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: March 31, 2014

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, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

The Report to Shareholders is attached herewith.

[GRAPHIC MISSING]

EGA Emerging Global Shares Trust

Annual Report

March 31, 2014

EGShares Beyond BRICs ETF

EGShares Brazil Infrastructure ETF

EGShares China Infrastructure ETF

EGShares EM Dividend High Income ETF

EGShares Emerging Markets Consumer ETF

EGShares Emerging Markets Core ETF

EGShares Emerging Markets Dividend Growth ETF

EGShares Emerging Markets Domestic Demand ETF

EGShares India Consumer ETF

EGShares India Infrastructure ETF

EGShares India Small Cap ETF

EGShares Low Volatility Emerging Markets Dividend ETF

EGShares TCW EM Intermediate Term Investment Grade Bond ETF

EGShares TCW EM Long Term Investment Grade Bond ETF

EGShares TCW EM Short Term Investment Grade Bond ETF

Table of Contents


Shareholder Letter			1
Comments from the Chief Investment Officer			2
Portfolio Summaries			4
Shareholder Expense Examples			34
Frequency Distribution of Premium and Discount			36
Schedule of Investments
EGShares Beyond BRICs ETF			39
EGShares Brazil Infrastructure ETF			41
EGShares China Infrastructure ETF			42
EGShares EM Dividend High Income ETF			43
EGShares Emerging Markets Consumer ETF (consolidated)			44
EGShares Emerging Markets Core ETF (consolidated)			45
EGShares Emerging Markets Dividend Growth ETF			47
EGShares Emerging Markets Domestic Demand ETF (consolidated)			48
EGShares India Consumer ETF (consolidated)			49
EGShares India Infrastructure ETF (consolidated)			50
EGShares India Small Cap ETF (consolidated)			51
EGShares Low Volatility Emerging Markets Dividend ETF (consolidated)			52
EGShares TCW EM Intermediate Term Investment Grade Bond ETF			53
EGShares TCW EM Long Term Investment Grade Bond ETF			54
EGShares TCW EM Short Term Investment Grade Bond ETF			55
Statements of Assets and Liabilities			56
Statements of Operations			60
Statements of Changes in Net Assets			64
Financial Highlights			68
Notes to Financial Statements			76
Report of Independent Registered Public Accounting Firm			89
Federal Income Tax Information			90
Board Review and Approval of Advisory and Sub-Advisory Contracts			91
Board of Trustees and Officers			98
General Information			100

(This page intentionally left blank.)

Shareholder Letter
May 30, 2014

Dear Shareholder,

For the last year, I have started my letters with a discussion on the generally negative investor sentiment towards emerging markets. The first quarter of 2014 was also a relatively difficult one for our space, but sentiment has seemed to turn to positive. Although flows were strongly negative for the asset class over the entire quarter, there were some meaningfully positive flows in the month of March. Concerns about tapering U.S. monetary stimulus and the continued unrest in Ukraine were credited as the key driver for the outflows.

Our products provide investors with the opportunity to access more targeted exposures to emerging markets and that mindset seems to be becoming more mainstream. More and more strategists do not view broad benchmarks as investment solutions and instead suggest more focused approaches, including EGShares exchange-traded funds (“ETF”s), as potential implementation tools. Emerging Global Advisors (“EGA”) continues to focus on providing you with portfolio construction tools to implement similar investment strategies in emerging markets as you do in developed markets and we appreciate your support of them.

Despite negative investor sentiment towards emerging markets, EGA’s assets under management grew meaningfully from the $1.23 billion as of March 31, 2013. Our assets under management stood at $1.47 billion on March 31, 2014, a 19.5% increase.

In the first quarter of 2014, EGA launched our first three non-equity ETFs. The EGShares TCW EM Short Term, Intermediate Term and Long Term Investment Grade Bond ETFs (SEMF, IEMF and LEMF, respectively) were launched on January 8, 2014. Although they have performed well in the current interest rate and geopolitical environment, and emerging market debt currently offers higher yields relative to developed market counterparts, they have had a slow start.

As always, we remain committed to providing investors with the tools to help them allocate “within” rather than “to” emerging markets. Thank you for the trust you have placed in us through your investment.

Sincerely,

[GRAPHIC MISSING]

Robert C. Holderith
President
Emerging Global Advisors, LLC

This material must be accompanied or preceded by the prospectus.

These Funds may be non-diversified and, as a result, may have greater volatility than diversified-funds. These Funds may concentrate their investments in issuers of one or more particular industries to the same extent that the underlying index. Concentration risk results from maintaining exposure to issuers conducting business in a specific industry. In certain circumstances, a Fund might not be able to dispose of certain holdings quickly or at prices that represent true market value preventing them from tracking the underlying index.

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. Past performance is no guarantee of future results.

Robert Holderith is a registered representative of ALPS Distributors, Inc. EGShares Funds (“Funds”) are distributed by ALPS Distributors, Inc. ALPS Distributors, Inc. is not affiliated with EGA or TCW.

EGA Emerging Global Shares Trust 1

Comments from the Chief Investment Officer
May 30, 2014

Dear Shareholder,

Over the past year, we have seen a wide divergence in the performance of emerging markets compared to U.S. domestic markets. The S&P 500 Index’s total return for the year ended March 31, 2014 was 21.86%, outperforming the MSCI Emerging Market (EM) Index’s total return of -0.89%. This represented an even greater demarcation in performance than the prior twelve-month period ended March 31, 2013 where returns were 13.95% for the S&P 500 Index and 2.11% for the MSCI EM Index. Thus, for the two past annual periods, domestic markets trumped emerging markets. Interestingly, the MSCI Frontier Market (FM) Index was within 3.00% of the S&P 500 during each of these 1-year periods, earning 11.04% for the year ended March 31, 2013 and then 24.65% for the year ended March 31, 2014.

Overall, emerging equity and fixed income markets have been out of favor versus most other asset classes, which has been well publicized in the press. However, the outperformance of U.S. equities continues to push through new historical highs. Although frontier markets have been strong recent performers, the MSCI FM Index as of March 31, 2014 is just over half the price of its peak in early 2008. Similarly, the MSCI EM Index needs to appreciate by 35% to hit its high of late 2007. Thus, although U.S. investors have been rewarded by U.S. equity markets since the financial crisis of 2008, there may be room for additional upside in emerging and frontier markets that have not fully recovered. Additionally, while Emerging Market debt started off weak in January, it then rebounded, outperforming market expectations. At current valuations, there may be support for the asset class.

When looking at other developed markets, the pace of recent market success for Developed Europe and Japan has tempered in the opening quarter of 2014. Cheap credit and accommodative policies look to have a limited window and the underlying structural factors based on aging demographics and high savings rates cannot be easily addressed. Investors still need an adequate source of growth for their portfolio returns and, despite the recent volatility, emerging and frontier markets may remain key.

Our firm believes there is an opportunity for those investors who allocate within emerging markets, rather than treating the asset class as one entity. Their varied nature by stage of development, industry bias, forms of law and government or even sheer market size make the use of a term like “emerging markets” a misnomer. If commodities have driven the growth in China in the past, could those sectors that target domestic demand drive potential future growth for the country? How does a smaller, less-developed emerging market compare to a more well-developed frontier market? The terms “emerging markets” and “frontier markets” are becoming harder to box in. For example, while the term “BRIC” was coined over a decade ago to represent the potentially fastest growing EM countries (Brazil, Russia, India and China), today each has its own unique challenges. From sustaining middle class growth to annexations and elections, BRICs in themselves should not be considered as good or bad, but simply the identification of four larger markets that have been combined. Investors can and should think broader than that.

We think about this and how to provide tools so like-minded investors can deploy capital in the most optimal manner possible. To invest not merely “to”, but rather “within” emerging and frontier markets leads to the opportunity to capture potential growth opportunities. Investors can selectively choose an investment focus or theme in addition to allocating to the asset class as a whole through a broad exposure index.

By working actively to design the rules-based approach for our Funds indexing methodology, EGA is able to provide investors portfolio construction tools that allow more accurate targeting of emerging and frontier market investment opportunities.

[GRAPHIC MISSING]

Richard C. Kang
Chief Investment Officer
Emerging Global Advisors, LLC

This material must be accompanied or preceded by the prospectus.

2 EGA Emerging Global Shares Trust

Comments from the Chief Investment Officer (concluded)
May 30, 2014

S&P 500 Index is a broad-based measure of domestic stock market performance. MSCI Emerging Markets Index is an index that is designed to measure equity market performance in global emerging markets. MSCI Frontier Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of frontier markets. Each of S&P and MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any claims contained herein. One cannot invest directly in an index.

Richard Kang is a registered representative of ALPS Distributors, Inc. EGShares Funds (“Funds”) are distributed by ALPS Distributors, Inc. ALPS Distributors, Inc. is not affiliated with EGA.

EGA Emerging Global Shares Trust 3

Portfolio Summary (Unaudited)
EGShares Beyond BRICs ETF

Industry Breakdown*

[GRAPHIC MISSING]


< Financials	34.5	%
< Telecommunications	18.3
< Consumer Services	11.8
< Oil & Gas	9.8
< Consumer Goods	9.7
< Industrials	9.4
< Utilities	3.7
< Basic Materials	2.5
< Health Care	0.3

Top Ten Holdings*


MTN Group, Ltd.	3.8	%
Sasol, Ltd.	3.7
America Movil SAB de CV	3.6
Naspers, Ltd.	3.5
Industries Qatar QSC	3.2
Qatar National Bank	3.1
Guaranty Trust Bank PLC	2.8
Zenith Bank PLC	2.6
Nigerian Breweries PLC	2.5
Fomento Economico Mexicano SAB de CV	2.3

Expressed as a percentage of total investments in securities as of 3/31/2014. 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 FTSE Beyond BRICs Index (“Underlying Index”). Effective as of October 25, 2013, the Fund began tracking the new Underlying Index instead of the former Indxx Beyond BRICs Index. The Underlying Index is designed to represent the performance of a diversified basket of 90 liquid companies in Emerging and Frontier markets, as defined by FTSE’s Country Classification System, ex Brazil, Russia, India, China (BRIC), Taiwan and Argentina. The index is market capitalization weighted, and will generally provide exposure up to 75% emerging markets and 25% frontier markets.

The EGShares Beyond BRICs ETF had a total return of 3.24% at net asset value (“NAV”) for the quarter ended March 31, 2014 and 3.97% annualized return since its inception date of August 15, 2012. The Fund’s NAV had a –3.51% return for the full year ended March 31, 2014. The Fund is designed to be broadly allocated by both country and industry. As of March 31, 2014, the top five country weights were Mexico, South Africa, Malaysia, Qatar and Indonesia and the top five industry weights were financials, telecommunications, consumer services, oil & gas and consumer goods.

Portfolio attribution since the index change of October 25, 2013 shows nearly all of the negative geographic impact was as a result of Fund underperformance in Africa/Mideast. By industry, negative impact was from underperformance in financials and industrials. For the period from March 31, 2013 to October 25, 2013 when the Fund was tracking the Indxx Beyond BRICs Index, portfolio attribution shows roughly half of the negative geographic impact was as a result of Fund underperformance in Africa/Mideast. By industry, negative impact was from underperformance in financials, consumer goods/services and telecom.

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.

Performance Charts

The following performance chart is provided for comparative purposes and represents the periods noted. The Fund’s per share NAV is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The price used to calculate market price returns is the mid-point of the highest bid and lowest offer for Fund shares as of the close of trading on the exchange where Fund shares are listed. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and market price, respectively. As with other ETFs, NAV returns and market price returns may differ because of factors such as the supply and demand for Fund shares and investors’ assessments of the underlying value of a Fund’s portfolio securities. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities, incur expenses or pay any transaction costs. Therefore index returns do not reflect deductions for fees or expenses and are not available for direct investment. In comparison, the Fund’s performance is negatively impacted by these fees and expenses. Fund returns do not reflect brokerage commissions, or taxes on transactions in Fund shares or that a shareholder would pay on Fund distributions.

4 EGA Emerging Global Shares Trust

EGShares Beyond BRICs ETF

Performance as of 3/31/2014


	Average Annual Total Return
	Fund Net Asset Value			Fund Market Price			Combined Indxx Beyond BRICs Index/ FTSE Beyond BRICs Index⁽¹⁾
1 Year		-3.51	%		-3.66	%		-0.57	%
Since Inception⁽²⁾		3.97	%		4.47	%		6.62	%

The index shown is reflective of the Indxx Beyond BRICs Index prior to October 25, 2013 and the FTSE Beyond BRICs Index thereafter.

August 15, 2012.

Performance data quoted represents past performance. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data please visit www.egshares.com or call (888) 800-4347. As stated in the current prospectus, the Fund’s total annual operating expense ratio is 0.85% and after expense waivers is 0.58%. EGA has entered into a written fee waiver agreement to waive its advisory fee to 0.58% of the Fund’s average daily net assets without which the performance would have been lower. The Fee Waiver Agreement will remain in effect and will be contractually binding for two years from October 1, 2013. Market price returns are based on the mid-point of the highest bid and lowest offer for Fund shares as of the scheduled close of regular trading on the New York Stock Exchange (“NYSE”) Arca, ordinarily 4:00 p.m. Eastern time, on each day during which the NYSE is open for trading, and do not represent the returns an investor would receive if shares were traded at other times.

Value of a $10,000 Investment Since Inception at Net Asset Value

[GRAPHIC MISSING]

Effective October 25, 2013, the EGShares Beyond BRICs ETF's investment objective was revised to seek investment results that correspond to the price and yield performance of the FTSE Beyond BRICs Index.

The Index shown is reflective of the Indxx Beyond BRICs Index prior to October 25, 2013 and the FTSE Beyond BRICs Index thereafter.

The chart above represents historical performance of a hypothetical investment of $10,000 over the life of the Fund, assuming the reinvestment of distributions. Past performance does not guarantee future results.

EGA Emerging Global Shares Trust 5

Portfolio Summary (Unaudited)
EGShares Brazil Infrastructure ETF

Industry Breakdown*

[GRAPHIC MISSING]


< Utilities	46.0	%
< Basic Materials	19.0
< Industrials	18.0
< Telecommunications	13.8
< Health Care	1.8
< Consumer Services	1.4

Top Ten Holdings*


Companhia Energetica de Minas Gerais Preference Shares	5.4	%
CCR SA	5.2
Tractebel Energia SA	5.2
Ultrapar Participacoes SA	5.1
Usinas Siderurgicas de Minas Gerais SA Preference Shares	5.1
Telefonica Brasil SA Preference Shares	5.1
CPFL Energia SA	4.9
Companhia de Saneamento Basico do Estado de Sao Paulo	4.9
Tim Participacoes SA	4.8
Gerdau SA Preference Shares	4.7

Expressed as a percentage of total investments in securities as of 3/31/2014. 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 FTSE Brazil Infrastructure Extended Index (“Underlying Index”). Effective as of February 3, 2014, the Fund began tracking the new Underlying Index instead of the former Indxx Brazil Infrastructure Index. The Underlying Index is a free-float capitalization weighted stock market index comprised of 30 leading companies that FTSE determines to be representative of Brazil’s infrastructure industries.

The EGShares Brazil Infrastructure ETF had a total return of –3.70% at net asset value (“NAV”) for the quarter ended March 31, 2014 and –1.61% annualized return since its inception date of February 24, 2010. The Fund’s NAV had a –20.36% return for the full year ended March 31, 2014. The Fund is designed to be country specific and to have exposures specific to certain industries. As of March 31, 2014, roughly 97% of Fund assets were in the utilities, basic materials, industrials and telecom industries.

Portfolio attribution since the index change of January 31, 2014 shows nearly all of the negative industry impact was as a result of Fund underperformance in financials and basic materials with outperformance from exposures to utilities and health care. For the period from March 31, 2013 to January 31, 2014 when the Fund was tracking the Indxx Brazil Infrastructure Index, portfolio attribution shows most of the negative impact was as a result of Fund underperformance in utilities with outperformance from exposures in telecom.

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 maintaining exposure to issuers conducting business in a specific 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.

Performance Charts

6 EGA Emerging Global Shares Trust

EGShares Brazil Infrastructure ETF

Performance as of 3/31/2014


	Average Annual Total Return
	Fund Net Asset Value			Fund Market Price			Combined Indxx Brazil Infrastructure Index/ FTSE Brazil Infrastructure Extended Index⁽¹⁾
1 Year		–20.36	%		–21.13	%		–18.66	%
3 Year		–10.07	%		–10.88	%		–9.23	%
Since Inception⁽²⁾		–1.61	%		–1.90	%		0.20	%

The Index shown is reflective of the Indxx Brazil Infrastructure Index prior to February 3, 2014 and the FTSE Brazil Infrastructure Extended Index thereafter.

February 24, 2010.

Performance data quoted represents past performance. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data please visit www.egshares.com or call (888) 800-4347. As stated in the current prospectus, the Fund’s total annual operating expense ratio is 0.85%. Market price returns are based on the mid-point of the highest bid and lowest offer for Fund shares as of the scheduled close of regular trading on the New York Stock Exchange (“NYSE”) Arca, ordinarily 4:00 p.m. Eastern time, on each day during which the NYSE is open for trading, and do not represent the returns an investor would receive if shares were traded at other times.

Value of a $10,000 Investment Since Inception at Net Asset Value

[GRAPHIC MISSING]

Effective February 3, 2014, the EGShares Brazil Infrastructure ETF's investment objective was revised to seek investment results that correspond to the price and yield performance of the FTSE Brazil Infrastructure Extended Index.

The Index shown is reflective of the Indxx Brazil Infrastructure Index prior to February 3, 2014 and the FTSE Brazil Infrastructure Extended Index thereafter.

EGA Emerging Global Shares Trust 7

Portfolio Summary (Unaudited)
EGShares China Infrastructure ETF

Industry Breakdown*

[GRAPHIC MISSING]


< Industrials	44.0	%
< Oil & Gas	12.8
< Utilities	12.3
< Financials	10.2
< Basic Materials	10.1
< Telecommunications	8.5
< Technology	2.1

Top Ten Holdings*


Anhui Conch Cement Co., Ltd.	6.7	%
CSR Corp., Ltd.	5.5
China Oilfield Services, Ltd.	5.5
China Longyuan Power Group Corp.	5.0
China Railway Group, Ltd.	4.5
China Railway Construction Corp., Ltd.	4.5
Huaneng Power International, Inc.	4.5
China Telecom Corp., Ltd.	4.4
China Communications Construction Co., Ltd.	4.4
Weichai Power Co., Ltd.	4.3

Expressed as a percentage of total investments in securities as of 3/31/2014. 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 a free-float market capitalization weighted stock market index comprised of 30 leading companies that Indxx, LLC determines to be representative of China’s infrastructure industries.

The EGShares China Infrastructure ETF had a total return of –9.57% at net asset value (“NAV”) for the quarter ended March 31, 2014 and –3.12% annualized return since its inception date of February 17, 2010. The Fund’s NAV had a –3.70% return for the full year ended March 31, 2014. The Fund is designed to be country specific and to have exposures specific to certain industries. As of March 31, 2014, roughly 89% of the Fund’s assets were in industrials, oil & gas, utilities, financials and basic materials.

Portfolio attribution for the 12-month period ended March 31, 2014 shows most of the negative industry impact was as a result of Fund underperformance in industrials with outperformance from exposures in utilities and financials.

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 maintaining exposure to issuers conducting business in a specific 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.

Performance Charts

8 EGA Emerging Global Shares Trust

EGShares China Infrastructure ETF

Performance as of 3/31/2014

Average Annual Total Return

Fund
Net Asset Value

Fund
Market Price

Indxx China
Infrastructure
Index

1 Year

–3.70

–3.77

–2.47

3 Year

–7.64

–7.92

–6.22

Since Inception⁽¹⁾

–3.12

–3.16

–1.33

February 17, 2010.

Performance data quoted represents past performance. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data please visit www.egshares.com or call (888) 800-4347. As stated in the current prospectus, the Fund’s total annual operating expense ratio is 0.85%. Market price returns are based on the mid-point of the highest bid and lowest offer for Fund shares as of the scheduled close of regular trading on the New York Stock Exchange (“NYSE”) Arca, ordinarily 4:00 p.m. Eastern time, on each day during which the NYSE is open for trading, and do not represent the returns an investor would receive if shares were traded at other times.

Value of a $10,000 Investment Since Inception at Net Asset Value

[GRAPHIC MISSING]

EGA Emerging Global Shares Trust 9

Portfolio Summary (Unaudited)
EGShares EM Dividend High Income ETF

Industry Breakdown*

[GRAPHIC MISSING]


< Financials	20.1	%
< Basic Materials	19.6
< Utilities	14.8
< Industrials	11.9
< Consumer Goods	11.6
< Telecommunications	9.9
< Consumer Services	8.2
< Oil & Gas	3.9

Top Ten Holdings*


Cia Paranaense de Energia Preference Shares	2.3	%
Companhia Energetica de Minas Gerais Preference Shares	2.3
CEZ AS	2.3
Grendene SA	2.2
Guangzhou R&F Properties Co., Ltd.	2.2
Fauji Fertilizer Co., Ltd.	2.2
Tekfen Holding AS	2.2
Banco do Brasil SA	2.2
PT Matahari Putra Prima Tbk	2.1
Light SA	2.1

Expressed as a percentage of total investments in securities as of 3/31/2014. Holdings are subject to change.

EGShares EM Dividend High Income ETF (ticker: EMHD)

The Fund’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the FTSE Equal Weighted Emerging All Cap ex-Taiwan Diversified Dividend Yield 50 Index (“Underlying Index”). The Underlying Index is equally-weighted and measures the stock performance of the top 50 emerging market companies ranked by trailing dividend yield, with a limit of no more than 10 stocks per industry and country.

The EGShares EM Dividend High Income ETF had a total return of –0.69% at net asset value (“NAV”) for the quarter ended March 31, 2014 and –3.54% return since its inception date of August 15, 2013. Based on this inception date, the Fund did not have enough historical pricing to cover a full year ended March 31, 2014. The Fund is designed to be broadly allocated by both country and industry. As of March 31, 2014, the top five country weights were Brazil, China, Turkey, South Africa and Pakistan and the top five industry weights were financials, basic materials, utilities, industrials and consumer goods.

Portfolio attribution since the August 15, 2013 inception date shows much of the negative country impact was as a result of Fund underperformance in India with outperformance from exposures to Hong Kong, Egypt and South Africa. By industry, portfolio attribution shows much of the negative impact was as a result of Fund underperformance from technology, basic materials and oil & gas with outperformance from exposures in utilities, industrials and financials.

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 maintaining exposure to issuers conducting business in a specific 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.

Performance Charts

The following performance chart is provided for comparative purposes and represents the period noted. The Fund’s per share NAV is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The price used to calculate market price returns is the mid-point of the highest bid and lowest offer for Fund shares as of the close of trading on the exchange where Fund shares are listed. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and market price, respectively. As with other ETFs, NAV returns and market price returns may differ because of factors such as the supply and demand for Fund shares and investors’ assessments of the underlying value of a Fund’s portfolio securities. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities, incur expenses or pay any transaction costs. Therefore index returns do not reflect deductions for fees or expenses and are not available for direct investment. In comparison, the Fund’s performance is negatively impacted by these fees and expenses. Fund returns do not reflect brokerage commissions, or taxes on transactions in Fund shares or that a shareholder would pay on Fund distributions.

10 EGA Emerging Global Shares Trust

EGShares EM Dividend High Income ETF

Performance as of 3/31/2014

Total Return

Fund
Net Asset Value

Fund
Market Price

FTSE Equal
Weighted Emerging
All Cap ex Taiwan
Diversified
Dividend Yield
50 Index

Since Inception⁽¹⁾

–3.54

–3.44

–1.70

August 15, 2013.

Performance data quoted represents past performance. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data please visit www.egshares.com or call (888) 800-4347. This Fund is new and has limited operating history. As stated in the current prospectus, the Fund’s total annual operating expense ratio is 0.85%. Market price returns are based on the mid-point of the highest bid and lowest offer for Fund shares as of the scheduled close of regular trading on the New York Stock Exchange (“NYSE”) Arca, ordinarily 4:00 p.m. Eastern time, on each day during which the NYSE is open for trading, and do not represent the returns an investor would receive if shares were traded at other times.

Value of a $10,000 Investment Since Inception at Net Asset Value

[GRAPHIC MISSING]

The chart above represents historical performance of a hypothetical investment of $10,000 over the life of the Fund, assuming the reinvestment of distributions. Past performance does not guarantee future results.

EGA Emerging Global Shares Trust 11

Portfolio Summary (Unaudited)
EGShares Emerging Markets Consumer ETF

Industry Breakdown*

[GRAPHIC MISSING]

Consumer Goods

54.4

Consumer Services

45.6

Top Ten Holdings*


Naspers, Ltd.	9.0	%
AMBEV SA	7.6
Fomento Economico Mexicano SAB de CV	5.5
Magnit OJSC	5.0
Grupo Televisa SAB	4.5
BRF SA	4.3
PT Astra International Tbk	4.3
Wal-Mart de Mexico SAB de CV	4.0
ITC, Ltd.	4.0
Want Want China Holdings, Ltd.	3.8

Expressed as a percentage of total investments in securities as of 3/31/2014. 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(“Underlying Index”). The Underlying Index is a free-float market capitalization weighted stock market index comprised of 30 leading companies that S&P Dow Jones Indices determines to be representative of the emerging market Consumer Goods and Consumer Services Industries.

The EGShares Emerging Markets Consumer ETF had a total return of –0.15% at net asset value (“NAV”) for the quarter ended March 31, 2014 and 8.84% annualized return since its inception date of September 14, 2010. The Fund’s NAV had a 0.82% return for the full year ended March 31, 2014. The Fund is designed to be broadly allocated by country, yet sector specific. As of March 31, 2014, the top five country weights were South Africa, Mexico, China, Brazil and Chile. The Fund was split at approximately 54% consumer goods and 46% consumer services based on Industry Classification Benchmark (“ICB”). Based on Global Industry Classification Benchmark (“GICS”), the breakdown was roughly 61% consumer staples and 39% consumer discretionary.

Portfolio attribution for the 12-month period ended March 31, 2014 shows most of the negative geographic impact was as a result of Fund underperformance in China, but with outperformance from exposures in South Africa and Mexico.

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 maintaining exposure to issuers conducting business in a specific 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.

Performance Charts

12 EGA Emerging Global Shares Trust

EGShares Emerging Markets Consumer ETF

Performance as of 3/31/2014


	Average Annual Total Return
	Fund Net Asset Value			Fund Market Price			Dow Jones Emerging Markets Consumer Titans 30 Index
1 Year		0.82	%		0.59	%		2.09	%
3 Year		5.84	%		5.82	%		6.86	%
Since Inception⁽¹⁾		8.84	%		8.87	%		10.22	%

September 14, 2010.

Performance data quoted represents past performance. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data please visit www.egshares.com or call (888) 800-4347. As stated in the current prospectus, the Fund’s total annual operating expense ratio is 0.85%. Market price returns are based on the mid-point of the highest bid and lowest offer for Fund shares as of the scheduled close of regular trading on the New York Stock Exchange (“NYSE”) Arca, ordinarily 4:00 p.m. Eastern time, on each day during which the NYSE is open for trading, and do not represent the returns an investor would receive if shares were traded at other times.

Value of a $10,000 Investment Since Inception at Net Asset Value

[GRAPHIC MISSING]

EGA Emerging Global Shares Trust 13

Portfolio Summary (Unaudited)
EGShares Emerging Markets Core ETF

Sector Breakdown*

[GRAPHIC MISSING]


< Consumer Discretionary	20.5	%
< Financials	15.5
< Consumer Staples	14.1
< Industrials	9.7
< Information Technology	9.5
< Health Care	7.8
< Utilities	7.1
< Materials	5.9
< Energy	5.4
< Telecommunication Services	4.5

Top Ten Holdings*


Grupo Televisa SAB	1.7	%
Tenaga Nasional Bhd	1.6
Tata Motors, Ltd.	1.6
Wipro, Ltd.	1.5
Embraer SA	1.5
Genting Malaysia Bhd	1.4
Steinhoff International Holdings, Ltd.	1.4
Dr. Reddy's Laboratories, Ltd.	1.4
Powszechny Zaklad Ubezpieczen SA	1.4
Richter Gedeon Nyrt	1.4

Expressed as a percentage of total investments in securities as of 3/31/2014. Holdings are subject to change.

EGShares Emerging Markets Core ETF (ticker: EMCR)

The Fund’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the S&P Emerging Markets Core Index (“Underlying Index”). The Underlying Index is comprised of 116 leading companies that S&P Dow Jones Indices determines to be representative of all industries in emerging market countries.

The EGShares Emerging Markets Core ETF had a total return of –0.29% at net asset value (“NAV”) for the quarter ended March 31, 2014 and 2.85% annualized return since its inception date of October 16, 2012. The Fund’s NAV had a –0.36% return for the full year ended March 31, 2014. The Fund is designed to be broadly allocated by both country and sector. As of March 31, 2014, the top five country weights were China, India, South Africa, Mexico, and Brazil and the top five sector weights were consumer discretionary, financials, consumer staples, industrials and information technology.

Portfolio attribution for the 12-month period ended March 31, 2014 shows much of the negative geographic impact was as a result of Fund underperformance in India, China and Malaysia with outperformance from exposures in Thailand and Mexico. By industry, negative impact was primarily from underperformance in financials, consumer staples and healthcare with positive impact from telecom and utilities.

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 maintaining exposure to issuers conducting business in a specific 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.

Performance Charts

14 EGA Emerging Global Shares Trust

EGShares Emerging Markets Core ETF

Performance as of 3/31/2014


	Average Annual Total Return
	Fund Net Asset Value			Fund Market Price			S&P Emerging Markets Core Index
1 Year		-0.36	%		-1.02	%		1.11	%
Since Inception⁽¹⁾		2.85	%		2.85	%		4.24	%

October 16, 2012.

Performance data quoted represents past performance. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data please visit www.egshares.com or call (888) 800-4347. As stated in the current prospectus, the Fund’s total annual operating expense ratio is 0.70%. Market price returns are based on the mid-point of the highest bid and lowest offer for Fund shares as of the scheduled close of regular trading on the New York Stock Exchange (“NYSE”) Arca, ordinarily 4:00 p.m. Eastern time, on each day during which the NYSE is open for trading, and do not represent the returns an investor would receive if shares were traded at other times.

Value of a $10,000 Investment Since Inception at Net Asset Value

[GRAPHIC MISSING]

EGA Emerging Global Shares Trust 15

Portfolio Summary (Unaudited)
EGShares Emerging Markets Dividend Growth ETF

Industry Breakdown*

[GRAPHIC MISSING]


< Financials	23.9	%
< Basic Materials	12.9
< Oil & Gas	12.7
< Consumer Goods	12.6
< Utilities	11.2
< Industrials	10.8
< Consumer Services	9.5
< Telecommunications	5.3
< Health Care	1.1

Top Ten Holdings*


MTN Group, Ltd.	3.0	%
Sberbank of Russia	2.9
Itau Unibanco Holding SA Preference Shares	2.9
Gazprom OAO	2.9
Banco Bradesco SA	2.9
Bank of China, Ltd.	2.8
Vale SA Preference Shares	2.7
China Shenhua Energy Co., Ltd.	2.7
Uralkali OJSC	2.7
PT Bank Rakyat Indonesia Persero Tbk	2.6

Expressed as a percentage of total investments in securities as of 3/31/2014. Holdings are subject to change.

EGShares Emerging Markets Dividend Growth ETF (ticker: EMDG)

The Fund’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the FTSE Emerging All Cap ex Taiwan Diversified Capped Dividend Growth 50 Index (“Underlying Index”). The Underlying Index is a capped free float market-cap weighted index that measures the stock performance of 50 emerging market companies with a high compounded annual dividend growth rate. The index has been designed to capture diversified securities across emerging market countries that have been screened for consistent dividend quality.

The EGShares Emerging Markets Dividend Growth ETF had a total return of 0.90% at net asset value (“NAV”) for the quarter ended March 31, 2014 and –0.45% return since its inception date of July 1, 2013. Based on this inception date, the Fund did not have enough historical pricing to cover a full year ended March 31, 2014. The Fund is designed to be broadly allocated by both country and industry. As of March 31, 2014, the top five country weights were China, Brazil, Indonesia, Russia and South Africa and the top five industry weights were financials, basic materials, oil & gas, consumer goods and utilities.

Portfolio attribution since the July 1, 2013 inception date shows much of the negative country impact was a result of Fund underperformance in Brazil and India with outperformance from exposures to South Africa. By industry, portfolio attribution shows much of the negative impact was as a result of Fund underperformance from financials and consumer goods with outperformance from exposures in oil & gas.

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 maintaining exposure to issuers conducting business in a specific 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.

Performance Charts

16 EGA Emerging Global Shares Trust

EGShares Emerging Markets Dividend Growth ETF

Performance as of 3/31/2014

Total Return

Fund
Net Asset Value

Fund
Market Price

FTSE Emerging
All Cap ex Taiwan
Diversified
Capped Dividend
Growth 50 Index

Since Inception⁽¹⁾

–0.45

–0.62

1.43

July 1, 2013.

Performance data quoted represents past performance. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data please visit www.egshares.com or call (888) 800-4347. This Fund is new and has limited operating history. As stated in the current prospectus, the Fund’s total annual operating expense ratio is 0.85%. Market price returns are based on the mid-point of the highest bid and lowest offer for Fund shares as of the scheduled close of regular trading on the New York Stock Exchange (“NYSE”) Arca, ordinarily 4:00 p.m. Eastern time, on each day during which the NYSE is open for trading, and do not represent the returns an investor would receive if shares were traded at other times.

Value of a $10,000 Investment Since Inception at Net Asset Value

[GRAPHIC MISSING]

EGA Emerging Global Shares Trust 17

Portfolio Summary (Unaudited)
EGShares Emerging Markets Domestic Demand ETF

Sector Breakdown*

[GRAPHIC MISSING]


< Consumer Staples	31.1	%
< Telecommunication Services	30.0
< Consumer Discretionary	25.7
< Utilities	8.5
< Health Care	4.7

Top Ten Holdings*


MTN Group, Ltd.	5.2	%
China Mobile, Ltd.	4.8
AMBEV SA	4.8
America Movil SAB de CV	4.7
Naspers, Ltd.	4.4
Grupo Televisa SAB	4.2
PT Astra International Tbk	4.2
Fomento Economico Mexicano SAB de CV	3.0
Magnit OJSC	2.7
Tenaga Nasional Bhd	2.7

Expressed as a percentage of total investments in securities as of 3/31/2014. 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 S&P Emerging Markets Domestic Demand Index (“Underlying Index”). Effective as of February 3, 2014, the Fund began tracking the new Underlying Index instead of the former Indxx Emerging Markets Domestic Demand Index. The Underlying Index is free-float market capitalization-weighted stock market index comprised of 50 emerging markets companies in the consumer staples, consumer discretionary, telecommunication services, health care and the utilities sectors.

The EGShares Emerging Markets Domestic Demand ETF had a total return of 0.00% at net asset value (“NAV”) for the quarter ended March 31, 2014 and 7.87% annualized return since its inception date of August 15, 2012. The Fund’s NAV had a 1.70% return for the full year ended March 31, 2014. The Fund is designed to be broadly allocated by country, but limited to certain industries. As of March 31, 2014, the top five country weights were South Africa, China, Mexico, India and Brazil and roughly 87% of the Fund’s assets were in the top three sectors: consumer staples, telecom and consumer discretionary.

Portfolio attribution since the index change of January 31, 2014 shows much of the negative geographic impact was as a result of Fund underperformance from East Asia although with some outperformance from exposures to South Africa. By industry, negative impact was from telecom and utilities with some positive impact from consumer discretionary. For the period from March 31, 2013 to January 31, 2014 when the Fund was tracking the Indxx Emerging Markets Domestic Demand Index, portfolio attribution shows much of the negative impact was as a result of Fund underperformance in India and China with outperformance from South Africa and Mexico. By sector, underperformance came from exposures in consumer staples with outperformance from consumer discretionary.

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 maintaining exposure to issuers conducting business in a specific 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.

Performance Charts

18 EGA Emerging Global Shares Trust

EGShares Emerging Markets Domestic Demand ETF

Performance as of 3/31/2014


	Average Annual Total Return
	Fund Net Asset Value			Fund Market Price			Combined Indxx Emerging Markets Domestic Demand Index/S&P Emerging Markets Domestic Demand Index⁽¹⁾
1 Year		1.70	%		1.32	%		3.11	%
Since Inception ⁽²⁾		7.87	%		8.16	%		9.65	%

The Index shown is reflective of the Indxx Emerging Markets Domestic Demand Index prior to February 3, 2014 and the S&P Emerging Markets Domestic Demand Index thereafter.

August 15, 2012.

Performance data quoted represents past performance. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data please visit www.egshares.com or call (888) 800-4347. As stated in the current prospectus, the Fund’s total annual operating expense ratio is 0.85%. Market price returns are based on the mid-point of the highest bid and lowest offer for Fund shares as of the scheduled close of regular trading on the New York Stock Exchange (“NYSE”) Arca, ordinarily 4:00 p.m. Eastern time, on each day during which the NYSE is open for trading, and do not represent the returns an investor would receive if shares were traded at other times.

Value of a $10,000 Investment Since Inception at Net Asset Value

[GRAPHIC MISSING]

Effective February 3, 2014, the EGShares Emerging Markets Domestic Demand ETF's investment objective was revised to seek investment results that correspond to the price and yield performance of the S&P Emerging Markets Domestic Demand Index.

The Index shown is reflective of the Indxx Emerging Markets Domestic Demand Index prior to February 3, 2014 and the S&P Emerging Markets Domestic Demand Index thereafter.

EGA Emerging Global Shares Trust 19

Portfolio Summary (Unaudited)
EGShares India Consumer ETF

Industry Breakdown*

[GRAPHIC MISSING]


< Consumer Goods	80.2	%
< Industrials	13.7
< Consumer Services	6.1

Top Ten Holdings*


Godrej Consumer Products, Ltd.	5.7	%
Motherson Sumi Systems, Ltd.	5.5
Bosch, Ltd.	5.4
Hero MotoCorp, Ltd.	5.1
Bajaj Auto, Ltd.	5.0
United Spirits, Ltd.	5.0
Mahindra & Mahindra, Ltd.	5.0
Tata Motors, Ltd.	5.0
MRF, Ltd.	4.8
Dabur India, Ltd.	4.8

Expressed as a percentage of total investments in securities as of 3/31/2014. 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 (“Underlying Index”). The Underlying Index is comprised of 30 stock free-float adjusted market capitalization weighted index designed to measure the market performance of companies in the consumer industry in India.

The EGShares India Consumer ETF had a total return of 10.65% at net asset value (“NAV”) for the quarter ended March 31, 2014 and 8.34% annualized return since its inception date of August 10, 2011. The Fund’s NAV had an 11.86% return for the full year ended March 31, 2014. The Fund is designed to be country specific and to have exposures specific to certain industries. As of March 31, 2014, roughly 94% of Fund assets were in the top five sector weights, automobile & parts, personal goods, industrial engineering (mainly auto components), beverages and food producers.

Portfolio attribution for the 12-month period ended March 31, 2014 shows negative sector impact as a result of Fund underperformance in automobile & parts with large outperformance from exposures in media and travel/leisure.

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 maintaining exposure to issuers conducting business in a specific 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.

Performance Charts

20 EGA Emerging Global Shares Trust

EGShares India Consumer ETF

Performance as of 3/31/2014


	Average Annual Total Return
	Fund Net Asset Value			Fund Market Price			Indxx India Consumer Index
1 Year		11.86	%		12.08	%		13.62	%
Since Inception⁽¹⁾		8.34	%		8.43	%		10.02	%

August 10, 2011.

Performance data quoted represents past performance. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data please visit www.egshares.com or call (888) 800-4347. As stated in the current prospectus, the Fund’s total annual operating expense ratio is 0.89%. Market price returns are based on the mid-point of the highest bid and lowest offer for Fund shares as of the scheduled close of regular trading on the New York Stock Exchange (“NYSE”) Arca, ordinarily 4:00 p.m. Eastern time, on each day during which the NYSE is open for trading, and do not represent the returns an investor would receive if shares were traded at other times.

Value of a $10,000 Investment Since Inception at Net Asset Value

[GRAPHIC MISSING]

The chart above represents historical performance of a hypothetical investment of $10,000 over the life of the Fund, assuming the reinvestment of distributions, if any. Past performance does not guarantee future results.

EGA Emerging Global Shares Trust 21

Portfolio Summary (Unaudited)
EGShares India Infrastructure ETF

Industry Breakdown*

[GRAPHIC MISSING]


< Industrials	45.4	%
< Utilities	20.9
< Basic Materials	11.3
< Telecommunications	10.7
< Oil & Gas	4.9
< Consumer Goods	3.4
< Financials	2.3
< Consumer Services	1.1

Top Ten Holdings*


Bharat Heavy Electricals, Ltd.	7.4	%
Tata Steel, Ltd.	6.4
Larsen & Toubro, Ltd.	6.4
Adani Ports and Special Economic Zone, Ltd.	5.0
Tata Motors, Ltd.	4.9
GAIL India, Ltd.	4.9
NMDC, Ltd.	4.8
Tata Power Co., Ltd.	4.6
Ambuja Cements, Ltd.	4.5
Siemens, Ltd.	4.4

Expressed as a percentage of total investments in securities as of 3/31/2014. 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 a free-float capitalization- weighted stock market index comprised of 30 leading emerging market companies that Indxx, LLC determines to be representative of India’s infrastructure sectors.

The EGShares India Infrastructure ETF had a total return of 6.67% at net asset value (“NAV”) for the quarter ended March 31, 2014 and –11.13% annualized return since its inception date of August 11, 2010. The Fund’s NAV had a 4.04% return for the full year ended March 31, 2014. The Fund is designed to be country specific and to have exposures specific to certain industries. As of March 31, 2014, roughly 93% of the Fund’s assets were in the top five industries of industrials, utilities, basic materials, telecom and oil & gas.

Portfolio attribution for the 12-month period ended March 31, 2014 shows negative industry impact as a result of large Fund underperformance in basic materials with large outperformance from exposures in industrials and telecom.

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 maintaining exposure to issuers conducting business in a specific 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.

Performance Charts

22 EGA Emerging Global Shares Trust

EGShares India Infrastructure ETF

Performance as of 3/31/2014


	Average Annual Total Return
	Fund Net Asset Value			Fund Market Price			Indxx India Infrastructure Index
1 Year		4.04	%		4.49	%		6.32	%
3 Year		–12.44	%		–12.41	%		–11.41	%
Since Inception⁽¹⁾		–11.13	%		–10.98	%		–10.07	%

August 11, 2010.

Performance data quoted represents past performance. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data please visit www.egshares.com or call (888) 800-4347. As stated in the current prospectus, the Fund’s total annual operating expense ratio is 0.85%. Market price returns are based on the mid-point of the highest bid and lowest offer for Fund shares as of the scheduled close of regular trading on the New York Stock Exchange (“NYSE”) Arca, ordinarily 4:00 p.m. Eastern time, on each day during which the NYSE is open for trading, and do not represent the returns an investor would receive if shares were traded at other times.

Value of a $10,000 Investment Since Inception at Net Asset Value

[GRAPHIC MISSING]

EGA Emerging Global Shares Trust 23

Portfolio Summary (Unaudited)
EGShares India Small Cap ETF

Industry Breakdown*

[GRAPHIC MISSING]


< Financials	35.4	%
< Consumer Goods	22.4
< Industrials	18.9
< Utilities	9.4
< Technology	4.8
< Oil & Gas	3.4
< Health Care	2.8
< Consumer Services	1.6
< Telecommunications	1.2
< Basic Materials	0.1

Top Ten Holdings*


Yes Bank, Ltd.	5.7	%
Cummins India, Ltd.	4.6
Federal Bank, Ltd.	4.5
LIC Housing Finance, Ltd.	3.9
MRF, Ltd.	3.6
Jaiprakash Associates, Ltd.	3.5
Tata Global Beverages, Ltd.	3.4
Exide Industries, Ltd.	3.2
Crompton Greaves, Ltd.	3.1
Mindtree, Ltd.	3.1

Expressed as a percentage of total investments in securities as of 3/31/2014. 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 75 stock free-float adjusted market capitalization weighted index designed to measure the market performance of companies in the small cap segment in India.

The EGShares India Small Cap ETF had a total return of 9.26% at net asset value (“NAV”) for the quarter ended March 31, 2014 and –10.39% annualized return since its inception date of July 7, 2010. The Fund’s NAV had a 4.29% return for the full year ended March 31, 2014. The Fund is designed to be country specific and to gain exposure to a variety of industries. As of March 31, 2014, roughly 91% of the Fund’s assets were in the top five industry weights of financials, consumer goods, industrials, utilities and technology.

Portfolio attribution for the 12-month period ended March 31, 2014 shows negative industry impact as a result of Fund underperformance in oil & gas, basic materials and consumer goods with outperformance from exposures in financials and technology.

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 maintaining exposure to issuers conducting business in a specific 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.

Performance Charts

24 EGA Emerging Global Shares Trust

EGShares India Small Cap ETF

Performance as of 3/31/2014


	Average Annual Total Return
	Fund Net Asset Value			Fund Market Price			Indxx India Small Cap Index
1 Year		4.29	%		4.30	%		6.69	%
3 Year		–11.74	%		–11.98	%		–10.74	%
Since Inception⁽¹⁾		–10.39	%		–10.47	%		–9.15	%

July 7, 2010.

Performance data quoted represents past performance. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data please visit www.egshares.com or call (888) 800-4347. As stated in the current prospectus, the Fund’s total annual operating expense ratio is 0.85%. Market price returns are based on the mid-point of the highest bid and lowest offer for Fund shares as of the scheduled close of regular trading on the New York Stock Exchange (“NYSE”) Arca, ordinarily 4:00 p.m. Eastern time, on each day during which the NYSE is open for trading, and do not represent the returns an investor would receive if shares were traded at other times.

Value of a $10,000 Investment Since Inception at Net Asset Value

[GRAPHIC MISSING]

EGA Emerging Global Shares Trust 25

Portfolio Summary (Unaudited)
EGShares Low Volatility Emerging Markets Dividend ETF

Industry Breakdown*

[GRAPHIC MISSING]


< Telecommunications	25.5	%
< Financials	18.4
< Utilities	13.9
< Oil & Gas	11.0
< Industrials	9.8
< Basic Materials	9.8
< Consumer Goods	7.4
< Consumer Services	4.2

Top Ten Holdings*


Coal India, Ltd.	5.1	%
Powszechny Zaklad Ubezpieczen SA	4.7
PT Indo Tambangraya Megah Tbk	4.6
Mobile TeleSystems	4.5
Ecopetrol SA	4.4
Lewis Group, Ltd.	4.2
The Bangchak Petroleum PCL NVDR	4.1
AES Tiete SA Preference Shares	4.1
CEZ AS	4.1
Tianneng Power International, Ltd.	3.8

Expressed as a percentage of total investments in securities as of 3/31/2014. 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 FTSE Emerging All Cap ex Taiwan Low Volatility Dividend Index (“Underlying Index”). Effective as of February 3, 2014, the Fund began tracking the new Underlying Index instead of the former Indxx Emerging Market High Income Low Beta Index. The Underlying Index is a dividend yield weighted stock market index comprised of 30 emerging markets companies that have a high dividend yield and low beta. The Underlying Index is screened for size and liquidity, dividend quality and volatility.

The EGShares Low Volatility Emerging Markets Dividend ETF had a total return of –6.29% at net asset value (“NAV”) for the quarter ended March 31, 2014 and –3.68% annualized return since its inception date of August 4, 2011. The Fund’s NAV had a –15.14% return for the full year ended March 31, 2014. The Fund is designed to be broadly allocated by both country and industry. As of March 31, 2014, the top five country weights were Brazil, Thailand, China, Czech Republic and South Africa and the top five industry weights were telecom, financials, utilities, oil & gas and industrials.

Portfolio attribution since the index change of January 31, 2014 shows nearly all of the negative country impact was as a result of Fund underperformance in Russia, China and India with outperformance from exposures to Brazil. For the period from March 31, 2013 to January 31, 2014 when the Fund was tracking the Indxx Emerging Market High Income Low Beta Index, portfolio attribution shows most of the negative impact was as a result of Fund underperformance from South Africa and Colombia with very large outperformance from exposures in 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 maintaining exposure to issuers conducting business in a specific 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.

Performance Charts

26 EGA Emerging Global Shares Trust

EGShares Low Volatility Emerging Markets Dividend ETF

Performance as of 3/31/2014

Average Annual Total Return

Fund
Net Asset Value

Fund
Market Price

Combined Indxx
Emerging Market
High Income
Low Beta
Index/FTSE
Emerging All
Cap ex Taiwan
Low Volatility
Dividend Index⁽¹⁾

1 Year

–15.14

–15.98

–14.94

Since Inception⁽²⁾

–3.68

–3.84

–2.72

The Index shown is reflective of the Indxx Emerging Market High Income Low Beta Index prior to February 3, 2014 and the FTSE Emerging All Cap ex Taiwan Low Volatility Dividend Index thereafter.

August 4, 2011.

Performance data quoted represents past performance. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data please visit www.egshares.com or call (888) 800-4347. As stated in the current prospectus, the Fund’s total annual operating expense ratio is 0.85%. Market price returns are based on the mid-point of the highest bid and lowest offer for Fund shares as of the scheduled close of regular trading on the New York Stock Exchange (“NYSE”) Arca, ordinarily 4:00 p.m. Eastern time, on each day during which the NYSE is open for trading, and do not represent the returns an investor would receive if shares were traded at other times.

Value of a $10,000 Investment Since Inception at Net Asset Value

[GRAPHIC MISSING]

Effective February 3, 2014, the EGShares Low Volatility Emerging Markets Dividend ETF's investment objective was revised to seek investment results that correspond to the price and yield performance of the FTSE Emerging All Cap ex Taiwan Low Volatility Dividend Index.

The Index shown is reflective of the Indxx Emerging Market High Income Low Beta Index prior to February 3, 2014 and the FTSE Emerging All Cap ex Taiwan Low Volatility Dividend Index thereafter.

EGA Emerging Global Shares Trust 27

Portfolio Summary (Unaudited)
EGShares TCW EM Intermediate Term Investment Grade Bond ETF

Sector Breakdown*

[GRAPHIC MISSING]

Corporate Bonds

63.0

Government

37.0

Top Ten Holdings*


Petroleos Mexicanos	12.5	%
Brazilian Government International Bond	11.5
Myriad International Holdings BV	11.1
Bank of China Hong Kong, Ltd.	10.5
Republic of Latvia	9.9
Russian Foreign Bond - Eurobond	8.0
Turkey Government International Bond	7.6
Ecopetrol SA	6.2
Majapahit Holding BV	5.9
Petronas Capital, Ltd.	5.8

Expressed as a percentage of total investments in securities as of 3/31/2014, excluding cash and other assets in excess of liabilities. Holdings are subject to change.

EGShares TCW EM Intermediate Term Investment Grade Bond ETF (ticker: IEMF)

The EGShares TCW EM Intermediate Term Investment Grade Bond ETF (the “Fund”), subadvised by TCW Investment Management Company, seeks investment results that correspond (before fees and expenses) to the performance of the J.P. Morgan Custom EM Intermediate Term Investment Grade Bond Index (the “Underlying Index”). The Underlying Index is comprised of investment grade emerging markets bonds denominated in U.S. dollars with remaining maturities between four and seven years. Under normal conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in investment grade, U.S. dollar denominated emerging markets intermediate term sovereign and corporate bonds.

Given the size of the Fund and constraints to investment amounts due to round lots, the Fund is managed using a sampling process versus full replication. This may impact the ability for the Fund to closely track the underlying benchmark.

The Fund is designed to be broadly diversified, as it provides access to a wide universe of EM debt via both sovereign and corporate bonds. As of March 31, 2104, the top five country weights were Netherlands, Mexico, Brazil, China and Latvia and the sector breakdown was approximately 63% corporate bonds and 37% government bonds.

The EGShares TCW EM Intermediate Term Investment Grade Bond ETF had a total return of –0.17% at net asset value (“NAV”) for the month ended March 31, 2014 and 1.65% return since its inception date of January 8, 2014. Based on this inception date, the Fund did not have enough historical pricing to cover a full year or quarter ended March 31, 2014.

Currently, the small size of the Fund, coupled with the minimum blocks in which bonds trade, necessitates certain country overweights and underweights relative to the benchmark. Underweight positioning in Russia drove outperformance versus the benchmark. The Fund’s overweight Indonesia exposure further contributed to outperformance. The Fund’s overweight exposure to Brazil and Indonesia contributed negatively to relative performance.

Fund share prices and returns will fluctuate with market conditions, currencies, and the economic and political climates where investments are made. Emerging markets securities carry special risks, such as less developed or less efficient trading markets, a lack of company information, and differing auditing and legal standards. The securities markets of emerging markets countries can be extremely volatile. The Fund’s investments denominated in foreign currencies will decline in value if the foreign currency declines in value relative to the U.S. dollar.

Non-investment grade securities may be subject to greater fluctuations in value and risk of loss of income and principal than higher-rated securities. Fixed income investments entail interest rate risk, the risk of issuer default, issuer credit risk, and price volatility risk. Funds investing in bonds can lose their value as interest rates rise and an investor can lose principal. Fund share prices and returns will fluctuate with market conditions, currencies, and the economic and political climates where the investments are made. Emerging markets securities carry special risks, such as less developed or less efficient trading markets, a lack of company information, and differing auditing and legal standards. The securities markets of emerging markets countries can be extremely volatile.

Performance Charts

28 EGA Emerging Global Shares Trust

EGShares TCW EM Intermediate Term Investment Grade Bond ETF

Performance as of 3/31/2014


	Total Return
	Fund Net Asset Value			Fund Market Price			J.P. Morgan Custom EM Intermediate Term Investment Grade Bond Index
Since Inception¹		1.65	%		1.05	%		1.65	%

January 8, 2014.

Performance data quoted represents past performance. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data please visit www.egshares.com or call (888) 800-4347. This Fund is new and has limited operating history. As stated in the current prospectus, the Fund’s total annual operating expense ratio is 0.65%. Market price returns are based on the mid-point of the highest bid and lowest offer for Fund shares as of the scheduled close of regular trading on the New York Stock Exchange (“NYSE”) Arca, ordinarily 4:00 p.m. Eastern time, on each day during which the NYSE is open for trading, and do not represent the returns an investor would receive if shares were traded at other times.

Value of a $10,000 Investment Since Inception at Net Asset Value

[GRAPHIC MISSING]

EGA Emerging Global Shares Trust 29

Portfolio Summary (Unaudited)
EGShares TCW EM Long Term Investment Grade Bond ETF

Sector Breakdown*

[GRAPHIC MISSING]

Corporate Bonds

65.7

Government

34.3

Top Ten Holdings*


Banco Nacional de Desenvolvimento Economico E Social	13.0	%
Transportadora de Gas Internacional SA ESP	10.4
Comision Federal de Electricidad	10.1
CNOOC Finance 2012, Ltd.	9.8
Baidu, Inc.	9.5
Petrobras Global Finance BV	9.1
Novatek OAO via Novatek Finance, Ltd.	8.9
Turkey Government International Bond	8.0
Petroleos Mexicanos	7.8
Philippine Government International Bond	7.8

Expressed as a percentage of total investments in securities as of 3/31/2014, excluding cash and other assets in excess of liabilities. Holdings are subject to change.

EGShares TCW EM Long Term Investment Grade Bond ETF (ticker: LEMF)

The EGShares TCW EM Long Term Investment Grade Bond ETF (the “Fund”), subadvised by TCW Investment Management Company, seeks investment results that correspond (before fees and expenses) to the performance of the J.P. Morgan Custom EM Long Term Investment Grade Bond Index (the “Underlying Index”). The Underlying Index is comprised of investment grade emerging markets bonds denominated in U.S. dollars with remaining maturities between eight and twelve years. Under normal conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in investment grade, U.S. dollar denominated emerging markets long term sovereign and corporate bonds.

The Fund is designed to be broadly diversified, as it provides access to a wide universe of EM debt via both sovereign and corporate bonds. As of March 31, 2014, the top five country weights were Brazil, China, Mexico, Colombia and Russia and the sector breakdown was approximately 65.7% corporate bonds and 34.3% government bonds.

The EGShares TCW EM Long Term Investment Grade Bond ETF had a total return of 0.15% at net asset value (“NAV”) for the month ended March 31, 2014 and 2.58% return since its inception date of January 8, 2014. Based on this inception date, the Fund did not have enough historical pricing to cover a full year or quarter ended March 31, 2014.

Currently, the small size of the Fund, coupled with the minimum blocks in which bonds trade, necessitates certain country overweights and underweights relative to the benchmark. Underweight exposure to Indonesia and South Africa drove underperformance versus the benchmark. On the other hand, the Fund’s exposure to Brazil and China were the strongest drivers of positive performance versus the benchmark.

Performance Charts

30 EGA Emerging Global Shares Trust

EGShares TCW EM Long Term Investment Grade Bond ETF

Performance as of 3/31/2014


	Total Return
	Fund Net Asset Value			Fund Market Price			J.P. Morgan Custom EM Long Term Investment Grade Bond Index
Since Inception¹		2.58	%		2.73	%		3.20	%

January 8, 2014.

Performance data quoted represents past performance. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data please visit www.egshares.com or call (888) 800-4347. This Fund is new and has limited operating history. As stated in the current prospectus, the Fund’s total annual operating expense ratio is 0.65%. Market price returns are based on the mid-point of the highest bid and lowest offer for Fund shares as of the scheduled close of regular trading on the New York Stock Exchange (“NYSE”) Arca, ordinarily 4:00 p.m. Eastern time, on each day during which the NYSE is open for trading, and do not represent the returns an investor would receive if shares were traded at other times.

Value of a $10,000 Investment Since Inception at Net Asset Value

[GRAPHIC MISSING]

EGA Emerging Global Shares Trust 31

Portfolio Summary (Unaudited)
EGShares TCW EM Short Term Investment Grade Bond ETF

Sector Breakdown*

[GRAPHIC MISSING]

Corporate Bonds

75.0

Government

25.0

Top Ten Holdings*


Export-Import Bank of China (The)	10.8	%
QNB Finance, Ltd.	10.7
America Movil SAB de CV	10.6
Turkey Government International Bond	8.5
Mexico Government International Bond	5.7
Rosneft Finance SA	5.6
Indonesia Government International Bond	5.5
Gazprom OAO Via Gaz Capital SA	5.5
Bank of India	5.4
Gazprombank OJSC Via GPB Eurobond Finance PLC	5.4

Expressed as a percentage of total investments in securities as of 3/31/2014, excluding cash and other assets in excess of liabilities. Holdings are subject to change.

EGShares TCW EM Short Term Investment Grade Bond ETF (ticker: SEMF)

The EGShares TCW EM Short Term Investment Grade Bond ETF (the “Fund”), subadvised by TCW Investment Management Company, seeks investment results that correspond (before fees and expenses) to the performance of the J.P. Morgan Custom EM Short Term Investment Grade Bond Index (the “Underlying Index”). The Underlying Index is comprised of investment grade emerging markets bonds denominated in U.S. dollars with remaining maturities between one and three years. Under normal conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in investment grade, U.S. dollar denominated emerging markets short term sovereign and corporate bonds.

The EGShares TCW EM Short Term Investment Grade Bond ETF had a total return of –0.59% at net asset value (“NAV”) for the month ended March 31, 2014 and –0.13% return since its inception date of January 8, 2014. Based on this inception date, the Fund did not have enough historical pricing to cover a full year or quarter ended March 31, 2014. The Fund is designed to be broadly allocated by both country and industry. As of March 31, 2014, the top five country weights were Cayman, Mexico, Luxembourg, China and Turkey and the sector breakdown was approximately 75% corporate bonds and 25% government bonds.

Portfolio attribution since the January 8, 2014 inception date shows that large exposures to Brazil and Russia were the primary factors that negatively impacted the Fund, while exposures to Turkey and Indonesia positively impacted the Fund’s performance.

Performance Charts

32 EGA Emerging Global Shares Trust

EGShares TCW EM Short Term Investment Grade Bond ETF

Performance as of 3/31/2014

Total Return

Fund
Net Asset Value

Fund
Market Price

J.P. Morgan
Custom EM
Short Term
Investment Grade
Bond Index

Since Inception¹

–0.13

–0.23

0.43

January 8, 2014.

Performance data quoted represents past performance. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data please visit www.egshares.com or call (888) 800-4347. This Fund is new and has limited operating history. As stated in the current prospectus, the Fund’s total annual operating expense ratio is 0.65%. Market price returns are based on the mid-point of the highest bid and lowest offer for Fund shares as of the scheduled close of regular trading on the New York Stock Exchange (“NYSE”) Arca, ordinarily 4:00 p.m. Eastern time, on each day during which the NYSE is open for trading, and do not represent the returns an investor would receive if shares were traded at other times.

Value of a $10,000 Investment Since Inception at Net Asset Value

[GRAPHIC MISSING]

EGA Emerging Global Shares Trust 33

Shareholder Expense Examples (Unaudited)

As a shareholder of an EGShares ETF, you incur advisory fees and other Fund expenses, if any. 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 (October 1, 2013 to March 31, 2014) or a shorter period for Funds that commenced operations after October 1, 2013.

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 3/31/2014” 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.

34 EGA Emerging Global Shares Trust

Shareholder Expense Examples (Unaudited) (concluded)


	Beginning Account Value 10/1/2013		Ending Account Value 3/31/2014		Annualized Expense Ratios for the Period			Expenses Paid Through 3/31/2014⁽¹⁾
EGShares Beyond BRICs ETF
Actual	$	1,000.00	$	1,059.95		0.59	%	$	3.03
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.99		0.59	%	$	2.97
EGShares Brazil Infrastructure ETF
Actual	$	1,000.00	$	929.82		0.85	%	$	4.09
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.69		0.85	%	$	4.28
EGShares China Infrastructure ETF
Actual	$	1,000.00	$	947.84		0.85	%	$	4.13
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.69		0.85	%	$	4.28
EGShares EM Dividend High Income ETF
Actual	$	1,000.00	$	942.77		0.85	%	$	4.12
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.69		0.85	%	$	4.28
EGShares Emerging Markets Consumer ETF (Consolidated)⁽²⁾
Actual	$	1,000.00	$	994.68		0.83	%	$	4.13
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.79		0.83	%	$	4.18
EGShares Emerging Markets Core ETF (Consolidated)⁽²⁾
Actual	$	1,000.00	$	1,015.37		0.70	%	$	3.52
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.44		0.70	%	$	3.53
EGShares Emerging Markets Dividend Growth ETF
Actual	$	1,000.00	$	991.62		0.85	%	$	4.22
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.69		0.85	%	$	4.28
EGShares Emerging Markets Domestic Demand ETF (Consolidated)⁽²⁾
Actual	$	1,000.00	$	1,012.40		0.85	%	$	4.26
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.69		0.85	%	$	4.28
EGShares India Consumer ETF (Consolidated)⁽²⁾
Actual	$	1,000.00	$	1,193.05		0.89	%	$	4.87
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.49		0.89	%	$	4.48
EGShares India Infrastructure ETF (Consolidated)⁽²⁾
Actual	$	1,000.00	$	1,244.21		0.88	%	$	4.92
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.54		0.88	%	$	4.43
EGShares India Small Cap ETF (Consolidated)⁽²⁾
Actual	$	1,000.00	$	1,348.26		0.87	%	$	5.09
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.59		0.87	%	$	4.38
EGShares Low Volatility Emerging Markets Dividend ETF (Consolidated)⁽²⁾
Actual	$	1,000.00	$	927.07		0.85	%	$	4.08
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.69		0.85	%	$	4.28
EGShares TCW EM Intermediate Term Investment Grade Bond ETF
Actual⁽³⁾	$	1,000.00	$	1,016.53		0.65	%	$	1.47
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.69		0.65	%	$	3.28
EGShares TCW EM Long Term Investment Grade Bond ETF
Actual⁽³⁾	$	1,000.00	$	1,025.82		0.65	%	$	1.48
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.69		0.65	%	$	3.28
EGShares TCW EM Short Term Investment Grade Bond ETF
Actual⁽³⁾	$	1,000.00	$	998.72		0.65	%	$	1.46
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.69		0.65	%	$	3.28

Expenses are calculated using each Fund’s annualized expense ratio, which includes waived fees or reimbursed expenses, if any, by the average account value for the period, multiplied by 182/365 (to reflect the six-month period).

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.

Actual expenses are calculated using each Fund’s annualized expense ratio, multiplied by the average account value for the period, multiplied by 82/365 (to reflect commencement of operations). Hypothetical expenses are calculated for the full six month period.

EGA Emerging Global Shares Trust 35

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 mid-point 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).

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.


			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 Beyond BRICs ETF
August 15, 2012* – March 31, 2014
		0-24.99		36		8.85	%		23		5.65	%
		25-49.99		66		16.22	%		13		3.19	%
		50-74.99		93		22.85	%		4		0.98	%
		75-99.99		90		22.11	%		5		1.23	%
		>100		74		18.18	%		3		0.74	%
Total				359		88.21	%		48		11.79	%
EGShares Brazil Infrastructure ETF
February 24, 2010* – March 31, 2014
		0-24.99		101		9.82	%		105		10.20	%
		25-49.99		78		7.58	%		127		12.34	%
		50-74.99		40		3.89	%		91		8.84	%
		75-99.99		33		3.21	%		54		5.25	%
		>100		345		33.53	%		55		5.34	%
Total				597		58.03	%		432		41.97	%
EGShares China Infrastructure ETF
February 17, 2010* – March 31, 2014
		0-24.99		126		12.17	%		100		9.66	%
		25-49.99		95		9.18	%		93		8.99	%
		50-74.99		94		9.08	%		82		7.92	%
		75-99.99		75		7.25	%		74		7.15	%
		>100		129		12.46	%		167		16.14	%
Total				519		50.14	%		516		49.86	%
EGShares EM Dividend High Income ETF
August 15, 2013* – March 31, 2014
		0-24.99		27		17.20	%		11		7.01	%
		25-49.99		30		19.11	%		11		7.01	%
		50-74.99		26		16.56	%		8		5.09	%
		75-99.99		14		8.92	%		3		1.91	%
		>100		22		14.01	%		5		3.18	%
Total				119		75.80	%		38		24.20%

36 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 Emerging Markets Consumer ETF
September 14, 2010* – March 31, 2014										��
		0-24.99		178		19.93	%		124			13.89	%
		25-49.99		214		23.96	%		50			5.60	%
		50-74.99		149		16.68	%		33			3.70	%
		75-99.99		64		7.17	%		20			2.24	%
		>100		39		4.37	%		22			2.46	%
Total				644		72.11	%		249			27.89	%
EGShares Emerging Markets Core ETF
October 16, 2012* – March 31, 2014
		0-24.99		37		10.16	%		32			8.79	%
		25-49.99		57		15.66	%		37			10.16	%
		50-74.99		76		20.88	%		16			4.40	%
		75-99.99		60		16.49	%		6			1.65	%
		>100		34		9.34	%		9			2.47	%
Total				264		72.53	%		100			27.47	%
EGShares Emerging Markets Dividend Growth ETF
July 1, 2013* – March 31, 2014
		0-24.99		36		19.05	%		25			13.23	%
		25-49.99		31		16.40	%		19			10.05	%
		50-74.99		27		14.29	%		10			5.29	%
		75-99.99		16		8.47	%		6			3.17	%
		>100		11		5.82	%		8			4.23	%
Total				121		64.03	%		68			35.97	%
EGShares Emerging Markets Domestic Demand ETF
August 15, 2012* – March 31, 2014
		0-24.99		45		11.06	%		22			5.40	%
		25-49.99		59		14.50	%		9			2.21	%
		50-74.99		98		24.08	%		2			0.49	%
		75-99.99		91		22.36	%		2			0.49	%
		>100		76		18.67	%		3			0.74	%
Total				369		90.67	%		38			9.33	%
EGShares India Consumer ETF
August 10, 2011* – March 31, 2014
		0-24.99		63		9.52	%		69			10.42	%
		25-49.99		66		9.97	%		59			8.91	%
		50-74.99		68		10.27	%		42			6.34	%
		75-99.99		55		8.31	%		21			3.17	%
		>100		166		25.08	%		53			8.01	%
Total				418		63.15	%		244			36.85	%
EGShares India Infrastructure ETF
August 11, 2010* – March 31, 2014
		0-24.99		92		10.07	%		91			9.96	%
		25-49.99		97		10.61	%		79			8.64	%
		50-74.99		87		9.52	%		75			8.21	%
		75-99.99		66		7.22	%		59			6.45	%
		>100		142		15.54	%		126			13.78	%
Total				484		52.96	%		430			47.04	%
EGShares India Small Cap ETF
July 7, 2010* – March 31, 2014
		0-24.99		102		10.86	%		98			10.44	%
		25-49.99		83		8.84	%		81			8.62	%
		50-74.99		74		7.88	%		76			8.09	%
		75-99.99		63		6.71	%		52			5.54	%
		>100		158		16.83	%		152			16.19	%
Total				480		51.12	%		459			48.88	%

EGA Emerging Global Shares Trust 37

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 Low Volatility Emerging Markets Dividend ETF
August 4, 2011* – March 31, 2014
		0-24.99		104		15.62	%		92		13.81	%
		25-49.99		113		16.97	%		64		9.61	%
		50-74.99		94		14.11	%		40		6.01	%
		75-99.99		45		6.76	%		34		5.10	%
		>100		46		6.91	%		34		5.10	%
Total				402		60.37	%		264		39.63	%
EGShares TCW EM Intermediate Term Investment Grade Bond ETF
January 8, 2014* – March 31, 2014
		0-24.99		15		26.32	%		33		57.89	%
		25-49.99		2		3.51	%		6		10.53	%
		50-74.99		—		0.00	%		1		1.75	%
		75-99.99		—		0.00	%		—		0.00	%
		>100		—		0.00	%		—		0.00	%
Total				17		29.83	%		40		70.17	%
EGShares TCW EM Long Term Investment Grade Bond ETF
January 8, 2014* – March 31, 2014
		0-24.99		29		50.88	%		24		42.11	%
		25-49.99		2		3.51	%		1		1.75	%
		50-74.99		1		1.75	%		—		0.00	%
		75-99.99		—		0.00	%		—		0.00	%
		>100		—		0.00	%		—		0.00	%
Total				32		56.14	%		25		43.86	%
EGShares TCW EM Short Term Investment Grade Bond ETF
January 8, 2014* – March 31, 2014
		0-24.99		20		35.09	%		36		63.16	%
		25-49.99		—		0.00	%		1		1.75	%
		50-74.99		—		0.00	%		—		0.00	%
		75-99.99		—		0.00	%		—		0.00	%
		>100		—		0.00	%		—		0.00	%
Total				20		35.09	%		37		64.91	%

Commencement of Operations.

38 EGA Emerging Global Shares Trust

Schedule of Investments
EGShares Beyond BRICs ETF

March 31, 2014


Investments	Shares		Value
COMMON STOCKS—99.2%
Chile—3.8%
Banco de Chile		1,802,405	$	225,816
Banco Santander Chile		3,700,436		215,681
Cencosud SA		66,858		220,347
Empresa Nacional de Electricidad SA		201,557		290,083
Empresas Copec SA		22,601		294,038
Enersis SA		1,189,901		368,222
S.A.C.I. Falabella		28,421		249,036
Total Chile				1,863,223
Colombia—1.3%
Ecopetrol SA		301,445		617,163
Czech Republic—0.6%
CEZ AS		9,539		273,658
Indonesia—8.5%
PT Astra International Tbk		1,405,902		912,722
PT Bank Central Asia Tbk		858,672		801,226
PT Bank Mandiri Persero Tbk		536,592		446,373
PT Bank Rakyat Indonesia Persero Tbk*		767,938		647,272
PT Perusahaan Gas Negara Persero Tbk		648,341		292,495
PT Semen Indonesia Persero Tbk		175,154		243,612
PT Telekomunikasi Indonesia Persero Tbk		3,544,065		691,030
PT Unilever Indonesia Tbk		68,745		177,006
Total Indonesia				4,211,736
Kenya—2.0%
East African Breweries, Ltd.		147,397		459,441
Safaricom, Ltd.		3,703,902		530,049
Total Kenya				989,490
Malaysia—11.9%
Axiata Group Bhd		327,100		668,123
CIMB Group Holdings Bhd		342,900		750,799
DiGi.Com Bhd		238,400		393,501
Genting Bhd		131,500		402,695
IHH Healthcare Bhd*		140,700		165,884
IOI Corp. Bhd		221,700		325,880
Malayan Banking Bhd		260,900		773,392
Maxis Bhd		163,100		347,627
Petronas Chemicals Group Bhd		179,800		380,468
Petronas Gas Bhd		46,600		339,636
Public Bank Bhd		63,800		374,340
Sime Darby Bhd		221,900		632,641
Tenaga Nasional Bhd		81,700		299,229
Total Malaysia				5,854,215


Investments	Shares		Value
Mexico—16.0%
Alfa, SAB de CV Class A		142,100	$	359,585
America Movil SAB de CV Series L		1,784,658		1,769,784
Arca Continental SAB de CV		11,765		70,308
Cemex SAB de CV Series CPO*		692,001		875,028
Fomento Economico Mexicano SAB de CV Series UBD ADR		121,544		1,132,750
Grupo Bimbo SAB de CV Series A		101,472		274,039
Grupo Financiero Banorte SAB de CV Class O		118,590		798,219
Grupo Financiero Inbursa SAB de CV Class O		98,649		254,017
Grupo Mexico SAB de CV Series B		179,957		568,608
Grupo Televisa SAB Series CPO		136,101		908,157
Industrias Penoles SAB de CV		6,682		174,722
Wal-Mart de Mexico SAB de CV Series V		300,417		713,242
Total Mexico				7,898,459
Nigeria—7.9%
Guaranty Trust Bank PLC		9,019,763		1,394,555
Nigerian Breweries PLC		1,335,767		1,238,984
Zenith Bank PLC		10,340,038		1,253,870
Total Nigeria				3,887,409
Oman—1.3%
Bank Muscat SAOG		373,355		616,763
Philippines—1.4%
Philippine Long Distance Telephone Co.		6,375		388,087
SM Investments Corp.		20,493		322,167
Total Philippines				710,254
Poland—4.8%
Bank Pekao SA		8,380		545,280
PGE SA		43,202		270,245
Polskie Gornictwo Naftowe i Gazownictwo SA		111,220		163,440
Powszechna Kasa Oszczednosci Bank Polski SA		60,082		844,735
Powszechny Zaklad Ubezpieczen SA		4,004		569,179
Total Poland				2,392,879
Qatar—11.5%
Barwa Real Estate Co.		32,357		323,903
Gulf International Services QSC		15,219		328,099
Industries Qatar QSC		30,672		1,570,137
Ooredoo QSC		28,803		1,089,234
Qatar Fuel Co.		7,994		542,044
Qatar Gas Transport Co. (Nakilat)		53,197		294,383
Qatar National Bank		29,715		1,530,940
Total Qatar				5,678,740

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

EGA Emerging Global Shares Trust 39

Schedule of Investments (concluded)
EGShares Beyond BRICs ETF

March 31, 2014


Investments	Shares		Value
South Africa—15.8%
Barclays Africa Group, Ltd.		17,968	$	254,541
FirstRand, Ltd.		159,593		547,762
Kumba Iron Ore, Ltd.		3,266		117,376
MTN Group, Ltd.		91,971		1,884,820
Naspers, Ltd. N Shares		15,588		1,721,158
Sasol, Ltd.		32,078		1,798,099
Shoprite Holdings, Ltd.		24,141		365,401
Standard Bank Group, Ltd.		66,242		874,166
Vodacom Group, Ltd.		18,154		224,364
Total South Africa				7,787,687
Sri Lanka—1.2%
John Keells Holdings PLC		353,479		613,923
Thailand—6.7%
Advanced Info Service PCL NVDR		84,900		591,473
Bangkok Bank PCL NVDR		28,420		156,380
CP ALL PCL NVDR		262,100		351,460
Kasikornbank PCL NVDR		87,100		477,922
PTT Exploration & Production PCL NVDR		100,700		487,358
PTT Global Chemical PCL NVDR		98,900		220,269
PTT PCL NVDR		61,300		565,003
Siam Commercial Bank PCL NVDR		94,600		459,294
Total Thailand				3,309,159
Turkey—3.8%
Akbank TAS		98,465		312,996
Haci Omer Sabanci Holding AS		48,081		186,552
KOC Holding AS		42,480		179,118
Turk Telekomunikasyon AS		35,736		99,397
Turkcell Iletisim Hizmetleri AS*		48,511		270,992
Turkiye Garanti Bankasi AS		126,755		433,735
Turkiye Halk Bankasi AS		38,016		235,468
Turkiye Is Bankasi Class C		80,858		179,542
Total Turkey				1,897,800


Investments	Shares/Principal		Value
United Arab Emirates—0.4%
First Gulf Bank PJSC		49,518	$	219,750
Vietnam—0.3%
HAGL JSC		109,900		146,377
TOTAL COMMON STOCKS
(Cost: $47,575,593)				48,968,685
CONVERTIBLE BOND—0.0%**
Oman—0.0%**
Bank Muscat SAOG, 4.50%, 3/20/1
(Cost: $—)	$	53,541		—
TOTAL INVESTMENTS IN SECURITIES—99.2%
(Cost: $47,575,593)				48,968,685
Other Assets in Excess of Liabilities—0.8%				416,452
Net Assets—100.0%			$	49,385,137


*		Non-income producing security
**		Less than 0.05%
#		Fair valued security.
ADR		American Depositary Receipts
NVDR		Non-Voting Depositary Receipts


Summary by Industry	Value		% of Net Assets
Basic Materials	$	1,241,174		2.5	%
Consumer Goods		4,737,508		9.6
Consumer Services		5,795,706		11.8
Financials		16,883,587		34.2
Health Care		165,884		0.3
Industrials		4,589,308		9.3
Oil & Gas		4,813,105		9.8
Telecommunications		8,948,481		18.1
Utilities		1,793,932		3.6
Total Investments		48,968,685		99.2
Other Assets in Excess of Liabilities		416,452		0.8
Net Assets	$	49,385,137		100.0	%

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

40 EGA Emerging Global Shares Trust

Schedule of Investments
EGShares Brazil Infrastructure ETF

March 31, 2014


Investments	Shares		Value
COMMON STOCKS—99.8%
Basic Materials—19.0%
Companhia Siderurgica Nacional SA		390,890	$	1,709,765
Gerdau SA Preference Shares		267,646		1,719,861
Metalurgica Gerdau SA Preference Shares		222,240		1,701,887
Usinas Siderurgicas de Minas Gerais SA Preference Shares Class A*		415,409		1,877,763
Total Basic Materials				7,009,276
Consumer Services—1.4%
Gol Linhas Aereas Inteligentes SA Preference Shares*		106,532		517,434
Health Care—1.8%
Fleury SA		79,672		675,085
Industrials—18.0%
All America Latina Logistica		477,125		1,590,064
Arteris SA		56,642		456,600
CCR SA		251,558		1,927,515
EcoRodovias Infraestrutura e Logistica SA		226,141		1,356,946
JSL SA		83,720		523,134
Prumo Logistica SA*		554,900		248,371
Santos Brasil Participacoes SA		43,286		322,655
Tegma Gestao Logistica		25,341		215,396
Total Industrials				6,640,681
Telecommunications—13.7%
Oi SA Preference Shares		1,017,214		1,397,458
Telefonica Brasil SA Preference Shares		88,321		1,877,188
Tim Participacoes SA		341,664		1,782,134
Total Telecommunications				5,056,780


Investments	Shares		Value
Utilities—45.9%
AES Tiete SA		70,064	$	489,346
Centrais Eletricas Brasileiras SA Preference Shares Class B		240,894		1,167,906
Companhia de Saneamento Basico do Estado de Sao Paulo		191,687		1,788,173
Companhia de Saneamento de Minas Gerais		66,434		1,080,196
Cia de Transmissao de Energia Eletrica Paulista Preference Shares		33,856		368,793
Companhia Energetica de Minas Gerais Preference Shares		290,794		1,976,858
Cia Paranaense de Energia Preference Shares Class B		116,222		1,534,862
CPFL Energia SA		220,815		1,818,189
EDP—Energias do Brasil SA		254,512		1,149,336
Equatorial Energia SA		125,067		1,128,457
Light SA		75,228		621,427
Tractebel Energia SA		122,409		1,925,778
Ultrapar Participacoes SA		77,915		1,883,564
Total Utilities				16,932,885
TOTAL INVESTMENTS IN SECURITIES—99.8%
(Cost: $34,474,466)				36,832,141
Other Assets in Excess of Liabilities—0.2%				77,142
Net Assets—100.0%			$	36,909,283


*		Non-income producing security.

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

EGA Emerging Global Shares Trust 41

Schedule of Investments
EGShares China Infrastructure ETF

March 31, 2014


Investments	Shares		Value
COMMON STOCKS—99.7%
Basic Materials—10.1%
Aluminum Corp. of China, Ltd. Class H*		1,002,504	$	345,065
Angang Steel Co., Ltd. Class H*		311,698		192,073
Jiangxi Copper Co., Ltd. Class H		231,466		389,106
Total Basic Materials				926,244
Financials—10.2%
Agile Property Holdings, Ltd.		75,438		61,851
Country Garden Holdings Co., Ltd.		260,864		108,959
Evergrande Real Estate Group, Ltd.		348,901		164,622
Greentown China Holdings, Ltd.		35,901		38,784
Guangzhou R&F Properties Co., Ltd. Class H		174,833		251,981
Longfor Properties Co., Ltd.		36,392		50,199
Shimao Property Holdings, Ltd.		75,731		165,969
Soho China, Ltd.		106,846		87,878
Total Financials				930,243
Industrials—43.9%
Anhui Conch Cement Co., Ltd. Class H		143,571		615,406
China Communications Construction Co., Ltd. Class H		569,954		397,503
China National Building Material Co., Ltd. Class H		331,943		332,925
China Railway Construction Corp., Ltd. Class H		487,734		412,468
China Railway Group, Ltd. Class H		889,166		413,803
CSR Corp., Ltd. Class H		601,907		505,918
Jiangsu Expressway Co., Ltd. Class H		255,153		290,775
Shanghai Electric Group Co., Ltd. Class H		957,011		339,276
Weichai Power Co., Ltd. Class H		104,821		396,607
Zoomlion Heavy Industry Science and Technology Co., Ltd. Class H		443,751		308,913
Total Industrials				4,013,594


Investments	Shares		Value
Oil & Gas—12.8%
China Gas Holdings, Ltd.		129,679	$	202,617
China Longyuan Power Group Corp. Class H		457,386		460,508
China Oilfield Services, Ltd. Class H		214,879		504,160
Total Oil & Gas				1,167,285
Technology—2.1%
China Communications Services Corp., Ltd. Class H		418,223		193,555
Telecommunications—8.4%
China Telecom Corp., Ltd. Class H		874,027		404,504
China Unicom Hong Kong, Ltd.		277,900		365,420
Total Telecommunications				769,924
Utilities—12.2%
Datang International Power Generation Co., Ltd. Class H		1,030,169		375,836
ENN Energy Holdings, Ltd.		47,869		333,544
Huaneng Power International, Inc. Class H		429,873		411,195
Total Utilities				1,120,575
TOTAL INVESTMENTS IN SECURITIES—99.7%
(Cost: $11,116,312)				9,121,420
Other Assets in Excess of Liabilities—0.3%				24,957
Net Assets—100.0%			$	9,146,377


*		Non-income producing security

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

42 EGA Emerging Global Shares Trust

Schedule of Investments
EGShares EM Dividend High Income ETF

March 31, 2014


Investments	Shares		Value
COMMON STOCKS—99.1%
Brazil—20.8%
Banco do Brasil SA		6,054	$	60,875
Brasil Insurance Participacoes e Administracao SA		8,500		43,319
Cia Paranaense de Energia Preference Shares		5,000		66,032
Companhia Energetica de Minas Gerais Preference Shares		9,615		65,364
EcoRodovias Infraestrutura e Logistica SA		9,850		59,104
Grendene SA		9,000		62,420
Light SA		7,312		60,401
Santos Brasil Participacoes SA		7,900		58,887
Telefonica Brasil SA Preference Shares		2,818		59,894
Vale SA Preference Shares		4,486		56,262
Total Brazil				592,558
China—19.1%
Anhui Expressway Co., Ltd. Class H		109,520		56,334
Bosideng International Holdings, Ltd.		325,734		49,131
China Coal Energy Co., Ltd. Class H		105,000		59,153
China Lilang, Ltd.		72,000		51,421
China Shanshui Cement Group, Ltd.		128,209		54,047
Guangzhou R&F Properties Co., Ltd. Class H		43,200		62,263
Shenzhen Investment, Ltd.		172,500		55,817
Tianneng Power International, Ltd.		143,786		48,565
Yanzhou Coal Mining Co., Ltd. Class H		77,947		58,985
Zijin Mining Group Co., Ltd. Class H		227,288		48,346
Total China				544,062
Czech Republic—4.0%
CEZ AS		2,218		63,631
Telefonica Czech Republic AS		3,300		49,574
Total Czech Republic				113,205
Egypt—2.0%
Telecom Egypt Co.		23,573		57,043
Indonesia—4.1%
PT Matahari Putra Prima Tbk		256,500		60,625
PT Tambang Batubara Bukit Asam Persero Tbk		67,900		55,736
Total Indonesia				116,361
Malaysia—4.1%
Berjaya Sports Toto Bhd		46,900		57,018
Parkson Holdings Bhd		64,900		59,623
Total Malaysia				116,641
Pakistan—8.0%
Fauji Fertilizer Co., Ltd.		54,400		61,340
National Bank of Pakistan		107,400		59,065
Pakistan Oilfields, Ltd.		9,600		53,145
The Hub Power Co., Ltd.		101,500		54,901
Total Pakistan				228,451


Investments	Shares		Value
Poland—3.9%
Powszechny Zaklad Ubezpieczen SA		395	$	56,150
Synthos SA		33,600		54,269
Total Poland				110,419
Russia—2.0%
MMC Norilsk Nickel OJSC ADR		3,376		56,143
South Africa—11.7%
Capital Property Fund		57,568		57,361
Emira Property Fund		43,579		58,089
Lewis Group, Ltd.		9,598		52,927
Reunert, Ltd.		9,000		55,192
SA Corporate Real Estate Fund		141,811		53,931
Vodacom Group, Ltd.		4,622		57,123
Total South Africa				334,623
Thailand—3.8%
Banpu PCL NVDR		63,800		55,068
TTW PCL NVDR		184,000		55,018
Total Thailand				110,086
Turkey—15.6%
Aksa Akrilik Kimya Sanayii AS*		15,330		48,874
Aygaz AS		14,178		55,739
Ford Otomotiv Sanayi AS		5,808		59,324
Tekfen Holding AS		26,800		61,137
Tofas Turk Otomobil Fabrikasi AS		9,886		56,149
Tupras-Turkiye Petrol Rafinerileri AS		2,637		55,841
Turk Telekomunikasyon AS		20,841		57,967
Turk Traktor ve Ziraat Makineleri AS		1,929		49,596
Total Turkey				444,627
TOTAL INVESTMENTS IN SECURITIES—99.1%
(Cost: $2,911,179)				2,824,219
Other Assets in Excess of Liabilities—0.9%				26,015
Net Assets—100.0%			$	2,850,234


*		Non-income producing security.
ADR		American Depositary Receipts
NVDR		Non-Voting Depositary Receipts


Summary by Industry	Value		% of Net Assets
Basic Materials	$	554,176		19.4	%
Consumer Goods		327,010		11.5
Consumer Services		230,193		8.1
Financials		568,007		19.9
Industrials		333,160		11.7
Oil & Gas		108,986		3.8
Telecommunications		281,601		9.9
Utilities		421,086		14.8
Total Investments		2,824,219		99.1
Other Assets in Excess of Liabilities		26,015		0.9
Net Assets	$	2,850,234		100.0	%

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

EGA Emerging Global Shares Trust 43

Schedule of Investments (Consolidated)†
EGShares Emerging Markets Consumer ETF

March 31, 2014


Investments	Shares		Value
COMMON STOCKS—99.8%
Brazil—14.4%
AMBEV SA ADR		12,608,469	$	93,428,755
BRF SA ADR		2,648,879		52,924,603
Companhia Brasileira de Distribuicao Grupo Pao de Acucar Preference Shares ADR		722,418		31,613,012
Total Brazil				177,966,370
Chile—7.5%
Cencosud SA		7,114,202		23,446,614
Latam Airlines Group SA ADR		1,862,143		28,025,252
S.A.C.I. Falabella		4,632,729		40,593,790
Total Chile				92,065,656
China—16.1%
Belle International Holdings, Ltd.		25,812,862		25,722,848
China Mengniu Dairy Co., Ltd.		6,924,948		34,682,544
Ctrip.com International, Ltd. ADR*		616,852		31,101,678
Dongfeng Motor Group Co., Ltd. Class H		17,437,604		24,682,694
Hengan International Group Co., Ltd.		3,411,537		35,337,789
Want Want China Holdings, Ltd.		31,481,968		46,997,401
Total China				198,524,954
Colombia—1.9%
Grupo Nutresa SA		1,665,288		23,079,179
India—6.8%
Hindustan Unilever, Ltd.		3,389,948		34,372,021
ITC, Ltd.		8,338,942		49,267,792
Total India				83,639,813
Indonesia—4.3%
PT Astra International Tbk		80,824,331		52,471,782
Malaysia—6.3%
Genting Bhd		10,565,520		32,354,984
Genting Malaysia Bhd		15,912,080		20,465,698
IOI Corp. Bhd		16,845,720		24,761,738
Total Malaysia				77,582,420


Investments	Shares		Value
Mexico—16.8%
Fomento Economico Mexicano SAB de CV Series UBD		7,322,591	$	68,244,107
Grupo Bimbo SAB de CV Series A		12,319,399		33,270,284
Grupo Televisa SAB Series CPO		8,355,560		55,753,893
Wal-Mart de Mexico SAB de CV Series V		20,959,531		49,761,569
Total Mexico				207,029,853
Russia—4.9%
Magnit OJSC GDR		1,114,700		61,085,560
South Africa—18.3%
Naspers, Ltd. N Shares		997,703		110,161,953
Shoprite Holdings, Ltd.		1,849,464		27,993,674
Steinhoff International Holdings, Ltd.		8,550,525		41,460,441
Tiger Brands, Ltd.		1,103,684		28,570,346
Truworths International, Ltd.		2,409,050		17,693,562
Total South Africa				225,879,976
Thailand—2.5%
CP ALL PCL		23,409,700		31,390,935
TOTAL INVESTMENTS IN SECURITIES—99.8%
(Cost: $1,210,035,133)				1,230,716,498
Other Assets in Excess of Liabilities—0.2%				2,966,073
Net Assets—100.0%			$	1,233,682,571


†		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


Summary by Industry	Value		% of Net Assets
Consumer Goods	$	669,274,325		54.3	%
Consumer Services		561,442,173		45.5
Total Investments		1,230,716,498		99.8
Other Assets in Excess of Liabilities		2,966,073		0.2
Net Assets	$	1,233,682,571		100.0	%

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

44 EGA Emerging Global Shares Trust

Schedule of Investments (Consolidated)†
EGShares Emerging Markets Core ETF

March 31, 2014


Investments	Shares		Value
COMMON STOCKS—99.6%
Brazil—9.3%
AMBEV SA ADR		6,180	$	45,794
Banco Bradesco SA Preference Shares ADR		3,107		42,473
BRF SA ADR		1,855		37,063
Cia Energética de Minas Gerais ADR		5,860		39,848
Companhia Brasileira de Distribuicao Grupo Pao de Acucar Preference Shares ADR		724		31,682
Embraer SA ADR		1,688		59,907
Itau Unibanco Holding SA Preference Shares ADR		3,205		47,626
Petroleo Brasileiro SA ADR		3,122		41,054
Vale SA ADR		2,498		34,547
Total Brazil				379,994
Chile—5.1%
Cencosud SA		10,502		34,612
Empresa Nacional de Electricidad SA ADR		1,046		45,167
Enersis SA ADR		2,944		45,720
Latam Airlines Group SA ADR		2,600		39,130
S.A.C.I. Falabella		4,782		41,902
Total Chile				206,531
China—17.2%
AAC Technologies Holdings, Inc.		5,304		27,453
Baidu, Inc. ADR*		117		17,829
Bank of China, Ltd. Class H		47,812		21,203
China Communications Construction Co., Ltd. Class H		20,000		13,949
China Construction Bank Corp. Class H		26,980		18,886
China Everbright International, Ltd.		19,142		26,207
China Life Insurance Co., Ltd. Class H ADR		460		19,477
China Merchants Holdings International Co., Ltd.		6,335		21,764
China Mobile, Ltd. ADR		378		17,233
China Overseas Land & Investment, Ltd.		7,706		19,968
China Pacific Insurance Group Co., Ltd. Class H		6,290		22,461
China Resources Enterprise, Ltd.		6,252		17,651
China Resources Land, Ltd.		8,604		18,878
China Unicom Hong Kong, Ltd. ADR		1,148		15,108
CNOOC, Ltd.		8,140		12,236
Cosco Pacific, Ltd.		14,068		17,954
Country Garden Holdings Co., Ltd.		25,445		10,628
Ctrip.com International, Ltd. ADR*		336		16,941
Digital China Holdings, Ltd.		10,934		11,023
Dongfeng Motor Group Co., Ltd. Class H		15,862		22,452
GCL-Poly Energy Holdings, Ltd.*		98,174		35,437
Haier Electronics Group Co., Ltd.		9,535		25,813
Hanergy Solar Group, Ltd.*		143,271		22,533
Hengan International Group Co., Ltd.		1,552		16,076
Industrial and Commercial Bank of China, Ltd. Class H		31,078		19,111
Lenovo Group, Ltd.		22,030		24,339
Mindray Medical International, Ltd. ADR		566		18,316
NetEase, Inc. ADR		348		23,420
New Oriental Education & Technology Group, Ltd. ADR		743		21,807


Investments	Shares		Value
PICC Property & Casualty Co., Ltd. Class H		17,327	$	23,722
Ping An Insurance Group Co. of China, Ltd. Class H		2,620		21,718
Semiconductor Manufacturing International Corp.*		241,820		18,081
Sinopharm Group Co. Class H		6,192		16,963
Tencent Holdings, Ltd.		335		23,299
ZTE Corp. Class H*		12,210		23,705
Total China				703,641
Colombia—1.2%
Grupo de Inversiones Suramericana SA		2,720		50,437
Czech Republic—1.3%
CEZ AS		1,882		53,991
Hungary—1.3%
Richter Gedeon Nyrt		3,160		55,109
India—15.5%
Dr. Reddy's Laboratories, Ltd.		1,295		55,595
Hindustan Unilever, Ltd.		5,092		51,630
Infosys, Ltd. ADR		896		48,545
ITC, Ltd.		7,432		43,909
Mahindra & Mahindra, Ltd.		2,434		39,968
NTPC, Ltd.		21,156		42,473
Reliance Industries, Ltd.		2,424		37,777
Sun Pharmaceutical Industries, Ltd.		5,672		54,586
Tata Consultancy Services, Ltd.		1,444		51,577
Tata Motors, Ltd. ADR		1,804		63,880
Titan Co., Ltd.		8,468		37,248
Wipro, Ltd.		6,638		60,375
Zee Entertainment Enterprises, Ltd.		10,342		46,989
Total India				634,552
Indonesia—3.4%
PT Astra International Tbk		74,786		48,552
PT Telekomunikasi Indonesia Persero Tbk ADR		1,252		49,291
PT Unilever Indonesia Tbk		16,659		42,894
Total Indonesia				140,737
Malaysia—5.5%
Genting Bhd		17,000		52,059
Genting Malaysia Bhd		45,600		58,650
Sime Darby Bhd		16,800		47,897
Tenaga Nasional Bhd		17,600		64,461
Total Malaysia				223,067
Mexico—9.6%
Alfa, SAB de CV Class A		16,239		41,093
America Movil SAB de CV Series L ADR		1,616		32,126
Cemex SAB de CV Series CPO*		39,720		50,226
Fomento Economico Mexicano SAB de CV ADR		518		48,298
Grupo Aeroportuario del Sureste SAB de CV Class B		3,985		48,903
Grupo Bimbo SAB de CV Series A		12,728		34,374
Grupo Televisa SAB ADR		2,068		68,844
Kimberly-Clark de Mexico SAB de CV Class A		11,962		32,048
Wal-Mart de Mexico SAB de CV Series V		16,194		38,447
Total Mexico				394,359

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

EGA Emerging Global Shares Trust 45

Schedule of Investments (Consolidated)† (concluded)
EGShares Emerging Markets Core ETF

March 31, 2014


Investments	Shares		Value
Philippines—3.4%
Ayala Land, Inc.		78,400	$	52,273
Jollibee Foods Corp.		12,110		46,177
SM Investments Corp.		2,690		42,289
Total Philippines				140,739
Poland—1.4%
Powszechny Zaklad Ubezpieczen SA		388		55,155
Russia—6.3%
Gazprom OAO ADR		5,448		41,950
Lukoil OAO ADR		802		44,559
Magnit OJSC GDR		861		47,183
MMC Norilsk Nickel OJSC ADR		3,032		50,422
Sberbank of Russia ADR		3,918		38,083
Uralkali OJSC GDR		1,432		33,981
Total Russia				256,178
South Africa—15.4%
AngloGold Ashanti, Ltd. ADR		1,876		32,042
Aspen Pharmacare Holdings, Ltd.		1,798		48,087
Bidvest Group, Ltd.		1,306		34,570
FirstRand, Ltd.		12,456		42,752
Impala Platinum Holdings, Ltd.		3,485		39,761
Imperial Holdings, Ltd.		1,482		26,560
Life Healthcare Group Holdings, Ltd.		9,614		35,200
MTN Group, Ltd.		1,744		35,741
Naspers, Ltd. N Shares		395		43,614
Netcare, Ltd.		15,250		33,841
Remgro, Ltd.		1,832		35,696
Sanlam, Ltd.		6,978		38,174
Sasol, Ltd. ADR		772		43,139
Shoprite Holdings, Ltd.		1,706		25,822
Steinhoff International Holdings, Ltd.		11,642		56,451
Tiger Brands, Ltd.		1,022		26,456
Woolworths Holdings, Ltd.		4,468		31,172
Total South Africa				629,078
Thailand—1.7%
Advanced Info Service PCL NVDR		5,000		34,834
BEC World PCL NVDR		21,000		35,280
Total Thailand				70,114


Investments	Shares		Value
Turkey—2.0%
Arcelik AS		8,462	$	47,270
Haci Omer Sabanci Holding AS		8,510		33,019
Total Turkey				80,289
TOTAL COMMON STOCKS
(Cost: $4,056,459)				4,073,971
PREFERRED STOCK—0.1%
India—0.1%
Zee Entertainment Enterprises, Ltd.
(Cost: $3,501)		217,182		2,582
TOTAL INVESTMENTS IN SECURITIES—99.7%
(Cost: $4,059,960)				4,076,553
Other Assets in Excess of Liabilities—0.3%				11,375
Net Assets—100.0%			$	4,087,928


†		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
NVDR		Non-Voting Depositary Receipts


Summary by Sector	Value		% of Net Assets
Consumer Discretionary	$	834,212		20.4	%
Consumer Staples		573,940		14.0
Energy		220,715		5.4
Financials		631,739		15.5
Health Care		317,697		7.8
Industrials		393,663		9.6
Information Technology		387,616		9.5
Materials		240,979		5.9
Telecommunication Services		184,332		4.5
Utilities		291,660		7.1
Total Investments		4,076,553		99.7
Other Assets in Excess of Liabilities		11,375		0.3
Net Assets	$	4,087,928		100.0	%

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

46 EGA Emerging Global Shares Trust

Schedule of Investments
EGShares Emerging Markets Dividend Growth ETF

March 31, 2014


Investments	Shares		Value
COMMON STOCKS—100.4%
Brazil—18.4%
Banco Bradesco SA Preference Shares		4,100	$	56,472
BRF SA		2,500		50,332
Cia de Saneamento Basico do Estado de Sao Paulo ADR		2,358		21,835
Cia Energética de Minas Gerais ADR		6,280		42,704
Itau Unibanco Holding SA Preference Shares ADR		3,812		56,646
Lojas Renner SA		1,000		28,473
Ultrapar Participacoes SA ADR		2,122		51,119
Vale SA Preference Shares		4,200		52,674
Total Brazil				360,255
China—19.9%
Bank of China, Ltd. Class H		124,826		55,356
China Construction Bank Corp. Class H		65,110		45,578
China Mobile, Ltd.		4,934		45,161
China Petroleum & Chemical Corp. Class H		53,684		48,029
China Shenhua Energy Co., Ltd. Class H		18,123		52,334
CNOOC, Ltd.		30,731		46,193
Hengan International Group Co., Ltd.		4,500		46,612
Industrial and Commercial Bank of China, Ltd. Class H		81,902		50,364
Total China				389,627
Colombia—1.5%
Almacenes Exito SA		1,900		28,436
Hungary—1.1%
Richter Gedeon Nyrt		1,200		20,928
Indonesia—11.1%
PT Astra International Tbk		67,311		43,699
PT Bank Rakyat Indonesia Persero Tbk*		61,642		51,956
PT Indocement Tunggal Prakarsa Tbk		11,900		24,486
PT Perusahaan Gas Negara Persero Tbk		91,736		41,386
PT Semen Indonesia Persero Tbk		25,466		35,419
PT United Tractors Tbk		11,080		20,239
Total Indonesia				217,185
Malaysia—7.5%
CIMB Group Holdings Bhd		21,700		47,513
Genting Malaysia Bhd		25,200		32,412
IJM Corp. Bhd		10,600		19,931
Tenaga Nasional Bhd		12,800		46,880
Total Malaysia				146,736
Mexico—7.4%
Coca-Cola Femsa SAB de CV Series L ADR		3,500		36,825
Fomento Economico Mexicano SAB de CV Series UBD ADR		5,500		51,321
Industrias Penoles SAB de CV		900		23,458
Mexichem SAB de CV		9,500		33,490
Total Mexico				145,094
Peru—1.1%
Cia de Minas Buenaventura SAA ADR		1,742		21,897


Investments	Shares		Value
Philippines—1.8%
Aboitiz Equity Ventures, Inc.		15,060	$	18,806
Manila Electric Co.		2,600		16,466
Total Philippines				35,272
Poland—2.5%
Powszechna Kasa Oszczednosci Bank Polski SA		3,500		49,209
Russia—11.0%
Gazprom OAO ADR		7,345		56,557
Sberbank of Russia ADR		5,900		57,348
Tatneft OAO ADR		1,450		49,677
Uralkali OJSC GDR		2,200		52,206
Total Russia				215,788
South Africa—10.5%
Imperial Holdings, Ltd.		1,500		26,883
Mondi, Ltd.		1,000		17,580
Mr. Price Group, Ltd.		2,000		29,932
MTN Group, Ltd.		2,830		57,997
Sasol, Ltd.		868		48,655
Truworths International, Ltd.		3,288		24,149
Total South Africa				205,196
Thailand—4.4%
Airports of Thailand PCL NVDR		3,700		22,127
Charoen Pokphand Foods PCL NVDR		20,730		17,893
Siam Cement PCL NVDR		3,500		45,099
Total Thailand				85,119
Turkey—2.2%
BIM Birlesik Magazalar AS		1,950		43,937
TOTAL INVESTMENTS IN SECURITIES—100.4%
(Cost: $1,903,520)				1,964,679
Liabilities in Excess of Other Assets—(0.4)%				(8,163	)
Net Assets—100.0%			$	1,956,516


*		Non-income producing security
ADR		American Depositary Receipts
GDR		Global Depositary Receipts
NVDR		Non-Voting Depositary Receipts


Summary by Industry	Value			% of Net Assets
Basic Materials	$	253,640			12.9	%
Consumer Goods		246,682			12.6
Consumer Services		187,339			9.6
Financials		470,442			24.0
Health Care		20,928			1.1
Industrials		212,989			10.9
Oil & Gas		249,111			12.7
Telecommunications		103,158			5.3
Utilities		220,390			11.3
Total Investments		1,964,679			100.4
Liabilities in Excess of Other Assets		(8,163	)		(0.4	)
Net Assets	$	1,956,516			100.0	%

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

EGA Emerging Global Shares Trust 47

Schedule of Investments (Consolidated)†
EGShares Emerging Markets Domestic Demand ETF

March 31, 2014


Investments	Shares		Value
COMMON STOCKS—99.5%
Brazil—8.6%
AMBEV SA ADR		149,812	$	1,110,107
BRF SA ADR		28,920		577,821
Telefonica Brasil SA ADR		15,139		321,552
Total Brazil				2,009,480
Chile—4.0%
Cencosud SA ADR		18,900		185,031
Empresa Nacional de Electricidad SA ADR		8,343		360,251
Enersis SA ADR		25,339		393,515
Total Chile				938,797
China—17.4%
Belle International Holdings, Ltd.		312,136		311,048
China Mengniu Dairy Co., Ltd.		64,202		321,546
China Mobile, Ltd.		122,394		1,120,268
China Telecom Corp., Ltd. Class H		528,514		244,599
China Unicom Hong Kong, Ltd.		238,574		313,709
Ctrip.com International, Ltd. ADR*		9,449		476,418
Great Wall Motor Co., Ltd. Class H		71,884		360,483
Hengan International Group Co., Ltd.		32,545		337,111
Tingyi Cayman Islands Holding Corp.		51,936		148,971
Want Want China Holdings, Ltd.		292,464		436,601
Total China				4,070,754
India—9.6%
Bharti Airtel, Ltd.		62,628		333,209
Hindustan Unilever, Ltd.		29,252		296,598
ITC, Ltd.		80,636		476,410
NTPC, Ltd.		115,493		231,866
Sun Pharmaceutical Industries, Ltd.		48,854		470,155
Tata Motors, Ltd. ADR		12,448		440,784
Total India				2,249,022
Indonesia—7.9%
PT Astra International Tbk		1,497,509		972,195
PT Perusahaan Gas Negara Persero Tbk		824,641		372,032
PT Telekomunikasi Indonesia Persero Tbk ADR		12,773		502,873
Total Indonesia				1,847,100
Malaysia—7.2%
Axiata Group Bhd		194,700		397,688
Genting Bhd		160,300		490,890
IOI Corp. Bhd		113,400		166,688
Tenaga Nasional Bhd		171,200		627,025
Total Malaysia				1,682,291
Mexico—16.1%
America Movil SAB de CV Series L ADR		54,688		1,087,197
Arca Continental, SAB de CV		32,131		191,795
Coca-Cola Femsa SAB de CV ADR		1,177		124,197
Fomento Economico Mexicano SAB de CV ADR		7,623		710,768
Grupo Televisa SAB ADR		29,451		980,424
Kimberly-Clark de Mexico SAB de CV Class A		43,425		115,977
Wal-Mart de Mexico SAB de CV Series V		233,644		556,860
Total Mexico				3,767,218


Investments	Shares		Value
Philippines—1.3%
Philippine Long Distance Telephone Co. ADR		5,023	$	306,503
Russia—4.7%
Magnit OJSC GDR		11,477		628,940
Mobile TeleSystems ADR		26,720		467,333
Total Russia				1,096,273
South Africa—18.3%
Aspen Pharmacare Holdings, Ltd.		23,220		621,016
MTN Group, Ltd.		58,641		1,201,767
Naspers, Ltd. N Shares		9,283		1,024,988
Shoprite Holdings, Ltd.		14,885		225,301
Steinhoff International Holdings, Ltd.		129,274		626,834
Tiger Brands, Ltd.		10,500		271,807
Woolworths Holdings, Ltd.		44,750		312,206
Total South Africa				4,283,919
Thailand—3.0%
Advanced Info Service PCL NVDR		80,500		560,820
CP All PCL NVDR		114,500		153,537
Total Thailand				714,357
Turkey—1.4%
BIM Birlesik Magazalar AS		8,545		192,534
Turkcell Iletisim Hizmetleri AS*		27,060		151,163
Total Turkey				343,697
TOTAL INVESTMENTS IN SECURITIES—99.5%
(Cost: $21,697,525)				23,309,411
Other Assets in Excess of Liabilities—0.5%				119,463
Net Assets—100.0%			$	23,428,874


†		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
NVDR		Non-Voting Depositary Receipts


Summary by Sector	Value		% of Net Assets
Consumer Discretionary	$	5,996,270		25.6	%
Consumer Staples		7,228,600		30.8
Health Care		1,091,171		4.7
Telecommunication Services		7,008,681		29.9
Utilities		1,984,689		8.5
Total Investments		23,309,411		99.5
Other Assets in Excess of Liabilities		119,463		0.5
Net Assets	$	23,428,874		100.0	%

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

48 EGA Emerging Global Shares Trust

Schedule of Investments (Consolidated)†
EGShares India Consumer ETF

March 31, 2014


Investments	Shares		Value
COMMON STOCKS—99.4%
Consumer Goods—80.0%
Apollo Tyres, Ltd.		56,202	$	150,192
Arvind, Ltd.		33,000		96,117
Bajaj Auto, Ltd.		7,116		248,263
Bata India, Ltd.		6,613		126,308
Bosch, Ltd.		1,466		267,373
Dabur India, Ltd.		77,912		234,366
Emami, Ltd.		11,099		80,897
Exide Industries, Ltd.		97,831		198,455
Godrej Consumer Products, Ltd.		19,631		282,471
Hero MotoCorp, Ltd.		6,570		250,248
Hindustan Unilever, Ltd.		21,169		214,641
Marico, Ltd.		61,383		214,965
Motherson Sumi Systems, Ltd.		63,888		273,374
MRF, Ltd.		643		234,588
Nestle India, Ltd.		2,564		215,894
Radico Khaitan, Ltd.		19,796		48,278
Raymond, Ltd.		7,699		39,009
Shree Renuka Sugars, Ltd.		93,609		33,778
Tata Global Beverages, Ltd.		78,349		196,848
TVS Motor Co., Ltd.		46,718		75,957
United Breweries, Ltd.		16,576		228,702
United Spirits, Ltd.		5,578		247,268
Total Consumer Goods				3,957,992


Investments	Shares		Value
Consumer Services—5.8%
Cox & Kings, Ltd.		11,353	$	30,425
Dish TV India, Ltd.*		79,589		69,431
Sun TV Network, Ltd.		20,783		139,806
TV18 Broadcast, Ltd.*		107,840		45,774
Total Consumer Services				285,436
Industrials—13.6%
Bharat Forge, Ltd.		25,984		183,516
Mahindra & Mahindra, Ltd.		14,950		245,493
Tata Motors, Ltd.		36,669		244,767
Total Industrials				673,776
TOTAL COMMON STOCKS
(Cost: $4,032,123)				4,917,204
PREFERRED STOCK—0.3%
Consumer Services—0.3%
Zee Entertainment Enterprises, Ltd.
(Cost: $18,748)		1,162,938		13,825
TOTAL INVESTMENTS IN SECURITIES—99.7%
(Cost: $4,050,871)				4,931,029
Other Assets in Excess of Liabilities—0.3%				13,670
Net Assets—100.0%			$	4,944,699


†		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 49

Schedule of Investments (Consolidated)†
EGShares India Infrastructure ETF

March 31, 2014


Investments	Shares		Value
COMMON STOCKS—99.5%
Basic Materials—11.2%
NMDC, Ltd.		363,389	$	847,284
Tata Steel, Ltd.		171,125		1,128,799
Total Basic Materials				1,976,083
Consumer Goods—3.4%
Aditya Birla Nuvo, Ltd.		32,134		587,180
Consumer Services—1.1%
Dish TV India, Ltd.*		223,863		195,291
Financials—2.3%
Housing Development & Infrastructure, Ltd.*		138,457		133,536
Indiabulls Real Estate, Ltd.		118,621		108,248
Unitech, Ltd.*		714,296		167,444
Total Financials				409,228
Industrials—45.3%
Adani Ports and Special Economic Zone, Ltd.		281,975		885,030
Ambuja Cements, Ltd.		234,268		793,152
Bharat Heavy Electricals, Ltd.		395,004		1,296,673
Century Textiles & Industries, Ltd.		34,166		207,836
Crompton Greaves, Ltd.		243,823		654,849
Havells India, Ltd.		25,477		398,392
IRB Infrastructure Developers, Ltd.		73,667		127,419
Jaiprakash Associates, Ltd.		802,821		721,863
Larsen & Toubro, Ltd.		52,541		1,118,957
Punj Lloyd, Ltd.*		108,050		51,200
Siemens, Ltd.		59,136		764,765
Sintex Industries, Ltd.		126,650		92,248
Tata Motors, Ltd.		128,909		860,473
Total Industrials				7,972,857


Investments	Shares		Value
Oil & Gas—4.9%
GAIL India, Ltd.		135,209	$	851,360
Telecommunications—10.6%
Bharti Airtel, Ltd.		119,319		634,829
Idea Cellular, Ltd.		223,830		515,140
Reliance Communications, Ltd.		332,968		718,650
Total Telecommunications				1,868,619
Utilities—20.7%
NHPC, Ltd.		1,038,274		332,053
NTPC, Ltd.		290,864		583,944
Power Grid Corp. of India, Ltd.		425,198		747,554
Reliance Infrastructure, Ltd.		87,026		631,903
Reliance Power, Ltd.*		458,281		542,133
Tata Power Co., Ltd.		565,200		805,840
Total Utilities				3,643,427
TOTAL COMMON STOCKS
(Cost: $14,731,828)				17,504,045
RIGHTS—0.2%
Utilities—0.2%
Tata Power Co. Ltd., expiring 4/15/14*
(Cost: $0)		75,628		31,848
TOTAL INVESTMENTS IN SECURITIES—99.7%
(Cost: $14,731,828)				17,535,893
Other Assets in Excess of Liabilities—0.3%				50,572
Net Assets—100.0%			$	17,586,465


†		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.

50 EGA Emerging Global Shares Trust

Schedule of Investments (Consolidated)†
EGShares India Small Cap ETF

March 31, 2014


Investments	Shares		Value
COMMON STOCKS—99.8%
Basic Materials—0.1%
Nagarjuna Fertilizers & Chemicals, Ltd.*#^§		582,385	$	9,752
Consumer Goods—22.4%
Apollo Tyres, Ltd.		166,507		444,967
Arvind, Ltd.		78,690		229,195
Bata India, Ltd.		16,500		315,150
Ceat, Ltd.		6,200		45,860
Cummins India, Ltd.		76,324		762,697
Delta Corp., Ltd.		81,090		134,556
Exide Industries, Ltd.		259,608		526,627
MRF, Ltd.		1,642		599,056
Shree Renuka Sugars, Ltd.		267,040		96,358
Tata Global Beverages, Ltd.		224,302		563,548
Total Consumer Goods				3,718,014
Consumer Services—1.5%
Dish TV India, Ltd.*		164,811		143,776
Jet Airways India, Ltd.*		27,202		113,071
Total Consumer Services				256,847
Financials—35.3%
Allahabad Bank		119,522		181,917
Andhra Bank		114,028		122,099
Bank of India		110,313		422,061
Canara Bank		77,250		341,932
Dena Bank, Ltd.		88,864		90,021
Federal Bank, Ltd.		459,277		736,335
Housing Development & Infrastructure, Ltd.*		155,026		149,516
IFCI, Ltd.		318,171		141,445
Indiabulls Real Estate, Ltd.		116,430		106,249
Karnataka Bank, Ltd.		108,816		213,633
L&T Finance Holdings, Ltd.		186,255		229,378
LIC Housing Finance, Ltd.		163,991		648,440
Oriental Bank of Commerce		61,840		230,803
Reliance Capital, Ltd.		64,050		370,964
SKS Microfinance, Ltd.*		45,491		155,388
Syndicate Bank		96,805		155,770
UCO Bank		123,142		150,416
Union Bank of India		136,016		312,924
Unitech, Ltd.*		645,479		151,312
Yes Bank, Ltd.		135,237		937,358
Total Financials				5,847,961


Investments	Shares		Value
Health Care—2.8%
Biocon, Ltd.		49,318	$	350,464
Wockhardt, Ltd.		14,500		111,125
Total Health Care				461,589
Industrials—18.9%
Ashok Leyland, Ltd.		782,970		310,054
Bharat Forge, Ltd.		67,626		477,620
Century Textiles & Industries, Ltd.		32,244		196,145
Crompton Greaves, Ltd.		189,941		510,135
Escorts, Ltd.		42,100		81,243
Havells India, Ltd.		25,000		390,933
IRB Infrastructure Developers, Ltd.		75,758		131,036
Jaiprakash Associates, Ltd.		636,478		572,295
Sintex Industries, Ltd.		110,740		80,660
Voltas, Ltd.		144,159		388,383
Total Industrials				3,138,504
Oil & Gas—3.4%
Aban Offshore, Ltd.		12,921		115,066
Hindustan Petroleum Corp., Ltd.		85,927		445,731
Total Oil & Gas				560,797
Technology—4.8%
Hexaware Technologies, Ltd.		77,005		194,052
Mindtree, Ltd.		23,051		509,922
Tata Elxsi, Ltd.		9,450		86,228
Total Technology				790,202
Telecommunications—1.2%
Tata Communications, Ltd.		38,500		197,971
Utilities—9.4%
Adani Power, Ltd.*		385,384		313,611
BF Utilities, Ltd.*		7,000		78,020
GMR Infrastructure, Ltd.		513,742		187,957
Petronet LNG, Ltd.		202,686		464,950
Reliance Infrastructure, Ltd.		69,573		505,175
Total Utilities				1,549,713
TOTAL INVESTMENTS IN SECURITIES—99.8%
(Cost: $16,529,200)				16,531,350
Other Assets in Excess of Liabilities—0.2%				28,778
Net Assets—100.0%			$	16,560,128


†		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.
§		Illiquid.

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

EGA Emerging Global Shares Trust 51

Schedule of Investments (Consolidated)†
EGShares Low Volatility Emerging Markets Dividend ETF

March 31, 2014


Investments	Shares		Value
COMMON STOCKS—99.7%
Brazil—15.9%
AES Tiete SA Preference Shares		294,343	$	2,353,179
Brasil Insurance Participacoes e Administracao SA		333,408		1,699,177
Light SA		159,565		1,318,100
Santos Brasil Participacoes SA		271,849		2,026,368
Telefonica Brasil SA ADR		82,307		1,748,201
Total Brazil				9,145,025
Chile—6.5%
Entel Chile SA		144,947		1,767,820
Inversiones Aguas Metropolitanas SA		1,209,577		1,954,686
Total Chile				3,722,506
China—2.9%
Zhejiang Expressway Co., Ltd. Class H		1,824,500		1,662,902
Colombia—4.4%
Ecopetrol SA ADR		61,633		2,514,010
Czech Republic—10.2%
CEZ AS		81,866		2,348,600
Komercni Banka AS		6,996		1,673,117
Telefonica Czech Republic AS		120,420		1,809,003
Total Czech Republic				5,830,720
Hong Kong—8.4%
Bosideng International Holdings, Ltd.		13,684,037		2,063,971
China South City Holdings, Ltd.		1,261,919		575,888
Tianneng Power International, Ltd.		6,382,626		2,155,778
Total Hong Kong				4,795,637
India—5.1%
Coal India, Ltd.		609,073		2,944,783
Indonesia—4.6%
PT Indo Tambangraya Megah Tbk		1,241,812		2,661,807
Malaysia—7.3%
Alliance Financial Group Bhd		730,300		986,257
Malayan Banking Bhd		499,900		1,481,865
Maxis Bhd		800,100		1,705,312
Total Malaysia				4,173,434
Philippines—3.4%
Philippine Long Distance Telephone Co.		32,020		1,949,261
Poland—4.7%
Powszechny Zaklad Ubezpieczen SA		19,011		2,702,464


Investments	Shares		Value
Russia—7.0%
Lukoil OAO ADR		25,783	$	1,432,504
Mobile TeleSystems OJSC ADR		148,833		2,603,089
Total Russia				4,035,593
South Africa—7.6%
Lewis Group, Ltd.		435,141		2,399,545
Vodacom Group, Ltd.		157,876		1,951,178
Total South Africa				4,350,723
Thailand—11.7%
BTS Group Holdings PCL NVDR		7,300,200		1,890,311
Delta Electronics Thailand PCL NVDR		757,100		1,376,970
The Bangchak Petroleum PCL NVDR		2,455,000		2,364,943
Total Access Communication PCL NVDR		297,400		1,068,036
Total Thailand				6,700,260
TOTAL COMMON STOCKS
(Cost: $57,393,969)				57,189,125
WARRANTS—0.2%
Thailand—0.2%
BTS Group Holdings PCL NVDR, expiring 11/01/18*
(Cost: $0)		3,219,500		87,335
TOTAL INVESTMENTS IN SECURITIES—99.9%
(Cost: $57,393,969)				57,276,460
Other Assets in Excess of Liabilities—0.1%				58,686
Net Assets—100.0%			$	57,335,146


†		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
NVDR		Non-Voting Depositary Receipts


Summary by Industry	Value		% of Net Assets
Basic Materials	$	5,606,590		9.8	%
Consumer Goods		4,219,749		7.4
Consumer Services		2,399,545		4.2
Financials		10,520,526		18.3
Industrials		5,642,128		9.8
Oil & Gas		6,311,457		11.0
Telecommunications		14,601,900		25.5
Utilities		7,974,565		13.9
Total Investments		57,276,460		99.9
Other Assets in Excess of Liabilities		58,686		0.1
Net Assets	$	57,335,146		100.0	%

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

52 EGA Emerging Global Shares Trust

Schedule of Investments
EGShares TCW EM Intermediate Term Investment Grade Bond ETF

March 31, 2014


Investments	Principal		Value
CORPORATE BONDS—30.5%
Cayman Islands—2.6%
Petrobras International Finance Co., 5.75%, 1/20/20	$	100,000	$	104,882
Colombia—3.0%
Ecopetrol SA, 7.63%, 7/23/19		100,000		120,375
Hong Kong—5.1%
Bank of China Hong Kong, Ltd., 5.55%, 2/11/20		190,000		204,626
Malaysia—2.8%
Petronas Capital, Ltd., 5.25%, 8/12/19		100,000		112,846
Mexico—6.1%
Petroleos Mexicanos, 8.00%, 5/3/19		200,000		245,000
Netherlands—8.2%
Majapahit Holding BV, 7.75%, 1/20/20		100,000		115,250
Myriad International Holdings BV, 6.00%, 7/18/20		200,000		218,000
Total Netherlands				333,250
United States—2.7%
Gerdau Holdings, Inc., 7.00%, 1/20/20		100,000		111,500
TOTAL CORPORATE BONDS
(Cost: $1,213,833)				1,232,479


Investments	Principal		Value
GOVERNMENT—18.0%
Brazil—5.6%
Brazilian Government International Bond, 5.88%, 1/15/19	$	200,000	$	226,000
Latvia—4.8%
Republic of Latvia, 2.75%, 1/12/20		200,000		193,050
Russia—3.9%
Russian Foreign Bond—Eurobond, 7.50%, 3/31/30*		137,000		156,112
Turkey—3.7%
Turkey Government International Bond, 7.50%, 11/7/19		130,000		149,240
TOTAL GOVERNMENT
(Cost: $724,709)				724,402
TOTAL INVESTMENTS IN SECURITIES—48.5%
(Cost: $1,938,542)				1,956,881
Other Assets in Excess of Liabilities—51.5%				2,076,501
Net Assets—100.0%			$	4,033,382


*		Step coupon bond. Rate shown reflects the rate in effect at March 31, 2014.

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

EGA Emerging Global Shares Trust 53

Schedule of Investments
EGShares TCW EM Long Term Investment Grade Bond ETF

March 31, 2014


Investments	Principal		Value
CORPORATE BONDS—32.5%
China—4.7%
Baidu, Inc., 3.50%, 11/28/22	$	200,000	$	191,421
Colombia—5.1%
Transportadora de Gas Internacional SA ESP, 5.70%, 3/20/22		200,000		209,000
Hong Kong—4.9%
CNOOC Finance 2012, Ltd., 3.88%, 5/2/22		200,000		196,934
Ireland—4.4%
Novatek OAO via Novatek Finance, Ltd., 4.42%, 12/13/22		200,000		177,750
Mexico—8.9%
Comision Federal de Electricidad, 4.88%, 1/15/24		200,000		203,500
Petroleos Mexicanos, 4.88%, 1/24/22		150,000		157,125
Total Mexico				360,625
Netherlands—4.5%
Petrobras Global Finance BV, 4.38%, 5/20/23		200,000		183,504
TOTAL CORPORATE BONDS
(Cost: $1,309,497)				1,319,234


Investments	Principal		Value
GOVERNMENT—16.9%
Brazil—6.4%
Banco Nacional de Desenvolvimento Economico E Social, 5.75%, 9/26/23	$	250,000	$	261,875
Philippines—3.8%
Philippine Government International Bond, 10.63%, 3/16/25		100,000		156,125
Poland—2.7%
Poland Government International Bond, 5.00%, 3/23/22		100,000		109,375
Turkey—4.0%
Turkey Government International Bond, 7.38%, 2/5/25		140,000		160,930
TOTAL GOVERNMENT
(Cost: $662,721)				688,305
TOTAL INVESTMENTS IN SECURITIES—49.4%
(Cost: $1,972,218)				2,007,539
Other Assets in Excess of Liabilities—50.6%				2,056,691
Net Assets—100.0%			$	4,064,230

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

54 EGA Emerging Global Shares Trust

Schedule of Investments
EGShares TCW EM Short Term Investment Grade Bond ETF

March 31, 2014


Investments	Principal		Value
CORPORATE BONDS—36.6%
Brazil—2.6%
Banco Santander Brasil SA, 4.50%, 4/6/15	$	100,000	$	103,500
Cayman Islands—10.3%
Petrobras International Finance Co., 3.88%, 1/27/16		100,000		102,944
Petrobras International Finance Co., 3.50%, 2/6/17		100,000		101,330
QNB Finance Ltd., 3.13%, 11/16/15		200,000		207,500
Total Cayman Islands				411,774
China—5.3%
Export-Import Bank of China (The), 4.88%, 7/21/15		200,000		210,369
India—2.6%
Bank of India, 4.75%, 9/30/15		100,000		104,047
Ireland—2.6%
Gazprombank OJSC Via GPB Eurobond Finance PLC, 6.50%, 9/23/15		100,000		104,000
Luxembourg—5.4%
Gazprom OAO Via Gaz Capital SA, 6.21%, 11/22/16		100,000		106,500
Rosneft Finance SA, 7.50%, 7/18/16		100,000		108,750
Total Luxembourg				215,250
Mexico—5.2%
America Movil SAB de CV, 2.38%, 9/8/16		200,000		206,800
Singapore—2.6%
DBS Bank, Ltd., 2.38%, 9/14/15		100,000		102,547
TOTAL CORPORATE BONDS
(Cost: $1,462,515)				1,458,287


Investments	Principal		Value
GOVERNMENT—12.2%
Indonesia—2.7%
Indonesia Government International Bond, 7.25%, 4/20/15	$	100,000	$	106,750
Mexico—2.8%
Mexico Government International Bond, 5.63%, 1/15/17		100,000		111,500
Russia—2.6%
Russian Foreign Bond—Eurobond, 3.63%, 4/29/15		100,000		102,125
Turkey—4.1%
Turkey Government International Bond, 7.00%, 9/26/16		150,000		164,970
TOTAL GOVERNMENT
(Cost: $484,675)				485,345
TOTAL INVESTMENTS IN SECURITIES—48.8%
(Cost: $1,947,190)				1,943,632
Other Assets in Excess of Liabilities—51.2%				2,042,941
Net Assets—100.0%			$	3,986,573

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

EGA Emerging Global Shares Trust 55

Statements of Assets and Liabilities
EGA Emerging Global Shares Trust

March 31, 2014


	EGShares Beyond BRICs ETF			EGShares Brazil Infrastructure ETF			EGShares China Infrastructure ETF			EGShares EM Dividend High Income ETF			EGShares Emerging Markets Consumer ETF (Consolidated)
ASSETS:
Cost of Investments:	$	47,575,593		$	34,474,466		$	11,116,312		$	2,911,179		$	1,210,035,133
Investments at value		48,968,685			36,832,141			9,121,420			2,824,219			1,230,716,498
Cash		—			—			31,340			—			6,292,276
Foreign cash*		112,763			47,952			—			81,358			—
Restricted cash†		—			—			—			—			—
Receivables:
Capital shares sold		1,990,289			—			—			—			—
Dividends and interest		374,484			66,016			—			21,883			—
Investment securities sold		—			—			—			533,595			—
Total Assets		51,446,221			36,946,109			9,152,760			3,461,055			1,237,008,774
LIABILITIES:
Payables:
Accrued investment advisory fees		22,524			24,905			6,383			1,965			855,347
Capital shares payable		—			—			—			—			—
Due to custodian		142,312			11,921			—			608,856			2,470,856
Due to broker		—			—			—			—			—
Income payable		—			—			—			—			—
Investment securities purchased		1,896,248			—			—			—			—
Total Liabilities		2,061,084			36,826			6,383			610,821			3,326,203
NET ASSETS	$	49,385,137		$	36,909,283		$	9,146,377		$	2,850,234		$	1,233,682,571
NET ASSETS:
Paid-in capital	$	48,101,263		$	60,872,941		$	14,379,381		$	3,045,818		$	1,232,092,302
Undistributed (accumulated) net investment income (loss)		620,423			43,332			(16,312	)		24,828			1,294,083
Undistributed (accumulated) net realized loss on investments and foreign currency transactions		(727,327	)		(26,368,161	)		(3,221,800	)		(134,313	)		(20,406,410	)
Net unrealized appreciation (depreciation) on investments and on foreign currency translation		1,390,778			2,361,171			(1,994,892	)		(86,099	)		20,702,596
NET ASSETS	$	49,385,137		$	36,909,283		$	9,146,377		$	2,850,234		$	1,233,682,571
Outstanding beneficial interest shares (unlimited shares of beneficial interest authorized, no par value)		2,350,000			2,250,000			550,000			150,000			46,500,000
Net asset value per share	$	21.01		$	16.40		$	16.63		$	19.00		$	26.53
* Cost of foreign cash:	$	113,331		$	46,886		$	—		$	84,964		$	—

†

Restricted cash represents deposits being held by custodian as collateral for outstanding creation or redemption transactions.

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

56 EGA Emerging Global Shares Trust


	EGShares Emerging Markets Core ETF (Consolidated)			EGShares Emerging Markets Dividend Growth ETF			EGShares Emerging Markets Domestic Demand ETF (Consolidated)			EGShares India Consumer ETF (Consolidated)			EGShares India Infrastructure ETF (Consolidated)			EGShares India Small Cap ETF (Consolidated)			EGShares Low Volatility Emerging Markets Dividend ETF (Consolidated)
ASSETS:
Cost of Investments:	$	4,059,960		$	1,903,520		$	21,697,525		$	4,050,871		$	14,731,828		$	16,529,200		$	57,393,969
Investments at value		4,076,553			1,964,679			23,309,411			4,931,029			17,535,893			16,531,350			57,276,460
Cash		6,706			1,207			—			—			14,719			—			26,704
Foreign cash*		5,466			7,307			180,369			15,258			38,888			39,478			87,273
Restricted cash†		—			—			—			—			—			—			1,709,917
Receivables:
Capital shares sold		—			—			—			—			—			—			5,695
Dividends and interest		1,551			2,509			27,970			1,882			8,630			1,289			308,710
Investment securities sold		—			—			—			—			—			—			1,626,219
Total Assets		4,090,276			1,975,702			23,517,750			4,948,169			17,598,130			16,572,117			61,040,978
LIABILITIES:
Payables:
Accrued investment advisory fees		2,348			1,351			16,387			3,468			11,665			11,011			43,375
Capital shares payable		—			—			—			—			—			—			1,628,493
Due to custodian		—			—			72,489			2			—			978			—
Due to broker		—			—			—			—			—			—			1,709,917
Income payable		—			12,030			—			—			—			—			324,047
Investment securities purchased		—			5,805			—			—			—			—			—
Total Liabilities		2,348			19,186			88,876			3,470			11,665			11,989			3,705,832
NET ASSETS	$	4,087,928		$	1,956,516		$	23,428,874		$	4,944,699		$	17,586,465		$	16,560,128		$	57,335,146
NET ASSETS:
Paid-in capital	$	4,131,502		$	2,016,163		$	22,299,096		$	4,660,388		$	67,186,223		$	33,724,592		$	79,892,689
Undistributed (accumulated) net investment income (loss)		5,473			(12,471	)		24,943			—			47,367			46,038			(324,047	)
Undistributed (accumulated) net realized loss on investments and foreign currency transactions		(65,807	)		(108,336	)		(509,764	)		(596,433	)		(52,453,304	)		(17,214,371	)		(22,120,981	)
Net unrealized appreciation (depreciation) on investments and on foreign currency translation		16,760			61,160			1,614,599			880,744			2,806,179			3,869			(112,515	)
NET ASSETS	$	4,087,928		$	1,956,516		$	23,428,874		$	4,944,699		$	17,586,465		$	16,560,128		$	57,335,146
Outstanding beneficial interest shares (unlimited shares of beneficial interest authorized, no par value)		200,000			100,000			1,050,000			200,000			1,550,000			1,300,000			3,550,000
Net asset value per share	$	20.44		$	19.57		$	22.31		$	24.72		$	11.35		$	12.74		$	16.15
* Cost of foreign cash:	$	5,300		$	7,323		$	177,686		$	14,687		$	37,104		$	37,792		$	85,725

†

Restricted cash represents deposits being held by custodian as collateral for outstanding creation or redemption transactions.

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

EGA Emerging Global Shares Trust 57

Statements of Assets and Liabilities (concluded)
EGA Emerging Global Shares Trust

March 31, 2014


	EGShares TCW EM Intermediate Term Investment Grade Bond ETF			EGShares TCW EM Long Term Investment Grade Bond ETF		EGShares TCW EM Short Term Investment Grade Bond ETF
ASSETS:
Cost of Investments:	$	1,938,542		$	1,972,218	$	1,947,190
Investments at value		1,956,881			2,007,539		1,943,632
Cash		2,047,359			2,034,580		2,026,001
Restricted cash†		253,383			241,500		240,110
Receivables:
Dividends and interest		30,291			23,264		18,077
Due from custodian		216,250			212,500		206,000
Total Assets		4,504,164			4,519,383		4,433,820
LIABILITIES:
Payables:
Accrued investment advisory fees		1,149			1,153		1,137
Due to broker		253,383			241,500		240,110
Investment securities purchased		216,250			212,500		206,000
Total Liabilities		470,782			455,153		447,247
NET ASSETS	$	4,033,382		$	4,064,230	$	3,986,573
NET ASSETS:
Paid-in capital	$	4,016,078		$	4,028,909	$	3,990,718
Undistributed (accumulated) net investment income (loss)		—			—		—
Undistributed (accumulated) net realized loss on investments		(1,035	)		—		(587	)
Net unrealized appreciation (depreciation) on investments		18,339			35,321		(3,558	)
NET ASSETS	$	4,033,382		$	4,064,230	$	3,986,573
Outstanding beneficial interest shares (unlimited shares of beneficial interest authorized, no par value)		200,000			200,000		200,000
Net asset value per share	$	20.17		$	20.32	$	19.93

†

Restricted cash represents deposits being held by custodian as collateral for outstanding creation or redemption transactions.

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

58 EGA Emerging Global Shares Trust

(This page intentionally left blank.)

EGA Emerging Global Shares Trust 59

Statements of Operations
EGA Emerging Global Shares Trust

Period or Year Ended March 31, 2014


	EGShares Beyond BRICs ETF			EGShares Brazil Infrastructure ETF			EGShares China Infrastructure ETF			EGShares EM Dividend High Income ETF⁽¹⁾			EGShares Emerging Markets Consumer ETF (Consolidated)
INVESTMENT INCOME:
Dividend income*	$	937,723		$	2,510,504		$	245,923		$	81,678		$	23,067,835
Interest income		—			—			—			—			—
Total investment income		937,723			2,510,504			245,923			81,678			23,067,835
EXPENSES:
Investment advisory fees		142,933			488,567			88,584			14,004			9,483,589
Excise taxes paid		605			—			—			—			18,571
Mauritius taxes paid		—			—			—			—			6,093
Total expenses before waivers		143,538			488,567			88,584			14,004			9,508,253
Less: waivers of expenses from advisor		(32,479	)		—			—			—			—
Net expenses		111,059			488,567			88,584			14,004			9,508,253
Net investment income		826,664			2,021,937			157,339			67,674			13,559,582
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSLATIONS:
Net realized gain (loss) on:
Investments		(717,997	)		(14,843,747	)		(821,090	)		(134,312	)		(14,057,297	)
In-Kind Redemptions		134,562			—			128,781			3,127			54,335,515
Foreign currency transactions		(32,951	)		(198,729	)		(682	)		753			(844,370	)
Net realized gain (loss)		(616,386	)		(15,042,476	)		(692,991	)		(130,432	)		39,433,848
Change in unrealized appreciation (depreciation) on:
Investments		765,200			(2,827,040	)		(35,742	)		(86,960	)		(52,291,246	)
Foreign currency translation		(2,605	)		4,054			—			861			14,796
Change in unrealized appreciation (depreciation)		762,595			(2,822,986	)		(35,742	)		(86,099	)		(52,276,450	)
Net realized and unrealized gain (loss) on investments and foreign currency translation		146,209			(17,865,462	)		(728,733	)		(216,531	)		(12,842,602	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	972,873		$	(15,843,525	)	$	(571,394	)	$	(148,857	)	$	716,980
* Net of foreign taxes withheld of:	$	71,047		$	164,665		$	23,204		$	7,186		$	1,628,996

Represents the period August 15, 2013 (commencement of operations) to March 31, 2014.

Represents the period July 1, 2013 (commencement of operations) to March 31, 2014.

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

60 EGA Emerging Global Shares Trust


	EGShares Emerging Markets Core ETF (Consolidated)			EGShares Emerging Markets Dividend Growth ETF⁽²⁾			EGShares Emerging Markets Domestic Demand ETF (Consolidated)			EGShares India Consumer ETF (Consolidated)			EGShares India Infrastructure ETF (Consolidated)			EGShares India Small Cap ETF (Consolidated)			EGShares Low Volatility Emerging Markets Dividend ETF (Consolidated)
INVESTMENT INCOME:
Dividend income*	$	100,087		$	40,685		$	130,124		$	68,392		$	719,305		$	590,739		$	3,972,918
Interest income		102			—			—			—			—			—			646
Total investment income		100,189			40,685			130,124			68,392			719,305			590,739			3,973,564
EXPENSES:
Investment advisory fees		28,452			12,505			56,954			43,660			300,057			156,273			769,392
Excise taxes paid		—			10			—			—			—			—			—
Mauritius taxes paid		—			—			—			—			2,156			1,322			2,058
Total expenses before waivers		28,452			12,515			56,954			43,660			302,213			157,595			771,450
Less: waivers of expenses from advisor		—			—			—			—			—			—			—
Net expenses		28,452			12,515			56,954			43,660			302,213			157,595			771,450
Net investment income		71,737			28,170			73,170			24,732			417,092			433,144			3,202,114
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSLATIONS:
Net realized gain (loss) on:
Investments		(63,845	)		(108,336	)		(507,797	)		(317,143	)		(37,946,478	)		(2,996,021	)		(15,006,837	)
In-Kind Redemptions		57,521			11,860			66,200			—			—			—			626,734
Foreign currency transactions		(3,097	)		(2,866	)		(11,364	)		10,533			1,688,197			9,888			16,340
Net realized gain (loss)		(9,421	)		(99,342	)		(452,961	)		(306,610	)		(36,258,281	)		(2,986,133	)		(14,363,763	)
Change in unrealized appreciation (depreciation) on:
Investments		(77,221	)		61,159			1,350,110			649,763			26,138,587			2,707,684			(4,929,136	)
Foreign currency translation		920			1			2,666			471			1,718			1,001			4,562
Change in unrealized appreciation (depreciation)		(76,301	)		61,160			1,352,776			650,234			26,140,305			2,708,685			(4,924,574	)
Net realized and unrealized gain (loss) on investments and foreign currency translation		(85,722	)		(38,182	)		899,815			343,624			(10,117,976	)		(277,448	)		(19,288,337	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(13,985	)	$	(10,012	)	$	972,985		$	368,356		$	(9,700,884	)	$	155,696		$	(16,086,223	)
* Net of foreign taxes withheld of:	$	10,992		$	2,828		$	13,937		$	—		$	—		$	—		$	350,330

Represents the period August 15, 2013 (commencement of operations) to March 31, 2014.

Represents the period July 1, 2013 (commencement of operations) to March 31, 2014.

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

EGA Emerging Global Shares Trust 61

Statements of Operations (concluded)
EGA Emerging Global Shares Trust

Period Ended March 31, 2014


	EGShares TCW EM Intermediate Term Investment Grade Bond ETF⁽¹⁾			EGShares TCW EM Long Term Investment Grade Bond ETF⁽¹⁾		EGShares TCW EM Short Term Investment Grade Bond ETF⁽¹⁾
INVESTMENT INCOME:
Interest income	$	18,551		$	22,017	$	7,134
EXPENSES:
Investment advisory fees		2,968			2,976		2,956
Net investment income		15,583			19,041		4,178
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized loss on:
Investments		(1,035	)		—		(587	)
Change in unrealized appreciation (depreciation) on:
Investments		18,339			35,321		(3,558	)
Net realized and unrealized gain (loss) on investments		17,304			35,321		(4,145	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	32,887		$	54,362	$	33

Represents the period January 8, 2014 (commencement of operations) to March 31, 2014.

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

62 EGA Emerging Global Shares Trust

(This page intentionally left blank.)

EGA Emerging Global Shares Trust 63

Statements of Changes in Net Assets
EGA Emerging Global Shares Trust

March 31, 2014


	EGShares Beyond BRICs ETF						EGShares Brazil Infrastructure ETF						EGShares China Infrastructure ETF
	For the Year Ended March 31, 2014			For the Period August 15, 2012⁽¹⁾ Through March 31, 2013			For the Year Ended March 31, 2014			For the Year Ended March 31, 2013			For the Year Ended March 31, 2014			For the Year Ended March 31, 2013
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income	$	826,664		$	55,119		$	2,021,937		$	2,523,832		$	157,339		$	156,789
Net realized gain (loss) on investments and foreign currency transactions		(616,386	)		(8,442	)		(15,042,476	)		(4,978,845	)		(692,991	)		(1,003,019	)
Net unrealized appreciation (depreciation) on investments and foreign currency translation		762,595			628,183			(2,822,986	)		(4,949,509	)		(35,742	)		1,460,711
Net increase (decrease) in net assets resulting from operations		972,873			674,860			(15,843,525	)		(7,404,522	)		(571,394	)		614,481
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income		(198,374	)		(37,506	)		(1,708,565	)		(3,009,024	)		(147,147	)		(154,518	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		41,935,626			7,050,561			—			8,274,032			917,028			2,804,555
Cost of shares redeemed		(1,012,903	)		—			(25,277,961	)		(7,711,903	)		(4,191,060	)		(2,428,671	)
Transaction fees		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		40,922,723			7,050,561			(25,277,961	)		562,129			(3,274,032	)		375,884
Net Increase (Decrease) in Net Assets		41,697,222			7,687,915			(42,830,051	)		(9,851,417	)		(3,992,573	)		835,847
NET ASSETS:
Beginning of period		7,687,915			—			79,739,334			89,590,751			13,138,950			12,303,103
End of period	$	49,385,137		$	7,687,915		$	36,909,283		$	79,739,334		$	9,146,377		$	13,138,950
Undistributed (accumulated) net investment income (loss) included in net assets at end of period	$	620,423		$	24,479		$	43,332		$	(71,310	)	$	(16,312	)	$	(25,822	)
SHARES CREATED AND REDEEMED:
Shares outstanding, beginning of period		350,000			—			3,750,000			3,700,000			750,000			750,000
Shares sold		2,050,000			350,000			—			400,000			50,000			150,000
Shares redeemed		(50,000	)		—			(1,500,000	)		(350,000	)		(250,000	)		(150,000	)
Shares outstanding, end of period		2,350,000			350,000			2,250,000			3,750,000			550,000			750,000

Commencement of operations.

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

64 EGA Emerging Global Shares Trust


	EGShares EM Dividend High Income ETF			EGShares Emerging Markets Consumer ETF (Consolidated)						EGShares Emerging Markets Core ETF (Consolidated)						EGShares Emerging Markets Dividend Growth ETF			EGShares Emerging Markets Domestic Demand ETF (Consolidated)
	For the Period August 15, 2013⁽¹⁾ Through March 31, 2014			For the Year Ended March 31, 2014			For the Year Ended March 31, 2013			For the Year Ended March 31, 2014			For the Period October 16, 2012⁽¹⁾ Through March 31, 2013			For the Period July 1, 2013⁽¹⁾ Through March 31, 2014			For the Year Ended March 31, 2014			For the Period August 15, 2012⁽¹⁾ Through March 31, 2013
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income	$	67,674		$	13,559,582		$	3,672,737		$	71,737		$	9,042		$	28,170		$	73,170		$	19,063
Net realized gain (loss) on investments and foreign currency transactions		(130,432	)		39,433,848			923,018			(9,421	)		(1,547	)		(99,342	)		(452,961	)		95,675
Net unrealized appreciation (depreciation) on investments and foreign currency translation		(86,099	)		(52,276,450	)		39,262,229			(76,301	)		93,061			61,160			1,352,776			261,823
Net increase (decrease) in net assets resulting from operations		(148,857	)		716,980			43,857,984			(13,985	)		100,556			(10,012	)		972,985			376,561
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income		(40,624	)		(9,529,880	)		(2,930,218	)		(70,906	)		(4,026	)		(33,472	)		(44,840	)		(8,302	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		4,087,632			568,682,184			477,224,008			1,994,833			5,118,595			3,041,849			21,397,580			5,008,034
Cost of shares redeemed		(1,047,917	)		(211,670,993	)		(35,143,331	)		(1,994,464	)		(1,041,854	)		(1,041,849	)		(1,111,765	)		(3,160,206	)
Transaction fees		—			7,917			1,873			(764	)		(57	)		—			(977	)		(196	)
Net increase (decrease) in net assets resulting from capital share transactions		3,039,715			357,019,108			442,082,550			(395	)		4,076,684			2,000,000			20,284,838			1,847,632
Net Increase (Decrease) in Net Assets		2,850,234			348,206,208			483,010,316			(85,286	)		4,173,214			1,956,516			21,212,983			2,215,891
NET ASSETS:
Beginning of period		—			885,476,363			402,466,047			4,173,214			—			—			2,215,891			—
End of period	$	2,850,234		$	1,233,682,571		$	885,476,363		$	4,087,928		$	4,173,214		$	1,956,516		$	23,428,874		$	2,215,891
Undistributed (accumulated) net investment income (loss) included in net assets at end of period	$	24,828		$	1,294,083		$	405,168		$	5,473		$	7,173		$	(12,471	)	$	24,943		$	7,977
SHARES CREATED AND REDEEMED:
Shares outstanding, beginning of period		—			33,400,000			16,250,000			200,000			—			—			100,000			—
Shares sold		200,000			21,150,000			18,600,000			100,000			250,000			150,000			1,000,000			250,000
Shares redeemed		(50,000	)		(8,050,000	)		(1,450,000	)		(100,000	)		(50,000	)		(50,000	)		(50,000	)		(150,000	)
Shares outstanding, end of period		150,000			46,500,000			33,400,000			200,000			200,000			100,000			1,050,000			100,000

Commencement of operations.

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

EGA Emerging Global Shares Trust 65

Statements of Changes in Net Assets (concluded)
EGA Emerging Global Shares Trust

March 31, 2014


	EGShares India Consumer ETF (Consolidated)						EGShares India Infrastructure ETF (Consolidated)
	For the Year Ended March 31, 2014			For the Year Ended March 31, 2013			For the Year Ended March 31, 2014			For the Year Ended March 31, 2013
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	24,732		$	(47	)	$	417,092		$	288,638
Net realized loss on investments and foreign currency transactions		(306,610	)		(291,189	)		(36,258,281	)		(3,074,168	)
Net unrealized appreciation (depreciation) on investments and foreign currency translation		650,234			128,040			26,140,305			(7,868,171	)
Net increase (decrease) in net assets resulting from operations		368,356			(163,196	)		(9,700,884	)		(10,653,701	)
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income		—			—			(2,053,052	)		(741,080	)
Return of Capital		—			—			—			—
Total distribution		—			—			(2,053,052	)		(741,080	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		—			4,886,779			19,242,356			3,590,929
Cost of shares redeemed		(2,051,517	)		—			(41,412,898	)		(1,384,494	)
Transaction fees		(3,208	)		(876	)		(2,231	)		(1,118	)
Net increase (decrease) in net assets resulting from capital share transactions		(2,054,725	)		4,885,903			(22,172,773	)		2,205,317
Net Increase (Decrease) in Net Assets		(1,686,369	)		4,722,707			(33,926,709	)		(9,189,464	)
NET ASSETS:
Beginning of period		6,631,068			1,908,361			51,513,174			60,702,638
End of period	$	4,944,699		$	6,631,068		$	17,586,465		$	51,513,174
Undistributed (accumulated) net investment income (loss) included in net assets at end of period	$	—		$	(44,096	)	$	47,367		$	(7,314	)
SHARES CREATED AND REDEEMED:
Shares outstanding, beginning of period		300,000			100,000			4,200,000			4,050,000
Shares sold		—			200,000			1,550,000			250,000
Shares redeemed		(100,000	)		—			(4,200,000	)		(100,000	)
Shares outstanding, end of period		200,000			300,000			1,550,000			4,200,000

Commencement of operations.

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

66 EGA Emerging Global Shares Trust


	EGShares India Small Cap ETF (Consolidated)						EGShares Low Volatility Emerging Markets Dividend ETF (Consolidated)						EGShares TCW EM Intermediate Term Investment Grade Bond ETF			EGShares TCW EM Long Term Investment Grade Bond ETF			EGShares TCW EM Short Term Investment Grade Bond ETF
	For the Year Ended March 31, 2014			For the Year Ended March 31, 2013			For the Year Ended March 31, 2014			For the Year Ended March 31, 2013			For the Period January 8, 2014⁽¹⁾ Through March 31, 2014			For the Period January 8, 2014⁽¹⁾ Through March 31, 2014			For the Period January 8, 2014⁽¹⁾ Through March 31, 2014
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	433,144		$	178,031		$	3,202,114		$	3,286,655		$	15,583		$	19,041		$	4,178
Net realized loss on investments and foreign currency transactions		(2,986,133	)		(1,182,754	)		(14,363,763	)		(1,854,705	)		(1,035	)		—			(587	)
Net unrealized appreciation (depreciation) on investments and foreign currency translation		2,708,685			(2,448,190	)		(4,924,574	)		3,582,740			18,339			35,321			(3,558	)
Net increase (decrease) in net assets resulting from operations		155,696			(3,452,913	)		(16,086,223	)		5,014,690			32,887			54,362			33
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income		(387,083	)		(165,603	)		(3,286,653	)		(4,409,451	)		(15,923	)		(19,358	)		(4,452	)
Return of Capital		—			(8,562	)		(174,637	)		—			—			—			—
Total distribution		(387,083	)		(174,165	)		(3,461,290	)		(4,409,451	)		(15,923	)		(19,358	)		(4,452	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		1,064,537			—			51,196,661			69,939,964			4,016,418			4,029,226			3,990,992
Cost of shares redeemed		(5,433,857	)		(1,823,856	)		(63,434,762	)		(40,678,667	)		—			—			—
Transaction fees		(2,658	)		(1,765	)		(998	)		317			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		(4,371,978	)		(1,825,621	)		(12,239,099	)		29,261,614			4,016,418			4,029,226			3,990,992
Net Increase (Decrease) in Net Assets		(4,603,365	)		(5,452,699	)		(31,786,612	)		29,866,853			4,033,382			4,064,230			3,986,573
NET ASSETS:
Beginning of period		21,163,493			26,616,192			89,121,758			59,254,905			—			—			—
End of period	$	16,560,128		$	21,163,493		$	57,335,146		$	89,121,758		$	4,033,382		$	4,064,230		$	3,986,573
Undistributed (accumulated) net investment income (loss) included in net assets at end of period	$	46,038		$	(9,911	)	$	(324,047	)	$	(257,626	)	$	—		$	—		$	—
SHARES CREATED AND REDEEMED:
Shares outstanding, beginning of period		1,700,000			1,850,000			4,500,000			2,950,000			—			—			—
Shares sold		100,000			—			2,750,000			3,650,000			200,000			200,000			200,000
Shares redeemed		(500,000	)		(150,000	)		(3,700,000	)		(2,100,000	)		—			—			—
Shares outstanding, end of period		1,300,000			1,700,000			3,550,000			4,500,000			200,000			200,000			200,000

Commencement of operations.

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

EGA Emerging Global Shares Trust 67

Financial Highlights
EGA Emerging Global Shares Trust

For a share outstanding throughout each period

EGShares Beyond BRICs ETF


	For the Year Ended March 31, 2014			For the Period August 15, 2012⁽¹⁾ Through March 31, 2013
Net asset value, beginning of period	$	21.97		$	20.00
Investment operations:
Net investment income⁽²⁾		0.99			0.17
Net realized and unrealized gain (loss) on investments and foreign currency translation		(1.77	)⁽³⁾		1.91
Total from investment operations		(0.78	)		2.08
Distributions to shareholders:
Net investment income		(0.18	)		(0.11	)
Net asset value, end of period	$	21.01		$	21.97
NET ASSET VALUE TOTAL RETURN⁽⁴⁾		(3.51	)%		10.41	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted)	$	49,385		$	7,688
Ratios to average net assets:
Expenses, net of expense reimbursements/waivers^5,9		0.66	%		0.85	%⁽⁶⁾
Expenses, prior to expense reimbursements/waivers^5,9		0.85	%		2.43	%⁽⁶⁾
Net investment income		4.92	%		1.26	%⁽⁶⁾
Portfolio turnover rate		63	%		1	%⁽⁸⁾

EGShares Brazil Infrastructure ETF


	For the Year Ended March 31, 2014			For the Year Ended March 31, 2013			For the Year Ended March 31, 2012			For the Year Ended March 31, 2011			For the Period February 24, 2010⁽¹⁾ Through March 31, 2010
Net asset value, beginning of period	$	21.26		$	24.21		$	25.38		$	20.55		$	20.00
Investment operations:
Net investment income⁽²⁾		0.63			0.71			0.96			0.47			0.03
Net realized and unrealized gain (loss) on investments and foreign currency translation		(4.94	)		(2.84	)		(1.15	)		4.67			0.52	⁽³⁾
Total from investment operations		(4.31	)		(2.13	)		(0.19	)		5.14			0.55
Distributions to shareholders:
Net investment income		(0.55	)		(0.82	)		(0.98	)		(0.31	)		—
Net asset value, end of period	$	16.40		$	21.26		$	24.21		$	25.38		$	20.55
NET ASSET VALUE TOTAL RETURN⁽⁴⁾		(20.36	)%		(8.63	)%		(0.04	)%		25.16	%		2.75	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted)	$	36,909		$	79,739		$	89,591		$	83,760		$	11,303
Ratios to average net assets:
Expenses, net of expense reimbursements/waivers⁽⁵⁾		0.85	%		0.85	%		0.88	%⁽⁷⁾		0.85	%		0.85	%⁽⁶⁾
Expenses, prior to expense reimbursements/waivers⁽⁵⁾		0.85	%		1.52	%		1.51	%		1.91	%		5.67	%⁽⁶⁾
Net investment income		3.52	%		3.31	%		4.10	%		2.09	%		1.58	%⁽⁶⁾
Portfolio turnover rate		68	%		30	%		30	%		35	%		1	%⁽⁸⁾

Commencement of operations.

Based on average shares outstanding.

The realized and unrealized gain or loss on investments and foreign currency translation does not accord with the amounts reported in the Statement of Operations due to the timing of subscriptions 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).

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. For periods prior to April 1, 2013, the total return would have been lower if certain expenses had not been reimbursed/waived by EGA.

Effective April 1, 2013, EGA replaced the fee and expense structure with a Unified Fee. See Note 9 for additional information.

Annualized.

The ratio includes 0.03% for the year ended March 31, 2012 attributed to excise tax expense, which is outside the expense cap in place at that time.

Not annualized.

Effective October 1, 2013 the Fund entered into a fee waiver agreement pursuant to which the Advisor has agreed to waive its advisory fee to 0.58% of the Fund's average daily net assets (See Note 9).

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 China Infrastructure ETF


	For the Year Ended March 31, 2014			For the Year Ended March 31, 2013			For the Year Ended March 31, 2012			For the Year Ended March 31, 2011			For the Period February 17, 2010⁽¹⁾ Through March 31, 2010
Net asset value, beginning of period	$	17.52		$	16.40		$	22.24		$	20.78		$	20.09
Investment operations:
Net investment income (loss)⁽²⁾		0.26			0.23			0.33			0.10			(0.02	)
Net realized and unrealized gain (loss) on investments and foreign currency translation		(0.88	)		1.13			(5.76	)		1.49			0.71
Total from investment operations		(0.62	)		1.36			(5.43	)		1.59			0.69
Distributions to shareholders:
Net investment income		(0.27	)		(0.24	)		(0.41	)		(0.13	)		—
Net asset value, end of period	$	16.63		$	17.52		$	16.40		$	22.24		$	20.78
NET ASSET VALUE TOTAL RETURN⁽³⁾		(3.70	)%		8.16	%		(24.35	)%		7.69	%		3.43	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted)	$	9,146		$	13,139		$	12,303		$	21,132		$	6,235
Ratios to average net assets:
Expenses, net of expense reimbursements/waivers⁽⁶⁾		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%⁽⁴⁾
Expenses, prior to expense reimbursements/waivers⁽⁶⁾		0.85	%		2.45	%		2.03	%		2.89	%		7.82	%⁽⁴⁾
Net investment income (loss)		1.51	%		1.32	%		1.75	%		0.47	%		(0.85	)%⁽⁴⁾
Portfolio turnover rate		9	%		19	%		12	%		34	%		1	%⁽⁵⁾

EGShares EM Dividend High Income ETF


	For the Period August 15, 2013⁽¹⁾ Through March 31, 2014
Net asset value, beginning of period	$	20.00
Investment operations:
Net investment income⁽²⁾		0.50
Net realized and unrealized loss on investments and foreign currency translation		(1.19	)
Total from investment operations		(0.69	)
Distributions to shareholders:
Net investment income		(0.31	)
Net asset value, end of period	$	19.00
NET ASSET VALUE TOTAL RETURN⁽³⁾		(3.54	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000’s omitted)	$	2,850
Ratios to average net assets:
Expenses		0.85	%⁽⁴⁾
Net investment income		4.11	%⁽⁴⁾
Portfolio turnover rate		61	%⁽⁵⁾

Commencement of operations.

Based on average shares outstanding.

Annualized.

Not annualized.

Effective April 1, 2013, EGA replaced the fee and expense structure with a Unified Fee. See Note 9 for additional information.

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 Emerging Markets Consumer ETF (Consolidated)


	For the Year Ended March 31, 2014			For the Year Ended March 31, 2013			For the Year Ended March 31, 2012			For the Period September 14, 2010⁽¹⁾ Through March 31, 2011
Net asset value, beginning of period	$	26.51		$	24.77		$	22.76		$	20.00
Investment operations:
Net investment income⁽²⁾		0.31			0.17			0.17			0.04
Net realized and unrealized gain (loss) on investments and foreign currency translation		(0.09	)		1.68			1.96			2.74
Total from investment operations		0.22			1.85			2.13			2.78
Distributions to shareholders:
Net investment income		(0.20	)		(0.11	)		(0.12	)		(0.02	)
Net asset value, end of period	$	26.53		$	26.51		$	24.77		$	22.76
NET ASSET VALUE TOTAL RETURN⁽³⁾		0.82	%		7.46	%		9.44	%		13.88	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted)	$	1,233,683		$	885,476		$	402,466		$	194,611
Ratios to average net assets:
Expenses, net of expense reimbursements/waivers⁽⁶⁾		0.84	%		0.85	%		0.85	%		0.85	%⁽⁴⁾
Expenses, prior to expense reimbursements/waivers⁽⁶⁾		0.84	%		1.23	%		1.31	%		1.44	%⁽⁴⁾
Net investment income		1.20	%		0.68	%		0.76	%		0.37	%⁽⁴⁾
Portfolio turnover rate		14	%		7	%		3	%		9	%⁽⁵⁾

EGShares Emerging Markets Core ETF (Consolidated)


	For the Year Ended March 31, 2014			For the Period October 16, 2012⁽¹⁾ Through March 31, 2013
Net asset value, beginning of period	$	20.87		$	20.00
Investment operations:
Net investment income⁽²⁾		0.36			0.09
Net realized and unrealized gain (loss) on investments and foreign currency translation		(0.44	)		0.82
Total from investment operations		(0.08	)		0.91
Distributions to shareholders:
Net investment income		(0.35	)		(0.04	)
Net asset value, end of period	$	20.44		$	20.87
NET ASSET VALUE TOTAL RETURN⁽³⁾		(0.36	)%		4.55	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted)	$	4,088		$	4,173
Ratios to average net assets:
Expenses, net of expense reimbursements/waivers⁽⁶⁾		0.70	%		0.70	%⁽⁴⁾
Expenses, prior to expense reimbursements/waivers⁽⁶⁾		0.70	%		11.94	%⁽⁴⁾
Net investment income		1.76	%		0.96	%⁽⁴⁾
Portfolio turnover rate		16	%		3	%⁽⁵⁾

Commencement of operations.

Based on average shares outstanding.

Annualized.

Not annualized.

Effective April 1, 2013, EGA replaced the fee and expense structure with a Unified Fee. See Note 9 for additional information.

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 Dividend Growth ETF


	For the Period July 1, 2013⁽¹⁾ Through March 31, 2014
Net asset value, beginning of period	$	20.00
Investment operations:
Net investment income⁽²⁾		0.28
Net realized and unrealized loss on investments and foreign currency translation		(0.38	)
Total from investment operations		(0.10	)
Distributions to shareholders:
Net investment income		(0.33	)
Net asset value, end of period	$	19.57
NET ASSET VALUE TOTAL RETURN⁽³⁾		(0.45	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted)	$	1,957
Ratios to average net assets:
Expenses		0.85	%⁽⁴⁾
Net investment income		1.91	%⁽⁴⁾
Portfolio turnover rate		59	%⁽⁵⁾

EGShares Emerging Markets Domestic Demand ETF (Consolidated)


	For the Year Ended March 31, 2014			For the Period August 15, 2012⁽¹⁾ Through March 31, 2013
Net asset value, beginning of period	$	22.16		$	20.00
Investment operations:
Net investment income⁽²⁾		0.23			0.13
Net realized and unrealized gain on investments and foreign currency translation		0.14			2.11
Total from investment operations		0.37			2.24
Distributions to shareholders:
Net investment income		(0.22	)		(0.08	)
Net asset value, end of period	$	22.31		$	22.16
NET ASSET VALUE TOTAL RETURN⁽³⁾		1.70	%		11.23	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted)	$	23,429		$	2,216
Ratios to average net assets:
Expenses, net of expense reimbursements/waivers⁽⁶⁾		0.85	%		0.85	%⁽⁴⁾
Expenses, prior to expense reimbursements/waivers⁽⁶⁾		0.85	%		4.53	%⁽⁴⁾
Net investment income		1.09	%		1.02	%⁽⁴⁾
Portfolio turnover rate		159	%		57	%⁽⁵⁾

Commencement of operations.

Based on average shares outstanding.

Annualized.

Not annualized.

Effective April 1, 2013, EGA replaced the fee and expense structure with a Unified Fee. See Note 9 for additional information.

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 India Consumer ETF (Consolidated)


	For the Year Ended March 31, 2014			For the Year Ended March 31, 2013			For the Period August 10, 2011⁽¹⁾ Through March 31, 2012
Net asset value, beginning of period	$	22.10		$	19.08		$	20.00
Investment operations:
Net investment income (loss)⁽²⁾		0.11			(—	)⁽³⁾		(—	)⁽³⁾
Net realized and unrealized gain (loss) on investments and foreign currency translation		2.51			3.02	⁽⁴⁾		(0.92	)⁽⁴⁾
Total from investment operations		2.62			3.02			(0.92	)
Net asset value, end of period	$	24.72		$	22.10		$	19.08
NET ASSET VALUE TOTAL RETURN⁽⁵⁾		11.86	%		15.83	%		(4.60	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted)	$	4,945		$	6,631		$	1,908
Ratios to average net assets:
Expenses, net of expense reimbursements/waivers⁽⁹⁾		0.89	%		0.89	%		0.89	%⁽⁶⁾
Expenses, prior to expense reimbursements/waivers⁽⁹⁾		0.89	%		4.31	%		6.16	%⁽⁶⁾
Net investment income (loss)		0.50	%		(0.00	)%⁽⁷⁾		(0.04	)%⁽⁶⁾
Portfolio turnover rate		43	%		50	%		104	%⁽⁸⁾

EGShares India Infrastructure ETF (Consolidated)


	For the Year Ended March 31, 2014			For the Year Ended March 31, 2013			For the Year Ended March 31, 2012			For the Period August 11, 2010⁽¹⁾ Through March 31, 2011
Net asset value, beginning of period	$	12.27		$	14.99		$	19.40		$	20.00
Investment operations:
Net investment income⁽²⁾		0.13			0.07			0.06			0.01
Net realized and unrealized gain (loss) on investments and foreign currency translation		0.27	⁽⁴⁾		(2.60	)		(4.39	)		(0.61	)
Total from investment operations		0.40			(2.53	)		(4.33	)		(0.60	)
Distributions to shareholders:
Net investment income		(1.32	)		(0.19	)		(0.08	)		—
Net asset value, end of period	$	11.35		$	12.27		$	14.99		$	19.40
NET ASSET VALUE TOTAL RETURN⁽⁵⁾		4.04	%		(17.08	)%		(22.19	)%		(3.00	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted)	$	17,586		$	51,513		$	60,703		$	85,377
Ratios to average net assets:
Expenses, net of expense reimbursements/waivers⁽⁹⁾		0.86	%⁽¹⁰⁾		0.85	%		0.85	%		0.85	%⁽⁶⁾
Expenses, prior to expense reimbursements/waivers⁽⁹⁾		0.86	%⁽¹⁰⁾		1.61	%		1.69	%		2.24	%⁽⁶⁾
Net investment income		1.18	%		0.53	%		0.39	%		0.11	%⁽⁶⁾
Portfolio turnover rate		76	%		24	%		23	%		9	%⁽⁸⁾

Commencement of operations.

Based on average shares outstanding.

Less than $(0.005)

Annualized.

Less than (0.005)%

Not annualized.

Effective April 1, 2013, EGA replaced the fee and expense structure with a Unified Fee. See Note 9 for additional information.

The ratio includes 0.01% for the year ended March 31, 2014 attributed to tax expense, which is outside the Unified Fee.

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 India Small Cap ETF (Consolidated)


	For the Year Ended March 31, 2014			For the Year Ended March 31, 2013			For the Year Ended March 31, 2012			For the Period July 7, 2010⁽¹⁾ Through March 31, 2011
Net asset value, beginning of period	$	12.45		$	14.39		$	19.29		$	20.00
Investment operations:
Net investment income (loss)⁽²⁾		0.26			0.10			0.14			(0.01	)
Net realized and unrealized gain (loss) on investments and foreign currency translation		0.25	⁽³⁾		(1.94	)		(4.88	)		(0.68	)
Total from investment operations		0.51			(1.84	)		(4.74	)		(0.69	)
Distributions to shareholders:
Net investment income		(0.22	)		(0.10	)		(0.16	)		(0.02	)
Return of Capital		—			(—	)⁽⁸⁾		—			—
Total distributions		(0.22	)		(0.10	)		(0.16	)		(0.02	)
Net asset value, end of period	$	12.74		$	12.45		$	14.39		$	19.29
NET ASSET VALUE TOTAL RETURN⁽⁴⁾		4.29	%		(12.87	)%		(24.33	)%		(3.45	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted)	$	16,560		$	21,163		$	26,616		$	34,729
Ratios to average net assets:
Expenses, net of expense reimbursements/waivers⁽⁹⁾		0.86	%⁽¹⁰⁾		0.85	%		0.85	%		0.90%⁽⁵⁾^,⁽⁶⁾
Expenses, prior to expense reimbursements/waivers⁽⁹⁾		0.86	%⁽¹⁰⁾		2.09	%		2.26	%		3.12	%⁽⁵⁾
Net investment income (loss)		2.36	%		0.76	%		0.84	%		(0.06	)%⁽⁵⁾
Portfolio turnover rate		56	%		43	%		125	%		1	%⁽⁷⁾

EGShares Low Volatility Emerging Markets Dividend ETF (Consolidated)


	For the Year Ended March 31, 2014			For the Year Ended March 31, 2013			For the Period August 4, 2011⁽¹⁾ Through March 31, 2012
Net asset value, beginning of period	$	19.80		$	20.09		$	20.00
Investment operations:
Net investment income⁽²⁾		0.64			0.86			0.33
Net realized and unrealized gain (loss) on investments and foreign currency translation		(3.61	)		(0.09	)⁽³⁾		0.13
Total from investment operations		(2.97	)		0.77			0.46
Distributions to shareholders:
Net investment income		(0.65	)		(1.06	)		(0.37	)
Return of Capital		(0.03	)		—			—
Total distributions		(0.68	)		(1.06	)		(0.37	)
Net asset value, end of period	$	16.15		$	19.80		$	20.09
NET ASSET VALUE TOTAL RETURN⁽⁴⁾		(15.14	)%		4.12	%		2.45	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted)	$	57,335		$	89,122		$	59,255
Ratios to average net assets:
Expenses, net of expense reimbursements/waivers⁽⁹⁾		0.85	%		0.85	%		0.85	%⁽⁵⁾
Expenses, prior to expense reimbursements/waivers⁽⁹⁾		0.85	%		1.43	%		2.07	%⁽⁵⁾
Net investment income		3.54	%		4.45	%		2.62	%⁽⁵⁾
Portfolio turnover rate		137	%		86	%		45	%⁽⁷⁾

Commencement of operations.

Based on average shares outstanding.

Annualized.

The ratio includes 0.05% for the period ended March 31, 2011 attributed to interest expense, which was outside the expense cap in place at that time.

Not annualized.

Less than $(0.0005).

Effective April 1, 2013, EGA replaced the fee and expense structure with a Unified Fee. See Note 9 for additional information.

The ratio includes 0.01% for the period ended March 31, 2014 attributed to tax expense, which is outside the Unified Fee.

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 TCW EM Intermediate Term Investment Grade Bond ETF


	For the Period January 8, 2014⁽¹⁾ Through March 31, 2014
Net asset value, beginning of period	$	20.00
Investment operations:
Net investment income⁽²⁾		0.15
Net realized and unrealized gain on investments		0.18
Total from investment operations		0.33
Distributions to shareholders:
Net investment income		(0.16	)
Net asset value, end of period	$	20.17
NET ASSET VALUE TOTAL RETURN⁽³⁾		1.65	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted)	$	4,033
Ratios to average net assets:
Expenses		0.65	%⁽⁴⁾
Net investment income		3.41	%⁽⁴⁾
Portfolio turnover rate		—	%⁽⁵⁾

EGShares TCW EM Long Term Investment Grade Bond ETF


	For the Period January 8, 2014⁽¹⁾ Through March 31, 2014
Net asset value, beginning of period	$	20.00
Investment operations:
Net investment income⁽²⁾		0.18
Net realized and unrealized gain on investments		0.33
Total from investment operations		0.51
Distributions to shareholders:
Net investment income		(0.19	)
Net asset value, end of period	$	20.32
NET ASSET VALUE TOTAL RETURN⁽³⁾		2.58	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted)	$	4,064
Ratios to average net assets:
Expenses		0.65	%⁽⁴⁾
Net investment income		4.16	%⁽⁴⁾
Portfolio turnover rate		—	%⁽⁵⁾

Commencement of operations.

Based on average shares outstanding.

Annualized.

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 TCW EM Short Term Investment Grade Bond ETF


	For the Period January 8, 2014⁽¹⁾ Through March 31, 2014
Net asset value, beginning of period	$	20.00
Investment operations:
Net investment income⁽²⁾		0.04
Net realized and unrealized loss on investments and foreign currency translation		(0.07	)
Total from investment operations		(0.03	)
Distributions to shareholders:
Net investment income		(0.04	)
Net asset value, end of period	$	19.93
NET ASSET VALUE TOTAL RETURN⁽³⁾		(0.13	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's omitted)	$	3,987
Ratios to average net assets:
Expenses		0.65	%⁽⁴⁾
Net investment income		0.92	%⁽⁴⁾
Portfolio turnover rate		11	%⁽⁵⁾

Commencement of operations.

Based on average shares outstanding.

Annualized.

Not annualized.

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

EGA Emerging Global Shares Trust 75

Notes to Financial Statements
March 31, 2014

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-one 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:


Funds		Commencement of Operations
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 EM Dividend High Income ETF (“Dividend High Income ETF”)		August 15, 2013
EGShares Emerging Markets Consumer ETF (“Consumer ETF”)		September 14, 2010
EGShares Emerging Markets Core ETF (“Core ETF”)		October 16, 2012
EGShares Emerging Markets Dividend Growth ETF (“Dividend Growth ETF”)		July 1, 2013
EGShares Emerging Markets Domestic Demand ETF (“Domestic Demand ETF”)		August 15, 2012
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 Low Volatility Emerging Markets Dividend ETF (“Low Volatility Dividend ETF”)		August 4, 2011
EGShares TCW EM Intermediate Term Investment Grade Bond ETF (“Intermediate Term Investment Grade Bond ETF”)		January 8, 2014
EGShares TCW EM Long Term Investment Grade Bond ETF (“Long Term Investment Grade Bond ETF”)		January 8, 2014
EGShares TCW EM Short Term Investment Grade Bond ETF (“Short Term Investment Grade Bond ETF”)		January 8, 2014

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 FTSE Beyond BRICs Index (the “Beyond BRICs Underlying Index”). Effective as of October 25, 2013, the Fund began tracking the new Beyond BRICs Underlying Index instead of the former Indxx Beyond BRICs Index. The Beyond BRICs Underlying Index is designed to represent the performance of a diversified basket of 90 liquid companies in Emerging and Frontier markets ex Brazil, Russia, India, China (BRIC), Taiwan and Argentina as defined by FTSE’s Country Classification System. The index is market capitalization weighted, and will generally provide exposure up to 75% emerging markets and 25% frontier markets.

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 FTSE Brazil Infrastructure Extended Index (the “BRXX Underlying Index”). Effective as of February 3, 2014, the Fund began tracking the new BRXX Underlying Index instead of the former Indxx Brazil Infrastructure Index. The BRXX Underlying Index is a free-float capitalization weighted stock market index comprised of 30 leading companies that FTSE determines to be representative of Brazil’s infrastructure industries.

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 “China Infrastructure Underlying Index”). The China Infrastructure Underlying Index is a free-float market capitalization weighted stock market index comprised of 30 leading companies that Indxx, LLC determines to be representative of China’s infrastructure industries.

The Dividend High Income ETF’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the FTSE Equal Weighted Emerging All Cap ex Taiwan Diversified Dividend Yield 50 Index (the “Emerging Markets High Dividend Underlying Index”). The Emerging Markets High Dividend Underlying Index is equally-weighted and measures the stock performance of the top 50 emerging market companies ranked by trailing dividend yield, with a limit of no more than 10 stocks per industry and country applied.

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 (the “Consumer Titans Underlying Index”). The Consumer Titans Underlying Index is a free-float market capitalization weighted stock market index comprised of 30 leading companies that S&P Dow Jones Indices determines to be representative of the emerging market Consumer Goods and Consumer Services Industries.

76 EGA Emerging Global Shares Trust

Notes to Financial Statements (continued)
March 31, 2014

The Core ETF’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the S&P Emerging Markets Core Index (the “Emerging Markets Core Underlying Index”). The Emerging Markets Core Underlying Index is comprised of 116 leading companies that S&P Dow Jones Indices determines to be representative of all industries in emerging market countries. The Fund invests in the constituent companies of the Emerging Markets Core Underlying Index, which may include small and medium capitalized companies (“small cap” and “mid cap” companies, respectively) domiciled in emerging market countries having a market capitalization of at least $1 billion at the time of purchase.

The Dividend Growth ETF’s investment objective is to seek investment results that correspond (before fees and expenses) to the price and yield performance of the FTSE Emerging All Cap ex Taiwan Diversified Capped Dividend Growth 50 Index (the “Dividend Growth Underlying Index”). The Dividend Growth Underlying Index is a capped free float market-cap weighted index that measures the stock performance of 50 emerging market companies with a high compounded annual dividend growth rate. The index has been designed to capture a broad spectrum of securities across emerging market countries that have been screened for consistent dividend quality.

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 Dow Jones Emerging Markets Domestic Demand Index (the “EMDD Underlying Index”). Effective as of February 3, 2014, the Fund began tracking the new EMDD Underlying Index instead of the former Indxx Emerging Markets Domestic Demand Index. The EMDD Underlying Index is free-float market capitalization-weighted stock market index comprised of 50 emerging markets companies in the consumer staples, consumer discretionary, telecommunication services, health care and the utilities sectors.

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 “Consumer Underlying Index”). The Consumer Underlying Index is comprised of 30 stocks free-float adjusted market capitalization weighted index designed to measure the market performance of companies in the consumer industry in India.

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 “India Infrastructure Underlying Index”). The India Infrastructure Underlying Index is a free-float capitalization-weighted stock market index comprised of 30 leading emerging market companies that Indxx, LLC determines to be representative of India’s infrastructure sectors. The Fund invests in Indian medium to large capitalization infrastructure companies that are included in the India Infrastructure Underlying Index, which are generally defined as companies that are domiciled in India and that have a market capitalization of at least $200 million at the time of purchase.

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 “India Small Cap Underlying Index”). The India Small Cap Underlying Index is comprised of 75 stocks free-float adjusted market capitalization weighted index designed to measure the market performance of companies in the small cap segment in India.

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 FTSE Emerging All Cap ex Taiwan Low Volatility Dividend Index (the “HILO Underlying Index”). Effective as of February 3, 2014, the Fund began tracking the new HILO Underlying Index instead of the former Indxx Emerging Market High Income Low Beta Index. The HILO Underlying Index is a dividend yield weighted stock market index comprised of 30 emerging markets companies that have a high dividend yield and low beta. The Underlying Index is screened for size and liquidity, dividend quality and volatility.

The Intermediate Term Investment Grade Bond ETF’s investment objective is to seek investment results that correspond (before fees and expenses) to the performance of the J.P. Morgan Custom EM Intermediate Term Investment Grade Bond Index (the “Intermediate Term Investment Grade Bond Index”). The Intermediate Term Investment Grade Bond Index is comprised of emerging markets bonds denominated in U.S. dollars with remaining maturities between four and seven years. Under normal conditions, the Fund will invest at least 80% of its net assets in investment grade, U.S. dollar denominated intermediate term emerging market sovereign and corporate bonds.

The Long Term Investment Grade Bond ETF’s investment objective is to seek investment results that correspond (before fees and expenses) to the performance of the J.P. Morgan Custom EM Long Term Investment Grade Bond Index (the “Long Term Investment Grade Bond Index”). The Long Term Investment Grade Bond Index is comprised of emerging markets bonds denominated in U.S. dollars with remaining maturities between eight and twelve years. Under normal conditions, the Fund will invest at least 80% of its net assets in investment grade, U.S. dollar denominated long term emerging market sovereign and corporate bonds.

The Short Term Investment Grade Bond ETF’s investment objective is to seek investment results that correspond (before fees and expenses) to the performance of the J.P. Morgan Custom EM Short Term Investment Grade Bond Index (the “Short Term Investment Grade Bond Index”). The Short Term Investment Grade Bond Index is comprised of emerging markets bonds denominated in U.S. dollars with remaining maturities between one and three years. Under normal conditions, the Fund will invest at least 80% of its net assets in investment grade, U.S. dollar denominated short term emerging market sovereign and corporate bonds.

EGA Emerging Global Shares Trust 77

Notes to Financial Statements (continued)
March 31, 2014

2. CONSOLIDATION OF SUBSIDIARIES

The Consolidated Schedules of Investments; Consolidated Statements of Assets 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
Consumer ETF		EGShares Consumer Mauritius
Core ETF		EGShares Core Mauritius
Domestic Demand ETF		EGShares Domestic Demand Mauritius
India Consumer ETF		EGShares India Consumer Mauritius
India Infrastructure ETF		EGShares India Infrastructure Mauritius
India Small Cap ETF		EGShares India Small Cap Mauritius
Low Volatility Dividend ETF		EGShares Low Volatility Emerging Markets Dividend Mauritius

The Consumer ETF, Core ETF, Domestic Demand ETF and Low Volatility Dividend 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 Underlying Index.

The India Consumer ETF, India Infrastructure ETF and India Small Cap ETF invest substantially all of their assets in wholly owned subsidiaries in Mauritius, which in turn invest virtually all of their assets in Indian securities, based on the number of Indian securities that are included in each ETF’s respective Underlying Index.

By investing in a wholly owned subsidiary, Consumer ETF, Core ETF, Domestic Demand ETF, India Consumer ETF, India Infrastructure ETF, India Small Cap ETF and Low Volatility Dividend 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 provisions 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.

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


Funds	Inception Date of Subsidiary		Subsidiary Net Assets at March 31, 2014		% of ETF’s Total Net Assets at March 31, 2014
Consumer ETF		September 14, 2010	$	83,960,443		6.8	%
Core ETF		October 16, 2012		528,245		12.9
Domestic Demand ETF		August 15, 2012		1,604,247		6.8
India Consumer ETF		August 10, 2011		4,948,416		100.1
India Infrastructure ETF		August 11, 2010		17,583,547		100.0
India Small Cap ETF		July 7, 2010		16,573,029		100.1
Low Volatility Dividend ETF		August 4, 2011		2,962,057		5.2

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.

78 EGA Emerging Global Shares Trust

Notes to Financial Statements (continued)
March 31, 2014

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

Foreign equity securities are valued at the last reported sale price on the principal exchange on which such securities are traded. U.S. listed equity securities and listed ADRs and GDRs 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. U.S. 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 management of the ETFs. Use of a rate different from the rate used by the index provider may adversely affect an ETF’s ability to track its Underlying Index.

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 gains or losses 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, including the accretion of discounts and amortization of premiums.

Federal Income Taxes

The Beyond BRICs ETF, Brazil Infrastructure ETF, China Infrastructure ETF, Consumer ETF, Core ETF, Domestic Demand ETF, India Consumer ETF, India Infrastructure ETF, India Small Cap ETF and Low Volatility Dividend ETF have qualified and continue to qualify, and the Dividend High Income ETF, Dividend Growth ETF, Intermediate Term Investment Grade Bond ETF, Long Term Investment Grade Bond ETF and Short Term Investment Grade Bond ETF intend to qualify, as a “regulated investment company” under Subchapter M of the Internal Revenue Code of 1986, as amended. 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 Dividend Growth ETF and the Low Volatility Dividend ETF; monthly for Dividend High Income 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 investment income 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.

EGA Emerging Global Shares Trust 79

Notes to Financial Statements (continued)
March 31, 2014

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, 2014, open federal and state income tax years include the tax years or periods ended March 31, 2011, March 31, 2012, March 31, 2013 and March 31, 2014. 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.

4. INVESTMENT RISKS

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.

The Beyond BRICs ETF concentrates its investments in industries to the same extent as the Beyond BRICs Underlying Index, and as such, may be adversely affected by increased price volatility of securities in those industries, and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting those industries.

The Brazil Infrastructure ETF only invests in Brazilian securities. Its NAV will therefore 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 China Infrastructure ETF only invests in Chinese securities. Its NAV will therefore 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, China Infrastructure ETF, and India Infrastructure ETF concentrate their investments in infrastructure industries to the same extent as their respective underlying indices, and as such, may be adversely affected by increased price volatility of securities in the infrastructure sector, and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting that sector.

The Dividend High Income ETF concentrates its investments in industries to the same extent as the Emerging Markets High Dividend Underlying Index. The Fund may be adversely affected by increased price volatility of securities in those industries, and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting those industries.

The Consumer ETF and India Consumer ETF concentrate their investments in the consumer goods and services industries to the same extent as their respective Underlying Indices, and as such, may be adversely affected by increased price volatility of securities in the consumer goods and services industries, and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting those industries. 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 Core ETF concentrates its investments in industries to the same extent as the Emerging Markets Core Underlying Index, and as such, may be adversely affected by increased price volatility of securities in those industries, and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting those industries.

The Dividend Growth ETF concentrates its investments in industries to the same extent as the Dividend Growth Underlying Index. The Fund may be adversely affected by increased price volatility of securities in those industries, and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting those industries.

The Domestic Demand ETF concentrates its investments in industries to the same extent as the EMDD Underlying Index, and as such, may be adversely affected by increased price volatility of securities in the consumer goods, consumer services, health care, telecommunications and utilities industries, and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting those industries.

80 EGA Emerging Global Shares Trust

Notes to Financial Statements (continued)
March 31, 2014

The India Consumer ETF, India Infrastructure ETF and India Small Cap ETF only invest in Indian securities. Their NAVs will therefore 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 India Small Cap ETF primarily invests in small capitalization companies, and as such, may be adversely affected by increased price volatility of securities in that capitalization.

The Low Volatility Dividend ETF concentrates its investments in industries to the same extent as the HILO Underlying Index, and as such, may be adversely affected by increased price volatility of securities in those industries, and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting those industries.

The Intermediate Term Investment Grade Bond ETF concentrates its investments in industries to the same extent as the Intermediate Term Investment Grade Bond Index, and as such, may be adversely affected by increased price volatility of securities in those industries, and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting those industries.

The Long Term Investment Grade Bond ETF concentrates its investments in industries to the same extent as the Long Term Investment Grade Bond Index, and as such, may be adversely affected by increased price volatility of securities in those industries, and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting those industries.

The Short Term Investment Grade Bond ETF concentrates its investments in industries to the same extent as the Short Term Investment Grade Bond Index, and as such, may be adversely affected by increased price volatility of securities in those industries, and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting those industries.

5. DISTRIBUTION AGREEMENT

ALPS Distributors, Inc., (the “Distributor”) serves as the distributor of creation units (see Note 10) 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 year ended March 31, 2014, 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 year or period ended March 31, 2014, federal tax cost of investments and net unrealized appreciation (depreciation) were as follows:


Funds	Federal Tax Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Beyond BRICs ETF	$	47,849,571	$	2,684,821	$	(1,565,707	)	$	1,119,114
Brazil Infrastructure ETF		36,522,305		4,602,183		(4,292,347	)		309,836
China Infrastructure ETF		11,154,977		639,353		(2,672,910	)		(2,033,557	)
Dividend High Income ETF		2,913,373		107,829		(196,983	)		(89,154	)
Consumer ETF		1,220,413,496		172,580,611		(162,277,609	)		10,303,002
Core ETF		4,064,323		394,156		(381,926	)		12,230
Dividend Growth ETF		1,905,973		111,073		(52,367	)		58,706
Domestic Demand ETF		22,020,263		2,102,488		(813,340	)		1,289,148
India Consumer ETF		4,058,993		973,721		(101,685	)		872,036
India Infrastructure ETF		20,919,558		5,651,496		(9,035,161	)		(3,383,665	)
India Small Cap ETF		16,781,479		8,242,898		(8,493,027	)		(250,129	)
Low Volatility Dividend ETF		57,480,085		3,259,190		(3,462,815	)		(203,625	)
Intermediate Term Investment Grade Bond ETF		1,938,542		24,961		(6,622	)		18,339
Long Term Investment Grade Bond ETF		1,972,218		45,673		(10,352	)		35,321
Short Term Investment Grade Bond ETF		1,947,190		6,575		(10,133	)		(3,558	)

EGA Emerging Global Shares Trust 81

Notes to Financial Statements (continued)
March 31, 2014

For the year or period ended March 31, 2014, the components of accumulated earnings (losses) on a tax-basis were as follows:


Funds	Undistributed Ordinary Income		Accumulated Capital and Other Losses			Net Unrealized Appreciation (Depreciation)			Total Accumulated Earnings (Losses)
Beyond BRICs ETF	$	620,423	$	(453,349	)	$	1,116,800		$	1,283,874
Brazil Infrastructure ETF		43,332		(24,320,322	)		313,332			(23,963,658	)
China Infrastructure ETF		2,141		(3,201,590	)		(2,033,555	)		(5,233,004	)
Dividend High Income ETF		24,827		(132,118	)		(88,293	)		(195,584	)
Consumer ETF		1,294,083		(10,028,047	)		10,324,233			1,590,269
Core ETF		8,297		(64,268	)		12,397			(43,574	)
Dividend Growth ETF		789		(119,143	)		58,707			(59,647	)
Domestic Demand ETF		24,943		(187,026	)		1,291,861			1,129,778
India Consumer ETF		—		(588,311	)		872,622			284,311
India Infrastructure ETF		73,223		(46,291,431	)		(3,381,550	)		(49,599,758	)
India Small Cap ETF		49,753		(16,965,807	)		(248,410	)		(17,164,464	)
Low Volatility Dividend ETF		—		(22,358,912	)		(198,631	)		(22,557,543	)
Intermediate Term Investment Grade Bond ETF		—		(1,035	)		18,339			17,304
Long Term Investment Grade Bond ETF		—		—			35,321			35,321
Short Term Investment Grade Bond ETF		—		(587	)		(3,558	)		(4,145	)

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

For the year or period ended March 31, 2014, the effect of permanent book/tax reclassifications resulted in increases (decreases) to the components of net assets as follows:


Funds	Accumulated Undistributed Net Investment Income (Loss)			Accumulated Net Realized Gain (Loss) on Investments			Paid-in Capital
Beyond BRICs ETF	$	(32,346	)	$	(101,504	)	$	133,850
Brazil Infrastructure ETF		(198,730	)		198,730			—
China Infrastructure ETF		(682	)		(112,588	)		113,270
Dividend High Income ETF		(2,222	)		(3,881	)		6,103
Consumer ETF		(3,140,787	)		(52,086,755	)		55,227,542
Core ETF		(2,531	)		(55,061	)		57,592
Dividend Growth ETF		(7,169	)		(8,994	)		16,163
Domestic Demand ETF		(11,364	)		(54,837	)		66,201
India Consumer ETF		19,364			(10,533	)		(8,831	)
India Infrastructure ETF		1,690,641			(1,690,641	)		—
India Small Cap ETF		9,888			(9,888	)		—
Low Volatility Dividend ETF		18,118			(290,011	)		271,893
Intermediate Term Investment Grade Bond ETF		340			—			(340	)
Long Term Investment Grade Bond ETF		317			—			(317	)
Short Term Investment Grade Bond ETF		274			—			(274	)

82 EGA Emerging Global Shares Trust

Notes to Financial Statements (continued)
March 31, 2014

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 sales 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 year or period ended March 31, 2014, the ETFs deferred to April 1, 2014 these losses of:


Funds	Late Year Ordinary Losses		Post October Capital Losses
Beyond BRICs ETF	$	—	$	101,258
Brazil Infrastructure ETF		—		6,829,467
China Infrastructure ETF		18,454		133,467
Dividend High Income ETF		—		125,758
Consumer ETF		—		4,351,143
Core ETF		—		6,679
Dividend Growth ETF		1,230		105,525
Domestic Demand ETF		—		183,267
India Consumer ETF		—		—
India Infrastructure ETF		—		345,529
India Small Cap ETF		—		2,302,660
Low Volatility Dividend ETF		—		9,142,967
Intermediate Term Investment Grade Bond ETF		—		1,035
Long Term Investment Grade Bond ETF		—		—
Short Term Investment Grade Bond ETF		—		587

At March 31, 2014, for federal income tax purposes, the following ETFs had capital loss carryforwards available to offset future capital gains:


	Carryforwards with No Expiration*				Carryforwards Expiring In
Funds	Short-Term Capital Loss Carryforward		Long-Term Capital Loss Carryforward		Fiscal Year 2018		Fiscal Year 2019
Beyond BRICs ETF	$	143,415	$	208,676	$	—	$	—
Brazil Infrastructure ETF		5,982,230		11,508,625		—		—
China Infrastructure ETF		1,442,995		1,603,863		—		2,811
Dividend High Income ETF		6,360		—		—		—
Consumer ETF		715,076		4,961,828		—		—
Core ETF		57,589		—		—		—
Dividend Growth ETF		358		—		—		—
Domestic Demand ETF		3,759		—		—		—
India Consumer ETF		588,311		—		—		—
India Infrastructure ETF		12,652,391		33,293,511		—		—
India Small Cap ETF		4,609,309		10,053,838		—		—
Low Volatility Dividend ETF		10,531,715		2,360,183		—		—
Intermediate Term Investment Grade Bond ETF		—		—		—		—
Long Term Investment Grade Bond ETF		—		—		—		—
Short Term Investment Grade Bond ETF		—		—		—		—

Capital loss carryforwards for tax years beginning after December 22, 2010 do not expire and are carried forward in character. Amounts are subject to IRC Section 382-384 limitations in subsequent years.

EGA Emerging Global Shares Trust 83

Notes to Financial Statements (continued)
March 31, 2014

The tax character of distributions paid during the periods ended March 31, 2014 and March 31, 2013 were as follows:


	Period Ended March 31, 2014						Period Ended March 31, 2013
Funds	Distributions Paid from Ordinary Income		Distributions Paid from Long Term Capital Gains		Distributions Paid from Return of Capital		Distributions Paid from Ordinary Income		Distributions Paid from Long Term Capital Gains		Distributions Paid from Return of Capital
Beyond BRICs ETF	$	198,374	$	—	$	—	$	37,506	$	—	$	—
Brazil Infrastructure ETF		1,708,565		—		—		3,009,024		—		—
China Infrastructure ETF		147,147		—		—		154,518		—		—
Dividend High Income ETF		40,624		—		—		—		—		—
Consumer ETF		9,529,880		—		—		2,930,218		—		—
Core ETF		70,906		—		—		4,026		—		—
Dividend Growth ETF		33,472		—		—		—		—		—
Domestic Demand ETF		44,840		—		—		8,302		—		—
India Consumer ETF		—		—		—		—		—		—
India Infrastructure ETF		2,053,052		—		—		741,080		—		—
India Small Cap ETF		387,083		—		—		165,603		—		8,562
Low Volatility Dividend ETF		3,286,653		—		174,637		4,409,451		—		—
Intermediate Term Investment Grade Bond ETF		15,923		—		—		—		—		—
Long Term Investment Grade Bond ETF		19,358		—		—		—		—		—
Short Term Investment Grade Bond ETF		4,452		—		—		—		—		—

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 ETFs’ 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 representing 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.

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.

84 EGA Emerging Global Shares Trust

Notes to Financial Statements (continued)
March 31, 2014

The inputs and methodology used for valuing the securities are not necessarily an indication of the risk associated with investing in those securities. The following summarizes inputs used as of March 31, 2014 in valuing the ETFs’:


	Beyond BRICs ETF^*		Brazil Infrastructure ETF^**		China Infrastructure ETF^**		Dividend High Income ETF^*		Consumer ETF^*		Core ETF^*		Dividend Growth ETF^*		Domestic Demand ETF^*
Assets
Level 1
Common Stocks	$	48,968,685	$	36,832,141	$	9,121,420	$	2,824,219	$	1,230,716,498	$	4,073,971	$	1,964,679	$	23,309,411
Preferred Stock		—		—		—		—		—		2,582		—		—
Level 3
Convertible Bond		—^a		—		—		—		—		—		—		—
Total	$	48,968,685	$	36,832,141	$	9,121,420	$	2,824,219	$	1,230,716,498	$	4,076,553	$	1,964,679	$	23,309,411


	India Consumer ETF		India Infrastructure ETF		India Small Cap ETF		Low Volatility Dividend ETF		Intermediate Term Investment Grade Bond ETF		Long Term Investment Grade Bond ETF		Short Term Investment Grade Bond ETF
Assets
Level 1
Common Stocks	$	4,917,204	$	17,504,045	$	16,521,598	$	57,189,125	$	—	$	—	$	—
Preferred Stock		13,825		—		—		—		—		—		—
Level 2
Corporate Bonds		—		—		—		—		1,232,479		1,319,234		1,458,287
Government		—		—		—		—		724,402		688,305		485,345
Rights		—		31,848		—		—		—		—		—
Warrants		—		—		—		87,335		—		—		—
Level 3
Common Stocks		—		—		9,752		—		—		—		—
Total	$	4,931,029	$	17,535,893	$	16,531,350	$	57,276,460	$	1,956,881	$	2,007,539	$	1,943,632

Amount is less than $1.

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.

EGA Emerging Global Shares Trust 85

Notes to Financial Statements (continued)
March 31, 2014

Reconciliation of the investments in which significant unobservable inputs (Level 3) were used in determining the fair value during the year ended March 31, 2014:


	Beyond BRICs ETF		India Small Cap ETF
	Convertible Bond Financials		Common Stocks Chemicals
Balance as of March 31, 2013	$	—	$	131,907
Realized gain (loss)⁽¹⁾		—		—
Change in unrealized depreciation⁽²⁾		—		(122,155	)
Purchases		—		—
Sales		—		—
Transfers into Level 3⁽³⁾		—		—
Transfers out of Level 3⁽⁴⁾		—		—
Balance as of March 31, 2014	$	—	$	9,752
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2014 is:	$	—	$	(122,155	)

This amount is included in net realized gain (loss) from investment transactions in the Statement of Operations.

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.

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.

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, the Trust’s Valuation Committee (the “Committee”) followed procedures established by the Board. The significant inputs for the valuation methodology for the India Small Cap ETF, after consideration of quantitative and fundamental factors, were duration of fair valuation event and an illiquidity discount.

Each Fund values its investments at fair value pursuant to procedures adopted by the Board if (1) market quotations are insufficient or not readily available or (2) Emerging Global Advisors, LLC (“EGA”) believes that the values available are unreliable. The Committee performs certain functions as they relate to the administration and oversight of the Funds’ 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 duration of fair valuation event, comparable benchmark performance, and an illiquidity discount. 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 securities that are fair valued for more than five days.

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 March 31, 2014 in valuing Level 3 securities:


Beyond BRICs ETF	Fair Value	Valuation Technique	Unobservable Input	Value of Unobservable Inputs
Investments in Securities
Convertible Bond Financials	$ 0	Zero value as bonds are not trading and conversion terms are unknown	None	None


India Small Cap ETF	Fair Value	Valuation Technique	Unobservable Input	Value of Unobservable Inputs
Investments in Securities
Common Stocks Chemicals	$9,752	Adjustment to market based on duration of fair value event and illiquidity discount	Illiquidity Discount	88.4%

86 EGA Emerging Global Shares Trust

Notes to Financial Statements (continued)
March 31, 2014

Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. A significant increase (decrease) in the comparable benchmark may result in a corresponding increase (decrease) in fair value. A significant increase (decrease) in the illiquidity discount may result in a corresponding decrease (increase) in fair value.

8. INVESTMENT TRANSACTIONS

The table below displays each ETF’s investment transactions during the year or periods ended March 31, 2014. The Purchases 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
Beyond BRICs ETF	$	30,126,512	$	11,396,823	$	23,109,228	$	710,307
Brazil Infrastructure ETF		38,145,171		62,845,240		—		—
China Infrastructure ETF		1,491,820		892,866		105,807		3,960,155
Dividend High Income ETF		2,429,683		1,600,527		2,253,823		40,615
Consumer ETF		342,891,723		161,777,762		364,327,778		186,486,606
Core ETF		811,460		641,871		18,399		188,421
Dividend Growth ETF		1,374,022		1,155,917		1,841,650		60,766
Domestic Demand ETF		14,212,971		11,919,331		18,200,121		317,479
India Consumer ETF		2,094,701		4,129,246		—		—
India Infrastructure ETF		27,355,907		49,364,665		—		—
India Small Cap ETF		10,214,235		14,510,652		—		—
Low Volatility Dividend ETF		142,331,996		120,329,555		21,964,277		56,277,778
Intermediate Term Investment Grade Bond ETF		—		—		1,951,696		—
Long Term Investment Grade Bond ETF		—		—		1,972,954		—
Short Term Investment Grade Bond ETF		213,010		207,800		1,955,122		—

9. INVESTMENT ADVISORY AND OTHER AGREEMENTS

For Dividend High Income ETF, Core ETF and Dividend Growth ETF, EGA served as the sole investment advisor from inception through March 31, 2014 and provided investment advice and management services to each ETF. EGA received an annual fee equal to 0.70% of the average daily net assets of Core ETF and 0.85% for the first billion, 0.75% for the next billion and 0.65% for anything over $2 billion of the average daily net assets of Dividend High Income ETF and Dividend Growth ETF. EGA serves as advisor and TCW Investment Management Company (“TCW”) serves as sub-advisor to Intermediate Investment Term Grade Bond ETF, Long Term Investment Grade Bond ETF and Short Term Investment Grade Bond ETF. The aggregate annual advisory fees equal 0.65% of the average daily net assets from each of those Funds, a portion of which goes to TCW for a sub-advisory fee.

For the period April 1, 2012 through March 31, 2013 the Trust and EGA had entered into a written fee waiver and expense reimbursement agreement pursuant to which EGA 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 (0.70% for Core ETF and 0.89% for India Consumer ETF) at least until July 31, 2013. Under this fee waiver and expense assumption agreement, EGA retained 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.

Effective April 1, 2013, EGA replaced the current fee and expense structure with a unified fee (“Unified Fee”) for all of the series of the Trust. Under the Unified Fee, EGA took on the contractual obligation to pay all ordinary operating expenses of the ETFs without any increase in EGA’s advisory fee. The ETFs were previously obligated to pay these expenses through March 31, 2013, although EGA had entered into annual voluntary expense waiver and reimbursement agreements that capped an ETF’s ordinary operating expenses at the same rate as EGA’s advisory fee. Under the Unified Fee, EGA pays all of the ordinary operating expenses of each series of the Trust, except for the fee payment under the investment advisory agreements between EGA and the Trust, payments under each series’ 12b-1 plan (if ever implemented), brokerage expenses, taxes, interest, litigation expenses and other non-routine or extraordinary expenses.

EGA Emerging Global Shares Trust 87

Notes to Financial Statements (continued)
March 31, 2014

Effective July 1, 2013, the advisory fee for Consumer ETF changed from 0.85% of the average daily net assets to the following tiered structure: 0.85% of average daily net assets up to $1 billion; 0.75% of average daily net assets between $1 billion and $2 billion; 0.70% of average daily next assets over and above $2 billion.

Effective October 1, 2013, the Trust and EGA, advisor to the Beyond BRICs ETF, have entered into a written fee waiver agreement (“Fee Waiver Agreement”) pursuant to which EGA has agreed to waive its advisory fee to 0.58% of the Beyond BRICs ETF’s average daily net assets. The Fee Waiver Agreement will remain in effect and will be contractually binding for two years. The Fee Waiver Agreement may be terminated at any time by the Board of Trustees of the Trust, but may not be terminated by EGA during the term of the Fee Waiver Agreement. The Fee Waiver Agreement shall automatically terminate upon the termination of the Advisory Agreement or, with respect to the Fund, in the event of merger or liquidation of the Fund.

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.

For the period from April 1, 2012 through February 28, 2013, ALPS Fund Services, Inc. (“AFS”), an affiliate of the Distributor, provided 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 provided a Principal Financial Officer to the Trust under a PFO Services Agreement. As compensation for the foregoing services, AFS received certain out of pocket costs, which were accrued daily and paid monthly by the ETFs. Effective March 1, 2013, the Board appointed an officer of EGA to serve as Principal Financial Officer to the Trust.

Effective as of March 1, 2013, EGA and ALPS Fund Services, Inc. entered into an amended Compliance Services Agreement whereby, AFS will provide a Chief Compliance Officer and an Anti-Money Laundering Officer to the Trust as well as certain additional compliance support functions. As compensation for the foregoing services, AFS will receive certain out of pocket costs and fixed fees, which will be accrued for by the Trust and paid for by EGA under the written fee waiver and expense reimbursement agreement. Commencing April 1, 2013, such fees are paid by EGA out of the Unified Fee (defined above).

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 the Distributor. 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 a representation of the corresponding Underlying Index and an amount of cash. The consideration for the purchase of Creation Units of the Brazil Infrastructure ETF, India Consumer ETF, India Infrastructure ETF and India Small Cap ETF consists solely of cash in U.S. dollars. 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. This charge is either debited or credited to Paid-in Capital.

11. SUBSEQUENT EVENTS

In preparing these financial statements, the Funds’ management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. Since March 31, 2014, the following Funds paid dividends:

Fund Name

Ticker

Per Share Distributed

Payable Date

Dividend High Income ETF

EMHD

0.27530

4/30/2014

Short Term Investment Grade Bond ETF

SEMF

0.01438

4/30/2014

Intermediate Term Investment Grade Bond ETF

IEMF

0.05288

4/30/2014

Long Term Investment Grade Bond ETF

LEMF

0.06645

4/30/2014

Other than the above distributions, no notable events have occurred between year-end and the issuance of the financial statements.

88 EGA Emerging Global Shares Trust

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and
Shareholders of EGA Emerging Global Shares Trust

We have audited the accompanying statements of assets and liabilities of EGShares Beyond BRICs ETF, EGShares Brazil Infrastructure ETF, EGShares China Infrastructure ETF, EGShares EM Dividend High Income ETF, EGShares Emerging Markets Dividend Growth ETF, EGShares TCW EM Intermediate Term Investment Grade Bond ETF, EGShares TCW EM Long Term Investment Grade Bond ETF and EGShares TCW EM Short Term Investment Grade Bond ETF, each a series of shares of beneficial interest of the EGA Emerging Global Shares Trust, including the schedules of investments, as of March 31, 2014, and the related statements of operations for the year or periods then ended, and the statements of changes in net assets and financial highlights for each of the respective years or periods presented. We have also audited the accompanying consolidated statements of assets and liabilities of EGShares Emerging Markets Consumer ETF, EGShares Emerging Markets Core ETF, EGShares Emerging Markets Domestic Demand ETF, EGShares India Consumer ETF, EGShares India Infrastructure ETF, EGShares India Small Cap ETF and EGShares Low Volatility Emerging Markets Dividend ETF, each a series of shares of beneficial interest in the EGA Emerging Global Shares Trust, including the consolidated schedules of investments, as of March 31, 2014, and the related consolidated statements of operations for the year then ended, and the consolidated statements of changes in net assets and consolidated financial highlights for each of the respective years or periods presented. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of March 31, 2014 by correspondence with the custodian and brokers and by other appropriate auditing procedures where responses from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the EGShares Beyond BRICs ETF, EGShares Brazil Infrastructure ETF, EGShares China Infrastructure ETF, EGShares EM Dividend High Income ETF, EGShares Emerging Markets Consumer ETF, EGShares Emerging Markets Core ETF, EGShares Emerging Markets Dividend Growth ETF, EGShares Emerging Markets Domestic Demand ETF, EGShares India Consumer ETF, EGShares India Infrastructure ETF, EGShares India Small Cap ETF, EGShares Low Volatility Emerging Markets Dividend ETF, EGShares TCW EM Intermediate Term Investment Grade Bond ETF, EGShares TCW EM Long Term Investment Grade Bond ETF, and EGShares TCW EM Short Term Investment Grade Bond ETF as of March 31, 2014, and the results of their operations for the year or periods then ended, and the changes in their net assets and their financial highlights for each of the years or periods presented, in conformity with accounting principles generally accepted in the United States of America.

[GRAPHIC MISSING]

BBD, LLP

Philadelphia, Pennsylvania
May 29, 2014

EGA Emerging Global Shares Trust 89

Federal Income Tax Information (Unaudited)

Federal Tax Status of Dividends Declared during the Tax Year

For Federal income tax purposes, dividends from short-term capital gains are classified as ordinary income. The percentage of ordinary income distribution designated as qualifying for the corporate dividend received deduction (“DRD”), and the individual qualified dividend rate (“QDI”) is presented below.


Funds	DRD		QDI
EGShares Beyond BRICs ETF		00.0%		42.00	%
EGShares Brazil Infrastructure ETF		00.0%		2.00	%
EGShares Dividend High Income ETF		00.0%		72.00	%
EGShares China Infrastructure ETF		00.0%		100.00	%
EGShares Emerging Markets Consumer ETF		00.0%		100.00	%
EGShares Emerging Markets Core ETF		00.0%		100.00	%
EGShares Emerging Markets Dividend Growth ETF		00.0%		100.00	%
EGShares Emerging Markets Domestic Demand ETF		00.0%		100.00	%
EGShares India Consumer ETF		00.0%		00.0	%
EGShares India Infrastructure ETF		00.0%		100.00	%
EGShares India Small Cap ETF		00.0%		100.00	%
EGShares Low Volatility Emerging Markets Dividend ETF		00.0%		100.00	%
EGShares TCW EM Intermediate Term Investment Grade Bond ETF		00.0%		00.0	%
EGShares TCW EM Long Term Investment Grade Bond ETF		00.0%		00.0	%
EGShares TCW EM Short Term Investment Grade Bond ETF		00.0%		00.0	%

90 EGA Emerging Global Shares Trust

Board Review and Approval of Advisory Contracts (Unaudited)

At the February 27, 2014 meeting (the “Meeting”) of the Board of Trustees (the “Board”) of EGA Emerging Global Shares Trust (the “Trust”), 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 the investment advisory agreements (collectively, the “Advisory Agreement”) between Emerging Global Advisors, LLC (“EGA”) and the Trust with respect to EGShares Emerging Markets Consumer ETF, EGShares Beyond BRICs ETF, EGShares Emerging Markets Domestic Demand ETF, EGShares India Infrastructure ETF, EGShares China Infrastructure ETF, EGShares Brazil Infrastructure ETF, EGShares India Small Cap ETF, EGShares Emerging Markets Core ETF, EGShares India Consumer ETF, and EGShares Low Volatility Emerging Markets Dividend ETF (each, a “Fund,” and collectively, the “Funds”), for the period March 1, 2014 until February 28, 2015. Under the Advisory Agreement, EGA is obligated to pay all of the ordinary operating expenses of each Fund (the “Unified Fee”).

In connection with considering approval of the Advisory Agreement, the Independent Trustees met in executive session with independent counsel, who provided assistance and advice. In considering the approval of the Advisory Agreement, the Board, including the Independent Trustees, reviewed the materials provided for the Meeting by EGA, including: (i) a copy of the Advisory Agreement; (ii) information describing the nature, quality, and extent of the services that EGA provides and expects to provide to the 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 Stevens & Young, LLP (“Stradley Ronon”), counsel to the Trust and EGA, on the responsibilities of trustees in considering investment advisory arrangements under the 1940 Act. In addition, the Board considered data compiled by ETF Database, an independent data provider, comparing the advisory fees, expenses and performance of the Funds with fees and expenses of other ETFs with similar investment objectives and policies. The Board, including the Independent Trustees, concluded that the ETF Database report was useful and reliable for the purpose of reviewing the Advisory Agreement.

During their review of this information, the Board, including the Independent Trustees, focused on and analyzed the factors that the Board deemed relevant, including: the nature, quality, and extent of the services provided, and to be provided, to each Fund by EGA; the personnel and operations of EGA; the profitability to EGA under the 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 Fund:

(a) The nature, extent, and quality of services provided to each Fund by EGA. The Board reviewed the services that EGA has provided, and is expected to provide, for each Fund. In connection with the advisory services provided to each Fund, the Board noted EGA’s significant responsibilities as the Funds’ investment advisor, including: implementation of the investment management program of each Fund; management of the day-to-day investment and reinvestment of the assets in each Fund; determining daily baskets of deposit securities and cash components; executing portfolio security trades for purchases and redemptions of Fund shares conducted on a cash-in-lieu basis, as well as during index rebalances and reconstitutions; management of intermediate Mauritius Companies for those Funds with significant investments in India; and oversight of general portfolio compliance with relevant law. The Board noted that it had reviewed and considered most, if not all, of these items at its meetings throughout the course of the year.

The Board reviewed EGA’s experience, resources, strengths and its prior performance as an advisor and sub-advisor to the Funds. Based on their consideration and review of the foregoing information, the Board concluded that each Fund was likely to continue 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 provided and fees charged by EGA and other investment advisors to similar clients, and the cost of the services provided. The Board compared both the services rendered and the fees paid pursuant to the Advisory Agreements for each Fund that is currently listed for trading on an exchange (the “Operational Funds”) to contracts of other registered investment advisors providing services to similar ETFs. In particular, the Board compared each Fund’s advisory fee and expense ratio to the advisory fees and expense ratios of other ETFs considered to be in such Fund’s peer group, as chosen by ETF Database for periods that the Funds were in operation through December 31, 2013.

The Board noted that the advisory fee of the EGShares Beyond BRICs ETF was below the median fees charged by other funds in the Fund’s peer group. The Board also noted that the total expenses of the Fund were also below the median total expenses of other funds in the Fund’s peer group.

The Board noted that the advisory fees of the EGShares Low Volatility Emerging Markets Dividend ETF, EGShares Emerging Markets Core ETF, EGShares India Small Cap ETF and EGShares India Infrastructure ETF were between the median and the maximum range of fees charged by other funds in each Fund’s peer group. The Board also noted that the total expenses of these Funds were between the median and the maximum range of total expenses of other funds in each Fund’s respective peer group.

EGA Emerging Global Shares Trust 91

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

The Board noted that the advisory fee of the EGShares India Consumer ETF was equal to the maximum range of fees charged by other funds in the Fund’s peer group. The Board also noted that the total expenses of the Fund were between the median and the maximum range of total expenses of other funds in the Fund’s peer group.

The Board noted that the advisory fee for each of the EGShares Emerging Markets Consumer ETF (after giving effect to breakpoints), EGShares China Infrastructure ETF, EGShares Brazil Infrastructure ETF and Emerging Markets Domestic Demand ETF was above the maximum range of fees charged by other funds in each Fund’s peer group. The Board also noted that the total expenses of the Funds were above the maximum range of total expenses of other funds in each Fund’s respective peer group.

The Board considered the appropriateness of the investment advisory fees and expense ratios of the Funds under the Unified Fee compared to the fees and expenses of the ETFs in the peer groups selected by ETF Database. The Board received information regarding the costs, including operational costs borne by EGA under the Unified Fee, and profitability of EGA in connection with serving as advisor to each Fund. The Board also received information regarding the additional costs of operating the Funds that invest in a related Mauritius Company in order to invest directly in Indian companies, which increases the operational costs for those Funds. The Board noted EGA’s assumption of the contractual obligation to limit each Fund’s expenses through the Unified Fee, which cannot be changed without shareholder approval.

After comparing each Fund’s fees and expenses with those of other funds in each Fund’s peer group, including for those Funds whose fees and expenses were at or above the maximum range compared to their peer groups, and in light of the nature, quality, and extent of services provided by EGA and the costs incurred by EGA in rendering those services and absorbing the Funds’ ordinary operating expenses under the Unified Fee, the Board concluded that the fees paid to EGA with respect to each Fund were fair and reasonable.

(c) EGA’s profitability and the extent to which economies of scale were realized as each Fund grew and whether fee levels reflect such economies of scale. With respect to each Operational Fund, the Board received information and reviewed EGA’s profitability and/or the extent to which EGA supported each Operational Fund’s net expense ratio. The Board then considered economies of scale and the asset level of each Fund. EGA informed the Board that certain of the Funds were not yet at a sufficient size to be experiencing economies of scale, and that EGA would consider addressing economies of scale when assets under management reached appropriate levels. The Board noted that breakpoints had been established for EGShares Emerging Markets Consumer ETF. The Board received information regarding EGA’s financial condition and reviewed EGA’s financial statements. The Board concluded that EGA’s level of profitability with respect to each of the Operational Funds was reasonable and consistent with the level of services that EGA provides to the Funds.

(d) Investment performance of EGA. The Board considered the investment performance of the Operational Funds, including tracking error. In particular, the Board considered the investment performance of the Operational Funds relative to their stated objective to seek investment results that correspond (before fees and expenses) to the price and yield performance of the applicable underlying index that is referenced in each Fund’s investment objective, and EGA’s success in reaching each Fund’s objectives. The Board noted that tracking error data had been provided to the Board throughout the year by EGA.

The Board noted that the tracking error for EGShares Beyond BRICs ETF ranged from -1.38% to 0.26% for each of the four quarters of 2013.

The Board noted that the tracking error for EGShares Emerging Markets Brazil Infrastructure ETF ranged from -0.32% to 0.22% for each of the four quarters of 2013.

The Board noted that the tracking error for EGShares Emerging Markets China Infrastructure ETF ranged from -0.24% to 0.12% for each of the four quarters of 2013.

The Board noted that the tracking error for EGShares Emerging Markets Consumer ETF ranged from 0.02% to 0.14% for each of the four quarters of 2013.

The Board noted that the tracking error for EGShares Emerging Markets Core ETF ranged from -0.20% to 0.22% for each of the four quarters of 2013.

The Board noted that the tracking error for EGShares Domestic Demand ETF ranged from -0.43% to 0.14% for each of the four quarters of 2013.

The Board noted that the tracking error for EGShares Low Volatility Emerging Markets Dividend ETF ranged from -0.50% to 0.51% for each of the four quarters of 2013.

92 EGA Emerging Global Shares Trust

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

The Board noted that the tracking error for EGShares India Consumer ETF ranged from -0.22% to 0.31% for each of the four quarters of 2013.

The Board noted that the tracking error for EGShares Emerging Markets India Infrastructure ETF ranged from -0.10% to 1.55% for each of the four quarters of 2013.

The Board noted that the tracking error for EGShares Emerging Markets India Small Cap ETF ranged from -0.10% to 1.53% for each of the four quarters of 2013.

The Board was informed that comparative data on tracking errors of other ETFs was not readily available. The Board noted, however, that the tracking error of the Funds was generally within 1%, with only a small number of temporary exceptions, which EGA believed was consistent with industry standards. The Board also received and considered information about the premium/discount history of the Funds, which illustrated the number of times that the market price of the Funds trading on the secondary market closed above or below the NAV of the Funds, and by how much, measured in basis points.

Conclusion. No single factor was determinative to the decision of the Board. Based on the foregoing and such other matters as were deemed relevant, such as the Unified Fee and other reports that the Board had received and reviewed throughout the year, the Board concluded that the advisory fees and total expense ratios were reasonable in relation to the services provided, and to be provided, by EGA to each Fund, as well as the costs incurred and benefits gained by EGA in providing such services. As a result, the Board determined that the approval of the Advisory Agreement with EGA was in the best interest of each Fund and their shareholders.

EGA Emerging Global Shares Trust 93

Board Review and Approval of Sub-Advisory Agreement (Unaudited)

At the November 14, 2013 meeting (the “Meeting”) of the Board of Trustees (the “Board”) of EGA Emerging Global Shares Trust (the “Trust”), 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 the sub-advisory agreement (the “Sub-Advisory Agreement”) between Emerging Global Advisors, LLC (“EGA”) and TCW Investment Management Company (“TCW”) with respect to the EGShares TCW EM Short Term Investment Grade Bond ETF, EGShares TCW EM Intermediate Term Investment Grade Bond ETF and EGShares TCW EM Long Term Investment Grade Bond ETF series of the Trust (each, a “Fund,” and collectively, the “Funds”). Under the Sub-Advisory Agreement, EGA is obligated to pay TCW’s sub-advisory fee, along with all of the other ordinary operating expenses of each Fund, out of EGA’s investment advisory fee (the “Unified Fee”).

In connection with considering approval of the Sub-Advisory Agreement, the Independent Trustees met in executive session with independent counsel, who provided assistance and advice. In considering the approval of the Sub-Advisory Agreement, the Board, including the Independent Trustees, reviewed the materials provided for the Meeting by EGA and TCW, including: (i) a copy of the Sub-Advisory Agreement; (ii) information describing the nature, quality, and extent of the services that TCW expects to provide to the Funds, and the fees that TCW charges for such services; (iii) information concerning the financial condition, business, operations, portfolio management team and compliance program of TCW; (iv) a copy of the current Form ADV for TCW; and (v) a memorandum from Stradley Ronon Stevens & Young, LLP (“Stradley Ronon”), counsel to the Trust and EGA, on the responsibilities of trustees in considering investment advisory arrangements under the 1940 Act. In addition, the Board considered data compiled by ETF Database, an independent data provider, comparing the advisory fees, expenses and performance of the Funds with fees and expenses of other ETFs with similar investment objectives and policies. The Board, including the Independent Trustees, concluded that the ETF Database report was useful and reliable for the purpose of reviewing the Sub-Advisory Agreement.

During their review of this information, the Board, including the Independent Trustees, focused on and analyzed the factors that the Board deemed relevant, including: the nature, quality, and extent of the services to be provided to each Fund by TCW; the personnel and operations of TCW; the investment performance of the Funds; the profitability to TCW under the Sub-Advisory Agreement; any “fall-out” benefits to TCW (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 Fund:

(a) The nature, extent, and quality of services to be provided to each Fund by TCW. The Board reviewed the services that TCW is expected to provide to each Fund. In connection with the sub-advisory services to be provided to each Fund, the Board noted TCW’s significant responsibilities as the Funds’ sub-adviser, including: implementation of the investment management program of each Fund; management of the day-to-day investment and reinvestment of the assets in each Fund and ensuring compliance with the investment strategies, policies, and limitations of the Funds; determining daily baskets of deposit securities and cash components; making determinations with respect to alternative cash management vehicles and securities lending collateral investments; and oversight of general portfolio compliance with relevant law. The Board considered the successful performance of TCW in managing other emerging market fixed income investment products.

The Board reviewed TCW’s emerging market fixed income portfolio management team, including the team’s performance, staffing, skills and compensation program. The Board considered various other products, portfolios and entities that are advised by TCW; the allocation of assets and expenses among and within them; their relative fees and reasons for differences in fees; and potential conflicts of interest. The Board considered the selection and due diligence process employed by EGA in proposing TCW as the sub-adviser to the Funds, including the due diligence undertaken with respect to TCW’s compliance capabilities, and efforts to integrate TCW’s operations, policies, procedures and compliance functions with those of EGA.

Based on their consideration and review of the foregoing information, the Board concluded that each Fund was likely to benefit from the nature, quality, and extent of these services, as well as TCW’s ability to render such services based on its experience, operations and resources.

(b) Comparison of services provided and fees charged by TCW and other investment advisers to similar clients, and the cost of the services to be provided and profits to be realized by TCW from the relationship with the Funds. The Board compared both the services to be rendered by TCW and the proposed sub-advisory fees to be paid to TCW pursuant to the Sub-Advisory Agreement for each Fund to those of other similar ETFs. The Board noted that TCW’s sub-advisory fees would be paid by EGA from its investment advisory fees to TCW as part of the Unified Fee, and accordingly the expenses of the Funds would not increase as a result of adding TCW as a sub-adviser. The Board further noted that TCW’s sub-advisory fees were the product of arms-length negotiations between EGA and TCW. The Board considered the allocation of the investment advisory fee between EGA and TCW in light of the nature, extent and quality of the investment management services expected to be provided by EGA and TCW. The Board also considered the extent to which TCW may derive ancillary benefits from the Funds’ operations.

94 EGA Emerging Global Shares Trust

Board Review and Approval of Sub-Advisory Agreement (Unaudited) (concluded)

The Board compared each Fund’s proposed sub-advisory fees and projected expense ratios for the first year of operations to other ETFs considered to be in each Fund’s peer group. The Board noted that the Funds’ proposed sub-advisory fees and expenses under the Unified Fee were in the lower range of each Fund’s respective peer group. The Board also noted that each Fund’s overall management fees and expense ratios had previously been reviewed and approved by the Board in connection with the approval of the investment advisory agreement with EGA on behalf of each of the Funds.

After comparing each Fund’s fees and expenses with those of other funds in each Fund’s peer group, and in light of the nature, quality, and extent of services to be provided by TCW and the costs expected to be incurred by TCW in rendering those services, the Board concluded that the sub-advisory fees proposed to be paid to TCW with respect to each Fund were fair and reasonable.

(c) TCW’s profitability and the extent to which economies of scale would be realized as each Fund grows and whether fee levels would reflect such economies of scale. The Board considered the cost of the services to be provided and the profits to be realized by TCW from its relationship with the Funds. The Board noted that it could not evaluate TCW’s profitability with respect to the Funds as they had not commenced operations.

The Board then considered economies of scale realized by TCW as the Funds grow larger and the extent to which they are shared with fund shareholders, as for example, in the level of the investment management and sub-advisory fees charged, in the quality and efficiency of services rendered and in increased capital commitments benefiting the Funds directly or indirectly. Since the Funds had not commenced operations, the Board concluded that economies of scale were difficult to assess at this time.

(d) Investment performance of TCW. The Board noted that, as TCW has not provided any services to the Funds, there was no investment performance of TCW with respect to the Funds. As noted earlier, the Board did consider the investment performance of TCW in managing other emerging market fixed income investment products. The Board was informed that EGA and TCW would monitor the tracking error for each Fund daily, noting some degree of tracking error can be expected due to the Funds’ investments in emerging market securities. The factors that impact tracking error were also discussed with the Board, noting that it was TCW’s goal to keep index tracking error in the Funds to a minimum.

Conclusion. No single factor was determinative to the decision of the Board. Based on the foregoing and such other matters as were deemed relevant, such as the presentations and materials that the Board had received and reviewed at the Meeting, the Board, including the Independent Trustees, concluded that: (i) the Funds were likely to benefit from the nature, quality, and extent of the services to be provided by TCW, as well as TCW’s ability to render such services based on its experience, operations and resources; and (ii) in light of the nature, quality, and extent of services proposed to be provided by TCW to the Funds, and the costs expected to be incurred and benefits expected to be gained by TCW in rendering those services, the proposed sub-advisory fee and the projected total expenses of the Funds under the Unified Fee were fair and reasonable compared with other funds in each Fund’s peer group, as chosen by ETF Database. As a result, the Board, including the Independent Trustees, decided to approve the Sub-Advisory Agreement with TCW for the Funds.

EGA Emerging Global Shares Trust 95

Board Review and Approval of EGShares Blue Chip ETF Advisory Agreement (Unaudited)

In connection with considering approval of the Advisory Agreement, the Independent Trustees met in executive session with independent counsel, who provided assistance and advice. In considering the approval of the Advisory Agreement, the Board, including the Independent Trustees, reviewed the materials provided for the Meeting by EGA, including: (i) a copy of the Advisory Agreement; (ii) information describing the nature, quality, and extent of the services that EGA expects to provide to the Fund, and the fees that EGA proposes to charge 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 Stevens & Young, LLP (“Stradley Ronon”), counsel to the Trust and EGA, on the responsibilities of trustees in considering investment advisory arrangements under the 1940 Act. In addition, the Board considered data compiled by EGA comparing the advisory fee and expenses of the Fund with fees and expenses of other ETFs from an unaffiliated third party proprietary database, consisting of U.S.-listed ETFs with investment objectives, indexes and underlying holdings that EGA expected to be similar to the Fund (the “Peer Group”). The Board discussed the criteria used by EGA for selecting the Peer Group. The Board, including the Independent Trustees, concluded that the EGA report was useful and reliable for the purpose of reviewing the Advisory Agreement.

During their review of this information, the Board, including the Independent Trustees, focused on and analyzed the factors that the Board deemed relevant, including: the nature, quality, and extent of the services to be provided to the Fund by EGA; the personnel and operations of EGA; the profitability to EGA under the 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 the Fund:

(a) The nature, extent, and quality of services to be provided to the Fund by EGA. The Board reviewed the services that EGA is expected to provide to the Fund. In connection with the advisory services to be provided to the Fund, the Board noted EGA’s significant responsibilities as the Fund’s investment adviser, including: implementation of the investment management program of the Fund; management of the day-to-day investment and reinvestment of the assets in the Fund; determining daily baskets of deposit securities and cash components; executing portfolio security trades for purchases and redemptions of Fund shares conducted on a cash-in-lieu basis, as well as during index rebalances and reconstitutions; and oversight of general portfolio compliance with relevant law.

The Board reviewed EGA’s experience, resources, strengths and its prior performance as an adviser and sub-adviser to other series of the Trust. Based on their consideration and review of the foregoing information, the Board concluded that the Fund was 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 provided and fees charged by EGA and other investment advisers to similar clients, and the cost of the services to be provided. The Board compared both the services to be rendered and the fees to be paid pursuant to the Advisory Agreement for the Fund to contracts of other registered investment advisers providing services to similar ETFs. In particular, the Board compared the Fund’s proposed advisory fee and projected expense ratio to the advisory fees and expense ratios of other ETFs considered to be in the Fund’s Peer Group.

The Board noted that the advisory fee and expenses of the Fund were above the median advisory fees and expenses charged by other funds in the Peer Group, but were below the maximum advisory fees and expenses in the Peer Group. The Board considered the appropriateness of the proposed advisory fee and expense ratio of the Fund under the Unified Fee compared to the fees and expenses of the ETFs in the Peer Group selected by EGA. The Board received information regarding the costs, including operational costs borne by EGA under the Unified Fee. The Board noted EGA’s assumption of the contractual obligation to limit the Fund’s expenses through the Unified Fee could not be changed without shareholder approval.

After comparing the Fund’s fees and expenses with those of other funds in the Peer Group, and in light of the nature, quality, and extent of services to be provided by EGA and the costs incurred by EGA in rendering those services and absorbing the Fund’s ordinary operating expenses under the Unified Fee, the Board concluded that the fees to be paid to EGA with respect to the Fund were fair and reasonable.

96 EGA Emerging Global Shares Trust

Board Review and Approval of EGShares Blue Chip ETF Advisory Agreement (Unaudited) (concluded)

(c) EGA’s profitability and the extent to which economies of scale would be realized as the Fund grows and whether fee levels would reflect such economies of scale. The Board noted that, because the Fund had not commenced operations, it was not possible to assess either EGA’s profitability or the potential for economies of scale. EGA informed the Board that it would report on its profitability and consider addressing economies of scale when assets under management for the Fund reached appropriate levels. The Board did consider EGA’s profitability with respect to other series of the Trust, noting that EGA had in the past introduced breakpoints to its advisory fee for certain series of the Trust when assets under management had reached a significant size.

(d) Investment performance of EGA. The Board noted that, because the Fund had not commenced operations, it was not possible to assess EGA’s investment performance with respect to the Fund. The Board did consider EGA’s investment performance with respect to other series of the Trust relative to their stated investment objectives to seek investment results that correspond (before fees and expenses) to the price and yield performance of the applicable underlying index that is referenced in each series’ investment objective, and EGA’s success in reaching each series’ objectives, including tracking error.

Conclusion. No single factor was determinative to the decision of the Board. Based on the foregoing and such other matters as were deemed relevant, such as the Unified Fee, the Board, including the Independent Trustees, concluded that the advisory fee and total expense ratio were reasonable in relation to the services to be provided by EGA to the Fund, as well as the costs to be incurred and benefits to be gained by EGA in providing such services. As a result, the Board, including the Independent Trustees, determined that the approval of the Advisory Agreement with EGA would be in the best interest of the Fund and its shareholders.

EGA Emerging Global Shares Trust 97

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. The Statement of Additional Information includes additional information about Fund Trustee and is available, without charge, upon request at 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), President, since January 2008.	42	Daxor Corp. (Medical Products and Biotechnology), since 2004.
Ron Safir, 1951	Trustee	Since 2009	Retired, since 2008.	42	None
Jeffrey D. Haroldson, 1957	Trustee	Since 2009	Bridgeton Holdings LLC (real estate investment and development), Chief Operating Officer & General Counsel, since 2013; Ridgewood Capital Advisors LLC (consulting and business advisory services), President since 2012; HDG Mansur Capital Group, LLC (international real estate company), President and Chief Operating Officer, 2004 to 2011.	42	None
Interested Trustees
Robert C. Holderith³, 1960	Trustee and President	Since 2008	Emerging Global Advisors, LLC, Managing Member and Chief Executive Officer, since September 2008.	42	None

Each Trustee holds office for an indefinite term.

The “Fund Complex” consists of the Frontier Diversified Core Fund and the Trust, which together consist of forty-two funds. As of 3/31/14, sixteen of the forty-two funds were operational.

Mr. Holderith is considered to be an “interested person” of the Trust as defined in the 1940 Act, due to his relationship with EGA, the Funds’ Advisor.

98 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 Emerging Global Advisors, LLC 155 West 19th Street, 3rd Floor New York, NY 10011 1960	Executive Vice President	Since 2011	Chief Executive Officer, Emerging Global Advisors, LLC, since January 2011; Board of Directors, Securities Industry and Financial Markets Association, 2006 – 2011; UBS (and its predecessor, PaineWebber), 1983 – 2009 (including various executive positions starting in 2001).
Susan M. Ciccarone Emerging Global Advisors, LLC 155 West 19th Street, 3rd Floor New York, NY 10011 1973	Principal Financial Officer, Vice President and Treasurer	Since 2013	Emerging Global Advisors, LLC, Member and Chief Financial Officer since August 2012. Goldman, Sachs & Co., Managing Director, Financial Institutions Group, since October 2009. UBS Investment Bank, Executive Director, Director, Associate Director, 2002 – 2009.
Melanie H. Zimdars ALPS Fund Services, Inc. 1290 Broadway Suite 1100 Denver, CO 80203 1976	Chief Compliance Officer	Since 2010	ALPS Fund Services, Inc., Deputy Chief Compliance Officer, since September 2009; ALPS ETF Trust, Chief Compliance Officer, since December 2009; EGA EGShares Funds Trust, Chief Compliance Officer, since March 2010; EGA Diversified Core Fund since November 2013; ALPS Variable Investment Trust, Chief Compliance Officer, since September 2009; BPV Family of Funds, Chief Compliance Officer since September 2011; Broadview Opportunity Trust, Chief Compliance Officer since November 2013; Liberty All-Star Equity Fund and Liberty All-Star Growth Fund, Inc., Chief Compliance Officer, since December 2009.

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

EGA Emerging Global Shares Trust 99

General Information (Unaudited)

Investment Advisor
Emerging Global Advisors, LLC
155 West 19th Street, 3rd Floor
New York, NY 10011

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 EGShares 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 Securities Exchange Commission’s (the “SEC”) 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 policies, experience of its management, marketability of shares and other information.

100 EGA Emerging Global Shares Trust

[GRAPHIC MISSING]

171 East Ridgewood Avenue
Ridgewood, NJ 07450
(201)389-6872
(888)800-4EGS(4347)
www.egshares.com

EGA Emerging Global Shares Trust

EGShares Beyond BRICs ETF

EGShares Brazil Infrastructure ETF

EGShares China Infrastructure ETF

EGShares EM Dividend High Income ETF

EGShares Emerging Markets Consumer ETF

EGShares Emerging Markets Core ETF

EGShares Emerging Markets Dividend Growth ETF

EGShares Emerging Markets Domestic Demand ETF

EGShares India Consumer ETF

EGShares India Infrastructure ETF

EGShares India Small Cap ETF

EGShares Low Volatility Emerging Markets Dividend ETF

EGShares TCW EM Intermediate Term Investment Grade Bond ETF

EGShares TCW EM Long Term Investment Grade Bond ETF

EGShares TCW EM Short Term Investment Grade Bond ETF

EGShares are distributed by ALPS Distributors, Inc.

Item 2. Code of Ethics.

(a)

The Registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party.

(c)

There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party, and that relates to any element of the code of ethics description.

(d)

The Registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item’s instructions.

(f)

Pursuant to Item 12(a)(1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.

Item 3. Audit Committee Financial Expert.

The Registrant’s Board of Trustees has determined that its Audit Committee has one “audit committee financial expert”, as that term is defined under Items 3(b) and 3(c), serving on its Audit Committee. Mr. Robert Willens, the Registrant’s audit committee financial expert, is “independent”, as that term is defined under Item 3(a)(2).

Item 4. Principal Accountant Fees and Services.

Audit Fees

(a)

The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $177,500 for 2014 and $278,000 for 2013.

Audit-Related Fees

(b)

The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this Item are $0 for 2014 and $0 for 2013.

Tax Fees

(c)

The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $30,000 for 2014 and $44,000 for 2013. The Tax Fees represent services provided in connection with the preparation of tax returns and year-end distribution review.

All Other Fees

(d)

The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 for 2014 and $0 for 2013.

(e)(1)

Disclose the audit committee's pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

Per Rule 2-01(c)(7)(A) and the charter of the Registrant’s Audit Committee, the Audit Committee approves and recommends the principal accountant for the Registrant, pre-approves (i) the principal accountant’s provision of all audit and permissible non-audit services to the Registrant (including the fees and other compensation to be paid to the principal accountant), and (ii) the principal accountant’s provision of any permissible non-audit services to the Registrant’s investment adviser (the “Adviser”), sub-adviser or any entity controlling, controlled by, or under common control with any investment adviser or sub-adviser, if the engagement relates directly to the operations of the financial reporting of the Trust.

(e)(2)

The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:

(b)

n/a

(c)

100%

(d)

n/a

(f)

The percentage of hours expended on the principal accountant's engagement to audit the Registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was less than fifty percent.

(g)

The aggregate non-audit fees billed by the Registrant's accountant for services rendered to the Registrant, and rendered to the Registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for each of the last two fiscal years of the Registrant was $0 for 2014 and $0 for 2013.

(h)

Not applicable.

Item 5. Audit Committee of Listed registrants.

The Registrant is an issuer as defined in Section 10A-3 of the Securities Exchange Act of 1934 and has a separately-designated standing Audit Committee in accordance with Section 3(a)(58)(A) of such Act. All of the Board’s independent Trustees, Robert Willens, Ron Safir and Jeffrey D. Haroldson, are members of Audit Committee.

Item 6. Investments.

(a)

Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period 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 and Affiliated Purchasers.

Not applicable.

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

There have been no material changes to the procedures by which the shareholders may recommend nominees to the Registrant’s board of trustees, where those changes were implemented after the Registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

Item 11. Controls and Procedures.

(a)

The Registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b)

There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the Registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1)

Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto.

(a)(2)

Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(3)

Not applicable.

(b)

Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

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 (Signature and Title)*		/s/ Robert C. Holderith Robert C. Holderith, President (principal executive officer)

Date: June 6, 2014

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

By (Signature and Title)*

/s/ Robert C. Holderith
Robert C. Holderith, President
(principal executive officer)

Date: June 6, 2014

By (Signature and Title)*

/s/ Susan M. Ciccarone
Susan M. Ciccarone, Chief Financial Officer
(principal financial officer)

Date: June 6, 2014

^* Print the name and title of each signing officer under his or her signature.

Columbia India Consumer ETF (INCO) N-CSRCertified annual shareholder report (management investment company)

Annual Report

Industry Breakdown*

Top Ten Holdings*

EGShares Beyond BRICs ETF (ticker: BBRC)

Performance Charts

Performance as of 3/31/2014

Value of a $10,000 Investment Since Inception at Net Asset Value

Industry Breakdown*

Top Ten Holdings*

EGShares Brazil Infrastructure ETF (ticker: BRXX)

Performance Charts

Performance as of 3/31/2014

Value of a $10,000 Investment Since Inception at Net Asset Value

Industry Breakdown*

Top Ten Holdings*

Performance Charts

Performance as of 3/31/2014

Value of a $10,000 Investment Since Inception at Net Asset Value

Industry Breakdown*

Top Ten Holdings*

Performance Charts

Performance as of 3/31/2014

Value of a $10,000 Investment Since Inception at Net Asset Value

The chart above represents historical performance of a hypothetical investment of $10,000 over the life of the Fund, assuming the reinvestment of distributions. Past performance does not guarantee future results.

Industry Breakdown*

Top Ten Holdings*

Performance Charts

Performance as of 3/31/2014

Value of a $10,000 Investment Since Inception at Net Asset Value

Sector Breakdown*

Top Ten Holdings*

Performance Charts

Performance as of 3/31/2014

Value of a $10,000 Investment Since Inception at Net Asset Value

Industry Breakdown*

Top Ten Holdings*

Performance Charts

Performance as of 3/31/2014

Value of a $10,000 Investment Since Inception at Net Asset Value

Sector Breakdown*

Top Ten Holdings*

Performance Charts

Performance as of 3/31/2014

Value of a $10,000 Investment Since Inception at Net Asset Value

Industry Breakdown*

Top Ten Holdings*

Performance Charts

Performance as of 3/31/2014

Value of a $10,000 Investment Since Inception at Net Asset Value

Industry Breakdown*

Top Ten Holdings*

Performance Charts

Performance as of 3/31/2014

Value of a $10,000 Investment Since Inception at Net Asset Value

Industry Breakdown*

Top Ten Holdings*

Performance Charts

Performance as of 3/31/2014

Value of a $10,000 Investment Since Inception at Net Asset Value

Industry Breakdown*

Top Ten Holdings*

Performance Charts

Performance as of 3/31/2014

Value of a $10,000 Investment Since Inception at Net Asset Value

Sector Breakdown*

Top Ten Holdings*

EGShares TCW EM Intermediate Term Investment Grade Bond ETF (ticker: IEMF)

Performance Charts

Performance as of 3/31/2014

Value of a $10,000 Investment Since Inception at Net Asset Value

Sector Breakdown*

Top Ten Holdings*

EGShares TCW EM Long Term Investment Grade Bond ETF (ticker: LEMF)

Performance Charts

Performance as of 3/31/2014

Value of a $10,000 Investment Since Inception at Net Asset Value

Sector Breakdown*

Top Ten Holdings*

EGShares TCW EM Short Term Investment Grade Bond ETF (ticker: SEMF)

To the Board of Trustees and
Shareholders of EGA Emerging Global Shares Trust

Investment Advisor
Emerging Global Advisors, LLC
155 West 19th Street, 3rd Floor
New York, NY 10011

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