UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 
Washington, D.C. 20549
 
FORM N-Q  
 
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

 
INVESTMENT COMPANY ACT FILE NUMBER: 811-10325
 
 
MARKET VECTORS ETF TRUST
(Exact name of registrant as specified in its charter)
 
 
 
99 Park Avenue - 8 th Floor, New York, N.Y.
 
 10016
(Address of principal executive offices)
 
(Zip Code)
 
 
 
 
 

Bruce J. Smith
Chief Financial Officer
Market Vectors ETF Trust
99 Park Avenue - 8 th Floor
New York, N.Y. 10016  
(Name and address of agent for service)
 
 
Registrant's telephone number, including area code: (212) 687-5200
 
          
               
 Date of fiscal year end:
  December 31
 Date of reporting period:
  September 30, 2007
 
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
 
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 100 F Street, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
 
 ITEM 1. Schedule of Investments.
 
Agribusiness ETF      
Schedule of Investments      
September 30, 2007 (unaudited)      
             
 
Number 
         
 
 of Shares
 
 
 
 
 Value
COMMON STOCKS: 99.0%
         
Argentina:  0.3%
           
 
13,357
 
Cresud S.A.
   
$303,471
             
Australia: 0.9%
           
 
90,335
 
ABB Grains Ltd.  #
   
          618,490
 
209,640
 
AWB Ltd.  #
   
          455,297
           
       1,073,787
             
Canada: 9.2%
           
 
85,847
 
Potash Corp. of Saskatchewan
   
       9,074,028
 
123,583
 
Saskatchewan Wheat Pool, Inc. *
   
       1,442,652
           
10,516,680
             
China / Hong Kong:  1.8%
           
 
2,176,100
 
China Agri-Industries Holdings Ltd. * #
   
       1,484,042
 
1,815,992
 
Pine Agritech Ltd.  #
   
      573,142
           
2,057,184
             
Japan: 8.1%
           
 
278,100
 
Komatsu Ltd  #
   
9,258,657
             
Malaysia:  3.4%
           
 
2,165,300
 
IOI Corp. Bhd.  #
   
3,841,979
             
Mexico:  0.8%
           
 
292,107
 
Gruma SA de CV  (Class B)
   
948,076
             
Netherlands:  4.6%
           
 
87,488
 
CNH Global N.V.
   
5,314,021
             
Norway:  4.7%
           
 
171,129
 
Yara International ASA  #
   
5,379,171
             
Singapore:  6.3%
           
 
941,487
 
Olam International Ltd. * #
   
1,989,840
 
2,097,985
 
Wilmar International Ltd.  #
   
5,168,925
           
7,158,765
Switzerland:  4.3%
           
 
112,824
 
Syngenta A.G.
   
4,888,664
             
United States: 54.6%
       
 
55,416
 
AGCO Corp *
   
2,813,470
 
80,873
 
Agrium, Inc.
   
4,397,874
 
150,028
 
Archer-Daniels-Midland Co.
   
4,962,926
 
25,381
 
Aventine Renewable Energy Holdings, Inc. *
   
268,277
 
48,394
 
Bunge Ltd.
   
5,199,935
 
33,697
 
CF Industries Holdings Inc
   
2,557,939
 
45,301
 
Corn Products International, Inc.
   
2,077,957
 
49,200
 
Darling International, Inc. *
   
486,588
 
60,081
 
Deere & Co.
   
8,917,222
 
7,401
 
Gehl Co. *
   
165,264
 
7,022
 
Lindsay Corp.
   
307,423
 
9,975
 
MGP Ingredients, Inc.
   
102,443
 
112,269
 
Monsanto Co.
   
9,625,944
 
24,569
 
Pacific Ethanol, Inc. *
   
236,354
 
40,290
 
Pilgrim's Pride Corp.
   
1,399,272
 
81,259
 
Smithfield Foods Inc. *
   
2,559,658
 
55,606
 
Terra Industries Inc. *
   
1,738,244
 
10,783
 
The Andersons, Inc.
   
517,800
 
175,242
 
The Mosaic Co. *
   
9,378,952
 
173,860
 
Tyson Foods, Inc.
   
3,103,401
 
31,447
 
UAP Holdings Corp.
   
986,178
 
47,394
 
VeraSun Energy Corp. *
   
521,334
           
62,324,455
Total Common Stocks
       
(Cost: $107,648,811)
       
113,064,910
             
Total Investments: 99.0%
       
(Cost: $107,648,811)
       
113,064,910
Other assets less liabilities: 1.0%
   
1,116,054
NET ASSETS: 100.0%
     
$114,180,964
 
           


*
Non-income producing
     
#
Indicates a fair valued security which has not been valued using an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value for fair valued securities is $28,769,543 which represented 25.2% of net assets.
 
 
             
The aggregate cost of investments owned for Federal income tax purposes is $107,648,811, and unrealized appreciation (depreciation) on such investments is:
Gross Unrealized Appreciation
   
$5,666,899
Gross Unrealized Depreciation
   
         (250,800)
Net Unrealized Appreciation
   
$5,416,099
             

Summary of Investments by Sector
% of
   
Excluding Collateral for Securities Loaned
 
Investments
 
  Value
Agricultural Chemicals
 
42.5%
 
$48,129,437
Agriproduct Operations
 
24.9
 
28,100,490
Agricultural Equipment
 
23.7
 
26,776,057
Livestock Operations
 
6.2
 
7,062,331
Ethanol/Biodiesel
   
2.7
 
2,996,595
       
100.0%
 
$113,064,910
             


Environmental Services ETF      
Schedule of Investments      
September 30, 2007 (unaudited)      
             
 
Number 
 
       
 
of Shares
 
 
 
 
Value
COMMON STOCKS: 100.8%
         
Canada: 3.1%
         
 
101,067
 
Waste Services, Inc. *
   
$981,361
             
France: 10.2%
         
 
37,947
 
Veolia Environnement (ADR)   †
   
3,268,755
             
             
United States: 87.5%
         
 
            245,284
 
Allied Waste Industries, Inc. *
   
               3,127,371
 
              49,341
 
American Ecology Corp.
   
               1,045,536
 
              53,695
 
Basin Water, Inc.  *  †
   
                  635,212
 
              72,285
 
Calgon Carbon Corp. *  †
   
               1,009,099
 
              50,247
 
Casella Waste Systems, Inc. *
   
                  630,097
 
              21,905
 
Clean Harbors, Inc. *
   
                  975,211
 
              41,846
 
Covanta Holding Corp. *
   
               1,025,645
 
            102,409
 
Darling International, Inc. *
   
               1,012,825
 
              42,447
 
Fuel Tech, Inc. *
   
                  937,654
 
              18,046
 
Layne Christensen Co. *  †
   
               1,001,192
 
              18,315
 
Metal Management, Inc.
   
                  992,673
 
              78,444
 
Metalico Inc. *
   
                  714,625
 
              35,591
 
Nalco Holding Co.
   
               1,055,273
 
            184,979
 
Newpark Resources, Inc. *
   
                  991,487
 
              79,512
 
Pure Cycle Corp. *
   
                  700,501
 
              99,574
 
Republic Services, Inc.
   
               3,257,065
 
              17,168
 
Shaw Group Inc. *
   
                  997,461
 
              19,335
 
Stericycle, Inc. *
   
               1,048,029
 
              46,396
 
Tetra Tech, Inc. *
   
                  979,883
 
              32,259
 
Waste Connections, Inc. *
   
               1,024,546
 
              34,692
 
Waste Industries USA Inc.
   
                  992,885
 
              84,273
 
Waste Management, Inc.
   
               3,180,463
 
              83,549
 
WCA Waste Corp. *
   
                  675,076
           
28,009,809
             
Total Common Stocks 100.8%
     
(Cost: $29,194,313)
       
32,259,925
             
Total Investments Before Collateral
     
for Securities Loaned: 100.8%
     
(Cost: $29,194,313)
       
32,259,925
             
 
 
 
 
 
 
 
Short-Term Investment Held as
     
Collateral for Securities Loaned: 13.1%
     
Bank of New York
         
   Institutional Cash Reserve
       
(Cost $4,185,821)
   
4,185,821
 
$4,185,821
             
Total Investments: 113.9%
       
(Cost $33,380,134)
       
36,445,746
Liabilities in excess of other assets: (13.9)%
   
(4,432,772)
NET ASSETS: 100.0%
     
$32,012,974
             

*
Non-income producing
     
†
Security fully or partially on loan.  Total market value of securities on loan is $2,125,116.
 
ADR
American Depositary Receipt
     
             
The aggregate cost of investments owned for Federal income tax purposes is $33,380,134, and unrealized appreciation
(depreciation) on such investments is:
     
Gross Unrealized Appreciation
   
$3,572,472
Gross Unrealized Depreciation
   
                (506,860)
Net Unrealized Appreciation
   
$3,065,612
             
             
             
Summary of Investments by Industry
% of
   
Excluding Collateral for Securities Loaned
Investments
 
 Value
Non-hazardous Waste Disposal
     
48.3%
 
$15,576,162
Water
     
17.5
 
5,659,741
Hazardous Waste Disposal
     
9.5
 
3,068,776
Alternative Waste Technologies
     
6.3
 
2,021,924
Energy-Alternate Sources
     
3.2
 
1,025,645
Miscellaneous Building & Construction
3.1
 
1,001,192
Engineering/R&D Services
     
3.1
 
997,461
Oil-Field Services
     
3.1
 
991,487
Environmental Consulting & Engineering
     
3.0
 
979,883
Pollution Control
     
2.9
 
937,654
       
100.0%
 
$32,259,925
             
             
 
 
 

Global Alternative Energy ETF      
Schedule of Investments        
September 30, 2007 (unaudited)      
             
 
Number
         
 
of Shares
 
 
 
 
 Value
COMMON STOCKS: 100.8%
         
Austria: 4.9%
           
 
71,071
 
Verbund - Oesterreichische Elektrizis A.G. #
   
$4,090,145
             
China / Hong Kong: 11.9%
           
 
26,575
 
JA Solar Holdings Co. Ltd. (ADR) *
   
1,194,546
 
34,675
 
LDK Solar Co. Ltd. (ADR) *
   
2,389,107
 
99,704
 
Suntech Power Holdings Co. Ltd. (USD) *
   
3,978,190
 
22,058
 
Trina Solar Ltd. (ADR) * †
   
1,256,644
 
42,180
 
Yingli Green Energy Holding Co. Ltd. (ADR) *
 
1,099,633
           
9,918,120
             
Denmark: 14.2%
           
 
150,906
 
Vestas Wind Systems A/S * #
   
11,899,009
             
Germany: 18.8%
           
 
25,189
 
Conergy A.G. #
   
2,417,395
 
55,682
 
Nordex A.G. * #
   
2,709,079
 
55,125
 
Q-Cells A.G.  * #
   
5,613,561
 
86,249
 
Solarworld A.G.  #
   
4,975,458
           
15,715,493
             
Japan: 4.8%
           
 
119,700
 
Kurita Water Industries Ltd. #
   
4,031,413
             
Norway: 7.7%
           
 
140,935
 
Renewable Energy Corp A.S. * #
   
6,449,035
             
Spain: 8.3%
           
 
146,584
 
Gamesa Corporacion Tecnologica S.A. #
   
5,950,277
 
41,555
 
Solaria Energia y Medio Ambiente S.A. * †
   
1,037,160
           
6,987,437
             
United States: 30.2%
       
 
48,769
 
Aventine Renewable Energy Holdings, Inc. *
   
515,488
 
71,339
 
AVX Corp.
   
1,148,558
 
94,267
 
Cree Inc. * †
   
2,931,704
 
53,427
 
Energy Conversion Devices, Inc. * †
   
1,213,861
 
128,054
 
Evergreen Solar, Inc. * †
   
1,143,522
 
36,421
 
First Solar, Inc. *
   
4,288,208
 
97,317
 
FuelCell Energy, Inc. * †
   
870,014
 
60,334
 
Headwaters, Inc. *
   
897,770
 
81,186
 
International Rectifier Corp. *
   
2,678,326
 
32,911
 
Itron, Inc. *
   
3,063,027
 
120,913
 
Kemet Corp. *
   
888,711
 
19,962
 
Ormat Technologies, Inc.
   
925,039
 
55,469
 
Pacific Ethanol, Inc. * †
   
533,612
 
39,767
 
Sunpower Corp. * †
   
3,293,503
 
77,588
 
VeraSun Energy Corp. * †
   
853,468
           
25,244,811
Total Common Stocks
       
(Cost: $76,189,490)
       
84,335,463
             
             
Total Investments Before Collateral
       
for Securities Loaned: 100.8%
       
(Cost: $76,189,490)
       
$84,335,463
             
             
SHORT-TERM INVESTMENT HELD AS
     
COLLATERAL FOR SECURITIES LOANED: 16.6%
     
Bank of New York
         
Institutional Cash Reserve
       
(Cost: $13,926,422)
   
13,926,422
 
13,926,422
             
Total Investments: 117.4%
       
(Cost: $90,115,912)
       
98,261,885
Liabilities in excess of other assets: (17.4)%
   
(14,556,443)
NET ASSETS: 100.0%
     
$83,705,442
 
           


             
*
Non-income producing
       
†
Security fully or partially on loan. Total market value of securities on loan is $12,869,609.
   
#
Indicates a fair valued security which has not been valued using an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value for fair valued securities is $48,135,372 which represented 57.5% of net assets.
 
 
ADR
American Depositary Receipt
       
USD
United States Dollar
       
             
The aggregate cost of investments owned for Federal income tax purposes is $90,115,912, and unrealized appreciation
(depreciation) on such investments is:
     
Gross Unrealized Appreciation
     
$10,387,931
Gross Unrealized Depreciation
     
(2,241,958)
Net Unrealized Appreciation
     
$8,145,973
             

             
Summary of Investments by Sector
 
% of
   
Excluding Collateral for Securities Loaned
Investments
 
 Valu e
Alternative Energy Sources
 
83.9%
 
$70,757,644
Distributed Generation
 
1.0
 
870,014
Enabling Technologies
 
5.6
 
4,715,595
Energy Efficiency
   
3.6
 
3,063,027
Environmental Technologies Related to Alternative Energy
5.9
 
4,929,183
       
100.0%
 
$84,335,463
             


Gold Miners ETF        
Schedule of Investments      
September 30, 2007 (unaudited)      
             
 
Number  
         
 
of Shares
 
 
 
 
Value
COMMON STOCKS: 100.1%
     
Canada: 51.9%
         
 
869,728
 
Agnico-Eagle Mines Ltd. †
   
$43,312,454
 
1,574,581
 
Aurizon Mines Ltd. *
   
6,550,257
 
3,577,103
 
Barrick Gold Corp.
   
144,085,709
 
2,811,736
 
Crystallex International Corp. * †
   
8,913,203
 
3,696,915
 
Eldorado Gold Corp. * †
   
22,366,336
 
1,263,204
 
Gammon Lake Resources, Inc. *
   
14,956,335
 
3,129,929
 
Goldcorp, Inc. †
   
95,650,630
 
1,223,596
 
Great Basin Gold Ltd. * †
   
3,683,024
 
3,153,847
 
Iamgold Corp. †
   
27,343,854
 
3,289,673
 
Kinross Gold Corp. * †
   
49,279,302
 
522,264
 
Minefinders Corp. * †
   
5,572,557
 
2,341,839
 
Miramar Mining Corp. *
   
11,100,317
 
1,431,326
 
Orezone Resources, Inc. *
   
2,662,266
 
822,881
 
PAN American Silver Corp. * †
   
23,781,261
 
1,765,441
 
RIO Narcea Gold Mines Ltd. *
   
9,709,926
 
3,451,766
 
Yamana Gold, Inc. †
   
40,661,804
           
509,629,235
             
Peru: 4.3%
         
 
888,926
 
Cia de Minas Buenaventura S.A. (ADR) †
   
42,472,884
             
South Africa: 15.7%
         
 
1,247,906
 
AngloGold Ashanti Ltd.
   
58,514,312
 
2,897,840
 
Gold Fields Ltd.
   
52,421,926
 
3,656,887
 
Harmony Gold Mining Co Ltd. * †
   
43,553,524
           
154,489,762
             
United Kingdom: 5.1%
       
 
740,737
 
Randgold Resources Ltd. (ADR)
   
24,622,098
 
669,139
 
Silver Standard Resources, Inc. * †
   
24,952,193
           
49,574,291
             
United States: 23.1%
         
 
631,609
 
Apex Silver Mines Ltd. * †
   
12,284,795
 
2,995,934
 
Coeur D'Alene Mines Corp. * †
   
11,354,590
 
439,737
 
Gold Reserve, Inc. * †
   
1,926,048
 
2,509,326
 
Golden Star Resources Ltd. * †
   
10,162,770
 
1,295,651
 
Hecla Mining Co. *
   
11,596,077
 
1,088,873
 
Meridian Gold, Inc. *
   
36,041,696
 
994,876
 
Metallica Resources, Inc. *
   
4,417,249
 
1,258,423
 
Nevsun Resources Ltd.  *
   
2,202,240
 
2,006,380
 
Newmont Mining Corp.
   
89,745,377
 
1,657,898
 
Northern Orion Resources, Inc. *
   
10,660,284
 
2,734,985
 
Northgate Minerals Corp. *
   
7,767,357
 
308,402
 
Royal Gold, Inc. †
   
10,100,166
 
396,699
 
Seabridge Gold, Inc. *
   
11,972,376
 
932,701
 
Tanzanian Royalty Exploration Corp. *
   
5,493,609
 
344,596
 
Vista Gold Corp. *
   
1,585,142
           
227,309,776
             
             
             
Total Common Stocks
         
(Cost: $917,351,510)
       
$983,475,948
             
             
MONEY MARKET FUND: 0.0%
     
Fidelity Institutional Money Market Fund -
     
    Treasury Portfolio Class III Shares
     
(Cost: $473,855)
   
473,855
 
473,855
             
Total Investments Before Collateral
     
   for Securities Loaned: 100.1%
     
(Cost: $917,825,365)
       
983,949,803
             
SHORT-TERM INVESTMENT HELD AS
     
COLLATERAL FOR SECURITIES LOANED: 10.4%
     
Bank of New York 
         
    Institutional Cash Reserve
       
(Cost: $101,901,991)
   
101,901,991
 
101,901,991
             
Total Investments: 110.5%
       
(Cost: $1,019,727,356)
       
1,085,851,794
Liabilities in excess of other assets: (10.5)%
   
(102,982,970)
NET ASSETS: 100.0%
     
$982,868,824
             


*
Non-income producing
     
†
Security fully or partially on loan. Total market
     
 
value of securities on loan is $99,406,443.
     
ADR
American Depositary Receipt
     
             
The aggregate cost of investments owned for Federal income tax purposes is $1,021,093,739, and unrealized
appreciation (depreciation) on such investments is:
     
Gross Unrealized Appreciation
   
$90,585,936
Gross Unrealized Depreciation
   
       (25,827,881)
Net Unrealized Appreciation
   
$64,758,055
             

             
Summary of Investments by Industry
% of
   
Excluding Collateral for Securities Loaned
Investments
 
 Valu e
Gold
     
92.7%
 
$911,797,415
Silver
     
6.2
 
61,018,249
Copper
   
1.1
 
10,660,284
Money Market Fund
   
0.0
 
473,855
       
100.0%
 
$983,949,803
             


Nuclear Energy ETF        
Schedule of Investments      
September 30, 2007 (unaudited)      
             
 
Number 
         
 
 of Shares
 
 
 
 
 Value
COMMON STOCKS: 100.4%
         
Australia: 12.2%
           
 
347,201
 
Alliance Resources Ltd. * #
   
$446,872
 
177,457
 
Bannerman Resources Ltd. * #
   
457,892
 
1,542,742
 
Deep Yellow Ltd. * #
   
657,028
 
177,050
 
Energy Resources of Australia Ltd.  #
   
3,124,389
 
440,493
 
Paladin Resources Ltd. * #
   
2,994,023
           
7,680,204
             
Canada: 28.3%
           
 
92,061
 
Aurora Energy Resources, Inc. *
   
1,259,967
 
259,158
 
Denison Mines Corp. *
   
2,907,932
 
173,679
 
Firs Uranium Corp. *
   
1,655,168
 
103,696
 
Forsys Metals Corp. *
   
356,889
 
94,423
 
Fronteer Development Group, Inc. *
   
983,474
 
76,687
 
Laramide Resources Ltd. *
   
598,092
 
245,203
 
Mega Uranium Ltd. *
   
1,164,696
 
100,890
 
Strathmore Minerals Corp. *
   
272,099
 
161,735
 
Tournigan Gold Corp. *
   
455,729
 
253,409
 
UEX Corp. *
   
1,547,945
 
390,508
 
Uranium One, Inc. *
   
5,167,737
 
83,289
 
Uranium Participation Corp. *
   
958,029
 
127,931
 
Ur-Energy, Inc. *
   
392,663
           
17,720,420
             
Japan: 27.4%
           
 
272,400
 
Hitachi Plant Technologies Ltd.  #
   
1,537,381
 
910,000
 
IHI Corp.  #
   
2,841,231
 
141,300
 
JGC Corp.  #
   
2,707,701
 
798,100
 
Kajima Corp  #
   
2,728,930
 
821,000
 
Mitsubishi Heavy Industries Ltd.  #
   
5,330,640
 
61,300
 
Taihei Dengyo Kaisha, Ltd.  #
   
448,396
 
135,900
 
Toshiba Plant Systems & Services Corp.  #
   
1,311,745
 
40,300
 
UTOC Corp.  #
   
244,761
           
17,150,785
             
United Kingdom: 8.4%
           
 
454,960
 
British Energy Group PLC  #
   
4,921,823
 
57,396
 
Nufcor Uranium Ltd. *
   
339,113
           
5,260,936
             
United States: 24.1%
       
 
25,369
 
American Ecology Corp.
   
537,569
 
61,466
 
Cameco Corp.
   
2,842,188
 
14,184
 
Central Vermont Public Service Corp.
   
518,283
 
54,090
 
Constellation Energy Group, Inc.
   
4,640,381
 
61,573
 
Exelon Corp.
   
4,640,141
 
72,735
 
Uranium Resources, Inc. *
   
682,982
 
121,657
 
USEC, Inc. *
   
1,246,984
           
15,108,528
Total Common Stocks
       
(Cost: $58,521,593)
       
62,920,873
             
Total Investments: 100.4%
       
(Cost: $58,521,593)
       
62,920,873
Liabilities in excess of other assets: (0.4)%
   
(276,180)
NET ASSETS: 100.0%
     
$62,644,693
 
           
             
*
Non-income producing
       
#
Indicates a fair valued security which has not been valued using an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value for fair valued securities is $29,752,812 which represented 47.5% of net assets.
 
 
             
The aggregate cost of investments owned for Federal income tax purposes is $58,521,593, and unrealized appreciation
(depreciation) on such investments is:
     
Gross Unrealized Appreciation
     
$5,154,043
Gross Unrealized Depreciation
     
(754,763)
Net Unrealized Appreciation
     
$4,399,280
             
 
       
% of
   
Summary of Investments by Sector
 
Investments
 
 Value
Uranium Miners
     
45.0%
 
$28,306,878
Nuclear Plant Builder
     
26.9
 
16,906,024
Nuclear Power Generation
     
23.4
 
14,720,628
Uranium Enrichment
     
2.0
 
1,246,984
Uranium Storage
     
1.5
 
958,029
Nuclear Fuel Transport
     
1.2%
 
782,330
       
100.0%
 
$62,920,873
             
             

Russia ETF          
Schedule of Investments        
September 30, 2007 (unaudited)      
             
 
Number 
         
 
 of Shares
 
 
 
 
 Value
COMMON STOCKS: 99.8%
         
Basic Materials: 21.0%
           
 
        109,129
 
Evraz Group S.A. Reg S (GDR)  # R
$6,894,352
 
          53,306
 
JSC MMC Norilsk Nickel (ADR)
14,512,558
 
        275,993
 
Magnitogorsk Iron & Steel Works  Reg S (GDR)  # R
4,156,648
 
          42,659
 
Mechel (ADR)
 
2,175,609
 
        184,271
 
Novolipetsk Steel (GDR)  #
6,236,460
 
          96,852
 
Polymetal Reg S (GDR) * R
639,223
 
          58,611
 
Polyus Gold Co. (ADR)  #
 
2,539,567
           
37,154,417
             
Communications: 16.0%
           
 
        485,184
 
Central Telecommunication Co.
446,369
 
        128,502
 
Comstar United TeleSystems Reg S (GDR)  # R
1,654,566
 
          46,675
 
CTC Media, Inc. *
 
1,024,983
 
          12,393
 
Golden Telecom, Inc.
 
997,513
 
        111,790
 
Mobile TeleSystems OJSC (ADR)
7,748,165
 
        270,892
 
North-West Telecom  #
 
421,756
 
          37,350
 
Rostelecom (ADR)
 
2,346,701
 
     3,693,094
 
Sibirtelecom JSC  #
 
397,791
 
        148,352
 
Sistema JSFC Reg S (GDR)   #  R
4,927,905
 
     9,930,767
 
Uralsvyazinform  #
 
606,313
 
        284,074
 
Vimpel-Communications OAO
7,681,361
           
28,253,423
             
Consumer, Non-cyclical: 2.6%
           
 
          46,479
 
Pharmstandard Reg S (GDR) *
897,045
 
          13,529
 
Wimm-Bill-Dann Foods OJSC (ADR)
1,479,261
 
          66,560
 
X5 Retail Group N.V. Reg S (GDR) * # R
2,269,199
           
4,645,505
             
Energy: 37.0%
           
 
        291,558
 
Gazprom Neft OAO (ADR)
6,020,673
 
          48,718
 
Intergra Group Reg S (GDR) * R
757,565
 
        172,036
 
LUKOIL (ADR)  #
 
14,222,826
 
          93,357
 
Novatek OAO Reg S (GDR)  # R
4,880,187
 
        315,234
 
OAO Gazprom (ADR) * #
 
13,841,923
 
     1,599,439
 
Rosneft Oil Co. (GDR)  #
 
13,584,829
 
        120,934
 
Surgutneftegaz ADR  #
 
8,281,985
 
          33,494
 
Tatneft Reg S (GDR) * # R
3,671,394
           
65,261,382
             
Financial: 15.2%
           
 
387,708
 
Bank VTB North-West #
 
639,718
 
151,661
 
PIK Group Reg S (GDR) *
 
4,231,342
 
3,412,383
 
Sberbank RF  #
 
14,219,062
 
68,978
 
Sistema Hals Reg S (GDR)*
669,087
 
792,713
 
VTB Bank OJSC  Reg S (GDR) *
7,094,781
           
26,853,990
             
Industrial: 5.3%
           
 
          67,105
 
OAO TMK Reg S (GDR) † R
2,771,436
 
        309,833
 
Severstal Reg S (GDR)  * † # R
6,518,600
           
9,290,036
             
Utilities: 2.7%
           
 
   12,221,566
 
Mosenergo TGK-3 OAO
 
3,074,702
 
   10,875,581
 
OGK-5 OJSC # R
 
1,692,936
           
4,767,638
Total Common Stocks
         
(Cost: $162,328,056)
       
$176,226,391
             
MONEY MARKET FUND: 0.2%
       
Fidelity Institutional Money Market Fund -
     
    Treasury Portfolio Class III Shares
       
(Cost: $294,962)
   
294,962
 
294,962
             
Total Investments Before Collateral
       
   for Securities Loaned: 100.0%
       
(Cost: $162,623,018)
       
176,521,353
             
SHORT-TERM INVESTMENT HELD AS
     
COLLATERAL FOR SECURITIES LOANED: 2.8%
     
Bank of New York
         
    Institutional Cash Reserve
       
(Cost: $4,868,628)
   
4,868,628
 
4,868,628
             
Total Investments: 102.8%
       
(Cost: $167,491,646)
       
181,389,981
Liabilities in excess of other assets: (2.8)%
   
(4,891,961)
NET ASSETS: 100.0%
       
$176,498,020
 
 
 

               
*
Non-income producing
         
†
Security fully or partially on loan. Total market value of securities on loan is $4,769,056.
ADR
American Depositary Receipt
       
GDR
Global Depositary Receipt
         
#
Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $111,658,017, which represented 63.3% of net assets.
 
R
Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
 
               
The aggregate cost of investments owned for Federal income tax purposes is $167,491,646, and unrealized appreciation
(depreciation) on such investments is:
         
Gross Unrealized Appreciation
     
 
    $ 15,205,784
Gross Unrealized Depreciation
     
 
 (1,307,449)
Net Unrealized Appreciation
     
 
    $ 13,898,335
               

             
Summary of Investments by Sector
 
  % of
 
Excluding Collateral for Securities Loaned
  Investments
 
  Value
Energy
     
  37.0%
 
$65,261,382
Basic Materials
   
  21.0
 
37,154,417
Communications
   
  16.0
 
28,253,423
Financial
     
  15.2
 
26,853,990
Industrial
     
  5.3
 
9,290,036
Utilities
     
  2.7
 
4,767,638
Consumer, Non-cyclical
   
  2.6
 
4,645,505
Money Market Fund
   
  0.2
 
294,962
       
  100.0%
 
$176,521,353
             



Steel ETF          
Schedule of Investments      
September 30, 2007 (unaudited)      
             
 
Number 
         
 
 of Shares
 
 
 
 
Value
COMMON STOCKS: 99.6%
         
Brazil: 23.5%
         
 
129,682
 
Cia Siderurgica Nacional S.A. (ADR)   †
   
$9,145,175
 
846,340
 
Cia Vale do Rio Doce (ADR) †
   
28,716,316
 
344,873
 
Gerdau S.A. (ADR) †
   
9,042,570
           
46,904,061
             
Canada: 1.8%
         
 
294,071
 
Gerdau Ameristeel Corp.
   
3,514,148
             
             
Luxemburg: 3.0%
         
 
192,734
 
Ternium S.A. (ADR)   †
   
6,051,848
             
Mexico: 0.8%
         
 
154,212
 
Grupo Simec SAB de CV (ADR) *
   
1,609,973
             
Netherlands: 13.8%
         
 
352,304
 
Arcelor Mittal †
   
27,606,541
             
Russia: 3.4%
         
 
133,386
 
Mechel Oao (ADR) †
   
6,802,686
             
South Korea: 9.1%
         
 
101,950
 
POSCO (ADR) †
   
18,225,601
             
United Kingdom: 12.5%
       
 
72,862
 
Rio Tinto PLC (ADR) †
   
25,020,811
             
United States: 31.7%
       
 
107,156
 
AK Steel Holding Corp. *
   
4,709,506
 
80,083
 
Allegheny Technologies, Inc.
   
8,805,126
 
21,188
 
AM Castle & Co.
   
690,729
 
24,830
 
Carpenter Technology Corp.
   
3,228,148
 
39,450
 
Cleveland-Cliffs, Inc.
   
3,470,417
 
115,074
 
Commercial Metals Co.
   
3,642,092
 
28,794
 
Gibraltar Industries, Inc.
   
532,689
 
10,230
 
L.B. Foster Co. *
   
444,596
 
24,854
 
Metal Management, Inc.
   
1,347,087
 
146,382
 
Nucor Corp.
   
8,705,338
 
10,291
 
Olympic Steel, Inc.
   
279,504
 
35,749
 
Quanex Corp.
   
1,679,488
 
73,346
 
Reliance Steel & Aluminum Co.
   
4,146,983
 
25,512
 
Ryerson, Inc.
   
860,775
 
28,393
 
Schnitzer Steel Industries, Inc.
   
2,080,923
 
87,171
 
Steel Dynamics, Inc.
   
4,070,886
 
91,895
 
Timken Co.
   
3,413,899
 
83,611
 
United States Steel Corp.
   
8,857,749
 
6,398
 
Universal Stainless & Alloy *
   
254,576
 
14,758
 
Wheeling-Pittsburgh Corp. *
   
284,829
 
77,905
 
Worthington Industries, Inc.
   
1,835,442
           
63,340,782
             
Total Common Stocks
       
(Cost: $180,009,273)
       
199,076,451
             
             
MONEY MARKET FUND: 0.2%
     
Fidelity Institutional Money Market Fund -
     
    Treasury Portfolio Class III Shares
     
(Cost: $352,859)
   
352,859
 
$352,859
             
Total Investments Before Collateral
     
   for Securities Loaned: 99.8%
     
(Cost: $180,362,132)
       
199,429,310
             
SHORT-TERM INVESTMENT HELD AS
     
COLLATERAL FOR SECURITIES LOANED: 20.5%
     
Bank of New York 
         
    Institutional Cash Reserve
40,985,655
 
40,985,655
(Cost: $40,985,655)
         
             
Total Investments: 120.3%
       
(Cost: $221,347,787)
       
240,414,965
Liabilities in excess of other assets: (20.3)%
   
(40,628,830)
NET ASSETS: 100.0%
     
$199,786,135
             


             
*
Non-income producing
     
†
Security fully or partially on loan.  Total market value of securities on loan is $39,821,257.
 
ADR
American Depositary Receipt
     
             
The aggregate cost of investments owned for Federal income tax purposes is $221,347,787, and unrealized appreciation
(depreciation) on such investments is:
     
Gross Unrealized Appreciation
   
$20,610,036
Gross Unrealized Depreciation
   
             (1,542,858)
Net Unrealized Appreciation
   
$19,067,178
             

             
Summary of Investments by Sector
% of
   
Excluding Collateral for Securities Loaned
Investments
 
 Value
Steel Producers
   
60.5%
 
$120,570,270
Diversified
   
26.9
 
53,737,127
Specialty Steel
   
6.3
 
12,530,119
Metal Processors & Fabricators
6.1
 
12,238,935
Money Market Fund
   
0.2
 
352,859
       
100.0.%
 
$199,429,310
             
 
 
 See Note to Schedules of Investments 
 
   Market Vectors ETF Trust
Note to Schedules of Investments
September 30, 2007 (unaudited)
 
 
 
 
 
 
 
 
Security Valuation —Securities traded on national exchanges or traded on the NASDAQ National Market System are valued at the last sales price as reported at the close of each business day. Securities traded on the NASDAQ Stock Market are valued at the NASDAQ official closing price. Over-the-counter securities not included in the NASDAQ National Market System and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. Short-term obligations purchased with more than sixty days remaining to maturity are valued at market value. Short-term obligations purchased with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates market value.  
 
 
 ITEM 2. Controls and Procedures.
 
(a)    
The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3 (c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15 (b)).
 
(b)
There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.
 
 
ITEM 3. Exhibits.
Certifications of principal executive officer and principal financial officer as required by Rule 30a2(a) under the Investment Company Act of 1940 are attached as Exhibit 99.CERT

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Market Vectors ETF Trust

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

Date:  November 29, 2007
 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By   Keith  J. Carlson, Chief Executive Officer, Market Vectors ETF Trust
 
Date: November 29, 2007
 

By  Bruce J. Smith,    Chief Financial Officer, Market Vectors ETF Trust
 
Date:  November 29, 2007
 

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