----

FORM N-Q 

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| 99 Park Avenue -      8th Floor, New York, N.Y. |   |  10016     |
|-------------------------------------------------|--------|-----------------|
| (Address      of principal executive offices)   |   | (Zip      Code) |
|                                            |   |            |

----

|  Date      of fiscal year end:  |        April      30      |
|--------------------------------------|--------------------------------|
|  Date      of reporting period: |        July      31, 2008 |

|  ITEM      1. Schedule of Investments. |
|---------------------------------------------|

| Market      Vectors–Lehman Brothers AMT-Free Intermediate Municipal      ETF |
|------------------------------------------------------------------------------------|
| Schedule      of Investments                                   |
| July 31, 2008      (unaudited)                                      |

| Par      Value                           |   |                                                                                                            |    | Value                                                    |
|------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------|---------|----------------------------------------------------------|
| MUNICIPAL      BONDS: 98.6%              |   |                                                                                                            |    |
| Arizona:      2.5%                       |   |                                                                                                            |    |                                                     |
| $250,000                                 |   | Arizona      State Transportation Board, Series A (RB)                                                          |    |
|                                     |   |   5.00%,      7/1/20                                                                                  |    |  $       261,285 |
| 250,000                                  |   | Phoenix,      Arizona, Civic Improvement Corp. (RB) (MBIA)                                                      |    |
|                                     |   |   5.00%,      7/1/22                                                                                  |    | 258,152                                                  |
|                                     |   |                                                                                                            |    | 519,437                                                  |
|                                     |   |                                                                                                            |    |                                                     |
| California:      15.1%                   |   |                                                                                                            |    |                                                     |
| 1,000,000                                |   | Bay      Area Infrastructure (RB) (XLCA)                                                                        |    |                                                     |
|                                     |   |   5.00%,      8/1/17                                                                                  |    | 1,029,320                                                |
| 250,000                                  |   | California      State (GO)                                                                                      |    |                                                     |
|                                     |   |   5.00%,      11/1/15                                                                                 |    | 267,835                                                  |
| 250,000                                  |   | California      State (GO) (FSA)                                                                                |    |                                                     |
|                                     |   |   5.00%,      6/1/23                                                                                  |    | 259,187                                                  |
| 1,000,000                                |   | California      State Public Works Board, Series K (RB)                                                         |    |
|                                     |   |   5.00%,      11/1/24                                                                                 |    | 999,920                                                  |
| 250,000                                  |   | Los      Angeles Department of Water & Power, Series A-1 (RB)      (AMBAC)                                  |    |
|                                     |   |   5.00%,      7/1/20                                                                                  |    | 263,583                                                  |
| 250,000                                  |   | Los      Angeles Unified School District, Series B (GO) (FGIC)                                                  |    |
|                                     |   |   4.75%,      7/1/20                                                                                  |    | 253,943                                                  |
|                                     |   |                                                                                                            |    | 3,073,788                                                |
|                                     |   |                                                                                                            |    |                                                     |
| Colorado:      2.7%                      |   |                                                                                                            |    |                                                     |
| 250,000                                  |   | Arapahoe      County School District No. 6, Littleton (GO) (FGIC)                                               |    |
|                                     |   |   5.25%,      12/1/16                                                                                 |    | 268,120                                                  |
| 250,000                                  |   | Denver      City & County, Colorado, Series A (RB) (FSA)                                                    |    |
|                                     |   |   5.00%,      9/1/15                                                                                  |    | 272,000                                                  |
|                                     |   |                                                                                                            |    | 540,120                                                  |
|                                     |   |                                                                                                            |    |                                                     |
| Connecticut:      7.9%                   |   |                                                                                                            |    |                                                     |
| 250,000                                  |   | Bridgeport,      Connecticut Crossover, Series C (GO) (MBIA)                                                    |    |
|                                     |   |   5.50%,      8/15/19                                                                                 |    | 270,187                                                  |
| 250,000                                  |   | Connecticut      State, Series B (GO)                                                                           |    |                                                     |
|                                     |   |   5.00%,      5/1/15                                                                                  |    | 272,640                                                  |
| 1,000,000                                |   | Connecticut      State, Series E (GO)                                                                           |    |                                                     |
|                                     |   |   5.00%,      12/15/20                                                                                |    | 1,063,120                                                |
|                                     |   |                                                                                                            |    | 1,605,947                                                |
|                                     |   |                                                                                                            |    |                                                     |
| Florida:      1.3%                       |   |                                                                                                            |    |                                                     |
| 250,000                                  |   | Florida      State Board of Education, Capital Outlay 2006, Series A    (GO)                                    |    |
|                                     |   |   5.00%,      6/1/15                                                                                  |    | 271,465                                                  |
|                                     |   |                                                                                                            |    |                                                     |
| Georgia:      1.3%                       |   |                                                                                                            |    |                                                     |
| 250,000                                  |   | Douglas      County School District, Georgia (GO) (FSA)                                                         |    |
|                                     |   |   5.00%,      4/1/23                                                                                  |    | 261,235                                                  |
|                                     |   |                                                                                                            |    |                                                     |
| Illinois:      1.3%                      |   |                                                                                                            |    |                                                     |
| 250,000                                  |   | Chicago      O'Hare International Airport, 3rd Lien, Series B (RB)    (MBIA)                                    |    |
|                                     |   |   5.25%,      1/1/16                                                                                  |    | 266,058                                                  |
|                                     |   |                                                                                                            |    |                                                     |
| Indiana:      4.9%                       |   |                                                                                                            |    |                                                     |
| 750,000                                  |   | Indiana      Finance Authority Highway Revenue, Series A (RB) (FGIC)                                            |    |
|                                     |   |   4.50%,      12/1/23                                                                                 |    | 724,950                                                  |
| 250,000                                  |   | Indiana      Transportation Finance Authority, Series A (RB) (FGIC)                                             |    |
|                                     |   |   5.25%,      6/1/29                                                                                  |    | 274,925                                                  |
|                                     |   |                                                                                                            |    | 999,875                                                  |
|                                     |   |                                                                                                            |    |                                                     |
| Kentucky:      1.3%                      |   |                                                                                                            |    |                                                     |
| 250,000                                  |   | Kentucky      State Property & Buildings Commission (RB) (MBIA)                                             |    |
|                                     |   |   5.00%,      8/1/18                                                                                  |    | 267,442                                                  |
|                                     |   |                                                                                                            |    |                                                     |
| Louisiana:      1.3%                     |   |                                                                                                            |    |                                                     |
| 250,000                                  |   | State      of Louisiana, Series B (GO) (CIFG)                                                                   |    |                                                     |
|                                     |   |   5.00%,      7/15/17                                                                                 |    | 265,643                                                  |
|                                     |   |                                                                                                            |    |                                                     |
| Massachusettes:      7.5%                |   |                                                                                                            |    |                                                     |
| 1,000,000                                |   | Massachusetts      State Health & Educational Facilities Authority, Lahey Clinic, Series      C (RB) (FGIC) |    |
|                                     |   |   5.00%,      7/15/17                                                                                 |    | 977,270                                                  |
| 250,000                                  |   | Massachusetts      State Special Obligation (RB) (FGIC)                                                         |    |
|                                     |   |   5.25%,      1/1/27                                                                                  |    | 269,453                                                  |
| 250,000                                  |   | Massachusetts      State Water Pollution Abatement, Series A (RB)                                               |    |
|                                     |   |   5.25%,      8/1/15                                                                                  |    | 276,100                                                  |
|                                     |   |                                                                                                            |    | 1,522,823                                                |
|                                     |   |                                                                                                            |    |                                                     |
| Michigan:      4.0%                      |   |                                                                                                            |    |                                                     |
| 250,000                                  |   | Detroit      City School District, Series A (GO) (FSA)                                                          |    |
|                                     |   |   5.00%,      5/1/23                                                                                  |    | 255,575                                                  |
| 250,000                                  |   | Michigan      Municipal Bond Authority (RB)                                                                     |    |                                                     |
|                                     |   |   5.00%,      10/1/15                                                                                 |    | 273,213                                                  |
| 250,000                                  |   | Michigan      State Building Authority, Series 1A (RB) (FGIC)                                                   |    |
|                                     |   |   4.52%,      10/15/18 (A)                                                                            |    | 145,245                                                  |
| 250,000                                  |   | Michigan      State Building Authority, Series 1A (RB) (FGIC)                                                   |    |
|                                     |   |   4.61%,      10/15/19 (A)                                                                            |    | 135,465                                                  |
|                                     |   |                                                                                                            |    | 809,498                                                  |
|                                     |   |                                                                                                            |    |                                                     |
| Missouri:      2.4%                      |   |                                                                                                            |    |                                                     |
| 500,000                                  |   | Missouri      Joint Municipal Electric Utility Commission (RB) (MBIA)                                           |    |
|                                     |   |   5.00%,      1/1/24                                                                                  |    | 488,945                                                  |
|                                     |   |                                                                                                            |    |                                                     |
| Nebraska:      5.3%                      |   |                                                                                                            |    |                                                     |
| 1,000,000                                |   | University      of Nebraska Facilities Corp., Deferred Maintenance (RB)      (AMBAC)                            |    |
|                                     |   |  5.00%,      7/15/17                                                                                       |    | 1,081,600                                                |
|                                     |   |                                                                                                            |    |                                                     |
| Nevada:      1.3%                        |   |                                                                                                            |    |                                                     |
| 250,000                                  |   | Clark      County School District, Series B (GO)                                                                |    |                                                     |
|                                     |   |   5.00%,      6/15/24                                                                                 |    | 256,185                                                  |
|                                     |   |                                                                                                            |    |                                                     |
| New      Jersey: 2.3%                    |   |                                                                                                            |    |                                                     |
| 200,000                                  |   | New      Jersey State Educational  Facilities Authority, Princeton University,      Series D (RB)          |    |
|                                     |   |   5.25%,      7/1/15                                                                                  |    | 221,946                                                  |
| 250,000                                  |   | New      Jersey Transportation Trust Fund Authority, Series A (RB)      (FSA)                                   |    |
|                                     |   |   4.25%,      12/15/22                                                                                |    | 246,550                                                  |
|                                     |   |                                                                                                            |    | 468,496                                                  |
|                                     |   |                                                                                                            |    |                                                     |
| New      Mexico: 1.3%                    |   |                                                                                                            |    |                                                     |
| 250,000                                  |   | New      Mexico Finance Authority, Series A (RB) (MBIA)                                                         |    |
|                                     |   |   5.25%,      6/15/19                                                                                 |    | 266,038                                                  |
|                                     |   |                                                                                                            |    |                                                     |
| New      York: 16.1%                     |   |                                                                                                            |    |                                                     |
| 250,000                                  |   | City      of New York, Series C (GO)                                                                            |    |                                                     |
|                                     |   |   5.00%,      8/1/24                                                                                  |    | 254,870                                                  |
| 250,000                                  |   | City      of New York, Series D-1 (GO)                                                                          |    |                                                     |
|                                     |   |   5.125%,      12/1/22                                                                                |    | 261,775                                                  |
| 1,000,000                                |   | City      of New York, Sub Series L-1 (GO)                                                                      |    |                                                     |
|                                     |   |   5.00%,      4/1/23                                                                                  |    | 1,030,060                                                |
| 400,000                                  |   | Long      Island Power Authority, Series A (RB) (FGIC)                                                          |    |
|                                     |   |   5.00%,      12/1/23                                                                                 |    | 406,184                                                  |
| 1,000,000                                |   | New      York City Transitional Finance, Series S-1 (RB) (FGIC)                                                 |    |
|                                     |   |   5.00%,      7/15/19                                                                                 |    | 1,055,630                                                |
| 250,000                                  |   | New      York State Thruway Authority, Series B (RB) (AMBAC)                                                    |    |
|                                     |   |   5.00%,      4/1/18                                                                                  |    | 266,372                                                  |
|                                     |   |                                                                                                            |    | 3,274,891                                                |
|                                     |   |                                                                                                            |    |                                                     |
| North      Carolina: 1.3%                |   |                                                                                                            |    |                                                     |
| 250,000                                  |   | North      Carolina State Highway (GO)                                                                          |    |                                                     |
|                                     |   |   5.00%,      5/1/14                                                                                  |    | 272,863                                                  |
|                                     |   |                                                                                                            |    |                                                     |
| Puerto      Rico: 6.4%                   |   |                                                                                                            |    |                                                     |
| 1,000,000                                |   | Puerto      Rico Commonwealth, Series A (RB) (AGO)                                                              |    |
|                                     |   |   5.00%,      7/1/15                                                                                  |    | 1,046,880                                                |
| 250,000                                  |   | Puerto      Rico Municipal Finance Agency, Series A (GO) (FSA)                                                  |    |
|                                     |   |   5.00%,      8/1/22                                                                                  |    | 252,790                                                  |
|                                     |   |                                                                                                            |    | 1,299,670                                                |
|                                     |   |                                                                                                            |    |                                                     |
| Texas:      7.2%                         |   |                                                                                                            |    |                                                     |
| 1,000,000                                |   | Dallas,      Texas Waterworks & Sewer System (RB) (AMBAC)                                                   |    |
|                                     |   |   5.00%,      10/1/14                                                                                 |    | 1,081,220                                                |
| 250,000                                  |   | Leander      Independent School District (GO) (PSF-GTD)                                                         |    |
|                                     |   |   4.85%,      8/15/23 (A)                                                                             |    | 114,070                                                  |
| 250,000                                  |   | University      of Texas, Series A (RB)                                                                         |    |                                                     |
|                                     |   |   5.25%,      8/15/18                                                                                 |    | 276,910                                                  |
|                                     |   |                                                                                                            |    | 1,472,200                                                |
|                                     |   |                                                                                                            |    |                                                     |
| Washington:      2.6%                    |   |                                                                                                            |    |                                                     |
| 250,000                                  |   | King      County School District No. 411, Issaquah (GO) (FSA) (SBG)                                             |    |
|                                     |   |   5.00%      12/1/19                                                                                  |    | 266,502                                                  |
| 250,000                                  |   | Port      Tacoma, Washington, Series A (RB) (AMBAC)                                                             |    |
|                                     |   |   5.25%,      12/1/21                                                                                 |    | 263,152                                                  |
|                                     |   |                                                                                                            |    | 529,654                                                  |
|                                     |   |                                                                                                            |    |                                                     |
| Wisconsin:      1.3%                     |   |                                                                                                            |    |                                                     |
| 250,000                                  |   | State      of Wisconsin, Series 2 (MBIA) (GO)                                                                   |    |                                                     |
|                                     |   |   5.00%,      5/1/14                                                                                  |    | 270,682                                                  |
| Total      Municipal Bonds               |   |                                                                                                            |    |
| (Cost:      $20,536,898)                 |   |                                                                                                            |    | 20,084,555                                               |
|                                     |   |                                                                                                            |    |                                                     |
| Number                                   |   |                                                                                                            |    |                                                     |
| of      Shares                           |   |                                                                                                            |    |                                                     |
| MONEY      MARKET FUND: 0.4%             |   |                                                                                                            |    |
| (Cost:      $79,864)                     |   |                                                                                                            |    |                                                     |
| 79,864                                   |   | Dreyfus      Tax Exempt Cash Management Fund - Class B Shares                                                   | 79,864  |
|                                     |   |                                                                                                            |    |                                                     |
| Total      Investments: 99.0%            |   |                                                                                                            |    |                                                     |
| (Cost:      $20,616,762)                 |   |                                                                                                            |    | 20,164,419                                               |
| Other      assets less liabilities: 1.0% |   |                                                                                                            | 211,321 |
| NET      ASSETS: 100.0%                  |   |                                                                                                            |    | $20,375,740                                              |
|                                     |   |                                                                                                            |    |                                                     |

|                                                                                                            |        |   | %      of         |                                                            |        |
|-----------------------------------------------------------------------------------------------------------------|-------------|--------|-------------------|-----------------------------------------------------------------|-------------|
| Summary of Investments By      Sector                                                                           | Investments |   | Value        |
| Education                                                                                                       |        |   |        28.2% |                                                            | $5,689,556  |
| Lease                                                                                                           |        |   | 2.7               |                                                            | 548,152     |
| Leisure      Facilities                                                                                         |        |   | 5.0               |                                                            | 999,920     |
| Local      General Obligation                                                                                   |        |   | 19.9         |                                                            | 4,016,777   |
| Power      Plant                                                                                                |        |   | 5.7               |                                                            | 1,158,712   |
| Special      Tax                                                                                                |        |   | 2.7               |                                                            | 541,453     |
| State      General Obligation                                                                                   |        |   | 13.3    |                                                            | 2,671,970   |
| Transportation                                                                                                  |        |   | 12.7         |                                                            | 2,569,330   |
| Waste      and Water Sewage                                                                                     |        |   | 9.4               |                                                            | 1,888,685   |
| Money      Market Fund                                                                                          |        |   | 0.4               |                                                            | 79,864      |
|                                                                                                            |        |   | 100.0%            |                                                            | $20,164,419 |
|                                                                                                            |        |   |              |                                                            |        |
|                                                                                                            |        |   |              |                                                            |        |
| The      aggregate cost of investments owned for Federal income tax purposes is      $20,616,762 and unrealized |        |   |
| appreciation      (depreciation) on such investments is:                                                        |        |   |              |
|                                                                                                            |        |   |              |                                                            |        |
| Gross      Unrealized Appreciation                                                                              |        |   |              |  $2,128                                               |
| Gross      Unrealized Depreciation                                                                              |        |   |              |          (454,471) |
| Net      Unrealized Depreciation                                                                                |        |   |              |                                                            | $(452,343)  |
|                                                                                                            |        |   |              |                                                            |        |
|                                                                                                            |        |   |              |                                                            |        |
| (A)    Zero      Coupon Bond - the rate shown is the effective yield at purchase      date  |        |   |
| AGO      - Assured Guaranty Ltd.                                                                                |        |   |              |                                                            |
| AMBAC      - American Municipal Bond Assurance Corporation                                                      |        |   |              |
| CIFG      - CDC IXIS Financial Guaranty                                                                         |        |   |              |
| CXCLA      - Syncora Guarantee Inc.                                                                             |        |   |              |                                                            |
| FGIC      - Federal Guaranty Insurance Corporation                                                              |        |   |              |
| FSA      - Federal Security Assurance                                                                           |        |   |              |
| GO      - General Obligation                                                                                    |        |   |              |                                                            |        |
| MBIA      - Municipal Bond Insurance Association                                                                |        |   |              |
| PSF-GTD  -  Public      School Fund - Guaranteed                                            |        |   |              |
| RB      - Revenue Bond                                                                                          |        |   |              |                                                            |        |
| SBG      - School Board Guaranteed                                                                              |        |   |              |                                                            |

----

|                                                                  |   |   |   |   |
|-----------------------------------------------------------------------|--------|--------|--------|--------|
| Market      Vectors–Lehman Brothers AMT-Free Long Municipal ETF |
| Schedule      of Investments                                          |
| July      31, 2008 (unaudited)                                        |

| Par      Amount                          |   |                                                                                                                 |       | Value     |
|------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------|------------|-----------|
| MUNICIPAL      BONDS: 98.3%              |   |                                                                                                                 |
| Arizona:      1.9%                       |   |                                                                                                                 |       |      |
| $250,000                                 |   | Mesa,      Arizona Utility System, Second Series (RB) (FGIC)                                                         |       |
|                                     |   |   4.50%,      7/1/28                                                                                       |       | $235,417  |
| 250,000                                  |   | Salt      Verde Financial Corp. (RB)                                                                                 |       |      |
|                                     |   |   5.00%,      12/1/32                                                                                      |       | 213,680   |
|                                     |   |                                                                                                                 |       | 449,097   |
|                                     |   |                                                                                                                 |       |      |
| Arkansas:      1.0%                      |   |                                                                                                                 |       |      |
| 250,000                                  |   | Arkansas      State Higher Education, Series B (GO)                                                                  |       |
|                                     |   |   4.50%,      6/1/27                                                                                       |       | 241,962   |
|                                     |   |                                                                                                                 |       |      |
| California:      31.4%                   |   |                                                                                                                 |       |
| 1,000,000                                |   | Anaheim,      California Public Financing Authority, Electricity Distribution Facilities      (RB)(MBIA)             |
|                                     |   |   4.50%,      10/1/32                                                                                      |       | 921,990   |
| 1,000,000                                |   | Anaheim,      California Public  Financing Authority, Lease Revenue, Project      A-1 (RB) (FGIC)          |
|                                     |   |   5.00%,      9/1/34                                                                                       |       | 941,690   |
| 500,000                                  |   | California      Health Facilities Financing Authority (RB)                                                           |       |
|                                     |   |   5.00%,      4/1/37                                                                                       |       | 460,520   |
| 250,000                                  |   | California      State (GO)                                                                                           |       |      |
|                                     |   |   4.875%,      12/1/33                                                                                     |       | 239,975   |
| 250,000                                  |   | California      State Public Works Board (RB)                                                                        |       |      |
|                                     |   |   5.00%,      11/1/29                                                                                      |       | 251,045   |
| 1,000,000                                |   | California      Statewide Community Development Authority, Childrens Hospital, L.A.      (RB)                        |
|                                     |   |   5.00%,      8/15/47                                                                                      |       | 808,330   |
| 500,000                                  |   | California      Statewide Community Development Authority, Health Facilities      (RB)                               |
|                                     |   |   5.00%,3/1/30                                                                                             |       | 453,095   |
| 1,000,000                                |   | Desert,      California Community College District Election 2004, Series C (GO)      (FSA)                           |
|                                     |   |   5.00%,      8/1/37                                                                                       |       | 1,003,590 |
| 250,000                                  |   | Golden      State Tobacco Securitization Corp., Series A-1 (RB)                                                      |       |
|                                     |   |   5.00%,      6/1/33                                                                                       |       | 195,043   |
| 250,000                                  |   | Golden      State Tobacco Securitization Corp., Series A-1 (RB)                                                      |       |
|                                     |   |   5.125%,      6/1/47                                                                                      |       | 181,638   |
| 250,000                                  |   | Los      Angeles, California Unified School District, Series B (GO)      (AMBAC)                                     |
|                                     |   |   4.50%,      7/1/31                                                                                       |       | 225,965   |
| 500,000                                  |   | Oakland,      California Unified School District, Alameda County 2000 (GO)      (MBIA)                               |
|                                     |   |   5.00%,      8/1/26                                                                                       |       | 469,225   |
| 1,000,000                                |   | San      Franscisco, California City & County Unified School District, Series A      (GO) (FSA)                  |
|                                     |   |   3.00%,      6/15/27                                                                                      |       | 725,900   |
| 250,000                                  |   | Santa      Clara Valley, California Transportation Authority, Series A (RB)      (AMBAC)                             |
|                                     |   |   5.00%,      4/1/36                                                                                       |       | 248,500   |
| 250,000                                  |   | Stockton,      California Public Financing Authority, Series A (RB) (R)                                              |       |
|                                     |   |   5.25%,      9/1/31                                                                                       |       | 232,800   |
|                                     |   |                                                                                                                 |       | 7,359,306 |
|                                     |   |                                                                                                                 |       |      |
| Connecticut:      1.0%                   |   |                                                                                                                 |       |
| 250,000                                  |   | Connecticut      State Health & Educational Facility Authority, Quinnipiac University,      Series I (RB) (MBIA) |
|                                     |   |   4.375%,      7/1/28                                                                                      |       | 226,478   |
|                                     |   |                                                                                                                 |       |      |
| Florida:      9.3%                       |   |                                                                                                                 |       |      |
| 250,000                                  |   | Florida      State Board of Education, Series J (GO)                                                                 |       |
|                                     |   |   5.00%,      6/1/33                                                                                       |       | 251,613   |
| 1,000,000                                |   | Miami-Dade      County, Florida Expressway Authority (RB) (AMBAC)                                                    |       |
|                                     |   |   5.00%,      7/1/31                                                                                       |       | 965,570   |
| 250,000                                  |   | University      of North Florida Financing Corp. (RB) (FGIC)                                                         |       |
|                                     |   |   5.00%,      11/1/32                                                                                      |       | 244,482   |
| 750,000                                  |   | Volusia      County, Florida Educational Facitlity Authority (RB) (R)                                                |       |
|                                     |   |   5.00%,      10/15/25                                                                                     |       | 715,965   |
|                                     |   |                                                                                                                 |       | 2,177,630 |
|                                     |   |                                                                                                                 |       |      |
| Georgia:      2.1%                       |   |                                                                                                                 |       |      |
| 500,000                                  |   | Atlanta,      Georgia Water & Wastewater System (RB) (FSA)                                                       |       |
|                                     |   |   5.00%,      11/1/43                                                                                      |       | 493,430   |
|                                     |   |                                                                                                                 |       |      |
| Illinois:      1.1%                      |   |                                                                                                                 |       |      |
| 250,000                                  |   | Illinois      Finance Authority, Series A (RB)                                                                       |       |      |
|                                     |   |   5.00%,      7/1/34                                                                                       |       | 251,513   |
|                                     |   |                                                                                                                 |       |      |
| Indiana:      1.1%                       |   |                                                                                                                 |       |      |
| 250,000                                  |   | Carmel      Industrial Redevelopment Authority (RB)                                                                  |       |
|                                     |   |   5.00%,      2/1/29                                                                                       |       | 251,083   |
|                                     |   |                                                                                                                 |       |      |
| Louisiana:      3.2%                     |   |                                                                                                                 |       |      |
| 250,000                                  |   | Louisiana      Public Facilities Authority, 19th Judicial District Court (RB)      (FGIC)                            |
|                                     |   |   5.375%,      6/1/32                                                                                      |       | 248,485   |
| 500,000                                  |   | Louisiana      State, Series B (GO) (CIFG)                                                                           |       |      |
|                                     |   |   5.00%,      7/15/25                                                                                      |       | 506,195   |
|                                     |   |                                                                                                                 |       | 754,680   |
|                                     |   |                                                                                                                 |       |      |
| Massachusetts:      2.1%                 |   |                                                                                                                 |
| 500,000                                  |   | Massachusetts      State College Building Authority, Series A (RB) (AMBAC)                                           |
|                                     |   |   5.00%,      5/1/41                                                                                       |       | 492,825   |
|                                     |   |                                                                                                                 |       |      |
| Michigan:      0.3%                      |   |                                                                                                                 |       |      |
| 250,000                                  |   | Michigan      State Building Authority (RB) FGIC)                                                                    |       |
|                                     |   |  5.15%,      10/15/28 (A)                                                                                       |       | 74,150    |
|                                     |   |                                                                                                                 |       |      |
| Nebraska:      2.1%                      |   |                                                                                                                 |       |      |
| 250,000                                  |   | Nebraska      Public Power District, Series C (RB) (FGIC)                                                            |       |
|                                     |   |   5.00%,      1/1/41                                                                                       |       | 243,723   |
| 250,000                                  |   | Omaha      Convention Hotel Corp. (RB) (AMBAC)                                                                       |       |
|                                     |   |   5.00%,      2/1/35                                                                                       |       | 247,105   |
|                                     |   |                                                                                                                 |       | 490,828   |
|                                     |   |                                                                                                                 |       |      |
| Nevada:      1.0%                        |   |                                                                                                                 |       |      |
| 250,000                                  |   | North      Las Vegas, Nevada (GO) (MBIA)                                                                             |       |      |
|                                     |   |   4.50%,      10/1/36                                                                                      |       | 222,422   |
|                                     |   |                                                                                                                 |       |      |
| New      Jersey: 7.3%                    |   |                                                                                                                 |       |
| 250,000                                  |   | New      Jersey Economic Development Authority, Cigarette Tax (RB)                                                   |       |
|                                     |   |   5.75%,      6/15/29                                                                                      |       | 239,730   |
| 500,000                                  |   | New      Jersey Economic Development Authority, School Facilities, Series U (RB)      (AMBAC)                        |
|                                     |   |   5.00%,      9/1/37                                                                                       |       | 502,515   |
| 1,000,000                                |   | New      Jersey Tobacco Settlement Financing Corp., Series 1A (RB)                                                   |       |
|                                     |   |   5.00%,      6/1/29                                                                                       |       | 782,020   |
| 250,000                                  |   | New      Jersey Tobacco Settlement Financing Corp., Series 1A (RB)                                                   |       |
|                                     |   |   5.00%,      06/01/41                                                                                     |       | 177,447   |
|                                     |   |                                                                                                                 |       | 1,701,712 |
|                                     |   |                                                                                                                 |       |      |
| New      York: 23.5%                     |   |                                                                                                                 |       |
| 1,000,000                                |   | Metropolitan      Transportation Authority, Series B (RB)                                                            |       |
|                                     |   |   5.00%,      11/15/25                                                                                     |       | 1,017,760 |
| 1,000,000                                |   | New      York City Individual Development Agency, Queens Baseball Stadium (RB)      (AMBAC)                          |
|                                     |   |   5.00%,      1/1/39                                                                                       |       | 966,600   |
| 1,000,000                                |   | New      York City Municipal Water & Sewer Finance Authority, Series C      (RB)                                 |
|                                     |   |   5.00%,      6/15/35                                                                                      |       | 1,006,500 |
| 250,000                                  |   | New      York City Municipal Water Finance Authority, Series DD(RB)                                                  |       |
|                                     |   |   5.00%,      6/15/39                                                                                      |       | 250,855   |
| 1,010,000                                |   | New      York City Municipal Water Finance Authority, Water & Sewer, Series DD      (RB)                         |
|                                     |   |   5.00%,      6/15/38                                                                                      |       | 1,017,848 |
| 1,000,000                                |   | New      York City Refunding - Fiscal 2007, Series A (GO)                                                            |       |
|                                     |   |   5.00%,      8/1/31                                                                                       |       | 1,000,650 |
| 250,000                                  |   | New      York City Transitional Finance Authority, Series E (RB)                                                     |       |
|                                     |   |   5.00%,      2/1/33                                                                                       |       | 251,795   |
|                                     |   |                                                                                                                 |       | 5,512,008 |
|                                     |   |                                                                                                                 |       |      |
| Ohio:      0.9%                          |   |                                                                                                                 |       |      |
| 250,000                                  |   | Buckeye,      Ohio Tobacco Settlement Financing Authority, Series A-2    (RB)                                        |
|                                     |   |   6.50%,      6/1/47                                                                                       |       | 221,343   |
|                                     |   |                                                                                                                 |       |      |
| Oregon:      1.0%                        |   |                                                                                                                 |       |      |
| 250,000                                  |   | Oregon      State Higher Education, Series A (GO)                                                                    |       |      |
|                                     |   |   4.50%,      8/1/37                                                                                       |       | 228,462   |
|                                     |   |                                                                                                                 |       |      |
| Pennsylvania:      1.0%                  |   |                                                                                                                 |       |
| 250,000                                  |   | Pennsylvania      State Higher Education (RB) (MBIA)                                                                 |       |
|                                     |   |   4.50%,      4/1/36                                                                                       |       | 226,505   |
|                                     |   |                                                                                                                 |       |      |
| Rhode      Island: 1.0%                  |   |                                                                                                                 |       |
| 250,000                                  |   | Rhode      Island State Health & Education (RB) (FSA)                                                            |       |
|                                     |   |   5.00%,      5/15/32                                                                                      |       | 241,217   |
|                                     |   |                                                                                                                 |       |      |
| Tennessee:      1.0%                     |   |                                                                                                                 |       |
| 250,000                                  |   | Sumner      County, Tennessee Health Educational & Housing Facilities Board      (RB)                            |
|                                     |   |   5.50%,      11/1/37                                                                                      |       | 225,242   |
|                                     |   |                                                                                                                 |       |      |
| Texas:      3.1%                         |   |                                                                                                                 |       |      |
| 250,000                                  |   | Alamo,      Texas Community College District (GO) (FGIC)                                                             |       |
|                                     |   |   4.50%,      8/15/33                                                                                      |       | 226,242   |
| 250,000                                  |   | Clear      Creek, Texas Independent School District, Series A (GO)      (PSF-GTD)                                    |
|                                     |   |   4.375%,      2/15/26                                                                                     |       | 238,355   |
| 250,000                                  |   | Tarrant      Regional Water District (RB) (FGIC)                                                                     |       |      |
|                                     |   |   5.00%,      3/1/27                                                                                       |       | 250,615   |
|                                     |   |                                                                                                                 |       | 715,212   |
|                                     |   |                                                                                                                 |       |      |
| Virginia:      1.9%                      |   |                                                                                                                 |       |      |
| 250,000                                  |   | Harrisonburg,      Virginia Industrial Development Authority (RB) (AMBAC)                                            |
|                                     |   |   4.50%,      8/15/36                                                                                      |       | 216,663   |
| 250,000                                  |   | Virginia      College Building Authority, Regent University (RB)                                                     |       |
|                                     |   |   5.00%,      6/1/36                                                                                       |       | 236,663   |
|                                     |   |                                                                                                                 |       | 453,326   |
| Total      Municipal Bonds               |   |                                                                                                                 |
|   (Cost:      $23,840,499)     |   |                                                                                                                 | 23,010,431 |
| Number                                   |   |                                                                                                                 |       |      |
| of      Shares                           |   |                                                                                                                 |       |      |
| MONEY      MARKET FUND: 0.3%             |   |                                                                                                                 |
|   (Cost:      $82,285)         |   |                                                                                                                 |       |      |
| 82,285                                   |   | Dreyfus      Tax Exempt Cash Management Fund - Class B Shares                                                        | 82,285     |
|                                     |   |                                                                                                                 |       |      |
| Total      Investments: 98.6%            |   |                                                                                                                 |
|   (Cost:      $23,922,784)     |   |                                                                                                                 | 23,092,716 |
| Other      assets less liabilities: 1.4% |   | 318,190                                                                                                              |
| NET      ASSETS: 100.0%                  |   | $23,410,906                                                                                                          |

|                                                                                                            |        |       | %      of                                                                         |      |        |
|-----------------------------------------------------------------------------------------------------------------|-------------|------------|-----------------------------------------------------------------------------------|-----------|-------------|
| Summary of Investments By      Sector                                                                           | Investments |       | Value                                                                        |
| Education                                                                                                       |        |       |          10.4%                                                     |      | $2,394,431  |
| Electric                                                                                                        |        |       |        3.0                                                                   |      | 692,820     |
| Hospital                                                                                                        |        |       | 10.4                                                                              |      | 2,405,067   |
| Industrial      Pollution Control                                                                               | 10.9        |       | 2,524,091                                                                         |
| Lease                                                                                                           |        |       | 12.7                                                                              |      | 2,935,548   |
| Local      General Obligation                                                                                   | 16.8        |       | 3,889,927                                                                         |
| Special      Tax                                                                                                |        |       |        6.4                                                                   |      | 1,475,340   |
| State      General obligation                                                                                   |  6.4   |       | 1,468,207                                                                         |
| Transportation                                                                                                  |        |       |  8.6                                                                         |      | 1,983,330   |
| Water      & Sewerage                                                                                       |        | 14.0  |                                                                              | 3,241,670 |
| Money      Market Fund                                                                                          | 0.4         |       | 82,285                                                                            |
|                                                                                                            |        |       | 100.0%                                                                            |      | $23,092,716 |
|                                                                                                            |        |       |                                                                              |      |        |
|                                                                                                            |        |       |                                                                              |      |        |
| The      aggregate cost of investments owned for Federal income tax purposes is      $23,922,784 and unrealized |
| appreciation      (depreciation) on such investments is:                                                        |        |       |                                                                              |
|                                                                                                            |        |       |                                                                              |      |        |
| Gross      Unrealized Appreciation                                                                              |        |       | $46,378                                                                      |
| Gross      Unrealized Depreciation                                                                              |        |       |             (876,446) |
| Net      Unrealized Depreciation                                                                                |        |       | $(830,068)                                                                        |
|                                                                                                            |        |       |                                                                              |      |        |
|                                                                                                            |        |       |                                                                              |      |        |
| (A)    Zero      Coupon Bond - the rate shown is the effective yield at purchase      date  |        |       |
| AMBAC      - American Municipal Bond Assurance Corporation                                                      |        |       |                                                                              |
| CIFG      - CDC IXIS Financial Guaranty                                                                         |        |       |                                                                              |
| FGIC      - Federal Guaranty Insurance Corporation                                                              |        |       |                                                                              |
| FSA      - Federal Security Assurance                                                                           |        |       |                                                                              |
| GO      - General Obligation                                                                                    |        |       |                                                                              |
| MBIA      - Municipal Bond Insurance Association                                                                |        |       |                                                                              |
| PSF-GTD  -  Public      School Fund - Guaranteed                                            |        |       |                                                                              |
| RB      - Revenue Bond                                                                                          |        |       |                                                                              |      |
| R      - Radian Insurance, Inc.                                                                                 |        |       |                                                                              |

----

|                                                                         |   |   |   |   |
|------------------------------------------------------------------------------|--------|--------|--------|--------|
| Market      Vectors–Lehman Brothers AMT-Free Short Municipal  ETF |
| Schedule      of Investments                                                 |
| July      31, 2008 (unaudited)                                               |

| Par      Value                           |   |                                                                                     |                                                                                                                                             |  Value                                                                                                                           |
|------------------------------------------|--------|------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------|
| MUNICIPAL      BONDS: 98.1%              |   |                                                                                     |                                                                                                                                             |
| Arizona:      5.3%                       |   |                                                                                     |                                                                                                                                             |                                                                                                                                  |
| $125,000                                 |   | Arizona      State, Series A (CP)                                                        |                                                                                                                                             |                                                                                                                                  |
|                                     |   |   3.25%,      9/1/09                                                           |                                                                                                                                             |  $126,449                                                                                                                        |
| 125,000                                  |   | Salt      River Project Arizona Agriculture, Series C (RB)                               |                                                                                                                                             |
|                                     |   |   5.00%,      1/1/14                                                           |                                                                                                                                             |                      133,749 |
|                                     |   |                                                                                     |                                                                                                                                             |                      260,198 |
|                                     |   |                                                                                     |                                                                                                                                             |                                                                                                                                  |
| California:      5.1%                    |   |                                                                                     |                                                                                                                                             |                                                                                                                                  |
| 250,000                                  |   | California      State Economic Recovery, Series A (GO)                                   |                                                                                                                                             |
|                                     |   |   3.00%,      1/1/10                                                           |                                                                                                                                             |                      253,270 |
|                                     |   |                                                                                     |                                                                                                                                             |                                                                                                                                  |
| Colorado:      2.7%                      |   |                                                                                     |                                                                                                                                             |                                                                                                                                  |
| 125,000                                  |   | Colorado      State Department of Corrections (CP) (AMBAC)                               |                                                                                                                                             |
|                                     |   |   5.00%,      3/1/11                                                           |                                                                                                                                             |                      131,713 |
|                                     |   |                                                                                     |                                                                                                                                             |                                                                                                                                  |
| Connecticut:      8.3%                   |   |                                                                                     |                                                                                                                                             |                                                                                                                                  |
| 250,000                                  |   |                                                                                     |                                                                                                                                             |                                                                                                                                  |
|                                     |   | Connecticut      State, Series C (GO) (FGIC)                                             |                                                                                                                                             |                                                                                                                                  |
| 125,000                                  |   |   5.00%,      5/1/19                                                           |                                                                                                                                             |                      271,693 |
|                                     |   | Waterbury,      Connecticut, Series A (GO) (FSA)                                         |                                                                                                                                             |                                                                                                                                  |
|                                     |   |   5.25%,      2/1/14                                                           |                                                                                                                                             |                      137,014 |
|                                     |   |                                                                                     |                                                                                                                                             |                      408,707 |
|                                     |   |                                                                                     |                                                                                                                                             |                                                                                                                                  |
| District      of Columbia: 2.7%          |   |                                                                                     |                                                                                                                                             |                                                                                                                                  |
| 125,000                                  |   | Washington      D.C. Metropolitan Area Transportaiton Authority (RB)(MBIA)               |                                                                                                                                             |
|                                     |   |   5.00%,      1/1/12                                                           |                                                                                                                                             |                      131,954 |
|                                     |   |                                                                                     |                                                                                                                                             |                                                                                                                                  |
| Illinois:      10.7%                     |   |                                                                                     |                                                                                                                                             |                                                                                                                                  |
| 125,000                                  |   | Chicago,      Illinois Board of Education, Series A (GO) (MBIA)                          |                                                                                                                                             |
|                                     |   |   5.25%,      12/1/13                                                          |                                                                                                                                             |                      137,064 |
| 125,000                                  |   | Chicago,      Illinois O'Hare International Airport, Series A (RB) (FSA)                 |                                                                                                                                             |
|                                     |   |   5.00%,      1/1/14                                                           |                                                                                                                                             |                      133,080 |
| 125,000                                  |   | Chicago,      Illinois Transportation Authority, Section 5307-B (RB)    (AMBAC)          |                                                                                                                                             |
|                                     |   |   5.00%,      6/1/11                                                           |                                                                                                                                             |                      131,816 |
| 125,000                                  |   | Metropolitan      Pier & Exposition Authority (RB) (MBIA)                            |                                                                                                                                             |
|                                     |   |   5.25%,      6/15/09                                                          |                                                                                                                                             |                      128,535 |
|                                     |   |                                                                                     |                                                                                                                                             |                      530,495 |
|                                     |   |                                                                                     |                                                                                                                                             |                                                                                                                                  |
| Kentucky:      2.1%                      |   |                                                                                     |                                                                                                                                             |                                                                                                                                  |
| 100,000                                  |   | Kentucky      State Property & Buildings Commission (RB) (FGIC)                      |                                                                                                                                             |
|                                     |   |   5.00%,      11/1/11                                                          |                                                                                                                                             |                      106,347 |
|                                     |   |                                                                                     |                                                                                                                                             |                                                                                                                                  |
| Michigan:      10.8%                     |   |                                                                                     |                                                                                                                                             |                                                                                                                                  |
| 125,000                                  |   | Detroit,      Michigan Water Supply System, Series D (RB) (FSA)                          |                                                                                                                                             |
|                                     |   |   5.00%,      7/1/13                                                           |                                                                                                                                             |                      133,149 |
| 250,000                                  |   | Michigan      Municipal Bond Authority, School District, City of Detroit (RB)      (FSA) |
|                                     |   |   5.00%,      6/1/13                                                           |                                                                                                                                             |                      269,022 |
| 125,000                                  |   | Michigan      State Building Authority, Series I (RB) (FSA)                              |                                                                                                                                             |
|                                     |   |   5.25%,      10/15/12                                                         |                                                                                                                                             |                      134,215 |
|                                     |   |                                                                                     |                                                                                                                                             |                      536,386 |
|                                     |   |                                                                                     |                                                                                                                                             |                                                                                                                                  |
| New      Jersey: 5.1%                    |   |                                                                                     |                                                                                                                                             |                                                                                                                                  |
| 250,000                                  |   | New      Jersey State Turnpike Authority, Series A (RB) (AMBAC)                          |                                                                                                                                             |
|                                     |   |   3.15%,      1/1/35                                                           |                                                                                                                                             |                      251,675 |
|                                     |   |                                                                                     |                                                                                                                                             |                                                                                                                                  |
| New      York: 24.0%                     |   |                                                                                     |                                                                                                                                             |                                                                                                                                  |
| 125,000                                  |   | Long      Island Power Authority Electric System, Series 2006F (RB)      (MBIA)          |                                                                                                                                             |
|                                     |   |   5.00%,      5/1/11                                                           |                                                                                                                                             |                      131,622 |
| 250,000                                  |   | Metropolitan      Transit Authority, Series A (RB)                                       |                                                                                                                                             |                                                                                                                                  |
|                                     |   |   4.00%,      11/15/09                                                         |                                                                                                                                             |                      255,887 |
| 250,000                                  |   | Metropolitan      Transit Authority, Series B (RB)                                       |                                                                                                                                             |                                                                                                                                  |
|                                     |   |   5.00%,      11/15/27                                                         |                                                                                                                                             |                      264,332 |
| 125,000                                  |   | New      York City, Series I (GO)                                                        |                                                                                                                                             |                                                                                                                                  |
|                                     |   |   5.00%,      8/1/13                                                           |                                                                                                                                             |                      134,225 |
| 250,000                                  |   | New      York City Individual Development Agency, Civic Facility (RB)      (FSA)         |                                                                                                                                             |
|                                     |   |   5.00%,      11/15/11                                                         |                                                                                                                                             |                      267,587 |
| 125,000                                  |   | New      York State Thruway Authority, 2nd Generation                                    |                                                                                                                                             |
|                                     |   |   Highway      & Bridges, Series A (RB)                                    |                                                                                                                                             |                                                                                                                                  |
|                                     |   |   5.00%,      4/1/13                                                           |                                                                                                                                             |                      134,824 |
|                                     |   |                                                                                     |                                                                                                                                             |                   1,188,477                 |
|                                     |   |                                                                                     |                                                                                                                                             |                                                                                                                                  |
| North      Carolina: 2.6%                |   |                                                                                     |                                                                                                                                             |                                                                                                                                  |
| 125,000                                  |   | North      Carolina State (GO)                                                           |                                                                                                                                             |                                                                                                                                  |
|                                     |   |   5.00%,      3/1/09                                                           |                                                                                                                                             |                      127,446 |
|                                     |   |                                                                                     |                                                                                                                                             |                                                                                                                                  |
| Texas:      5.2%                         |   |                                                                                     |                                                                                                                                             |                                                                                                                                  |
| 125,000                                  |   | Lewisville,      Texas Independent School District (GO) (FGIC)                           |                                                                                                                                             |
|                                     |   |   4.00%,      8/15/10                                                          |                                                                                                                                             |                      128,734 |
| 125,000                                  |   | Texas      State Transportation Commission, First Tier (RB)                              |                                                                                                                                             |
|                                     |   |   4.00%,      4/1/13                                                           |                                                                                                                                             |                      129,619 |
|                                     |   |                                                                                     |                                                                                                                                             |                      258,353 |
|                                     |   |                                                                                     |                                                                                                                                             |                                                                                                                                  |
| Virginia:      2.8%                      |   |                                                                                     |                                                                                                                                             |                                                                                                                                  |
| 125,000                                  |   | Loudoun      County, Virginia, Series B (GO) (SAW)                                       |                                                                                                                                             |
|                                     |   |   5.00%,      12/1/13                                                          |                                                                                                                                             |                      136,565 |
|                                     |   |                                                                                     |                                                                                                                                             |                                                                                                                                  |
| Washington:      5.3%                    |   |                                                                                     |                                                                                                                                             |                                                                                                                                  |
| 125,000                                  |   | Grant      County, Washington Public Utility District No. 2, Series H (RB)      (FSA)    |                                                                                                                                             |
|                                     |   |   5.00%,      1/1/11                                                           |                                                                                                                                             |                      131,680 |
| 125,000                                  |   | King      County School District No. 411, Issaquah (GO) (FSA)                            |                                                                                                                                             |
|                                     |   |   5.00%      12/1/09                                                           |                                                                                                                                             |                      129,732 |
|                                     |   |                                                                                     |                                                                                                                                             |                      261,412 |
|                                     |   |                                                                                     |                                                                                                                                             |                                                                                                                                  |
| Wisconsin:      5.4%                     |   |                                                                                     |                                                                                                                                             |                                                                                                                                  |
| 250,000                                  |   | Wisconsin      State, Series I (GO) (MBIA)                                               |                                                                                                                                             |                                                                                                                                  |
|                                     |   |   5.00%,      5/1/13                                                           |                                                                                                                                             |                      269,400 |
|                                     |   |                                                                                     |                                                                                                                                             |                                                                                                                                  |
| Total      Municipal Bonds               |   |                                                                                     |                                                                                                                                             |
| (Cost:      $4,868,305)                  |   |                                                                                     |                                                                                                                                             |                   4,852,398                 |
| Number                                   |   |                                                                                     |                                                                                                                                             |                                                                                                                                  |
| of      Shares                           |   |                                                                                     |                                                                                                                                             |                                                                                                                                  |
| MONEY      MARKET FUND: 1.0%             |   |                                                                                     |                                                                                                                                             |
| (Cost:      $50,632)                     |   |                                                                                     |                                                                                                                                             |                                                                                                                                  |
| 50,632                                   |   | Dreyfus      Tax Exempt Cash Management Fund - Class B Shares                            |                        50,632 |
| Total      Investments: 99.1%            |   |                                                                                     |                                                                                                                                             |                                                                                                                                  |
| (Cost:      $4,918,937)                  |   |                                                                                     |                                                                                                                                             |                   4,903,030                 |
| Other      assets less liabilities: 0.9% |   |                                                                                     |                        45,633 |
| NET      ASSETS: 100.0%                  |   |                                                                                     |                                                                                                                                             |                   $4,948,663                |
|                                     |   |                                                                                     |                                                                                                                                             |                                                                                                                                  |

|                                  |        |   |                               |   |       |
|---------------------------------------|-------------|--------|------------------------------------|--------|------------|
|                                  |        |   | %      of                          |   |       |
| Summary of Investments By      Sector | Investments |   |  Value                   |
| Education                             |        |   |           5.5% |   | $269,022   |
| Electric                              |        |   |        2.7                    |   | 133,749    |
| Lease                                 |        |   | 10.2                               |   | 498,724    |
| Local      General Obligation         |        |   | 27.0                               |   | 1,324,191  |
| Power      plant                      |        |   |  5.4                          |   | 263,302    |
| Pre      Refunded                     |        |   |  5.6                          |   | 271,693    |
| Special      Tax                      |        |   |        2.6               |   | 128,535    |
| State      General Obligation         |        |   |        8.1               |   | 396,846    |
| Transportation                        |        |   | 29.2                          |   | 1,433,187  |
| Water      & Sewerage             |        |   |        2.7               |   | 133,149    |
| Money      Market Fund                |        |   |        1.0               |   | 50,632     |
|                                  |        |   |        100.0%            |   | $4,903,030 |
|                                  |        |   |                               |   |       |

| The      aggregate cost of investments owned for Federal income tax purposes is      $4,918,937, and unrealized |   |
|-----------------------------------------------------------------------------------------------------------------|--------|
| appreciation      (depreciation) on such investments is:                                                        |   |   |
|                                                                                                            |   |   |   |   |
| Gross      Unrealized Appreciation                                                                              |   |   | $5,509  |
| Gross      Unrealized Depreciation                                                                              |   |   |                      (21,416) |
| Net      Unrealized Depreciation                                                                                |   |   |   | $(15,907) |
|                                                                                                            |   |   |   |   |
|                                                                                                            |   |   |   |   |
|                                                                                                            |   |   |   |   |
| (A)    Zero      Coupon Bond - the rate shown is the effective yield at purchase      date  |   |   |
| AMBAC      - American Municipal Bond Assurance Corporation                                                      |   |   |
| CIFG      - CDC IXIS Financial Guaranty                                                                         |   |   |
| CP      - Certificate Participant                                                                               |   |   |   |   |
| FGIC      - Federal Guaranty Insurance Corporation                                                              |   |   |
| FSA      - Federal Security Assurance                                                                           |   |   |
| GO      - General Obligation                                                                                    |   |   |   |   |
| MBIA      - Municipal Bond Insurance Association                                                                |   |   |
| PSF-GTD  -  Public      School Fund - Guaranteed                                            |   |   |
| RB      - Revenue Bond                                                                                          |   |   |   |   |
| SAW      - State Aid Withholding                                                                                |   |   |   |
| SBG      - School Board Guaranteed                                                                              |   |   |   |

----

|   Market Vectors ETF      TrustNote to Schedules of      Investments July 31, 2008      (unaudited) |
|---------------------------------------------------------------------------------------------------------------|

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |   |   |   |   |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|
| Security      Valuation—Each      Fund’s portfolio securities (except for short-term debt securities      and certain other investments) are valued by an outside independent      pricing service. The service uses a computerized grid matrix of tax-exempt      securities and its evaluations in determining what it believes is the fair      value of the portfolio securities. Each Fund believes that timely and      reliable market quotations are generally not readily available to each      Fund to value tax-exempt securities and the valuations that the pricing      service supplies are more likely to approximate the fair value of the      securities. U.S. municipal securities may be valued as of the announced      closing time for trading in municipal instruments on any day that the      Securities Industry and Financial Markets Association (“SIFMA”) announces      an early closing time. Each Fund may also use fair value pricing in a      variety of circumstances, including but not limited to, situations when      the value of a security in a Fund’s portfolio has been materially affected      by events occurring after the close of the market on which the security is      principally traded (such as a corporate action or other news that may      materially affect the price of a security) or trading in a security has      been suspended or halted. Accordingly, a Fund’s net asset value ("NAV") is      expected to reflect certain portfolio securities’ fair values rather than      their market prices. Fair value pricing involves subjective judgments and      it is possible that a fair value determination for a security is      materially different than the value that could be realized upon the sale      of the security. In addition, fair value pricing could result in a      difference between the prices used to calculate a Fund’s NAV and the      prices used by the Fund’s benchmark index. This may adversely affect a      Fund’s ability to track its benchmark      index. The      Board of Trustees has approved and regularly reviews fair value pricing      methods to be used in determining the good faith value of the investments      of the Funds in the event that market quotations are not readily available      or, if available, do not reflect the impact of certain market events. When      fair value pricing is employed, the prices of securities used by a Fund to      calculate its NAV may differ from quoted or published prices for the same      security.Adoption      of Statement of Financial Accounting Standards No. 157 Fair Value      Measurements (FAS 157) - In September 2006, the Financial      Accounting Standards Board issued FAS 157 effective for fiscal years      beginning after November 15, 2007. This standard clarifies the definition      of fair value for financial reporting, establishes a framework for      measuring fair value and requires additional disclosures about the use of      fair value measurements. The Funds have adopted FAS 157 as of January 1,      2008. The three levels of the fair value hierarchy under FAS 157 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). The      inputs or methodology used for valuing securities are not necessarily an      indication of the risk associated with investing in those      securities. The      summary of inputs used to value each Fund’s net assets as of July 31, 2008      is as follows: |

|   | Level      1 -Quoted      Prices | Level      2 - SignificantObservable      Inputs | Level      3 - Significant Unobservable      Inputs |  Market      Valueof      Investments |
|--------|----------------------------------|--------------------------------------------------|-----------------------------------------------------|--------------------------------------------|

| Intermediate      Municipal ETF    |  $79,864            |                $20,084,555                             |  None |  $20,164,419                                                     |
|------------------------------------|--------------------------|-----------------------------------------------------------------------------------------------------|------------|-----------------------------------------------------------------------|
| Long  Municipal      ETF |    82,285 |            23,010,431                        |  None |       23,092,716                        |
| Short      Municipal ETF           |    50,632 |                4,852,398 |  None |           4,903,030 |

|   |
|--------|

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|  ITEM      2. Controls and Procedures. |
|---------------------------------------------|
|                                        |
| (a)                     | The      registrant's principal executive and principal financial officers, or      persons performing similar functions, have concluded that the registrant's      disclosure controls and procedures (as defined in Rule 30a-3(c) under the      Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR      270.30a-3 (c))) are effective, as of a date within 90 days of the filing      date of the report that includes the disclosure required by this      paragraph, based on their evaluation of these controls and procedures      required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and      Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as      amended (17 CFR 240.13a-15(b) or 240.15d-15 (b)). |
|                                        |
| (b)                                         | There      were no changes in the registrant's internal control over financial      reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR      270.30a-3(d)) that occurred during the registrant's last fiscal quarter      that has materially affected, or is reasonably likely to materially      affect, the registrant's internal control over financial      reporting. |
|                                        |