consumer, Cyclical: 12.2%
	391,007	General Motors Co.
		4.75%, 12/01/13 †		18,174,005
	39,101	The Goodyear Tire & Rubber Co.
		5.88%, 04/01/14 †		1,704,022
				19,878,027
Consumer, Non-cyclical: 0.4%
	42,379	National Healthcare Corp.
		0.80%, 11/01/15 (c)		656,874
Energy: 3.6%
	98,925	Apache Corp.
		6.00%, 08/01/13 (c)		4,186,506
	62,953	NuStar Logistics LP
		7.63%, 01/15/18 (c)		1,731,207
				5,917,713
Government: 1.5%
		Tennessee Valley Authority
	42,794	3.96%, 05/01/14 (p)		1,109,222
	51,660	4.06%, 06/01/13 (p)		1,341,094
				2,450,316
Industrial: 6.0%
	54,742	Seaspan Corp.
		9.50%, 01/30/16 (c) †		1,532,776
	117,303	Stanley Black & Decker, Inc.
		5.75%, 07/25/17 (c)		3,116,741
	86,022	United Technologies Corp.
		7.50%, 08/01/15 (c)		5,087,341
				9,736,858
Real Estate Investment Trusts: 30.9%
		Annaly Capital Management, Inc.
	71,945	7.50%, 09/13/17 (c)		1,848,267
	46,922	7.63%, 05/16/17 (c)		1,215,280
	64,490	Capstead Mortgage Corp.
		1.26%, 06/03/13 (c)		976,379
	70,968	CBL & Associates Properties, Inc.
		7.38%, 06/03/13 (c)		1,803,297

Principal Amount			Value

Real Estate Investment Trusts: (continued)
$	39,414	Colony Financial, Inc.
		8.50%, 03/20/17 (c)	$	1,070,878
		CommonWealth REIT
	59,355	6.50%, 12/31/49 ^		1,408,494
	43,011	7.25%, 05/15/16 (c)		1,092,049
		Digital Realty Trust, Inc.
	38,603	5.88%, 04/09/18 (c)		964,303
	44,965	7.00%, 09/15/16 (c)		1,220,350
	50,363	FelCor Lodging Trust, Inc.
		1.95%, 12/31/49 ^		1,220,799
	39,101	General Growth Properties, Inc.
		6.38%, 02/13/18 (c)		985,345
	44,965	Hatteras Financial Corp.
		7.63%, 08/27/17 (c)		1,136,266
		Health Care REIT, Inc.
	44,965	6.50%, 03/07/17 (c)		1,232,041
	56,208	6.50%, 12/31/49 ^		3,805,282
	45,357	Hospitality Properties Trust
		7.13%, 01/15/17 (c)		1,220,103
	62,561	Kimco Realty Corp.
		6.00%, 03/20/17 (c) †		1,675,384
	44,965	National Retail Properties, Inc.
		6.63%, 02/23/17 (c)		1,221,249
	54,736	NorthStar Realty Finance Corp.
		8.25%, 06/03/13 (c)		1,374,968
	54,742	PS Business Parks, Inc.
		6.00%, 05/14/17 (c)		1,431,503
		Public Storage
	78,202	5.20%, 01/16/18 (c) †		1,980,857
	77,420	5.38%, 09/20/17 (c)		1,981,178
	44,965	5.63%, 06/15/17 (c) †		1,167,741
	72,337	5.75%, 03/13/17 (c)		1,877,145
	71,945	5.90%, 01/12/17 (c)		1,904,384
	76,246	6.35%, 07/26/16 (c)		2,074,654
	58,650	6.50%, 04/14/16 (c)		1,615,221
	63,930	Realty Income Corp.
		6.63%, 02/15/17 (c)		1,742,732
	39,101	Regency Centers Corp.
		6.63%, 02/16/17 (c)		1,050,253
	54,742	Senior Housing Properties Trust
		5.63%, 08/01/17 (c)		1,395,921
	71,945	Vornado Realty LP
		7.88%, 10/01/14 (c)		1,965,537
		Vornado Realty Trust
	46,922	5.40%, 01/25/18 (c)		1,168,827
	46,922	5.70%, 07/18/17 (c) †		1,213,872
	42,229	6.63%, 06/03/13 (c)		1,071,350
	54,742	Weingarten Realty Investors
		6.50%, 06/03/13 (c)		1,382,783
				50,494,692
Reinsurance: 5.1%
	62,561	Axis Capital Holdings Ltd.
		6.88%, 04/15/17 (c)		1,735,442
	50,050	Everest Re Capital Trust II
		6.20%, 05/24/13 (c)		1,262,261
		PartnerRe Ltd.
	39,101	5.88%, 03/01/18 (c)		1,005,678
	58,455	7.25%, 06/01/16 (c)		1,668,890
	62,561	Reinsurance Group of America, Inc.
		6.20%, 09/15/22 (c)		1,729,812

See Notes to Financial Statements

Principal Amount			Value

Reinsurance: (continued)
$	39,101	RenaissanceRe Holdings Ltd.
		6.08%, 06/03/13 (c)	$	1,000,204
				8,402,287
Technology: 1.0%
	66,471	Pitney Bowes, Inc.
		6.70%, 03/07/18 (c)		1,695,675
Utilities: 24.5%
	40,470	AES Trust III
		6.75%, 06/03/13 (c)		2,035,236
	39,101	BGE Capital Trust II
		6.20%, 06/03/13 (c)		1,004,896
	70,381	Constellation Energy Group, Inc.
		8.63%, 06/15/13 (c)		1,791,196
	107,136	Dominion Resources, Inc., (Virginia)
		8.38%, 06/15/14 (c)		2,908,742
	43,793	DTE Energy Co.
		6.50%, 12/01/16 (c)		1,217,883
	78,202	Duke Energy Corp.
		5.13%, 01/15/18 (c)		1,994,933
	46,922	FPL Group Capital Trust I
		5.88%, 06/03/13 (c)		1,208,241
		NextEra Energy Capital Holdings, Inc.
	70,381	5.00%, 01/15/18 (c) †		1,744,745
	78,202	5.13%, 11/15/17 (c)		1,978,511
	54,742	5.63%, 06/15/17 (c)		1,433,146
	62,561	5.70%, 03/01/17 (c)		1,662,871
	50,832	5.89%, 09/01/15		2,935,040
	58,650	8.75%, 03/01/14 (c)		1,577,098
	70,381	PPL Capital Funding, Inc.
		5.90%, 04/30/18 (c)		1,846,797

Principal Amount			Value

Utilities: (continued)
		PPL Corp.
$	76,443	8.75%, 05/01/14 (c)	$	4,357,251
	89,933	9.50%, 07/01/13 (c)		5,256,584
	74,292	SCE Trust I
		5.63%, 06/15/17 (c)		1,987,311
	62,561	SCE Trust II
		5.10%, 03/15/18 (c)		1,576,537
	62,561	Xcel Energy, Inc.
		7.60%, 05/31/13 (c)		1,582,793
				40,099,811
Total Preferred Securities (Cost: $162,179,611)				163,472,267

Number of Shares

MONEY MARKET FUND: 0.0% (Cost: $512)
	512	Dreyfus Government Cash Management Fund		512
Total Investments Before Collateral for Securities Loaned: 100.0% (Cost: $162,180,123)				163,472,779
SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 7.8% (Cost: $12,751,585)
	12,751,585	Bank of New York Overnight Government Fund		12,751,585
Total Investments: 107.8% (Cost: $174,931,708)				176,224,364
Liabilities in excess of other assets: (7.8)%				(12,753,198	)
NET ASSETS: 100.0%			$	163,471,166

^	Security is convertible through date shown.
(c)	Callable Security - the redemption date shown is when the security may be redeemed by the issuer
(p)	Puttable Security - the redemption date shown is when the security may be redeemed by the investor
†	Security fully or partially on loan. Total market value of securities on loan is $12,442,743.

Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited)	% of Investments			Value
Basic Materials	6.3		%	$	11,088,088
Communications	7.4			13,051,926
Consumer, Cyclical	11.3			19,878,027
Consumer, Non-cyclical	0.4			656,874
Energy	3.4			5,917,713
Financial	4.8			8,402,287
Government	1.4			2,450,316
Industrial	5.5			9,736,858
Real Estate Investment Trusts	28.6			50,494,692
Technology	1.0			1,695,675
Utilities	22.7			40,099,811
Money Market Funds		7.2		12,752,097
		100.0	%	$	176,224,364

See Notes to Financial Statements

PREFERRED SECURITIES EX FINANCIALS ETF

SCHEDULE OF INVESTMENTS

(continued)

The summary of inputs used to value the Fund’s investments as of April 30, 2013 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Preferred Securities*	$	163,472,267	$	-	$	-	$	163,472,267
Money Market Funds		12,752,097		-		-		12,752,097
Total	$	176,224,364	$	-	$	-	$	176,224,364

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

See Notes to Financial Statements

RENMINBI BOND ETF

SCHEDULE OF INVESTMENTS

April 30, 2013

Principal Amount			Value

CORPORATE BONDS: 80.9%
British Virgin Islands: 6.1%
CNY	1,000,000	Right Century Ltd.
		1.85%, 06/03/14	$	159,908
	1,000,000	Sinochem Offshore Capital Co. Ltd.
		1.80%, 01/18/14		160,972
				320,880
Cayman Islands: 3.0%
	1,000,000	MTR Corporation Cayman Islands Ltd.
		0.63%, 06/17/13		161,935
China / Hong Kong: 39.5%
	1,000,000	Agricultural Development Bank of China
		2.98%, 06/22/14 Reg S		163,503
	1,000,000	Bank of China Ltd.
		2.90%, 09/30/13		162,511
	1,670,000	China Development Bank Corp.
		2.70%, 11/11/13		272,517
	1,750,000	China Power International Development Ltd.
		3.20%, 12/23/15		280,714
	500,000	China Resources Power Holdings Co. Ltd.
		2.90%, 11/12/13		81,208
	1,000,000	Export-Import Bank of China
		2.70%, 04/07/14 Reg S		163,119
	1,000,000	Hai Chao Trading Co. Ltd.
		2.00%, 08/04/14 Reg S		158,777
	3,000,000	HKCG Finance Ltd.
		1.40%, 04/11/16		467,689
	1,000,000	Industrial & Commercial Bank of China Asia Ltd.
		6.00%, 11/05/16 (c) Reg S		176,945
	1,000,000	Shanghai Baosteel Group Corp.
		3.50%, 12/01/14 Reg S		163,805
				2,090,788

Principal Amount			Value

Germany: 9.2%
CNY	3,000,000	BSH Bosch und Siemens Hausgeraete GmbH
		2.38%, 09/29/14 Reg S	$	486,369
Luxembourg: 3.1%
	1,000,000	VTB Bank OJSC
		2.95%, 12/23/13 Reg S		162,024
Malaysia: 3.1%
	1,000,000	Axiata SPV2 Bhd
		3.75%, 09/18/14 Reg S		164,218
Netherlands: 6.1%
	2,000,000	Volkswagen International Finance NV
		2.15%, 05/23/16		322,143
Singapore: 3.1%
	1,000,000	Global Logistic Properties Ltd.
		3.38%, 05/11/16 Reg S		163,724
United Kingdom: 3.1%
	1,000,000	HSBC Bank Plc
		2.88%, 04/30/15 Reg S		165,394
United States: 4.6%
	1,000,000	Caterpillar Financial Services Corp.
		1.35%, 07/12/13 Reg S		161,997
	500,000	McDonald’s Corp.
		3.00%, 09/16/13		81,332
				243,329
Total Corporate Bonds (Cost: $4,126,926)				4,280,804
GOVERNMENT OBLIGATIONS: 15.4%
China / Hong Kong: 15.4%
		China Government Bonds
	1,000,000	1.80%, 12/01/15		161,956
	1,000,000	2.36%, 08/18/21 Reg S		159,507
	500,000	2.48%, 12/01/20		80,977
	2,500,000	2.56%, 06/29/17 Reg S		413,093
				815,533
Total Investments: 96.3% (Cost: $4,918,887)				5,096,337
Other assets less liabilities: 3.7%				196,901
NET ASSETS: 100.0%			$	5,293,238

CNY	Chinese Yuan
(c)	Callable Security - the redemption date shown is when the security may be redeemed by the issuer
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.

See Notes to Financial Statements

RENMINBI BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

Summary of Investments by Sector (unaudited)	% of Investments			Value
Appliances		9.5	%	$	486,369
Auto - Cars / Light Trucks		6.3			322,143
Chemicals - Diversified		3.2			160,972
Commercial Banking Institution		13.1			666,874
Electric - Generation		7.1			361,922
Finance - Commercial		3.2			161,997
Food - Miscellaneous / Diversified		3.1			159,908
Gas-Distribution		9.2			467,689
Government		16.0			815,533
Investment Companies		3.2			161,935
Real Estate Operation / Development		3.2			163,724
Retail - Restaurants		1.6			81,332
Rubber - Tires		3.1			158,777
Special Purpose Banks		11.8			599,139
Steel - Producers		3.2			163,805
Telecommunication Equipment		3.2			164,218
		100.0	%	$	5,096,337

The summary of inputs used to value the Fund’s investments as of April 30, 2013 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds*	$	-	$	4,280,804	$	-	$	4,280,804
Government Obligations*		-		815,533		-		815,533
Total	$	-	$	5,096,337	$	-	$	5,096,337

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

See Notes to Financial Statements

TREASURY-HEDGED HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

April 30, 2013

Principal Amount			Value

CORPORATE BONDS: 97.2%
Basic Materials: 1.1%
		Novelis, Inc.
$	100,000	8.75%,12/15/15 (c)	$	114,000
Communications: 23.2%
		Cablevision Systems Corp.
	200,000	8.63%,09/15/17 (c) W		238,500
		CCO Holdings LLC / CCO Holdings Capital Corp.
	300,000	7.25%,10/30/13 (c)		325,500
		CenturyLink, Inc.
	100,000	5.80%,03/15/22 (c)		106,034
		Cequel Communications Holdings I LLC / Cequel Capital Corp.
	100,000	6.38%,09/15/15 (c) 144A		107,000
		Clear Channel Communications, Inc.
	100,000	9.00%,07/15/15 (c) 144A		100,500
		Clear Channel Worldwide Holdings, Inc.
	100,000	6.50%,11/15/17 (c) 144A		107,750
		Crown Castle International Corp.
	100,000	5.25%,01/15/23 (c)		105,125
		DISH DBS Corp.
	300,000	7.13%,02/01/16 (c) W		333,000
		Frontier Communications Corp.
	150,000	8.25%,04/15/17 (c)		177,562
		Level 3 Financing, Inc.
	100,000	8.13%,07/01/15 (c)		110,750
		NII Capital Corp.
	50,000	8.88%,12/15/14 (c)		47,250
		Sprint Nextel Corp.
	200,000	8.38%,08/15/17 (c)		234,000
	200,000	9.13%,03/01/17 (c) W		236,500
		Windstream Corp.
	100,000	7.88%,11/01/17 (c)		117,250
				2,346,721
Consumer, Cyclical: 12.5%
		Caesars Entertainment Operating Co., Inc.
	100,000	10.00%,12/15/13 (c)		62,000
	200,000	11.25%,06/03/13 (c)		212,500
		Chrysler Group LLC / CG Co-Issuer, Inc.
	200,000	8.25%,06/15/16 (c)		230,500
		HD Supply, Inc.
	200,000	7.50%,10/15/16 (c) 144A		217,000
		Ltd Brands, Inc.
	100,000	6.63%,04/01/21 (c)		115,375
		MGM Resorts International
	200,000	6.63%,07/15/15 (c)		220,000
		Rite Aid Corp.
	100,000	9.50%,06/03/13 (c)		104,125
		The Goodyear Tire & Rubber Co.
	100,000	6.50%,03/01/16 (c)		105,125
				1,266,625
Consumer, Non-cyclical: 17.6%
		Biomet, Inc.
	100,000	6.50%,08/01/15 (c) 144A		109,375
		CHS/Community Health Systems, Inc.
	100,000	8.00%,11/15/15 (c)		113,875
		DaVita HealthCare Partners, Inc.
	100,000	6.63%,11/01/14 (c)		110,125

Principal Amount			Value

Consumer, Non-cyclical: (continued)
		Fresenius Medical Care US Finance II, Inc.
$	100,000	5.63%,07/31/19 (c) 144A	$	112,250
		HCA, Inc.
	350,000	6.50%,02/15/20 (c)		405,126
		Reynolds Group Issuer, Inc.
	100,000	5.75%,10/15/15 (c)		105,000
	100,000	9.00%,10/15/14 (c)		108,500
		Tenet Healthcare Corp.
	200,000	4.75%,06/01/20 (c) 144A		208,500
		The Hertz Corp.
	100,000	7.38%,01/15/16 (c)		113,750
		United Rentals North America, Inc.
	150,000	8.38%,09/15/15 (c)		170,250
		Valeant Pharmaceuticals International
	200,000	6.38%,10/15/16 (c) 144A		222,500
				1,779,251
Energy: 15.3%
		Chesapeake Energy Corp.
	200,000	9.50%,02/15/15 (c) W		227,000
		CONSOL Energy, Inc.
	100,000	8.00%,04/01/14 (c)		108,500
		El Paso Corp.
	200,000	7.75%,01/15/32 (c)		228,935
		Energy Transfer Equity LP
	100,000	7.50%,10/15/20 (c)		117,500
		EP Energy LLC / Everest Acquisition Finance, Inc.
	100,000	6.88%,05/01/15 (c)		110,000
		Linn Energy LLC / Linn Energy Finance Corp.
	200,000	8.63%,04/15/15 (c)		224,500
		Peabody Energy Corp.
	100,000	6.00%,11/15/18 (c)		108,375
		Plains Exploration & Production Co.
	100,000	6.13%,06/15/16 (c)		111,375
		Sabine Pass Liquefaction LLC
	200,000	5.63%,02/01/21 (c) 144A		207,500
		SandRidge Energy, Inc.
	100,000	8.13%,04/15/17 (c)		107,000
				1,550,685
Financial: 14.1%
		Ally Financial, Inc.
	350,000	8.00%,11/01/31		462,437
		CIT Group, Inc.
	300,000	5.50%,02/15/19 (c) 144A W		339,750
		Icahn Enterprises LP / Icahn Enterprises Finance Corp.
	100,000	8.00%,01/15/14 (c)		107,750
		International Lease Finance Corp.
	300,000	8.75%,03/15/17 W		362,250
		Springleaf Finance Corp.
	150,000	5.40%,12/01/15		157,312
				1,429,499
Industrial: 3.9%
		Case New Holland, Inc.
	100,000	7.88%,12/01/17 (c)		119,500
		Sealed Air Corp.
	100,000	8.38%,09/15/16 (c) 144A		117,500

See Notes to Financial Statements

TREASURY-HEDGED HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

Principal Amount			Value

Industrial: (continued)
		TransDigm, Inc.
$	100,000	5.50%,10/15/15 (c) 144A	$	107,250
	50,000	7.75%,12/15/14 (c)		55,625
				399,875
Technology: 3.8%
		First Data Corp.
	300,000	12.63%,01/15/16 (c)		327,000
		Freescale Semiconductor, Inc.
	50,000	8.05%,06/01/15 (c)		54,125
				381,125
Utilities: 5.7%
		AES Corp./VA
	150,000	8.00%,10/15/17 (c)		180,375
		Calpine Corp.
	150,000	7.50%,11/01/15 (c) 144A		170,250
		Energy Future Intermediate Holding Co. LLC / EFIH Finance, Inc.
	100,000	10.00%,12/01/15 (c)		115,000
		NRG Energy, Inc.
	100,000	7.63%,01/15/18 (c)		116,375
				582,000
Total Corporate Bonds (Cost: $9,681,390)				9,849,781

Number of Shares		Value

MONEY MARKET FUND: 2.0% (Cost: $201,375)
201,375	Dreyfus Government Cash Management Fund	$	201,375
Total Investments: 99.2% (Cost: $9,882,765)			10,051,156
Other assets less liabilities: 0.8%			84,917
NET ASSETS: 100.0%			10,136,073

Principal Amount
SECURITIES SOLD SHORT: (96.7)%
GOVERNMENT OBLIGATIONS: (96.7)%
			United States Treasury Notes
$	(2,444,500	)	0.63%,09/30/17		(2,450,802	)
	(2,428,500	)	0.75%,06/30/17		(2,451,646	)
	(2,439,300	)	0.75%,12/31/17		(2,454,927	)
	(2,434,000	)	0.75%,03/31/18		(2,445,028	)
Total Government Obligations (Proceeds: $(9,751,537))					(9,802,403	)
Total Securities Sold Short (Proceeds: $(9,751,537))				$	(9,802,403	)

(c)	Callable Security - the redemption date shown is when the security may be redeemed by the issuer
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted to $4,309,875, or 42.5% of net assets.
W	All or a portion of these securities are segregated for securities sold short. Total value of the securities segregated, including cash on deposit with broker, is $11,482,498.

Summary of Investments by Sector (unaudited)	% of Investments			Value
Basic Materials		1.1	%	$	114,000
Communications		23.4			2,346,721
Consumer, Cyclical		12.6			1,266,625
Consumer, Non-cyclical		17.7			1,779,251
Energy		15.4			1,550,685
Financial		14.2			1,429,499
Industrial		4.0			399,875
Technology		3.8			381,125
Utilities		5.8			582,000
Money Market Funds		2.0			201,375
		100.0	%	$	10,051,156

See Notes to Financial Statements

The summary of inputs used to value the Fund’s investments as of April 30, 2013 is as follows:

			Level 2		Level 3
	Level 1		Significant		Significant
	Quoted		Observable		Unobservable
Long positions	Prices		Inputs		Inputs		Value
Corporate Bonds*	$	-	$	9,849,781	$	-	$	9,849,781
Money Market Fund		201,375		-		-		201,375
Total	$	201,375	$	9,849,781	$	-	$	10,051,156

			Level 2			Level 3
	Level 1		Significant			Significant
	Quoted		Observable			Unobservable
Short positions	Prices		Inputs			Inputs		Value
Government Obligations	$	-	$	(9,802,403	)	$	-	$	(9,802,403	)

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

See Notes to Financial Statements

MARKET VECTORS ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

April 30, 2013

		BDC			Emerging Markets High Yield			Emerging Markets Local Currency				Fallen Angel High Yield
		Income ETF			Bond ETF			Bond ETF				Bond ETF
Assets:
Investments, at value (1)(2)			$	11,409,698		$	242,838,727		$	1,443,577,132			$	10,858,393
Short term investment held as collateral for securities loaned (3)				-			-			2,764,428				-
Cash				-			1,955,317			2,421				1,815
Cash denominated in foreign currency, at value (4)				-			-			22,924,778				-
Deposits with broker for securities sold short				-			-			-				-
Receivables:
Investment securities sold				-			-			18,614,199				-
Shares sold				1,306			-			-				-
Due from Adviser				18,436			-			-				11,922
Dividends and interest				9,294			3,994,986			24,754,955				192,828
Prepaid expenses				9,259			112			5,609				66
Total assets				11,447,993			248,789,142			1,512,643,522				11,065,024

Liabilities:
Securities sold short (5)				-			-			-				-
Payables:
Investment securities purchased				-			1,632,867			4,205,378				-
Collateral for securities loaned				-			-			2,764,428				-
Line of credit				-			-			-				-
Shares redeemed				-			-			-				-
Due to Adviser				-			45,687			412,598				-
Due to custodian				22,649			-			-				-
Deferred Trustee fees				-			213			16,164				97
Accrued expenses				27,134			30,601			247,375				47,676
Total liabilities				49,783			1,709,368			7,645,943				47,773
NET ASSETS			$	11,398,210		$	247,079,774		$	1,504,997,579			$	11,017,251
Shares outstanding				550,000			9,200,000			54,600,000				400,000
Net asset value, redemption and offering price per share			$	20.72		$	26.86		$	27.56			$	27.54

Net assets consist of:
Aggregate paid in capital			$	11,082,881		$	245,391,448		$	1,463,300,892			$	10,005,925
Net unrealized appreciation				309,552			728,175			42,905,253				949,375
Undistributed (accumulated) net investment income (loss)				5,777			847,296			(849,284	)			56,432
Accumulated net realized gain (loss)				-			112,855			(359,282	)			5,519
			$	11,398,210		$	247,079,774		$	1,504,997,579			$	11,017,251
(1)	Value of securities on loan		$	-		$	-		$	2,566,766			$	-
(2)	Cost of investments		$	11,100,146		$	242,110,558		$	1,400,804,152			$	9,909,019
(3)	Cost of short term investment held as collateral for securities loaned		$	-		$	-		$	2,764,428			$	-
(4)	Cost of cash denominated in foreign currency		$	-		$	-		$	22,818,618			$	-
(5)	Proceeds for securities sold short		$	-		$	-		$	-			$	-

See Notes to Financial Statements

International			Investment				LatAm				Mortgage REIT				Preferred								Treasury-Hedged
High Yield			Grade Floating				Aggregate				Income				Securities				Renminbi				High Yield
Bond ETF			Rate ETF				Bond ETF				ETF				ex Financials ETF				Bond ETF				Bond ETF

	$	265,778,622		$	17,520,003			$	47,192,131			$	130,979,863			$	163,472,779			$	5,096,337			$	10,051,156
		5,897,193			-				370,000				1,045,853				12,751,585				-				-
		1,231,976			2,387				1,905				-				32,294				-				-
		1,828,927			-				96,099				-				-				245,259				-
		-			-				-				-				-				-				9,745,498
		603,369			-				112,220				10,312				151,170				-				-
		-			-				2,694,168				9				29,678				-				-
		-			-				-				-				-				8,403				20,856
		5,812,738			18,083				849,868				1,488				346,606				37,123				153,888
		644			55				55				428				-				35				-
		281,153,469			17,540,528				51,316,446				132,037,953				176,784,112				5,387,157				19,971,398

		-			-				-				-				-				-				9,802,403

		1,399,981			-				3,306,434				1,555				-				-				-
		5,897,193			-				370,000				1,045,853				12,751,585				-				-
		-			-				-				-				315,000				-				-
		12,319			-				-				-				187,157				-				-
		49,258			5,723				5,938				17,020				33,014				-				-
		-			-				-				25,145				-				21,844				-
		812			171				166				870				532				80				-
		58,247			72,904				62,603				63,614				25,658				71,995				32,922
		7,417,810			78,798				3,745,141				1,154,057				13,312,946				93,919				9,835,325
	$	273,735,659		$	17,461,730			$	47,571,305			$	130,883,896			$	163,471,166			$	5,293,238			$	10,136,073
		10,000,000			700,000				1,800,000				4,450,000				7,900,000				200,000				400,000
	$	27.37		$	24.95			$	26.43			$	29.41			$	20.69			$	26.47			$	25.34

	$	262,888,457		$	17,365,800			$	46,939,348			$	123,230,055			$	162,692,100			$	5,062,679			$	10,003,834
		9,473,972			89,887				627,838				7,674,600				1,292,656				182,190				117,525
		1,155,810			10,136				107,790				287,125				435,166				49,252				24,814
		217,420			(4,093	)			(103,671	)			(307,884	)			(948,756	)			(883	)			(10,100	)
	$	273,735,659		$	17,461,730			$	47,571,305			$	130,883,896			$	163,471,166			$	5,293,238			$	10,136,073
	$	5,734,848		$	-			$	362,085			$	1,021,811			$	12,442,743			$	-			$	-
	$	256,341,484		$	17,430,116			$	46,576,811			$	123,305,263			$	162,180,123			$	4,918,887			$	9,882,765

	$	5,897,193		$	-			$	370,000			$	1,045,853			$	12,751,585			$	-			$	-
	$	1,818,103		$	-			$	92,107			$	-			$	-			$	240,759			$	-
	$	-		$	-			$	-			$	-			$	-			$	-			$	9,751,537

See Notes to Financial Statements

MARKET VECTORS ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended April 30, 2013

	BDC Income				Emerging Markets High Yield				Emerging Markets Local Currency				Fallen Angel High Yield
	ETF (a)				Bond ETF (b)				Bond ETF				Bond ETF
Income:
Dividends		$	68,886			$	-			$	-			$	-
Interest			-				2,439,465				61,495,813				690,739
Securities lending income			-				295				22,762				1,209
Foreign taxes withheld			-				(1,221	)			(752,034	)			-
Total income			68,886				2,438,539				60,766,541				691,948

Expenses:
Management fees			3,827				148,168				3,687,803				42,195
Professional fees			23,314				22,085				138,802				24,749
Insurance			-				228				12,185				155
Trustees’ fees and expenses			50				352				17,905				286
Reports to shareholders			8,754				26,190				110,906				25,117
Indicative optimized portfolio value fee			5,383				21,399				24,652				29,580
Custodian fees			1,166				20,791				854,306				11,036
Registration fees			2,730				8,359				60,808				9,878
Transfer agent fees			151				921				2,356				1,101
Fund accounting fees			1,522				9,789				103,332				11,285
Interest on securities sold short			-				-				-				-
Interest			-				-				3,326				12
Other			102				365				10,775				334
Total expenses			46,999				258,647				5,027,156				155,728
Waiver of management fees			(3,827	)			(110,478	)			(25,099	)			(42,195	)
Expenses assumed by the Adviser			(39,345	)			-				-				(71,326	)
Net expenses			3,827				148,169				5,002,057				42,207
Net investment income			65,059			$	2,290,370				55,764,484				649,741

Net realized gain (loss) on:
Investments			-				122,951				(7,840,810	)			53,519
Securities sold short			-				-				-				-
In-kind redemptions			9,775				10,566				2,788,316				-
Foreign currency transactions and foreign denominated assets and liabilities			-				90				(416,684	)			-
Net realized gain (loss)			9,775				133,607				(5,469,178	)			53,519

Net change in unrealized appreciation (depreciation) on:
Investments			309,552				728,175				51,276,391				902,194
Securities sold short			-				-				-				-
Foreign currency transactions and foreign denominated assets and liabilities			-				-				113,977				-
Net change in unrealized appreciation (depreciation)			309,552				728,175				51,390,368				902,194
Net Increase in Net Assets Resulting from Operations		$	384,386			$	3,152,152			$	101,685,674			$	1,605,454

(a)	Commencement of operations for BDC Income ETF was February 11, 2013.
(b)	Commencement of operations for Emerging Markets High Yield Bond ETF was May 8, 2012.
(c)	Commencement of operations for Preferred Securities ex Financials ETF was July 16, 2012.
(d)	Commencement of operations for Treasury-Hedged High Yield Bond ETF was March 21, 2013.

See Notes to Financial Statements

International				Investment				LatAm				Mortgage REIT				Preferred								Treasury-Hedged
High Yield				Grade Floating				Aggregate				Income				Securities				Renminbi				High Yield
Bond ETF				Rate ETF				Bond ETF				ETF				ex Financials ETF (c)				Bond ETF				Bond ETF (d)

	$	-			$	-			$	-			$	9,780,827			$	5,029,080			$	-			$	-
		7,842,032				106,130				720,929				-				-				125,717				41,704
		16,906				54				988				12,521				6,806				-				-
		(4,121	)			(11	)			(108	)			-				-				-				-
		7,854,817				106,173				721,809				9,793,348				5,035,886				125,717				41,704

		503,179				33,664				46,299				325,112				302,125				18,037				4,937
		31,009				30,222				29,578				40,441				22,913				25,520				23,595
		292				136				134				708				-				76				-
		421				180				185				1,633				359				137				51
		28,157				4,455				3,780				16,031				21,175				4,021				1,026
		21,835				21,819				21,879				16,652				8,846				22,172				4,274
		53,998				8,814				15,932				10,249				10,261				10,634				718
		10,454				10,389				11,182				13,882				16,098				10,771				2,747
		898				2,405				2,402				2,302				506				2,052				103
		11,312				30,095				36,061				31,726				4,841				30,883				718
		-				-				-				-				-				-				11,358
		144				57				298				11,701				1,703				-				46
		1,331				531				428				782				399				211				103
		663,030				142,767				168,158				471,219				389,226				124,514				49,676
		(159,706	)			(33,664	)			(46,299	)			(134,407	)			(85,398	)			(18,037	)			(4,937	)
		-				(90,771	)			(56,737	)			-				-				(86,378	)			(27,849	)
		503,324				18,332				65,122				336,812				303,828				20,099				16,890
		7,351,493				87,841				656,687				9,456,536				4,732,058				105,618				24,814

		165,580				(22	)			(197,670	)			(417,675	)			(982,681	)			37,495				-
		-				-				-				-				-				-				(10,100	)
		-				-				-				5,366,090				928,513				-				-

		(6,419	)			-				(4,496	)			-				-				5,497				-
		159,161				(22	)			(202,166	)			4,948,415				(54,168	)			42,992				(10,100	)

		9,483,785				233,466				620,553				6,077,381				1,292,656				129,800				168,391
		-				-				-				-				-				-				(50,866	)

		33,229				-				25,172				-				-				4,944				-
		9,517,014				233,466				645,725				6,077,381				1,292,656				134,744				117,525
	$	17,027,668			$	321,285			$	1,100,246			$	20,482,332			$	5,970,546			$	283,354			$	132,239

See Notes to Financial Statements

MARKET VECTORS ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

					Emerging
					Markets High
	BDC Income ETF				Yield Bond ETF
	For the Period				For the Period
	February 11, 2013*				May 8, 2012*
	through				through
	April 30, 2013				April 30, 2013
Operations:
Net investment income		$	65,059			$	2,290,370
Net realized gain (loss)			9,775				133,607
Net change in unrealized appreciation (depreciation)			309,552				728,175
Net increase (decrease) in net assets resulting from operations			384,386				3,152,152

Dividends and Distributions to shareholders:
Dividends from net investment income			(62,100	)			(1,443,660	)
Distributions from net realized capital gains			-				(9,600	)
Return of capital			-				-
Total Dividends and Distributions			(62,100	)			(1,453,260	)

Share transactions:* *
Proceeds from sale of shares			13,141,140				250,559,626
Cost of shares redeemed			(2,065,216	)			(5,178,744	)
Increase in net assets resulting from share transactions			11,075,924				245,380,882
Total increase in net assets			11,398,210				247,079,774
Net Assets, beginning of period			-				-
Net Assets, end of period†		$	11,398,210			$	247,079,774
† Including undistributed (accumulated) net investment income (loss)		$	5,777			$	847,296

* * Shares of Common Stock Issued (no par value)
Shares sold			650,000				9,400,000
Shares redeemed			(100,000	)			(200,000	)
Net increase			550,000				9,200,000

*	Commencement of operations

See Notes to Financial Statements

Emerging Markets
Local Currency Bond ETF								Fallen Angel High Yield Bond ETF							International High Yield Bond ETF
												For the Period							For the Period
For the				For the				For the				April 10, 2012*			For the				April 2, 2012*
Year Ended				Year Ended				Year Ended				through			Year Ended				through
April 30, 2013				April 30, 2012				April 30, 2013				April 30, 2012			April 30, 2013				April 30, 2012

	$	55,764,484			$	29,282,203			$	649,741			$	26,851		$	7,351,493			$	78,446
		(5,469,178	)			(8,363,260	)			53,519				-			159,161				6,610
		51,390,368				(23,368,336	)			902,194				47,181			9,517,014				(43,042	)
		101,685,674				(2,449,393	)			1,605,454				74,032			17,027,668				42,014

		(46,809,956	)			(25,202,120	)			(620,160	)			-			(6,222,480	)			-
		-				-				(48,000	)			-			-				-
		(1,604,444	)			-				-				-			-				-
		(48,414,400	)			(25,202,120	)			(668,160	)			-			(6,222,480	)			-

		858,427,461				514,078,093				-				10,005,925			247,924,678				19,901,069
		(147,810,259	)			(94,847,819	)			-				-			(4,937,290	)			-
		710,617,202				419,230,274				-				10,005,925			242,987,388				19,901,069
		763,888,476				391,578,761				937,294				10,079,957			253,792,576				19,943,083
		741,109,103				349,530,342				10,079,957				-			19,943,083				-
	$	1,504,997,579			$	741,109,103			$	11,017,251			$	10,079,957		$	273,735,659			$	19,943,083
	$	(849,284	)		$	(750,599	)		$	56,432			$	26,851		$	1,155,810			$	85,056

		32,000,000				19,400,000				-				400,000			9,400,000				800,000
		(5,600,000	)			(3,800,000	)			-				-			(200,000	)			-
		26,400,000				15,600,000				-				400,000			9,200,000				800,000

See Notes to Financial Statements

MARKET VECTORS ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

(continued)

	Investment Grade Floating Rate ETF								LatAm Aggregate Bond ETF
													For the Period
	For the				For the				For the				May 11, 2011*
	Year Ended				Year Ended				Year Ended				through
	April 30, 2013				April 30, 2012				April 30, 2013				April 30, 2012
Operations:
Net investment income		$	87,841			$	75,367			$	656,687			$	390,203
Net realized gain (loss)			(22	)			(144,828	)			(202,166	)			(1,455	)
Net change in unrealized appreciation (depreciation)			233,466				(146,123	)			645,725				(17,887	)
Net increase (decrease) in net assets resulting from operations			321,285				(215,584	)			1,100,246				370,861

Dividends and Distributions to shareholders:
Dividends from net investment income			(86,220	)			(67,030	)			(474,290	)			(356,460	)
Distributions from net realized capital gains			-				-				(4,800	)			(3,600	)
Total Dividends and Distributions			(86,220	)			(67,030	)			(479,090	)			(360,060	)

Share transactions:* *
Proceeds from sale of shares			9,944,577				4,932,247				39,367,596				7,571,752
Cost of shares redeemed			-				(2,332,206	)			-				-
Increase in net assets resulting from share transactions			9,944,577				2,600,041				39,367,596				7,571,752
Total increase in net assets			10,179,642				2,317,427				39,988,752				7,582,553
Net Assets, beginning of period			7,282,088				4,964,661				7,582,553				-
Net Assets, end of period†		$	17,461,730			$	7,282,088			$	47,571,305			$	7,582,553
† Including undistributed net investment income		$	10,136			$	8,496			$	107,790			$	17,794

* * Shares of Common Stock Issued (no par value)
Shares sold			400,000				200,000				1,500,000				300,000
Shares redeemed			-				(100,000	)			-				-
Net increase			400,000				100,000				1,500,000				300,000

*	Commencement of operations

See Notes to Financial Statements

								Preferred Securities
Mortgage REIT Income ETF								ex Financials ETF				Renminbi Bond ETF
				For the Period				For the Period								For the Period
For the				August 16, 2011*				July 16, 2012*				For the				October 11, 2011*
Year Ended				through				through				Year Ended				through
April 30, 2013				April 30, 2012				April 30, 2013				April 30, 2013				April 30, 2012

	$	9,456,536			$	1,580,092			$	4,732,058			$	105,618			$	53,448
		4,948,415				(10,574	)			(54,168	)			42,992				1,109
		6,077,381				1,597,219				1,292,656				134,744				47,446

		20,482,332				3,166,737				5,970,546				283,354				102,003

		(8,583,960	)			(1,384,050	)			(4,266,300	)			(111,280	)			(43,560	)
		(559,710	)			-				-				-				-
		(9,143,670	)			(1,384,050	)			(4,266,300	)			(111,280	)			(43,560	)

		118,577,667				33,700,091				174,044,912				-				5,062,721
		(33,260,902	)			(1,254,309	)			(12,277,992	)			-				-
		85,316,765				32,445,782				161,766,920				-				5,062,721
		96,655,427				34,228,469				163,471,166				172,074				5,121,164
		34,228,469				-				-				5,121,164				-
	$	130,883,896			$	34,228,469			$	163,471,166			$	5,293,238			$	5,121,164
	$	287,125			$	145,169			$	435,166			$	49,252			$	11,880

		4,350,000				1,400,000				8,500,000				-				200,000
		(1,250,000	)			(50,000	)			(600,000	)			-				-
		3,100,000				1,350,000				7,900,000				-				200,000

See Notes to Financial Statements

MARKET VECTORS ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

(continued)

	Treasury-Hedged High Yield Bond ETF
Operations:	For the Period March 21, 2013* through April 30, 2013
Net investment income		$	24,814
Net realized loss			(10,100	)
Net change in unrealized appreciation (depreciation)			117,525
Net increase in net assets resulting from operations			132,239

Share transactions:* *
Proceeds from sale of shares			10,003,834
Increase in net assets resulting from share transactions			10,003,834
Total increase in net assets			10,136,073
Net Assets, beginning of period			-
Net Assets, end of period†		$	10,136,073
† Including undistributed net investment income		$	24,814

* * Shares of Common Stock Issued (no par value)
Shares sold			400,000
Net increase			400,000

*	Commencement of operations

MARKET VECTORS ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	BDC INCOME ETF
	For the Period February 11, 2013 (a) through April 30, 2013
Net asset value, beginning of period		$	19.98
Income from investment operations:
Net investment income			0.21
Net realized and unrealized gain on investments			0.74
Total from investment operations			0.95
Less:
Dividends from net investment income			(0.21	)
Net asset value, end of period		$	20.72
Total return (b)			4.79	%(c)
Ratios/Supplemental Data
Net assets, end of period (000’s)		$	11,398
Ratio of gross expenses to average net assets			4.82	%(d)
Ratio of net expenses to average net assets			0.40	%(d)
Ratio of net expenses, excluding interest expense, to average net assets			0.40	%(d)
Ratio of net investment income to average net assets			6.67	%(d)
Portfolio turnover rate			0	%(c)

	EMERGING MARKETS HIGH YIELD BOND ETF
	For the Period May 8, 2012 (a) through April 30, 2013
Net asset value, beginning of period		$	25.03
Income from investment operations:
Net investment income			1.54
Net realized and unrealized gain on investments			1.75
Total from investment operations			3.29
Less:
Dividends from net investment income			(1.45	)
Distributions from net realized gains			(0.01	)
Total dividends and distributions			(1.46	)
Net asset value, end of period		$	26.86
Total return (b)			13.47	%(c)
Ratios/Supplemental Data
Net assets, end of period (000’s)		$	247,080
Ratio of gross expenses to average net assets			0.69	%(d)
Ratio of net expenses to average net assets			0.40	%(d)
Ratio of net expenses, excluding interest expense, to average net assets			0.40	%(d)
Ratio of net investment income to average net assets			6.09	%(d)
Portfolio turnover rate			20	%(c)

(a)	Commencement of operations
(b)	Total return is calculated assuming an initial investment made at the net asset value at the beginning of period, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption on the last day of the period. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares.
(c)	Not annualized
(d)	Annualized

MARKET VECTORS ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	EMERGING MARKETS LOCAL CURRENCY BOND ETF
	For the Year Ended April 30, 2013				For the Year Ended April 30, 2012				For the Period July 22, 2010 (a) through April 30, 2011
Net asset value, beginning of period		$	26.28			$	27.74			$	25.11
Income from investment operations:
Net investment income			1.36				1.41				0.96
Net realized and unrealized gain (loss) on investments			1.13				(1.54	)			2.51
Total from investment operations			2.49				(0.13	)			3.47
Less:
Dividends from net investment income			(1.14	)			(1.33	)			(0.84	)
Return of capital			(0.07	)			-				-
Total dividends			(1.21	)			(1.33	)			(0.84	)
Net asset value, end of period		$	27.56			$	26.28			$	27.74
Total return (b)			9.75	%			(0.34	)%			14.02	%(c)
Ratios/Supplemental Data
Net assets, end of period (000’s)		$	1,504,998			$	741,109			$	349,530
Ratio of gross expenses to average net assets			0.48	%			0.47	%			0.49	%(d)
Ratio of net expenses to average net assets			0.47	%			0.47	%			0.49	%(d)
Ratio of net expenses, excluding interest expense, to average net assets			0.47	%			0.47	%			0.48	%(d)
Ratio of net investment income to average net assets			5.28	%			5.71	%			5.60	%(d)
Portfolio turnover rate			16	%			21	%			3	%(c)

	FALLEN ANGEL HIGH YIELD BOND ETF
	For the Year Ended April 30, 2013				For the Period April 10, 2012 (a) through April 30, 2012
Net asset value, beginning of period		$	25.20			$	25.00
Income from investment operations:
Net investment income			1.62				0.07
Net realized and unrealized gain on investments			2.39				0.13
Total from investment operations			4.01				0.20
Less:
Dividends from net investment income			(1.55	)			-
Distributions from net realized gains			(0.12	)			-
Total dividends and distributions			(1.67	)			-
Net asset value, end of period		$	27.54			$	25.20
Total return (b)			16.40	%			0.80	%(c)
Ratios/Supplemental Data
Net assets, end of period (000’s)		$	11,017			$	10,080
Ratio of gross expenses to average net assets			1.48	%			6.27	%(d)
Ratio of net expenses to average net assets			0.40	%			0.40	%(d)
Ratio of net expenses, excluding interest expense, to average net assets			0.40	%			0.40	%(d)
Ratio of net investment income to average net assets			6.16	%			4.90	%(d)
Portfolio turnover rate			34	%			0	%(c)

(a)	Commencement of operations
(b)	Total return is calculated assuming an initial investment made at the net asset value at the beginning of period, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption on the last day of the period. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares.
(c)	Not annualized
(d)	Annualized

See Notes to Financial Statements

MARKET VECTORS ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	INTERNATIONAL HIGH YIELD BOND ETF
	For the Year Ended April 30, 2013				For the Period April 2, 2012 (a) through April 30, 2012
Net asset value, beginning of period		$	24.93			$	24.96
Income from investment operations:
Net investment income			1.43				0.10
Net realized and unrealized gain (loss) on investments			2.43				(0.13	)
Total from investment operations			3.86				(0.03	)
Less:
Dividends from net investment income			(1.42	)			-
Net asset value, end of period		$	27.37			$	24.93
Total return (b)			16.01	%			(0.12	)%(c)
Ratios/Supplemental Data
Net assets, end of period (000’s)		$	273,736			$	19,943
Ratio of gross expenses to average net assets			0.52	%			2.85	%(d)
Ratio of net expenses to average net assets			0.40	%			0.40	%(d)
Ratio of net expenses, excluding interest expense, to average net assets			0.40	%			0.40	%(d)
Ratio of net investment income to average net assets			5.81	%			5.65	%(d)
Portfolio turnover rate			11	%			0	%(c)

	INVESTMENT GRADE FLOATING RATE ETF
	For the Year Ended April 30, 2013				For the Year Ended April 30, 2012				For the Period April 25, 2011 (a) through April 30, 2011
Net asset value, beginning of period		$	24.27			$	24.82			$	24.82
Income from investment operations:
Net investment income			0.23				0.23				-	(e)
Net realized and unrealized gain (loss) on investments			0.69				(0.58	)			-
Total from investment operations			0.92				(0.35	)			-
Less:
Dividends from net investment income			(0.24	)			(0.20	)			-
Net asset value, end of period		$	24.95			$	24.27			$	24.82
Total return (b)			3.82	%			(1.40	)%			0.00	%(c)
Ratios/Supplemental Data
Net assets, end of period (000’s)		$	17,462			$	7,282			$	4,965
Ratio of gross expenses to average net assets			1.48	%			1.92	%			30.87	%(d)
Ratio of net expenses to average net assets			0.19	%			0.19	%			0.19	%(d)
Ratio of net expenses, excluding interest expense, to average net assets			0.19	%			0.19	%			0.19	%(d)
Ratio of net investment income (loss) to average net assets			0.91	%			0.95	%			(0.15	)%(d)
Portfolio turnover rate			5	%			14	%			0	%(c)

(a)	Commencement of operations
(b)	Total return is calculated assuming an initial investment made at the net asset value at the beginning of period, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption on the last day of the period. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares.
(c)	Not annualized
(d)	Annualized
(e)	Amount represents less than $0.005 per share

See Notes to Financial Statements

MARKET VECTORS ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	LATAM AGGREGATE BOND ETF
	For the Year Ended April 30, 2013				For the Period May 11, 2011 (a) through April 30, 2012
Net asset value, beginning of period		$	25.28			$	25.00
Income from investment operations:
Net investment income			1.16				1.30
Net realized and unrealized gain on investments			1.10				0.18
Total from investment operations			2.26				1.48
Less:
Dividends from net investment income			(1.10	)			(1.19	)
Distributions from net realized gains			(0.01	)			(0.01	)
Total dividends and distributions			(1.11	)			(1.20	)
Net asset value, end of period		$	26.43			$	25.28
Total return (b)			9.25	%			6.05	%(c)
Ratios/Supplemental Data
Net assets, end of period (000’s)		$	47,571			$	7,583
Ratio of gross expenses to average net assets			1.26	%			1.92	%(d)
Ratio of net expenses to average net assets			0.49	%			0.49	%(d)
Ratio of net expenses, excluding interest expense, to average net assets			0.49	%			0.49	%(d)
Ratio of net investment income to average net assets			4.92	%			5.44	%(d)
Portfolio turnover rate			11	%			11	%(c)

	MORTGAGE REIT INCOME ETF
	For the Year Ended April 30, 2013				For the Period August 16, 2011 (a) through April 30, 2012
Net asset value, beginning of period		$	25.35			$	24.85
Income from investment operations:
Net investment income			2.84				2.07
Net realized and unrealized gain on investments			4.08				0.36
Total from investment operations			6.92				2.43
Less:
Dividends from net investment income			(2.72	)			(1.93	)
Distributions from net realized gains			(0.14	)			-
Total dividends and distributions			(2.86	)			(1.93	)
Net asset value, end of period		$	29.41			$	25.35
Total return (b)			28.75	%			10.87	%(c)
Ratios/Supplemental Data
Net assets, end of period (000’s)		$	130,884			$	34,228
Ratio of gross expenses to average net assets			0.58	%			1.19	%(d)
Ratio of net expenses to average net assets			0.41	%			0.41	%(d)
Ratio of net expenses, excluding interest expense, to average net assets			0.40	%			0.40	%(d)
Ratio of net investment income to average net assets			11.60	%			14.50	%(d)
Portfolio turnover rate			6	%			8	%(c)

(a)	Commencement of operations
(b)	Total return is calculated assuming an initial investment made at the net asset value at the beginning of period, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption on the last day of the period. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares.
(c)	Not annualized
(d)	Annualized

See Notes to Financial Statements

MARKET VECTORS ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	PREFERRED SECURITIES EX FINANCIALS ETF
	For the Period July 16, 2012 (a) through April 30, 2013
Net asset value, beginning of period		$	20.06
Income from investment operations:
Net investment income			0.89
Net realized and unrealized gain on investments			0.57
Total from investment operations			1.46
Less:
Dividends from net investment income			(0.83	)
Net asset value, end of period		$	20.69
Total return (b)			7.38	%(c)
Ratios/Supplemental Data
Net assets, end of period (000’s)		$	163,471
Ratio of gross expenses to average net assets			0.51	%(d)
Ratio of net expenses to average net assets			0.40	%(d)
Ratio of net expenses, excluding interest expense, to average net assets			0.40	%(d)
Ratio of net investment income to average net assets			6.25	%(d)
Portfolio turnover rate			21	%(c)

	RENMINBI BOND ETF
	For the Year Ended April 30, 2013				For the Period October 11, 2011 (a) through April 30, 2012
Net asset value, beginning of period		$	25.61			$	24.93
Income from investment operations:
Net investment income			0.53				0.27
Net realized and unrealized gain on investments			0.89				0.63
Total from investment operations			1.42				0.90
Less:
Dividends from net investment income			(0.56	)			(0.22	)
Net asset value, end of period		$	26.47			$	25.61
Total return (b)			5.61	%			3.61	%(c)
Ratios/Supplemental Data
Net assets, end of period (000’s)		$	5,293			$	5,121
Ratio of gross expenses to average net assets			2.42	%			3.32	%(d)
Ratio of net expenses to average net assets			0.39	%			0.39	%(d)
Ratio of net expenses, excluding interest expense, to average net assets			0.39	%			0.39	%(d)
Ratio of net investment income to average net assets			2.05	%			2.01	%(d)
Portfolio turnover rate			26	%			11	%(c)

(a)	Commencement of operations
(b)	Total return is calculated assuming an initial investment made at the net asset value at the beginning of period, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption on the last day of the period. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares.
(c)	Not annualized
(d)	Annualized

See Notes to Financial Statements

MARKET VECTORS ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	TREASURY-HEDGED HIGH YIELD BOND ETF
	For the Period March 21, 2013 (a) through April 30, 2013
Net asset value, beginning of period		$	25.00
Income from investment operations:
Net investment income			0.06
Net realized and unrealized gain on investments			0.28
Total from investment operations			0.34
Net asset value, end of period		$	25.34
Total return (b)			1.36	%(c)
Ratios/Supplemental Data
Net assets, end of period (000’s)		$	10,136
Ratio of gross expenses to average net assets			4.53	%(d)
Ratio of net expenses to average net assets			1.54	%(d)
Ratio of net expenses, excluding interest expense and interest on securities sold short, to average net assets			0.50	%(d)
Ratio of net investment income to average net assets			2.26	%(d)
Portfolio turnover rate			124	%(c)

(a)	Commencement of operations
(b)	Total return is calculated assuming an initial investment made at the net asset value at the beginning of period, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption on the last day of the period. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares.
(c)	Not annualized
(d)	Annualized

See Notes to Financial Statements

MARKET VECTORS ETF TRUST

NOTES TO FINANCIAL STATEMENTS

April 30, 2013

Note 1–Fund Organization–Market Vectors ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Trust was incorporated in Delaware as a statutory trust on March 15, 2001. The Trust operates as a series fund, and as of April 30, 2013, offers fifty-two investment portfolios, each of which represents a separate series of the Trust.

These financial statements relate only to the following investment portfolios: BDC Income ETF (“BDC Income”), Emerging Markets High Yield Bond ETF (“Emerging Markets High Yield”), Emerging Markets Local Currency Bond ETF (“Emerging Markets Local Currency”), Fallen Angel High Yield Bond ETF (“Fallen Angel”), International High Yield Bond ETF (“International High Yield”), Investment Grade Floating Rate ETF (“Investment Grade”), LatAm Aggregate Bond ETF (“LatAm”), Mortgage REIT Income ETF (“Mortgage REIT”), Preferred Securities ex Financials ETF (“Preferred Securities”), Renminbi Bond ETF (“Renminbi”) and Treasury-Hedged High Yield Bond ETF (“Treasury-Hedged”), each a “Fund” and collectively the “Funds”. Each Fund’s investment objective is to replicate as closely as possible, before fees and expenses, the price and yield performance of its Index. The Funds (except BDC Income, Mortgage REIT and Preferred Securities) expect to use a sampling approach in seeking to achieve their objectives. Sampling means that Van Eck Associates Corporation (the “Adviser”) uses quantitative analysis to select bonds and other securities that represent a sample of securities in the Index in terms of key risk factors, performance attributes and other characteristics. The number of securities in each Fund will be based upon several factors, including asset size of the Fund. The Adviser generally expects each Fund to hold less than the total number of securities in the Index, but reserves the right to hold as many securities as it believes necessary to achieve the Fund’s investment objective. BDC Income, Mortgage REIT and Preferred Securities seek to achieve their investment objective through a portfolio of securities in substantially the same weighting as their index.

The Funds’ commencement of operations dates and their respective indices are presented below:

	Commencement
Fund	of Operations	Index
BDC Income	February 11, 2013	Market Vectors^® U.S. Business Development Companies Index*
Emerging Markets
High Yield	May 8, 2012	The BofA Merrill Lynch High Yield US Emerging Markets Liquid Corporate Plus Index
Emerging Markets
Local Currency	July 22, 2010	JP Morgan Government Bond Index-Emerging Markets Global Core
Fallen Angel	April 10, 2012	The BofA Merrill Lynch US Fallen Angel High Yield Index
International High Yield	April 2, 2012	The BofA Merrill Lynch Global Ex-US Issuers High Yield Constrained Index
Investment Grade	April 25, 2011	Market Vectors^® Investment Grade Floating Rate Index*
LatAm	May 11, 2011	The BofA Merrill Lynch Broad Latin America Bond Index
Mortgage REIT	August 16, 2011	Market Vectors^® Global Mortgage REITs Index*
Preferred Securities	July 16, 2012	Wells Fargo^® Hybrid & Preferred Securities ex Financials Index
Renminbi	October 11, 2011	Market Vectors^® Renminbi Bond Index*
Treasury-Hedged	March 21, 2013	Market Vectors^® U.S. Treasury-Hedged High Yield Bond Index*

* Owned by Market Vectors Index Solutions GmbH, an indirect, wholly owned subsidiary of the Adviser.

Note 2–Significant Accounting Policies–The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Funds.

Security Valuation–The Funds value their investments in securities and other assets and liabilities carried at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Securities traded on national exchanges or traded on the NASDAQ National Market System are valued at the last sales price as reported at the close of each business day. Securities traded on the NASDAQ Stock Market are valued at the NASDAQ official closing price. Over-the-counter securities not included in the NASDAQ National Market System and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded they are categorized as Level 1 in the fair value hierarchy (described below). Certain foreign securities, whose values may be affected by market

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(continued)

	direction or events occurring before the Funds’ pricing time (4:00 p.m. Eastern Standard Time) but after the last close of the securities’ primary market, are fair valued using a pricing service and are categorized as Level 2 in the fair value hierarchy. Debt securities for which market quotations are readily available are valued on the basis of quotations furnished by an independent pricing service approved by the Board of Trustees or provided by securities dealers. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from bond dealers to determine current value and are categorized as Level 2 in the fair value hierarchy. Closed-end publicly listed fund investments are valued at their official market closing price and are categorized as Level 1 in the fair value hierarchy. Money market fund investments are valued at net asset value and are categorized as Level 1 in the fair value hierarchy. Short-term obligations with more than sixty days remaining to maturity are valued at market value. Short-term obligations with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Securities for which quotations are not available are stated at fair value as determined by the Pricing Committee of the Adviser appointed by the Board of Trustees. The Pricing Committee provides oversight of the Funds’ valuation policies and procedures, which are approved by the Funds’ Board of Trustees. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities, dealers, and other market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments for which market prices are not readily available. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, transactional back-testing and disposition analysis.

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

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

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

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

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

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

B.	Federal Income Taxes–It is each Fund’s policy to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable income to its shareholders. Therefore, no federal income tax provision is required.

C.	Dividends and Distributions to Shareholders–Dividends to shareholders from net investment income, if any, are declared and paid at least monthly by each Fund (except Mortgage REIT and BDC Income which are declared and paid quarterly). Distributions of net realized capital gains, if any, generally are declared and paid annually. Income dividends and capital gain distributions are determined in accordance with income tax regulations, which may differ from such amounts determined in accordance with GAAP.

Securities Sold Short–Treasury-Hedged may invest in securities sold short. A short sale occurs when a Fund sells a security, which it does not own, by borrowing it from a broker. Proceeds from securities sold short are reported as liabilities in the Statements of Assets and Liabilities and are marked to market daily in accordance with the fair value methodology described in Note 2A. Gains and losses are classified as realized when short positions are closed. In the event that the value of the security which the Fund sold short declines, the Fund will gain as it repurchases the security in the market at the lower price. If the price of the security increases, the Fund will suffer a loss, as it will have to repurchase the security at the higher price. Short sales may incur higher transaction costs than regular securities transactions. Interest on securities sold short is accrued daily and recorded as an expense by the Fund. Cash as collected is deposited in a segregated account with brokers, maintained by the Fund, for its open short sales. Until the Fund replaces the borrowed security, the Fund maintains securities or permissible liquid assets in a segregated account with a broker or custodian sufficient to cover its short positions. Securities sold short held by Treasury-Hedged at April 30, 2013 are reflected in the Schedule of Investments.

Currency Translation–Assets and liabilities denominated in foreign currencies and commitments under foreign currency contracts are translated into U.S. dollars at the closing prices of such currencies each business day. Purchases and sales of investments are translated at the exchange rates prevailing when such investments are acquired or sold. Foreign denominated income and expenses are translated at the exchange rates prevailing when accrued. The portion of realized and unrealized gains and losses on investments that result from fluctuations in foreign currency exchange rates is not separately disclosed in the financial statements. Recognized gains or losses attributable to foreign currency fluctuations on foreign currency denominated assets, other than investments, and liabilities are recorded as net realized gain (loss) on foreign currency transactions and foreign denominated assets and liabilities in the Statements of Operations.

Restricted Securities–The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if any, is included at the end of each Fund’s Schedule of Investments.

Use of Derivative Instruments–The Funds may make investments in derivative instruments, including, but not limited to, options, futures, swaps and other derivatives relating to foreign currency transactions. A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. Derivative instruments may be privately negotiated contracts (often referred to as over-the-counter (“OTC”) derivatives) or they may be listed and traded on an exchange. Derivative contracts may involve future commitments to purchase or sell financial instruments at specified terms on a specified date, or to exchange interest payment streams or currencies based on a notional or contractual amount. Derivative instruments may involve a high degree of financial risk. The use of derivative instruments also involves the risk of loss if the investment adviser is incorrect in its expectation of the timing or level of fluctuations in securities prices, interest rates or currency prices. Investments in derivative instruments also include the risk of default by the counterparty, the risk that the investment may not be liquid and the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instruments. The Funds held no derivative instruments outstanding during the year ended April 30, 2013.

H.	Other–Security transactions are accounted for on trade date. Transactions in certain securities may take longer than the customary settlement cycle to be completed. The counterparty is required to collateralize such trades with cash in excess of the market value of the transaction, which is held at the custodian and marked to market daily. Realized gains and losses are calculated on the identified cost basis. Dividend income is recorded on the ex-dividend date. The Funds record distributions received in excess of income from underlying investments as a reduction of cost of investments and/or an increase in realized gain. Such amounts are based upon estimates if actual amounts are not available, and actual amounts of income, realized gain and return of capital may differ from estimated amounts. Interest income, including amortization of premiums and discounts, is accrued as earned. Interest income is generally not earned on debt securities in default or upon determination that the income is not realizable.

	In the normal course of business, the Funds enter into contracts that contain a variety of general indemnifications. The Funds’ maximum exposure under these agreements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Adviser believes the risk of loss under these arrangements to be remote.

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(continued)

Note 3–Investment Management and Other Agreements–The Adviser is the investment adviser to the Funds. The Adviser receives a management fee, calculated daily and payable monthly based on an annual rate of each Fund’s average daily net assets. The Adviser has agreed, at least until September 1, 2013 (September 1, 2014 for BDC Income and Treasury-Hedged), for the Funds to voluntarily waive or limit its fees and to assume as its own expense certain expenses otherwise payable by the Funds so that each Fund’s total annual operating expenses does not exceed the expense caps, excluding interest expense and interest on securities sold short, listed in the table below:

The current management fee rate/expense caps and the amounts waived/assumed by the Adviser for the year ended April 30, 2013 are as follows:

Fund	Expense Cap			Management Fee Rate			Waiver of Management Fees		Expenses Assumed by the Adviser
BDC Income		0.40	%		0.40	%		$3,827		$39,345
Emerging Markets High Yield		0.40			0.40			110,478		-
Emerging Markets Local Currency		0.47	*		0.35			25,099		-
Fallen Angel		0.40			0.40			42,195		71,326
International High Yield		0.40			0.40			159,706		-
Investment Grade		0.19			0.35			33,664		90,771
LatAm		0.49			0.35			46,299		56,737
Mortgage REIT		0.40			0.40			134,407		-
Preferred Securities		0.40			0.40			85,398		-
Renminbi		0.39			0.35			18,037		86,378
Treasury-Hedged		0.50			0.45			4,937		27,849

* The Fund expense cap prior to September 1, 2012 for Emerging Markets Local Currency was 0.49%.

In addition, Van Eck Securities Corporation, an affiliate of the Adviser, acts as the Funds’ Distributor. Certain officers and a Trustee of the Trust are officers, directors or stockholders of the Adviser and Distributor.

Note 4–Investments–For the year ended April 30, 2013, the cost of purchases and proceeds from sales of investments other than U.S. government obligations and short-term obligations (excluding in-kind transactions described in Note 6) were as follows:

Fund	Cost of Investments Purchased		Proceeds from Investments Sold
BDC Income	$	29,853	$	-
Emerging Markets High Yield		50,168,853		8,310,713
Emerging Markets Local Currency		866,651,500		163,188,444
Fallen Angel		3,538,363		3,493,797
International High Yield		60,358,641		13,936,414
Investment Grade		8,906,234		450,000
LatAm		26,507,392		1,635,646
Mortgage REIT		5,294,536		4,915,410
Preferred Securities		25,175,856		21,206,824
Renminbi		1,543,459		1,190,032
Treasury-Hedged		9,705,615		-

For the year ended April 30, 2013, proceeds of short sales and the cost of purchases of short sale covers for Treasury-Hedged aggregated $12,181,885 and $2,440,452, respectively.

Note 5—Income Taxes—As of April 30, 2013, for Federal income tax purposes, the identified cost of investments owned, net unrealized appreciation, gross unrealized appreciation, and gross unrealized depreciation of investments were as follows:

			Gross Unrealized		Gross Unrealized			Net Unrealized
Fund	Cost of Investments		Appreciation		Depreciation			Appreciation
BDC Income	$	11,094,369	$	341,027	$	(25,698	)	$	315,329
Emerging Markets High Yield		242,110,568		2,513,422		(1,785,263	)		728,159
Emerging Markets Local Currency		1,404,760,983		59,740,441		(18,159,864	)		41,580,577
Fallen Angel		9,909,019		982,827		(33,453	)		949,374
International High Yield		262,240,038		11,927,963		(2,492,186	)		9,435,777
Investment Grade		17,430,116		95,239		(5,352	)		89,887
LatAm		46,955,277		1,022,888		(416,034	)		606,854
Mortgage REIT		124,366,452		9,440,382		(1,781,118	)		7,659,264
Preferred Securities		175,059,685		4,743,295		(3,578,616	)		1,164,679
Renminbi		4,918,887		177,450		-			177,450
Treasury-Hedged		9,882,765		179,026		(10,635	)		168,391

At April 30, 2013, the components of accumulated earnings on a tax basis, for each Fund, were as follows:

	Undistributed		Undistributed		Accumulated			Qualified			Other
	Ordinary		Long-Term		Capital			Late-Year			Temporary			Unrealized
Fund	Income		Capital Gains		Losses			Losses*			Difference			Appreciation		Total
BDC Income	$	-		$ -	$	-		$	-		$	-		$	315,329	$	315,329
Emerging Markets High Yield		960,374		-		-			-			(213	)		728,165		1,688,326
Emerging Markets Local Currency		-		-		-			-			(16,163	)		41,712,850		41,696,687
Fallen Angel		62,048		-		-			-			(97	)		949,375		1,011,326
International High Yield		1,375,403		-		-			-			(812	)		9,472,611		10,847,202
Investment Grade		10,306		-		(4,093	)		-			(170	)		89,887		95,930
LatAm		147,123		3,567		-			(137,939	)		(166	)		619,372		631,957
Mortgage REIT		213,852		-		-			(218,405	)		(870	)		7,659,264		7,653,841
Preferred Securities		395,995		-		(8,886	)		(772,192	)		(530	)		1,164,679		779,066
Renminbi		49,332		-		(882	)		-			(81	)		182,190		230,559
Treasury-Hedged		24,814		-		(10,100	)		-			-			117,525		132,239

Qualified late-year losses comprised of post-October capital losses incurred after October 31, 2012, and certain late-year ordinary losses. Late-year ordinary losses represent ordinary losses incurred after December 31, 2012 and specified losses incurred after October 31, 2012. These losses are deemed to arise on the first day of the Fund’s next taxable year. For the year ended April 30, 2013, the Funds intend to defer to May 1, 2013 for federal tax purposes the above listed post-October capital losses.

The tax character of dividends paid to shareholders during the years ended April 30, 2013 and April 30, 2012 were as follows:

					Long-Term		Return
	Ordinary Income				Capital Gains		of Capital
Fund	April 30, 2013		April 30, 2012		April 30, 2013		April 30, 2013
BDC Income	$	60,056	$	-	$	2,044	$	-
Emerging Markets High Yield		1,453,260		-		-		-
Emerging Markets Local Currency		46,699,890		25,202,120		110,066		1,604,444
Fallen Angel		668,160		-		-		-
International High Yield		6,222,480		-		-		-
Investment Grade		86,220		67,030		-		-
LatAm		474,290		360,060		4,800		-
Mortgage REIT		8,583,960		1,384,050		559,710		-
Preferred Securities		4,266,300		-		-		-
Renminbi		111,280		43,560		-		-

On December 22, 2010 the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which changed various technical rules governing the tax treatment of regulated investment companies. The changes are generally effective for taxable years beginning after the date of enactment. One of the more prominent changes addresses capital loss carryforwards. Under the Act, each Fund is permitted to carry forward capital losses incurred in taxable years beginning after the date of enactment for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in the pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards will retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under previous regulation.

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NOTES TO FINANCIAL STATEMENTS

(continued)

At April 30, 2013, the Funds had capital loss carryforwards available to offset future capital gains, as follows:

	Post Effective-		Post Effective-
	No Expiration		No Expiration
	Short-Term		Long-Term
Fund	Capital Losses		Capital Losses
Investment Grade	$	-	$	4,093
Preferred Securities		8,886		-
Renminbi		882		-
Treasury-Hedged		10,100		-

During the year ended April 30, 2013, as a result of permanent book to tax differences, primarily due to the tax treatment of foreign currency gains and losses, REIT adjustments, BDC Income dividend income reclass, bond bifurcation adjustments, and in-kind share transactions, the Funds’ incurred differences that affected undistributed (accumulated) net investment income (loss), accumulated net realized gain (loss) on investments and aggregate paid in capital by the amounts in the table below. Net assets were not affected by these reclassifications.

	Increase			Increase
	(Decrease)			(Decrease) in			Increase
	in Undistributed			Accumulated			(Decrease) in
	Net Investment			Realized			Aggregate
Fund	Income (Loss)			Gain (Loss)			Paid in Capital
BDC Income	$	2,818		$	(9,775	)	$	6,957
Emerging Markets High Yield		586			(11,152	)		10,566
Emerging Markets Local Currency		(7,448,769	)		6,297,788			1,150,981
International High Yield		(58,259	)		58,259			-
Investment Grade		19			-			(19	)
LatAm		(92,401	)		92,401			-
Mortgage REIT		(730,620	)		(4,637,708	)		5,368,328
Preferred Securities		(30,592	)		(894,588	)		925,180
Renminbi		43,034			(42,992	)		(42	)

The Funds recognize the tax benefits of uncertain tax positions only where the position is “more-likely-than-not” to be sustained assuming examination by applicable tax authorities. Management has analyzed the Funds’ tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on return filings for open tax years (tax years ended April 30, 2010-2012), or expected to be taken in the Funds’ current tax year. The Funds do not have exposure for additional years that might still be open in certain foreign jurisdictions. Therefore, no provision for income tax is required in the Funds’ financial statements.

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the year ended April 30, 2013, the Funds did not incur any interest or penalties.

Note 6–Capital Share Transactions–As of April 30, 2013, there were an unlimited number of capital shares of beneficial interest authorized by the Trust with no par value. Shares are issued and redeemed by the Funds only in Creation Units, or multiple thereof, as follows:

Fund	Creation Units
BDC Income		50,000
Emerging Markets High Yield		200,000
Emerging Markets Local Currency		200,000
Fallen Angel		200,000
International High Yield		200,000
Investment Grade		100,000
LatAm		100,000
Mortgage REIT		50,000
Preferred Securities		50,000
Renminbi		100,000
Treasury-Hedged		200,000

The consideration for the purchase or redemption of Creation Units of the Funds generally consists of the in-kind contribution or distribution of securities constituting the Funds’ underlying index plus a small amount of cash. For the year ended April 30, 2013, the Funds had in-kind contributions and redemptions as follows:

Fund	In-Kind Contributions			In-Kind Redemptions
BDC Income		$	11,251,117		$	190,599
Emerging Markets High Yield			196,766,795			293,125
Emerging Markets Local Currency			61,364,171			77,789,618
International High Yield			190,615,036			-
LatAm			13,466,040			-
Mortgage REIT			129,269,103			43,908,489
Preferred Securities			176,929,036			18,664,288

Note 7–Concentration and Other Risks–The investment objective of each Fund is to seek investment results that correspond generally to the price and yield performance, before fees and expenses, of its underlying index, as indicated in the name of each Fund. The Adviser uses a “passive” or index approach to achieve each Fund’s investment objective. The Funds use a sampling approach in which the Adviser uses quantitative analysis to select bonds that represent a sample of securities in the index in terms of key risk factors, performance attributes and other characteristics. Each Fund is classified as a non-diversified fund under the 1940 Act. Non-diversified funds generally hold securities of fewer issuers than diversified funds and may be more susceptible to the risks associated with these particular issuers, or to a single economic, political or regulatory occurrence affecting these issuers. Investments in the Funds involve risks similar to those of investing in any bond fund of, such as market fluctuations caused by factors such as economic and political developments, changes in interest rates and perceived trends in security prices.

BDC Income, Fallen Angel, International High Yield and Treasury-Hedged may directly or indirectly invest in non-investment grade securities, often referred to as “junk bonds.” Economic downturns may disrupt the high yield market and impair the ability of issuers to repay principal and interest. These high yield securities may involve greater risks and considerations not typically associated with investing in U.S. government bonds and other high quality fixed-income securities. Also, an increase in interest rates would likely have an adverse impact on the value of such obligations. Moreover, high yield securities may be less liquid due to the extent that there is no established retail secondary market and because of a decline in the value of such securities. BDC Income, International High Yield and Treasury-Hedged may not be able to sell bonds at desired prices and large purchases or sales of certain high-yield bond issues may cause substantial fluctuations in share price, yield and total return.

BDC Income invests in business development companies which generally invest in less mature private companies or thinly traded U.S. public companies which involve greater risk than well-established publicly-traded companies.

Emerging Markets High Yield, Emerging Markets Local Currency, Fallen Angel, International High Yield, Investment Grade, LatAm, and Renminbi invest in foreign securities. Investments in foreign securities may involve a greater degree of risk than investments in domestic securities due to political, economic or social instability. Foreign investments may also be subject to foreign taxes and settlement delays. Since the Funds may have significant investments in foreign debt securities, they may be subject to greater credit and interest risks and greater currency fluctuations than portfolios with significant investments in domestic debt securities.

Mortgage REIT invests directly in mortgage REITs and is exposed to the risks specific to the real estate market as well as the risks that relate specifically to the way in which mortgage REITs are organized and operated. Mortgage REITs receive principal and interest payments from the owners of the mortgaged properties. Accordingly, mortgage REITs are subject to the credit risk of the borrowers to whom they extend credit. To the extent that a mortgage REIT invests in mortgage-backed securities, it may be subject to default risk or interest rate risk.

Mortgage REIT may invest in mortgage REITs that may trade at a discount or premium to their net asset value.

Preferred Securities invests in preferred securities which are essentially contractual obligations that declare distributions but permit the issuer to defer or suspend distributions. This may require the Fund to account for the distribution that has been deferred or suspended for tax purposes, even though it may not have received this income. Accordingly, preferred securities are subject to credit risk. Credit risk refers to the possibility that the issuer of a security will be unable and/or unwilling to make timely distributions of dividends. In addition, preferred securities are subject to interest rate risk. Preferred securities interest rates may move in an inverse direction to that of general interest rates.

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NOTES TO FINANCIAL STATEMENTS

(continued)

Treasury-Hedged invests directly in securities sold short which are designed to hedge against the price sensitivity of the below investment grade corporate bonds. A risk of hedging is the imperfect correlation between price movement of the securities sold short and the price movement of the Fund’s investments.

At April 30, 2013, the Adviser owned approximately 50% of Renminbi.

Note 8–Trustee Deferred Compensation Plan–The Trust has a Deferred Compensation Plan (the “Plan”) for Trustees under which the Trustees can elect to defer receipt of their trustee fees until retirement, disability or termination from the Board of Trustees. The fees otherwise payable to the participating Trustees are deemed invested in shares of the Funds as directed by the Trustees.

For each Fund, the expense for the Plan is included in “Trustees’ fees and expenses” in the Statements of Operations. The liability for the Plan is shown as “Deferred Trustee fees” in the Statements of Assets and Liabilities.

Note 9–Securities Lending–To generate additional income, each of the Funds may lend its securities pursuant to a securities lending agreement with The Bank of New York Mellon, the securities lending agent and also the Funds’ custodian. Each Fund may lend up to 33% of its investments requiring that the loan be continuously collateralized by cash, U.S. government or U.S. government agency securities, shares of an investment trust or mutual fund, or any combination of cash and such securities at all times equal to at least 102% (105% for foreign securities) of the market value plus accrued interest on the securities loaned. During the term of the loan, the Funds will continue to receive any dividends, interest or amounts equivalent thereto, on the securities loaned while receiving a fee from the borrower or earning interest on the investment of the cash collateral. Such fees and interest are shared with the securities lending agent under the terms of the securities lending agreement. Securities lending income is disclosed as such in the Statements of Operations. The collateral for securities loaned is recognized in the Schedules of Investments and the Statements of Assets and Liabilities. The cash collateral is maintained on the Funds’ behalf by the lending agent and is invested in the Bank of New York Overnight Government Fund and/or the Bank of New York Institutional Cash Reserve. Loans are subject to termination at the option of the borrower or the Funds. Upon termination of the loan, the borrower will return to the lender securities identical to the securities loaned. The Funds may pay reasonable finders’, administrative and custodial fees in connection with a loan of its securities. The Funds bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower of the securities fail financially. As of April 30, 2013, the loans outstanding and the collateral received are included in value of securities on loan and collateral for securities loaned, respectively, in the Statements of Assets and Liabilities.

Note 10–Bank Line of Credit–Certain Funds may participate in a $200 million committed credit facility (the “Facility”) to be utilized for temporary financing until the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of the Funds at the request of the shareholders and other temporary or emergency purposes. The Funds have agreed to pay commitment fees, pro rata, based on the unused but available balance. Interest is charged to the Funds at rates based on prevailing market rates in effect at the time of borrowings. During the year ended April 30, 2013, the following Funds borrowed under this facility:

Fund	Days Outstanding		Average Daily Loan Balance		Average Interest Rate			Outstanding Loan Balance as of April 30, 2013
Emerging Markets Local Currency		13	$	1,786,384		1.80	%	$	-
International High Yield		10		164,700		1.82			-
Investment Grade		1		595,000		1.65			-
Mortgage REIT		137		1,225,403		1.77			-
Preferred Securities		52		505,788		1.65			315,000
Treasury-Hedged		2		500,500		1.65			-

Note 11–Custodian Fees–The Funds have entered into an expense offset agreement with the custodian wherein they receive a credit toward the reduction of custodian fees whenever there are uninvested cash balances. The Funds could have invested their cash balances elsewhere if they had not agreed to a reduction in fees under the expense offset agreement with the custodian. For the year ended April 30, 2013, there were no offsets to custodian fees.

Note 12–Recent Accounting Pronouncements–The Funds have adopted Accounting Standards Update No. 2011-04 (“ASU No. 2011-04”) “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards.” ASU No. 2011-04 includes common requirements for measurement of and disclosure about fair value between U.S. GAAP and IFRS. ASU No. 2011-04 requires 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 No. 2011-04 requires 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 disclosures have been implemented for annual and interim periods beginning after December 15, 2011 and can be found in Note 2 to the financial statements and the Schedules of Investments, if applicable.

In January 2013, Accounting Standards Update 2013-01 (“ASU 2013-01”), Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, replaced Accounting Standards Update 2011-11 (“ASU 2011-11”), Disclosures about Offsetting Assets and Liabilities. ASU 2013-01 is effective for fiscal years beginning on or after January 1, 2013, and interim periods within those annual periods. ASU 2011-11 was intended to enhance disclosure requirements on the offsetting of financial assets and liabilities. ASU 2013-01 limits the scope of the new balance sheet offsetting disclosures to derivative instruments, repurchase agreements and securities lending transactions to the extent that they are (1) offset in the financial statements or (2) subject to an enforceable master netting arrangement or similar agreement. Management is currently evaluating the application of ASU 2013-01 and its impact, if any, on the Funds’ financial statements.

Note 13–Subsequent Events–The Funds have evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.

The following dividends from net investment income were declared and paid subsequent to April 30, 2013:

Fund

Ex-Date

Record Date

Payable Date

Per Share

Emerging Markets High Yield

5/1/13

5/3/13

5/7/13

0.0915

Fallen Angel

5/1/13

5/3/13

5/7/13

0.1300

International High Yield

5/1/13

5/3/13

5/7/13

0.1150

Investment Grade

5/1/13

5/3/13

5/7/13

0.0140

LatAm

5/1/13

5/3/13

5/7/13

0.0550

Preferred Securities

5/1/13

5/3/13

5/7/13

0.0592

Renminbi

5/1/13

5/3/13

5/7/13

0.0500

Treasury-Hedged

5/1/13

5/3/13

5/7/13

0.0610

Emerging Markets High Yield

6/3/13

6/5/13

6/7/13

0.1320

Emerging Markets Local Currency

6/3/13

6/5/13

6/7/13

0.1118

Fallen Angel

6/3/13

6/5/13

6/7/13

0.1390

International High Yield

6/3/13

6/5/13

6/7/13

0.1292

Investment Grade

6/3/13

6/5/13

6/7/13

0.0128

LatAm

6/3/13

6/5/13

6/7/13

0.0950

Preferred Securities

6/3/13

6/5/13

6/7/13

0.0850

Renminbi

6/3/13

6/5/13

6/7/13

0.0715

Treasury-Hedged

6/3/13

6/5/13

6/7/13

0.0549

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Trustees and Shareholders
of Market Vectors ETF Trust

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of BDC Income ETF, Emerging Markets High Yield Bond ETF, Emerging Markets Local Currency Bond ETF, Fallen Angel High Yield Bond ETF, International High Yield Bond ETF, Investment Grade Floating Rate ETF, LatAm Aggregate Bond ETF, Mortgage REIT Income ETF, Preferred Securities ex Financials ETF, Renminbi Bond ETF and Treasury-Hedged High Yield Bond ETF (eleven of the series constituting Market Vectors ETF Trust) (the “Funds”) as of April 30, 2013, and the related statements of operations, the statements of changes in net assets and the financial highlights for the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of April 30, 2013, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of BDC Income ETF, Emerging Markets High Yield Bond ETF, Emerging Markets Local Currency Bond ETF, Fallen Angel High Yield Bond ETF, International High Yield Bond ETF, Investment Grade Floating Rate ETF, LatAm Aggregate Bond ETF, Mortgage REIT Income ETF, Preferred Securities ex Financials ETF, Renminbi Bond ETF and Treasury-Hedged High Yield Bond ETF (eleven of the series constituting Market Vectors ETF Trust) at April 30, 2013, the results of their operations, the changes in their net assets and the financial highlights for the periods indicated therein, in conformity with U.S. generally accepted accounting principles.


New York, New York June 19, 2013

MARKET VECTORS ETF TRUST

TAX INFORMATION

(unaudited)

The information set forth below is for each Fund’s fiscal year as required by federal laws. Shareholders, however, must report dividends on a calendar year basis for income tax purposes, which may include dividends for portions of two fiscal years of a Fund.

Accordingly, the information needed by shareholders for calendar year 2013 income tax purposes will be sent to them in early 2014. Please consult your tax advisor for proper treatment of this information.

The Fund listed below intended to pass through foreign tax credits in the maximum amounts as shown. The gross foreign source income earned during the fiscal year ended April 30, 2013 by the Fund was as shown below.

Fund		Foreign Tax Credit		Gross Foreign Source Income
Emerging Markets Local Currency		$752,034		$66,341,491

Corporate Dividends Received Deduction

The Fund listed below had the following percentage of ordinary income dividends paid that qualified for the Corporate Dividends Received Deduction in 2012.

Mortgage REIT

100

BOARD OF TRUSTEES AND OFFICERS

April 30, 2013 (unaudited)

Independent Trustees:

Name, Address¹ and Age	Position(s) Held with the Trust	Term of Office² and Length of Time Served	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex³ Overseen	Other Directorships Held By Trustee During Past Five Years

David H. Chow, 55*†	Chairman Trustee	Since 2008 Since 2006	Founder and CEO, DanCourt Management LLC (financial/strategy consulting firm and Registered Investment Adviser), March 1999 to present.	52	Director, Forward Management LLC and Audit Committee Chairman; Trustee, Berea College of Kentucky and Vice- Chairman of the Investment Committee; Member of the Governing Council of the Independent Directors Council; Secretary and Board Member of the CFA Society of Stamford.

R. Alastair Short, 59*†	Trustee	Since 2006	President, Apex Capital Corporation (personal investment vehicle), January 1988 to present; Vice Chairman, W.P. Stewart & Co., Inc. (asset management firm), September 2007 to September 2008; and Managing Director, The GlenRock Group, LLC (private equity investment firm), May 2004 to September 2007.	63	Chairman and Independent Director, EULAV Asset Management, January 2011 to present; Independent Director, Tremont offshore funds, June 2009 to present; Director, Kenyon Review.

Peter J.
Sidebottom, 50*†	Trustee	Since 2012	Partner, Bain & Company (management consulting firm), April 2012 to present; Executive Vice President and Senior Operating Committee Member, TD Ameritrade (on-line brokerage firm), February 2009 to January 2012; Executive Vice President, Wachovia Corporation (financial services firm), December 2004 to February 2009.	52	Board Member, Special Olympics, New Jersey, November 2011 to present; Director, The Charlotte Research Institute, December 2000 to present; Board Member, Social Capital Institute, University of North Carolina Charlotte, November 2004 to January 2012.

Richard D.
Stamberger, 53*†	Trustee	Since 2006	President and CEO, SmartBrief, Inc. (media company).	63	None.

¹	The address for each Trustee and officer is 335 Madison Avenue, 19th Floor, New York, New York 10017.
²	Each Trustee serves until resignation, death, retirement or removal. Officers are elected yearly by the Trustees.
³	The Fund Complex consists of the Van Eck Funds, Van Eck VIP Trust and the Trust.
^*	Member of the Audit Committee.
^†	Member of the Nominating and Corporate Governance Committee.

Interested Trustee:

Name, Address¹and Age	Position(s) Held with the Trust	Term of Office²and Length of Time Served	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex³ Overseen	Other Directorships Held By Trustee During Past Five Years

Jan F. van Eck, 49⁴	Trustee, President and Chief Executive Officer	Trustee (Since 2006); President and Chief Executive Officer (Since 2009)	Director, President and Owner of the Adviser, Van Eck Associates Corporation; Director and President, Van Eck Securities Corporation (“VESC”); Director and President, Van Eck Absolute Return Advisers Corp. (“VEARA”).	52	Director, National CDirector, National Committee on US- China Relations.

¹	The address for each Trustee and officer is 335 Madison Avenue, 19th Floor, New York, New York 10017.
²	Each Trustee serves until resignation, death, retirement or removal. Officers are elected yearly by the Trustees.
³	The Fund Complex consists of the Van Eck Funds, Van Eck VIP Trust and the Trust.
⁴	“Interested person” of the Trust within the meaning of the 1940 Act. Mr. van Eck is an officer of the Adviser.

Officer’s Name, Address¹and Age	Position(s) Held with the Trust	Term of Office²and Length of Time Served	Principal Occupation(s) During The Past Five Years

Russell G. Brennan, 48	Assistant Vice President and Assistant Treasurer	Since 2008	Assistant Vice President and Assistant Treasurer of the Adviser (since 2008); Manager (Portfolio Administration) of the Adviser, September 2005 to October 2008; Officer of other investment companies advised by the Adviser.

Charles T. Cameron, 53	Vice President	Since 2006	Director of Trading (since 1995) and Portfolio Manager (since 1997) for the Adviser; Officer of other investment companies advised by the Adviser.

Simon Chen, 41	Assistant Vice President	Since 2012	Greater China Director of the Adviser (since January 2012); General Manager, SinoMarkets Ltd. (June 2007 - December 2011).

John J. Crimmins, 55	Vice President, Treasurer, Chief Financial Officer and Principal Accounting Officer	Vice President, Chief Financial Officer and Principal Accounting Officer (Since 2012); Treasurer (Since 2009)	Vice President of Portfolio Administration of the Adviser, June 2009 to present; Vice President of VESC and VEARA, June 2009 to present; Chief Financial, Operating and Compliance Officer, Kern Capital Management LLC, September 1997 to February 2009; Officer of other investment companies advised by the Adviser.

Eduardo Escario, 37	Vice President	Since 2012	Regional Director, Business Development/Sales for Southern Europe and South America of the Adviser (since July 2008); Regional Director (Spain, Portugal, South America and Africa) of Dow Jones Indexes and STOXX Ltd. (May 2001 - July 2008).

Lars Hamich, 44	Vice President	Since 2012	Managing Director and Chief Executive Officer of Van Eck Global (Europe) GmbH (since 2009); Chief Executive Officer of Market Vectors Index Solutions GmbH (“MVIS”) (since June 2011); Managing Director of STOXX Limited (until 2008).

Wu-Kwan Kit, 31	Assistant Vice President and Assistant Secretary	Since 2011	Assistant Vice President, Associate General Counsel and Assistant Secretary of the Adviser, VESC and VEARA (since 2011); Associate, Schulte Roth & Zabel (September 2007 - 2011); University of Pennsylvania Law School (August 2004 - May 2007).

Susan C. Lashley, 58	Vice President	Since 2006	Vice President of the Adviser and VESC; Officer of other investment companies advised by the Adviser.

Laura I. Martínez, 33	Assistant Vice President and Assistant Secretary	Since 2008	Assistant Vice President, Associate General Counsel and Assistant Secretary of the Adviser, VESC and VEARA (since 2008); Associate, Davis Polk & Wardwell (October 2005 - June 2008); Officer of other investment companies advised by the Adviser.

BOARD OF TRUSTEES AND OFFICERS

(unaudited) (continued)

Officer’s Name, Address¹and Age	Position(s) Held with the Trust	Term of Office²and Length of Time Served	Principal Occupation(s) During The Past Five Years

Joseph J. McBrien, 64	Senior Vice President, Secretary, Chief Legal Officer and Chief Compliance Officer	Senior Vice President, Secretary and Chief Legal Officer (Since 2006); Chief Compliance Officer (Since 2013)	Senior Vice President, General Counsel and Secretary of the Adviser, VESC and VEARA (since December 2005); Director of VESC and VEARA (since October 2010); Officer of other investment companies advised by the Adviser.

Ferat Oeztuerk, 30	Assistant Vice President	Since 2012	Sales Associate, Van Eck Global (Europe) GmbH (since November 2011); Account Manager, Vodafone Global Enterprise Limited (January 2011 to October 2011).

Jonathan R. Simon, 38	Vice President and Assistant Secretary	Since 2006	Vice President, Associate General Counsel and Assistant Secretary of the Adviser, VESC and VEARA (since 2006); Officer of other investment companies advised by the Adviser.

Bruce J. Smith, 58	Senior Vice President	Since 2006	Senior Vice President, Chief Financial Officer, Treasurer and Controller of the Adviser, VESC and VEARA (since 1997); Director of the Adviser, VESC and VEARA (since October 2010); Officer of other investment companies advised by the Adviser.

¹	The address for each Officer is 335 Madison Avenue, 19th Floor, New York, New York 10017.
²	Officers are elected yearly by the Trustees.

MARKET VECTORS ETF TRUST

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT

(unaudited)

At a meeting held on December 4, 2012 (the “Meeting”), the Board of Trustees (the “Board”) of Market Vectors ETF Trust (the “Trust”), including all of the Trustees that are not interested persons (the “Independent Trustees”), approved an investment management agreement between the Trust and Van Eck Associates Corporation (the “Adviser”) (the “Investment Management Agreement”) and a sub-advisory agreement between the Adviser and UCM Partners, L.P. (“UCM”) (the “Sub-Advisory Agreement”) with respect to Market Vectors Non-Agency RMBS ETF (the “Fund”). The Investment Management Agreement and Sub-Advisory Agreement are collectively referred to as the “Agreements.”

The Board’s approval of each Agreement was based on a comprehensive consideration of all of the information available to the Trustees and was not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations and how the Trustees considered those factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors.

In advance of the Meeting, the Trustees received materials from the Adviser and UCM, including expense information for other funds, as discussed below. Information provided to the Trustees from the Adviser included various aspects of the Fund’s proposed investment program, fee arrangements and service provider arrangements. The Independent Trustees’ consideration of each Agreement was based, in part, on information obtained through discussions with the Adviser and UCM at the Meeting regarding the management of the Fund, information obtained at other meetings of the Trustees respecting the Adviser and/or based on their review of the materials provided by the Adviser and UCM, including the background and experience of the portfolio managers and others involved or proposed to be involved in the management and administration of the Fund. The Trustees also considered the terms of, and scope of services that the Adviser and UCM would provide under each Agreement, including the Adviser’s commitment to waive certain fees and/or pay expenses of the Fund to the extent necessary to prevent the operating expenses of the Fund from exceeding agreed upon limits for a period of at least one year following the effective date of the Fund’s registration statement. The Trustees also considered information with respect to the financial condition of the Adviser and UCM, the current status, as they understood it, of the Adviser’s and UCM’s compliance environment and the Adviser’s views of the proposed service providers.

In addition, the Trustees were given data on expense ratios of exchange-traded funds (“ETFs”) that invest in mortgage-backed securities (“MBS”). The Trustees took into account the unique nature of the Fund and considered materials showing that the Fund had greater specialization than MBS ETFs, given its focus on non-agency residential MBS, which involves greater operating costs. The Trustees also considered materials relating to the sub-advisory fees to be paid to UCM and that the Adviser would compensate UCM from its fees. The Trustees also considered whether there were any benefits, other than the fees under the Agreements, that the Adviser and UCM would receive from serving as adviser or sub-adviser to the Fund, respectively, including any the Adviser may receive from providing administrative services to the Fund and from an affiliate of the Adviser serving as distributor to the Fund. The Trustees did not consider historical information about the cost of the services provided by the Adviser and UCM or the profitability of the Fund to the Adviser and UCM because the Fund had not yet commenced operations. In addition, because the Fund had not yet commenced operations, the Trustees could not consider the historical performance or the quality of services previously provided to the Fund by the Adviser and UCM, although they concluded that the nature, quality and extent of the services to be provided by the Adviser and UCM were appropriate based on the Trustees’ knowledge of the Adviser and its personnel and the operations of the other series of the Trust and information provided with respect to UCM.

The Independent Trustees were advised by and met in executive session with their independent counsel at the Meeting as part of their consideration of the Agreements.

In voting to approve the Agreements, the Trustees, including the Independent Trustees, concluded that the terms of the Agreements are reasonable and fair in light of the services to be performed, the fees paid by other funds, expenses to be incurred and such other matters as the Trustees considered relevant in the exercise of their reasonable judgment. The Trustees also concluded that the advisory and sub-advisory fees were reasonable in light of the services to be provided. The Trustees further concluded that each Agreement is in the interest of the Fund and such Fund’s shareholders.

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by a Market Vectors ETF Trust (the “Trust”) Prospectus, which includes more complete information. An investor should consider the investment objective, risks, and charges and expenses of the Funds carefully before investing. The prospectus contains this and other information about the investment company. Please read the prospectus carefully before investing.

Additional information about the Trust’s Board of Trustees/Officers and a description of the policies and procedures the Trust uses to determine how to vote proxies relating to portfolio securities are provided in the Statement of Additional Information. The Statement of Additional Information and information regarding how the Trust voted proxies relating to portfolio securities during the most recent twelve month period ending June 30 is available, without charge, by calling 1.888.MKT.VCTR, or by visiting vaneck.com, or on the Securities and Exchange Commission’s website at http://www.sec.gov.

The Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Qs are available on the Commission’s website at http://www.sec.gov and may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1.202.942.8090. The Funds’ complete schedules of portfolio holdings are also available by calling 1.888.MKT.VCTR or by visiting vaneck.com.

Investment Adviser:
Van Eck Associates Corporation

Distributor:
Van Eck Securities Corporation
335 Madison Avenue
New York, NY 10017
vaneck.com

Account Assistance:
1.888.MKT.VCTR

INCOMEAR

Item 2. CODE OF ETHICS. (a) The Registrant has adopted a code of ethics (the "Code of Ethics") that applies to the principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. (b) No response required. (c) The Registrant has not amended its Code of Ethics during the period covered by the shareholder report presented in Item 1 hereto. (d) The Registrant has not granted a waiver or an implicit waiver from a provision of its Code of Ethics during the period covered by the shareholder report presented in Item 1 hereto. (e) Not applicable. (f) The Registrant's Code of Ethics is attached as an Exhibit hereto. Item 3. AUDIT COMMITTEE FINANCIAL EXPERT. The Registrant's Board of Trustees has determined that David H. Chow, R. Alastair Short and Richard D. Stamberger, members of the Audit and Corporate Governance Committees, are "audit committee financial experts" and "independent" as such terms are defined in the instructions to Form N-CSR Item 3(a)(2). Item 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. (a) Audit Fees Ernst & Young, as principal accountant for the Market Vectors ETF Trust, billed audit fees of $296,770 for the period ending April 30, 2013 and $196,000 for the period ending April 30, 2012 for BDC Income ETF, Emerging Markets High Yield Bond ETF, Emerging Markets Local Currency Bond ETF, Fallen Angel High Yield Bond ETF, International High Yield Bond ETF, Investment Grade Floating Rate ETF, LatAm Aggregate Bond ETF, Mortgage REIT Income ETF, Preferred Securities ex Financials ETF, Renminbi Bond ETF and Treasury-Hedged High Yield Bond ETF. (b) Audit-Related Fees Ernst & Young billed audit-related fees of $16,000 for the period ending April 30, 2013 and $0 for the period ending April 30, 2012. (c) Tax Fees Ernst & Young billed tax fees of $111,847 for the period ending April 30, 2013 and $62,196 for the period ending April 30, 2012. (d) All Other Fees None. (e) The Audit Committee will pre-approve all audit and non-audit services, to be provided to the Fund, by the independent accountants as required by Section 10A of the Securities Exchange Act of 1934. The Audit Committee has authorized the Chairman of the Audit Committee to approve, between meeting dates, appropriate non-audit services. The Audit Committee after considering all factors, including a review of independence issues, will recommend to the Board of Trustees the independent auditors to be selected to audit the financial statements of the Funds.

(f) Not applicable. (g) Not applicable. (h) Not applicable. Item 5. AUDIT COMMITTEE OF LISTED REGISTRANTS. Not applicable. Item 6. SCHEDULE OF INVESTMENTS. Information included in Item 1. Item 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable. Item 8. PORTFOLIO MANAGER OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable. Item 9. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. Not applicable. Item 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. None. Item 11. CONTROLS AND PROCEDURES. (a) The Chief Executive Officer and the Chief Financial Officer have concluded the Market Vectors ETF Trust disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material Information relating to the Market Vectors Trust is made to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report. (b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. Item 12. EXHIBITS. (a)(1) The code of ethics is attached as EX-99.CODE ETH (a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2) is attached as Exhibit 99.CERT. (b) Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is furnished as Exhibit 99.906CERT.

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant) MARKET VECTORS ETF TRUST By (Signature and Title) /s/ John J. Crimmins, Treasurer & Chief Financial Officer ---------------------------------------------------------- Date July 9, 2013 ------------ Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By (Signature and Title) /s/ Jan F. van Eck, Chief Executive Officer -------------------------------------------- Date July 9, 2013 ------------ By (Signature and Title) /s/ John J. Crimmins, Treasurer & Chief Financial Officer ----------------------------------------------------------- Date July 9, 2013 ------------