Item 1. Report to Shareholders

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

MARKET VECTORS
MUNICIPAL INCOME ETFs

TABLE OF CONTENTS

MARKET VECTORS MUNICIPAL INCOME ETFs

Dear Shareholder:

The Market Vectors suite of municipal (“muni”) bond fund ETFs has grown dramatically since the first one launched, with total assets under management (AUM) of $2.3 billion as of April 2013. We believe this growth is attributable not only to strong performance and attractive taxable equivalent yields offered by munis in general, but also specifically to the flexibility of our ETF lineup and its low cost relative to other ETFs and mutual funds.

Over the past twelve months, demand for municipal bonds has remained strong, driven by low interest rates and investors’ appetite for yield. Another driver of demand came at the beginning of 2013 when the American Taxpayer Relief Act was signed into law on the second day of the new year, increasing the top U.S. marginal tax bracket from 35% to 39.6%.¹ This effectively made munis even more attractive to the country’s highest earners.

2012 marked five years since the first municipal bond ETFs hit the marketplace. Among the first-to-market funds was our Market Vectors Intermediate Municipal Index ETF (ITM). At this milestone, we took the opportunity to engage the independent research firm, Municipal Market Advisors (MMA), to conduct a study on the products’ evolution. I believe the research shows that muni ETFs are being fully embraced and have revolutionized the way investors target tax-exempt income.

During these five years, an interesting shift emerged in how investors have chosen to hold municipals. Over a two-year period, bonds held directly by individuals declined by 10.4% while municipal mutual funds and ETFs assets increased by 19.5% and 61.8%, respectively. The substantial growth of ETF assets in a relatively short period of time is particularly stark. The graph below shows a comparison of the first 23 quarters of muni ETFs’ existence versus that of muni mutual funds’ existence. While ETF assets grew to $12B during that time period, mutual fund assets only grew to $5B in their initial 23 quarter period.

Source: MMA

A couple of key factors stood out behind the sustained growth of muni ETFs:

You can download a copy of this study by visiting: http://www.vaneck.com/muni-whitepaper

MARKET VECTORS MUNICIPAL INCOME ETFs

Market Vectors is proud to be in the forefront of this high-growth investment segment, which has now become a viable alternative to tax-exempt mutual funds for many advisors and investors. On the following pages, you will find the performance record of each of the funds for the annual 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 14, 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

This was an eventful period for the municipal market and investors during which: 1) U.S. income tax rates increased on high-income taxpayers; 2) the fiscal condition of state governments continued to show modest improvements; and 3) headlines focused on a few high-profile municipalities involved in defaults or downgrades.

Municipal investors have continued to reap steady returns and enjoy relatively stable yields. For the twelve month period ending April 30, 2013, the Barclays Municipal Bond Index⁴ returned 5.19%. The long end of the muni yield curve was even more rewarding, with the 20 year (17-22) component of the Barclay’s Municipal Bond Index⁵ returning 6.87%. High-yield (non-investment grade) bonds led 2012 full-year performance for the muni market, returning 12.82% on a total return basis, according to Barclays.⁶

During this period, muni market trends moved through four phases driven by shifting investor sentiment and supply/demand characteristics.

In the bigger picture, it has now been almost five years since the 2008 financial crisis, and municipals have been strong performers relative to other asset classes over this period. On a taxable equivalent return basis, Barclays reported that municipals returned 9.10% annually over the five-year period ending April 30, 2013. This was better than all equity asset classes measured and trailed only U.S. high yield bonds (11.11%). High yield municipals provided a taxable equivalent return that outperformed all other asset classes, period. (See graph below.)¹¹

Annualized Returns for the Five-Year Period Ending April 30, 2013

Source: Bloomberg, Barclays Research

MARKET VECTORS MUNICIPAL INCOME ETFs

High-Yield (HY) Municipals

High-yield (HY) municipal investments came into their own as a significant asset class in 2012 based on strong performance and competitive yields, which drove demand. The spread between HY munis and investment-grade munis narrowed over the course of the year. As shown in the graph below, the spread stood at 325 basis points on April 30, 2013, near its lowest point since the financial crisis of 2008.¹²

Source: Barclays Municipal Credit Research

According to Barclays, the best performing sectors of the HY muni universe in 2012 were industrial development revenue/pollution control revenue (IDR/PCR) at 24.7%, education at 15.0%, and housing at 14.7%. The worst performing sector for the year was resource recovery at 6.9%. In the first four months of 2013, the strongest performing sector was water & sewer at 2.6% and the worst was electric at 0.05%. For 2012 and the first four months of 2013, performance for all sectors of the HY universe tracked by Barclays were positive.¹³

Performance in Market Vectors HYD was driven by the spread contraction between high yield and investment grade municipal bonds. The spread between the Barclays High Yield Municipal Index to the Barclays Investment Grade Municipal Index narrowed from 365 bps to 325 bps over this annual period. Several sectors such as tobacco, where our portfolio had higher exposure as a result of index concentration, posted double digit returns during that one-year period.

Municipals by Maturity

For the twelve month period ending April 30, 2013, investors were rewarded for their exposure to longer muni maturities. However, over the last three months of this period, the best returns were in the seven to ten year maturity range, according to Barclays. As of April 15, 2013, the most attractive muni yield ratios to Treasuries were in short-term issues, as shown in the table below.¹⁴

Munis Attractive at Ratios ≥ 100% of U.S. Treasuries

Source: Bloomberg as of 4/15/13. Ratio of U.S. Treasury yields to AAA municipal yields.

Investment grade municipal bonds held by Market Vectors MLN, ITM, SMB and PRB benefitted during this period from falling rates. This was evident across the yield curve. For example, from April 30, 2012 to April 30, 2013, 5-year muni bond yields were down 26 bps and 30-year muni bond yields down 41 bps. Also, there was significant compression of yields in muni bonds with maturities between 10-15 years. Spreads narrowed from 64 bps to 56 bps year over year, which contributed to performance returns specifically in the intermediate muni bonds held by ITM.

Summary

The municipal market has shown resiliency in bouncing back from the financial crisis of 2008, and we can now see clear trends in favor of advisor-supported strategies and managed funds. We believe these will be healthy for maintaining investment demand and market stability. Although the municipal market has had somewhat muted performance since the start of 2012, we believe investors who remain committed to municipal bonds may stand to benefit from historical low volatility, low correlation and taxable equivalent yields offered by the asset class.

To stay up-to-date on trends in the muni market, subscribe to Muni Nation, our weekly blog written by portfolio manager and senior municipal strategist Jim Colby, by calling 888.MKT.VCTR.

*  *  *  *  *  *

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.

CEF MUNICIPAL INCOME ETF (XMPT)

PERFORMANCE COMPARISON

April 30, 2013 (unaudited)

Hypothetical Growth of $10,000 (Since Inception)

Commencement date for the Market Vectors CEF Municipal Income ETF was 7/12/11.

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 1.03% / Net Expense Ratio 0.40%

Van Eck Associates Corporation (the “Adviser”) has agreed to waive fees and/or pay Fund expenses to the extentnecessary to prevent the operating expenses of the Fund (excluding interest expense, offering costs, trading expenses,taxes, extraordinary expenses and Acquired Fund Fees and 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 theFund’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.

S-Network Municipal Bond Closed-End Fund Index^SM is calculated and maintained by S-Network Global Indexes, LLC. S-Network does not sponsor, endorse, or promote the Fund and bears no liability with respect to the Fund or any security.

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.

FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS
(unaudited)

CEF Municipal Income ETF (XMPT)
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 XMPT 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.

HIGH-YIELD MUNICIPAL INDEX ETF (HYD)

PERFORMANCE COMPARISON

April 30, 2013 (unaudited)

Hypothetical Growth of $10,000 (Since Inception)

Commencement date for the Market Vectors High-Yield Municipal Index ETF was 2/4/09.

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.

Annual Fund Operating Expenses 0.35%

The Investment Management Agreement between Market Vectors ETF Trust and Van Eck Associates Corporation (the “Adviser”) provides that the Adviser will pay all expenses of the Fund, except for the fee payment under the Investment Management Agreement, interest expense, offering costs, trading expenses, taxes and extraordinary expenses.

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.

Barclays Inc. does not sponsor, endorse, or promote the Fund and bears no liability with respect to any such Funds or security.

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.

FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS

(unaudited)

High-Yield Municipal Index ETF (HYD)
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 HYD 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.

INTERMEDIATE MUNICIPAL INDEX ETF (ITM)

PERFORMANCE COMPARISON

April 30, 2013 (unaudited)

Hypothetical Growth of $10,000 (Since Inception)

Commencement date for the Market Vectors Intermediate Municipal Index ETF was 12/4/07.

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.

Annual Fund Operating Expenses 0.24%

The Investment Management Agreement between Market Vectors ETF Trust and Van Eck Associates Corporation (the“Adviser”) provides that the Adviser will pay all expenses of the Fund, except for the fee payment under the Investment Management Agreement, interest expense, offering costs, trading expenses, taxes and extraordinary expenses.

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.

Barclays Inc. does not sponsor, endorse, or promote the Fund and bears no liability with respect to any such Fund or security.

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.

FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS

(unaudited)

Intermediate Municipal Index ETF (ITM)
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 ITM 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.

LONG MUNICIPAL INDEX ETF (MLN)

PERFORMANCE COMPARISON

April 30, 2013 (unaudited)

Hypothetical Growth of $10,000 (Since Inception)

Commencement date for the Market Vectors Long Municipal Index ETF was 1/2/08.

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.

Annual Fund Operating Expenses 0.24%

The Investment Management Agreement between Market Vectors ETF Trust and Van Eck Associates Corporation (the“Adviser”) provides that the Adviser will pay all expenses of the Fund, except for the fee payment under the Investment Management Agreement, interest expense, offering costs, trading expenses, taxes and extraordinary expenses.

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.

Barclays Inc. does not sponsor, endorse, or promote the Fund and bears no liability with respect to any such Fund or security.

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.

FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS

(unaudited)

Long Municipal Index ETF (MLN)
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 MLN 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.

PRE-REFUNDED MUNICIPAL INDEX ETF (PRB)

PERFORMANCE COMPARISON

April 30, 2013 (unaudited)

Hypothetical Growth of $10,000 (Since Inception)

Commencement date for the Market Vectors Pre-Refunded Municipal Index ETF was 2/2/09.

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.

Annual Fund Operating Expenses 0.24%

The Investment Management Agreement between Market Vectors ETF Trust and Van Eck Associates Corporation (the“Adviser”) provides that the Adviser will pay all expenses of the Fund, except for the fee payment under the Investment Management Agreement, interest expense, offering costs, trading expenses, taxes and extraordinary expenses.

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.

Barclays Inc. does not sponsor, endorse, or promote the Fund and bears no liability with respect to any such Fund or security.

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.

FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS

(unaudited)

Pre-Refunded Municipal Index ETF (PRB)
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 PRB 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.

SHORT MUNICIPAL INDEX ETF (SMB)

PERFORMANCE COMPARISON

April 30, 2013 (unaudited)

Hypothetical Growth of $10,000 (Since Inception)

Commencement date for the Market Vectors Short Municipal Index ETF was 2/22/08.

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.

Annual Fund Operating Expenses 0.20%

The Investment Management Agreement between Market Vectors ETF Trust and Van Eck Associates Corporation (the “Adviser”) provides that the Adviser will pay all expenses of the Fund, except for the fee payment under the Investment Management Agreement, interest expense, offering costs, trading expenses, taxes and extraordinary expenses.

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.

Barclays Inc. does not sponsor, endorse, or promote the Fund and bears no liability with respect to any such Fund or security.

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.

FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS

(unaudited)

Short Municipal Index ETF (SMB)
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 SMB 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.

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.

CEF MUNICIPAL INCOME ETF

SCHEDULE OF INVESTMENTS

April 30, 2013

See Notes to Financial Statements

CEF MUNICIPAL INCOME ETF

SCHEDULE OF INVESTMENTS

(continued)

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

See Notes to Financial Statements

HIGH-YIELD MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

April 30, 2013

See Notes to Financial Statements

HIGH-YIELD MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

(continued)

See Notes to Financial Statements

See Notes to Financial Statements

HIGH-YIELD MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

(continued)