UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number           811-22255                                    

EGA Emerging Global Shares Trust
(Exact name of registrant as specified in charter)
 
171 East Ridgewood Avenue
Ridgewood, NJ 07450
(Address of principal executive offices) (Zip code)
 
Robert C. Holderith
171 East Ridgewood Avenue
Ridgewood, NJ 07450
(Name and address of agent for service)
 

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

Date of fiscal year end: March 31

Date of reporting period: September 30, 2012

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

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

 
   

Item 1. Reports to Stockholders.


EGA Emerging Global Shares Trust

Semi-Annual Report
September 30, 2012

EGShares Basic Materials GEMS ETF

EGShares Beyond BRICs ETF

EGShares Brazil Infrastructure ETF

EGShares China Infrastructure ETF

EGShares Consumer Goods GEMS ETF

EGShares Consumer Services GEMS ETF

EGShares Emerging Markets Consumer ETF

EGShares Emerging Markets Domestic Demand ETF

EGShares Emerging Markets Metals & Mining ETF

EGShares Energy GEMS ETF

EGShares Financials GEMS ETF

EGShares GEMS Composite ETF

EGShares Health Care GEMS ETF

EGShares India Consumer ETF

EGShares India Infrastructure ETF

EGShares India Small Cap ETF

EGShares Industrials GEMS ETF

EGShares Low Volatility Emerging Markets Dividend ETF

EGShares Technology GEMS ETF

EGShares Telecom GEMS ETF

EGShares Utilities GEMS ETF

 
 

Table of Contents

Shareholder Letter 1
Comments from the Chief Investment Officer & Director of Research 2
Portfolio Summaries 3
Shareholder Expense Examples 24
Frequency Distribution of Premium and Discount 27
Schedules of Investments 31
EGShares Basic Materials GEMS ETF (consolidated) 31
EGShares Beyond BRICs ETF 32
EGShares Brazil Infrastructure ETF 33
EGShares China Infrastructure ETF 34
EGShares Consumer Goods GEMS ETF (consolidated) 35
EGShares Consumer Services GEMS ETF 36
EGShares Emerging Markets Consumer ETF (consolidated) 37
EGShares Emerging Markets Domestic Demand ETF (consolidated) 38
EGShares Emerging Markets Metals & Mining ETF (consolidated) 39
EGShares Energy GEMS ETF (consolidated) 40
EGShares Financials GEMS ETF (consolidated) 41
EGShares GEMS Composite ETF (consolidated) 42
EGShares Health Care GEMS ETF (consolidated) 44
EGShares India Consumer ETF (consolidated) 45
EGShares India Infrastructure ETF (consolidated) 46
EGShares India Small Cap ETF (consolidated) 47
EGShares Industrials GEMS ETF (consolidated) 49
EGShares Low Volatility Emerging Markets Dividend ETF (consolidated) 50
EGShares Technology GEMS ETF (consolidated) 51
EGShares Telecom GEMS ETF (consolidated) 52
EGShares Utilities GEMS ETF (consolidated) 53
Statements of Assets and Liabilities 54
Statements of Operations 58
Statements of Changes in Net Assets 62
Financial Highlights 68
Notes to Financial Statements 79
Board Review and Approval of Advisory Contracts 94
Board of Trustees and Officers 96
General Information 98

 

 
 

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Letter to Shareholders

November 2012

Dear Shareholder:

As there are now over 130 emerging market equity ETFs (exchange-traded funds), investors have the benefit — and the burden — of choice as to how to obtain optimum emerging market (EM) exposure. Investors have the tools available to invest within, not merely to emerging markets, through multiple options for core, geographic, sector, theme and other types of exposure. Through our EGShares family of ETFs, we have emerged as a leading emerging market asset manager, driving us to adopt a powerful new tagline for the company during the quarter: “The Tools for Emerging Markets.”

EGA’s commitment to product leadership was demonstrated by the two funds we launched during the third quarter. The EGShares Beyond BRICs ETF (BBRC) and the EGShares Emerging Markets Domestic Demand ETF (EMDD) were launched in late August. Both funds provide exposure to what EGA believes will be the countries (BBRC) or sectors (EMDD) that may be best positioned for future growth in the coming years. These were the 20 th and 21 st funds in our ETF portfolio.

From a broader point of view, we are beginning to realize what we have always referred to as “normalization” for investors in emerging markets. Normalization refers to the ability of EM investors to implement investment strategies that are similar to strategies they use in developed markets investing. We see this as a very important step in EM investing becoming a mainstream or core exposure for all investors.

I appreciate your continued support of our firm and its products.

Sincerely,


Robert C. Holderith
Chairman of the Board, EGA Emerging Global Shares Trust
President & Founder, Emerging Global Advisors, LLC

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

EGA Emerging Global Shares Trust 1

 
 

Comments from the Chief Investment Officer & Director of Research

Dear Shareholder:

Roughly one year ago, I wrote the previous version of this semi-annual letter and commented extensively on the uncertainties confronting Europe. It is difficult to gauge if the situation is significantly different today than it was then. Certain manufacturing and consumption numbers have improved, but not dramatically. The recent U.S. earnings season, punctuated by disappointment from names like Apple, was poor overall and ended the short bull run in virtually all risk asset classes that began in early June.

An observation: The world stock market bottom was in March of 2009. Since then, major indices representing U.S., emerging market and global stocks show that markets have not been able to sustain a bull run for more than four consecutive quarters. In between these runs, the pullbacks were short but severe. Corrections were usually within a three-month period, with losses from 10% to 30% depending on the index (S&P 500 Index, MSCI World Index). The fact that higher-risk asset classes such as stocks and commodities have largely moved in tandem demonstrates the powerful impact that shifting investor risk tolerance has had on markets globally. This indiscriminate environment continues to be challenging for those focused on securities selection, lending itself more to broad asset allocation decisions.

Over the six-month period ending September 30 th , expected market volatility (as measured by the VIX Index*) has been relatively low, although still higher than before the 2008 financial crisis. Despite this positive indicator, the high level of cash among institutional investors suggests that many are not fully committed to riskier investment positions. Yet with explicit comments from policymakers signaling that accommodative policy — and therefore low interest rates — will be around for at least two more years, the foundation is in place for a sustained bull market in risk assets.

This may be beneficial for investors, but what the global economy needs is for measures such as quantitative easing to spark investment. Not only is there little investment in the Western world where central banks are still, after many years, trying to engineer a financial revival, but their actions may ignite a new currency war. By deploying their domestic or other developed market currencies to chase higher-yielding currencies/rates in the emerging markets, investors are exporting inflation and potentially limiting growth in the regions of the world that have, up to now, sustained enviable levels of growth.

Within this environment, Emerging Global Advisors has remained an innovator in the ETF industry. The EGShares Beyond BRICs ETF (BBRC) and EGShares Emerging Markets Domestic Demand ETF (EMDD) were launched in late August. These funds are designed to help investors gain exposure to what EGA believes will be the countries (BBRC) or sectors (EMDD) that may be best positioned for future growth in coming years. Consistent with our strategic approach, both funds use investible indices to capture their desired market exposure, rather than rely on broad benchmarks that reflect developed country and industry biases.

Lastly, this letter is written while much of the U.S. Northeast is without power. We thank those who have sent their warm wishes to us and we share the concern for our neighbors during this disaster. As Chief Investment Officer trained in risk management, I wish to ensure you that the viability of Emerging Global Advisors LLC and the funds we manage remains unchanged due to this unprecedented weather event. Backups for our operating locations and technology have been in place since the firm’s inception in anticipation of this kind of situation. We care about the integrity of our funds and the processes that govern them and wish to share this assurance with you, our shareholders.


Richard Kang
Chief Investment Officer & Director of Research
October 2012

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

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

This manager commentary represents an assessment of the market environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. This information should not be relied upon by the reader as research or investment advice.

The S&P 500 Index is a broad-based measure of domestic stock market performance. One cannot invest directly in an index.

MSCI World Index is an index that is designed to measure the equity market performance in global emerging markets. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indices or financial products. This report is not approved or produced by MSCI.

2 EGA Emerging Global Shares Trust

 
 

Portfolio Summary (Unaudited)

EGShares Basic Materials GEMS ETF

Industry Breakdown*


Top Ten Holdings*

Vale SA Preference A Shares ADR 9.3%
AngloGold Ashanti, Ltd. ADR 6.6
China Shenhua Energy Co., Ltd. Class H 6.6
MMC Norilsk Nickel OJSC ADR 5.6
Uralkali OJSC GDR 5.5
Impala Platinum Holdings, Ltd. 4.9
Grupo Mexico SAB de CV Series B 4.7
Gold Fields, Ltd. ADR 4.7
Gerdau SA Preference Shares ADR 4.6
KGHM Polska Miedz SA 4.1

 

 
* Expressed as a percentage of total investments in securities as of 9/30/2012. Holdings are subject to change.

EGShares Basic Materials GEMS ETF (ticker: LGEM)

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

Emerging market investments involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles, from economic or political instability in other nations or increased volatility and lower trading volume. This Fund will concentrate its investments in issuers of one or more particular industries to the same extent that its underlying index is so concentrated and to the extent permitted by applicable regulatory guidance. Concentration risk results from investing more than 25% of the Fund’s assets in issuers conducting business in the same industry.


EGA Emerging Global Shares Trust 3

 
 

Portfolio Summary (Unaudited)

EGShares Beyond BRICs ETF

Industry Breakdown*


Top Ten Holdings*

MTN Group, Ltd. 4.9%
Fomento Economico Mexicano SAB de CV ADR 4.8
Grupo Modelo SAB de CV Series C 4.6
America Movil SAB de CV Series L ADR 4.6
Grupo Mexico SAB de CV Series B 4.3
Sasol, Ltd. 4.2
Naspers, Ltd. N Shares 3.9
FirstRand, Ltd. 3.0
Astra International Tbk PT 2.9
PTT PCL 2.9

 

 
* Expressed as a percentage of total investments in securities as of 9/30/2012. Holdings are subject to change.

EGShares Beyond BRICs ETF (ticker: BBRC)

The Fund’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the INDXX Beyond BRICs Index (“Underlying Index”). The Underlying Index is comprised of 50 leading companies that INDXX, LLC determines to be representative of all industries in emerging market countries, excluding Brazil, Russia, India and China.

Emerging market investments involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles, from economic or political instability in other nations or increased volatility and lower trading volume. This Fund will concentrate its investments in issuers of one or more particular industries to the same extent that its underlying index is so concentrated and to the extent permitted by applicable regulatory guidance. Concentration risk results from investing more than 25% of the Fund’s assets in issuers conducting business in the same industry.


4 EGA Emerging Global Shares Trust

 
 

Portfolio Summary (Unaudited)

EGShares Brazil Infrastructure ETF

Industry Breakdown*


Top Ten Holdings*

CCR SA 5.9%
BR Malls Participacoes SA 5.6
Companhia Siderurgica Nacional SA 5.4
Ultrapar Participacoes SA 5.1
Vale SA 5.1
Companhia de Saneamento Basico do  
  Estado de Sao Paulo 5.0
Embraer SA 5.0
Oi SA Preference Shares 4.8
Tractebel Energia SA 4.6
Telefonica Brasil SA 4.5

 

 
* Expressed as a percentage of total investments in securities as of 9/30/2012. Holdings are subject to change.

EGShares Brazil Infrastructure ETF (ticker: BRXX)

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

Emerging market investments involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles, from economic or political instability in other nations or increased volatility and lower trading volume. This Fund will concentrate its investments in issuers of one or more particular industries to the same extent that its underlying index is so concentrated and to the extent permitted by applicable regulatory guidance. Concentration risk results from investing more than 25% of the Fund’s assets in issuers conducting business in the same industry. Because the Fund only invests in Brazilian securities, its NAV will be much more sensitive to changes in economic, political and other factors within Brazil than would a fund that invested in a greater variety of countries. Special risks include, among others, political and legal uncertainty, persistent religious, ethnic and border disputes, greater government control over the economy, currency fluctuations or blockage and the risk of nationalization or expropriation of assets.


EGA Emerging Global Shares Trust 5

 
 

Portfolio Summary (Unaudited)

EGShares China Infrastructure ETF

Industry Breakdown*


Top Ten Holdings*

Anhui Conch Cement Co., Ltd. Class H 6.0%
China Oilfield Services, Ltd. Class H 5.5
China Telecom Corp., Ltd. Class H 5.3
Huaneng Power International, Inc. Class H 5.2
Jiangxi Copper Co., Ltd. Class H 5.1
China Railway Construction Corp., Ltd. Class H 5.1
China Railway Group, Ltd. Class H 5.1
China Unicom Hong Kong, Ltd. 4.8
Aluminum Corp. of China, Ltd. Class H 4.6
Changsha Zoomlion Heavy Industry Science And  
  Technology Development Co., Ltd. Class H 4.6

 

 
* Expressed as a percentage of total investments in securities as of 9/30/2012. Holdings are subject to change.

EGShares China Infrastructure ETF (ticker: CHXX)

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

Emerging market investments involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles, from economic or political instability in other nations or increased volatility and lower trading volume. This Fund will concentrate its investments in issuers of one or more particular industries to the same extent that its underlying index is so concentrated and to the extent permitted by applicable regulatory guidance. Concentration risk results from investing more than 25% of the Fund’s assets in issuers conducting business in the same industry. Because the Fund only invests in Chinese securities, its NAV will be much more sensitive to changes in economic, political and other factors within China than would a fund that invested in a greater variety of countries. Special risks include, among others, political and legal uncertainty, persistent religious, ethnic and border disputes, greater government control over the economy, currency fluctuations or blockage and the risk of nationalization or expropriation of assets.


6 EGA Emerging Global Shares Trust

 
 

Portfolio Summary (Unaudited)

EGShares Consumer Goods GEMS ETF

Industry Breakdown*


Top Ten Holdings*

Companhia de Bebidas das Americas Preference  
  Shares ADR 9.9%
Fomento Economico Mexicano SAB de CV ADR 7.4
Astra International Tbk PT 6.7
BRF - Brasil Foods SA ADR 5.5
Hindustan Unilever, Ltd. 5.4
ITC, Ltd. 5.1
Tiger Brands, Ltd. 3.9
Grupo Bimbo SAB de CV Series A 3.8
Grupo Modelo SAB de CV Series C 3.6
Arca Continental SAB de CV 3.6

 

 
* Expressed as a percentage of total investments in securities as of 9/30/2012. Holdings are subject to change.

EGShares Consumer Goods GEMS ETF (ticker: GGEM)

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

Emerging market investments involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles, from economic or political instability in other nations or increased volatility and lower trading volume. This Fund will concentrate its investments in issuers of one or more particular industries to the same extent that its underlying index is so concentrated and to the extent permitted by applicable regulatory guidance. Concentration risk results from investing more than 25% of the Fund’s assets in issuers conducting business in the same industry.


EGA Emerging Global Shares Trust 7

 
 

Portfolio Summary (Unaudited)

EGShares Consumer Services GEMS ETF

Industry Breakdown*


Top Ten Holdings*

Naspers, Ltd. N Shares 10.3%
Wal-Mart de Mexico SAB de CV Series V 7.4
Magnit OJSC GDR 6.0
Lan Airlines SA ADR 5.6
S.A.C.I. Falabella 5.0
Shoprite Holdings, Ltd. 4.4
Steinhoff International Holdings, Ltd. 4.2
Grupo Televisa SAB ADR 4.1
Truworths International, Ltd. 4.0
Companhia Brasileira de Distribuicao Grupo Pao de  
  Acucar Preference Shares ADR 4.0

 

 
* Expressed as a percentage of total investments in securities as of 9/30/2012. Holdings are subject to change.

EGShares Consumer Services GEMS ETF (ticker: VGEM)

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

Emerging market investments involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles, from economic or political instability in other nations or increased volatility and lower trading volume. This Fund will concentrate its investments in issuers of one or more particular industries to the same extent that its underlying index is so concentrated and to the extent permitted by applicable regulatory guidance. Concentration risk results from investing more than 25% of the Fund’s assets in issuers conducting business in the same industry.


8 EGA Emerging Global Shares Trust

 
 

Portfolio Summary (Unaudited)

EGShares Emerging Markets Consumer ETF

Industry Breakdown*


Top Ten Holdings*

Companhia de Bebidas das Americas Preference  
  Shares ADR 9.9%
Naspers, Ltd. N Shares 9.0
Fomento Economico Mexicano SAB de CV
  Series UB 		6.3
Wal-Mart de Mexico SAB de CV Series V 5.9
Astra International TBK PT 5.9
BRF - Brasil Foods SA ADR 4.4
ITC, Ltd. 4.2
Hindustan Unilever, Ltd. 4.2
Magnit OJSC GDR 3.9
S.A.C.I. Falabella 3.7

 

 
* Expressed as a percentage of total investments in securities as of 9/30/2012. Holdings are subject to change.

EGShares Emerging Markets Consumer ETF (ticker: ECON)

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

Emerging market investments involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles, from economic or political instability in other nations or increased volatility and lower trading volume. This Fund will concentrate its investments in issuers of one or more particular industries to the same extent that its underlying index is so concentrated and to the extent permitted by applicable regulatory guidance. Concentration risk results from investing more than 25% of the Fund’s assets in issuers conducting business in the same industry.


EGA Emerging Global Shares Trust 9

 
 

Portfolio Summary (Unaudited)

EGShares Emerging Markets Domestic Demand ETF

Industry Breakdown*


Top Ten Holdings*

ITC, Ltd. 5.3%
China Telecom Corp., Ltd. Class H 5.2
Fomento Economico Mexicano SAB de CV ADR 4.9
MTN Group, Ltd. 4.9
Grupo Modelo SAB de CV Series C 4.8
Companhia de Bebidas das Americas Preference  
  Shares ADR 4.7
America Movil SAB de CV Series L ADR 4.6
Naspers, Ltd. N Shares 4.2
Astra International Tbk PT 3.3
Wal-Mart de Mexico SAB de CV Series V 3.3

 

 
* Expressed as a percentage of total investments in securities as of 9/30/2012. Holdings are subject to change.

EGShares Emerging Markets Domestic Demand ETF (ticker: EMDD)

The Fund’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the INDXX Emerging Markets Domestic Demand Index (“Underlying Index”). The Underlying Index is comprised of 50 emerging markets companies in sectors INDXX, LLC determines may have greater exposure to local markets than the MSCI Emerging Markets Index SM .

Emerging market investments involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles, from economic or political instability in other nations or increased volatility and lower trading volume. This Fund will concentrate its investments in issuers of one or more particular industries to the same extent that its underlying index is so concentrated and to the extent permitted by applicable regulatory guidance. Concentration risk results from investing more than 25% of the Fund’s assets in issuers conducting business in the same industry.


10 EGA Emerging Global Shares Trust

 
 

Portfolio Summary (Unaudited)

EGShares Emerging Markets Metals & Mining ETF

Industry Breakdown*


Top Ten Holdings*

Vale SA ADR 9.3%
AngloGold Ashanti, Ltd. 6.9
China Shenhua Energy Co., Ltd. Class H 6.5
MMC Norilsk Nickel OJSC ADR 6.0
Gold Fields, Ltd. 5.4
Impala Platinum Holdings, Ltd. 5.2
Gerdau SA Preference Shares ADR 4.7
Grupo Mexico SAB de CV Series B 4.6
KGHM Polska Miedz SA 4.4
Industrias Penoles SAB de CV 4.1

 

 
* Expressed as a percentage of total investments in securities as of 9/30/2012. Holdings are subject to change.

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

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

Emerging market investments involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles, from economic or political instability in other nations or increased volatility and lower trading volume. This Fund will concentrate its investments in issuers of one or more particular industries to the same extent that its underlying index is so concentrated and to the extent permitted by applicable regulatory guidance. Concentration risk results from investing more than 25% of the Fund’s assets in issuers conducting business in the same industry.


EGA Emerging Global Shares Trust 11

 
 

Portfolio Summary (Unaudited)

EGShares Energy GEMS ETF

Industry Breakdown*


Top Ten Holdings*

Gazprom OAO ADR 9.4%
Petroleo Brasileiro SA ADR 7.4
CNOOC, Ltd. 7.1
LUKOIL OAO ADR 6.7
PetroChina Co., Ltd. Class H 6.3
Reliance Industries, Ltd. GDR 144A 6.2
China Petroleum & Chemical Corp. Class H 4.5
Sasol, Ltd. 4.5
NovaTek OAO ADR 4.4
Ecopetrol SA ADR 4.3

 

 
* Expressed as a percentage of total investments in securities as of 9/30/2012. Holdings are subject to change.

EGShares Energy GEMS ETF (ticker: OGEM)

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

Emerging market investments involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles, from economic or political instability in other nations or increased volatility and lower trading volume. This Fund will concentrate its investments in issuers of one or more particular industries to the same extent that its underlying index is so concentrated and to the extent permitted by applicable regulatory guidance. Concentration risk results from investing more than 25% of the Fund’s assets in issuers conducting business in the same industry.


12 EGA Emerging Global Shares Trust

 
 

Portfolio Summary (Unaudited)

EGShares Financials GEMS ETF

Industry Breakdown*


Top Ten Holdings*

China Construction Bank Corp. Class H 10.3%
Industrial and Commercial Bank of China, Ltd.
  Class H 		9.2
Itau Unibanco Holding SA Preference Shares ADR 6.8
Banco Bradesco SA Preference Shares ADR 6.3
Sberbank of Russia ADR 5.5
Bank of China, Ltd. Class H 5.5
Housing Development Finance Corp., Ltd. 4.9
China Life Insurance Co., Ltd. Class H 4.3
Standard Bank Group, Ltd. 3.6
HDFC Bank, Ltd. ADR 3.3

 

 
* Expressed as a percentage of total investments in securities as of 9/30/2012. Holdings are subject to change.

EGShares Financials GEMS ETF (ticker: FGEM)

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

Emerging market investments involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles, from economic or political instability in other nations or increased volatility and lower trading volume. This Fund will concentrate its investments in issuers of one or more particular industries to the same extent that its underlying index is so concentrated and to the extent permitted by applicable regulatory guidance. Concentration risk results from investing more than 25% of the Fund’s assets in issuers conducting business in the same industry.


EGA Emerging Global Shares Trust 13

 
 

Portfolio Summary (Unaudited)

EGShares GEMS Composite ETF

Industry Breakdown*


Top Ten Holdings*

America Movil SAB de CV Series L 5.0%
Gazprom OAO ADR 4.7
China Mobile, Ltd. 4.3
China Construction Bank Corp. Class H 4.3
Industrial and Commercial Bank of China, Ltd.
  Class H 		3.7
Petroleo Brasileiro SA ADR 2.9
Itau Unibanco Holding SA Preference Shares ADR 2.6
CNOOC, Ltd. 2.5
Baidu, Inc. ADR 2.4
LUKOIL OAO ADR 2.4

 

 
* Expressed as a percentage of total investments in securities as of 9/30/2012. Holdings are subject to change.

EGShares GEMS Composite ETF (ticker: AGEM)

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

Emerging market investments involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles, from economic or political instability in other nations or increased volatility and lower trading volume. This Fund will concentrate its investments in issuers of one or more particular industries to the same extent that its underlying index is so concentrated and to the extent permitted by applicable regulatory guidance. Concentration risk results from investing more than 25% of the Fund’s assets in issuers conducting business in the same industry.


14 EGA Emerging Global Shares Trust

 
 

Portfolio Summary (Unaudited)

EGShares Health Care GEMS ETF

Industry Breakdown*


Top Ten Holdings*

Aspen Pharmacare Holdings, Ltd. 10.0%
Sun Pharmaceutical Industries, Ltd. 8.7
Life Healthcare Group Holdings, Ltd. 7.1
Mindray Medical International, Ltd. ADR 5.4
Dr. Reddy's Laboratories, Ltd. ADR 4.9
Cipla, Ltd. 4.8
Shandong Weigao Group Medical Polymer Co., Ltd.  
  Class H 4.8
Netcare, Ltd. 4.8
Sinopharm Group Co. Class H 4.5
Richter Gedeon Nyrt. 4.4

 

 
* Expressed as a percentage of total investments in securities as of 9/30/2012. Holdings are subject to change.

EGShares Health Care GEMS ETF (ticker: HGEM)

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

Emerging market investments involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles, from economic or political instability in other nations or increased volatility and lower trading volume. This Fund will concentrate its investments in issuers of one or more particular industries to the same extent that its underlying index is so concentrated and to the extent permitted by applicable regulatory guidance. Concentration risk results from investing more than 25% of the Fund’s assets in issuers conducting business in the same industry.


EGA Emerging Global Shares Trust 15

 
 

Portfolio Summary (Unaudited)

EGShares India Consumer ETF

Industry Breakdown*


Top Ten Holdings*

United Spirits, Ltd. 7.9%
Hindustan Unilever, Ltd. 5.8
United Breweries, Ltd. 5.8
Godrej Consumer Products, Ltd. 5.6
ITC, Ltd. 5.4
Mahindra & Mahindra, Ltd. 4.9
GlaxoSmithKline Consumer Healthcare, Ltd. 4.7
Zee Entertainment Enterprises, Ltd. 4.7
Titan Industries, Ltd. 4.7
Tata Global Beverages, Ltd. 4.6

 

 
* Expressed as a percentage of total investments in securities as of 9/30/2012. Holdings are subject to change.

EGShares India Consumer ETF (ticker: INCO)

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

Emerging market investments involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles, from economic or political instability in other nations or increased volatility and lower trading volume. This Fund will concentrate its investments in issuers of one or more particular industries to the same extent that its underlying index is so concentrated and to the extent permitted by applicable regulatory guidance. Concentration risk results from investing more than 25% of the Fund’s assets in issuers conducting business in the same industry. Small cap and mid cap companies generally will have greater volatility in price than the stocks of large companies due to limited product lines or resources or a dependency upon a particular market niche. Because the Fund only invests in Indian securities, its NAV will be much more sensitive to changes in economic, political and other factors within India than would a fund that invested in a greater variety of countries. Special risks include, among others, political and legal uncertainty, persistent religious, ethnic and border disputes, greater government control over the economy, currency fluctuations or blockage and the risk of nationalization or expropriation of assets.


16 EGA Emerging Global Shares Trust

 
 

Portfolio Summary (Unaudited)

EGShares India Infrastructure ETF

Industry Breakdown*


Top Ten Holdings*

ACC, Ltd. 5.2%
Ambuja Cements, Ltd. 5.1
Bharat Heavy Electricals, Ltd. 5.0
Tata Power Co., Ltd. 5.0
GAIL India, Ltd. 5.0
Larsen & Toubro, Ltd. 4.9
Jindal Steel & Power, Ltd. 4.8
Jaiprakash Associates, Ltd. 4.8
NTPC, Ltd. 4.7
Tata Motors, Ltd. 4.7

 

 
* Expressed as a percentage of total investments in securities as of 9/30/2012. Holdings are subject to change.

EGShares India Infrastructure ETF (ticker: INXX)

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

Emerging market investments involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles, from economic or political instability in other nations or increased volatility and lower trading volume. This Fund will concentrate its investments in issuers of one or more particular industries to the same extent that its underlying index is so concentrated and to the extent permitted by applicable regulatory guidance. Concentration risk results from investing more than 25% of the Fund’s assets in issuers conducting business in the same industry. Because the Fund only invests in Indian securities, its NAV will be much more sensitive to changes in economic, political and other factors within India than would a fund that invested in a greater variety of countries. Special risks include, among others, political and legal uncertainty, persistent religious, ethnic and border disputes, greater government control over the economy, currency fluctuations or blockage and the risk of nationalization or expropriation of assets.


EGA Emerging Global Shares Trust 17

 
 

Portfolio Summary (Unaudited)

EGShares India Small Cap ETF

Industry Breakdown*


Top Ten Holdings*

Federal Bank, Ltd. 4.5%
Apollo Hospitals Enterprise, Ltd. 4.2
Glenmark Pharmaceuticals, Ltd. 3.5
Tata Global Beverages, Ltd. 3.5
Crompton Greaves, Ltd. 2.9
Indiabulls Financial Services, Ltd. 2.7
United Phosphorus, Ltd. 2.6
Bharat Forge, Ltd. 2.5
Jubilant Foodworks, Ltd. 2.4
Tech Mahindra, Ltd. 2.3

 

 
* Expressed as a percentage of total investments in securities as of 9/30/2012. Holdings are subject to change.

EGShares India Small Cap ETF (ticker: SCIN)

The Fund’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the INDXX India Small Cap Index (“Underlying Index”). The Underlying Index is comprised of 30 leading companies that INDXX, LLC determines to be representative of small market cap companies in India.

Emerging market investments involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles, from economic or political instability in other nations or increased volatility and lower trading volume. This Fund will concentrate its investments in issuers of one or more particular industries to the same extent that its underlying index is so concentrated and to the extent permitted by applicable regulatory guidance. Concentration risk results from investing more than 25% of the Fund’s assets in issuers conducting business in the same industry. Because the Fund only invests in Indian securities, its NAV will be much more sensitive to changes in economic, political and other factors within India than would a fund that invested in a greater variety of countries. Special risks include, among others, political and legal uncertainty, persistent religious, ethnic and border disputes, greater government control over the economy, currency fluctuations or blockage and the risk of nationalization or expropriation of assets.


18 EGA Emerging Global Shares Trust

 
 

Portfolio Summary (Unaudited)

EGShares Industrials GEMS ETF

Industry Breakdown*


Top Ten Holdings*

Cemex SAB de CV ADR 8.1%
Sime Darby Bhd 7.0
Bidvest Group, Ltd. 6.1
Alfa, SAB Class A 4.8
Mahindra & Mahindra, Ltd. 4.7
Tata Motors, Ltd. ADR 4.5
Imperial Holdings, Ltd. 4.5
Larsen & Toubro, Ltd. 4.1
Semen Gresik Persero Tbk PT 4.0
Embraer SA ADR 3.9

 

 
* Expressed as a percentage of total investments in securities as of 9/30/2012. Holdings are subject to change.

EGShares Industrials GEMS ETF (ticker: IGEM)

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

Emerging market investments involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles, from economic or political instability in other nations or increased volatility and lower trading volume. This Fund will concentrate its investments in issuers of one or more particular industries to the same extent that its underlying index is so concentrated and to the extent permitted by applicable regulatory guidance. Concentration risk results from investing more than 25% of the Fund’s assets in issuers conducting business in the same industry.


EGA Emerging Global Shares Trust 19

 
 

Portfolio Summary (Unaudited)

EGShares Low Volatility Emerging Markets Dividend ETF

Industry Breakdown*


Top Ten Holdings*

Indiabulls Financial Services, Ltd. 5.5%
Turk Traktor ve Ziraat Makineleri AS 5.2
Redefine Properties Ltd. 5.0
Shin Corp. PCL 5.0
Telekomunikacja Polska SA 4.9
Vodacom Group, Ltd. 4.9
Lewis Group Ltd. 4.4
Maxis BHD 4.0
Ecopetrol SA ADR 3.9
Growthpoint Properties Ltd. 3.7

 

 
* Expressed as a percentage of total investments in securities as of 9/30/2012. Holdings are subject to change.

EGShares Low Volatility Emerging Markets Dividend ETF (ticker: HILO)

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

Emerging market investments involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles, from economic or political instability in other nations or increased volatility and lower trading volume. This Fund will concentrate its investments in issuers of one or more particular industries to the same extent that its underlying index is so concentrated and to the extent permitted by applicable regulatory guidance. Concentration risk results from investing more than 25% of the Fund’s assets in issuers conducting business in the same industry.


20 EGA Emerging Global Shares Trust

 
 

Portfolio Summary (Unaudited)

EGShares Technology GEMS ETF

Industry Breakdown*


Top Ten Holdings*

Baidu, Inc. ADR 10.3%
Infosys, Ltd. ADR 8.9
Tata Consultancy Services, Ltd. 6.6
Lenovo Group, Ltd. 5.2
SINA Corp. 4.7
NetEase.com, Inc. ADR 4.6
Wipro, Ltd. ADR 4.3
Mail.ru Group, Ltd. GDR 3.4
Satyam Computer Services, Ltd. 3.3
China Communications Services Corp., Ltd.
  Class H 		3.3

 

 
* Expressed as a percentage of total investments in securities as of 9/30/2012. Holdings are subject to change.

EGShares Technology GEMS ETF (ticker: QGEM)

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

Emerging market investments involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles, from economic or political instability in other nations or increased volatility and lower trading volume. This Fund will concentrate its investments in issuers of one or more particular industries to the same extent that its underlying index is so concentrated and to the extent permitted by applicable regulatory guidance. Concentration risk results from investing more than 25% of the Fund’s assets in issuers conducting business in the same industry.


EGA Emerging Global Shares Trust 21

 
 

Portfolio Summary (Unaudited)

EGShares Telecom GEMS ETF

Industry Breakdown*


Top Ten Holdings*

America Movil SAB de CV Series L ADR 10.1%
China Mobile, Ltd. 9.8
MTN Group, Ltd. 7.1
Telekomunikasi Indonesia Tbk PT ADR 4.2
Advanced Info Service PCL 4.0
Mobile TeleSystems ADR 4.0
Axiata Group BHD 3.8
China Telecom Corp., Ltd. Class H 3.8
China Unicom Hong Kong, Ltd. ADR 3.4
Telefonica Brasil SA Preference Shares ADR 3.4

 

 
* Expressed as a percentage of total investments in securities as of 9/30/2012. Holdings are subject to change.

EGShares Telecom GEMS ETF (ticker: TGEM)

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

Emerging market investments involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles, from economic or political instability in other nations or increased volatility and lower trading volume. This Fund will concentrate its investments in issuers of one or more particular industries to the same extent that its underlying index is so concentrated and to the extent permitted by applicable regulatory guidance. Concentration risk results from investing more than 25% of the Fund’s assets in issuers conducting business in the same industry.


22 EGA Emerging Global Shares Trust

 
 

Portfolio Summary (Unaudited)

EGShares Utilities GEMS ETF

Industry Breakdown*


Top Ten Holdings*

Ultrapar Participacoes SA ADR 9.5%
CEZ AS 6.5
Companhia Energetica de Minas Gerais ADR 6.3
Empresa Nacional de Electricidad SA ADR 5.6
Tenaga Nasional BHD 5.4
Companhia de Saneamento Basico do Estado de  
  Sao Paulo ADR 5.1
Perusahaan Gas Negara PT 4.8
PGE SA 4.6
NTPC, Ltd. 4.4
Enersis SA ADR 4.3

 

 
* Expressed as a percentage of total investments in securities as of 9/30/2012. Holdings are subject to change.

EGShares Utilities GEMS ETF (ticker: UGEM)

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

Emerging market investments involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles, from economic or political instability in other nations or increased volatility and lower trading volume. This Fund will concentrate its investments in issuers of one or more particular industries to the same extent that its underlying index is so concentrated and to the extent permitted by applicable regulatory guidance. Concentration risk results from investing more than 25% of the Fund’s assets in issuers conducting business in the same industry.


EGA Emerging Global Shares Trust 23

 
 

Shareholder Expense Examples (Unaudited)

As a shareholder of an EGA Emerging Global Shares Trust ETF, you incur advisory fees and other Fund expenses. The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds. The example is based on an investment of $1,000 invested at the beginning of the period and held throughout the entire period (April 1, 2012 to September 30, 2012).

Actual expenses

The first line under each Fund in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line for your Fund under the heading entitled “Expenses Paid Through 9/30/2012” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

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

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

24 EGA Emerging Global Shares Trust

 
 

Shareholder Expense Examples (Unaudited) (continued)

  Beginning Ending Annualized Expenses Paid
  Account Value Account Value Expense Ratios Through
  4/1/2012 9/30/2012 for the Period 9/30/2012 1
EGShares Basic Materials GEMS ETF (Consolidated) 2        
Actual $1,000.00 $   894.97 0.85% $4.04
Hypothetical (5% return before expenses) $1,000.00 $1,020.81 0.85% $4.31
EGShares Beyond BRICs ETF        
Actual $1,000.00 $1,028.00 0.85% $1.11
Hypothetical (5% return before expenses) $1,000.00 $1,020.81 0.85% $4.31
EGShares Brazil Infrastructure ETF        
Actual $1,000.00 $   867.00 0.85% $3.98
Hypothetical (5% return before expenses) $1,000.00 $1,020.81 0.85% $4.31
EGShares China Infrastructure ETF        
Actual $1,000.00 $   982.93 0.85% $4.23
Hypothetical (5% return before expenses) $1,000.00 $1,020.81 0.85% $4.31
EGShares Consumer Goods GEMS ETF (Consolidated) 2        
Actual $1,000.00 $1,010.42 0.85% $4.28
Hypothetical (5% return before expenses) $1,000.00 $1,020.81 0.85% $4.31
EGShares Consumer Services GEMS ETF        
Actual $1,000.00 $   964.54 0.85% $4.19
Hypothetical (5% return before expenses) $1,000.00 $1,020.81 0.85% $4.31
EGShares Emerging Markets Consumer ETF (Consolidated) 2        
Actual $1,000.00 $   985.47 0.85% $4.23
Hypothetical (5% return before expenses) $1,000.00 $1,020.81 0.85% $4.31
EGShares Emerging Markets Domestic Demand ETF (Consolidated) 2      
Actual $1,000.00 $1,027.00 0.85% $1.11
Hypothetical (5% return before expenses) $1,000.00 $1,020.81 0.85% $4.31
EGShares Emerging Markets Metals & Mining ETF (Consolidated) 2      
Actual $1,000.00 $   881.03 0.85% $4.01
Hypothetical (5% return before expenses) $1,000.00 $1,020.81 0.85% $4.31
EGShares Energy GEMS ETF (Consolidated) 2        
Actual $1,000.00 $   959.09 0.85% $4.17
Hypothetical (5% return before expenses) $1,000.00 $1,020.81 0.85% $4.31
EGShares Financials GEMS ETF (Consolidated) 2        
Actual $1,000.00 $   974.14 0.85% $4.21
Hypothetical (5% return before expenses) $1,000.00 $1,020.81 0.85% $4.31
EGShares GEMS Composite ETF (Consolidated) 2        
Actual $1,000.00 $   961.82 0.75% $3.69
Hypothetical (5% return before expenses) $1,000.00 $1,021.31 0.75% $3.80
EGShares Health Care GEMS ETF (Consolidated) 2        
Actual $1,000.00 $1,107.39 0.85% $4.49
Hypothetical (5% return before expenses) $1,000.00 $1,020.81 0.85% $4.31
EGShares India Consumer ETF (Consolidated) 2        
Actual $1,000.00 $1,157.23 0.89% $4.81
Hypothetical (5% return before expenses) $1,000.00 $1,020.61 0.89% $4.51
EGShares India Infrastructure ETF (Consolidated) 2        
Actual $1,000.00 $   979.32 0.85% $4.22
Hypothetical (5% return before expenses) $1,000.00 $1,020.81 0.85% $4.31
EGShares India Small Cap ETF (Consolidated) 2        
Actual $1,000.00 $1,010.42 0.85% $4.28
Hypothetical (5% return before expenses) $1,000.00 $1,020.81 0.85% $4.31
EGShares Industrials GEMS ETF (Consolidated) 2        
Actual $1,000.00 $   999.47 0.85% $4.26
Hypothetical (5% return before expenses) $1,000.00 $1,020.81 0.85% $4.31

 

EGA Emerging Global Shares Trust 25

 
 

Shareholder Expense Examples (Unaudited) (concluded)

  Beginning Ending Annualized Expenses Paid
  Account Value Account Value Expense Ratios Through
  4/1/2012 9/30/2012 for the Period 9/30/2012 1
EGShares Low Volatility Emerging Markets Dividend ETF (Consolidated) 2      
Actual $1,000.00 $   958.92 0.85% $4.17
Hypothetical (5% return before expenses) $1,000.00 $1,020.81 0.85% $4.31
EGShares Technology GEMS ETF (Consolidated) 2        
Actual $1,000.00 $   956.57 0.85% $4.17
Hypothetical (5% return before expenses) $1,000.00 $1,020.81 0.85% $4.31
EGShares Telecom GEMS ETF (Consolidated) 2        
Actual $1,000.00 $1,027.21 0.85% $4.32
Hypothetical (5% return before expenses) $1,000.00 $1,020.81 0.85% $4.31
EGShares Utilities GEMS ETF (Consolidated) 2        
Actual $1,000.00 $   930.07 0.85% $4.11
Hypothetical (5% return before expenses) $1,000.00 $1,020.81 0.85% $4.31

 

1 Expenses are calculated using each Fund's annualized expense ratio, which includes waived fees or reimbursed expenses, multiplied by the average account value for the period, multiplied by 183/365 (to reflect the six-month period).
2 Expenses for these Funds include the accounts of wholly owned subsidiaries. All inter-company accounts and transactions have been eliminated in consolidation. See Note 2 in the Notes to Financial Statements.

26 EGA Emerging Global Shares Trust

 
 

Frequency Distribution of Premium and Discount (Unaudited)

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

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

    Market Price
Above or Equal to NAV 		Market Price
Below NAV
   
  Basis Point
Differential 		Number
of Days 		% of
Total Days 		Number
of Days 		% of
Total Days
 
EGShares Basic Materials GEMS ETF          
June 23, 2011*–September 30, 2012          
  0-24.99 36 11.22% 30 9.35%
  25-49.99 41 12.77% 32 9.97%
  50-74.99 26 8.10% 20 6.23%
  75-99.99 21 6.54% 9 2.80%
  > 100 64 19.94% 42 13.08%
Total   188 58.57% 133 41.43%
EGShares Beyond BRICs ETF          
August 15, 2012*–September 30, 2012          
  0-24.99 – 0.00% 1 3.13%
  25-49.99 7 21.87% – 0.00%
  50-74.99 7 21.87% – 0.00%
  75-99.99 11 34.38% – 0.00%
  > 100 6 18.75% – 0.00%
Total   31 96.87% 1 3.13%
EGShares Brazil Infrastructure ETF          
February 24, 2010*–September 30, 2012          
  0-24.99 48 7.34% 49 7.49%
  25-49.99 37 5.66% 47 7.19%
  50-74.99 24 3.67% 44 6.73%
  75-99.99 24 3.67% 15 2.29%
  > 100 340 51.99% 26 3.97%
Total   473 72.33% 181 27.67%
EGShares China Infrastructure ETF          
February 17, 2010*–September 30, 2012          
  0-24.99 68 10.30% 61 9.24%
  25-49.99 63 9.55% 63 9.55%
  50-74.99 67 10.15% 44 6.67%
  75-99.99 50 7.58% 42 6.36%
  > 100 101 15.30% 101 15.30%
Total   349 52.88% 311 47.12%
EGShares Consumer Goods GEMS ETF          
June 23, 2011*–September 30, 2012          
  0-24.99 47 14.64% 45 14.02%
  25-49.99 35 10.90% 41 12.77%
  50-74.99 29 9.04% 26 8.10%
  75-99.99 19 5.92% 22 6.85%
  > 100 18 5.61% 39 12.15%
Total   148 46.11% 173 53.89%

 

EGA Emerging Global Shares Trust 27

 
 

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

    Market Price
Above or Equal to NAV 		Market Price
Below NAV
   
  Basis Point
Differential 		Number
of Days 		% of
Total Days 		Number
of Days 		% of
Total Days
 
EGShares Consumer Services GEMS ETF          
June 23, 2011*–September 30, 2012          
  0-24.99 50 15.58% 63 19.63%
  25-49.99 33 10.28% 41 12.77%
  50-74.99 15 4.67% 38 11.84%
  75-99.99 3 0.93% 30 9.34%
  > 100 4 1.25% 44 13.71%
Total   105 32.71% 216 67.29%
EGShares Emerging Markets Consumer ETF          
September 14, 2010*–September 30, 2012          
  0-24.99 84 16.22% 72 13.90%
  25-49.99 125 24.13% 29 5.60%
  50-74.99 97 18.73% 14 2.70%
  75-99.99 46 8.88% 11 2.12%
  > 100 26 5.02% 14 2.70%
Total   378 72.98% 140 27.02%
EGShares Emerging Markets Domestic Demand ETF          
August 15, 2012*–September 30, 2012          
  0-24.99 1 3.12% 2 6.25%
  25-49.99 10 31.25% – 0.00%
  50-74.99 11 34.38% – 0.00%
  75-99.99 6 18.75% – 0.00%
  > 100 2 6.25% – 0.00%
Total   30 93.75% 2 6.25%
EGShares Emerging Markets Metals & Mining ETF          
May 21, 2009*–September 30, 2012          
  0-24.99 139 16.41% 106 12.51%
  25-49.99 111 13.11% 74 8.74%
  50-74.99 79 9.33% 61 7.20%
  75-99.99 75 8.85% 40 4.72%
  > 100 88 10.39% 74 8.74%
Total   492 58.09% 355 41.91%
EGShares Energy GEMS ETF          
May 21, 2009*–September 30, 2012          
  0-24.99 105 12.41% 87 10.28%
  25-49.99 120 14.19% 90 10.64%
  50-74.99 117 13.83% 74 8.75%
  75-99.99 59 6.97% 34 4.02%
  > 100 79 9.34% 81 9.57%
Total   480 56.74% 366 43.26%
EGShares Financials GEMS ETF          
September 16, 2009*–September 30, 2012          
  0-24.99 105 13.73% 101 13.20%
  25-49.99 92 12.03% 88 11.50%
  50-74.99 55 7.19% 84 10.98%
  75-99.99 43 5.62% 40 5.23%
  > 100 84 10.98% 73 9.54%
Total   379 49.55% 386 50.45%
EGShares GEMS Composite ETF          
July 22, 2009*–September, 2012          
  0-24.99 115 14.29% 110 13.66%
  25-49.99 118 14.66% 97 12.05%
  50-74.99 65 8.07% 72 8.94%
  75-99.99 59 7.33% 29 3.60%
  > 100 77 9.57% 63 7.83%
Total   434 53.92% 371 46.08%

 

28 EGA Emerging Global Shares Trust

 
 

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

    Market Price
Above or Equal to NAV 		Market Price
Below NAV
     
  Basis Point
Differential 		Number
of Days 		% of
Total Days 		Number
of Days 		% of
Total Days
 
EGShares Health Care GEMS ETF          
June 23, 2011*–September 30, 2012          
  0-24.99 39 12.15% 44 13.71%
  25-49.99 34 10.59% 38 11.84%
  50-74.99 15 4.67% 48 14.95%
  75-99.99 12 3.74% 20 6.23%
  > 100 22 6.85% 49 15.27%
Total   122 38.00% 199 62.00%
EGShares India Consumer ETF          
August 10, 2011*–September 30, 2012          
  0-24.99 18 6.27% 33 11.50%
  25-49.99 31 10.80% 30 10.45%
  50-74.99 35 12.20% 19 6.62%
  75-99.99 18 6.27% 4 1.39%
  > 100 79 27.53% 20 6.97%
Total   181 63.07% 106 36.93%
EGShares India Infrastructure ETF          
August 11, 2010*–September 30, 2012          
  0-24.99 47 8.72% 52 9.65%
  25-49.99 56 10.39% 46 8.53%
  50-74.99 53 9.83% 45 8.35%
  75-99.99 36 6.68% 33 6.12%
  > 100 88 16.33% 83 15.40%
Total   280 51.95% 259 48.05%
EGShares India Small Cap ETF          
July 7, 2010*–September 30, 2012          
  0-24.99 64 11.35% 42 7.45%
  25-49.99 51 9.04% 40 7.09%
  50-74.99 51 9.04% 35 6.21%
  75-99.99 52 9.22% 22 3.90%
  > 100 138 24.47% 69 12.23%
Total   356 63.12% 208 36.88%
EGShares Industrials GEMS ETF          
June 23, 2011*–September 30, 2012          
  0-24.99 37 11.53% 42 13.08%
  25-49.99 28 8.72% 28 8.72%
  50-74.99 25 7.79% 25 7.79%
  75-99.99 19 5.92% 26 8.10%
  > 100 33 10.28% 58 18.07%
Total   142 44.24% 179 55.76%
EGShares Low Volatility Emerging Markets Dividend ETF          
August 4, 2011*–September 30, 2012          
  0-24.99 34 11.68% 37 12.72%
  25-49.99 54 18.56% 11 3.78%
  50-74.99 50 17.18% 12 4.12%
  75-99.99 35 12.03% 11 3.78%
  > 100 37 12.71% 10 3.44%
Total   210 72.16% 81 27.84%
EGShares Technology GEMS ETF          
June 23, 2011*–September 30, 2012          
  0-24.99 61 19.00% 55 17.13%
  25-49.99 44 13.71% 24 7.48%
  50-74.99 30 9.35% 18 5.61%
  75-99.99 23 7.17% 14 4.36%
  > 100 29 9.03% 23 7.16%
Total   187 58.26% 134 41.74%

 

EGA Emerging Global Shares Trust 29

 
 

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

    Market Price
Above or Equal to NAV 		Market Price
Below NAV
   
  Basis Point
Differential 		Number
of Days 		% of
Total Days 		Number
of Days 		% of
Total Days
 
EGShares Telecom GEMS ETF          
June 23, 2011*–September 30, 2012          
  0-24.99 47 14.64% 45 14.02%
  25-49.99 34 10.59% 37 11.53%
  50-74.99 23 7.17% 22 6.85%
  75-99.99 26 8.10% 12 3.74%
  > 100 48 14.95% 27 8.41%
Total   178 55.45% 143 44.55%
EGShares Utilities GEMS ETF          
June 23, 2011*–September 30, 2012          
  0-24.99 52 16.20% 62 19.31%
  25-49.99 37 11.53% 43 13.39%
  50-74.99 14 4.36% 31 9.66%
  75-99.99 12 3.74% 18 5.61%
  > 100 5 1.56% 47 14.64%
Total   120 37.39% 201 62.61%

 

* Commencement of Operations.

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

30 EGA Emerging Global Shares Trust

 
 

Schedule of Investments (Consolidated)†

EGShares Basic Materials GEMS ETF

September 30, 2012 (Unaudited)

 
Investments Shares Value
 
COMMON STOCKS—99.7%    
Brazil—16.6%    
Companhia Siderurgica Nacional SA ADR 13,994 $ 78,786
Gerdau SA Preference Shares ADR 13,786 131,105
Vale SA Preference A Shares ADR 15,211 264,063
Total Brazil   473,954
Chile – 3.0%    
Empresas CMPC SA 21,862 86,048
China—17.3%    
Aluminum Corp. of China, Ltd. Class H ADR* 4,281 43,366
China Coal Energy Co., Ltd. Class H 79,696 72,776
China Shenhua Energy Co., Ltd. Class H 47,957 186,181
Jiangxi Copper Co., Ltd. Class H 29,304 74,231
Yanzhou Coal Mining Co., Ltd. Class H ADR 3,961 59,217
Zijin Mining Group Co., Ltd. Class H 137,949 55,690
Total China   491,461
India—9.7%    
Coal India, Ltd. 12,316 83,815
Hindalco Industries, Ltd. 17,882 40,921
Jindal Steel & Power, Ltd. 8,636 69,938
Sterlite Industries India, Ltd. ADR 5,443 41,312
Tata Steel, Ltd. 5,223 39,699
Total India   275,685
Indonesia—1.2%    
Bumi Resources Tbk PT 472,962 36,077
Malaysia—2.7%    
Petronas Chemicals Group BHD 36,400 76,218
Mexico—8.6%    
Grupo Mexico SAB de CV Series B 40,609 134,360
Industrias Penoles SAB de CV 2,224 109,840
Total Mexico   244,200
Poland—4.1%    
KGHM Polska Miedz SA 2,459 117,057

 

Investments Shares Value
 
Russia—15.3%    
Evraz PLC 9,482 $ 37,758
MMC Norilsk Nickel OJSC ADR 9,999 159,484
Novolipetsk Steel GDR 1,584 31,363
Severstal GDR 3,959 49,527
Uralkali OJSC GDR 3,788 156,709
Total Russia   434,841
South Africa—21.2%    
Anglo American Platinum, Ltd. 1,189 61,675
AngloGold Ashanti, Ltd. ADR 5,317 186,361
Gold Fields, Ltd. ADR 10,282 132,124
Impala Platinum Holdings, Ltd. 8,222 138,509
Kumba Iron Ore, Ltd. 1,386 84,479
Total South Africa   603,148
TOTAL INVESTMENTS IN SECURITIES—99.7%    
(Cost: $3,258,619)   2,838,689
Other Assets in Excess of Liabilities—0.3%   7,333
Net Assets—100.0%   $ 2,846,022

 

† The Consolidated Schedule of Investments includes the accounts of the wholly owned subsidiary. All inter-company accounts and transactions have been eliminated in consolidation. See Note 2 of the Notes to Financial Statements.
* Non-income producing security
ADR American Depositary Receipts
GDR Global Depositary Receipts
        % of
Summary by Industry   Value   Net Assets
Chemicals   $ 232,927       8.2 %
Metals & Mining     2,081,648       73.1  
Oil, Gas & Consumable Fuels     438,066       15.4  
Paper & Forest Products     86,048       3.0  
Total Investments     2,838,689       99.7  
Other Assets in Excess of Liabilities     7,333       0.3  
Net Assets   $ 2,846,022       100.0 %

 


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

EGA Emerging Global Shares Trust 31

 
 

Schedule of Investments

EGShares Beyond BRICs ETF

September 30, 2012 (Unaudited)

 
Investments Shares Value
 
COMMON STOCKS—99.6%    
Chile—4.9%    
Banco Santander Chile ADR 635 $ 46,507
Enersis SA ADR 3,804 62,348
Lan Airlines SA ADR 5,092 128,726
Sociedad Quimica y Minera de Chile SA ADR 1,881 115,945
Total Chile   353,526
Colombia—3.9%    
Bancolombia SA ADR 1,253 74,817
Ecopetrol SA ADR 3,545 208,907
Total Colombia   283,724
Indonesia—11.9%    
Astra International Tbk PT 272,835 210,969
Bank Central Asia Tbk PT 203,740 168,187
Bank Mandiri Persero Tbk PT 148,950 127,627
Bank Rakyat Indonesia Persero Tbk PT 168,093 130,856
Perusahaan Gas Negara PT 162,047 69,848
Telekomunikasi Indonesia Tbk PT ADR 3,883 151,165
Total Indonesia   858,652
Malaysia—15.1%    
Axiata Group BHD 54,400 115,688
CIMB Group Holdings BHD 65,100 159,741
DiGi.Com BHD 39,900 68,926
Genting BHD 36,200 103,158
Malayan Banking BHD 46,200 136,189
Maxis BHD 27,300 61,808
Petronas Chemicals Group BHD 28,000 58,629
Public Bank BHD 42,000 197,598
Sime Darby BHD 38,300 122,801
Tenaga Nasional BHD 29,400 65,600
Total Malaysia   1,090,138
Mexico—18.2%    
America Movil SAB de CV Series L ADR 12,933 329,015
Fomento Economico Mexicano SAB de CV ADR 3,724 342,533
Grupo Mexico SAB de CV Series B 92,146 304,878
Grupo Modelo SAB de CV Series C 36,767 331,403
Total Mexico   1,307,829
Peru—1.9%    
Cia de Minas Buenaventura SA ADR 3,454 134,568
Philippines—1.0%    
SM Investments Corp. 3,970 69,474
Poland—3.5%    
Bank Pekao SA 1,498 73,788
PGE SA 10,441 60,295
Powszechna Kasa Oszczednosci Bank Polski SA 10,469 116,339
Total Poland   250,422
South Africa—18.3%    
FirstRand, Ltd. 63,537 214,764
MTN Group, Ltd. 18,126 351,947
Naspers, Ltd. N Shares 4,490 280,229
Sasol, Ltd. 6,686 301,671
Standard Bank Group, Ltd. 13,260 169,752
Total South Africa   1,318,363

 

Investments Shares Value
 
Thailand—14.4%    
Advanced Info Service PCL 23,800 $ 165,471
Bangkok Bank PCL 19,141 120,642
Kasikornbank PCL 25,900 153,566
PTT Exploration & Production PCL 16,100 84,998
PTT PCL 19,600 209,500
Siam Cement PCL 9,100 103,181
Siam Commercial Bank PCL 36,400 199,266
Total Thailand   1,036,624
Turkey—6.5%    
Akbank TAS 25,080 99,169
KOC Holding AS 8,630 34,508
Turk Telekomunikasyon AS 6,980 27,833
Turkcell Iletisim Hizmetleri AS* 11,524 70,276
Turkiye Garanti Bankasi AS 31,472 131,455
Turkiye Halk Bankasi AS 4,567 35,608
Turkiye Is Bankasi Class C 21,225 66,668
Total Turkey   465,517
TOTAL INVESTMENTS IN SECURITIES—99.6%    
(Cost: $7,039,850)   7,168,837
Other Assets in Excess of Liabilities—0.4%   27,063
Net Assets—100.0%   $ 7,195,900

 

* Non-income producing security

ADR American Depositary Receipts

        % of
Summary by Industry   Value   Net Assets
Airlines   $ 128,726       1.8 %
Automobiles     210,969       2.9  
Beverages     673,936       9.4  
Chemicals     174,574       2.4  
Commercial Banks     2,207,775       30.7  
Construction Materials     103,181       1.4  
Diversified Financial Services     214,764       3.0  
Diversified Telecommunication Services     178,998       2.5  
Electric Utilities     188,243       2.6  
Gas Utilities     69,848       1.0  
Hotels, Restaurants & Leisure     103,158       1.4  
Industrial Conglomerates     226,783       3.1  
Media     280,229       3.9  
Metals & Mining     439,446       6.1  
Oil, Gas & Consumable Fuels     805,076       11.2  
Wireless Telecommunication Services     1,163,131       16.2  
Total Investments     7,168,837       99.6  
Other Assets in Excess of Liabilities     27,063       0.4  
Net Assets   $ 7,195,900       100.0 %

 


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

32 EGA Emerging Global Shares Trust

 
 

Schedule of Investments

EGShares Brazil Infrastructure ETF

September 30, 2012 (Unaudited)

 
Investments Shares Value
 
COMMON STOCKS—99.0%    
Aerospace & Defense—4.9%    
Embraer SA 519,461 $ 3,459,147
Diversified Telecommunication Services—9.2%    
Oi SA Preference Shares 836,266 3,363,531
Telefonica Brasil SA 142,468 3,100,336
Total Diversified Telecommunication Services   6,463,867
Electric Utilities—9.6%    
Centrais Eletricas Brasileiras SA 346,117 2,060,870
Companhia Energetica de Minas Gerais 158,360 1,706,304
CPFL Energia SA 267,877 2,944,429
Total Electric Utilities   6,711,603
Energy Equipment & Services—0.4%    
OSX Brasil SA* 48,128 294,632
Gas Utilities—3.0%    
Companhia de Gas de Sao Paulo Class A 93,367 2,106,372
Independent Power Producers & Energy Traders—9.0%    
AES Tiete SA 116,546 1,047,811
Companhia Energetica de Sao Paulo    
Preference Shares Class B 199,915 2,111,681
Tractebel Energia SA 202,550 3,189,803
Total Independent Power Producers & Energy Traders   6,349,295
Machinery—6.9%    
Iochpe-Maxion SA 54,035 707,931
Marcopolo SA Preference Shares 308,217 1,782,031
Weg SA 202,530 2,374,896
Total Machinery   4,864,858
Metals & Mining—13.8%    
Companhia Siderurgica Nacional SA 660,257 3,732,821
Gerdau SA 311,883 2,448,884
Vale SA 198,144 3,539,402
Total Metals & Mining   9,721,107

 

Investments Shares Value
 
Oil, Gas & Consumable Fuels—5.0%    
Ultrapar Participacoes SA 158,547 $ 3,544,801
Real Estate Management & Development—11.4%    
BR Malls Participacoes SA 282,258 3,882,995
BR Properties SA 165,041 2,143,548
Multiplan Empreendimentos Imobiliarios SA 67,657 1,987,558
Total Real Estate Management & Development   8,014,101
Road & Rail—5.6%    
All America Latina Logistica 415,840 1,707,387
JSL SA 59,640 316,308
Localiza Rent a Car SA 108,496 1,878,145
Total Road & Rail   3,901,840
Transportation Infrastructure—9.1%    
CCR SA 460,071 4,090,931
Ecorodovias Infraestrutura e Logistica SA 139,150 1,201,650
Obrascon Huarte Lain Brasil SA 121,204 1,103,430
Total Transportation Infrastructure   6,396,011
Water Utilities—6.9%    
Companhia de Saneamento Basico do Estado de Sao Paulo 85,629 3,481,633
Companhia de Saneamento de Minas Gerais 59,952 1,360,799
Total Water Utilities   4,842,432
Wireless Telecommunication Services—4.2%    
Tim Participacoes SA 758,748 2,917,111
TOTAL INVESTMENTS IN SECURITIES—99.0%    
(Cost: $67,913,423)   69,587,177
Other Assets in Excess of Liabilities—1.0%   721,605
Net Assets—100.0%   $ 70,308,782

 

* Non-income producing security

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

EGA Emerging Global Shares Trust 33

 
 

Schedule of Investments

EGShares China Infrastructure ETF

September 30, 2012 (Unaudited)

 
Investments Shares Value
 
COMMON STOCKS—99.9%    
Construction & Engineering—14.6%    
China Communications Construction Co., Ltd. Class H 561,521 $ 454,098
China Railway Construction Corp., Ltd. Class H 600,009 537,073
China Railway Group, Ltd. Class H 1,228,269 537,044
Total Construction & Engineering   1,528,215
Construction Materials—11.8%    
Anhui Conch Cement Co., Ltd. Class H 200,262 623,781
BBMG Corp. Class H 356,145 272,853
China National Building Material Co., Ltd. Class H 305,745 337,953
Total Construction Materials   1,234,587
Diversified Telecommunication Services—10.0%    
China Telecom Corp., Ltd. Class H 960,732 555,132
China Unicom Hong Kong, Ltd. 303,540 497,989
Total Diversified Telecommunication Services   1,053,121
Electrical Equipment—8.1%    
Dongfang Electric Corp., Ltd. Class H 184,619 251,453
Shanghai Electric Group Co., Ltd. Class H 1,180,909 420,379
Zhuzhou CSR Times Electric Co., Ltd. Class H 70,962 182,685
Total Electrical Equipment   854,517
Energy Equipment & Services—5.5%    
China Oilfield Services, Ltd. Class H 317,206 577,687
Gas Utilities—2.0%    
ENN Energy Holdings Ltd. 48,861 205,760
Independent Power Producers & Energy Traders—12.5%  
China Longyuan Power Group Corp. Class H 447,477 294,345
Datang International Power Generation Co., Ltd. Class H 1,377,341 463,659
Huaneng Power International, Inc. Class H 720,156 548,018
Total Independent Power Producers & Energy Traders 1,306,022

 

Investments Shares Value
 
Machinery—12.9%    
Changsha Zoomlion Heavy Industry Science And Technology Development Co., Ltd. Class H 427,046 $ 485,251
CSR Corp., Ltd. Class H 666,985 441,316
Weichai Power Co., Ltd. Class H 139,439 427,134
Total Machinery   1,353,701
Metals & Mining—13.3%    
Aluminum Corp. of China, Ltd. Class H* 1,172,067 485,259
Angang Steel Co., Ltd. Class H 461,819 238,258
Jiangxi Copper Co., Ltd. Class H 212,702 538,802
Maanshan Iron & Steel Co., Ltd. Class H 543,061 127,479
Total Metals & Mining   1,389,798
Real Estate Management & Development—9.2%    
Agile Property Holdings, Ltd. 88,202 99,427
Country Garden Holdings Co., Ltd.* 306,056 119,213
Evergrande Real Estate Group, Ltd. 349,125 138,241
Guangzhou R&F Properties Co., Ltd. Class H 207,397 238,875
Longfor Properties Co., Ltd. 88,393 136,809
Shimao Property Holdings, Ltd. 88,682 152,584
Soho China, Ltd. 125,839 77,906
Total Real Estate Management & Development   963,055
TOTAL INVESTMENTS IN SECURITIES—99.9%    
(Cost: $13,396,369)   10,466,463
Other Assets in Excess of Liabilities—0.1%   11,487
Net Assets—100.0%   $ 10,477,950

 

* Non-income producing security

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

34 EGA Emerging Global Shares Trust

 
 

Schedule of Investments (Consolidated)†

EGShares Consumer Goods GEMS ETF

September 30, 2012 (Unaudited)

 
Investments Shares Value
 
COMMON STOCKS—100.3%    
Brazil—15.5%    
BRF—Brasil Foods SA ADR 7,158 $ 123,833
Companhia de Bebidas das Americas    
Preference Shares ADR 5,791 221,622
Total Brazil   345,455
Cayman Islands—2.7%    
China Mengniu Dairy Co. Ltd. 20,243 60,573
China—7.2%    
China Agri-Industries Holdings, Ltd. 46,691 26,437
Dongfeng Motor Group Co., Ltd. Class H 43,835 51,166
Great Wall Motor Co., Ltd. Class H 19,327 50,977
Guangzhou Automobile Group Co., Ltd. Class H 48,451 31,808
Total China   160,388
Colombia—2.4%    
Grupo Nutresa SA 4,692 54,765
India—15.1%    
Bajaj Auto, Ltd. 1,364 47,327
Hero MotoCorp, Ltd. 1,530 54,543
Hindustan Unilever, Ltd. 11,642 120,481
ITC, Ltd. 22,149 114,388
Total India   336,739
Indonesia—12.9%    
Astra International Tbk PT 192,559 148,896
Gudang Garam Tbk PT 8,147 39,543
Indofood Sukses Makmur Tbk PT 81,167 47,920
Unilever Indonesia Tbk PT 19,157 52,146
Total Indonesia   288,505
Malaysia—9.4%    
British American Tobacco Malaysia BHD 2,300 45,451
IOI Corp. BHD 44,600 72,667
Kuala Lumpur Kepong BHD 7,500 54,131
PPB Group BHD 9,500 37,484
Total Malaysia   209,733

 

Investments Shares Value
     
Mexico—24.1%    
Arca Continental SAB de CV 11,235 $ 79,649
Coca-Cola Femsa SAB de CV ADR 511 65,919
Fomento Economico Mexicano SAB de CV ADR 1,794 165,012
Grupo Bimbo SAB de CV Series A 33,854 84,600
Grupo Modelo SAB de CV Series C 8,894 80,167
Kimberly-Clark de Mexico SAB de CV Class A 25,997 62,156
Total Mexico   537,503
Philippines—2.2%    
San Miguel Corp. 18,225 48,189
South Africa—3.9%    
Tiger Brands, Ltd. 2,616 86,592
Thailand—2.6%    
Charoen Pokphand Foods Public Co., Ltd. 53,400 58,119
Turkey—2.3%    
Anadolu Efes Biracilik ve Malt Sanayii AS 3,457 51,405
TOTAL INVESTMENTS IN SECURITIES—100.3%    
(Cost: $2,070,755)   2,237,966
Liabilities in Excess of Other Assets—(0.3)%   (7,106)
Net Assets—100.0%   $ 2,230,860

 

† The Consolidated Schedule of Investments includes the accounts of the wholly owned subsidiary. All inter-company accounts and transactions have been eliminated in consolidation. See Note 2 of the Notes to Financial Statements.
ADR American Depositary Receipts
Summary by Industry   Value   Net Assets
Automobiles   $ 384,717       17.3 %
Beverages     711,963       31.9  
Food Products     707,121       31.7  
Household Products     234,783       10.5  
Tobacco     199,382       8.9  
Total Investments     2,237,966       100.3  
Liabilities in Excess of Other Assets     (7,106 )     (0.3 )
Net Assets   $ 2,230,860       100.0 %

 


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

EGA Emerging Global Shares Trust 35

 
 

Schedule of Investments

EGShares Consumer Services GEMS ETF

September 30, 2012 (Unaudited)

 
Investments Shares Value
 
COMMON STOCKS—101.9%    
Brazil—4.1%    
Companhia Brasileira de Distribuicao Grupo Pao de Acucar Preference Shares ADR 1,804 $ 81,379
Chile—12.7%    
Cencosud SA 6,149 37,230
Lan Airlines SA ADR 4,557 115,201
S.A.C.I. Falabella 10,249 103,445
Total Chile   255,876
China—9.0%    
Air China, Ltd. Class H 39,799 25,050
China Resources Enterprise, Ltd. 18,793 62,779
Ctrip.com International, Ltd. ADR* 2,694 45,474
New Oriental Education & Technology Group, Ltd. ADR 2,814 46,909
Total China   180,212
Colombia—2.6%    
Almacenes Exito SA 3,231 52,926
Malaysia—7.7%    
AirAsia BHD 28,500 28,160
Genting BHD 27,200 77,511
Genting Malaysia BHD 43,300 49,583
Total Malaysia   155,254
Mexico—12.8%    
Grupo Elektra SA de CV 246 10,035
Grupo Televisa SAB ADR 3,558 83,649
TV Azteca SAB de CV Series CPO 15,415 10,646
Wal-Mart de Mexico SAB de CV Series V 54,070 152,446
Total Mexico   256,776
Philippines—3.3%    
SM Investments Corp. 3,840 67,199
Russia—8.1%    
Magnit OJSC GDR 3,593 122,126
X5 Retail Group NV GDR* 1,975 41,495
Total Russia   163,621

 

Investments Shares Value
       
South Africa—35.4%      
Foschini Group Ltd. (The) 4,036 $ 61,882  
Massmart Holdings, Ltd. 1,733 35,056  
Mr. Price Group Ltd. 3,782 57,749  
Naspers, Ltd. N Shares 3,398 212,076  
Pick n Pay Stores, Ltd. 4,352 23,545  
Shoprite Holdings, Ltd. 4,384 89,442  
Steinhoff International Holdings, Ltd. 27,029 85,433  
Truworths International, Ltd. 7,237 82,446  
Woolworths Holdings, Ltd. 8,930 65,791  
Total South Africa   713,420  
Thailand—3.3%      
CP ALL PCL 57,500 66,317  
Turkey—2.9%      
BIM Birlesik Magazalar AS 1,392 58,142  
TOTAL INVESTMENTS IN SECURITIES—101.9%      
(Cost: $2,003,822)   2,051,122  
Liabilities in Excess of Other Assets—(1.9)%   (37,797 )
Net Assets—100.0%   $ 2,013,325  

 

* Non-income producing security
ADR American Depositary Receipts
GDR Global Depositary Receipts
        % of
Summary by Industry   Value   Net Assets
Airlines   $ 168,411       8.4 %
Diversified Consumer Services     46,909       2.3  
Food & Staples Retailing     822,883       40.9  
Hotels, Restaurants & Leisure     172,568       8.6  
Household Durables     85,433       4.2  
Industrial Conglomerates     67,199       3.3  
Media     306,371       15.2  
Multiline Retail     169,236       8.4  
Specialty Retail     212,112       10.6  
Total Investments     2,051,122       101.9  
Liabilities in Excess of Other Assets     (37,797 )     (1.9 )
Net Assets   $ 2,013,325       100.0 %

 


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

36 EGA Emerging Global Shares Trust

 
 

Schedule of Investments (Consolidated)†

EGShares Emerging Markets Consumer ETF

September 30, 2012 (Unaudited)

 
Investments Shares Value
 
COMMON STOCKS—99.9%    
Brazil—17.0%    
BRF—Brasil Foods SA ADR 1,156,810 $ 20,012,813
Companhia Brasileira de Distribuicao Grupo Pao de Acucar Preference Shares ADR 271,513 12,247,951
Companhia de Bebidas das Americas    
Preference Shares ADR 1,158,586 44,339,086
Total Brazil   76,599,850
Chile—9.3%    
Cencosud SA 1,761,616 10,665,842
Lan Airlines SA ADR 576,595 14,576,322
S.A.C.I. Falabella 1,671,387 16,869,544
Total Chile   42,111,708
China—5.3%    
China Resources Enterprise, Ltd. 2,100,704 7,017,475
Ctrip.com International, Ltd. ADR* 316,342 5,339,853
Dongfeng Motor Group Co., Ltd. Class H 5,748,108 6,709,493
New Oriental Education & Technology Group, Ltd. ADR 278,391 4,640,778
Total China   23,707,599
Colombia—1.5%    
Grupo Nutresa SA 579,266 6,761,159
India—11.2%    
Bajaj Auto, Ltd. 165,521 5,743,103
Hero Motocorp, Ltd. 186,073 6,633,294
Hindustan Unilever, Ltd. 1,834,452 18,984,465
ITC, Ltd. 3,685,373 19,033,000
Total India   50,393,862
Indonesia—5.9%    
Astra International TBK PT 34,106,738 26,373,026
Malaysia—6.2%    
Genting BHD 4,124,120 11,752,359
Genting Malaysia BHD 6,377,080 7,302,398
IOI Corp. BHD 5,562,920 9,063,747
Total Malaysia   28,118,504
Mexico—18.5%    
Fomento Economico Mexicano SAB de CV Series UB 3,094,273 28,525,865
Grupo Bimbo SAB de CV Series A 4,760,956 11,897,530
Grupo Televisa SAB Series CPO 3,469,624 16,380,344
Wal-Mart de Mexico SAB de CV Series V 9,473,398 26,709,497
Total Mexico   83,513,236

 

Investments Shares Value
 
Russia—3.9%    
Magnit OJSC GDR 512,372 $ 17,415,524
South Africa—19.0%    
Naspers, Ltd. N Shares 648,999 40,505,265
Shoprite Holdings, Ltd. 668,933 13,647,574
Steinhoff International Holdings, Ltd.* 3,107,702 9,822,736
Tiger Brands, Ltd. 364,298 12,058,570
Truworths International, Ltd. 842,169 9,594,285
Total South Africa   85,628,430
Thailand—2.1%    
CP ALL PCL 8,178,800 9,432,989
TOTAL INVESTMENTS IN SECURITIES—99.9%    
(Cost: $418,982,105)   450,055,887
Other Assets in Excess of Liabilities—0.1%   389,483
Net Assets—100.0%   $ 450,445,370

 

† The Consolidated Schedule of Investments includes the accounts of the wholly owned subsidiary. All inter-company accounts and transactions have been eliminated in consolidation. See Note 2 of the Notes to Financial Statements.
* Non-income producing security
ADR American Depositary Receipts
GDR Global Depositary Receipts
        % of
Summary by Industry   Value   Net Assets
Airlines   $ 14,576,322       3.3 %
Automobiles     45,458,916       10.1  
Beverages     72,864,951       16.2  
Diversified Consumer Services     4,640,778       1.0  
Food & Staples Retailing     97,136,852       21.6  
Food Products     59,793,819       13.3  
Hotels, Restaurants & Leisure     24,394,610       5.4  
Household Durables     9,822,736       2.2  
Household Products     18,984,465       4.2  
Media     56,885,609       12.6  
Multiline Retail     16,869,544       3.7  
Specialty Retail     9,594,285       2.1  
Tobacco     19,033,000       4.2  
Total Investments     450,055,887       99.9  
Other Assets in Excess of Liabilities     389,483       0.1  
Net Assets   $ 450,445,370       100.0 %

 


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

EGA Emerging Global Shares Trust 37

 
 

Schedule of Investments (Consolidated)†

EGShares Emerging Markets Domestic Demand ETF

September 30, 2012 (Unaudited)

 
Investments Shares Value
 
COMMON STOCKS—99.7%    
Brazil—12.3%    
BRF—Brasil Foods SA ADR 7,800 $ 134,940
Centrais Eletricas Brasileiras SA ADR 3,340 19,806
Companhia de Bebidas das Americas    
Preference Shares ADR 6,315 241,675
Companhia de Saneamento Basico do    
Estado de Sao Paulo ADR 665 54,005
Companhia Energetica de Minas Gerais ADR 1,495 18,119
Companhia Paranaense de Energia-Copel    
Preference Shares ADR 430 7,061
CPFL Energia SA ADR 850 18,624
Telefonica Brasil SA Preference Shares ADR 6,375 138,592
Total Brazil   632,822
Chile—1.0%    
Enersis SA ADR 2,945 48,269
China—14.8%    
BYD Co., Ltd. Class H* 32,205 56,159
China Telecom Corp., Ltd. Class H 457,455 264,328
Dongfeng Motor Group Co., Ltd. Class H 99,535 116,182
Great Wall Motor Co., Ltd. Class H 39,160 103,289
Huaneng Power International, Inc. Class H 186,142 141,649
Sinopharm Group Co. Class H 24,605 78,862
Total China   760,469
India—15.2%    
Bajaj Auto, Ltd. 1,415 49,096
Bharti Airtel, Ltd. 12,435 62,582
Cipla, Ltd. 4,870 35,095
Dr Reddy’s Laboratories Ltd. 1,320 41,184
GAIL India, Ltd. 3,985 28,918
Hero Motocorp, Ltd. 1,090 38,857
ITC, Ltd. 52,461 270,933
Mahindra & Mahindra, Ltd. 4,865 79,757
Sun Pharmaceutical Industries, Ltd. 6,240 82,287
Tata Motors, Ltd. ADR 3,630 93,218
Total India   781,927
Indonesia—6.7%    
Astra International Tbk PT 221,385 171,186
Perusahaan Gas Negara PT 126,250 54,418
Telekomunikasi Indonesia Tbk PT ADR 3,005 116,985
Total Indonesia   342,589
Malaysia—4.3%    
Axiata Group BHD 42,000 89,318
Genting BHD 28,000 79,790
Tenaga Nasional BHD 22,500 50,204
Total Malaysia   219,312
Mexico—24.3%    
America Movil SAB de CV Series L ADR 9,255 235,447
Coca-Cola Femsa SAB de CV ADR 1,285 165,765
Fomento Economico Mexicano SAB de CV ADR 2,752 253,129
Grupo Elektra SA de CV 770 31,412
Grupo Modelo SAB de CV Series C 27,075 244,043
Grupo Televisa SAB ADR 6,430 151,169
Wal-Mart de Mexico SAB de CV Series V 59,510 167,784
Total Mexico   1,248,749

 

Investments Shares Value
 
Philippines—1.5%    
Philippine Long Distance Telephone Co. ADR 1,180 $ 77,892
Poland—0.9%    
PGE SA 8,125 46,921
Russia—3.1%    
Federal Hydrogenerating Co. JSC ADR 13,175 35,045
Mobile TeleSystems ADR 7,160 125,443
Total Russia   160,488
South Africa—13.1%    
Aspen Pharmacare Holdings, Ltd. 2,335 40,468
Imperial Holdings, Ltd. 1,590 36,133
MTN Group, Ltd. 12,965 251,737
Naspers, Ltd. N Shares 3,475 216,882
Steinhoff International Holdings, Ltd. 11,610 36,696
Truworths International, Ltd. 3,890 44,316
Woolworths Holdings, Ltd. 6,135 45,199
Total South Africa   671,431
Thailand—2.5%    
Advanced Info Service PCL 18,500 128,622
TOTAL INVESTMENTS IN SECURITIES—99.7%    
(Cost: $4,993,926)   5,119,491
Other Assets in Excess of Liabilities—0.3%   15,211
Net Assets—100.0%   $ 5,134,702

 

† The Consolidated Schedule of Investments includes the accounts of the wholly owned subsidiary. All inter-company accounts and transactions have been eliminated in consolidation. See Note 2 of the Notes to Financial Statements.
* Non-income producing security
ADR American Depositary Receipts
        % of
Summary by Industry   Value   Net Assets
Automobiles   $ 707,744       13.8 %
Beverages     904,612       17.6  
Distributors     36,133       0.7  
Diversified Telecommunication Services     519,905       10.1  
Electric Utilities     244,049       4.7  
Food & Staples Retailing     167,784       3.3  
Food Products     134,940       2.6  
Gas Utilities     83,336       1.6  
Health Care Providers & Services     78,862       1.5  
Hotels, Restaurants & Leisure     79,790       1.6  
Household Durables     36,696       0.7  
Independent Power Producers & Energy Traders     141,649       2.8  
Media     368,051       7.2  
Multiline Retail     45,199       0.9  
Pharmaceuticals     199,034       3.9  
Specialty Retail     75,728       1.5  
Tobacco     270,933       5.3  
Water Utilities     54,005       1.0  
Wireless Telecommunication Services     971,041       18.9  
Total Investments     5,119,491       99.7  
Other Assets in Excess of Liabilities     15,211       0.3  
Net Assets   $ 5,134,702       100.0 %

 


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

38 EGA Emerging Global Shares Trust

 
 

Schedule of Investments (Consolidated)†

EGShares Emerging Markets Metals & Mining ETF

September 30, 2012 (Unaudited)

 
Investments Shares Value
 
COMMON STOCKS—99.5%    
Brazil—16.8%    
Companhia Siderurgica Nacional SA ADR 65,217 $ 367,172
Gerdau SA Preference Shares ADR 62,399 593,414
Vale SA ADR 65,337 1,169,532
Total Brazil   2,130,118
Chile—2.4%    
Capital SA 8,700 303,047
China—18.3%    
Aluminum Corp. of China, Ltd. Class H 481,827 199,486
China Coal Energy Co., Ltd. Class H 391,467 357,474
China Shenhua Energy Co., Ltd. Class H 212,019 823,109
Jiangxi Copper Co., Ltd. Class H 138,641 351,196
Yanzhou Coal Mining Co., Ltd. Class H 208,996 318,619
Zijin Mining Group Co., Ltd. Class H 668,251 269,774
Total China   2,319,658
India—12.0%    
Coal India, Ltd. 56,731 386,077
Hindalco Industries, Ltd. 100,390 229,729
Jindal Steel & Power, Ltd. 42,483 344,044
Steel Authority of India, Ltd. 84,284 136,545
Sterlite Industries India, Ltd. ADR 26,058 197,780
Tata Steel, Ltd. 29,840 226,805
Total India   1,520,980
Indonesia—1.3%    
Bumi Resources Tbk PT 2,096,090 159,890
Mexico—8.7%    
Grupo Mexico SAB de CV Series B 175,661 581,199
Industrias Penoles SAB de CV 10,511 519,122
Total Mexico   1,100,321
Poland—4.4%    
KGHM Polska Miedz SA 11,606 552,486

 

Investments Shares Value
 
Russia—10.8%    
Evraz PLC 46,884 $ 186,697
MMC Norilsk Nickel OJSC ADR 47,306 754,531
Novolipetsk Steel GDR 8,999 178,180
Severstal GDR 19,602 245,221
Total Russia   1,364,629
South Africa—23.0%    
Anglo American Platinum, Ltd. 5,809 301,322
AngloGold Ashanti, Ltd. 24,391 864,415
Gold Fields, Ltd. 52,750 682,458
Impala Platinum Holdings, Ltd. 39,113 658,903
Kumba Iron Ore, Ltd. 6,638 404,596
Total South Africa   2,911,694
Turkey—1.8%    
Eregli Demir ve Celik Fabrikalari TAS 191,635 235,862
TOTAL INVESTMENTS IN SECURITIES—99.5%    
(Cost: $17,360,386)   12,598,685
Other Assets in Excess of Liabilities—0.5%   64,417
Net Assets—100.0%   $ 12,663,102

 

† The Consolidated Schedule of Investments includes the accounts of the wholly owned subsidiary. All inter-company accounts and transactions have been eliminated in consolidation. See Note 2 of the Notes to Financial Statements.
ADR American Depositary Receipts
GDR Global Depositary Receipts
        % of
Summary by Industry   Value   Net Assets
Metals & Mining   $ 10,553,516       83.3 %
Oil, Gas & Consumable Fuels     2,045,169       16.2  
Total Investments     12,598,685       99.5  
Other Assets in Excess of Liabilities     64,417       0.5  
Net Assets   $ 12,663,102       100.0 %

 


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

EGA Emerging Global Shares Trust 39

 
 

Schedule of Investments (Consolidated)†

EGShares Energy GEMS ETF

September 30, 2012 (Unaudited)

 
Investments Shares Value
 
COMMON STOCKS—99.7%    
Brazil—7.4%    
Petroleo Brasileiro SA ADR 38,297 $ 878,533
Chile—2.9%    
Empresas Copec SA 23,748 349,887
China—21.8%    
China Oilfield Services, Ltd. Class H 99,914 181,961
China Petroleum & Chemical Corp. Class H 575,756 537,642
CNOOC, Ltd. 410,508 841,851
Kunlun Energy Co., Ltd. 167,958 294,182
PetroChina Co., Ltd. Class H 576,324 755,225
Total China   2,610,861
Colombia—4.3%    
Ecopetrol SA ADR 8,655 510,039
Hungary—1.8%    
MOL Hungarian Oil and Gas PLC 2,549 211,318
India—15.3%    
Bharat Petroleum Corp., Ltd. 16,160 106,835
Cairn India, Ltd.* 30,296 190,151
GAIL India, Ltd. 23,594 171,212
Indian Oil Corp., Ltd. 36,367 172,717
Oil & Natural Gas Corp., Ltd. 85,807 456,894
Reliance Industries, Ltd. GDR 144A 23,346 734,932
Total India   1,832,741
Malaysia—1.2%    
Petronas Dagangan BHD 20,000 147,227
Poland—3.4%    
Polski Koncern Naftowy Orlen SA* 18,632 264,630
Polskie Gornictwo Naftowe i Gazownictwo SA* 115,133 146,273
Total Poland   410,903
Russia—30.0%    
Gazprom Neft JSC ADR 943 23,170
Gazprom OAO ADR 112,038 1,123,741
LUKOIL OAO ADR 13,050 803,880
NovaTek OAO GDR 4,447 526,080
Rosneft Oil Co. OJSC GDR 49,772 334,468
Surgutneftegas ADR 40,704 367,150
Tatneft ADR 9,780 405,577
Total Russia   3,584,066

 

Investments Shares Value
 
South Africa—4.5%    
Sasol, Ltd. 11,805 $ 532,639
Thailand—5.5%    
PTT Exploration & Production PCL 38,865 205,184
PTT PCL 30,589 326,958
Thai Oil PCL 57,986 122,924
Total Thailand   655,066
Turkey—1.6%    
Tupras-Turkiye Petrol Rafinerileri AS 8,388 191,528
TOTAL INVESTMENTS IN SECURITIES—99.7%    
(Cost: $13,405,515)   11,914,808
Other Assets in Excess of Liabilities—0.3%   39,465
Net Assets—100.0%   $ 11,954,273

 

† The Consolidated Schedule of Investments includes the accounts of the wholly owned subsidiary. All inter-company accounts and transactions have been eliminated in consolidation. See Note 2 of the Notes to Financial Statements.
* Non-income producing security
ADR American Depositary Receipts
GDR Global Depositary Receipts
144A Series 144A securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, Series 144A securities are deemed to be liquid.
        % of
Summary by Industry   Value   Net Assets
Energy Equipment & Services   $ 181,961       1.5 %
Gas Utilities     171,212       1.5  
Industrial Conglomerates     349,887       2.9  
Oil, Gas & Consumable Fuels     11,211,748       93.8  
Total Investments     11,914,808       99.7  
Other Assets in Excess of Liabilities     39,465       0.3  
Net Assets   $ 11,954,273       100.0 %

 


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

40 EGA Emerging Global Shares Trust

 
 

Schedule of Investments (Consolidated)†

EGShares Financials GEMS ETF

September 30, 2012 (Unaudited)

 
Investments Shares Value
 
COMMON STOCKS—100.1%    
Brazil—14.3%    
Banco Bradesco SA Preference Shares ADR 15,362 $ 246,867
Banco Santander Brasil SA ADS ADR 6,454 47,566
Itau Unibanco Holding SA Preference Shares ADR 17,488 267,217
Total Brazil   561,650
China—41.4%    
Agricultural Bank of China, Ltd. Class H 237,604 92,550
Bank of China, Ltd. Class H 564,130 214,643
Bank of Communications Co., Ltd. Class H 75,565 51,265
China Citic Bank Corp., Ltd. Class H 89,953 42,695
China Construction Bank Corp. Class H 584,279 405,433
China Life Insurance Co., Ltd. Class H 58,282 168,383
China Merchants Bank Co., Ltd. Class H 37,393 62,987
China Overseas Land & Investment, Ltd. 37,062 94,265
Industrial and Commercial Bank of China, Ltd. Class H 609,342 359,951
Ping An Insurance Group Co. of China, Ltd. Class H 17,257 130,431
Total China   1,622,603
India—12.7%    
HDFC Bank, Ltd. ADR 3,480 130,778
Housing Development Finance Corp., Ltd. 13,035 191,379
ICICI Bank, Ltd. ADR 2,748 110,305
State Bank of India GDR 747 64,354
Total India   496,816
Indonesia—2.8%    
Bank Central Asia Tbk PT 133,095 109,870
Malaysia—3.6%    
CIMB Group Holdings BHD 26,200 64,289
Malayan Banking BHD 25,600 75,464
Total Malaysia   139,753
Mexico—2.6%    
Grupo Financiero Banorte SAB de CV Class O 17,834 100,910
Poland—2.1%    
Powszechna Kasa Oszczednosci Bank Polski SA 7,420 82,456

 

Investments Shares Value  
       
Russia—6.7%      
Sberbank of Russia ADR 18,299 $ 214,647  
VTB Bank OJSC GDR 14,634 48,731  
Total Russia   263,378  
South Africa—9.4%      
ABSA Group, Ltd. 3,166 53,143  
FirstRand, Ltd. 26,840 90,723  
Sanlam, Ltd. 18,572 84,564  
Standard Bank Group, Ltd. 10,887 139,374  
Total South Africa   367,804  
Turkey—4.5%      
Akbank TAS 21,174 83,726  
Turkiye Garanti Bankasi AS 22,077 92,213  
Total Turkey   175,939  
TOTAL INVESTMENTS IN SECURITIES—100.1%      
(Cost: $4,388,284)   3,921,179  
Liabilities in Excess of Other Assets—(0.1)%   (2,234 )
Net Assets—100.0%   $ 3,918,945  

 

† The Consolidated Schedule of Investments includes the accounts of the wholly owned subsidiary. All inter-company accounts and transactions have been eliminated in consolidation. See Note 2 of the Notes to Financial Statements.
ADR American Depositary Receipts
ADS American Depository Shares
GDR Global Depositary Receipts
        % of
Summary by Industry   Value   Net Assets
Commercial Banks   $ 3,161,434       80.7 %
Diversified Financial Services     90,723       2.3  
Insurance     383,378       9.8  
Real Estate Management & Development     94,265       2.4  
Thrifts & Mortgage Finance     191,379       4.9  
Total Investments     3,921,179       100.1  
Liabilities in Excess of Other Assets     (2,234 )     (0.1 )
Net Assets   $ 3,918,945       100.0 %

 


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

EGA Emerging Global Shares Trust 41

 
 

Schedule of Investments (Consolidated)†

EGShares GEMS Composite ETF

September 30, 2012 (Unaudited)

 
Investments Shares Value
 
COMMON STOCKS—99.6%    
Brazil—16.4%    
Banco Bradesco SA Preference Shares ADR 19,307 $ 310,263
BRF—Brasil Foods SA ADR 7,278 125,909
Companhia Brasileira de Distribuicao Grupo    
Pao de Acucar Preference Shares ADR 1,450 65,409
Companhia de Bebidas das Americas    
Preference Shares ADR 7,756 296,822
Companhia de Saneamento Basico do    
Estado de Sao Paulo ADR 534 43,366
Companhia Energetica de Minas Gerais    
Preference Shares ADR 5,696 69,035
Companhia Siderurgica Nacional SA ADR 8,431 47,466
Embraer SA ADR 1,564 41,634
Gerdau SA Preference Shares ADR 6,968 66,266
Itau Unibanco Holding SA Preference Shares ADR 22,993 351,333
Petroleo Brasileiro SA ADR 16,756 384,383
Telefonica Brasil SA Preference Shares ADR 2,800 60,872
Ultrapar Participacoes SA ADR 4,813 107,378
Vale SA ADR 13,091 234,329
Total Brazil   2,204,465
Chile—2.2%    
Cencosud SA 9,742 58,984
Empresa Nacional de Electricidad SA ADR 1,320 63,307
Enersis SA ADR 2,976 48,777
S.A.C.I. Falabella 12,112 122,248
Total Chile   293,316
China—27.8%    
Baidu, Inc. ADR* 2,789 325,811
Bank of China, Ltd. Class H 662,623 252,119
China Communications Construction Co., Ltd. Class H 48,000 38,817
China Construction Bank Corp. Class H 834,198 578,852
China Life Insurance Co., Ltd. Class H 75,500 218,128
China Mobile, Ltd. 52,500 581,998
China Petroleum & Chemical Corp. Class H 162,280 151,537
China Shenhua Energy Co., Ltd. Class H 32,270 125,280
China Telecom Corp., Ltd. Class H 154,000 88,984
China Unicom Hong Kong, Ltd. 34,500 56,601
CNOOC, Ltd. 164,300 336,939
Dongfeng Motor Group Co., Ltd. Class H 26,000 30,349
Industrial and Commercial Bank of China, Ltd. Class H 831,793 491,357
Lenovo Group, Ltd. 49,700 41,154
Mindray Medical International, Ltd. ADR 1,101 37,005
NetEase.com, Inc. ADR* 641 35,986
PetroChina Co., Ltd. Class H 212,371 278,295
Shandong Weigao Group Medical Polymer Co., Ltd. Class H 19,600 25,330
SINA Corp.* 348 22,509
Sinopharm Group Co. Class H 2,400 7,692
Sohu.com, Inc.* 418 17,593
ZTE Corp. Class H 2,400 3,851
Total China   3,746,187
Czech Republic—0.5%    
CEZ AS 1,707 63,610
Egypt—0.3%    
Orascom Construction Industries 967 45,661

 

Investments Shares Value
 
Hungary—0.2%    
Richter Gedeon Nyrt. 149 $ 26,090
India—10.9%    
Bharti Airtel, Ltd. 8,386 42,204
Cipla, Ltd. 2,191 15,789
Dr. Reddy’s Laboratories, Ltd. ADR 1,425 43,975
HDFC Bank, Ltd. ADR 4,462 167,682
Hindustan Unilever, Ltd. 10,530 108,973
Housing Development Finance Corp., Ltd. 15,414 226,308
Infosys, Ltd. ADR 4,986 242,020
ITC, Ltd. 18,658 96,359
Mahindra & Mahindra, Ltd. 1,843 30,214
NTPC, Ltd. 5,480 17,465
Reliance Industries, Ltd. GDR 144A 8,655 272,459
Sun Pharmaceutical Industries, Ltd. 4,003 52,788
Tata Consultancy Services, Ltd. 3,356 82,454
Tata Motors, Ltd. ADR 1,304 33,487
Wipro, Ltd. ADR 3,283 29,383
Total India   1,461,560
Indonesia—2.5%    
Astra International Tbk PT 195,271 150,993
Perusahaan Gas Negara PT 139,500 60,129
Telekomunikasi Indonesia Tbk PT 91,500 90,353
United Tractors Tbk PT 17,378 37,589
Total Indonesia   339,064
Malaysia—2.0%    
Genting BHD 26,400 75,231
IOI Corp. BHD 28,493 46,424
Sime Darby BHD 26,500 84,966
Tenaga Nasional BHD 25,300 56,452
Total Malaysia   263,073
Mexico—10.4%    
America Movil SAB de CV Series L 525,390 670,158
Cemex SAB de CV Series CPO* 117,479 97,859
Fomento Economico Mexicano SAB de CV Series UB 17,800 164,097
Grupo Bimbo SAB de CV Series A 28,600 71,471
Grupo Mexico SAB de CV Series B 36,067 119,333
Grupo Televisa SAB Series CPO 22,500 106,224
Wal-Mart de Mexico SAB de CV Series V 59,078 166,566
Total Mexico   1,395,708
Poland—0.1%    
Asseco Poland SA 782 10,907
Russia—13.0%    
Federal Hydrogenerating Co. JSC ADR 6,554 17,434
Gazprom OAO ADR 62,427 626,143
LUKOIL OAO ADR 5,288 325,741
Magnit OJSC GDR 2,549 86,640
MMC Norilsk Nickel OJSC ADR 6,628 105,716
Mobile TeleSystems ADR 4,929 86,356
Rosneft Oil Co. OJSC GDR 9,081 61,024
Sberbank of Russia ADR 21,865 256,476
Surgutneftegas ADR 9,470 85,419
Uralkali OJSC GDR 2,500 103,425
Total Russia   1,754,374

 


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

42 EGA Emerging Global Shares Trust

 
 

Schedule of Investments (Consolidated)† (concluded)

EGShares GEMS Composite ETF

September 30, 2012 (Unaudited)

 
Investments Shares Value
 
South Africa—12.4%    
AngloGold Ashanti, Ltd. 3,932 $ 139,350
Aspen Pharmacare Holdings, Lt.* 3,566 61,802
Bidvest Group, Ltd. 2,635 65,786
Gold Fields, Ltd. 7,789 100,771
Impala Platinum Holdings, Ltd. 5,838 98,348
Imperial Holdings, Ltd. 2,145 48,746
Mediclinic International, Ltd. 4,000 19,876
MTN Group, Ltd. 15,956 309,813
Naspers, Ltd. N Shares 4,309 268,933
Netcare, Ltd. 14,050 30,480
Sasol, Ltd. 5,061 228,351
Shoprite Holdings, Ltd. 3,494 71,285
Standard Bank Group, Ltd. 13,548 173,440
Tiger Brands, Ltd. 1,617 53,524
Total South Africa   1,670,505
Thailand—0.9%    
Advanced Info Service PCL 11,600 80,650
CP ALL PCL 33,000 38,060
Total Thailand   118,710
TOTAL COMMON STOCKS    
(Cost: $14,633,129)   13,393,230
RIGHTS—0.0%**    
South Africa—0.0%    
Mediclinic International Ltd.,expiring 10/5/12*    
(Cost: $0) 1,070 1,589
TOTAL INVESTMENTS IN SECURITIES—99.6%    
(Cost: $14,633,129)   13,394,819
Other Assets in Excess of Liabilities—0.4%   56,378
Net Assets—100.0%   $ 13,451,197

 

† The Consolidated Schedule of Investments includes the accounts of the wholly owned subsidiary. All inter-company accounts and transactions have been eliminated in consolidation. See Note 2 of the Notes to Financial Statements.
* Non-income producing security
** Less than 0.05%
ADR American Depositary Receipts
GDR Global Depositary Receipts
144A Series 144A securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, Series 144A securities are deemed to be liquid.
        % of
Summary by Industry   Value   Net Assets
Aerospace & Defense   $ 41,634       0.3 %
Automobiles     245,043       1.8  
Beverages     460,919       3.4  
Chemicals     103,425       0.8  
Commercial Banks     2,581,522       19.2  
Communications Equipment     3,851       0.0 **
Computers & Peripherals     41,154       0.3  
Construction & Engineering     84,478       0.6  
Construction Materials     97,859       0.7  
Distributors     48,746       0.4  
Diversified Telecommunication Services     296,810       2.2  
Electric Utilities     255,308       1.9  
Food & Staples Retailing     486,944       3.6  
Food Products     297,328       2.2  
Gas Utilities     60,129       0.5  
Health Care Equipment & Supplies     63,924       0.5  
Health Care Providers & Services     58,048       0.4  
Hotels, Restaurants & Leisure     75,231       0.6  
Household Products     108,973       0.8  
Independent Power Producers & Energy Traders     80,772       0.6  
Industrial Conglomerates     150,752       1.1  
Insurance     218,128       1.6  
Internet Software & Services     401,899       3.0  
IT Services     353,857       2.6  
Machinery     37,589       0.3  
Media     375,157       2.8  
Metals & Mining     911,579       6.8  
Multiline Retail     122,248       0.9  
Oil, Gas & Consumable Fuels     2,982,949       22.2  
Pharmaceuticals     200,444       1.5  
Software     10,907       0.1  
Thrifts & Mortgage Finance     226,308       1.7  
Tobacco     96,359       0.7  
Water Utilities     43,366       0.3  
Wireless Telecommunication Services     1,771,179       13.2  
Total Investments     13,394,819       99.6  
Other Assets in Excess of Liabilities     56,378       0.4  
Net Assets   $ 13,451,197       100.0 %

 

** Less than 0.05%

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

EGA Emerging Global Shares Trust 43

 
 

Schedule of Investments (Consolidated)†

EGShares Health Care GEMS ETF

September 30, 2012 (Unaudited)

 
Investments Shares Value
 
COMMON STOCKS—100.3%    
Chile—1.3%    
Banmedica SA 13,138 $ 26,356
China—20.3%    
China Pharmaceutical Group, Ltd.* 26,726 7,653
Mindray Medical International, Ltd. ADR 3,437 115,518
Shandong Weigao Group Medical Polymer Co., Ltd. Class H 78,645 101,638
Shanghai Pharmaceuticals Holding Co., Ltd. Class H 30,700 56,940
Sinopharm Group Co. Class H 30,125 96,554
WuXi PharmaTech Cayman, Inc. ADR* 3,443 51,404
Total China   429,707
Hungary—5.2%    
EGIS Pharmaceuticals PLC 201 15,965
Richter Gedeon Nyrt. 531 92,979
Total Hungary   108,944
India—31.1%    
Apollo Hospitals Enterprise, Ltd. 4,309 59,739
Aurobindo Pharma, Ltd. 6,001 16,156
Biocon, Ltd. 3,172 16,526
Cipla, Ltd. 14,209 102,395
Divi’s Laboratories, Ltd. 1,856 38,095
Dr. Reddy’s Laboratories, Ltd. ADR 3,365 103,844
Glenmark Pharmaceuticals, Ltd. 5,075 40,503
Piramal Healthcare, Ltd. 4,336 38,160
Ranbaxy Laboratories, Ltd.* 5,696 57,208
Sun Pharmaceutical Industries, Ltd. 14,046 185,225
Total India   657,851
Indonesia—4.1%    
Kalbe Farma Tbk PT 177,000 86,928
Malaysia—1.3%    
Top Glove Corp. BHD 17,000 27,253
Mexico—3.0%    
Genomma Lab Internacional SAB de CV Class B* 32,515 62,995
Russia—2.0%    
Pharmstandard OJSC GDR* 2,972 42,202

 

Investments Shares Value  
       
South Africa—27.6%      
Adcock Ingram Holdings, Ltd. 6,556 $ 47,189  
Aspen Pharmacare Holdings, Ltd. 12,305 213,257  
Life Healthcare Group Holdings, Ltd. 39,509 152,029  
Mediclinic International, Ltd. 14,158 70,351  
Netcare, Ltd. 46,653 101,209  
Total South Africa   584,035  
Thailand—4.4%      
Bangkok Dusit Medical Services PCL 14,200 49,594  
Bumrungrad Hospital PCL 16,300 43,424  
Total Thailand   93,018  
TOTAL COMMON STOCKS      
(Cost: $1,907,783)   2,119,289  
RIGHTS—0.3%      
South Africa—0.3%      
Mediclinic International Ltd.,expiring 10/5/12*      
(Cost: $0) 4,709 6,991  
TOTAL INVESTMENTS IN SECURITIES—100.6%      
(Cost: $1,907,783)   2,126,280  
Liabilities in Excess of Other Assets—(0.6)%   (12,631 )
Net Assets—100.0%   $ 2,113,649  

 

† The Consolidated Schedule of Investments includes the accounts of the wholly owned subsidiary. All inter-company accounts and transactions have been eliminated in consolidation. See Note 2 of the Notes to Financial Statements.
* Non-income producing security
ADR American Depositary Receipts
GDR Global Depositary Receipts
        % of
Summary by Industry   Value   Net Assets
Biotechnology   $ 16,526       0.8 %
Health Care Equipment & Supplies     251,400       11.9  
Health Care Providers & Services     656,196       31.1  
Life Sciences Tools & Services     89,499       4.2  
Pharmaceuticals     1,112,659       52.6  
Total Investments     2,126,280       100.6  
Liabilities in Excess of Other Assets     (12,631 )     (0.6 )
Net Assets   $ 2,113,649       100.0 %

 


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

44 EGA Emerging Global Shares Trust

 
 

Schedule of Investments (Consolidated)†

EGShares India Consumer ETF

September 30, 2012 (Unaudited)

 
Investments Shares Value
 
COMMON STOCKS—101.2%    
Automobiles—17.7%    
Bajaj Auto, Ltd. 2,646 $ 91,809
Hero Motocorp, Ltd. 2,388 85,130
Mahindra & Mahindra, Ltd. 6,666 109,282
Tata Motors, Ltd. 17,788 90,230
TVS Motor Co., Ltd. 17,032 13,659
Total Automobiles   390,110
Beverages—13.8%    
United Breweries, Ltd. 10,367 128,455
United Spirits, Ltd. 7,628 175,873
Total Beverages   304,328
Food Products—18.3%    
GlaxoSmithKline Consumer Healthcare, Ltd. 1,855 105,564
McLeod Russel India, Ltd. 6,772 41,496
Nestle India, Ltd. 1,116 93,138
Ruchi Soya Industries, Ltd. 18,566 26,241
Shree Renuka Sugars, Ltd. 50,989 34,850
Tata Global Beverages, Ltd. 37,693 102,085
Total Food Products   403,374
Hotels, Restaurants & Leisure—7.6%    
Cox & Kings, Ltd. 7,028 18,501
Indian Hotels Co., Ltd. 55,741 71,123
Jubilant Foodworks, Ltd.* 3,031 78,882
Total Hotels, Restaurants & Leisure   168,506
Household Durables—2.6%    
TTK Prestige, Ltd. 307 21,713
Videocon Industries, Ltd. 10,874 35,346
Total Household Durables   57,059

 

Investments Shares Value  
       
Household Products—5.9%      
Hindustan Unilever, Ltd. 12,545 $ 129,826  
Media—13.3%      
Dish TV India, Ltd.* 41,850 65,499  
Hathway Cable & Datacom, Ltd.* 5,618 24,125  
Sun TV Network, Ltd. 15,013 99,351  
Zee Entertainment Enterprises, Ltd. 28,262 104,673  
Total Media   293,648  
Multiline Retail—1.0%      
Shoppers Stop, Ltd. 3,065 23,261  
Personal Products—5.7%      
Godrej Consumer Products, Ltd. 9,888 125,407  
Textiles, Apparel & Luxury Goods—9.9%      
Arvind, Ltd. 14,197 21,506  
Bata India, Ltd. 3,452 63,961  
Raymond, Ltd. 3,761 28,041  
Titan Industries, Ltd. 21,019 104,069  
Total Textiles, Apparel & Luxury Goods   217,577  
Tobacco—5.4%      
ITC, Ltd. 23,233 119,986  
TOTAL INVESTMENTS IN SECURITIES—101.2%      
(Cost: $1,836,174)   2,233,082  
Liabilities in Excess of Other Assets—(1.2)%   (25,392 )
Net Assets—100.0%   $ 2,207,690  

 

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

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

EGA Emerging Global Shares Trust 45

 
 

Schedule of Investments (Consolidated)†

EGShares India Infrastructure ETF

September 30, 2012 (Unaudited)

 
Investments Shares Value
 
COMMON STOCKS—99.7%    
Automobiles—4.7%    
Tata Motors, Ltd. 551,835 $ 2,799,193
Construction & Engineering—5.5%    
IRB Infrastructure Developers, Ltd. 115,138 331,913
Larsen & Toubro, Ltd. 96,778 2,929,853
Total Construction & Engineering   3,261,766
Construction Materials—10.2%    
ACC, Ltd. 109,925 3,063,707
Ambuja Cements, Ltd. 788,632 3,020,261
Total Construction Materials   6,083,968
Electric Utilities—13.4%    
Power Grid Corp. of India, Ltd. 1,184,394 2,705,839
Reliance Infrastructure, Ltd. 223,966 2,282,759
Tata Power Co., Ltd. 1,466,151 2,972,886
Total Electric Utilities   7,961,484
Electrical Equipment—5.0%    
Bharat Heavy Electricals, Ltd. 638,969 2,991,628
Gas Utilities—5.9%    
GAIL India, Ltd. 407,046 2,953,775
Indraprastha Gas, Ltd. 108,414 544,177
Total Gas Utilities   3,497,952
Independent Power Producers & Energy Traders—9.9%  
Adani Power, Ltd.* 548,098 550,228
GMR Infrastructure, Ltd.* 1,727,878 812,425
NTPC, Ltd. 879,575 2,803,234
Reliance Power, Ltd.* 915,905 1,705,221
Total Independent Power Producers & Energy Traders 5,871,108
Industrial Conglomerates—4.8%    
Jaiprakash Associates, Ltd. 1,828,580 2,851,468

 

Investments Shares Value
 
Machinery—3.2%    
Ashok Leyland, Ltd. 2,615,664 $ 1,195,137
Pipavav Defence & Offshore Engineering Co., Ltd.* 465,526 692,398
Total Machinery   1,887,535
Media—1.5%    
Dish TV India, Ltd.* 586,773 918,345
Metals & Mining—13.5%    
Jindal Steel & Power, Ltd. 352,630 2,855,738
Sterlite Industries India, Ltd. 1,313,992 2,480,006
Tata Steel, Ltd. 356,848 2,712,302
Total Metals & Mining   8,048,046
Oil, Gas & Consumable Fuels—1.9%    
Petronet LNG, Ltd. 385,270 1,153,728
Real Estate Management & Development—7.3%    
DLF, Ltd. 585,792 2,590,501
Housing Development & Infrastructure, Ltd.* 408,751 754,808
Unitech, Ltd.* 2,149,759 990,410
Total Real Estate Management & Development   4,335,719
Transportation Infrastructure—2.8%    
Adani Ports and Special Economic Zone, Ltd. 682,855 1,650,659
Wireless Telecommunication Services—10.1%    
Bharti Airtel, Ltd. 541,054 2,722,965
Idea Cellular, Ltd.* 1,176,232 1,902,220
Reliance Communications, Ltd. 1,096,565 1,347,187
Total Wireless Telecommunication Services   5,972,372
TOTAL INVESTMENTS IN SECURITIES—99.7%    
(Cost: $73,868,745)   59,284,971
Other Assets in Excess of Liabilities—0.3%   166,320
Net Assets—100.0%   $ 59,451,291

 

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

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

46 EGA Emerging Global Shares Trust

 
 

Schedule of Investments (Consolidated)†

EGShares India Small Cap ETF

September 30, 2012 (Unaudited)

 
Investments Shares Value
 
COMMON STOCKS—99.8%    
Auto Components—4.9%    
Amtek Auto, Ltd. 122,617 $ 205,853
Apollo Tyres, Ltd. 216,028 379,467
Bharat Forge, Ltd. 107,574 623,173
Total Auto Components   1,208,493
Automobiles—0.5%    
TVS Motor Co., Ltd. 151,027 121,119
Biotechnology—1.3%    
Biocon, Ltd. 61,522 320,528
Building Products—0.7%    
Sintex Industries, Ltd. 140,306 177,161
Chemicals—6.1%    
Chambal Fertilizers & Chemicals, Ltd. 184,454 258,260
Godrej Industries, Ltd. 59,192 322,192
Nagarjuna Fertilizers & Chemicals, Ltd.* + 582,385 184,945
Tata Chemicals, Ltd. 15,641 95,145
United Phosphorus, Ltd. 261,031 651,526
Total Chemicals   1,512,068
Commercial Banks—12.0%    
Allahabad Bank 157,484 438,161
Dena Bank, Ltd. 109,025 219,311
Development Credit Bank, Ltd.* 161,492 134,564
Federal Bank, Ltd. 131,423 1,113,651
Oriental Bank of Commerce 98,851 565,706
UCO Bank 196,925 287,108
Vijaya Bank, Ltd. 182,448 194,572
Total Commercial Banks   2,953,073
Construction & Engineering—5.2%    
IRB Infrastructure Developers, Ltd. 94,886 273,531
IVRCL, Ltd.* 174,114 153,334
Lanco Infratech, Ltd.* 533,756 152,299
Praj Industries, Ltd. 97,000 87,998
Punj Lloyd, Ltd. 169,906 175,882
Voltas, Ltd. 181,411 429,753
Total Construction & Engineering   1,272,797
Construction Materials—1.1%    
Century Textiles & Industries, Ltd. 40,726 277,349
Diversified Consumer Services—0.5%    
Educomp Solutions, Ltd. 36,837 112,198
Diversified Financial Services—4.9%    
IFCI, Ltd. 584,139 343,318
Indiabulls Financial Services, Ltd. 162,567 659,422
L&T Finance Holdings, Ltd.* 232,421 212,834
Total Diversified Financial Services   1,215,574
Electrical Equipment—4.5%    
Alstom T&D India, Ltd. 48,168 195,064
Crompton Greaves, Ltd. 296,104 707,910
Suzlon Energy, Ltd.* 654,168 220,144
Total Electrical Equipment   1,123,118
Energy Equipment & Services—0.5%    
Aban Offshore, Ltd. 16,175 134,258

 

Investments Shares Value
 
Food Products—5.9%    
Bajaj Hindusthan, Ltd. 319,330 $ 192,524
Ruchi Soya Industries, Ltd. 129,678 183,288
Shree Renuka Sugars, Ltd. 330,242 225,713
Tata Global Beverages, Ltd. 317,310 859,375
Total Food Products   1,460,900
Gas Utilities—1.7%    
Gujarat State Petronet, Ltd. 274,968 420,702
Health Care Providers & Services—4.2%    
Apollo Hospitals Enterprise, Ltd. 74,136 1,027,812
Hotels, Restaurants & Leisure—2.8%    
Cox & Kings, Ltd. 42,644 112,259
Jubilant Foodworks, Ltd.* 22,520 586,088
Total Hotels, Restaurants & Leisure   698,347
Household Durables—0.6%    
TTK Prestige, Ltd. 2,033 143,786
Independent Power Producers & Energy Traders—0.7%    
GVK Power & Infrastructure, Ltd.* 574,620 159,057
Industrial Conglomerates—2.2%    
Max India, Ltd.* 127,483 542,126
IT Services—7.2%    
Core Education & Technologies, Ltd. 50,272 313,479
Hexaware Technologies, Ltd. 165,408 381,964
Mphasis, Ltd. 66,667 508,613
Tech Mahindra, Ltd. 30,788 567,400
Total IT Services   1,771,456
Machinery—4.5%    
ABG Shipyard, Ltd.* 15,182 108,097
Ashok Leyland, Ltd. 957,161 437,342
Escorts, Ltd. 106,120 128,664
Pipavav Defence & Offshore Engineering Co., Ltd.* 298,820 444,448
Total Machinery   1,118,551
Media—1.4%    
Dish TV India, Ltd.* 222,124 347,641
Metals & Mining—3.4%    
Bhushan Steel, Ltd. 49,147 464,775
Orissa Minerals Development Co., Ltd. 230 197,882
Welspun Corp., Ltd. 93,500 179,661
Total Metals & Mining   842,318
Oil, Gas & Consumable Fuels—1.0%    
Essar Oil, Ltd.* 136,013 130,610
Hindustan Oil Exploration Co., Ltd.* 55,452 122,269
Total Oil, Gas & Consumable Fuels   252,879
Pharmaceuticals—9.4%    
Aurobindo Pharma, Ltd. 102,821 276,814
Glenmark Pharmaceuticals, Ltd. 109,522 874,079
Orchid Chemicals & Pharmaceuticals, Ltd. 39,950 85,096
Strides Arcolab, Ltd. 32,521 545,511
Wockhardt, Ltd.* 22,150 543,787
Total Pharmaceuticals   2,325,287

 


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

EGA Emerging Global Shares Trust 47

 
 

Schedule of Investments (Consolidated)† (concluded)

EGShares India Small Cap ETF

September 30, 2012 (Unaudited)

 
Investments Shares Value
 
Real Estate Management & Development—5.3%    
Delta Corp., Ltd. 101,988 $ 136,706
Housing Development & Infrastructure, Ltd.* 198,069 365,758
Indiabulls Real Estate, Ltd.* 224,757 245,658
Parsvnath Developers, Ltd.* 105,151 79,942
Unitech, Ltd.* 1,067,616 491,859
Total Real Estate Management & Development   1,319,923
Software—1.7%    
Financial Technologies India, Ltd. 22,770 421,080

 

Investments Shares Value
 
Textiles, Apparel & Luxury Goods—5.6%    
Alok Industries, Ltd. 475,912 $ 113,688
Arvind, Ltd. 126,265 191,271
Bata India, Ltd. 22,998 426,125
Bombay Dyeing & Manufacturing Co., Ltd. 15,198 142,039
Gitanjali Gems, Ltd. 32,301 213,207
Raymond, Ltd. 28,386 211,637
VIP Industries, Ltd. 54,863 96,162
Total Textiles, Apparel & Luxury Goods   1,394,129
TOTAL INVESTMENTS IN SECURITIES—99.8%    
(Cost: $24,681,695)   24,673,730
Other Assets in Excess of Liabilities—0.2%   50,390
Net Assets—100.0%   $ 24,724,120

 

† The Consolidated Schedule of Investments includes the accounts of the wholly owned subsidiary. All inter-company accounts and transactions have been eliminated in consolidation. See Note 2 of the Notes to Financial Statements.
* Non-income producing security
+ Fair valued security. When trading resumes, security is expected to increase to 640,623 shares.

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

48 EGA Emerging Global Shares Trust

 
 

Schedule of Investments (Consolidated)†

EGShares Industrials GEMS ETF

September 30, 2012 (Unaudited)

 
Investments Shares Value
 
COMMON STOCKS—100.1%    
Brazil—3.9%    
Embraer SA ADR 4,137 $ 110,127
China—22.6%    
Anhui Conch Cement Co., Ltd. Class H 33,535 104,456
Beijing Enterprises Holdings, Ltd. 12,444 82,979
China Communications Construction Co., Ltd. Class H 107,609 87,023
China Merchants Holdings International Co., Ltd. 28,093 86,599
China National Building Material Co., Ltd. Class H 67,320 74,412
China Railway Construction Corp., Ltd. Class H 44,200 39,564
China Railway Group, Ltd. Class H 98,725 43,166
Citic Pacific, Ltd. 34,014 40,844
Weichai Power Co., Ltd. Class H 12,148 37,212
Zoomlion Heavy Industry Science And    
Technology Co., Ltd. Class H 34,547 39,256
Total China   635,511
Colombia—3.5%    
Inversiones Argos SA 8,793 97,065
Egypt—3.7%    
Orascom Construction Industries 2,226 105,108
India—18.4%    
Adani Enterprises, Ltd. 3,855 14,702
Ambuja Cements, Ltd. 15,661 59,978
Bharat Heavy Electricals, Ltd. 14,296 66,933
Larsen & Toubro, Ltd. 3,859 116,827
Mahindra & Mahindra, Ltd. 8,137 133,398
Tata Motors, Ltd. ADR 4,898 125,780
Total India   517,618
Indonesia—10.2%    
Indocement Tunggal Prakarsa Tbk PT 45,738 97,259
Semen Gresik Persero Tbk PT 75,406 113,857
United Tractors Tbk PT 35,760 77,349
Total Indonesia   288,465
Malaysia—7.0%    
Sime Darby Bhd 61,800 198,148

 

Investments Shares Value  
       
Mexico—14.6%      
Alfa, SAB Class A 73,210 $ 136,430  
Cemex SAB de CV ADR* 27,291 227,334  
Grupo Carso SAB de CV Series A1 13,985 47,848  
Total Mexico   411,612  
Philippines—2.5%      
Aboitiz Equity Ventures, Inc. 60,700 71,082  
South Africa—10.6%      
Bidvest Group, Ltd. 6,907 172,442  
Imperial Holdings, Ltd. 5,522 125,489  
Total South Africa   297,931  
Thailand—3.1%      
Siam Cement PCL 7,600 86,173  
TOTAL INVESTMENTS IN SECURITIES—100.1%      
(Cost: $2,731,072)   2,818,840  
Liabilities in Excess of Other Assets—(0.1)%   (2,651 )
Net Assets—100.0%   $ 2,816,189  

 

† The Consolidated Schedule of Investments includes the accounts of the wholly-owned subsidiary. All inter-company accounts and transactions have been eliminated in consolidation. See Note 2 of the Notes to Financial Statements.
* Non-income producing security
ADR American Depositary Receipts
        % of
Summary by Industry   Value   Net Assets
Aerospace & Defense   $ 110,127       3.9 %
Automobiles     259,178       9.2  
Construction & Engineering     391,688       13.9  
Construction Materials     860,534       30.6  
Distributors     125,489       4.4  
Electrical Equipment     66,933       2.4  
Industrial Conglomerates     749,773       26.6  
Machinery     153,817       5.5  
Trading Companies & Distributors     14,702       0.5  
Transportation Infrastructure     86,599       3.1  
Total Investments     2,818,840       100.1  
Liabilities in Excess of Other Assets     (2,651 )     (0.1 )
Net Assets   $ 2,816,189       100.0 %

 


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

EGA Emerging Global Shares Trust 49

 
 

Schedule of Investments (Consolidated)†

EGShares Low Volatility Emerging Markets Dividend ETF

September 30, 2012 (Unaudited)

 
Investments Shares Value
 
COMMON STOCKS—100.9%    
Brazil—2.2%    
Companhia Paranaense de Energia-Copel Preference Shares ADR 106,948 $ 1,756,086
Cayman Islands—2.1%    
Shenzhou International Group, Ltd. 1,001,468 1,717,928
China—7.4%    
China Petroleum & Chemical Corp. Class H 2,041,212 1,906,088
Datang International Power Generation Co., Ltd. Class H 5,640,525 1,898,787
Jiangsu Expressway Co., Ltd. Class H 2,671,171 2,215,281
Total China   6,020,156
Colombia—3.9%    
Ecopetrol SA ADR 54,028 3,183,870
India—11.4%    
Ashok Leyland, Ltd. 5,851,672 2,673,719
Bharat Petroleum Corp., Ltd. 320,056 2,115,907
Indiabulls Financial Services, Ltd. 1,103,056 4,474,335
Total India   9,263,961
Malaysia—9.2%    
DiGi.Com BHD 1,303,900 2,252,443
Kuala Lumpur Kepong BHD 266,400 1,922,717
Maxis BHD 1,435,100 3,249,106
Total Malaysia   7,424,266
Mexico—9.1%    
Bolsa Mexicana de Valores SAB de CV 1,261,201 2,613,187
Grupo Modelo SAB de CV Series C 227,224 2,048,104
Kimberly-Clark de Mexico SAB de CV Class A 1,146,404 2,740,902
Total Mexico   7,402,193
Philippines—2.7%    
Aboitiz Power Corp. 2,673,100 2,149,886
Poland—5.0%    
Telekomunikacja Polska SA 784,434 4,028,012
Russia—2.4%    
LUKOIL OAO ADR 31,727 1,954,383
South Africa—21.6%    
ABSA Group, Ltd. 165,072 2,770,823
Growthpoint Properties Ltd. 1,007,845 3,037,771
Lewis Group Ltd. 411,240 3,564,082
Redefine Properties Ltd. 3,614,303 4,095,639
Vodacom Group, Ltd. 325,262 4,024,803
Total South Africa   17,493,118

 

Investments Shares Value  
       
Thailand—7.6%      
Charoen Pokphand Foods PCL 1,867,500 $ 2,032,529  
Shin Corp. PCL 1,832,684 4,078,585  
Total Thailand   6,111,114  
Turkey—16.3%      
Arcelik AS 397,860 2,118,257  
Brisa Bridgestone Sabanci Sanayi ve Ticaret AS 733,339 1,952,194  
Eczacibasi Ilac Sinai ve Finansal Yatirimlar      
Sanayi ve Ticaret AS 2,420,035 2,506,831  
Konya Cimento Sanayii AS 13,984 2,359,742  
Turk Traktor ve Ziraat Makineleri AS 197,421 4,232,963  
Total Turkey   13,169,987  
TOTAL INVESTMENTS IN SECURITIES—100.9%      
(Cost: $82,185,188)   81,674,960  
Liabilities in Excess of Other Assets—(0.9)%   (698,945 )
Net Assets—100.0%   $ 80,976,015  

 

† The Consolidated Schedule of Investments includes the accounts of the wholly owned subsidiary. All inter-company accounts and transactions have been eliminated in consolidation. See Note 2 of the Notes to Financial Statements.
ADR American Depositary Receipts
        % of
Summary by Industry   Value   Net Assets
Auto Components   $ 1,952,194       2.4 %
Beverages     2,048,104       2.5  
Commercial Banks     2,770,823       3.4  
Construction Materials     2,359,742       2.9  
Diversified Financial Services     7,087,522       8.8  
Diversified Telecommunication Services     4,028,012       5.0  
Electric Utilities     1,756,086       2.2  
Food Products     3,955,246       4.9  
Household Durables     2,118,257       2.6  
Household Products     2,740,902       3.4  
Independent Power Producers & Energy Traders     4,048,673       5.0  
Machinery     6,906,682       8.5  
Oil, Gas & Consumable Fuels     9,160,248       11.3  
Pharmaceuticals     2,506,831       3.1  
Real Estate Management & Development     7,133,410       8.8  
Specialty Retail     3,564,082       4.4  
Textiles, Apparel & Luxury Goods     1,717,928       2.1  
Transportation Infrastructure     2,215,281       2.8  
Wireless Telecommunication Services     13,604,937       16.8  
Total Investments     81,674,960       100.9  
Liabilities in Excess of Other Assets     (698,945 )     (0.9 )
Net Assets   $ 80,976,015       100.0 %

 


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

50 EGA Emerging Global Shares Trust

 
 

Schedule of Investments (Consolidated)†

EGShares Technology GEMS ETF

September 30, 2012 (Unaudited)

 
Investments Shares Value
 
COMMON STOCKS—100.6%    
Cayman Islands—1.7%    
Comba Telecom Systems Holdings, Ltd. 90,284 $ 30,276
Chile—3.1%    
Sonda SA 18,782 56,399
China—43.6%    
AsiaInfo-Linkage, Inc.* 3,255 38,116
Baidu, Inc. ADR* 1,609 187,963
China Communications Services Corp., Ltd. Class H 103,000 59,648
Lenovo Group, Ltd. 114,279 94,628
NetEase.com, Inc. ADR* 1,479 83,031
SINA Corp.* 1,321 85,442
Sohu.com, Inc.* 1,171 49,288
Spreadtrum Communications, Inc. ADR 2,409 49,529
TCL Communication Technology Holdings, Ltd. 91,005 32,983
Travelsky Technology, Ltd. Class H 68,000 36,135
VanceInfo Technologies, Inc. ADR* 2,907 22,820
ZTE Corp. Class H 29,900 47,974
Total China   787,557
India—35.7%    
Financial Technologies India, Ltd. 1,947 36,006
Hexaware Technologies, Ltd. 14,800 34,176
Infosys, Ltd. ADR 3,350 162,609
Mphasis, Ltd. 5,483 41,831
Oracle Financial Services Software, Ltd.* 861 49,119
Rolta India, Ltd. 16,212 22,330
Satyam Computer Services, Ltd.* 28,475 59,790
Tata Consultancy Services, Ltd. 4,887 120,069
Tech Mahindra, Ltd. 2,198 40,507
Wipro, Ltd. ADR 8,649 77,409
Total India   643,846
Indonesia—2.3%    
Tower Bersama Infrastructure Tbk PT* 91,000 42,315
Poland—2.7%    
Asseco Poland SA 3,531 49,247

 

Investments Shares Value  
       
Russia—3.5%      
Mail.ru Group, Ltd. GDR 1,873 $ 62,540  
South Africa—3.1%      
DataTec, Ltd. 8,853 56,490  
Thailand—3.1%      
Shin Corp. PCL 24,900 55,414  
Turkey—1.8%      
Aselsan Elektronik Sanayi Ve Ticaret AS 9,144 33,101  
TOTAL INVESTMENTS IN SECURITIES—100.6%      
(Cost: $1,832,064)   1,817,185  
Liabilities in Excess of Other Assets—(0.6)%   (10,847 )
Net Assets—100.0% $ 1,806,338  

 

† The Consolidated Schedule of Investments includes the accounts of the wholly owned subsidiary. All inter-company accounts and transactions have been eliminated in consolidation. See Note 2 of the Notes to Financial Statements.
* Non-income producing security
ADR American Depositary Receipts
GDR Global Depositary Receipts
        % of
Summary by Industry   Value   Net Assets
Aerospace & Defense   $ 33,101       1.8 %
Communications Equipment     111,233       6.2  
Computers & Peripherals     94,628       5.2  
Diversified Telecommunication Services     59,648       3.3  
Electronic Equipment, Instruments & Components     56,490       3.1  
Internet Software & Services     468,264       25.9  
IT Services     651,255       36.1  
Semiconductors & Semiconductor Equipment     49,529       2.8  
Software     195,308       10.8  
Wireless Telecommunication Services     97,729       5.4  
Total Investments     1,817,185       100.6  
Liabilities in Excess of Other Assets     (10,847 )     (0.6 )
Net Assets   $ 1,806,338       100.0 %

 


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

EGA Emerging Global Shares Trust 51

 
 

Schedule of Investments (Consolidated)†

EGShares Telecom GEMS ETF

September 30, 2012 (Unaudited)

 
Investments Shares Value
 
COMMON STOCKS—99.6%    
Brazil—7.8%    
Oi SA ADR 23,720 $ 95,354
Telefonica Brasil SA Preference Shares ADR 6,403 139,201
Tim Participacoes SA ADR 4,572 87,874
Total Brazil   322,429
Chile—2.0%    
Entel Chile SA 3,994 83,197
China—16.9%    
China Mobile, Ltd. 36,560 405,292
China Telecom Corp., Ltd. Class H 270,673 156,401
China Unicom Hong Kong, Ltd. ADR 8,637 140,870
Total China   702,563
Czech Republic—1.8%    
Telefonica Czech Republic SA 3,641 73,518
Egypt—1.8%    
Orascom Telecom Holding SAE* 123,076 76,509
India—4.3%    
Bharti Airtel, Ltd. 25,965 130,674
Reliance Communications, Ltd. 38,508 47,309
Total India   177,983
Indonesia—4.2%    
Telekomunikasi Indonesia Tbk PT ADR 4,513 175,691
Malaysia—12.7%    
Axiata Group BHD 74,700 158,858
DiGi.Com BHD 75,800 130,942
Maxis BHD 58,800 133,125
Telekom Malaysia BHD 50,800 102,880
Total Malaysia   525,805
Mexico—10.0%    
America Movil SAB de CV Series L ADR 16,383 416,784
Morocco—1.6%    
Maroc Telecom 5,618 67,074
Philippines—3.2%    
Philippine Long Distance Telephone Co. ADR 2,004 132,284

 

Investments Shares   Value
       
Poland—2.5%      
Telekomunikacja Polska SA 19,759 $ 101,461
Russia—9.3%      
Mobile TeleSystems ADR 9,463   165,792
Rostelecom OJSC ADR 5,200   131,560
VimpelCom, Ltd. ADR 7,615   90,618
Total Russia     387,970
South Africa—10.5%      
MTN Group, Ltd. 15,054   292,299
Telkom South Africa, Ltd.* 18,312   39,060
Vodacom Group, Ltd. 8,524   105,476
Total South Africa     436,835
Thailand—6.0%      
Advanced Info Service PCL 24,000   166,862
Total Access Communication PCL 27,100   81,441
Total Thailand     248,303
Turkey—5.0%      
Turk Telekomunikasyon AS 20,269   80,823
Turkcell Iletisim Hizmetleri AS ADR* 8,348   126,389
Total Turkey     207,212
TOTAL INVESTMENTS IN SECURITIES—99.6%      
(Cost: $4,044,032)     4,135,618
Other Assets in Excess of Liabilities—0.4%     17,151
Net Assets—100.0%   $ 4,152,769

 

† The Consolidated Schedule of Investments includes the accounts of the wholly owned subsidiary. All inter-company accounts and transactions have been eliminated in consolidation. See Note 2 of the Notes to Financial Statements.
* Non-income producing security
ADR American Depositary Receipts
        % of
Summary by Industry   Value   Net Assets
Diversified Telecommunication Services   $ 1,172,333       28.2 %
Wireless Telecommunication Services     2,963,285       71.4  
Total Investments     4,135,618       99.6  
Other Assets in Excess of Liabilities   17,151       0.4  
Net Assets   $ 4,152,769       100.0 %

 


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

52 EGA Emerging Global Shares Trust

 
 

Schedule of Investments (Consolidated)†

EGShares Utilities GEMS ETF

September 30, 2012 (Unaudited)

 
Investments Shares Value
 
COMMON STOCKS—100.0%    
Brazil—28.1%    
Centrais Eletricas Brasileiras SA ADR 10,270 $ 60,901
Companhia de Saneamento Basico do    
Estado de Sao Paulo ADR 1,622 131,722
Companhia Energetica de Minas Gerais ADR 13,445 162,953
Companhia Paranaense de Energia-Copel    
Preference Shares ADR 3,260 53,529
CPFL Energia SA ADR 3,296 72,215
Ultrapar Participacoes SA ADR 11,074 247,061
Total Brazil   728,381
Chile—12.5%    
Colbun SA* 228,749 64,482
Empresa Nacional de Electricidad SA ADR 3,055 146,518
Enersis SA ADR 6,877 112,714
Total Chile   323,714
China—8.0%    
China Resources Power Holdings Co., Ltd. 47,420 103,852
Datang International Power Generation Co., Ltd. Class H 96,300 32,418
Huaneng Power International, Inc. ADR 2,410 72,131
Total China   208,401
Colombia—2.2%    
Interconexion Electrica SA ESP 10,492 55,463
Czech Republic—6.5%    
CEZ AS 4,538 169,104
Hong Kong—2.3%    
Guangdong Investment, Ltd. 75,764 59,902
India—13.4%    
NTPC, Ltd. 35,694 113,758
Petronet LNG, Ltd. 6,651 19,917
Power Grid Corp. of India, Ltd. 34,353 78,482
Reliance Infrastructure, Ltd. 4,365 44,490
Rural Electrification Corp., Ltd. 9,646 39,914
Tata Power Co., Ltd. 25,089 50,873
Total India   347,434
Indonesia—4.8%    
Perusahaan Gas Negara PT 289,200 124,655
Malaysia—8.9%    
Tenaga Nasional BHD 62,900 140,350
YTL Corp. BHD 109,040 61,360
YTL Power International BHD 52,400 28,459
Total Malaysia   230,169

 

Investments Shares Value
 
Philippines—3.6%    
Aboitiz Power Corp. 59,400 $ 47,773
Manila Electric Co. 7,600 46,458
Total Philippines   94,231
Poland—6.5%    
PGE SA 20,465 118,182
Tauron Polska Energia SA 32,995 50,468
Total Poland   168,650
Russia—3.2%    
Federal Hydrogenerating Co. JSC ADR 31,257 83,144
TOTAL COMMON STOCKS    
(Cost: $2,644,865)   2,593,248
RIGHTS—0.0%    
Malaysia—0.0%    
YTL Corp. BHD Class R, expiring 10/17/12* (Cost: $0) 7,269 —
TOTAL INVESTMENTS IN SECURITIES—100.0%    
(Cost: $2,644,865)   2,593,248
Other Assets in Excess of Liabilities—0.0%**   261
Net Assets—100.0%   $ 2,593,509

 

† The Consolidated Schedule of Investments includes the accounts of the wholly owned subsidiary. All inter-company accounts and transactions have been eliminated in consolidation. See Note 2 of the Notes to Financial Statements.
* Non-income producing security
** Less than 0.05%
ADR American Depositary Receipts
        % of
Summary by Industry   Value   Net Assets
Diversified Financial Services   $ 39,914       1.5 %
Electric Utilities     1,299,326       50.1  
Gas Utilities     124,655       4.8  
Independent Power Producers & Energy Traders     580,932       22.4  
Multi-Utilities     89,819       3.5  
Oil, Gas & Consumable Fuels     266,978       10.3  
Water Utilities     191,624       7.4  
Total Investments     2,593,248       100.0  
Other Assets in Excess of Liabilities     261       0.0 **
Net Assets   $ 2,593,509       100.0 %

 

** Less than 0.05%
     

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

EGA Emerging Global Shares Trust 53

 
 

Statements of Assets and Liabilities

EGA Emerging Global Shares Trust

September 30, 2012 (Unaudited)

  EGShares
Basic Materials
GEMS ETF
(Consolidated) 		EGShares
Beyond
BRICs ETF 		EGShares
Brazil
Infrastructure ETF 		EGShares
China
Infrastructure ETF 		EGShares
Consumer Goods
GEMS ETF
(Consolidated)
ASSETS:                              
Cost of Investments: $ 3,258,619   $ 7,039,850   $ 67,913,423   $ 13,396,369   $ 2,070,755  
Investments at value   2,838,689     7,168,837     69,587,177     10,466,463     2,237,966  
Cash   19,925     16,681     458,352     41,809     9,965  
Foreign cash*   184     1,267     106,247     —     1,007  
Receivables:                              
Dividends and interest   9,412     3,930     262,909     1,982     1,435  
Due from sub-adviser   9,505     4,237     —     6,994     11,716  
Due from advisor   —     —     —     1,337     —  
Investment securities sold   11,999     —     —     —     —  
Prepaid offering expenses   3,456     —     —     —     3,956  
Prepaid expense and other assets   3,947     7,322     1,274     1,407     6,411  
Total Assets   2,897,117     7,202,274     70,415,959     10,519,992     2,272,456  
 
LIABILITIES:                              
Payables:                              
Accrued investment advisory fees   227     663     5,893     —     1,768  
Accrued sub-advisory fees   —     —     15,676     —     —  
Accrued trustee fees   9     28     1,373     187     3  
Due to custodian   —     —     —     —     —  
Foreign currency payable   —     —     —     —     —  
Income payable   —     —     —     —     —  
Investment securities purchased   16,124     —     —     —     —  
Accrued expenses and other liabilities   34,735     5,683     84,235     41,855     39,825  
Total Liabilities   51,095     6,374     107,177     42,042     41,596  
NET ASSETS $ 2,846,022   $ 7,195,900   $ 70,308,782   $ 10,477,950   $ 2,230,860  
 
NET ASSETS:                              
Paid-in capital $ 3,348,942   $ 7,050,561   $ 77,603,041   $ 15,663,355   $ 2,066,552  
Undistributed (accumulated) net investment income (loss)   54,785     16,456     2,079,478     182,206     16,947  
Accumulated net realized loss on investments and foreign currency transactions   (138,359 )   (118 )   (11,035,897 )   (2,437,705 )   (19,903 )
Net unrealized appreciation (depreciation) on investments and on foreign currency translations   (419,346 )   129,001     1,662,160     (2,929,906 )   167,264  
NET ASSETS $ 2,846,022   $ 7,195,900   $ 70,308,782   $ 10,477,950   $ 2,230,860  
Outstanding beneficial interest shares (unlimited shares of beneficial interest authorized, no par value)   200,000     350,000     3,350,000     650,000     100,000  
Net asset value per share $ 14.23   $ 20.56   $ 20.99   $ 16.12   $ 22.31  
 
* Cost of foreign cash: $ 77   $ 1,272   $ 111,993   $ 1,983   $ 968  
  EGShares
Consumer
Services
GEMS ETF 		EGShares
Emerging Markets
Consumer ETF
(Consolidated) 		EGShares
Emerging Markets
Domestic Demand ETF
(Consolidated) 		EGShares
Emerging Markets
Metals & Mining ETF
(Consolidated) 		EGShares
Energy
GEMS ETF
(Consolidated) 		EGShares
Financials
GEMS ETF
(Consolidated)
ASSETS:                                    
Cost of Investments: $ 2,003,822   $ 418,982,105   $ 4,993,926   $ 17,360,386   $ 13,405,515   $ 4,388,284  
Investments at value   2,051,122     450,055,887     5,119,491     12,598,685     11,914,808     3,921,179  
Cash   88,069     7,567,348     7,164     206,052     82,794     10,176  
Foreign cash*   309     259,631     667     2,420     10,687     5,572  
Receivables:                                    
Dividends and interest   1,001     290,225     2,683     42,381     24,494     2,880  
Due from sub-adviser   3,354     —     6,666     13,736     15,364     21,332  
Due from advisor   —     —     —     —     —     —  
Investment securities sold   —     —     —     —     —     —  
Prepaid offering expenses   31     —     —     —     —     —  
Prepaid expense and other assets   1,563     32,319     7,322     1,672     1,293     1,274  
Total Assets   2,145,449     458,205,410     5,143,993     12,864,946     12,049,440     3,962,413  
 
LIABILITIES:                                    
Payables:                                    
Accrued investment advisory fees   1,511     36,227     663     1,020     965     317  
Accrued sub-advisory fees   —     152,789     —     —     —     —  
Accrued trustee fees   4     5,257     28     214     147     56  
Due to custodian   —     —     —     —     —     —  
Foreign currency payable   —     —     —     —     —     —  
Income payable   —     —     —     —     —     —  
Investment securities purchased   95,378     7,306,896     —     150,758     43,496     —  
Accrued expenses and other liabilities   35,231     258,871     8,600     49,852     50,559     43,095  
Total Liabilities   132,124     7,760,040     9,291     201,844     95,167     43,468  
NET ASSETS $ 2,013,325   $ 450,445,370   $ 5,134,702   $ 12,663,102   $ 11,954,273   $ 3,918,945  
 
NET ASSETS:                                    
Paid-in capital $ 2,001,145   $ 422,190,500   $ 4,999,879   $ 19,027,493   $ 14,539,009   $ 4,543,409  
Undistributed (accumulated) net investment income (loss)   6,462     2,331,784     11,547     240,171     157,699     51,257  
Accumulated net realized loss on investments and foreign currency transactions   (41,985 )   (5,200,800 )   (2,308 )   (1,846,103 )   (1,252,092 )   (208,567 )
Net unrealized appreciation (depreciation) on investments and on foreign currency translations   47,703     31,123,886     125,584     (4,758,459 )   (1,490,343 )   (467,154 )
NET ASSETS $ 2,013,325   $ 450,445,370   $ 5,134,702   $ 12,663,102   $ 11,954,273   $ 3,918,945  
Outstanding beneficial interest shares (unlimited shares of beneficial interest authorized, no par value)   100,000     18,450,000     250,000     900,000     500,000     200,000  
Net asset value per share $ 20.13   $ 24.41   $ 20.54   $ 14.07   $ 23.91   $ 19.59  
 
* Cost of foreign cash: $ 8   $ 252,252   $ 649   $ 2,067   $ 10,475   $ 5,634  

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

54 and 55 EGA Emerging Global Shares Trust

 
 

Statements of Assets and Liabilities (concluded)

EGA Emerging Global Shares Trust

September 30, 2012 (Unaudited)

  EGShares
GEMS
Composite ETF
(Consolidated) 		EGShares
Health Care
GEMS ETF
(Consolidated) 		EGShares
India
Consumer ETF
(Consolidated) 		EGShares
India
Infrastructure ETF
(Consolidated)
ASSETS:                        
Cost of Investments: $ 14,633,129   $ 1,907,783   $ 1,836,174   $ 73,868,745  
Investments at value   13,394,819     2,126,280     2,233,082     59,284,971  
Cash   91,111     88,365     10,899     116,181  
Foreign cash*   10,698     856     33     46,096  
Receivables:                        
Dividends and interest   25,072     —     1,228     103,862  
Due from sub-adviser   25,342     7,811     5,774     —  
Due from advisor   —     —     —     —  
Investment securities sold   —     —     —     —  
Prepaid offering expenses   —     3,706     —     —  
Prepaid expense and other assets   2,449     4,175     1,283     8,051  
Total Assets   13,549,491     2,231,193     2,252,299     59,559,161  
 
LIABILITIES:                        
Payables:                        
Accrued investment advisory fees   1,092     169     —     4,420  
Accrued sub-advisory fees   —     —     —     27,691  
Accrued trustee fees   196     25     35     875  
Due to custodian   —     —     —     —  
Foreign currency payable   —     —     —     —  
Income payable   —     —     —     —  
Investment securities purchased   43,157     81,555     —     —  
Accrued expenses and other liabilities   53,849     35,795     44,574     74,884  
Total Liabilities   98,294     117,544     44,609     107,870  
NET ASSETS $ 13,451,197   $ 2,113,649   $ 2,207,690   $ 59,451,291  
 
NET ASSETS:                        
Paid-in capital $ 16,095,612   $ 1,934,573   $ 1,837,345   $ 87,185,917  
Undistributed (accumulated) net investment income (loss)   196,175     8,699     8,868     384,405  
Accumulated net realized loss on investments and foreign currency transactions   (1,601,837 )   (48,606 )   (35,472 )   (13,540,950 )
Net unrealized appreciation (depreciation) on investments and on foreign currency translations   (1,238,753 )   218,983     396,949     (14,578,081 )
NET ASSETS $ 13,451,197   $ 2,113,649   $ 2,207,690   $ 59,451,291  
Outstanding beneficial interest shares (unlimited shares of beneficial interest authorized, no par value)   600,000     100,000     100,000     4,050,000  
Net asset value per share $ 22.42   $ 21.14   $ 22.08   $ 14.68  
 
* Cost of foreign cash: $ 10,674   $ 830   $ 30   $ 45,435  
  EGShares
India
Small Cap ETF
(Consolidated) 		EGShares
Industrials
GEMS ETF
(Consolidated) 		EGShares
Low Volatility Emerging
Markets Dividend ETF
(Consolidated) 		EGShares
Technology
GEMS ETF
(Consolidated) 		EGShares
Telecom
GEMS ETF
(Consolidated) 		EGShares
Utilities
GEMS ETF
(Consolidated)
ASSETS:                                    
Cost of Investments: $ 24,681,695   $ 2,731,072   $ 82,185,188   $ 1,832,064   $ 4,044,032   $ 2,644,865  
Investments at value   24,673,730     2,818,840     81,674,960     1,817,185     4,135,618     2,593,248  
Cash   72,397     11,220     —     8,734     7,424     12,312  
Foreign cash*   43,099     285     987     586     12,479     11,136  
Receivables:                                    
Dividends and interest   13,864     4,759     310,664     90     16,171     8,856  
Due from sub-adviser   —     10,037     —     20,859     8,974     8,582  
Due from advisor   —     —     —     —     —     —  
Investment securities sold   —     —     12,654     —     —     —  
Prepaid offering expenses   —     3,706     2,667     3,706     3,706     3,706  
Prepaid expense and other assets   10,466     4,255     5,651     4,172     4,882     4,329  
Total Assets   24,813,556     2,853,102     82,007,583     1,855,332     4,189,254     2,642,169  
 
LIABILITIES:                                    
Payables:                                    
Accrued investment advisory fees   3,446     220     4,587     8,829     541     659  
Accrued sub-advisory fees   25,923     —     27,572     —     —     —  
Accrued trustee fees   394     15     665     29     30     39  
Due to custodian   —     —     107,588     —     —     —  
Foreign currency payable   —     —     —     —     —     11,069  
Income payable   —     —     834,028     —     —     —  
Investment securities purchased   —     —     —     —     —     —  
Accrued expenses and other liabilities   59,673     36,678     57,128     40,136     35,914     36,893  
Total Liabilities   89,436     36,913     1,031,568     48,994     36,485     48,660  
NET ASSETS $ 24,724,120   $ 2,816,189   $ 80,976,015   $ 1,806,338   $ 4,152,769   $ 2,593,509  
 
NET ASSETS:                                    
Paid-in capital $ 38,105,717   $ 2,937,491   $ 84,253,314   $ 1,945,451   $ 3,990,242   $ 2,700,563  
Undistributed (accumulated) net investment income (loss)   107,153     20,080     (6,716 )   14,831     116,127     58,078  
Accumulated net realized loss on investments and foreign currency transactions   (13,483,150 )   (229,217 )   (2,760,181 )   (139,100 )   (45,221 )   (113,591 )
Net unrealized appreciation (depreciation) on investments and on foreign currency translations   (5,600 )   87,835     (510,402 )   (14,844 )   91,621     (51,541 )
NET ASSETS $ 24,724,120   $ 2,816,189   $ 80,976,015   $ 1,806,338   $ 4,152,769   $ 2,593,509  
Outstanding beneficial interest shares (unlimited shares of beneficial interest authorized, no par value)   1,700,000     150,000     4,300,000     100,000     200,000     150,000  
Net asset value per share $ 14.54   $ 18.77   $ 18.83   $ 18.06   $ 20.76   $ 17.29  
 
* Cost of foreign cash: $ 41,289   $ 277   $ 1,670   $ 553   $ 12,359   $ 11,132  

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

56 and 57 EGA Emerging Global Shares Trust

 
 

Statements of Operations

EGA Emerging Global Shares Trust

Period Ended September 30, 2012 (Unaudited)

  EGShares
Basic Materials
GEMS ETF
(Consolidated) 		EGShares
Beyond
BRICs ETF 1 		EGShares
Brazil
Infrastructure ETF 		EGShares
China
Infrastructure ETF 		EGShares
Consumer Goods
GEMS ETF
(Consolidated)
INVESTMENT INCOME:                              
Dividend income* $ 60,596   $ 22,244   $ 1,578,641   $ 257,760   $ 20,221  
Interest income   10     1     —     59     —  
Total investment income   60,606     22,245     1,578,641     257,819     20,221  
 
EXPENSES:                              
Administration and accounting fees   18,803     —     48,271     48,271     18,803  
Licensing fees   10,352     575     62,311     8,017     14,589  
Sub-advisory fees   10,310     5,789     326,258     47,259     6,745  
Audit and tax fees   7,553     3,092     6,307     6,307     7,553  
Custody fees   6,518     1,726     41,776     3,337     11,075  
Transfer agent fees   6,063     1,381     6,050     6,050     6,063  
Exchange listing fees   2,507     2,082     2,507     2,507     2,507  
Offering fees   1,438     1,139     —     —     1,438  
Investment advisory fees   1,222     1,056     40,714     3,917     —  
Shareholder reporting fees   676     129     7,250     1,983     540  
Legal fees   646     407     36,711     3,071     446  
Registration fees   126     77     —     16,617     —  
Trustees’ fees and expenses   49     28     2,411     329     32  
Insurance fees   41     34     3,032     122     23  
Pricing fees   —     403     2,149     2,078     —  
Miscellaneous fees   902     —     785     921     902  
Total expenses before reimbursements/waivers   67,206     17,918     586,532     150,786     70,716  
Less: Reimbursements/waivers of expenses from sub-adviser   (56,885 )   (12,129 )   (260,410 )   (103,527 )   (63,972 )
Net expenses   10,321     5,789     326,122     47,259     6,744  
Net investment income   50,285     16,456     1,252,519     210,560     13,477  
 
REALIZED AND UNREALIZED GAIN                              
(LOSS) ON INVESTMENTS AND                              
FOREIGN CURRENCY TRANSLATIONS:                              
Net realized gain (loss) on:                              
Investments   (117,626 )   (714 )   (4,221,794 )   (832,896 )   (13,934 )
In-Kind Redemptions   16,442     —     —     (94,051 )   13,660  
Foreign currency transactions   (1,513 )   596     (129,285 )   310     (356 )
Net realized gain (loss)   (102,697 )   (118 )   (4,351,079 )   (926,637 )   (630 )
Change in unrealized appreciation (depreciation) on:                              
Investments   (159,412 )   128,987     (8,468,521 )   489,955     47,096  
Foreign currency translations   554     14     (2,985 )   —     33  
Change in unrealized appreciation (depreciation)   (158,858 )   129,001     (8,471,506 )   489,955     47,129  
Net realized and unrealized gain (loss) on investments and foreign currency translations   (261,555 )   128,883     (12,822,585 )   (436,682 )   46,499  
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ (211,270 ) $ 145,339   $ (11,570,066 ) $ (226,122 ) $ 59,976  
 
* Net of foreign taxes withheld of: $ 6,828   $ 2,598   $ —   $ 19,714   $ 1,258  
1 Represents the period August 15, 2012 (commencement of operations) to September 30, 2012.
  EGShares
Consumer
Services
GEMS ETF 		EGShares
Emerging Markets
Consumer ETF
(Consolidated) 		EGShares
Emerging Markets
Domestic Demand ETF
(Consolidated) 1 		EGShares
Emerging Markets
Metals & Mining ETF
(Consolidated) 		EGShares
Energy
GEMS ETF
(Consolidated) 		EGShares
Financials
GEMS ETF
(Consolidated)
INVESTMENT INCOME:                                    
Dividend income* $ 13,693   $ 3,948,017   $ 17,046   $ 329,670   $ 244,746   $ 81,856  
Interest income   2     46     1     —     —     2  
Total investment income   13,695     3,948,063     17,047     329,670     244,746     81,858  
 
EXPENSES:                                    
Administration and accounting fees   18,803     84,824     —     50,400     50,401     50,389  
Licensing fees   458     262,724     1,381     19,175     16,018     10,192  
Sub-advisory fees   6,172     1,740,623     5,495     53,418     45,481     15,057  
Audit and tax fees   7,033     7,519     3,092     7,558     7,558     7,558  
Custody fees   3,466     133,410     4,607     11,576     17,754     16,376  
Transfer agent fees   6,063     6,050     1,381     6,050     6,050     6,050  
Exchange listing fees   2,507     2,507     2,082     2,507     2,507     2,507  
Offering fees   1,729     —     1,139     —     —     —  
Investment advisory fees   —     210,787     1,056     7,261     5,932     2,076  
Shareholder reporting fees   310     23,520     129     140     813     1,223  
Legal fees   436     148,893     407     4,088     1,779     —  
Registration fees   —     —     76     —     —     —  
Trustees’ fees and expenses   36     10,839     28     405     281     114  
Insurance fees   17     8,373     34     449     345     124  
Pricing fees   —     2,979     403     2,083     2,080     2,065  
Miscellaneous fees   902     901     —     901     901     903  
Total expenses before reimbursements/waivers   47,932     2,643,949     21,310     166,011     157,900     114,634  
Less: Reimbursements/waivers of expenses from
sub-adviser 		  (41,760 )   (903,037 )   (15,810 )   (112,671 )   (112,398 )   (99,586 )
Net expenses   6,172     1,740,912     5,500     53,340     45,502     15,048  
Net investment income   7,523     2,207,151     11,547     276,330     199,244     66,810  
 
REALIZED AND UNREALIZED GAIN                                    
(LOSS) ON INVESTMENTS AND                                    
FOREIGN CURRENCY TRANSLATIONS:                                    
Net realized gain (loss) on:                                    
Investments   (26,969 )   (5,677,141 )   (397 )   (574,559 )   (220,253 )   (126,823 )
In-Kind Redemptions   7,087     2,935,721     —     —     5,250     (31,177 )
Foreign currency transactions   (1,163 )   (296,807 )   (1,911 )   (8,293 )   (1,711 )   (1,507 )
Net realized gain (loss)   (21,045 )   (3,038,227 )   (2,308 )   (582,852 )   (216,714 )   (159,507 )
Change in unrealized appreciation (depreciation) on:                                    
Investments   24,663     (2,642,895 )   125,565     (1,408,914 )   (322,222 )   45,343  
Foreign currency translations   403     49,964     19     3,109     466     41  
Change in unrealized appreciation (depreciation)   25,066     (2,592,931 )   125,584     (1,405,805 )   (321,756 )   45,384  
Net realized and unrealized gain (loss) on investments and foreign currency translations   4,021     (5,631,158 )   123,276     (1,988,657 )   (538,470 )   (114,123 )
NET INCREASE (DECREASE) IN NET                                    
ASSETS RESULTING FROM OPERATIONS $ 11,544   $ (3,424,007 ) $ 134,823   $ (1,712,327 ) $ (339,226 ) $ (47,313 )
 
* Net of foreign taxes withheld of: $ 1,746   $ 293,901   $ 2,812   $ 35,555   $ 28,726   $ 7,721  
1 Represents the period August 15, 2012 (commencement of operations) to September 30, 2012.

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

58 and 59 EGA Emerging Global Shares Trust

 
 

Statements of Operations (concluded)

EGA Emerging Global Shares Trust

Period Ended September 30, 2012 (Unaudited)

  EGShares
GEMS
Composite ETF
(Consolidated) 		EGShares
Health Care
GEMS ETF
(Consolidated) 		EGShares
India
Consumer ETF
(Consolidated) 		EGShares
India
Infrastructure ETF
(Consolidated)
INVESTMENT INCOME:                        
Dividend income* $ 264,642   $ 14,680   $ 17,817   $ 504,582  
Interest income   57     12     —     —  
Total investment income   264,699     14,692     17,817     504,582  
 
EXPENSES:                        
Administration and accounting fees   50,389     18,803     13,616     34,123  
Licensing fees   20,513     9,823     6,380     42,466  
Sub-advisory fees   48,617     8,147     8,235     222,304  
Audit and tax fees   7,558     7,553     7,578     7,519  
Custody fees   18,761     9,055     16,354     5,118  
Transfer agent fees   6,050     6,063     6,051     6,050  
Exchange listing fees   2,507     2,507     2,507     2,507  
Offering fees   —     1,450     —     —  
Investment advisory fees   7,358     974     —     28,310  
Shareholder reporting fees   5,368     504     2,515     10,959  
Legal fees   4,905     711     —     26,103  
Registration fees   —     122     —     —  
Trustees’ fees and expenses   375     55     —     1,560  
Insurance fees   505     48     29     2,414  
Pricing fees   2,087     —     6,613     2,137  
Miscellaneous fees   901     902     904     901  
Total expenses before reimbursements/waivers   175,894     66,717     70,782     392,471  
Less: Reimbursements/waivers of expenses from sub-adviser   (127,256 )   (58,571 )   (62,576 )   (170,075 )
Net expenses   48,638     8,146     8,206     222,396  
Net investment income   216,061     6,546     9,611     282,186  
 
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSLATIONS:                        
                       
Net realized gain (loss) on:                        
Investments   (414,841 )   (34,084 )   (3,816 )   (2,806,337 )
In-Kind Redemptions   54,571     17,618     —     —  
Foreign currency transactions   (1,370 )   (1,055 )   (249 )   352,692  
Net realized gain (loss)   (361,640 )   (17,521 )   (4,065 )   (2,453,645 )
Change in unrealized appreciation (depreciation) on:                        
Investments   (387,556 )   216,006     294,451     880,693  
Foreign currency translations   (707 )   470     28     7,181  
Change in unrealized appreciation (depreciation)   (388,263 )   216,476     294,479     887,874  
Net realized and unrealized gain (loss) on investments and foreign currency translations   (749,903 )   198,955     290,414     (1,565,771 )
NET INCREASE (DECREASE) IN NET ASSETS                        
RESULTING FROM OPERATIONS $ (533,842 ) $ 205,501   $ 300,025   $ (1,283,585 )
 
* Net of foreign taxes withheld of: $ 30,938   $ 1,265   $ —   $ —  
1 Represents the period August 15, 2012 (commencement of operations) to September 30, 2012.
  EGShares
India
Small Cap ETF
(Consolidated) 		EGShares
Industrials
GEMS ETF
(Consolidated) 		EGShares
Low Volatility Emerging
Markets Dividend ETF
(Consolidated) 		EGShares
Technology
GEMS ETF
(Consolidated) 		EGShares
Telecom
GEMS ETF
(Consolidated) 		EGShares
Utilities
GEMS ETF
(Consolidated)
INVESTMENT INCOME:                                    
Dividend income* $ 252,309   $ 30,113   $ 2,260,881   $ 22,020   $ 116,983   $ 60,916  
Interest income   —     13     676     —     98     —  
Total investment income   252,309     30,126     2,261,557     22,020     117,081     60,916  
 
EXPENSES:                                    
Administration and accounting fees   46,142     18,803     14,625     18,803     18,803     18,803  
Licensing fees   24,599     10,363     61,988     14,506     9,796     8,802  
Sub-advisory fees   96,777     9,403     273,502     7,190     16,199     11,226  
Audit and tax fees   7,520     7,553     7,577     7,553     7,553     7,553  
Custody fees   20,469     10,874     29,637     8,440     10,099     10,980  
Transfer agent fees   6,050     6,063     6,050     6,063     6,063     6,063  
Exchange listing fees   2,507     2,507     2,507     2,507     2,507     2,507  
Offering fees   —     1,450     6,285     1,450     1,450     1,450  
Investment advisory fees   11,842     1,117     4,243     7,435     —     —  
Shareholder reporting fees   1,167     691     15,500     716     1,032     909  
Legal fees   9,174     697     17,772     716     1,116     948  
Registration fees   992     20     4,396     121     20     121  
Trustees’ fees and expenses   690     56     1,194     55     84     78  
Insurance fees   979     49     1,496     48     80     74  
Pricing fees   2,088     —     6,498     —     —     —  
Miscellaneous fees   901     902     902     902     902     903  
Total expenses before reimbursements/waivers   231,897     70,548     454,172     76,505     75,704     70,417  
Less: Reimbursements/waivers of expenses from sub-adviser   (135,194 )   (61,139 )   (180,617 )   (69,316 )   (59,508 )   (59,185 )
Net expenses   96,703     9,409     273,555     7,189     16,196     11,232  
Net investment income   155,606     20,717     1,988,002     14,831     100,885     49,684  
 
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSLATIONS:                                    
Net realized gain (loss) on:                                    
Investments   (465,596 )   (130,361 )   (4,302,662 )   (97,055 )   (57,593 )   (68,350 )
In-Kind Redemptions   —     20,794     1,964,679     17,981     25,608     6,655  
Foreign currency transactions   (8,072 )   (3,199 )   46,109     210     (2,419 )   (2,960 )
Net realized gain (loss)   (473,668 )   (112,766 )   (2,291,874 )   (78,864 )   (34,404 )   (64,655 )
Change in unrealized appreciation (depreciation) on:                                    
Investments   251,060     143,126     (1,740,349 )   (17,580 )   68,269     (179,342 )
Foreign currency translations   (34 )   78     628     35     92     81  
Change in unrealized appreciation (depreciation)   251,026     143,204     (1,739,721 )   (17,545 )   68,361     (179,261 )
Net realized and unrealized gain (loss) on investments and foreign currency translations   (222,642 )   30,438     (4,031,595 )   (96,409 )   33,957     (243,916 )
NET INCREASE (DECREASE) IN NET ASSETS                                    
RESULTING FROM OPERATIONS $ (67,036 ) $ 51,155   $ (2,043,593 ) $ (81,578 ) $ 134,842   $ (194,232 )
 
* Net of foreign taxes withheld of: $ —   $ 2,655   $ 842,485   $ 1,344   $ 11,506   $ 7,363  
1 Represents the period August 15, 2012 (commencement of operations) to September 30, 2012.

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

60 and 61 EGA Emerging Global Shares Trust

 
 

Statements of Changes in Net Assets

EGA Emerging Global Shares Trust

  EGShares Basic Materials GEMS ETF
(Consolidated) 		EGShares Beyond
BRICs ETF 		EGShares Brazil Infrastructure ETF
  For the Period
April 1, 2012
Through
September 30, 2012
(Unaudited) 		For the Period
June 23, 2011 1
Through
March 31, 2012 		For the Period
August 15, 2012 1
Through
September 30, 2012
(Unaudited) 		For the Period
April 1, 2012
Through
September 30, 2012
(Unaudited) 		For the
Year Ended
March 31, 2012
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS:                              
Net investment income (loss) $ 50,285   $ 20,941   $ 16,456   $ 1,252,519   $ 3,266,422  
Net realized gain (loss) on investments and foreign currency transactions   (102,697 )   (97,898 )   (118 )   (4,351,079 )   (6,144,370 )
Net unrealized appreciation (depreciation) on investments and foreign currency translations   (158,858 )   (260,488 )   129,001     (8,471,506 )   331,770  
Net increase (decrease) in net assets resulting from operations   (211,270 )   (337,445 )   145,339     (11,570,066 )   (2,546,178 )
 
DISTRIBUTIONS TO SHAREHOLDERS:                              
Net investment income   —     (15,017 )   —     —     (3,135,584 )
 
CAPITAL SHARE TRANSACTIONS:                              
Proceeds from sale of shares   2,159,099     2,870,607     7,054,554     60,616     22,319,521  
Cost of shares redeemed   (691,497 )   (927,874 )   (3,993 )   (7,772,519 )   (10,807,230 )
Transaction fees   (310 )   (271 )   —     —     —  
Net increase (decrease) in net assets resulting from capital share transactions   1,467,292     1,942,462     7,050,561     (7,711,903 )   11,512,291  
Net Increase (Decrease) in Net Assets   1,256,022     1,590,000     7,195,900     (19,281,969 )   5,830,529  
 
NET ASSETS:                              
Beginning of period   1,590,000     —     —     89,590,751     83,760,222  
End of period $ 2,846,022   $ 1,590,000   $ 7,195,900   $ 70,308,782   $ 89,590,751  
Accumulated net investment income (loss) included in net assets at end of period $ 54,785   $ 4,500   $ 16,572   $ 2,079,477   $ 826,959  
 
SHARES CREATED AND REDEEMED:                              
Shares outstanding, beginning of period   100,000     —     —     3,700,000     3,300,000  
Shares sold   150,000     150,000     350,000     —     900,000  
Shares redeemed   (50,000 )   (50,000 )   —     (350,000 )   (500,000 )
Shares outstanding, end of period   200,000     100,000     350,000     3,350,000     3,700,000  
  EGShares China Infrastructure ETF EGShares Consumer Goods GEMS ETF
(Consolidated) 		EGShares Consumer Services GEMS ETF EGShares Emerging Markets Consumer ETF
(Consolidated)
  For the Period
April 1, 2012
Through
September 30, 2012
(Unaudited) 		For the
Year Ended
March 31, 2012 		For the Period
April 1, 2012
Through
September 30, 2012
(Unaudited) 		For the Period
June 23, 2011 1
Through
March 31, 2012 		For the Period
April 1, 2012
Through
September 30, 2012
(Unaudited) 		For the Period
June 23, 2011 1
Through
March 31, 2012 		For the Period
April 1, 2012
Through
September 30, 2012
(Unaudited) 		For the
Year Ended
March 31, 2012
INCREASE (DECREASE) IN NET ASSETS RESULTING                                                
FROM OPERATIONS:                                                
Net investment income (loss) $ 210,560   $ 289,656   $ 13,477   $ 14,034   $ 7,523   $ (1,465 ) $ 2,207,151   $ 1,970,081  
Net realized gain (loss) on investments and foreign currency transactions   (926,637 )   (563,008 )   (630 )   13,216     (21,045 )   32,924     (3,038,227 )   1,432,854  
Net unrealized appreciation (depreciation) on investments and foreign currency translations   489,955     (4,834,847 )   47,129     120,135     25,066     22,637     (2,592,931 )   27,551,359  
Net increase (decrease) in net assets resulting from operations   (226,122 )   (5,108,199 )   59,976     147,385     11,544     54,096     (3,424,007 )   30,954,294  
 
DISTRIBUTIONS TO SHAREHOLDERS:                                                
Net investment income   —     (324,416 )   —     (11,203 )   —     (1,186 )   —     (1,634,800 )
 
CAPITAL SHARE TRANSACTIONS:                                                
Proceeds from sale of shares   829,640     5,989,764     3,211,794     4,092,709     1,902,707     4,942,777     74,584,709     195,117,317  
Cost of shares redeemed   (2,428,671 )   (9,385,596 )   (2,145,192 )   (3,124,066 )   (944,465 )   (3,952,148 )   (23,181,747 )   (16,583,599 )
Transaction fees   —     —     103     (646 )   —     —     368     1,525  
Net increase (decrease) in net assets resulting from capital share transactions   (1,599,031 )   (3,395,832 )   1,066,705     967,997     958,242     990,629     51,403,330     178,535,243  
Net Increase (Decrease) in Net Assets   (1,825,153 )   (8,828,447 )   1,126,681     1,104,179     969,786     1,043,539     47,979,323     207,854,737  
 
NET ASSETS:                                                
Beginning of period   12,303,103     21,131,550     1,104,179     —     1,043,539     —     402,466,047     194,611,310  
End of period $ 10,477,950   $ 12,303,103   $ 2,230,860   $ 1,104,179   $ 2,013,325   $ 1,043,539   $ 450,445,370   $ 402,466,047  
Accumulated net investment income (loss) included in net assets at end of period $ 182,204   $ (28,354 ) $ 16,947   $ 3,470   $ 6,462   $ (1,061 ) $ 2,331,784   $ 124,633  
 
SHARES CREATED AND REDEEMED:                                                
Shares outstanding, beginning of period   750,000     950,000     50,000     —     50,000     —     16,250,000     8,550,000  
Shares sold   50,000     300,000     150,000     200,000     100,000     250,000     3,200,000     8,450,000  
Shares redeemed   (150,000 )   (500,000 )   (100,000 )   (150,000 )   (50,000 )   (200,000 )   (1,000,000 )   (750,000 )
Shares outstanding, end of period   650,000     750,000     100,000     50,000     100,000     50,000     18,450,000     16,250,000  
1 Commencement of operations.

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

62 and 63 EGA Emerging Global Shares Trust

 
 

Statements of Changes in Net Assets (continued)

EGA Emerging Global Shares Trust

  EGShares Emerging
Markets Domestic
Demand ETF
(Consolidated) 		EGShares Emerging Markets
Metals & Mining ETF
(Consolidated) 1 		EGShares Energy GEMS ETF
(Consolidated) 1
  For the Period
August 15, 2012 1
Through
September 30, 2012
(Unaudited) 		For the Period
April 1, 2012
Through
September 30, 2012
(Unaudited) 		For the
Year Ended
March 31, 2012 		For the Period
April 1, 2012
Through
September 30, 2012
(Unaudited) 		For the
Year Ended
March 31, 2012
INCREASE (DECREASE) IN NET ASSETS RESULTING                              
FROM OPERATIONS:                              
Net investment income (loss) $ 11,547   $ 276,330   $ 545,464   $ 199,244   $ 330,727  
Net realized gain (loss) on investments and foreign currency transactions   (2,308 )   (582,852 )   316,395     (216,714 )   1,309,542  
Net unrealized appreciation (depreciation) on investments and foreign currency translations   125,584     (1,405,805 )   (9,372,705 )   (321,756 )   (5,834,109 )
Net increase (decrease) in net assets resulting from operations   134,823     (1,712,327 )   (8,510,846 )   (339,226 )   (4,193,840 )
 
DISTRIBUTIONS TO SHAREHOLDERS:                              
Net investment income   —     —     (532,215 )   —     (309,030 )
 
CAPITAL SHARE TRANSACTIONS:                              
Proceeds from sale of shares   5,000,000     —     5,244,146     2,165,246     10,787,713  
Cost of shares redeemed   —     —     (19,702,991 )   (1,088,333 )   (20,507,227 )
Transaction fees   (121 )   (585 )   (546 )   (201 )   (546 )
Net increase (decrease) in net assets resulting from capital share transactions   4,999,879     (585 )   (14,459,391 )   1,076,712     (9,720,060 )
Net Increase (Decrease) in Net Assets   5,134,702     (1,712,912 )   (23,502,452 )   737,486     (14,222,930 )
 
NET ASSETS:                              
Beginning of period   —     14,376,014     37,878,466     11,216,787     25,439,717  
End of period $ 5,134,702   $ 12,663,102   $ 14,376,014   $ 11,954,273   $ 11,216,787  
Accumulated net investment income (loss) included in net assets at end of period $ 11,547   $ —   $ (36,159 ) $ 157,699   $ (41,545 )
 
SHARES CREATED AND REDEEMED:                              
Shares outstanding, beginning of period   —     900,000     1,650,000     450,000     850,000  
Shares sold   250,000     —     300,000     100,000     400,000  
Shares redeemed   —     —     (1,050,000 )   (50,000 )   (800,000 )
Shares outstanding, end of period   250,000     900,000     900,000     500,000     450,000  
  EGShares Financials GEMS ETF
(Consolidated) 		EGShares GEMS Composite ETF
(Consolidated) 		EGShares Health Care GEMS ETF
(Consolidated) 		EGShares India Consumer ETF
(Consolidated)
  For the Period
April 1, 2012
Through
September 30, 2012
(Unaudited) 		For the
Year Ended
March 31, 2012 		For the Period
April 1, 2012
Through
September 30, 2012
(Unaudited) 		For the
Year Ended
March 31, 2012 		For the Period
April 1, 2012
Through
September 30, 2012
(Unaudited) 		For the Period
June 23, 2011 1
Through
March 31, 2012 		For the Period
April 1, 2012
Through
September 30, 2012
(Unaudited) 		For the Period
August 10, 2011 1
Through
March 31, 2012
INCREASE (DECREASE) IN NET ASSETS RESULTING                                                    
FROM OPERATIONS:                                                    
Net investment income (loss) $ 66,810   $ 152,756   $ 216,061   $ 449,817   $ 6,546     $ 2,304   $ 9,611     $ (665 )
Net realized gain (loss) on investments and foreign currency transactions   (159,507 )   (415,889 )   (361,640 )   (1,592,121 )   (17,521 )     (108,473 )   (4,065 )     (47,929 )
Net unrealized appreciation (depreciation) on investments and foreign currency translations   45,384     (1,469,298 )   (388,263 )   (4,514,273 )   216,476       2,507     294,479       102,470  
Net increase (decrease) in net assets resulting from operations   (47,313 )   (1,732,431 )   (533,842 )   (5,656,577 )   205,501       (103,662 )   300,025       53,876  
 
DISTRIBUTIONS TO SHAREHOLDERS:                                                    
Net investment income   —     (52,077 )   —     (312,176 )   —       (1,891 )   —       —  
 
CAPITAL SHARE TRANSACTIONS:                                                    
Proceeds from sale of shares   1,851,906     5,241,705     1,036,830     5,814,766     1,945,590     3,852,559     —     3,835,493  
Cost of shares redeemed   (1,907,648 )   (10,481,218 )   (1,036,830 )   (17,734,608 )   (1,945,590 )   (1,837,994 )   —     (1,980,060 )
Transaction fees   360     3     (759 )   (88 )   (554 )     (310 )   (696 )     (948 )
Net increase (decrease) in net assets resulting from capital share transactions   (55,382 )   (5,239,510 )   (759 )   (11,919,930 )   (554 )   2,014,255     (696 )   1,854,485  
Net Increase (Decrease) in Net Assets   (102,695 )   (7,024,018 )   (534,601 )   (17,888,683 )   204,947     1,908,702     299,329     1,908,361  
 
NET ASSETS:                                                    
Beginning of period   4,021,640     11,045,658     13,985,798     31,874,481     1,908,702       —     1,908,361       —  
End of period $ 3,918,945   $ 4,021,640   $ 13,451,197   $ 13,985,798   $ 2,113,649   $ 1,908,702   $ 2,207,690   $ 1,908,361  
Accumulated net investment income (loss) included in net assets at end of period $ 51,257   $ (15,553 ) $ 196,175   $ (19,886 ) $ 8,699     $ 2,153   $ 8,868     $ (743 )
 
SHARES CREATED AND REDEEMED:                                                    
Shares outstanding, beginning of period   200,000     450,000     600,000     1,155,000     100,000       —     100,000       —  
Shares sold   100,000     250,000     50,000     250,000     100,000       200,000     —       200,000  
Shares redeemed   (100,000 )   (500,000 )   (50,000 )   (805,000 )   (100,000 )     (100,000 )   —     (100,000 )
Shares outstanding, end of period   200,000     200,000     600,000     600,000     100,000       100,000     100,000       100,000  
1 Commencement of operations.

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

64 and 65 EGA Emerging Global Shares Trust

 
 

Statements of Changes in Net Assets (concluded)

EGA Emerging Global Shares Trust

  EGShares India Infrastructure ETF
(Consolidated) 		EGShares India Small Cap ETF
(Consolidated) 		EGShares Industrials GEMS ETF
(Consolidated)
  For the Period
April 1, 2012
Through
September 30, 2012
(Unaudited) 		For the
Year Ended
March 31, 2012 		For the Period
April 1, 2012
Through
September 30, 2012
(Unaudited) 		For the
Year Ended
March 31, 2012 		For the Period
April 1, 2012
Through
September 30, 2012
(Unaudited) 		For the Period
June 23, 2011 1
Through
March 31, 2012
INCREASE (DECREASE) IN NET ASSETS                                      
RESULTING FROM OPERATIONS:                                      
Net investment income (loss) $ 282,186   $ 268,410   $ 155,606   $ 238,909   $ 20,717     $ 6,541  
Net realized gain (loss) on investments and foreign currency transactions   (2,453,645 )   (10,846,972 )   (473,668 )   (13,039,129 )   (112,766 )     (143,909 )
Net unrealized appreciation (depreciation) on investments and foreign currency translations   887,874     (9,308,112 )   251,026     4,378,334     143,204       (55,369 )
Net increase (decrease) in net assets resulting from operations   (1,283,585 )   (19,886,674 )   (67,036 )   (8,421,886 )   51,155       (192,737 )
 
DISTRIBUTIONS TO SHAREHOLDERS:                                      
Net investment income   —     (344,824 )   —     (254,107 )   —       (1,831 )
 
CAPITAL SHARE TRANSACTIONS:                                      
Proceeds from sale of shares   656,877     3,189,751     —     8,163,191     2,752,537     5,614,977  
Cost of shares redeemed   (624,046 )   (7,631,044 )   (1,823,856 )   (7,596,936 )   (1,864,784 )   (3,541,987 )
Transaction fees   (593 )   (2,023 )   (1,180 )   (2,593 )   (470 )     (671 )
Net increase (decrease) in net assets resulting from capital share transactions   32,238     (4,443,316 )   (1,825,036 )   563,662     887,283     2,072,319  
Net Increase (Decrease) in Net Assets   (1,251,347 )   (24,674,814 )   (1,892,072 )   (8,112,331 )   938,438     1,877,751  
 
NET ASSETS:                                      
Beginning of period   60,702,638     85,377,452     26,616,192     34,728,523     1,877,751       —  
End of period $ 59,451,291   $ 60,702,638   $ 24,724,120   $ 26,616,192   $ 2,816,189   $ 1,877,751  
Accumulated net investment income (loss) included in net assets at end of period $ 384,406   $ 102,219   $ 107,153   $ (48,453 ) $ 20,080     $ (637 )
 
SHARES CREATED AND REDEEMED:                                      
Shares outstanding, beginning of period   4,050,000     4,400,000     1,850,000     1,800,000     100,000       —  
Shares sold   50,000     200,000     —     500,000     150,000       300,000  
Shares redeemed   (50,000 )   (550,000 )   (150,000 )   (450,000 )   (100,000 )     (200,000 )
Shares outstanding, end of period   4,050,000     4,050,000     1,700,000     1,850,000     150,000       100,000  
  EGShares Low Volatility Emerging
Markets Dividend ETF
(Consolidated) 		EGShares Technology GEMS ETF
(Consolidated) 		EGShares Telecom GEMS ETF
(Consolidated) 		EGShares Utilities GEMS ETF
(Consolidated)
  For the Period
April 1, 2012
Through
September 30, 2012
(Unaudited) 		For the Period
August 4, 2011 1
Through
March 31, 2012 		For the Period
April 1, 2012
Through
September 30, 2012
(Unaudited) 		For the Period
June 23, 2011 1
Through
March 31, 2012 		For the Period
April 1, 2012
Through
September 30, 2012
(Unaudited) 		For the Period
June 23, 2011 1
Through
March 31, 2012 		For the Period
April 1, 2012
Through
September 30, 2012
(Unaudited) 		For the Period
June 23, 2011 1
Through
March 31, 2012
INCREASE (DECREASE) IN NET ASSETS                                                  
RESULTING FROM OPERATIONS:                                                  
Net investment income (loss) $ 1,988,002   $ 406,885   $ 14,831   $ (1,383 ) $ 100,885   $ 27,898   $ 49,684   $ 21,831  
Net realized gain (loss) on investments and foreign currency transactions   (2,291,874 )   960,495     (78,864 )   (119,001 )   (34,404 )   (31,392 )   (64,655 )   (137,595 )
Net unrealized appreciation (depreciation) on investments and foreign currency translations   (1,739,721 )   1,229,319     (17,545 )     2,701     68,361     23,260     (179,261 )   127,720  
Net increase (decrease) in net assets resulting from operations   (2,043,593 )   2,596,699     (81,578 )   (117,683 )   134,842     19,766     (194,232 )   11,956  
 
DISTRIBUTIONS TO SHAREHOLDERS:                                                  
Net investment income   (1,634,021 )   (659,822 )   —       —     —     (10,536 )   —     (9,988 )
 
CAPITAL SHARE TRANSACTIONS:                                                  
Proceeds from sale of shares   52,101,267     72,180,393     834,485     4,651,039     2,942,863     5,902,467     846,324     3,672,180  
Cost of shares redeemed   (26,702,535 )   (14,863,146 )   (834,485 )   (2,644,489 )   (1,956,429 )   (2,879,951 )   (846,324 )   (885,693 )
Transaction fees   (8 )   781     (484 )     (467 )   (180 )   (73 )   (394 )   (320 )
Net increase (decrease) in net assets resulting from capital share transactions   25,398,724     57,318,028     (484 )   2,006,083     986,254     3,022,443     (394 )   2,786,167  
Net Increase (Decrease) in Net Assets   21,721,110     59,254,905     (82,062 )   1,888,400     1,121,096     3,031,673     (194,626 )   2,788,135  
 
NET ASSETS:                                                  
Beginning of period   59,254,905     —     1,888,400       —     3,031,673     —     2,788,135     —  
End of period $ 80,976,015   $ 59,254,905   $ 1,806,338   $ 1,888,400   $ 4,152,769   $ 3,031,673   $ 2,593,509   $ 2,788,135  
Accumulated net investment income (loss) included in net assets at end of period $ (6,716 ) $ (360,697 ) $ 14,831     $ —   $ 116,127   $ 15,242   $ —   $ 8,394  
 
SHARES CREATED AND REDEEMED:                                                  
Shares outstanding, beginning of period   2,950,000     —     100,000       —     150,000     —     150,000     —  
Shares sold   2,750,000     3,700,000     50,000     250,000     150,000     300,000     50,000     200,000  
Shares redeemed   (1,400,000 )   (750,000 )   (50,000 )   (150,000 )   (100,000 )   (150,000 )   (50,000 )   (50,000 )
Shares outstanding, end of period   4,300,000     2,950,000     100,000     100,000     200,000     150,000     150,000     150,000  
1 Commencement of operations.

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

66 and 67 EGA Emerging Global Shares Trust

 
 

Financial Highlights

EGA Emerging Global Shares Trust

For a share outstanding throughout each period

EGShares Basic Materials GEMS ETF (Consolidated)

  For the Period
April 1, 2012
Through
September 30, 2012
(Unaudited) 		     
  For the Period
June 23, 2011 1
Through
March 31, 2012
 
 
 
Net asset value, beginning of period $ 15.90   $ 20.00  
Investment operations:            
Net investment income (loss) 2   0.29     0.31  
Net realized and unrealized gain (loss) on investments and foreign currency translations   (1.96 )   (4.11 )
Total from investment operations   (1.67 )   (3.80 )
Distributions to shareholders:            
Net investment income   —     (0.30 )
Net asset value, end of period $ 14.23   $ 15.90  
NET ASSET VALUE TOTAL RETURN 3   (10.50 )%   (18.87 )%
 
RATIOS/SUPPLEMENTAL DATA:            
Net assets, end of period (000’s omitted) $ 2,846   $ 1,590  
Ratios to average net assets:            
Expenses, net of expense reimbursements/waivers   0.85 % 4   0.85 % 4
Expenses, prior to expense reimbursements/waivers   5.54 % 4   7.99 % 4
Net investment income (loss)   4.15 % 4   2.30 % 4
Portfolio turnover rate   13 % 5   21 % 5

 

EGShares Beyond BRICs ETF (Consolidated)

  For the Period
August 15, 2012 1
Through
September 30, 2012
(Unaudited)
 
 
 
 
Net asset value, beginning of period $ 20.00  
Investment operations:      
Net investment income (loss) 2   0.06  
Net realized and unrealized gain (loss) on investments and foreign currency translations   0.50  
Total from investment operations   0.56  
Distributions to shareholders:      
Net investment income   —  
Net asset value, end of period $ 20.56  
NET ASSET VALUE TOTAL RETURN 3   2.80 %
 
RATIOS/SUPPLEMENTAL DATA:      
Net assets, end of period (000’s omitted) $ 7,196  
Ratios to average net assets:      
Expenses, net of expense reimbursements/waivers   0.85 % 4
Expenses, prior to expense reimbursements/waivers   2.64 % 4
Net investment income (loss)   2.42 % 4
Portfolio turnover rate   1 % 5

 

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

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

68 EGA Emerging Global Shares Trust

 
 

Financial Highlights (continued)

EGA Emerging Global Shares Trust

For a share outstanding throughout each period

EGShares Brazil Infrastructure ETF

  For the Period
April 1, 2012
Through
September 30, 2012
(Unaudited) 		                 
              For the Period
February 24, 2010 1
Through
March 31, 2010
  For the
Year Ended
March 31, 2012 		For the
Year Ended
March 31, 2011
 
 
Net asset value, beginning of period $ 24.21   $ 25.38   $ 20.55   $ 20.00  
Investment operations:                        
Net investment income (loss) 2   0.36     0.96     0.47     0.03  
Net realized and unrealized gain (loss) on investments and foreign currency translations   (3.58 )   (1.15 )   4.67     0.52 7  
Total from investment operations   (3.22 )   (0.19 )   5.14     0.55  
Distributions to shareholders:                        
Net investment income   —     (0.98 )   (0.31 )   —  
Net asset value, end of period $ 20.99   $ 24.21   $ 25.38   $ 20.55  
NET ASSET VALUE TOTAL RETURN 3   (13.30 )%   (0.04 )%   25.16 %   2.75 %
 
RATIOS/SUPPLEMENTAL DATA:                        
Net assets, end of period (000’s omitted) $ 70,309   $ 89,591   $ 83,760   $ 11,303  
Ratios to average net assets:                        
Expenses, net of expense reimbursements/waivers   0.85 % 4   0.88 % 5   0.85 %   0.85 % 4
Expenses, prior to expense reimbursements/waivers   1.53 % 4   1.51 %   1.91 %   5.67 % 4
Net investment income (loss)   3.26 % 4   4.10 %   2.09 %   1.58 % 4
Portfolio turnover rate   18 % 6   30 %   35 %   1 % 6

 

EGShares China Infrastructure ETF

  For the Period
April 1, 2012
Through
September 30, 2012
(Unaudited) 		                 
              For the Period
February 17, 2010 1
Through
March 31, 2010
  For the
Year Ended
March 31, 2012 		For the
Year Ended
March 31, 2011
 
 
Net asset value, beginning of period $ 16.40   $ 22.24   $ 20.78   $ 20.09  
Investment operations:                        
Net investment income (loss) 2   0.31     0.33     0.10     (0.02 )
Net realized and unrealized gain (loss) on investments and foreign currency translations   (0.59 )   (5.76 )   1.49     0.71  
Total from investment operations   (0.28 )   (5.43 )   1.59     0.69  
Distributions to shareholders:                        
Net investment income   —     (0.41 )   (0.13 )   —  
Net asset value, end of period $ 16.12   $ 16.40   $ 22.24   $ 20.78  
NET ASSET VALUE TOTAL RETURN 3   (1.71 )%   (24.35 )%   7.69 %   3.43 %
 
RATIOS/SUPPLEMENTAL DATA:                        
Net assets, end of period (000’s omitted) $ 10,478   $ 12,303   $ 21,132   $ 6,235  
Ratios to average net assets:                        
Expenses, net of expense reimbursements/waivers   0.85 % 4   0.85 %   0.85 %   0.85 % 4
Expenses, prior to expense reimbursements/waivers   2.71 % 4   2.03 %   2.89 %   7.82 % 4
Net investment income (loss)   3.79 % 4   1.75 %   0.47 %   (0.85 )% 4
Portfolio turnover rate   19 % 6   12 %   34 %   1 % 6

 

1 Commencement of operations.
2 Based on average shares outstanding.
3 Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/waived by the sub-adviser.
4 Annualized.
5 The ratio includes 0.03% for the period ended March 31, 2012 attributed to excise tax expense, which is outside the cap expense.
6 Not annualized.
7 The realized and unrealized gain on investments and foreign currency transactions does not accord with the amounts reported in the Statement of Operations due to the timing of subscriptions and/or redemptions of fund shares in relation to the investment performance during the period and contributions made by Authorized Participants to compensate the Fund for additional costs incurred in purchasing securities that were not transferred in kind (See Note 10)

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

EGA Emerging Global Shares Trust 69

 
 

Financial Highlights (continued)

EGA Emerging Global Shares Trust

For a share outstanding throughout each period

EGShares Consumer Goods GEMS ETF (Consolidated)

  For the Period
April 1, 2012
Through
September 30, 2012
(Unaudited) 		     
  For the Period
June 23, 2011 1
Through
March 31, 2012
 
 
 
Net asset value, beginning of period $ 22.08   $ 20.00  
Investment operations:            
Net investment income (loss) 2   0.18     0.23  
Net realized and unrealized gain (loss) on investments and foreign currency translations   0.05     2.07  
Total from investment operations   0.23     2.30  
Distributions to shareholders:            
Net investment income   —     (0.22 )
Net asset value, end of period $ 22.31   $ 22.08  
NET ASSET VALUE TOTAL RETURN 3   1.04 %   11.62 %
 
RATIOS/SUPPLEMENTAL DATA:            
Net assets, end of period (000’s omitted) $ 2,231   $ 1,104  
Ratios to average net assets:            
Expenses, net of expense reimbursements/waivers   0.85 % 4   0.85 % 4
Expenses, prior to expense reimbursements/waivers   8.91 % 4   8.77 % 4
Net investment income (loss)   1.70 % 4   1.45 % 4
Portfolio turnover rate   8 % 5   50 % 5

 

EGShares Consumer Services GEMS ETF

  For the Period
April 1, 2012
Through
September 30, 2012
(Unaudited) 		     
  For the Period
June 23, 2011 1
Through
March 31, 2012
 
 
 
Net asset value, beginning of period $ 20.87   $ 20.00  
Investment operations:            
Net investment income (loss) 2   0.10     (0.03 )
Net realized and unrealized gain (loss) on investments and foreign currency translations   (0.84 )   0.92  
Total from investment operations   (0.74 )   0.89  
Distributions to shareholders:            
Net investment income   —     (0.02 )
Net asset value, end of period $ 20.13   $ 20.87  
NET ASSET VALUE TOTAL RETURN 3   (3.55 )%   4.49 %
 
RATIOS/SUPPLEMENTAL DATA:            
Net assets, end of period (000’s omitted) $ 2,013   $ 1,044  
Ratios to average net assets:            
Expenses, net of expense reimbursements/waivers   0.85 % 4   0.85 % 4
Expenses, prior to expense reimbursements/waivers   6.60 % 4   6.77 % 4
Net investment income (loss)   1.04 % 4   (0.18 )% 4
Portfolio turnover rate   23 % 5   51 % 5

 

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

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

70 EGA Emerging Global Shares Trust

 
 

Financial Highlights (continued)

EGA Emerging Global Shares Trust

For a share outstanding throughout each period

EGShares Emerging Markets Consumer ETF (Consolidated)

    For the Period
April 1, 2012
Through
September 30, 2012
(Unaudited) 		           
          For the Period
September 14, 2010 1
Through
March 31, 2011
    For the
Year Ended
March 31, 2012
   
   
Net asset value, beginning of period $ 24.77   $ 22.76   $ 20.00  
Investment operations:                  
Net investment income (loss) 2   0.13     0.17     0.04  
Net realized and unrealized gain (loss) on investments and foreign currency translations   (0.49 )   1.96     2.74  
Total from investment operations   (0.36 )   2.13     2.78  
Distributions to shareholders:                  
Net investment income   —     (0.12 )   (0.02 )
Net asset value, end of period $ 24.41   $ 24.77   $ 22.76  
NET ASSET VALUE TOTAL RETURN 3   (1.45 )%   9.44 %   13.88 %
 
RATIOS/SUPPLEMENTAL DATA:                  
Net assets, end of period (000’s omitted) $ 450,445   $ 402,466   $ 194,611  
Ratios to average net assets:                  
Expenses, net of expense reimbursements/waivers   0.85 % 4   0.85 %   0.85 % 4
Expenses, prior to expense reimbursements/waivers   1.29 % 4   1.31 %   1.44 % 4
Net investment income (loss)   1.08 % 4   0.76 %   0.37 % 4
Portfolio turnover rate   18 % 5   3 %   9 % 5

 

EGShares Emerging Markets Domestic Demand ETF (Consolidated)

  For the Period
August 15, 2012 1
Through
September 30, 2012
(Unaudited)
 
 
 
 
Net asset value, beginning of period $ 20.00  
Investment operations:      
Net investment income (loss) 2   0.05  
Net realized and unrealized gain (loss) on investments and foreign currency translations   0.49  
Total from investment operations   0.54  
Distributions to shareholders:      
Net investment income   —  
Net asset value, end of period $ 20.54  
NET ASSET VALUE TOTAL RETURN 3   2.70 %
 
RATIOS/SUPPLEMENTAL DATA:      
Net assets, end of period (000’s omitted) $ 5,135  
Ratios to average net assets:      
Expenses, net of expense reimbursements/waivers   0.85 % 4
Expenses, prior to expense reimbursements/waivers   3.30 % 4
Net investment income (loss)   1.79 % 4
Portfolio turnover rate   1 % 5

 

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

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

EGA Emerging Global Shares Trust 71

 
 

Financial Highlights (continued)

EGA Emerging Global Shares Trust

For a share outstanding throughout each period

EGShares Emerging Markets Metals & Mining ETF (Consolidated) 1

  For the Period
April 1, 2012
Through
September 30, 2012
(Unaudited) 		                 
              For the Period
May 21, 2009 3
Through
March 31, 2010
  For the
Year Ended
March 31, 2012 		For the
Year Ended
March 31, 2011
 
 
Net asset value, beginning of period $ 15.97   $ 22.96   $ 20.47   $ 13.73  
Investment operations:                        
Net investment income (loss) 4   0.31     0.48     0.13     (0.01 )
Net realized and unrealized gain (loss) on investments and foreign currency translations   (2.21 )   (6.88 )   2.52     6.82  
Total from investment operations   (1.90 )   (6.40 )   2.65     6.81  
Distributions to shareholders:                        
Net investment income   —     (0.59 )   (0.16 )   (0.07 )
Net asset value, end of period $ 14.07   $ 15.97   $ 22.96   $ 20.47  
NET ASSET VALUE TOTAL RETURN 5   (11.90 )%   (27.66 )%   12.95 %   49.69 %
 
RATIOS/SUPPLEMENTAL DATA:                        
Net assets, end of period (000’s omitted) $ 12,663   $ 14,376   $ 37,878   $ 27,640  
Ratios to average net assets:                        
Expenses, net of expense reimbursements/waivers   0.85 % 7   0.85 %   0.85 %   0.85 % 7
Expenses, prior to expense reimbursements/waivers   2.64 % 7   1.99 %   1.96 %   4.37 % 7
Net investment income (loss)   4.40 % 7   2.48 %   0.63 %   (0.06 )% 7
Portfolio turnover rate   9 % 8   10 %   35 %   17 % 8

 

EGShares Energy GEMS ETF (Consolidated) 2

  For the Period
April 1, 2012
Through
September 30, 2012
(Unaudited) 		                 
              For the Period
May 21, 2009 3
Through
March 31, 2010
  For the
Year Ended
March 31, 2012 		For the
Year Ended
March 31, 2011
 
 
Net asset value, beginning of period $ 24.93   $ 29.93   $ 24.02   $ 20.49  
Investment operations:                        
Net investment income (loss) 4   0.42     0.47     0.26     0.09  
Net realized and unrealized gain (loss) on investments and foreign currency translations   (1.44 )   (4.95 )   5.94     3.50  
Total from investment operations   (1.02 )   (4.48 )   6.20     3.59  
Distributions to shareholders:                        
Net investment income   —     (0.52 )   (0.29 )   (0.06 )
Net asset value, end of period $ 23.91   $ 24.93   $ 29.93   $ 24.02  
NET ASSET VALUE TOTAL RETURN 5   (4.09 )%   (14.78 )%   25.96 %   17.53 % 6
 
RATIOS/SUPPLEMENTAL DATA:                        
Net assets, end of period (000’s omitted) $ 11,954   $ 11,217   $ 25,440   $ 9,607  
Ratios to average net assets:                        
Expenses, net of expense reimbursements/waivers   0.85 % 7   0.85 %   0.85 %   0.85 % 7
Expenses, prior to expense reimbursements/waivers   2.95 % 7   2.23 %   2.56 %   5.90 % 7
Net investment income (loss)   3.72 % 7   1.84 %   1.04 %   0.49 % 7
Portfolio turnover rate   9 % 8   19 %   19 %   49 % 8

 

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

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

72 EGA Emerging Global Shares Trust

 
 

Financial Highlights (continued)

EGA Emerging Global Shares Trust

For a share outstanding throughout each period

EGShares Financials GEMS ETF (Consolidated) 1

  For the Period
April 1, 2012
Through
September 30, 2012
(Unaudited) 		            For the Period
September 16, 2009 2
Through
March 31, 2010
  For the
Year Ended
March 31, 2012 		For the
Year Ended
March 31, 2011
 
 
Net asset value, beginning of period $ 20.11   $ 24.55   $ 22.84   $ 20.12  
Investment operations:                        
Net investment income (loss) 3   0.36     0.57     0.42     0.08  
Net realized and unrealized gain (loss) on investments and foreign currency translations   (0.88 )   (4.66 )   2.09     2.71  
Total from investment operations   (0.52 )   (4.09 )   2.51     2.79  
Distributions to shareholders:                        
Net investment income   —     (0.35 )   (0.80 )   (0.07 )
Net asset value, end of period $ 19.59   $ 20.11   $ 24.55   $ 22.84  
NET ASSET VALUE TOTAL RETURN 4   (2.59 )%   (16.52 )%   11.03 %   13.87 %
 
RATIOS/SUPPLEMENTAL DATA:                        
Net assets, end of period (000’s omitted) $ 3,919   $ 4,022   $ 11,046   $ 6,852  
Ratios to average net assets:                        
Expenses, net of expense reimbursements/waivers   0.85 % 5   0.85 %   0.85 %   0.85 % 5
Expenses, prior to expense reimbursements/waivers   6.47 % 5   4.13 %   2.81 %   5.47 % 5
Net investment income (loss)   3.78 % 5   2.62 %   1.77 %   0.67 % 5
Portfolio turnover rate   17 % 6   25 %   39 %   12 % 6

 

EGShares GEMS Composite ETF (Consolidated) 1

  For the Period
April 1, 2012
Through
September 30, 2012
(Unaudited) 		                 
              For the Period
July 22, 2009 2
Through
March 31, 2010
  For the
Year Ended
March 31, 2012 		For the
Year Ended
March 31, 2011
 
 
Net asset value, beginning of period $ 23.31   $ 27.60   $ 24.34   $ 20.00  
Investment operations:                        
Net investment income (loss) 3   0.36     0.47     0.39     0.09  
Net realized and unrealized gain (loss) on investments and foreign currency translations   (1.25 )   (4.37 )   3.48     4.31  
Total from investment operations   (0.89 )   (3.90 )   3.87     4.40  
Distributions to shareholders:                        
Net investment income   —     (0.39 )   (0.61 )   (0.06 )
Net asset value, end of period $ 22.42   $ 23.31   $ 27.60   $ 24.34  
NET ASSET VALUE TOTAL RETURN 4   (3.82 )%   (13.97 )%   16.04 %   21.96 %
 
RATIOS/SUPPLEMENTAL DATA:                        
Net assets, end of period (000’s omitted) $ 13,451   $ 13,986   $ 31,874   $ 31,755  
Ratios to average net assets:                        
Expenses, net of expense reimbursements/waivers   0.75 % 5   0.75 %   0.75 %   0.75 % 5
Expenses, prior to expense reimbursements/waivers   2.72 % 5   1.84 %   2.00 %   3.43 % 5
Net investment income (loss)   3.34 % 5   1.94 %   1.55 %   0.52 % 5
Portfolio turnover rate   20 % 6   10 %   39 %   6 % 6

 

1 On September 16, 2010, there was a 2 for 1 stock split. Historical share amounts have been adjusted to reflect the 2 for 1 stock split on a retroactive basis.
2 Commencement of operations.
3 Based on average shares outstanding.
4 Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/waived by the sub-adviser.
5 Annualized.
6 Not annualized.

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

EGA Emerging Global Shares Trust 73

 
 

Financial Highlights (continued)

EGA Emerging Global Shares Trust

For a share outstanding throughout each period

EGShares Health Care GEMS ETF (Consolidated)

  For the Period
April 1, 2012
Through
September 30, 2012
(Unaudited) 		     
  For the Period
June 23, 2011 1
Through
March 31, 2012
 
 
 
Net asset value, beginning of period $ 19.09   $ 20.00  
Investment operations:            
Net investment income (loss) 2   0.07     0.03  
Net realized and unrealized gain (loss) on investments and foreign currency translations   1.98     (0.90 )
Total from investment operations   2.05     (0.87 )
Distributions to shareholders:            
Net investment income   —     (0.04 )
Net asset value, end of period $ 21.14   $ 19.09  
NET ASSET VALUE TOTAL RETURN 5   10.74 %   (4.33 )%
 
RATIOS/SUPPLEMENTAL DATA:            
Net assets, end of period (000’s omitted) $ 2,114   $ 1,909  
Ratios to average net assets:            
Expenses, net of expense reimbursements/waivers   0.85 % 6   0.85 % 6
Expenses, prior to expense reimbursements/waivers   6.83 % 6   7.79 % 6
Net investment income (loss)   0.68 % 6   0.23 % 6
Portfolio turnover rate   9 % 7   26 % 7

 

EGShares India Consumer ETF (Consolidated)

  For the Period
April 1, 2012
Through
September 30, 2012
(Unaudited) 		     
  For the Period
August 10, 2011 1
Through
March 31, 2012
 
 
 
Net asset value, beginning of period $ 19.08   $ 20.00  
Investment operations:            
Net investment income (loss) 2   0.10     — 3  
Net realized and unrealized gain (loss) on investments and foreign currency translations   2.90     (0.92 ) 4
Total from investment operations   3.00     (0.92 )
Distributions to shareholders:            
Net investment income   —     —  
Net asset value, end of period $ 22.08   $ 19.08  
NET ASSET VALUE TOTAL RETURN 5   15.72 %   (4.60 )%
 
RATIOS/SUPPLEMENTAL DATA:            
Net assets, end of period (000’s omitted) $ 2,208   $ 1,908  
Ratios to average net assets:            
Expenses, net of expense reimbursements/waivers   0.89 % 6   0.89 % 6
Expenses, prior to expense reimbursements/waivers   7.65 % 6   6.16 % 6
Net investment income (loss)   1.04 % 6   (0.04 )% 6
Portfolio turnover rate   1 % 7   104 % 7

 

1 Commencement of operations.
2 Based on average shares outstanding.
3 Greater than $(0.005).
4 The realized and unrealized gain on investments and foreign currency transactions does not accord with the amounts reported in the Statement of Operations due to the timing of subscriptions of fund shares in relation to the investment performance during the period and contributions made by Authorized Participants to compensate the Fund for additional costs incurred in purchasing securities that were not transferred in kind (See Note 10).
5 Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/waived by the sub-adviser.
6 Annualized.
7 Not annualized.

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

74 EGA Emerging Global Shares Trust

 
 

Financial Highlights (continued)

EGA Emerging Global Shares Trust

For a share outstanding throughout each period

EGShares India Infrastructure ETF (Consolidated)

  For the Period
April 1, 2012
Through
September 30, 2012
(Unaudited) 		           
        For the Period
August 11, 2010 1
Through
March 31, 2011
  For the
Year Ended
March 31, 2012
 
 
Net asset value, beginning of period $ 14.99   $ 19.40   $ 20.00  
Investment operations:                  
Net investment income (loss) 2   0.07     0.06     0.01  
Net realized and unrealized gain (loss) on investments and foreign currency translations   (0.38 )   (4.39 )   (0.61 )
Total from investment operations   (0.31 )   (4.33 )   (0.60 )
Distributions to shareholders:                  
Net investment income   —     (0.08 )   —  
Net asset value, end of period $ 14.68   $ 14.99   $ 19.40  
NET ASSET VALUE TOTAL RETURN 3   (2.07 )%   (22.19 )%   (3.00 )%
 
RATIOS/SUPPLEMENTAL DATA:                  
Net assets, end of period (000’s omitted) $ 59,451   $ 60,703   $ 85,377  
Ratios to average net assets:                  
Expenses, net of expense reimbursements/waivers   0.85 % 4   0.85 %   0.85 % 4
Expenses, prior to expense reimbursements/waivers   1.51 % 4   1.69 %   2.24 % 4
Net investment income (loss)   1.08 % 4   0.39 %   0.11 % 4
Portfolio turnover rate   22 % 6   23 %   9 % 6

 

EGShares India Small Cap ETF (Consolidated)

  For the Period
April 1, 2012
Through
September 30, 2012
(Unaudited) 		           
        For the Period
July 7, 2010 1
Through
March 31, 2011
  For the
Year Ended
March 31, 2012
 
 
Net asset value, beginning of period $ 14.39   $ 19.29   $ 20.00  
Investment operations:                  
Net investment income (loss) 2   0.09     0.14     (0.01 )
Net realized and unrealized gain (loss) on investments and foreign currency translations   0.06     (4.88 )   (0.68 )
Total from investment operations   0.15     (4.74 )   (0.69 )
Distributions to shareholders:                  
Net investment income   —     (0.16 )   (0.02 )
Net asset value, end of period $ 14.54   $ 14.39   $ 19.29  
NET ASSET VALUE TOTAL RETURN 3   1.04 %   (24.33 )%   (3.45 )%
 
RATIOS/SUPPLEMENTAL DATA:                  
Net assets, end of period (000’s omitted) $ 24,724   $ 26,616   $ 34,729  
Ratios to average net assets:                  
Expenses, net of expense reimbursements/waivers   0.85 % 4   0.85 %   0.90 % 4,5
Expenses, prior to expense reimbursements/waivers   2.04 % 4   2.26 %   3.12 % 4
Net investment income (loss)   1.37 % 4   0.82 %   (0.06 )% 4
Portfolio turnover rate   1 % 6   125 %   1 % 6

 

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

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

EGA Emerging Global Shares Trust 75

 
 

Financial Highlights (continued)

EGA Emerging Global Shares Trust

For a share outstanding throughout each period

EGShares Industrials GEMS ETF (Consolidated)

  For the Period
April 1, 2012
Through
September 30, 2012
(Unaudited) 		     
  For the Period
June 23, 2011 1
Through
March 31, 2012
 
 
 
Net asset value, beginning of period $ 18.78   $ 20.00  
Investment operations:            
Net investment income (loss) 2   0.16     0.09  
Net realized and unrealized gain (loss) on investments and foreign currency translations   (0.17 )   (1.27 )
Total from investment operations   (0.01 )   (1.18 )
Distributions to shareholders:            
Net investment income   —     (0.04 )
Net asset value, end of period $ 18.77   $ 18.78  
NET ASSET VALUE TOTAL RETURN 3   (0.05 )%   (5.88 )%
 
RATIOS/SUPPLEMENTAL DATA:            
Net assets, end of period (000’s omitted) $ 2,816   $ 1,878  
Ratios to average net assets:            
Expenses, net of expense reimbursements/waivers   0.85 % 4   0.85 % 4
Expenses, prior to expense reimbursements/waivers   6.38 % 4   7.37 % 4
Net investment income (loss)   1.87 % 4   0.61 % 4
Portfolio turnover rate   34 % 5   70 % 5

 

EGShares Low Volatility Emerging Markets Dividend ETF (Consolidated)

  For the Period
April 1, 2012
Through
September 30, 2012
(Unaudited) 		     
  For the Period
August 4, 2011 1
Through
March 31, 2012
 
 
 
Net asset value, beginning of period $ 20.09   $ 20.00  
Investment operations:            
Net investment income (loss) 2   0.58     0.33  
Net realized and unrealized gain (loss) on investments and foreign currency translations   (1.42 )   0.13  
Total from investment operations   (0.84 )   0.46  
Distributions to shareholders:            
Net investment income   (0.42 )   (0.37 )
Net asset value, end of period $ 18.83   $ 20.09  
NET ASSET VALUE TOTAL RETURN 3   (4.11 )%   2.45 %
 
RATIOS/SUPPLEMENTAL DATA:            
Net assets, end of period (000’s omitted) $ 80,976   $ 59,255  
Ratios to average net assets:            
Expenses, net of expense reimbursements/waivers   0.85 % 4   0.85 % 4
Expenses, prior to expense reimbursements/waivers   1.41 % 4   2.07 % 4
Net investment income (loss)   6.18 % 4   2.62 % 4
Portfolio turnover rate   79 % 5   45 % 5

 

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

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

76 EGA Emerging Global Shares Trust

 
 

Financial Highlights (continued)

EGA Emerging Global Shares Trust

For a share outstanding throughout each period

EGShares Technology GEMS ETF (Consolidated)

  For the Period
April 1, 2012
Through
September 30, 2012
(Unaudited) 		     
  For the Period
June 23, 2011 1
Through
March 31, 2012
 
 
 
Net asset value, beginning of period $ 18.88   $ 20.00  
Investment operations:            
Net investment income (loss) 2   0.15     (0.02 )
Net realized and unrealized gain (loss) on investments and foreign currency translations   (0.97 )   (1.10 )
Total from investment operations   (0.82 )   (1.12 )
Distributions to shareholders:            
Net investment income   —     —  
Net asset value, end of period $ 18.06   $ 18.88  
NET ASSET VALUE TOTAL RETURN 4   (4.34 )%   (5.60 )%
 
RATIOS/SUPPLEMENTAL DATA:            
Net assets, end of period (000’s omitted) $ 1,806   $ 1,888  
Ratios to average net assets:            
Expenses, net of expense reimbursements/waivers   0.85 % 5   0.85 % 5
Expenses, prior to expense reimbursements/waivers   9.05 % 5   7.81 % 5
Net investment income (loss)   1.75 % 5   (0.13 )% 5
Portfolio turnover rate   12 % 6   21 % 6

 

EGShares Telecom GEMS ETF (Consolidated)

  For the Period
April 1, 2012
Through
September 30, 2012
(Unaudited) 		     
  For the Period
June 23, 2011 1
Through
March 31, 2012
 
 
 
Net asset value, beginning of period $ 20.21   $ 20.00  
Investment operations:            
Net investment income (loss) 2   0.52     0.41  
Net realized and unrealized gain (loss) on investments and foreign currency translations   0.03     0.01 3
Total from investment operations   0.55     0.42  
Distributions to shareholders:            
Net investment income   —     (0.21 )
Net asset value, end of period $ 20.76   $ 20.21  
NET ASSET VALUE TOTAL RETURN 4   2.72 %   2.22 %
 
RATIOS/SUPPLEMENTAL DATA:            
Net assets, end of period (000’s omitted) $ 4,153   $ 3,032  
Ratios to average net assets:            
Expenses, net of expense reimbursements/waivers   0.85 % 5   0.85 % 5
Expenses, prior to expense reimbursements/waivers   3.97 % 5   7.74 % 5
Net investment income (loss)   5.29 % 5   2.73 % 5
Portfolio turnover rate   15 % 6   18 % 6

 

1 Commencement of operations.
2 Based on average shares outstanding.
3 The realized and unrealized gain on investments and foreign currency transactions does not accord with the amounts reported in the Statement of Operations due to the timing of subscriptions of fund shares in relation to the investment performance during the period and contributions made by Authorized Participants to compensate the Fund for additional costs incurred in purchasing securities that were not transferred in kind (See Note 10).
4 Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/waived by the sub-adviser.
5 Annualized.
6 Not annualized.

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

EGA Emerging Global Shares Trust 77

 
 

Financial Highlights (concluded)

EGA Emerging Global Shares Trust

For a share outstanding throughout each period

EGShares Utilities GEMS ETF (Consolidated)

  For the Period
April 1, 2012
Through
September 30, 2012
(Unaudited) 		     
  For the Period
June 23, 2011 1
Through
March 31, 2012
 
 
 
Net asset value, beginning of period $ 18.59   $ 20.00  
Investment operations:            
Net investment income (loss) 2   0.33     0.25  
Net realized and unrealized gain (loss) on investments and foreign currency translations   (1.63 )   (1.46 )
Total from investment operations   (1.30 )   (1.21 )
Distributions to shareholders:            
Net investment income   —     (0.20 )
Net asset value, end of period $ 17.29   $ 18.59  
NET ASSET VALUE TOTAL RETURN 3   (6.99 )%   (5.89 )%
 
RATIOS/SUPPLEMENTAL DATA:            
Net assets, end of period (000’s omitted) $ 2,594   $ 2,788  
Ratios to average net assets:            
Expenses, net of expense reimbursements/waivers   0.85 % 4   0.87 % 4,5
Expenses, prior to expense reimbursements/waivers   5.33 % 4   7.08 % 4
Net investment income (loss)   3.76 % 4   1.82 % 4
Portfolio turnover rate   15 % 6   27 % 6

 

1 Commencement of operations.
2 Based on average shares outstanding.
3 Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/waived by the sub-adviser.
4 Annualized.
5 The ratio includes 0.02% for the period March 31, 2012 attributed to interest expense, which is outside the cap expense.
6 Not annualized.

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

78 EGA Emerging Global Shares Trust

 
 

Notes to Financial Statements

September 30, 2012 (Unaudited)

1. ORGANIZATION

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

  Commencement
Funds of Operations
EGShares Basic Materials GEMS ETF (“Basic Materials ETF”) June 23, 2011
EGShares Beyond BRICs ETF (“Beyond BRICs ETF”) August 15, 2012
EGShares Brazil Infrastructure ETF (“Brazil Infrastructure ETF”) February 24, 2010
EGShares China Infrastructure ETF (“China Infrastructure ETF”) February 17, 2010
EGShares Consumer Goods GEMS ETF (“Consumer Goods ETF”) June 23, 2011
EGShares Consumer Services GEMS ETF (“Consumer Services ETF”) June 23, 2011
EGShares Emerging Markets Consumer ETF (“Consumer ETF”) September 14, 2010
EGShares Emerging Markets Domestic Demand ETF (“Domestic Demand ETF”) August 15, 2012
EGShares Emerging Markets Metals & Mining ETF (“Metals & Mining ETF”) May 21, 2009
EGShares Energy GEMS ETF (“Energy ETF”) May 21, 2009
EGShares Financials GEMS ETF (“Financials ETF”) September 16, 2009
EGShares GEMS Composite ETF (“Composite ETF”) July 22, 2009
EGShares Health Care GEMS ETF (“Health Care ETF”) June 23, 2011
EGShares India Consumer ETF (“India Consumer ETF”) August 10, 2011
EGShares India Infrastructure ETF (“India Infrastructure ETF”) August 11, 2010
EGShares India Small Cap ETF (“India Small Cap ETF”) July 7, 2010
EGShares Industrials GEMS ETF (“Industrials ETF”) June 23, 2011
EGShares Low Volatility Emerging Markets Dividend ETF (“Low Volatility Dividend ETF”) August 4, 2011
EGShares Technology GEMS ETF (“Technology ETF”) June 23, 2011
EGShares Telecom GEMS ETF (“Telecom ETF”) June 23, 2011
EGShares Utilities GEMS ETF (“Utilities ETF”) June 23, 2011

 

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

The Beyond BRICs ETF’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the INDXX Beyond BRICs Index. The INDXX Beyond BRICs Index is comprised of 50 leading companies that INDXX, LLC determines to be representative of all industries in emerging market countries, excluding Brazil, Russia, India and China.

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

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

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

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

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

EGA Emerging Global Shares Trust 79

 
 

Notes to Financial Statements (continued)
September 30, 2012 (Unaudited)

The Domestic Demand ETF’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the INDXX Emerging Markets Domestic Demand Index. The INDXX Emerging Markets Domestic Demand Index is comprised of a representative sample of 50 emerging markets companies in sectors INDXX, LLC determines may have greater exposure to local markets than the MSCI Emerging Markets Index SM .

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

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

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

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

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

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

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

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

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

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

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

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

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

80 EGA Emerging Global Shares Trust

 
 

Notes to Financial Statements (continued)
September 30, 2012 (Unaudited)

2. CONSOLIDATION OF SUBSIDIARIES

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

Funds Wholly Owned Subsidiary
Basic Materials ETF EGShares Basic Materials Mauritius
Consumer Goods ETF EGShares Consumer Goods Mauritius
Consumer ETF EGShares Consumer Mauritius
Domestic Demand ETF EGShares Domestic Demand Mauritius
Metals & Mining ETF EGShares Metals & Mining Mauritius
Energy ETF EGShares Energy Fund Mauritius
Financials ETF EGShares Financials Fund Mauritius
Composite ETF EGShares Composite Mauritius
Health Care ETF EGShares Health Care Mauritius
India Consumer ETF EGShares India Consumer Mauritius
India Infrastructure ETF EGShares India Infrastructure Mauritius
India Small Cap ETF EGShares India Small Cap Mauritius
Industrials ETF EGShares Industrials Mauritius
Low Volatility Dividend ETF EGShares Low Volatility Emerging Markets Dividend Mauritius
Technology ETF EGShares Technology Mauritius
Telecom ETF EGShares Telecom Mauritius
Utilities ETF EGShares Utilities Mauritius

 

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

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

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

EGA Emerging Global Shares Trust 81

 
 

Notes to Financial Statements (continued)
September 30, 2012 (Unaudited)

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

    Subsidiary
Net Assets at
September 30, 2012 		% of ETF’s Total
Net Assets at
September 30, 2012
  Inception Date
of Subsidiary
Funds
Basic Materials ETF June 23, 2011 $ 234,835 8.3 %
Consumer Goods ETF June 23, 2011   337,671 15.1  
Consumer ETF September 14, 2010   50,698,182 11.3  
Domestic Demand ETF August 15, 2012   690,930 13.5  
Metals & Mining ETF September 19, 2011   1,326,516 10.5  
Energy ETF June 27, 2011   1,111,428 9.3  
Financials ETF June 27, 2011   195,090 5.0  
Composite ETF September 19, 2011   673,072 5.0  
Health Care ETF June 23, 2011   554,663 26.2  
India Consumer ETF August 10, 2011   2,234,361 101.2  
India Infrastructure ETF August 11, 2010   59,434,989 100.0  
India Small Cap ETF July 7, 2010   24,755,366 100.1  
Industrials ETF June 23, 2011   393,459 14.0  
Low Volatility Dividend ETF August 4, 2011   9,278,174 11.5  
Technology ETF June 23, 2011   404,595 22.4  
Telecom ETF June 23, 2011   180,628 4.3  
Utilities ETF June 23, 2011   349,028 13.5  

 

3. SIGNIFICANT ACCOUNTING POLICIES

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

Indemnifications

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

Investment Valuation

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

Securities Valuation

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

82 EGA Emerging Global Shares Trust

 
 

Notes to Financial Statements (continued)
September 30, 2012 (Unaudited)

Foreign Currency Translations

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

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

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

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

Security Transactions and Related Income

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

Federal Income Taxes

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

The ETFs are subject to accounting standards that provide guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. These standards require the evaluation of tax positions taken or expected to be taken by the ETFs and whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Accounting for uncertainty in income taxes requires management of the ETFs to analyze all open tax years as defined by IRS statute of limitations, for all major jurisdictions, including federal tax authorities and certain state tax authorities. Open tax years are those years that are open for examination by the relevant income taxing authority. As of March 31, 2012, open Federal and state income tax years include the tax years or periods ended March 31, 2010, March 31, 2011 and March 31, 2012. The ETFs have no examinations in progress.

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

Expenses

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

EGA Emerging Global Shares Trust 83

 
 

Notes to Financial Statements (continued)
September 30, 2012 (Unaudited)

Offering Expenses

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

4. CONCENTRATION OF MARKET RISK

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

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

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

The India Small Cap ETF concentrates its investments in small capitalization companies, and as such, may be adversely affected by increased price volatility of securities in that capitalization.

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

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

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

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

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

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

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

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

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

84 EGA Emerging Global Shares Trust

 
 

Notes to Financial Statements (continued)
September 30, 2012 (Unaudited)

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

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

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

5. DISTRIBUTION AGREEMENT

ALPS Distributors, Inc., (the “Distributor”) serves as the distributor of Creation Units for the ETFs pursuant to a distribution agreement. The Distributor does not maintain a secondary market in shares. The ETFs have adopted a Distribution and Service Plan (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Plan, each ETF is authorized to pay an amount up to 0.25% of its average daily net assets each year for certain distribution-related activities. For the period ended September 30, 2012, no fees were paid by the ETFs under the Plan, and there are no current plans to impose these fees.

6. FEDERAL INCOME TAX MATTERS

For the period ended September 30, 2012, federal tax cost of investments and net unrealized appreciation (depreciation) were as follows:

  Federal
Tax Cost of
Investments 		Gross
Unrealized
Appreciation 		Gross
Unrealized
Depreciation 		Net Unrealized
Appreciation
(Depreciation)
 
Funds
Basic Materials ETF* $ 3,262,780 $ 45,340 $ (469,431 ) $ (424,091 )
Beyond BRICs ETF   7,039,850   183,708   (54,721 )   128,987  
Brazil Infrastructure ETF*   69,894,325   10,179,876   (10,487,024 )   (307,148 )
China Infrastructure ETF*   13,420,853   179,068   (3,133,458 )   (2,954,390 )
Consumer Goods ETF*   2,071,382   229,622   (63,038 )   166,584  
Consumer Services ETF*   2,008,099   139,760   (96,737 )   43,023  
Consumer ETF*   420,783,941   48,353,012   (19,081,066 )   29,271,946  
Domestic Demand ETF   4,993,926   239,462   (113,897 )   125,565  
Metals & Mining ETF*   17,445,664   188,799   (5,035,778 )   (4,846,979 )
Energy ETF*   13,440,965   187,642   (1,713,799 )   (1,526,157 )
Financials ETF*   4,391,688   116,515   (587,024 )   (470,509 )
Composite ETF*   14,659,692   967,791   (2,232,664 )   (1,264,873 )
Health Care ETF*   1,908,738   257,283   (39,741 )   217,542  
India Consumer ETF*   1,836,896   438,788   (42,602 )   396,186  
India Infrastructure ETF*   74,999,055   2,552,954   (18,267,038 )   (15,714,084 )
India Small Cap ETF*   25,156,132   2,514,785   (2,997,187 )   (482,402 )
Industrials ETF*   2,887,205   55,078   (123,443 )   (68,365 )
Low Volatility Dividend ETF*   82,282,330   1,888,020   (2,495,390 )   (607,370 )
Technology ETF*   1,835,812   143,358   (161,985 )   (18,627 )
Telecom ETF*   4,046,208   345,006   (255,596 )   89,410  
Utilities ETF*   2,650,463   183,898   (241,113 )   (57,215 )

 

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

The differences between book basis and tax basis components of net assets are primarily attributable to tax deferral of losses on wash sales, unamortized organization costs, mark to market on Passive Foreign Investment Companies (“PFIC”) securities and deferral of post-October and December losses.

EGA Emerging Global Shares Trust 85

 
 

Notes to Financial Statements (continued)
September 30, 2012 (Unaudited)

For the period ended March 31, 2012, the components of accumulated earnings (losses) on a tax-basis were as follows:

            Net
Unrealized
Appreciation
(Depreciation) 		     
      Accumulated
Capital and
Other Losses 		Total
Accumulated
Earnings (Losses)
  Undistributed
Ordinary Income
Funds
Basic Materials ETF $ 4,500 $ (31,501 ) $ (264,649 ) $ (291,650 )
Brazil Infrastructure ETF   826,959   (4,703,916 )   8,152,764     4,275,807  
China Infrastructure ETF   119   (1,515,058 )   (3,444,344 )   (4,959,283 )
Consumer Goods ETF   3,470   (18,646 )   119,508     104,332  
Consumer Services ETF   —   (17,724 )   18,360     636  
Consumer ETF   124,633   (360,737 )   31,914,981     31,678,877  
Metals & Mining ETF   14,668   (1,228,800 )   (3,437,932 )   (4,652,064 )
Energy ETF   9,335   (1,050,808 )   (1,204,037 )   (2,245,510 )
Financials ETF   —   (61,209 )   (515,942 )   (577,151 )
Composite ETF   23,269   (1,256,789 )   (877,053 )   (2,110,573 )
Health Care ETF   2,153   (30,130 )   1,552     (26,425 )
India Consumer ETF   —   (31,428 )   101,748     70,320  
India Infrastructure ETF   464,495   (10,319,271 )   (16,596,265 )   (26,451,041 )
India Small Cap ETF   —   (12,583,498 )   (731,063 )   (13,314,561 )
Industrials ETF   39,045   —     (211,502 )   (172,457 )
Low Volatility Dividend ETF   139,299   (871,161 )   1,132,177     400,315  
Technology ETF   —   (56,488 )   (1,047 )   (57,535 )
Telecom ETF   15,242   (8,641 )   21,084     27,685  
Utilities ETF   11,158   (46,102 )   122,122     87,178  

 

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

Certain net losses incurred after October 31 and December 31, and within the taxable year or period are deemed to arise on the first business day of the ETFs’ next taxable year. For the period ended March 31, 2012, the ETFs deferred to April 1, 2012 these losses of:

  Late Year
Ordinary Losses 		Post October
Capital Losses
Funds
Basic Materials ETF $ — $ —
Brazil Infrastructure ETF   —   90,834
China Infrastructure ETF   28,473   157,799
Consumer Goods ETF   —   1,855
Consumer Services ETF   1,061   9,108
Consumer ETF   —   —
Metals & Mining ETF   —   —
Energy ETF   —   778,524
Financials ETF   —   —
Composite ETF   —   —
Health Care ETF   —   —
India Consumer ETF   743   30,685
India Infrastructure ETF   —   4,788,346
India Small Cap ETF   38,927   8,430,012
Industrials ETF   637   —
Low Volatility Dividend ETF   —   —
Technology ETF   —   6,580
Telecom ETF   —   6,259
Utilities ETF   —   710

 

86 EGA Emerging Global Shares Trust

 
 

Notes to Financial Statements (continued)
September 30, 2012 (Unaudited)

On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which changed various technical rules governing the tax treatment of regulated investment companies. The changes are generally effective for taxable years beginning after the date of enactment. One of the more prominent changes addresses capital loss carryforwards. Under the Act, each ETF will be permitted to carryforward capital losses incurred in taxable years beginning after the date of enactment for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards will retain their character as either short-term or long-term capital losses rather than being considered all short-term losses as permitted under previous regulation. At March 31, 2012, for Federal income tax purposes, the following ETFs had capital loss carryforwards available to offset future capital gains as per the guidelines set forth in the Act:

 

Carryforwards with No Expiration*

Carryforwards Expiring In

  Short-Term
Capital Loss
Carryforward 		Long-Term
Capital Loss
Carryforward 		Fiscal Year
2018 		Fiscal Year
2019
 
Funds
Basic Materials ETF $ 31,501 $ — $ — $ —
Brazil Infrastructure ETF   3,632,725   980,357   —   —
China Infrastructure ETF   1,151,170   174,805   —   2,811
Consumer Goods ETF   16,791   —   —   —
Consumer Services ETF   7,555   —   —   —
Consumer ETF   360,737   —   —   —
Metals & Mining ETF   385,008   342,616   26,475   423,874
Energy ETF   126,803   94,601   —   —
Financials ETF   46,897   —   —   —
Composite ETF   358,407   282,524   —   586,695
Health Care ETF   30,130   —   —   —
India Consumer ETF   —   —   —   —
India Infrastructure ETF   5,077,656   453,269   —   —
India Small Cap ETF   3,493,209   621,350   —   —
Industrials ETF   —   —   —   —
Low Volatility Dividend ETF   371,165   —   —   —
Technology ETF   49,908   —   —   —
Telecom ETF   2,382   —   —   —
Utilities ETF   45,392   —   —   —

 

* Capital loss carryforwards for tax years beginning after December 22, 2010 do not expire and are carried forward in character.

7. FAIR VALUE MEASUREMENT

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

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

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

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

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

EGA Emerging Global Shares Trust 87

 
 

Notes to Financial Statements (continued)
September 30, 2012 (Unaudited)

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following summarizes inputs used as of September 30, 2012 in valuing the ETFs’ assets and liabilities carried at fair value:

 

Quoted Prices

         
 

in Active Markets (Level 1)

Other Significant Inputs (Level 2)

  Significant    
          Unobservable    
Funds     Common Stocks   Rights   Common Stocks   Rights   Inputs (Level 3)   Total
Basic Materials ETF*   $ 2,838,689     $ —     $ —     $ —     $ —     $ 2,838,689  
Beyond BRICs ETF*     7,168,837       —       —       —       —       7,168,837  
Brazil Infrastructure ETF**     69,587,177       —       —       —       —       69,587,177  
China Infrastructure ETF**     10,466,463       —       —       —       —       10,466,463  
Consumer Goods ETF*     2,237,966       —       —       —       —       2,237,966  
Consumer Services ETF*     2,051,122       —       —       —       —       2,051,122  
Consumer ETF*     450,055,887       —       —       —       —       450,055,887  
Domestic Demand ETF*     5,119,491       —       —       —       —       5,119,491  
Metals & Mining ETF*     12,598,685       —       —       —       —       12,598,685  
Energy ETF*     11,914,808       —       —       —       —       11,914,808  
Financials ETF*     3,921,179       —       —       —       —       3,921,179  
Composite ETF*     13,393,230       1,589       —       —       —       13,394,819  
Health Care ETF*     2,119,289       6,991       —       —       —       2,126,280  
India Consumer ETF**     2,233,082       —       —       —       —       2,233,082  
India Infrastructure ETF**     59,284,971       —       —       —       —       59,284,971  
India Small Cap ETF**     24,488,785       —       —       —       184,945       24,673,730  
Industrials ETF*     2,818,840       —       —       —       —       2,818,840  
Low Volatility Dividend ETF*     81,674,960       —       —       —       —       81,674,960  
Technology ETF*     1,817,185       —       —       —       —       1,817,185  
Telecom ETF*     4,135,618       —       —       —       —       4,135,618  
Utilities ETF*     2,593,248       —       —       — †     —       2,593,248  

 

* Please refer to the schedule/consolidated schedule of investments to view securities segregated by country.
** Please refer to the schedule/consolidated schedule of investments to view securities segregated by industry type.
† Includes Level 2 security valued at $0.

88 EGA Emerging Global Shares Trust

 
 

Notes to Financial Statements (continued)
September 30, 2012 (Unaudited)

Reconciliation of the investment in which significant unobservable inputs (Level 3) were used in determining the fair value of Nagarjuna Fertilizers & Chemicals, Ltd. in the India Small Cap ETF during the period ended September 30, 2012:

  Common Stocks
India Small Cap ETF Chemicals
Balance as of March 31, 2012 $ 191,480  
Realized gain (loss) 1   —  
Change in unrealized appreciation (depreciation) 2   (6,535 )
Purchases   —  
Sales   —  
Transfers into Level 3 3   —  
Transfers out of Level 3 4   —  
Balance as of September 30, 2012 $ 184,945  
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2012 is: $ (6,535 )

 

1 This amount is included in net realized gain (loss) from investment transactions in the Statement of Operations.
2 This amount is included in the net change in unrealized appreciation (depreciation) from investment transactions in the Statement of Operations. Change in unrealized appreciation (depreciation) includes net unrealized appreciation (depreciation) resulting from changes in investment values during the period and the reversal of previously recorded unrealized appreciation (depreciation) when gains or losses are realized.
3 Transfers into Level 3 are as a result of the unavailability of a quoted price in an active market for an identical investment or the unavailability of other significant observable inputs.
4 Transfers out of Level 3 are as a result of the availability of a quoted price in an active market for an identical investment or the availability of other significant observable inputs.

To estimate fair value, an industry standard valuation methodology was used based on market approach. The significant input for the valuation methodology for the India Small Cap ETF, after consideration of quantitative and fundamental factors, was based on last available trading price, adjusted for a spun-off security.

Each Fund values its investments at fair value pursuant to procedures adopted by the Trust’s Board of Trustees (the “Board”) if (1) market quotations are insufficient or not readily available or (2) the Emerging Global Advisors (“EGA”) believes that the values available are unreliable. The Trust’s Valuation Committee (the “Committee”) performs certain functions as they relate to the administration and oversight of the Fund’s valuation procedures. Under these procedures, the Committee convenes on a regular and ad-hoc basis to review such securities and considers a number of factors, including valuation methodologies and significant unobservable inputs, when arriving at fair value.

In determining fair valuations, inputs may include market-based analytics, which may consider related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant investment information. Discounts may be applied based on the nature or duration of any restrictions on the disposition of the investments. The Committee performs regular reviews of valuation methodologies, key inputs and assumptions, disposition analysis and market activity.

Due to the inherent uncertainty of valuations, fair values may differ significantly from the values that would have been used had an active market existed. Fair valuation could result in a different NAV than a NAV determined by using market quotes.

The following is a summary of the significant unobservable inputs used as of September 30, 2012 in valuing Level 3 securities:

        Value of
Unobservable
Inputs
       
Fund Fair Value Valuation
Technique 		Unobservable
Input
India Small Cap ETF        
Investments in Securities        
  Common Stocks        
     Chemicals $184,945 Market transaction Premium or discount $0
      applied to market  
      transaction  

 

Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. A significant increase (decrease) in the price of parent company may result in a corresponding increase (decrease) in fair value.

EGA Emerging Global Shares Trust 89

 
 

Notes to Financial Statements (continued)
September 30, 2012 (Unaudited)

8. INVESTMENT TRANSACTIONS

The table below displays each ETF’s investment transactions during the period ended September 30, 2012. The Purchase column represents the aggregate purchases of investments excluding cost of in-kind purchases and short-term investments. The Sales column represents the aggregate sales of investments excluding proceeds from in-kind sales and short-term investments. Purchases In-Kind are the aggregate of all in-kind purchases and Sales In-Kind are the aggregate of all proceeds from in-kind sales. The transactions for each of these categories are as follows:

Funds Purchases Sales Purchases In-Kind Sales In-Kind
Basic Materials ETF $ 546,238 $ 301,760 $ 1,834,241 $ 593,813
Beyond BRICs ETF   5,336,054   41,920   1,746,430   —
Brazil Infrastructure ETF   13,775,809   19,961,563   —   —
China Infrastructure ETF   2,301,976   2,083,739   476,198   2,069,190
Consumer Goods ETF   378,590   96,230   840,632   58,949
Consumer Services ETF   487,311   265,014   768,052   30,865
Consumer ETF   57,794,501   34,589,322   48,037,875   17,766,157
Domestic Demand ETF   5,020,526   26,203   —   —
Metals & Mining ETF   1,325,596   1,104,603   —   —
Energy ETF   1,235,457   939,314   953,480   17,805
Financials ETF   644,514   586,482   1,683,613   1,739,164
Composite ETF   1,403,711   1,192,113   233,694   245,243
Health Care ETF   191,747   167,025   47,219   80,674
India Consumer ETF   47,358   18,263   —   —
India Infrastructure ETF   12,109,817   11,582,451   —   —
India Small Cap ETF   203,304   1,884,211   —   —
Industrials ETF   1,015,366   741,084   1,224,298   615,643
Low Volatility Dividend ETF   66,340,617   51,505,302   34,776,419   23,174,632
Technology ETF   248,027   212,245   26,372   66,898
Telecom ETF   644,005   484,702   932,453   25,608
Utilities ETF   432,526   405,874   29,421   32,231

 

9. INVESTMENT ADVISORY AND OTHER AGREEMENTS

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

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

 

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

Beyond BRICs ETF Consumer Goods ETF
Consumer Services ETF Domestic Demand ETF
India Consumer ETF Low Volatility Dividend ETF
Technology ETF Telecom ETF
Utilities ETF  

 

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

90 EGA Emerging Global Shares Trust

 
 

Notes to Financial Statements (continued)
September 30, 2012 (Unaudited)

Emerging Global Advisors, LLC (“EGA”) serves as the sub-adviser to the ETFs and provides investment advice and management services to the ETFs. EGA supervises the day-to-day investment and reinvestment of the assets in each ETF and is responsible for designating the Deposit Securities and for monitoring each ETF’s adherence to its investment mandate. For its investment sub-advisory services, EGA receives from the ETFs an annual fee equal to 0.75% of the average daily net assets of Composite ETF, 0.89% of average daily net assets of India Consumer ETF and 0.85% of the average daily net assets of each of the other ETFs.

The Trust and EGA have entered into a written fee waiver and expense reimbursement agreement pursuant to which EGA has agreed to reduce and/or reimburse expenses to the extent necessary to prevent the annual operating expenses of each ETF (excluding any taxes, interest, brokerage fees and non-routine expenses) from exceeding 0.85% of average daily net assets (0.75% for Composite ETF and 0.89% for India Consumer ETF) at least until July 31, 2013. Under this fee waiver and expense assumption agreement, EGA retains the right to seek reimbursement from each ETF of fees previously waived or expenses previously assumed to the extent such fees were waived or expenses were assumed within three years of such reimbursement, and provided such reimbursement does not cause an ETF to exceed any applicable fee waiver or expense limitation agreement that was in place at the time the fees were waived or expenses assumed.

On July 19, 2011, ALPS Holdings, Inc. (“ALPS Holdings”), parent company to ALPS Advisors, announced that it signed a definitive agreement to be acquired by DST Systems, Inc. (“DST”) through a merger with a wholly owned DST subsidiary (the “Transaction”). On October 31, 2011, the Transaction was completed. Under the Investment Company Act of 1940, as amended (the “1940 Act”), completion of the Transaction caused the automatic termination of each Fund’s prior investment advisory agreement with the Adviser. In order for the management of each Fund to continue uninterrupted, the Board of Trustees of each Fund (the “Board”) approved a new investment advisory agreement with the Adviser (the “New Advisory Agreement”) on July 28, 2011, subject to shareholder approval.

On September 27, 2011, a special meeting of shareholders of the Funds (the “Special Meeting”) was called to consider the approval of the New Advisory Agreement. The Special Meeting was adjourned until November 22, 2011 for those Funds for which shareholder approval of the New Advisory Agreement had not yet been obtained (the “Remaining Funds”). At a meeting on October 27, 2011, the Board approved an interim investment advisory agreement with ALPS Advisors (the “Interim Advisory Agreement”) pursuant to Rule 15a-4 under the 1940 Act for the Remaining Funds. The Interim Advisory Agreement for each Remaining Fund took effect upon the consummation of the Transaction on October 31, 2011.

At the reconvened Special Meeting on November 22, 2011, the New Investment Advisory Agreement was approved by shareholders for each Remaining Fund except EGShares China Infrastructure ETF, EGShares India Small Cap ETF and EGShares Brazil Infrastructure ETF, for which the requisite shareholder vote had not yet been obtained. These Funds continued to operate under the Interim Advisory Agreement. A subsequent meeting of shareholders was held on February 29, 2012, at which time the New Investment Advisory Agreement was approved for EGShares China Infrastructure ETF, EGShares India Small Cap ETF and EGShares Brazil Infrastructure ETF.

EGA Emerging Global Shares Trust 91

 
 

Notes to Financial Statements (continued)
September 30, 2012 (Unaudited)

The amounts EGA reimbursed, the amounts available for potential future recoupment by EGA and the expiration schedule at September 30, 2012 are as follows:

                  Total Potential  
    Expenses     Potential Recoupment Amounts Expiring     Recoupment  
Funds     Reimbursed/Waived       March 31, 2013       March 31, 2014       March 31, 2015       September 30, 2015       Amount  
Basic Materials ETF   $ 56,885     $ —     $ —     $ 64,900     $ 56,885     $ 121,785  
Beyond BRICs ETF     12,129       —       —       —       12,129       12,129  
Brazil Infrastructure ETF     260,410       32,912       478,083       504,255       260,410       1,275,660  
China Infrastructure ETF     103,527       34,768       247,399       194,340       103,527       580,034  
Consumer Goods ETF     63,972       —       —       76,800       63,972       140,772  
Consumer Services ETF     41,760       —       —       47,875       41,760       89,635  
Consumer ETF     903,037       —       403,405       1,195,954       903,037       2,502,396  
Domestic Demand ETF     15,810       —       —       —       15,810       15,810  
Metals & Mining ETF     112,671       344,869       301,755       251,382       112,671       1,010,677  
Energy ETF     112,398       318,362       202,602       249,227       112,398       882,589  
Financials ETF     99,586       125,612       207,810       191,473       99,586       624,481  
Composite ETF     127,256       302,447       355,407       252,669       127,256       1,037,779  
Health Care ETF     58,571       —       —       70,782       58,571       129,353  
India Consumer ETF     62,576       —       —       98,710       62,576       161,286  
India Infrastructure ETF     170,075       —       381,030       577,187       170,075       1,128,292  
India Small Cap ETF     135,194       —       356,162       399,568       135,194       890,924  
Industrials ETF     61,139       —       —       69,310       61,139       130,449  
Low Volatility Dividend ETF     180,617       —       —       189,604       180,617       370,221  
Technology ETF     69,316       —       —       71,813       69,316       141,129  
Telecom ETF     59,508       —       —       70,518       59,508       130,026  
Utilities ETF     59,185       —       —       74,475       59,185       133,660  

 

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

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

10. CREATION AND REDEMPTION TRANSACTIONS

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

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

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

92 EGA Emerging Global Shares Trust

 
 

Notes to Financial Statements (concluded)

September 30, 2012 (Unaudited)

11. TRUSTEES’ FEES

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

12. NEW ACCOUNTING PRONOUNCEMENTS

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

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

In December 2011, the Financial Accounting Standards Board issued Accounting Standards Update No. 2011-11, Disclosures about Offsetting Assets and Liabilities (“ASU 2011-11”). ASU 2011-11 requires disclosures to make financial statements that are prepared under U.S. GAAP more comparable to those prepared under International Financial Reporting Standards. The new disclosure requirements mandate that entities disclose both gross and net information about instruments and transactions eligible for offset in the statement of assets and liabilities as well as instruments and transactions subject to an agreement similar to a master netting arrangement. In addition, ASU 2011-11 requires disclosure of collateral received and posted in connection with master netting agreements or similar arrangements. New disclosures are required for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. Management is evaluating the impact of ASU 2011-11 on the financial statements and disclosures.

13. SUBSEQUENT EVENTS

The ETFs have evaluated subsequent events through the date of issuance of this report and have determined; there are no material events that impacted the ETFs’ financial statements.

EGA Emerging Global Shares Trust 93

 
 

Board Review and Approval of Advisory Contracts (Unaudited)

Investment Advisory Agreement with EGA for New Funds

At the August 23, 2012 Board of Trustees (the “Board”) meeting (the “Meeting”), the Board, including those Trustees who are not “interested persons” (as that term is defined in the Investment Company Act of 1940, as amended (“1940 Act”)) of the Trust (the “Independent Trustees”), approved EGA to serve as investment adviser to EGShares Emerging Markets Core ETF, EGShares Emerging Markets Core Dividend ETF and EGShares Emerging Markets Core Balanced ETF (the “New Funds”) and approved the investment advisory agreement (the “Investment Advisory Agreement”) between EGA and the Trust with respect to each New Fund, for the period August 23, 2012 until August 23, 2013. In connection with considering approval of the Investment Advisory Agreement, the Independent Trustees met in executive session with independent counsel, who provided assistance and advice.

In considering the approval of the Investment Advisory Agreement, the Independent Trustees reviewed the materials provided for the Meeting by EGA, including: (i) a copy of the Investment Advisory Agreement with EGA and any amendments thereto; (ii) information describing the nature, quality, and extent of the services that EGA provides to the New Funds, and the fees that EGA charges for such services; (iii) information concerning the business, operations and compliance program of EGA; (iv) a copy of the current Form ADV for EGA; and (v) a memorandum from Stradley Ronon on the responsibilities of trustees in considering investment advisory arrangements under the 1940 Act. In addition, the Independent Trustees received data compiled by ETF Database comparing the advisory fees and expenses of the New Funds with fees and expenses of other ETFs with similar investment objectives and policies.

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

In particular, the Board considered and reviewed the following with respect to each New Fund:

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

The Board reviewed EGA’s experience, resources, strengths and its performance as a sub-adviser to the series of the Trust that are currently operating (the “Operational Funds”). Based on their consideration and review of the foregoing information, the Board determined that the New Funds were likely to benefit from the nature, quality, and extent of these services, as well as EGA’s ability to render such services based on its experience, operations and resources.

(b) Comparison of services to be provided and fees to be charged by EGA and other investment advisers to similar clients, and the cost of the services to be provided and profits to be realized by EGA from the relationship with the New Funds. The Board compared both the services to be rendered and the proposed fees to be paid for investment advisory services to those of other investment advisers of similar ETFs. In particular, the Board compared each New Fund’s proposed advisory fee and projected expense ratio for the first year of operations to other ETFs considered to be in each New Fund’s peer group, as chosen by ETF Database, including the Operational Funds of the Trust. The Board noted that Emerging Markets Core Dividend ETF’s proposed management fee and expenses (after giving effect to the proposed Expense Cap Agreement) was at the top of the range of its peer group. The Board also noted that Emerging Markets Core ETF’s and Emerging Markets Core Balanced ETF’s proposed management fee and expenses (after giving effect to the proposed Expense Cap Agreement) was within the range of their respective peer groups.

The Board noted that the proposed investment advisory fees for the EGShares Emerging Markets Core ETF, EGShares Emerging Markets Core Dividend ETF and EGShares Emerging Markets Core Balanced ETF were reasonable when compared with other funds in each New Fund’s peer group, as chosen by ETF Database. The Board also noted that the projected total expenses (including the proposed Expense Cap Agreement) of the New Funds were reasonable when compared with other funds in each New Fund’s peer group, as chosen by ETF Database.

The Board considered the appropriateness of the proposed investment advisory fees and expense ratios of the New Funds compared to the fees and expenses of similar ETFs. The Board took into consideration the composition of the peer groups selected by ETF Database. The Board received information regarding the anticipated costs, including operational costs, and projected profitability of EGA in connection with its serving as investment adviser to each New Fund. The Board also received information about the additional costs of operating the New Funds that will invest in a related Mauritius Company in order to invest directly in Indian companies. The Board noted EGA’s commitment initially to limit each New Fund’s expenses through a written Expense Cap Agreement with the Trust, including the circumstances in which the Trust would have to repay fees in excess of the expense cap that were borne by EGA.

94 EGA Emerging Global Shares Trust

 
 

Board Review and Approval of Advisory Contracts (Unaudited) (concluded)

The Board compared each New Fund’s proposed fee and expenses with those of other ETFs in the New Fund’s peer group, as well as with the other currently Operational Funds. The Board also considered those New Funds whose fees and expenses were in the maximum range compared to their peer groups. The Board further considered the nature, quality, and extent of services proposed to be provided by EGA, the costs expected to be incurred by EGA in rendering those services, and EGA’s capping of the New Funds’ expenses. Based on the foregoing, the Board concluded that the fee proposed to be paid to EGA with respect to each New Fund was fair and reasonable.

(c) EGA’s profitability and the extent to which economies of scale would be realized as each New Fund grows and whether fee levels would reflect such economies of scale. The Board discussed potential economies of scale. The Board considered that the New Funds were not expected to be profitable to EGA until they reached an adequate size, but that EGA had sufficient financial resources to support the New Funds while they accumulated adequate assets. The Board was informed that EGA would consider addressing economies of scale when assets under management reached appropriate levels.

(d) Investment performance of EGA. Because the New Funds had not commenced operations, the Board could not consider the investment performance of the New Funds, but did take into account the investment performance of the Operational Funds of the Trust, for which EGA is responsible for the day-to-day portfolio management.

Based on the presentations and discussions at the Meeting, and such other matters as were deemed relevant, such as the proposed Expense Cap Agreement, the Board concluded that the proposed investment advisory fees and projected total expense ratios are reasonable in relation to the services to be provided by EGA to the New Funds, as well as the costs to be incurred and benefits to be gained by EGA in providing such services. As a result, the Board decided to approve the Investment Advisory Agreement with EGA and to appoint EGA as the investment adviser to the New Funds. No single factor was determinative to the decision of the Board.

EGA Emerging Global Shares Trust 95

 
 

Board of Trustees and Officers (Unaudited)

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

Name and Year of Birth   Position(s)
Held with
Trust 		  Term of
Office 1 and
Length of
Time Served 		  Principal Occupation(s)
During Past 5 Years 		  Number of
Portfolios
in Fund
Complex 2
Overseen
by Trustee 		  Other
Directorships
Held by Trustee
Independent Trustees                        
Robert Willens, 1946   Trustee   Since 2009   Robert Willens, LLC (tax consulting),     45     Daxor Corp.
            President, since January, 2008; Lehman           (Medical Products
            Brothers, Inc., Managing Director, Equity           and
            Research Department, January 2004 to           Biotechnology),
            January 2008.           since 2004.
Ron Safir, 1951   Trustee   Since 2009   Retired, since 2008; UBS Wealth     45     None
            Management, Chief Administrative Officer,            
            February 1971 to December 2008.            
Jeffrey D. Haroldson, 1957   Trustee   Since 2009   HDG Mansur Capital Group, LLC,     45     None
            (international real estate company) President            
            and Chief Operating Officer, since 2004;            
            HSBC Securities (USA), Inc., Executive            
            Managing Director, Head of Investment and            
            Merchant Banking, 2000 to 2003.            
Interested Trustees                        
Robert C. Holderith 3 , 1960   Trustee and   Since 2008   Emerging Global Advisors, LLC, Managing     45     None
    President       Member and Chief Executive Officer, since            
            September 2008; ProFund Advisors,            
            Managing Director, Institutional Sales &            
            Investment Analytics, June 2006 to August            
            2008; UBS Financial Services, Inc., Director,            
            January 2000 to May 2006.            
James J. Valenti 3 , 1947   Trustee and   Since 2008   Emerging Global Advisors, LLC, Member     45     None
    Secretary       and Chief Administrative Officer, since            
            September 2008; Private Investor and            
            Independent Consultant, June 2007 to            
            September 2008; Senior Loan Consultant,            
            Bridgepoint Mortgage Company, June 2006            
            to June 2007; Mercedes Benz, North            
            America, Sales Representative, November            
            2000 to June 2006.            
                         

 

1 Each Trustee holds office for an indefinite term.
2 The “Fund Complex” consists of the Trust, which consists of forty-five Funds.
3 Mr. Holderith and Mr. Valenti are considered to be “interested persons” of the Trust as defined in the 1940 Act, due to their relationship with EGA, the Funds’ sub-adviser.

96 EGA Emerging Global Shares Trust

 
 

Board of Trustees and Officers (Unaudited) (concluded)

Name and Year of Birth   Position(s)
Held with
the Trust 		  Term of Office 1
and Length of
Time Served 		  Principal Occupation(s) During Past 5 Years
Officers            
Marten S. Hoekstra   Executive   Since 2011   Chief Executive Officer, Emerging Global Advisors, LLC, since January 2011;
Emerging Global   Vice       Board of Directors, Securities Industry and Financial Markets Association,
Advisors, LLC   President       2006–2011; UBS (and its predecessor, PaineWebber), 1983–2009 (including
171 East Ridgewood Ave.           various executive positions starting in 2001).
Ridgewood, NJ 07450            
1960            
Thomas A. Carter   Treasurer   Since 2009   Mr. Carter joined ALPS Fund Services, Inc. (“ALPS Fund Services”) in 1994 and
ALPS Fund Services, Inc.           is currently President and Director of ALPS Advisors, Inc. (“AAI”), ALPS
1290 Broadway           Distributors, Inc. (“ADI”) and FTAM Funds Distributor, Inc. and Executive Vice
Suite 1100           President and Director of ALPS Fund Services and ALPS Holdings, Inc.
Denver, CO 80203            
1966            
Melanie H. Zimdars   Chief   Since 2010   ALPS Fund Services, Inc., Deputy Chief Compliance Officer, since September
ALPS Fund Services, Inc.   Compliance       2009; ALPS ETF Trust, Chief Compliance Officer, since December 2009; EGA
1290 Broadway   Officer       Emerging Global Shares Trust, Chief Compliance Officer, since March 2010;
Suite 1100           Financial Investors Variable Insurance Trust, Chief Compliance Officer, since
Denver, CO 80203           September 2009; BPV Family of Funds, Chief Compliance Officer since
1976           September 2011; Liberty All-Star Growth Fund, Inc., Chief Compliance Officer,
            since December 2009; Liberty All-Star Equity Fund, Chief Compliance Officer,
            since December 2009; Wasatch Funds, Principal Financial Officer, Treasurer and
            Secretary, February 2007 to December 2008; Wasatch Funds, Assistant Treasurer,
            November 2006 to February 2007; Wasatch Funds, Senior Compliance Officer,
            2005 to December 2008.
             

 

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

EGA Emerging Global Shares Trust 97

 
 

General Information (Unaudited)

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

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

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

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

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

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

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

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

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

98 EGA Emerging Global Shares Trust

 
 


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

155 West 19th Street, 3rd Floor
New York, NY 10011
(888) 800-4EGS (4347)
www.egshares.com



EGA Emerging Global Shares Trust

EGShares Basic Materials GEMS ETF

EGShares Beyond BRICs ETF

EGShares Brazil Infrastructure ETF

EGShares China Infrastructure ETF

EGShares Consumer Goods GEMS ETF

EGShares Consumer Services GEMS ETF

EGShares Emerging Markets Consumer ETF

EGShares Emerging Markets Domestic Demand ETF

EGShares Emerging Markets Metals & Mining ETF

EGShares Energy GEMS ETF

EGShares Financials GEMS ETF

EGShares GEMS Composite ETF

EGShares Health Care GEMS ETF

EGShares India Consumer ETF

EGShares India Infrastructure ETF

EGShares India Small Cap ETF

EGShares Industrials GEMS ETF

EGShares Low Volatility Emerging Markets Dividend ETF

EGShares Technology GEMS ETF

EGShares Telecom GEMS ETF

EGShares Utilities GEMS ETF

EGShares are distributed by ALPS Distributors Inc.

 
 

Item 2. Code of Ethics.

Not Applicable for the semi-annual reporting period.

 

Item 3. Audit Committee Financial Expert.

Not Applicable for the semi-annual reporting period.


Item 4. Principal Accountant Fees and Services.

Not Applicable for the semi-annual reporting period.


Item 5. Audit Committee of Listed Registrants.

Not Applicable for the semi-annual reporting period.


Item 6. Schedule of Investments.

(a) Schedule is included as part of the report to shareholders filed under Item 1 of this Form.
(b) Not Applicable.
 
   

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

Not Applicable.

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

Not Applicable.

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

Not Applicable.

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

Not Applicable.

Item 11. Controls and Procedures.

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

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

Item 12. Exhibits.

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

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

 
   

SIGNATURES

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

Registrant: EGA Emerging Global Shares Trust

 

By: /s/ Robert C. Holderith

Robert C. Holderith, Chief Executive Officer

Date: December 6, 2012

 

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

Registrant: EGA Emerging Global Shares Trust

 

By: /s/ Robert C. Holderith

Robert C. Holderith, Chief Executive Officer

Date: December 6, 2012

 

By: /s/ Thomas A. Carter

Thomas A. Carter, Chief Financial Officer

Date: December 6, 2012