N-CSRS 1 c62838_ncsrs.htm



                                  UNITED STATES

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                   FORM N-CSRS

              CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

                              INVESTMENT COMPANIES

Investment Company Act file number  333-123257

                            MARKET VECTORS ETF TRUST
               (Exact name of registrant as specified in charter)

                     335 Madison Avenue, New York, NY 10017
               (Address of principal executive offices) (Zip code)

                         Van Eck Associates Corporation
                     335 MADISON AVENUE, NEW YORK, NY 10017
                     (Name and address of agent for service)

Registrant's telephone number, including area code: (212) 293-2000

Date of fiscal year end:  APRIL 30

Date of reporting period: OCTOBER 31, 2010



 

 

Item 1 –

Report to Stockholders


 

 

 

 

(MARKET VECTORS ETFS LOGO)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT
OCTOBER 31, 2010
(unaudited)

 

 

 

 

 

 

 

 

MARKET VECTORS

 

 

MUNICIPAL BOND ETFs

 

 

 

 

 

 

High-Yield Municipal Index ETF

(HYD)

 

 

 

 

 

 

Intermediate Municipal Index ETF

(ITM)

 

 

 

 

 

 

Long Municipal Index ETF

(MLN)

 

 

 

 

 

 

Pre-Refunded Municipal Index ETF

(PRB)

 

 

 

 

 

 

Short Municipal Index ETF

(SMB)

 

 

 

 

 

 

MARKET VECTORS

 

 

INTERNATIONAL BOND ETF

 

 

 

 

 

 

Emerging Markets Local Currency Bond ETF

(EMLC)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(VAN ECK GLOBAL LOGO)




 

 

 

 

TABLE OF CONTENTS

 

 

 

 

 

MARKET VECTORS FIXED INCOME ETFs

 

 

 

 

 

Management Discussion

 

1

 

 

 

Performance Record

 

 

 

 

 

Market Vectors High-Yield Municipal Index ETF

 

5

 

 

 

Market Vectors Intermediate Municipal Index ETF

 

6

 

 

 

Market Vectors Long Municipal Index ETF

 

7

 

 

 

Market Vectors Pre-Refunded Municipal Index ETF

 

8

 

 

 

Market Vectors Short Municipal Index ETF

 

9

 

 

 

Market Vectors Emerging Markets Local Currency Bond ETF

 

10

 

 

 

Explanation of Expenses

 

11

 

 

 

Schedule of Investments

 

 

 

 

 

Market Vectors High-Yield Municipal Index ETF

 

12

 

 

 

Market Vectors Intermediate Municipal Index ETF

 

18

 

 

 

Market Vectors Long Municipal Index ETF

 

31

 

 

 

Market Vectors Pre-Refunded Municipal Index ETF

 

38

 

 

 

Market Vectors Short Municipal Index ETF

 

42

 

 

 

Market Vectors Emerging Markets Local Currency Bond ETF

 

49

 

 

 

Statements of Assets and Liabilities

 

52

 

 

 

Statements of Operations

 

53

 

 

 

Statements of Changes in Net Assets

 

54

 

 

 

Financial Highlights

 

 

 

 

 

Market Vectors High-Yield Municipal Index ETF

 

56

 

 

 

Market Vectors Intermediate Municipal Index ETF

 

56

 

 

 

Market Vectors Long Municipal Index ETF

 

57

 

 

 

Market Vectors Pre-Refunded Municipal Index ETF

 

57

 

 

 

Market Vectors Short Municipal Index ETF

 

58

 

 

 

Market Vectors Emerging Markets Local Currency Bond ETF

 

58

 

 

 

Notes to Financial Statements

 

59

 

 

 

Approval of Management Agreement

 

65


 

 

The information in this report is not intended to be a forecast of future events, a guarantee of future results or investment advice. The information contained herein regarding each index has been provided by the relevant index providers. Also, unless otherwise specifically noted, any discussion of the Funds’ holdings and the Funds’ performance, and the views of Van Eck Global are as of October 31, 2010, and are subject to change.




 

MARKET VECTORS ETF TRUST

 

Dear Shareholder:

We are pleased to present this semi-annual report for the fixed income funds of the Market Vectors ETF Trust for the six months ended October 31, 2010.

Overall, the fixed income markets–both U.S. and international–generated solid absolute returns during the semi-annual period. Still, the markets were encumbered by volatility. As the semi-annual period began in May, a coordinated effort to stimulate the global economy was undertaken by the International Monetary Fund (the IMF), the European Central Bank (the ECB), the Bank of England and the U.S. Federal Reserve Board (the Fed). Their decisions were met with decidedly mixed results but did leave the U.S. fixed income market concerned about the possible dampening effect that reduced foreign demand would have upon efforts to revive the U.S. economy. Simultaneously, various U.S. data releases had already begun to shift investor sentiment from excitement about a recovering economy to disappointment that the pace of the recovery was not as robust as many had hoped. As investors lowered their expectations both for economic growth going forward and for the intensity of inflationary pressures–a classic flight to quality took hold and interest rates declined. Expectations that the Fed would soon be buying U.S. Treasuries as part of a second round of quantitative easing also kept yields well supported at low levels.

Against this broad backdrop, Van Eck Global enhanced the array of exchange-traded funds we offer our shareholders. During the semi-annual period, a new fixed income investment opportunity in the Market Vectors ETF family commenced operations—Market Vectors Emerging Markets Local Currency Bond ETF. Meanwhile, each of the five Municipal Bond Funds of the Markets Vectors ETF Trust continued to make headlines given the unique targeted investment opportunities they offer. What follows is a brief review of the segments of the fixed income market in which the fixed income funds of the Market Vectors ETF Trust invest.

Emerging Markets Local Currency Bond Market Review
The JPMorgan Government Bond Index–Emerging Markets Global Core Index1 (the “Index”) returned 9.25% during the period from July 22, 2010, the commencement date of the Market Vectors Emerging Markets Local Currency Bond ETF, through October 31, 2010 (the “reporting period”). The Index outperformed the U.S. fixed income market, the global developed markets bond market and the U.S. equity market, as measured by the 2.16%, 6.86% and 8.77% returns of the Barclays Capital U.S. Aggregate Bond Index2, the Barclays Capital Global Government Bond Index3 and the S&P® 500 Index4, respectively, during the same time frame. The Index also outperformed its U.S.-dollar denominated counterpart, the JPMorgan Emerging Markets Bond Index Plus5, which returned 7.30% during the same period.

At a time of unprecedented sovereign debt burdens in the U.S., Japan, the U.K. and the rest of the developed world, the comparatively lower debt-to-GDP (Gross Domestic Product) emerging market nations were attractive to investors. Indeed, as the Fed and the ECB pumped liquidity into the monetary system, a good portion of that liquidity leaked its way into emerging markets debt rather than into domestic stocks or bonds as intended by the monetary policy. Investors in the developed world were also attracted to emerging market local currency debt during the reporting period because of the higher yields it offered compared to the near-zero interest rates of developed bond markets or even the approximately 3% yields on domestic investment grade corporate bonds. Further, when evaluating the risk-reward tradeoff of emerging markets local currency debt, investors took note that 80% of the countries in the Index had investment grade ratings from the major independent credit rating agencies.

Still, the risk of capital controls across emerging markets rose in the last months of the reporting period, as emerging market policy makers grew increasingly concerned about appreciation of their local currencies. As liquidity poured into emerging markets and currencies appreciated versus the U.S. dollar, local governments expressed concerns about their ability to manage domestic and economic policy. In an effort to protect the competitiveness of their export sectors, blunt currency volatility and generally avoid what it saw as “hot money,” or money that is moved from one investment vehicle to another in response to changes in interest rates, Brazil increased its tax on currency transactions from 2% to 4% and then to 6% by end of October. Thailand added a 15% tax on interest income earned by foreigners in a stated attempt to control foreign flows rather than to diminish it. Speculation regarding which country would take similar action next was high at the end of the Reporting period.

1



 

 

During the reporting period, Hungary, South Africa and Poland were the strongest performing markets in the Index. Most of Hungary’s return was attributable to the strong appreciation of its forint versus the U.S. dollar. Also, Hungary got its investment grade rating reaffirmed by Standard & Poor’s (S&P) after its newly elected government announced a budgetary package that calmed investors. S&P had earlier put Hungary’s credit rating on review for a possible downgrade in the aftermath of the global credit crisis and failed bailout talks between Hungary and the IMF. South Africa’s market achieved double-digit gains on the back of strength in its local bond market, appreciation of the rand, and results of infrastructure spending amidst a successful 2010 FIFA World Cup there. Poland was a top performer as the Polish zloty appreciated strongly versus the U.S. dollar. With a consensus GDP forecast of 3.5%, investors speculated that the National Bank of Poland would be the first central bank in emerging Europe to hike short-term interest rates. With near-zero interest rates in the U.S., interest rate parity suggested a rise in the zloty.

Egypt, Russia and Malaysia were the weakest markets in the Index but still generated flat to modestly positive returns during the Reporting period. Egyptian GDP grew 5.6% during the third quarter of 2010, but the market still faced headwinds from a weakening global economy. Russia’s bond market advanced slightly during the Reporting period, but the ruble depreciated. Malaysia’s weak return was due to both its bond market and its currency.

Chile and the Philippines were added to the Index during the reporting period.

Municipal Bond Market Review
The Barclays Capital Municipal Index6 (the “Index”) returned 3.95% during the six months ended October 31, 2010 (the “semi-annual period”). The high-yield municipal market was stronger, as indicated by the 6.71% return of the Barclays Capital High Yield Municipal Index7 during the same time period.

As the semi-annual period began, a “recalibration” of ratings for municipal bonds had just been launched by Moody’s and Fitch, two of the three major credit rating agencies, based upon the more broadly-recognized global criteria used for corporate debt. The effect of this change was higher credit quality ratings for most municipal bond issuers. However, as the semi-annual period progressed, the notion of “safety” and strong “creditworthiness” in the municipal bond market came under fire from a number of commentators, including Warren Buffett. That said, most current data available suggests that, on an annualized basis, municipal bond credit quality should hold up well. As evidence, some 194 municipal issues on $6.9 billion of bonds were in default status in 2009, whereas 2010 data shows there are expected to be less than 100 issuers falling into default status at a comparatively lesser market value of approximately $4 billion.

From the demand side, a record number of bonds maturing as well as paying their seasonal coupons in June and July contributed both to solid returns and to strong reinvestment activity. Further, near-zero yields offered by money market mutual funds served to entice investors to take on somewhat more interest rate risk and longer durations to achieve higher yields. Anticipation of higher marginal personal income tax rates on the state and local levels and the possibility that the Bush tax cuts on the top two federal tax brackets may expire also served to boost demand for tax-exempt bonds. Although cash flows into municipal bond funds were lower during the semi-annual period than the torrid pace of a year earlier, inflows of $500 to $600 million a week remained a strong underpinning for the municipal bond market.Another factor supporting the municipal bond market’s solid performance during the semi-annual period was the Build America Bond (BAB) program. It is estimated that approximately $130 billion of securities have come to market via this program since legislative enactment authorized them in the first quarter of 2009. These bonds are taxable, high quality and generally with long-term maturities. Although BABs have opened up municipal bond investing to a whole new category of investors, it also has had the effect of taking supply away from the long-term end of the traditional tax-exempt municipal bond market, as issuers have found it more cost efficient to raise capital through these taxable bonds. Therefore, whatever reticence there might have been from municipal bond buyers, who may have pushed prices lower over concerns for credit, economic sluggishness or news coverage of municipalities’ budgetary shortfalls, was clearly offset during the semi-annual period by the BAB phenomenon. (While the BAB program supported the performance of the municipal bond market in general, it should be noted that none of the municipal bond funds of the Market Vectors ETF Trust held any BABs during the semi-annual period.)

Forced lower by the aggressive stance of the Fed to hold rates down for the foreseeable future, lower rates across the tax-exempt bond yield curve, or spectrum of maturities, had the impact of driving investors to look for yield in intermediate- and longer-term municipal bonds. High yield municipal bonds, a reluctant participant during the spring of 2010, contributed strong returns as the semi-annual period progressed as more investors determined that a bottom had been reached in the economy and that a turn toward recovery would boost returns of both taxable and tax-exempt high yield bonds.

2



 

 

Perhaps the best observation to be made is that both emerging market local currency bond and municipal bond ETFs ended the semi-annual period with their appeal intact as a favorable investment alternative for a wide range of investors. They offered diversification, intraday access and competitive yields. All of these remain key benefits for investors, whatever the current market conditions. Indeed, during the semi-annual period ended October 31, 2010 alone, total assets under management in the six fixed income funds of the Market Vectors ETF Trust grew nearly 55% to more than $774 million.

On the following pages, you will find the performance record of each of the six fixed income funds of the Market Vectors ETF Trust for the period ended October 31, 2010. You will, of course, also find their financial statements and portfolio information.

I want to thank you for your participation in the Market Vectors ETF Trust. Please contact us at 1.888.MKT.VCTR or visit vaneck.com/etf if you have any questions. We value your ongoing confidence in us and look forward to helping you meet your investment goals in the future.

 

(PHOTO OF JAN F. VAN ECK)

 

-s- Jan F. van Eck

 

Jan F. van Eck

Trustee and President

Market Vectors ETF Trust

Van Eck Global

 

November 17, 2010

Represents the opinions of the investment adviser. Not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue.

Past performance is no guarantee of future results. Not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue.

Investments in emerging market securities are subject to elevated risks which include, among others, expropriation, confiscatory taxation, issues with repatriation of investment income, limitations of foreign ownership, political instability, armed conflict and social instability. As the Fund may invest in securities denominated in foreign currencies and some of the income received by the Fund will be in foreign currency, changes in currency exchange rates may negatively impact the Fund’s return. Bonds and bond funds will decrease in value as interest rates rise. The Fund may also be subject to credit risk, interest rate risk, sovereign debt risk, tax risk, and risks associated with non-investment grade securities. Investors should be willing to accept a high degree of volatility and the potential of significant loss.

Municipal bonds are subject to risks related to litigation, legislation, political change, conditions in underlying sectors or in local business communities and economies, bankruptcy or other changes in the issuer’s financial condition, and/or the discontinuance of taxes supporting the project or assets or the inability to collect revenues for the project or from the assets. Bonds and bond funds will decrease in value as interest rates rise. Additional risks include credit, interest rate, call, reinvestment, tax, market and lease obligation risk. High-yield municipal bonds are subject to greater risk of loss of income and principal than higher-rated securities, and are likely to be more sensitive to adverse economic changes or individual municipal developments than those of higher-rated securities. Interest and principal payments for pre-refunded bonds are funded from securities in an escrow account. The escrowed securities do not guarantee the price of these bonds. Municipal bonds may be less liquid than taxable bonds. There is no guarantee that the Fund’s income will be

3



 

 

exempt from federal or state income taxes, and changes in those tax rates or in alternative minimum tax rates or in the tax treatment of municipal bonds may make them less attractive as investments and cause them to lose value. Capital gains, if any, are subject to capital gains tax.

Fund shares are not individually redeemable and will be issued and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called “creation units” and otherwise can be bought and sold only through exchange trading. Creation units are issued and redeemed principally in kind. Shares may trade at a premium or discount to their NAV in the secondary market.

Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses. Investors cannot invest directly in an Index.

 

 

1

JPMorgan Government Bond Index-Emerging Markets Global Core (GBI-EM) Index tracks regularly traded, liquid, fixed-rate, domestic currency debt issues by emerging market governments.

2

Barclays Capital U.S. Aggregate Bond Index covers the USD-denominated, investment grade, fixed-rate, taxable bond market. The index comprises government securities, mortgage-backed securities, asset-backed securities and corporate securities to simulate the universe of bonds in the market.

3

Barclays Capital Global Government Bond Index contains bonds that must be rated investment grade (BAA3/BBB-/BBB- or better) by looking to the middle rating of Moody’s, S&P, and Fitch; bonds must have at least one year-to-maturity; securities must be fixed-rate.

4

S&P® 500 Index tracks the performance of equities for 500 leading companies in leading industries of the U.S. economy.

5

JPMorgan Emerging Markets Bond Index Plus (EMBI+) tracks total returns for USD-denominated debt instruments of the Emerging Markets: Brady bonds, loans, Eurobonds.

6

Barclays Capital Municipal Index contains bonds that have at least one year-to-maturity; non-credit enhanced bonds must be rated investment grade (Baa#/BBB-/BBB- or better) by looking to the middle rating of Moody’s, S&P, and Fitch; securities must have an outstanding par value of at least $7 million; and issued as part of a transaction of at least $75 million; bonds with a dated-date of January 1, 1991 and later are eligible.

7

Barclays Capital High Yield Municipal Index contains bonds which are rated Ba1 or lower; have an outstanding par value of at least $3 million that are issued as part of a transaction of at least $20 million; and are issued after December 31, 1990 with a remaining maturity date of at least one year.

4



 

HIGH-YIELD MUNICIPAL INDEX ETF (HYD)

 

HYD PERFORMANCE

October 31, 2010 (unaudited)


 

 

 

 

 

 

 

 

 

 

 

 

 

Total Return

 

 

 

 

 

 

Share Price

 

NAV

 

INDEX1

 

               

Six Months

 

4.15

%

 

4.53

%

 

6.30

%

 

One Year

 

7.24

%

 

9.03

%

 

13.36

%

 

Life* (annualized)

 

19.21

%

 

19.23

%

 

21.23

%

 

Life* (cumulative)

 

35.68

%

 

35.72

%

 

39.72

%

 

*as of 2/4/09

 

 

 

 

 

 

 

 

 

 

Total Annual Fund Operating Expenses 0.35%
The Investment Management Agreement between Market Vectors ETF Trust (the “Trust”) and Van Eck Associates Corporation (the “Adviser”) provides that the Adviser will pay all expenses of the Fund, except for the fee payment under the Investment Management Agreement, interest expense, offering costs, trading expenses, taxes and extraordinary expenses.

The price used to calculate market return (SHARE PRICE) is determined by using the closing price listed on the NYSE Arca. Since the shares of the Fund did not trade in the secondary market until several days after the Fund’s commencement, for the period from commencement (2/4/09) to the first day of secondary market trading in shares of the Fund (2/5/09), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

Fund shares are not individually redeemable and will be issued and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called “creation units” and otherwise can be bought and sold only through exchange trading. Creation units are issued and redeemed principally in kind. Shares may trade at a premium or discount to their NAV in the secondary market.

The performance data quoted represents past performance. Past performance is not a guarantee of future results. Investment return and value of the shares of the Fund will fluctuate so that an investor’s shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Performance current to the most recent month-end is available by calling 1.888.MKT.VCTR or by visiting vaneck.com/etf. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the redemption of Fund shares.

1Barclays Capital Municipal Custom High Yield Composite Index
The Index is made up of a 25%/75% blend of investment grade triple-B and non-investment grade munis, and draws 75% of its holdings from bonds issued as part of transaction sizes of $100 million or more. To be included in the Index, bonds must have an outstanding par value of at least $3 million for non-investment grade and $7 million for investment grade; 25% of index in investment-grade triple-B bonds issued as part of transaction sizes of at least $100 million in value; 50% of index in non-investment grade bonds issued as part of transaction of at least $100 million; 25% of index in non-investment grade bonds issued as part of transaction of $20-$100 million in size; fixed rate; nominal maturity of greater than one year; dated-date after 12/31/1990. Barclays Capital does not sponsor, endorse, or promote the Fund and bears no liability with respect to any such Fund or security.

5



 

INTERMEDIATE MUNICIPAL INDEX ETF (ITM)

 

ITM PERFORMANCE

October 31, 2010 (unaudited)


 

 

 

 

 

 

 

 

 

 

 

 

 

Total Return

 

 

 

 

 

 

Share Price

 

NAV

 

INDEX1

 

               

Six Months

 

4.66

%

 

4.53

%

 

4.89

%

 

One Year

 

8.40

%

 

8.32

%

 

9.09

%

 

Life* (annualized)

 

5.80

%

 

5.71

%

 

6.71

%

 

Life* (cumulative)

 

17.82

%

 

17.55

%

 

20.78

%

 

*since 12/4/07

 

 

 

 

 

 

 

 

 

 

Total Annual Fund Operating Expenses 0.24%
The Investment Management Agreement between Market Vectors ETF Trust (the “Trust”) and Van Eck Associates Corporation (the “Adviser”) provides that the Adviser will pay all expenses of the Fund, except for the fee payment under the Investment Management Agreement, interest expense, offering costs, trading expenses, taxes and extraordinary expenses.

The price used to calculate market return (SHARE PRICE) is determined by using the closing price listed on the NYSE Arca. Since the shares of the Fund did not trade in the secondary market until several days after the Fund’s commencement, for the period from commencement (12/4/07) to the first day of secondary market trading in shares of the Fund (12/6/07), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

Fund shares are not individually redeemable and will be issued and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called “creation units” and otherwise can be bought and sold only through exchange trading. Creation units are issued and redeemed principally in kind. Shares may trade at a premium or discount to their NAV in the secondary market.

The performance data quoted represents past performance. Past performance is not a guarantee of future results. Investment return and value of the shares of the Fund will fluctuate so that an investor’s shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Performance current to the most recent month-end is available by calling 1.888.MKT.VCTR or by visiting vaneck.com/etf. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the redemption of Fund shares.

1Barclays Capital AMT-Free Intermediate Continuous Municipal Index
To be included in the index, bonds must be rated investment-grade (Baa3/BBB- or higher) by at least two of the following ratings agencies: Moody’s, S&P, Fitch. If only two of the three agencies rate the security, the lower rating is used to determine index eligibility. If only one of the three agencies rates a security, the rating must be investment-grade. They must have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million. The bonds must be fixed rate, have a dated-date within the last five years, and must be at least six years but less than seventeen years from their maturity date. Remarketed issues, taxable municipal bonds, AMT municipal bonds, bonds with floating rates, and derivatives, are excluded from the benchmark. Barclays Capital does not sponsor, endorse, or promote the Fund and bears no liability with respect to any such Fund or security.

6



 

LONG MUNICIPAL INDEX ETF (MLN)

 

MLN PERFORMANCE

October 31, 2010 (unaudited)


 

 

 

 

 

 

 

 

 

 

 

 

 

Total Return

 

 

 

 

 

 

Share Price

 

NAV

 

INDEX1

 

               

Six Months

 

4.46

%

 

4.41

%

 

4.74

%

 

One Year

 

8.32

%

 

8.70

%

 

9.79

%

 

Life* (annualized)

 

2.55

%

 

2.48

%

 

5.06

%

 

Life* (cumulative)

 

7.40

%

 

7.17

%

 

15.01

%

 

*since 1/2/08

 

 

 

 

 

 

 

 

 

 

Total Annual Fund Operating Expenses 0.24%
The Investment Management Agreement between Market Vectors ETF Trust (the “Trust”) and Van Eck Associates Corporation (the “Adviser”) provides that the Adviser will pay all expenses of the Fund, except for the fee payment under the Investment Management Agreement, interest expense, offering costs, trading expenses, taxes and extraordinary expenses.

The price used to calculate market return (SHARE PRICE) is determined by using the closing price listed on the NYSE Arca. Since the shares of the Fund did not trade in the secondary market until several days after the Fund’s commencement, for the period from commencement (1/2/08) to the first day of secondary market trading in shares of the Fund (1/7/08), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

Fund shares are not individually redeemable and will be issued and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called “creation units” and otherwise can be bought and sold only through exchange trading. Creation units are issued and redeemed principally in kind. Shares may trade at a premium or discount to their NAV in the secondary market.

The performance data quoted represents past performance. Past performance is not a guarantee of future results. Investment return and value of the shares of the Fund will fluctuate so that an investor’s shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Performance current to the most recent month-end is available by calling 1.888.MKT.VCTR or by visiting vaneck.com/etf. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the redemption of Fund shares.

1Barclays Capital AMT-Free Long Continuous Municipal Index
To be included in the index, bonds must be rated investment-grade (Baa3/BBB- or higher) by at least two of the following ratings agencies: Moody’s, S&P, Fitch. If only two of the three agencies rate the security, the lower rating is used to determine index eligibility. If only one of the three agencies rates a security, the rating must be investment-grade. They must have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million. The bonds must be fixed rate, have a dated-date within the last five years, and must be at least seventeen years from their maturity date. Remarketed issues, taxable municipal bonds, AMT municipal bonds, bonds with floating rates, and derivatives, are excluded from the benchmark. Barclays Capital does not sponsor, endorse, or promote the Fund and bears no liability with respect to any such Fund or security.

7



 

PRE-REFUNDED MUNICIPAL INDEX ETF (PRB)

 

PRB PERFORMANCE

October 31, 2010 (unaudited)


 

 

 

 

 

 

 

 

 

 

 

 

 

Total Return

 

 

 

 

 

 

Share Price2

 

NAV

 

INDEX1

 

               

Six Months

 

2.14

%

 

1.85

%

 

1.94

%

 

One Year

 

4.07

%

 

3.45

%

 

3.58

%

 

Life* (annualized)

 

2.63

%

 

2.47

%

 

2.88

%

 

Life* (cumulative)

 

4.63

%

 

4.34

%

 

5.08

%

 

*as of 2/2/09

 

 

 

 

 

 

 

 

 

 

Total Annual Fund Operating Expenses 0.24%
The Investment Management Agreement between Market Vectors ETF Trust (the “Trust”) and Van Eck Associates Corporation (the “Adviser”) provides that the Adviser will pay all expenses of the Fund, except for the fee payment under the Investment Management Agreement, interest expense, offering costs, trading expenses, taxes and extraordinary expenses.

The price used to calculate market return (SHARE PRICE) is determined by using the closing price listed on the NYSE Arca. Since the shares of the Fund did not trade in the secondary market until several days after the Fund’s commencement, for the period from commencement (2/2/09) to the first day of secondary market trading in shares of the Fund (2/3/09), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

Fund shares are not individually redeemable and will be issued and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called “creation units” and otherwise can be bought and sold only through exchange trading. Creation units are issued and redeemed principally in kind. Shares may trade at a premium or discount to their NAV in the secondary market.

The performance data quoted represents past performance. Past performance is not a guarantee of future results. Investment return and value of the shares of the Fund will fluctuate so that an investor’s shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Performance current to the most recent month-end is available by calling 1.888.MKT.VCTR or by visiting vaneck.com/etf. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the redemption of Fund shares.

1Barclays Capital Municipal Pre-Refunded—Treasury-Escrowed Index
The Index is comprised of pre-refunded and escrowed-to-maturity municipal securities secured by an escrow or trust account containing obligations that are directly issued or unconditionally guaranteed by the U.S. government. The escrowed securities consist solely of U.S. Treasury obligations. To be included in the Index, bonds must have a nominal maturity of 1-30 years; outstanding par value of at least $7 million; issued as part of transaction of at least $75 million in value; fixed rate coupon and denominated in U.S. dollars. Barclays Capital does not sponsor, endorse, or promote the Fund and bears no liability with respect to any such Fund or security.

8



 

SHORT MUNICIPAL INDEX ETF (SMB)

 

SMB PERFORMANCE RECORD

October 31, 2010 (unaudited)


 

 

 

 

 

 

 

 

 

 

 

 

 

Total Return

 

 

 

 

 

 

Share Price

 

NAV

 

INDEX1

 

               

Six Months

 

2.65

%

 

2.60

%

 

2.73

%

 

One Year

 

4.71

%

 

5.09

%

 

5.52

%

 

Life* (annualized)

 

4.84

%

 

4.76

%

 

5.30

%

 

Life* (cumulative)

 

13.56

%

 

13.32

%

 

14.91

%

 

*as of 2/22/08

 

 

 

 

 

 

 

 

 

 

Total Annual Fund Operating Expenses 0.20%
The Investment Management Agreement between Market Vectors ETF Trust (the “Trust”) and Van Eck Associates Corporation (the “Adviser”) provides that the Adviser will pay all expenses of the Fund, except for the fee payment under the Investment Management Agreement, interest expense, offering costs, trading expenses, taxes and extraordinary expenses.

The price used to calculate market return (SHARE PRICE) is determined by using the closing price listed on the NYSE Arca. Since the shares of the Fund did not trade in the secondary market until several days after the Fund’s commencement, for the period from commencement (2/22/08) to the first day of secondary market trading in shares of the Fund (2/26/08), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

Fund shares are not individually redeemable and will be issued and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called “creation units” and otherwise can be bought and sold only through exchange trading. Creation units are issued and redeemed principally in kind. Shares may trade at a premium or discount to their NAV in the secondary market.

The performance data quoted represents past performance. Past performance is not a guarantee of future results. Investment return and value of the shares of the Fund will fluctuate so that an investor’s shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Performance current to the most recent month-end is available by calling 1.888.MKT.VCTR or by visiting vaneck.com/etf. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the redemption of Fund shares.

1Barclays Capital AMT-Free Short Continuous Municipal Index
To be included in the index, bonds must be rated investment-grade (Baa3/BBB- or higher) by at least two of the following ratings agencies: Moody’s, S&P, Fitch. If only two of the three agencies rate the security, the lower rating is used to determine index eligibility. If only one of the three agencies rates a security, the rating must be investment-grade. They must have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million. The bonds must be fixed rate, have a dated-date within the last five years, and must be at least one year but less than six years from their maturity date. Remarketed issues, taxable municipal bonds, AMT municipal bonds, bonds with floating rates, and derivatives, are excluded from the benchmark. Barclays Capital does not sponsor, endorse, or promote the Fund and bears no liability with respect to any such Fund or security.

9



 

EMERGING MARKETS LOCAL CURRENCY BOND ETF (EMLC)

 

EMLC PERFORMANCE

October 31, 2010 (unaudited)


 

 

 

 

 

 

 

 

 

 

 

 

 

Total Return

 

 

 

 

 

 

Share Price

 

NAV

 

INDEX1

 

               

Life since 7/22/10

 

 

9.77%

 

 

8.73%

 

 

9.25%

 

Gross Expense Ratio 0.60% / Net Expense Ratio 0.49%
The Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding interest expense, offering costs, trading expenses, taxes and extraordinary expenses) from exceeding 0.49% of Fund’s average daily net assets per year at least until September 1, 2011. During such time, the expense limitation is expected to continue until the Fund’s Board of Trustees acts to discontinue all or a portion of such expense limitation.

The price used to calculate market return (SHARE PRICE) is determined by using the closing price listed on the NYSE Arca. Since the shares of the Fund did not trade in the secondary market until several days after the Fund’s commencement, for the period from commencement (7/22/10) to the first day of secondary market trading in shares of the Fund (7/23/10), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

Fund shares are not individually redeemable and will be issued and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called “creation units” and otherwise can be bought and sold only through exchange trading. Creation units are issued and redeemed principally in kind. Shares may trade at a premium or discount to their NAV in the secondary market.

The performance data quoted represents past performance. Past performance is not a guarantee of future results. Performance information for the Fund reflects temporary waivers of expenses and/or fees. Had the Fund incurred all expenses, investment returns would have been reduced. Investment return and value of the shares of the Fund will fluctuate so that an investor’s shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Performance current to the most recent month-end is available by calling 1.888.MKT.VCTR or by visiting vaneck.com/etf. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the redemption of Fund shares.

1J.P. Morgan Government Bond Index—Emerging Markets Global Core
Tracks the performance of bonds issued by emerging market governments and denominated in the local currency of the issuer. Designed to be investible and excludes countries with explicit capital controls, but does not factor in regulatory/tax hurdles in assessing eligibility. Only domestic currency government bonds with greater than 13 months to maturity are eligible for inclusion in the Index. Countries are eligible for inclusion in the Index as long as they are classified as having a low or middle per capita income by the World Bank for at least two consecutive years. The maximum weight to a country in the Index is capped at 10%, the minimum is 3%.

10



 

MARKET VECTORS ETF TRUST

 

EXPLANATION OF EXPENSES

(unaudited)

As a shareholder of a Fund, you incur operating expenses, including management fees and other Fund expenses. This disclosure is intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The disclosure is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, May 1, 2010 to October 31, 2010.

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

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

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning
Account
Value
May 1, 2010

 

Ending
Account
Value
October 31, 2010

 

Annualized
Expense Ratio
During Period

 

Expenses Paid
During the Period*
May 1, 2010-
October 31, 2010

 

                   

High-Yield Municipal Index ETF

 

 

 

 

 

 

 

 

 

 

 

 

 

Actual

 

 

$1,000.00  

 

 

$1,045.30  

 

 

0.35%

 

 

$1.80

 

Hypothetical**

 

 

1,000.00

 

 

1,023.44

 

 

0.35%

 

 

$1.78

 

                           

Intermediate Municipal Index ETF

 

 

 

 

 

 

 

 

 

 

 

 

 

Actual

 

 

1,000.00

 

 

1,045.30

 

 

0.24%

 

 

$1.24

 

Hypothetical**

 

 

1,000.00

 

 

1,023.99

 

 

0.24%

 

 

$1.23

 

                           

Long Municipal Index ETF

 

 

 

 

 

 

 

 

 

 

 

 

 

Actual

 

 

1,000.00

 

 

1,044.10

 

 

0.24%

 

 

$1.24

 

Hypothetical**

 

 

1,000.00

 

 

1,023.99

 

 

0.24%

 

 

$1.23

 

                           

Pre-Refunded Municipal Index ETF

 

 

 

 

 

 

 

 

 

 

 

 

 

Actual

 

 

1,000.00

 

 

1,018.50

 

 

0.24%

 

 

$1.22

 

Hypothetical**

 

 

1,000.00

 

 

1,023.99

 

 

0.24%

 

 

$1.23

 

                           

Short Municipal Index ETF

 

 

 

 

 

 

 

 

 

 

 

 

 

Actual

 

 

1,000.00

 

 

1,026.00

 

 

0.20%

 

 

$1.02

 

Hypothetical**

 

 

1,000.00

 

 

1,024.19

 

 

0.20%

 

 

$1.02

 

                           

Emerging Markets Local Currency Bond ETF***

 

 

 

 

 

 

 

 

 

 

 

 

 

Actual (including interest expense)

 

 

1,000.00

 

 

1,087.30

 

 

0.51%

 

 

$1.48

 

Actual (excluding interest expense)

 

 

1,000.00

 

 

1,087.30

 

 

0.49%

 

 

$1.40

 

Hypothetical (including interest expense)**

 

 

1,000.00

 

 

1,012.55

 

 

0.51%

 

 

$1.43

 

                           

 

 

*

Expenses are equal to the Fund’s annualized expense ratio (for the six months ended October 31, 2010) multiplied by the average account value over the period, multiplied by 184 and divided by 365 (to reflect the one-half year period).

**

Assumes annual return of 5% before expenses.

***

Expenses are equal to the Fund’s annualized expense ratio (for the period from July 22, 2010 to October 31, 2010) multiplied by the average account value over the period, multiplied by 101 and divided by 365 (to reflect the one-half year period).

11



 

HIGH-YIELD MUNICIPAL INDEX ETF

 

SCHEDULE OF INVESTMENTS

October 31, 2010 (unaudited)


 

 

 

 

 

 

 

Principal
Amount

 

 

 

Value

 

           

 

 

 

 

 

 

MUNICIPAL BONDS: 97.9%

 

 

 

 

Alabama: 0.7%

 

 

 

 

$1,500,000

 

Alabama Industrial Development Authority, Solid Waste Disposal, Pine City Fiber Company Project (RB)
6.45%, 12/09/10 (a)

 

$

1,501,875

 

 

 

 

 

   

 

Arizona: 2.5%

 

 

 

 

1,000,000

 

Pima County, Arizona Industrial Development Authority, Charter School Projects, Series A (RB)
5.50%, 07/01/17 (a)

 

 

982,420

 

1,500,000

 

Pima County, Arizona Industrial Development Authority, Charter School Projects, Series O (RB)
5.25%, 07/01/16 (a)

 

 

1,292,910

 

1,770,000

 

Pima County, Arizona Industrial Development Authority, Tucson Electric Power Company Project, Series A (RB)
5.25%, 10/01/20 (a)

 

 

1,778,054

 

1,500,000

 

University Medical Center Corp., Arizona Hospital (RB)
5.00%, 07/01/15 (a)

 

 

1,458,465

 

 

 

 

 

   

 

 

 

 

 

 

5,511,849

 

 

 

 

 

   

 

California: 5.7%

 

 

 

 

750,000

 

California Statewide Community Development Authority, Educational Facilities - Huntington Park Charter School Project-A (RB)
5.15%, 07/01/17 (a)

 

 

614,010

 

500,000

 

California Statewide Community Development Authority, Educational Facilities - Huntington Park Charter School Project-A (RB)
5.25%, 07/01/17 144A (a) §

 

 

392,760

 

1,500,000

 

California Statewide Community Development Authority, Thomas Jefferson Law School, Series A (RB)
7.00%, 10/01/26

 

 

1,675,290

 

3,000,000

 

California Statewide Community Development Authority, Thomas Jefferson Law School, Series A (RB)
7.25%, 10/01/18 (a)

 

 

3,233,100

 

2,530,000

 

Golden State Tobacco Securitization Corp., California Tobacco Settlement, Series A-1 (RB)
4.50%, 06/01/17 (a)

 

 

2,290,282

 

4,000,000

 

Inland Empire Tobacco Securitization Authority, California Asset Backed-Turbo, Series A (RB)
4.63%, 06/01/17 (a)

 

 

3,332,440

 

1,000,000

 

San Joaquin Hills, California Transportation Corridor Agency, Senior Lien Toll Road (RB)
5.00%, 01/01/10 (a)

 

 

844,710

 

 

 

 

 

   

 

 

 

 

 

 

12,382,592

 

 

 

 

 

   

 

Colorado: 0.6%

 

 

 

 

1,500,000

 

Colorado Health Facilities Authority, Health & Residential, Volunteers of America Care Facilities (RB)
5.20%, 07/01/14 (a)

 

 

1,377,810

 

 

 

 

 

   

 


 

 

 

 

 

 

 

Principal
Amount

 

 

 

Value

 

         

 

 

 

 

 

 

Connecticut: 0.5%

 

 

 

 

$1,000,000

 

Harbor Point Infrastructure Improvement District, Harbor Point Project, Series A (TA)
7.88%, 04/01/20 (a)

 

$

1,068,010

 

 

 

 

 

   

 

Delaware: 0.2%

 

 

 

 

500,000

 

Delaware Economic Development Authority, Exempt Facility (RB)
5.38%, 10/01/20 (a)

 

 

500,925

 

 

 

 

 

   

 

District of Columbia: 0.4%

 

 

 

 

1,500,000

 

Metropolitan Washington Airports Authority, Dulles Toll Road, Second Senior Lien Series B (RB)
6.13%, 10/01/28 (a) (c)

 

 

964,440

 

 

 

 

 

   

 

Florida: 4.4%

 

 

 

 

2,000,000

 

Callaway, Florida Capital Improvement Special Capital Improvement Project (RB) (ACA)
5.25%, 08/01/17 (a)

 

 

1,750,840

 

2,000,000

 

Greater Orlando Aviation Authority, JetBlue Airway Corp. Project (RB)
6.50%, 11/15/11 (a)

 

 

1,985,040

 

1,000,000

 

Lee County Industrial Development Authority, Industrial Development, Lee County Community Charter Schools, LLC Projects, Series A (RB)
5.25%, 06/15/17 (a)

 

 

897,470

 

335,000

 

Lee County, Florida Industrial Development Authority Health Care Facilities, Shell Point/Alliance Obligation Group (RB)
5.13%, 11/15/16 (a)

 

 

289,142

 

1,235,000

 

Midtown Miami Community Development District, Infrastructure Project, Series B (SA)
6.50%, 05/01/14 (a)

 

 

1,235,753

 

1,000,000

 

Midtown Miami Community Development District, Parking Garage Project, Series A (SA)
6.25%, 05/01/14 (a)

 

 

985,990

 

4,000,000

 

Six Mile Creek Community Development District, Florida, Capital Improvement (SA)
5.88%, 05/01/17 (a)

 

 

1,300,000

 

500,000

 

Sumter County, Florida Village Community Development District No. 8, Phase II (SA)
6.13%, 05/01/20 (a)

 

 

515,045

 

1,525,000

 

Wentworth Estates Community Development District, Florida, Series B (SA)
5.13%, 11/01/12 *§

 

 

571,875

 

 

 

 

 

   

 

 

 

 

 

 

9,531,155

 

 

 

 

 

   

 

Georgia: 0.8%

 

 

 

 

1,600,000

 

DeKalb County, Georgia Hospital Authority, DeKalb Medical Center, Inc. Project (RB)
6.13%, 09/01/20 (a)

 

 

1,657,792

 

 

 

 

 

   

 

See Notes to Financial Statements

12



 

 

 

 

 

 

 

 

 

Principal
Amount

 

 

 

Value

 

           

 

 

 

 

 

 

Guam: 3.0%

 

 

 

 

 

 

$2,750,000

 

Guam Government Department of Education, John F. Kennedy Project, Series A (CP)
6.88%, 12/01/20 (a)

 

$

2,870,642

 

3,250,000

 

Guam Government Waterworks Authority, Water & Wastewater System (RB)
5.88%, 07/01/15 (a)

 

 

3,308,565

 

250,000

 

Guam Power Authority, Series A (RB)
5.50%, 10/01/20 (a)

 

 

257,105

 

 

 

 

 

   

 

 

 

 

 

 

6,436,312

 

 

 

 

 

   

 

Illinois: 5.8%

 

 

 

 

2,000,000

 

Illinois Finance Authority, Greenfields of Geneva Project, Series A (RB)
8.25%, 02/15/20 (a)

 

 

1,983,700

 

2,875,000

 

Illinois Finance Authority, Park Place of Elmhurst Project, Series A (RB)
8.13%, 05/15/20 (a)

 

 

2,832,162

 

575,000

 

Illinois Finance Authority, Resurrection Health Care Corp. (RB)
6.13%, 05/15/19 (a)

 

 

608,833

 

4,500,000

 

Illinois Finance Authority, Sedgebrook, Inc. Facility, Series A (RB)
6.00%, 11/15/17 (a) * §

 

 

1,255,500

 

3,945,000

 

Illinois Finance Authority, Sherman Health System, Series A (RB)
5.50%, 08/01/17 (a)

 

 

3,831,739

 

2,070,000

 

Illinois Finance Authority, Swedish Covenant Hospital, Series A (RB)
6.00%, 08/15/20 (a)

 

 

2,133,632

 

 

 

 

 

   

 

 

 

 

 

 

12,645,566

 

 

 

 

 

   

 

Indiana: 2.0%

 

 

 

 

500,000

 

Indiana Finance Authority, King’s Daughters’ Hospital & Health Services (RB)
5.50%, 08/15/20 (a)

 

 

482,230

 

3,000,000

 

Vigo County, Indiana Hospital Authority, Union Hospital, Inc. (RB)
5.75%, 09/01/17 (a)

 

 

2,865,120

 

1,000,000

 

Vigo County, Indiana Hospital Authority, Union Hospital, Inc. (RB)
5.70%, 09/01/17 (a)

 

 

953,740

 

 

 

 

 

   

 

 

 

 

 

 

4,301,090

 

 

 

 

 

   

 

Iowa: 0.5%

 

 

 

 

1,500,000

 

Iowa Finance Authority, Senior Living Facilities, Deerfield Retirement Community (RB)
5.50%, 11/15/17 (a)

 

 

1,031,700

 

 

 

 

 

   

 

Kentucky: 0.8%

 

 

 

 

1,700,000

 

Kentucky Economic Development Finance Authority, Owensboro Medical Health System, Inc. Series B (RB)
6.38%, 06/01/20 (a)

 

 

1,831,563

 

 

 

 

 

   

 

Louisiana: 4.4%

 

 

 

 

4,250,000

 

Lakeshore Village Master Community Development District (SA)
5.25%, 07/01/17

 

 

1,912,500

 


 

 

 

 

 

 

 

Principal
Amount

 

 

 

Value

 

         

 

 

 

 

 

 

Louisiana: (continued)

 

 

 

 

$660,000

 

Louisiana Environmental Facilities & Community Development Authority, Parking Facilities Corp. Garage Project, Series A (RB) (AMBAC)
5.38%, 10/01/11 (a)

 

$

656,132

 

3,380,000

 

Louisiana Environmental Facilities & Community Development Authority, Westlake Chemical Corp. Project (RB)
6.75%, 11/01/17 (a)

 

 

3,574,384

 

500,000

 

Louisiana Local Government Environmental Facilities & Community Development Authority, Westlake Chemical Corp. Project, Series A (RB)
6.50%, 08/01/20 (a)

 

 

529,535

 

3,000,000

 

Louisiana Public Facilities Authority, Lake Charles Memorial Hospital Project (RB)
6.38%, 12/01/19 (a)

 

 

2,880,600

 

 

 

 

 

   

 

 

 

 

 

 

9,553,151

 

 

 

 

 

   

 

Maryland: 1.5%

 

 

 

 

2,000,000

 

Frederick County, Maryland Urbana Community Development Authority, Series B (ST)
5.50%, 07/01/20 (a)

 

 

1,979,620

 

2,000,000

 

Maryland State Economic Development Corp., Chesapeake Bay Area, Series A (RB)
5.00%, 12/01/16 (a)

 

 

1,385,680

 

 

 

 

 

   

 

 

 

 

 

 

3,365,300

 

 

 

 

 

   

 

Massachusetts: 0.3%

 

 

 

 

800,000

 

Massachusetts Health & Educational Facilities Authority, Saints Memorial Medical Center Issue, Series A (RB)
6.00%, 12/09/10 (a)

 

 

732,664

 

 

 

 

 

   

 

Michigan: 2.0%

 

 

 

 

2,450,000

 

Kent Hospital Finance Authority, Metropolitan Hospital Project, Series A (RB)
6.00%, 07/01/15 (a)

 

 

2,470,531

 

1,000,000

 

Kent Hospital Finance Authority, Metropolitan Hospital Project, Series A (RB)
5.25%, 07/01/15 (a)

 

 

942,610

 

1,000,000

 

Michigan State Strategic Fund, Solid Waste Disposal, Obligated-Waste Management System Project (RB)
4.63%, 12/01/12

 

 

1,046,480

 

 

 

 

 

   

 

 

 

 

 

 

4,459,621

 

 

 

 

 

   

 

Minnesota: 1.4%

 

 

 

 

500,000

 

Saint Paul, Minnesota Housing & Redevelopment Authority, Carondelet Village Project, Series A (RB)
6.00%, 08/01/17 (a)

 

 

502,695

 

See Notes to Financial Statements

13



 

HIGH-YIELD MUNICIPAL INDEX ETF

 

SCHEDULE OF INVESTMENTS

(continued)


 

 

 

 

 

 

 

Principal
Amount

 

 

 

Value

 

           

 

 

 

 

 

 

Minnesota: (continued)

 

 

 

 

$500,000

 

Saint Paul, Minnesota Housing & Redevelopment Authority, Carondelet Village Project, Series A (RB)
6.00%, 08/01/17 (a)

 

$

506,295

 

2,000,000

 

Saint Paul, Minnesota Housing & Redevelopment Authority, HealthEast Project (RB)
6.00%, 11/15/15 (a)

 

 

2,005,960

 

 

 

 

 

   

 

 

 

 

 

 

3,014,950

 

 

 

 

 

   

 

Missouri: 1.1%

 

 

 

 

2,000,000

 

Kansas City Industrial Development Authority, Missouri Health Care Facilities First Mortgage, Series A (RB)
6.25%, 01/01/14 (a)

 

 

2,007,760

 

570,000

 

Saint Louis, Missouri Industrial Development Authority, Confluence Academy Project, Series A (RB)
5.35%, 06/15/15 (a)

 

 

475,922

 

 

 

 

 

   

 

 

 

 

 

 

2,483,682

 

 

 

 

 

   

 

Montana: 0.9%

 

 

 

 

1,900,000

 

Montana State Board, Resource Recovery, Yellowstone Energy Project (RB)
7.00%, 12/31/10 (a)

 

 

1,888,372

 

 

 

 

 

   

 

Nebraska: 2.1%

 

 

 

 

1,500,000

 

Central Plains Energy Project, Nebraska Gas Project No. 1, Series A (RB)
5.00%, 12/01/15

 

 

1,602,360

 

3,510,000

 

Nebraska Educational Finance Authority, Concordia University Project (RB)
5.00%, 10/01/15 (a)

 

 

3,088,519

 

 

 

 

 

   

 

 

 

 

 

 

4,690,879

 

 

 

 

 

   

 

New Jersey: 5.6%

 

 

 

 

8,150,000

 

New Jersey Economic Development Authority, Gloucester Marine Project A (RB)
6.63%, 01/01/16 (a)

 

 

7,591,317

 

3,000,000

 

New Jersey Health Care Facilities Financing Authority, St. Joseph’s Healthcare System (RB)
6.63%, 07/01/18 (a)

 

 

3,164,310

 

2,000,000

 

New Jersey State Tobacco Settlement Financing Corp. (RB)
5.00%, 06/01/17 (a)

 

 

1,445,740

 

 

 

 

 

   

 

 

 

 

 

 

12,201,367

 

 

 

 

 

   

 

New York: 6.4%

 

 

 

 

2,055,000

 

Nassau County, New York Project Individual Development Agency, Continuing Care Retirement Home, Amsterdam at Harborside, Series A (RB)
6.70%, 01/01/18 (a)

 

 

2,081,509

 


 

 

 

 

 

 

 

Principal
Amount

 

 

 

Value

 

           

 

 

 

 

 

 

New York: (continued)

 

 

 

 

$1,950,000

 

New York City Industrial Development Agency, American Airlines, Inc. JFK International Airport Project. (RB)
8.00%, 08/01/16 (a)

 

$

2,102,529

 

4,000,000

 

New York City Industrial Development Agency, Civic Facility, Bronx Parking Development Company LLC Project (RB)
5.88%, 10/01/17 (a)

 

 

2,710,080

 

2,000,000

 

New York City Industrial Development Agency, Civic Facility, Vaughn College of Aeronautics & Technology Project, Series A (RB)
5.00%, 12/01/16 (a)

 

 

1,764,960

 

1,500,000

 

New York City Industrial Development Agency, Queens Baseball Stadium Project (RB) (AMBAC)
5.00%, 01/01/17 (a)

 

 

1,381,590

 

805,000

 

New York City Industrial Development Agency, Queens Baseball Stadium Project (RB) (AMBAC)
4.75%, 01/01/17 (a)

 

 

715,412

 

2,000,000

 

New York Liberty Development Corp., Bank of America Tower at One Bryant Park Project, Second Priority Liberty (RB)
6.38%, 01/15/20 (a)

 

 

2,144,220

 

1,000,000

 

New York Suffolk County Industrial Development Agency, Southampton Hospital Association Civic Facility, Series B (RB)
7.63%, 12/09/10 (a)

 

 

1,007,600

 

 

 

 

 

   

 

 

 

 

 

 

13,907,900

 

 

 

 

 

   

 

North Carolina: 0.6%

 

 

 

 

1,250,000

 

North Carolina Medical Care Commission, Retirement Facilities, Galloway Ridge Project (RB)
6.00%, 01/01/20 (a)

 

 

1,256,000

 

 

 

 

 

   

 

Ohio: 6.4%

 

 

 

 

2,605,000

 

Buckeye Ohio Tobacco Settlement Financing Authority (RB)
5.88%, 06/01/17 (a)

 

 

2,187,966

 

2,000,000

 

Buckeye, Ohio Tobacco Settlement Finance Authority, Asset-Backed-Senior-Turbo, Series A-2 (RB)
5.88%, 06/01/17 (a)

 

 

1,526,760

 

1,250,000

 

Buckeye, Ohio Tobacco Settlement Finance Authority, Asset-Backed-Senior-Turbo, Series A-2 (RB)
6.50%, 06/01/17 (a)

 

 

1,046,500

 

2,260,000

 

Buckeye, Ohio Tobacco Settlement Finance Authority, Asset-Backed-Senior-Turbo, Series A-2 (RB)
5.75%, 06/01/17 (a)

 

 

1,804,474

 

3,000,000

 

Cleveland, Ohio Airport, Continental Airlines, Inc. Project (RB)
5.38%, 12/09/10 (a)

 

 

2,571,900

 

See Notes to Financial Statements

14



 

 

 

 

 

 

 

 

 

Principal
Amount

 

 

 

Value

 

           

 

 

 

 

 

 

Ohio: (continued)

 

 

 

 

$2,510,000

 

Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project, Series E (RB)
5.63%, 10/01/19

 

$

2,746,166

 

1,500,000

 

Ohio State Higher Educational Facility Commission, Ashland University Project (RB)
6.25%, 09/01/20 (a)

 

 

1,575,675

 

600,000

 

Ohio State Solid Waste Disposal, USG Corp. Project (RB)
5.60%, 12/09/10 (a)

 

 

544,650

 

 

 

 

 

   

 

 

 

 

 

 

14,004,091

 

 

 

 

 

   

 

Oklahoma: 2.3%

 

 

 

 

3,000,000

 

Oklahoma Kingfisher Hospital Authority, Hospital & Sales Tax (RB)
6.50%, 12/01/17 (a)

 

 

2,940,420

 

2,000,000

 

Tulsa, Oklahoma Municipal Airport Trust, Series A (RB)
7.75%, 12/01/14 (b)

 

 

2,015,720

 

 

 

 

 

   

 

 

 

 

 

 

4,956,140

 

 

 

 

 

   

 

Oregon: 0.7%

 

 

 

 

750,000

 

Oregon State Facilities Authority, Concordia University Project, Series A (RB)
6.38%, 09/01/20 (a)

 

 

772,822

 

650,000

 

Oregon State Facilities Authority, Concordia University Project, Series A (RB)
6.13%, 09/01/20 (a)

 

 

667,063

 

 

 

 

 

   

 

 

 

 

 

 

1,439,885

 

 

 

 

 

   

 

Pennsylvania: 7.2%

 

 

 

 

2,000,000

 

Allegheny County, Pennsylvania Hospital Development Authority, Health System, West Pennsylvania, Series A (RB)
5.00%, 11/15/17 (a)

 

 

1,609,520

 

3,500,000

 

Lycoming County Authority, Susquehanna Health System Project, Series A (RB)
5.75%, 07/01/19 (a)

 

 

3,647,455

 

2,420,000

 

Pennsylvania Economic Development Finance Authority, Colver Project, Series G (RB)
5.13%, 12/01/15

 

 

2,461,527

 

2,000,000

 

Pennsylvania Economic Development Finance Authority, Exempt Facilities Reliant Energy Seward LLC, Series A (RB)
6.75%, 06/01/11 (a)

 

 

2,072,880

 

1,200,000

 

Pennsylvania Economic Development Finance Authority, Exempt Facilities Reliant Energy Seward LLC, Series A (RB)
6.75%, 06/01/11 (a)

 

 

1,243,728

 

705,000

 

Pennsylvania Economic Development Finance Authority, Exempt Facilities Reliant Energy Seward LLC, Series B (RB)
6.75%, 06/01/11 (a)

 

 

730,690

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal
Amount

 

 

 

Value

 

         

 

 

 

 

 

 

Pennsylvania: (continued)

 

 

 

 

$4,020,000

 

Pennsylvania Economic Development Financing Authority, Solid Waste Disposal, USG Corporation Project (RB)
6.00%, 12/09/10 (a)

 

$

3,841,633

 

 

 

 

 

   

 

 

 

 

 

 

15,607,433

 

 

 

 

 

   

 

Puerto Rico: 3.4%

 

 

 

 

3,000,000

 

Puerto Rico Commonwealth Public Improvement, Series A (GO) (NATL)
5.50%, 07/01/19

 

 

3,319,560

 

4,000,000

 

Puerto Rico Public Financing Corp., Commonwealth Appropriation, Series A (RB)
5.75%, 02/01/12 (a) (b)

 

 

4,142,120

 

 

 

 

 

   

 

 

 

 

 

 

7,461,680

 

 

 

 

 

   

 

South Carolina: 1.6%

 

 

 

 

4,010,000

 

South Carolina Jobs-Economic Development Authority, Hospital Improvement, Hampton Regional Medical Center Project (RB)
5.25%, 11/01/16 (a)

 

 

3,488,700

 

 

 

 

 

   

 

South Dakota: 2.2%

 

 

 

 

4,275,000

 

Sioux Falls, South Dakota Health Facilities, Dow Rummel Village Project (RB)
5.00%, 11/15/16 (a)

 

 

3,335,868

 

1,500,000

 

Sioux Falls, South Dakota Health Facilities, Dow Rummel Village Project (RB)
5.00%, 11/15/16 (a)

 

 

1,366,605

 

 

 

 

 

   

 

 

 

 

 

 

4,702,473

 

 

 

 

 

   

 

Tennessee: 0.5%

 

 

 

 

1,000,000

 

Tennessee Energy Acquisition Corp., Gas Project, Series A (RB)
5.00%, 09/01/15

 

 

1,063,310

 

 

 

 

 

   

 

Texas: 11.5%

 

 

 

 

2,655,000

 

Alliance Airport Authority, Texas Special Facilities, American Airlines (RB)
7.00%, 12/01/11

 

 

2,657,496

 

2,000,000

 

Austin, Texas Convention Enterprises Inc., First Tier Series A (RB) (XLCA)
5.25%, 01/01/17 (a)

 

 

1,890,740

 

1,000,000

 

Brazoria County, Texas Brazos River Harbor Navigation, Series A-4 (RB)
5.95%, 05/15/18 (a) (b)

 

 

1,036,770

 

1,000,000

 

Hidalgo County, Texas Health Services Corp., Mission Hospital Project (RB)
5.00%, 08/15/17 (a)

 

 

997,760

 

705,000

 

Hidalgo County, Texas Health Services Corp., Mission Hospital Project (RB)
5.00%, 08/15/16

 

 

755,316

 

1,560,000

 

Red River Authority of Texas, Celanese Project, Series B (RB)
6.70%, 05/01/12 (a)

 

 

1,575,616

 

2,800,000

 

Tarrant County, Texas Cultural Education Facilities Finance Corp., Doctors’ Hospital Project (RB)
6.38%, 11/01/16 (a) ^ §

 

 

1,481,228

 

See Notes to Financial Statements

15



 

HIGH-YIELD MUNICIPAL INDEX ETF

 

SCHEDULE OF INVESTMENTS

(continued)


 

 

 

 

 

 

 

Principal
Amount

 

 

 

Value

 

         

 

 

 

 

 

 

Texas: (continued)

 

 

 

 

$1,500,000

 

Tarrant County, Texas Cultural Education Facilities Finance Corp., Northwest Senior Housing Corporation-Edgemere Project, Series A (RB)
6.00%, 11/15/16 (a)

 

$

1,496,040

 

1,000,000

 

Tarrant County, Texas Cultural Education Facilities Finance Corp., Stayton at Museum Way Project, Series A (RB)
8.00%, 11/15/19 (a)

 

 

1,021,180

 

2,865,000

 

Texas Brazos River Authority, Pollution Control, TXU Electric Company Project, Series C (RB)
5.75%, 11/01/11 (b)

 

 

2,727,852

 

6,000,000

 

Texas Private Activity Bond Surface Transportation Corp., LBJ Infrastructure Group LLC Project, Senior Lien (RB)
7.00%, 06/30/20 (a)

 

 

6,558,600

 

3,000,000

 

Texas State Public Finance Authority Charter School Finance Corp., Cosmos Foundation, Series A (RB)
5.38%, 02/15/15 (a)

 

 

2,879,550

 

 

 

 

 

   

 

 

 

 

 

 

25,078,148

 

 

 

 

 

   

 

Virgin Islands: 1.6%

 

 

 

 

1,000,000

 

Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Loan Note, Diageo Project, Series A (RB)
6.75%, 10/01/19 (a)

 

 

1,132,230

 

2,270,000

 

Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Senior Lien, Series B (RB)
5.00%, 10/01/19 (a)

 

 

2,320,689

 

 

 

 

 

   

 

 

 

 

 

 

3,452,919

 

 

 

 

 

   

 


 

 

 

 

 

 

 

Principal
Amount

 

 

 

Value

 

           

 

 

 

 

 

 

Virginia: 1.3%

 

 

 

 

$4,000,000

 

Tobacco Settlement Financing Corp., Senior Series B-1 (RB)
5.00%, 06/01/17 (a)

 

$

2,815,840

 

 

 

 

 

   

 

Washington: 2.1%

 

 

 

 

750,000

 

Washington Health Care Facilities Authority, Central Washington Health Services Association (RB)
6.25%, 07/01/19 (a)

 

 

812,993

 

3,900,000

 

Washington State Housing Finance Commission, Skyline at First Hill Project, Series B (RB)
5.10%, 12/09/10 (a)

 

 

3,763,929

 

 

 

 

 

   

 

 

 

 

 

 

4,576,922

 

 

 

 

 

   

 

West Virginia: 1.5%

 

 

 

 

3,500,000

 

Ohio County, West Virginia County Commission Special District Excise Tax & Improvement, The Highland Project, Series B (RB)
5.63%, 03/01/16 (a)

 

 

3,340,820

 

 

 

 

 

   

 

Wisconsin: 1.4%

 

 

 

 

2,670,000

 

Wisconsin State Health & Educational Facilities Authority, Wheaton Franciscan Services (RB)
5.13%, 08/15/13 (a)

 

 

2,540,612

 

500,000

 

Wisconsin State Health & Educational Facilities Authority, Wheaton Healthcare, Series B (RB)
5.13%, 08/15/16 (a)

 

 

485,735

 

 

 

 

 

   

 

 

 

 

 

 

3,026,347

 

 

 

 

 

   

 

Total Municipal Bonds
(Cost: $197,847,030)

 

 

213,311,273

 

 

 

   

 

Total Investments: 97.9%
(Cost: $197,847,030)

 

 

213,311,273

 

Other assets less liabilities: 2.1%

 

 

4,528,550

 

 

 

   

 

NET ASSETS: 100.0%

 

$

217,839,823

 

 

 

   

 


 

 

ACA

Credit Agricole SA

AMBAC

American Municipal Bond Assurance Corp.

CP

Certificate of Participation

GO

General Obligation

NATL

National Public Finance Guarantee Corp.

RB

Revenue Bond

SA

Special Assessment

ST

Special Tax

TA

Tax Allocation

XLCA

Syncora Guarantee, Inc.

(a)

Callable Security - the redemption date shown is when the security may be redeemed by the issuer

(b)

Puttable Security - the redemption date shown is when the security may be redeemed by the investor

(c)

Convertible Capital Appreciation Bond - the rate shown is the effective yield at purchase date

*

Non-income producing

^

Received a partial payment on the last interest payment date.

§

Illiquid Security - the aggregate value of illiquid securities is $3,701,363 which represents 1.7% of net assets.

144A

Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. This security may be

 

resold in transactions exempt from registration, unless otherwise noted.

See Notes to Financial Statements

16


 

 

Restricted securities held by the Fund are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

Security

 

 

Acquisition
Date

 

Principal
Amount

 

Acquisition
Cost

 

Value

 

% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

California Statewide Community Development Authority, Educational Facilities – Huntington Park Charter School Project-A (RB) 5.25%, 07/01/17 144A(a)§

 

06/23/2009

 

$500,000

 

$296,250

 

$392,760

 

0.2%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Summary of Investments By Sector (unaudited)

 

% of
Investments

 

Value

 

 

 

 

 

 

 

Airport

 

 

3.6

%

 

$

7,622,696

 

Development

 

 

16.1

 

 

 

34,336,991

 

Education

 

 

6.1

 

 

 

12,922,904

 

Facilities

 

 

3.4

 

 

 

7,300,605

 

General Obligation

 

 

5.7

 

 

 

12,092,919

 

Higher Education

 

 

4.5

 

 

 

9,572,584

 

Medical

 

 

24.4

 

 

 

52,027,426

 

Nursing Homes

 

 

8.2

 

 

 

17,518,813

 

Pollution

 

 

7.9

 

 

 

16,823,099

 

Power

 

 

2.3

 

 

 

4,986,841

 

Tobacco Settlement

 

 

7.7

 

 

 

16,450,002

 

Transportation

 

 

7.0

 

 

 

14,994,628

 

Utilities

 

 

0.7

 

 

 

1,602,360

 

Water

 

 

2.4

 

 

 

5,059,405

 

 

 

 

 

 

 

   

 

 

 

 

100.0

%

 

$

213,311,273

 

 

 

 

 

 

 

   

 

The summary of inputs used to value the Fund’s investments as of October 31, 2010 is as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Level 1
Quoted
Prices

 

Level 2
Significant
Observable
Inputs

 

Level 3
Significant
Unobservable
Inputs

 

Value

 

 

 

 

 

 

 

 

 

 

 

Total Municipal Bonds*

 

$

 

$

213,311,273

 

$

 

$

213,311,273

 

 

 

   

 

   

 

   

 

   

 

* See Schedule of Investments for security type and geographic sector breakouts

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended October 31, 2010:

 

 

 

 

 

Balance as of 4/30/10

 

$

1,400,000

 

Realized gain (loss)

 

 

 

Change in unrealized appreciation (depreciation)

 

 

 

Net purchases (sales)

 

 

 

Transfers in and/or out of Level 3

 

 

(1,400,000

)

 

 

   

 

Balance as of 10/31/10

 

$

 

 

 

   

 

See Notes to Financial Statements

17



 

INTERMEDIATE MUNICIPAL INDEX ETF

 

SCHEDULE OF INVESTMENTS

October 31, 2010 (unaudited)


 

 

 

 

 

 

 

Principal
Amount

 

 

 

Value

 

         

 

 

 

 

 

 

MUNICIPAL BONDS: 98.7%

 

 

 

 

Alaska: 0.2%

 

 

 

 

$500,000

 

Alaska Housing Finance Corp.,
Home Mortgage, Series C (RB)
4.63%, 12/01/18 (a)

 

$

515,795

 

 

 

 

 

   

 

Arizona: 2.1%

 

 

 

 

250,000

 

Arizona Health Facilities Authority, Series D (RB)
5.50%, 01/01/18 (a)

 

 

279,067

 

500,000

 

Arizona State Certificates of Participation, Department of Administration, Series B (CP) (AGM)
5.00%, 04/01/20 (a)

 

 

539,280

 

750,000

 

Arizona State Transportation Board Excise Tax Revenue, Maricopa County, Regional Area Road Fund (RB)
5.00%, 07/01/20 (a)

 

 

875,655

 

500,000

 

Arizona State Transportation Board, Maricopa County Regional Area Road (RB)
5.00%, 07/01/19 (a)

 

 

567,995

 

500,000

 

Arizona State, Series A (CP) (AGM)
5.00%, 10/01/19

 

 

564,735

 

500,000

 

Arizona Water Infrastructure Finance Authority, Series A (RB)
5.00%, 10/01/18 (a)

 

 

568,440

 

250,000

 

Arizona Water Infrastructure Finance Authority, Series A (RB)
5.00%, 10/01/18 (a)

 

 

291,675

 

250,000

 

Phoenix, Arizona, Civic Improvement Corp., Light Rail Project (RB) (AMBAC)
5.00%, 07/01/14 (a)

 

 

275,878

 

250,000

 

Phoenix, Arizona, Civic Improvement Corp., Wastewater System (RB) (NATL)
5.00%, 07/01/17 (a)

 

 

276,163

 

250,000

 

Phoenix, Arizona, Civic Improvement Corp., Wastewater System Senior Lien (RB)
5.50%, 07/01/18 (a)

 

 

290,997

 

250,000

 

Salt River Project Agricultural Improvement & Power District, Series A (RB)
5.00%, 01/01/19 (a)

 

 

279,800

 

 

 

 

 

   

 

 

 

 

 

 

4,809,685

 

 

 

 

 

   

 

California: 15.8%

 

 

 

 

500,000

 

Bay Area Infrastructure Financing Authority (RB) (AMBAC)
5.00%, 08/01/11 (a)

 

 

510,600

 

500,000

 

Bay Area Infrastructure Financing Authority (RB) (FGIC) (NATL)
5.00%, 08/01/14 (a)

 

 

534,050

 

500,000

 

Bay Area Toll Authority, Series F (RB)
5.00%, 04/01/16 (a)

 

 

558,590

 

1,050,000

 

California Long Beach Bond Finance Authority, Natural Gas Purchase, Series A (RB)
5.25%, 11/15/18

 

 

1,120,812

 

500,000

 

California State (GO)
5.00%, 10/01/16 (a)

 

 

559,240

 


 

 

 

 

 

 

 

Principal
Amount

 

 

 

Value

 

         

 

 

 

 

 

 

California: (continued)

 

 

 

 

$75,000

 

California State (GO)
5.00%, 11/01/15

 

$

85,952

 

500,000

 

California State (GO)
5.25%, 10/01/19 (a)

 

 

558,760

 

500,000

 

California State (GO)
4.50%, 02/01/17 (a)

 

 

501,860

 

500,000

 

California State (GO)
5.00%, 02/01/17 (a)

 

 

559,255

 

1,000,000

 

California State (GO)
4.50%, 02/01/17 (a)

 

 

998,770

 

1,000,000

 

California State Economic Recovery Bonds, Series A (GO)
5.00%, 07/01/16 (a)

 

 

1,089,780

 

500,000

 

California State Public Works Board, Mental Health Department, Series A (RB)
5.50%, 06/01/14 (a)

 

 

527,995

 

300,000

 

California State Public Works Board, Various Capital Project, Series G-1 (RB)
5.00%, 10/01/19 (a)

 

 

310,011

 

500,000

 

California State Public Works Board, Various Capital Project, Series G-1 (RB)
5.25%, 10/01/17

 

 

554,580

 

2,000,000

 

California State Various Purpose (GO)
5.00%, 12/01/16 (a)

 

 

2,087,160

 

1,000,000

 

California State Various Purpose (GO) (FGIC) (NATL)
5.00%, 06/01/17 (a)

 

 

1,036,220

 

500,000

 

California State Veterans Affairs Department, Home Purchase, Series A (RB)
4.25%, 11/30/11 (a)

 

 

501,560

 

500,000

 

California Water Resources Department Power Supply, Series L (RB)
5.00%, 05/01/18

 

 

586,435

 

250,000

 

Coast Community College District, California Election 2002- Series B (GO) (AGM)
5.00%, 08/01/16 (a)

 

 

276,887

 

250,000

 

La Quinta, California Financing Authority, Series A (AMBAC) (TA)
5.25%, 09/01/14 (a)

 

 

261,428

 

505,000

 

Los Angeles County, Metropolitan Transportation Authority, Series A (RB)
5.00%, 07/01/18

 

 

603,783

 

250,000

 

Los Angeles Department of Water & Power, Series A-1 (RB) (AMBAC)
5.00%, 07/01/17 (a)

 

 

281,422

 

250,000

 

Los Angeles Unified School District, Series A-1 (GO) (AGM)
4.50%, 07/01/17 (a)

 

 

259,458

 

500,000

 

Los Angeles Unified School District, Series A-1 (GO) (NATL)
4.50%, 07/01/17 (a)

 

 

506,290

 

250,000

 

Los Angeles Unified School District, Series B (GO) (FGIC)
4.75%, 07/01/16 (a)

 

 

267,103

 

See Notes to Financial Statements

18



 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal
Amount

 

 

 

Value

 

         

 

 

 

 

 

 

California: (continued)

 

 

 

 

$500,000

 

Los Angeles Unified School District, Series E (GO) (AMBAC)
5.00%, 07/01/15 (a)

 

$

533,085

 

500,000

 

Los Angeles Unified School District, Series E (GO) (AGM)
5.00%, 07/01/17 (a)

 

 

564,135

 

750,000

 

Los Angeles Unified School District, Series H (GO) (AGM)
5.00%, 07/01/17 (a)

 

 

813,975

 

1,000,000

 

Los Angeles, California Community College District, Election of 2001, Series A (GO) (FGIC) (NATL)
5.00%, 08/01/17 (a)

 

 

1,068,290

 

250,000

 

Los Angeles, California Convention & Exhibition Center, Series A (RB)
5.00%, 08/15/17

 

 

283,590

 

250,000

 

Los Angeles, California Convention & Exhibition Center, Series A (RB)
5.13%, 08/15/18 (a)

 

 

271,247

 

1,000,000

 

Los Angeles, California Municipal Improvement Corp., Police Headquarters Facility & Public Works Building, Series A (RB) (FGIC) (NATL)
5.00%, 01/01/17 (a)

 

 

1,081,290

 

500,000

 

Los Angeles, California Municipal Improvement Corp., Police Headquarters Facility & Public Works Building, Series A (RB) (FGIC) (NATL)
5.00%, 01/01/17 (a)

 

 

522,870

 

1,000,000

 

Los Angeles, California Municipal Improvement Corp., Police Headquarters Facility & Public Works Building, Series A (RB) (FGIC) (NATL)
5.00%, 01/01/17 (a)

 

 

1,096,370

 

500,000

 

Los Angeles, California Unified School District, Series A (GO) (AGM)
4.50%, 07/01/17 (a)

 

 

515,945

 

1,500,000

 

Los Angeles, California Wastewater System, Series A (RB)
5.75%, 06/01/19 (a)

 

 

1,753,020

 

500,000

 

Sacramento City Financing Authority, Master Lease Program Facilities, Series E (RB) (AMBAC)
5.25%, 12/01/26

 

 

527,290

 

500,000

 

Sacramento City Financing Authority, Master Lease Program Facilities, Series E (RB) (AMBAC)
5.25%, 12/01/24

 

 

533,385

 

1,000,000

 

Sacramento City Financing Authority, Master Lease Program Facilities, Series E (RB) (AMBAC)
5.25%, 12/01/22

 

 

1,078,940

 

250,000

 

San Diego, California Community College District (GO) (AGM)
5.00%, 08/01/17 (a)

 

 

273,442

 

500,000

 

San Diego, California Community College District Election of 2002 (GO) (AGM)
5.00%, 05/01/15 (a)

 

 

541,095

 


 

 

 

 

 

 

 

Principal
Amount

 

 

 

Value

 

         

 

 

 

 

 

 

California: (continued)

 

 

 

 

$500,000

 

San Diego, California Community College District Election of 2006 (GO) (AGM)
5.00%, 08/01/17 (a)

 

$

549,410

 

250,000

 

San Diego, California Community College District Election of 2006 (GO) (AGM)
5.00%, 08/01/17 (a)

 

 

278,697

 

500,000

 

San Diego, California Public Facilities Financing Authority, Series A (RB) (AMBAC)
5.25%, 02/15/17 (a)

 

 

520,290

 

500,000

 

San Francisco, California City & County Airports Commission, Second Series 32G (RB) (FGIC) (NATL)
5.00%, 05/01/16 (a)

 

 

529,500

 

1,000,000

 

San Francisco, California City & County General Hospital Improvement, Series A (GO)
4.75%, 06/15/19

 

 

1,171,730

 

250,000

 

San Francisco, California City & County Laguna Honda Hospital, Series A (GO) (AMBAC)
5.00%, 06/15/12 (a)

 

 

272,365

 

500,000

 

San Francisco, California City & County Public Utilities Commission, Series B (RB)
4.00%, 11/01/19 (a)

 

 

516,025

 

500,000

 

San Francisco, California City & Country Public Utilities Commission, Series B (RB)
4.00%, 11/01/19 (a)

 

 

521,110

 

250,000

 

San Jose, California Redevelopment Agency, Series D (AMBAC) (TA)
5.00%, 08/01/17 (a)

 

 

266,615

 

1,000,000

 

Southern California Public Power Authority, Canyon Power Project, Series A (RB)
5.25%, 01/01/20 (a)

 

 

1,128,570

 

250,000

 

University of California Limited Project, Series A (RB) (NATL)
5.00%, 05/15/12 (a)

 

 

270,288

 

600,000

 

University of California Limited Project, Series A (RB) (AGM)
4.75%, 05/15/13 (a)

 

 

632,046

 

500,000

 

University of California, Series F (RB) (AGM)
5.00%, 05/15/13 (a)

 

 

545,660

 

500,000

 

University of California, Series Q (RB)
5.00%, 05/15/17 (a)

 

 

555,800

 

500,000

 

University of California, Series J (RB) (AGM)
4.50%, 05/15/15 (a)

 

 

515,800

 

1,000,000

 

Vernon City, California, Electric System Revenue, Series A (RB)
5.13%, 08/01/19 (a)

 

 

1,051,350

 

 

 

 

 

   

 

 

 

 

 

 

35,921,226

 

 

 

 

 

   

 

See Notes to Financial Statements

19



 

INTERMEDIATE MUNICIPAL INDEX ETF

 

SCHEDULE OF INVESTMENTS

(continued)


 

 

 

 

 

 

 

Principal
Amount

 

 

 

Value

 

         

 

 

 

 

 

 

Colorado: 0.3%

 

 

 

 

$670,000

 

Colorado Public Authority, Natural Gas Purchase (RB)
6.13%, 11/15/23

 

$

755,961

 

 

 

 

 

 

 

Connecticut: 0.5%

 

 

 

 

500,000

 

Connecticut State Health & Educational Facility Authority, Series I (RB) (NATL)
5.00%, 07/01/17 (a)

 

 

538,650

 

500,000

 

Connecticut State, Series E (GO)
5.00%, 12/15/16 (a)

 

 

572,920

 

 

 

 

 

 

 

 

 

 

 

 

1,111,570

 

 

 

 

 

 

 

District of Columbia: 0.4%

 

 

 

600,000

 

District of Columbia, Income Tax Secured Revenue, Series A (RB)
5.00%, 06/01/20 (a)

 

 

682,104

 

250,000

 

Washington D.C. Convention Center Authority, Senior Lien, Series A (RB) (AMBAC)
4.50%, 10/01/16 (a)

 

 

255,590

 

 

 

 

 

 

 

 

 

 

 

 

937,694

 

 

 

 

 

   

 

Florida: 6.0%

 

 

 

250,000

 

Collier County, Florida School Board (CP) (AGM)
5.00%, 02/15/16 (a)

 

 

268,183

 

500,000

 

Florida Citizens Property Insurance Corp., High Risk Account, Senior Secured A-1 (RB) (AGM)
5.00%, 06/01/17

 

 

536,725

 

475,000

 

Florida Citizens Property Insurance Corp., High Risk Account, Senior Secured A-1 (RB)
4.25%, 06/01/17

 

 

479,056

 

250,000

 

Florida Citizens Property Insurance Corp., High Risk Account, Senior Secured A-1 (RB)
5.50%, 06/01/17

 

 

269,993

 

1,000,000

 

Florida Citizens Property Insurance Corp., High Risk Account, Senior Secured A-1 (RB)
4.00%, 06/01/16

 

 

1,014,470

 

500,000

 

Florida State Board of Education, Capital Outlay, Series B (GO)
5.00%, 01/01/15 (a)

 

 

562,055

 

500,000

 

Florida State Board of Education, Public Education Capital Outlay, Series A (GO)
4.00%, 06/01/19 (a)

 

 

534,040

 

1,500,000

 

Florida State Board of Education, Public Education Capital Outlay, Series C (GO)
5.00%, 06/01/19 (a)

 

 

1,711,980

 

500,000

 

Florida State Board of Education, Public Education Capital Outlay, Series D (GO)
5.00%, 06/01/19 (a)

 

 

568,420

 

225,000

 

Florida State Department of Environmental Protection, Series A (RB) (AGO)
5.00%, 07/01/17 (a)

 

 

246,814

 


 

 

 

 

 

 

 

Principal
Amount

 

 

 

Value

 

         

 

 

 

 

 

 

Florida: (continued)

 

 

 

$500,000

 

Florida State Department of Environmental Protection, Series B (RB) (NATL)
5.00%, 07/01/15 (a)

 

$

538,915

 

500,000

 

Florida State Department of Environmental Protection, Series B (RB) (NATL)
5.00%, 07/01/15 (a)

 

 

535,560

 

510,000

 

Miami-Dade County, Florida Aviation, Series A (RB)
4.88%, 10/01/20 (a)

 

 

529,686

 

250,000

 

Miami-Dade County, Florida Educational Facilities Series B (RB) (AMBAC)
5.25%, 04/01/22

 

 

276,705

 

500,000

 

Miami-Dade County, Florida Public Facilities Jackson Health System, Series B (RB) (NATL)
5.00%, 06/01/15 (a)

 

 

533,855

 

500,000

 

Miami-Dade County, Florida School Board Series A (CP) (AMBAC)
5.00%, 08/01/18 (a)

 

 

546,915

 

500,000

 

Miami-Dade County, Florida School Board Series B (CP) (AGO)
5.25%, 05/01/18 (a)

 

 

552,040

 

250,000

 

Miami-Dade County, Florida Special Obligation, Capital Asset Acquisition, Series A (RB) (AMBAC)
5.00%, 04/01/17 (a)

 

 

261,703

 

250,000

 

Orange County, Florida Tourist Development Tax Revenue (RB) (AMBAC)
5.00%, 10/01/15 (a)

 

 

266,430

 

430,000

 

Orange County, Florida Tourist Development Tax Revenue, Series A (RB) (NATL)
5.00%, 10/01/17 (a)

 

 

460,822

 

500,000

 

Orlando, Florida Utilities Commission Utility System (RB)
5.00%, 10/01/16 (a)

 

 

567,990

 

250,000

 

Palm Beach County, Florida School Board, Series A (CP) (AGM)
5.00%, 08/01/15 (a)

 

 

264,568

 

250,000

 

Polk County, Florida School District (RB) (AGM)
5.00%, 10/01/17

 

 

274,930

 

250,000

 

Port Saint Lucie, Florida Utility System Refunding and Improvement (RB) (NATL)
5.25%, 09/01/21

 

 

276,767

 

250,000

 

South Miami Health Facilities Authority (RB)
5.00%, 08/15/17 (a)

 

 

276,590

 

500,000

 

Tampa, Florida Sports Authority (RB) (AGM)
5.00%, 01/01/15 (a)

 

 

519,160

 

750,000

 

Volusia County, Florida Educational Facilities Authority, Embry-Riddle Aeronautical University, Inc. (RB)
5.00%, 10/15/15 (a)

 

 

758,827

 

 

 

 

 

   

 

 

 

 

 

 

13,633,199

 

 

 

 

 

   

 

See Notes to Financial Statements

20


 

 

 

 

 

 

 

 

 

Principal
Amount

 

 

 

Value

 

         

 

 

 

 

 

 

Georgia: 3.1%

 

 

 

$500,000

 

Cobb County, Georgia Water & Sewerage Improvement (RB)
3.75%, 07/01/19 (a)

 

$

526,060

 

750,000

 

DeKalb County, Georgia Hospital Authority (RB)
5.25%, 09/01/20

 

 

783,322

 

250,000

 

Douglas County School District, Georgia (GO) (AGM) (SAW)
5.00%, 04/01/17 (a)

 

 

277,725

 

400,000

 

Fulton County, Georgia Development Authority, Series B (RB)
4.50%, 03/15/19 (a)

 

 

409,508

 

500,000

 

Georgia State, Series B (GO)
5.00%, 01/01/19 (a)

 

 

595,815

 

500,000

 

Georgia State, Series B (GO)
5.00%, 01/01/19 (a)

 

 

575,800

 

400,000

 

Georgia State, Series B (GO)
5.00%, 07/01/18 (a)

 

 

465,076

 

500,000

 

Georgia State, Series B (GO)
5.00%, 04/01/17 (a)

 

 

602,170

 

250,000

 

Georgia State, Series C (GO)
5.00%, 07/01/17 (a)

 

 

288,123

 

400,000

 

Gwinnett County Development Authority, Public Schools Project (CP) (NATL)
5.25%, 01/01/21

 

 

477,920

 

500,000

 

Gwinnett County School District (GO)
5.00%, 02/01/25 (a)

 

 

592,195

 

500,000

 

Main Street Natural Gas, Inc., Gas Project, Series B (RB)
5.00%, 03/15/20

 

 

520,850

 

1,000,000

 

Main Street Natural Gas, Inc., Gas Project, Series B (RB)
5.00%, 03/15/18

 

 

1,057,330

 

 

 

 

 

   

 

 

 

 

 

 

7,171,894

 

 

 

 

 

   

 

Hawaii: 0.9%

 

 

 

 

500,000

 

Hawaii State, Series DI (GO) (AGM)
5.00%, 03/01/16 (a)

 

 

556,170

 

500,000

 

Hawaii State, Series DK (GO)
5.00%, 05/01/18 (a)

 

 

556,030

 

325,000

 

Hawaii State, Series DO (GO)
5.00%, 08/01/17

 

 

386,220

 

500,000

 

Hawaii State, Series DY (GO)
5.00%, 02/01/17

 

 

591,495

 

 

 

 

 

   

 

 

 

 

 

 

2,089,915

 

 

 

 

 

   

 

Idaho: 0.3%

 

 

 

500,000

 

Idaho Housing & Finance Association, Series A (RB) (AGO)
5.25%, 07/15/16

 

 

590,065

 

 

 

 

 

   

 

Illinois: 7.3%

 

 

 

 

500,000

 

Chicago O’Hare International Airport, 3rd Lien, Series A (RB) (NATL)
5.25%, 01/01/16 (a)

 

 

529,575

 

250,000

 

Chicago O’Hare International Airport, 3rd Lien, Series A (RB) (AMBAC)
5.00%, 01/01/16 (a)

 

 

268,288

 

500,000

 

Chicago O’Hare International Airport, 3rd Lien, Series B (RB) (AGM)
5.00%, 01/01/17 (a)

 

 

555,255

 


 

 

 

 

 

 

 

Principal
Amount

 

 

 

Value

 

         

 

 

 

 

 

 

Illinois: (continued)

 

 

 

$500,000

 

Chicago O’Hare International Airport, 3rd Lien, Series B (RB) (AGM)
5.00%, 01/01/17 (a)

 

$

548,770

 

500,000

 

Chicago O’Hare International Airport, 3rd Lien, Series B (RB) (NATL)
5.25%, 01/01/18

 

 

569,230

 

1,000,000

 

Chicago O’Hare International Airport, 3rd Lien, Series B (RB) (AGM)
5.00%, 01/01/17 (a)

 

 

1,124,870

 

500,000

 

Chicago O’Hare International Airport, 3rd Lien, Series C (RB) (AGO)
5.25%, 01/01/20 (a)

 

 

553,585

 

1,000,000

 

Chicago, Illinois Project & Refunding, Series A (GO) (AMBAC)
5.00%, 01/01/17 (a)

 

 

1,111,700

 

250,000

 

Chicago, Illinois Project & Refunding, Series A (GO) (AGM)
5.00%, 01/01/16 (a)

 

 

263,328

 

500,000

 

Chicago, Illinois Project & Refunding, Series A (GO) (AGM)
5.00%, 01/01/16 (a)

 

 

529,055

 

250,000

 

Chicago, Illinois Project & Refunding, Series A (GO) (AGM)
5.00%, 01/01/16 (a)

 

 

265,130

 

500,000

 

Chicago, Illinois Project & Refunding, Series A (GO) (AGM)
4.50%, 01/01/16 (a)

 

 

520,760

 

450,000

 

Chicago, Illinois Project & Refunding, Series C (GO) (NATL)
5.00%, 01/01/18 (a)

 

 

502,672

 

250,000

 

Chicago, Illinois Project & Refunding, Series C (GO)
5.00%, 01/01/19 (a)

 

 

271,235

 

500,000

 

Chicago, Illinois Transit Authority, Capital Grant Receipts, Section 5307-A (RB) (AGO)
5.25%, 06/01/18 (a)

 

 

543,900

 

750,000

 

Chicago, Illinois Transit Authority, Capital Grant Receipts, Section 5307-A (RB) (AGO)
5.25%, 06/01/18 (a)

 

 

810,742

 

250,000

 

Chicago, Illinois Transit Authority, Capital Grant Receipts, Section 5307-A (RB) (AMBAC)
5.00%, 12/01/16 (a)

 

 

278,320

 

250,000

 

Chicago, Illinois Transit Authority, Capital Grant Receipts, Section 5309 (RB) (AGO)
5.00%, 06/01/16

 

 

280,272

 

250,000

 

Chicago, Illinois, Modern School Across Chicago Program, Series B (GO) (AMBAC)
5.00%, 12/01/16 (a)

 

 

273,083

 

475,000

 

Chicago, Illinois, Series A (GO)
5.00%, 01/01/20 (a)

 

 

516,809

 

1,000,000

 

Chicago, Illinois, Series A (GO) (AGM)
5.00%, 01/01/20 (a)

 

 

1,076,020

 

500,000

 

Chicago, Illinois, Series A (GO) (AGM)
5.00%, 01/01/20 (a)

 

 

535,630

 

See Notes to Financial Statements

21



 

INTERMEDIATE MUNICIPAL INDEX ETF

 

SCHEDULE OF INVESTMENTS

(continued)


 

 

 

 

 

 

 

Principal
Amount

 

 

Value

 

     

 

 

 

 

 

Illinois: (continued)

 

 

 

 

$500,000

 

Chicago, Illinois, Series A (GO) (AGM)
5.00%, 01/01/20 (a)

 

$

540,800

 

500,000

 

Illinois State (GO) (AGM)
5.00%, 01/01/20 (a)

 

 

532,090

 

500,000

 

Illinois State (GO) (AGM)
5.00%, 01/01/19

 

 

544,670

 

250,000

 

Illinois State Toll Highway Authority, Senior Priority Series A-1 (RB) (AGM)
5.00%, 07/01/16 (a)

 

 

269,095

 

500,000

 

Illinois State, Series A (GO)
3.75%, 09/01/16

 

 

518,815

 

1,000,000

 

Illinois State, Series A (GO)
5.00%, 06/01/17

 

 

1,099,760

 

500,000

 

Illinois State, Series B (GO)
5.25%, 01/01/18

 

 

555,310

 

500,000

 

Illinois State, Series B (GO)
5.25%, 01/01/21

 

 

544,325

 

395,000

 

Kendall, Kane & Will Counties, Illinois Community Unit School District No. 308, Capital Appreciation School (GO) (AGM)
5.61%, 02/01/26 (b)

 

 

187,163

 

 

 

 

 

   

 

 

 

 

 

 

16,720,257

 

 

 

 

 

   

 

Indiana: 1.6%

 

 

 

 

250,000

 

Delaware County, Indiana Hospital, Cardinal Health System Obligation Group (RB)
5.00%, 08/01/16 (a)

 

 

242,013

 

750,000

 

Indiana Finance Authority Highway Revenue, Series A (RB) (FGIC) (NATL)
4.50%, 12/01/16 (a)

 

 

790,305

 

250,000

 

Indiana State Finance Authority Revolving Fund Program, Series A (RB)
5.25%, 02/01/17

 

 

296,657

 

500,000

 

Indiana State Finance Authority Revolving Fund Program, Series B (RB)
5.00%, 02/01/17 (a)

 

 

569,355

 

1,000,000

 

Indianapolis Local Public Improvement Bond Bank, Series B-1 (RB)
5.00%, 01/15/20 (a)

 

 

1,133,050

 

500,000

 

Indianapolis, Indiana Local Public Improvement Bond Bank, Waterworks Project (RB) (NATL)
5.50%, 01/01/21

 

 

588,140

 

 

 

 

 

   

 

 

 

 

 

 

3,619,520

 

 

 

 

 

   

 

Kentucky: 1.6%

 

 

 

 

250,000

 

Kentucky State Property & Buildings Commission, Project No. 89 (RB) (AGM)
5.00%, 11/01/18 (a)

 

 

271,413

 

555,000

 

Kentucky State Property & Buildings Commission, Project No. 90 (RB)
5.00%, 11/01/18 (a)

 

 

624,974

 

250,000

 

Kentucky State Property & Buildings Commission, Project No. 90 (RB)
5.75%, 11/01/18 (a)

 

 

298,155

 

500,000

 

Kentucky State Property & Buildings Commission, Project No. 93 (RB) (AGO)
5.25%, 02/01/19 (a)

 

 

559,510

 


 

 

 

 

 

 

 

Principal
Amount

 

 

Value

 

       

 

 

 

 

 

 

Kentucky: (continued)

 

 

 

 

$1,000,000

 

Kentucky Turnpike Authority, Economic Development Road Revitalization Projects, Series B (RB)
4.45%, 07/01/16 (a)

 

$

1,063,690

 

750,000

 

Kentucky Turnpike Authority, Economic Development Road Revitalization Projects, Series B (RB)
4.40%, 07/01/16 (a)

 

 

800,640

 

 

 

 

 

   

 

 

 

 

 

 

3,618,382

 

 

 

 

 

   

 

Louisiana: 0.1%

 

 

 

 

250,000

 

State of Louisiana, Series B (GO) (CIFG)
5.00%, 07/15/16 (a)

 

 

287,010

 

 

 

 

 

   

 

Maryland: 1.4%

 

 

 

 

500,000

 

Maryland State & Local Facilities Loan, First Series (GO)
5.00%, 03/15/17

 

 

599,490

 

250,000

 

Maryland State & Local Facilities Loan, Second Series A (GO)
5.00%, 08/15/17 (a)

 

 

285,913

 

425,000

 

Maryland State & Local Facilities Loan, Second Series B (GO)
4.00%, 08/15/19 (a)

 

 

457,929

 

500,000

 

Maryland State Department of Transportation (RB)
4.00%, 05/15/19 (a)

 

 

536,225

 

250,000

 

Maryland State Department of Transportation, Second Issue (RB)
5.00%, 09/01/18 (a)

 

 

285,580

 

750,000

 

Maryland, Washington Suburban Sanitary District, Consolidated Public Improvement (GO)
4.13%, 06/01/18 (a)

 

 

814,747

 

250,000

 

Montgomery County, Maryland Construction Public Improvement, Series A (GO)
5.00%, 05/01/17 (a)

 

 

301,720

 

 

 

 

 

   

 

 

 

 

 

 

3,281,604

 

 

 

 

 

   

 

Massachusetts: 2.0%

 

 

 

 

500,000

 

Massachusetts Development Finance Agency, Brandeis University, Series O-2 (RB)
5.00%, 10/01/19 (a)

 

 

539,875

 

500,000

 

Massachusetts Educational Financing Authority, Education Loan, Issue I, Series A (RB)
5.15%, 01/01/20 (a)

 

 

520,720

 

500,000

 

Massachusetts Educational Financing Authority, Education Loan, Issue I, Series A (RB)
4.50%, 01/01/19

 

 

528,655

 

500,000

 

Massachusetts Educational Financing Authority, Education Loan, Issue I, Series A (RB)
5.50%, 01/01/20 (a)

 

 

544,610

 

500,000

 

Massachusetts School Building Authority, Dedicated Sales Tax, Series A (RB) (AMBAC)
4.50%, 08/15/17 (a)

 

 

531,800

 

See Notes to Financial Statements

22



 

 

 

 

 

 

 

 

 

Principal
Amount

 

 

Value

 

       

 

 

 

 

 

 

Massachusetts: (continued)

 

 

 

 

$250,000

 

Massachusetts State Health & Education Facilities Authority, Boston Medical Center, Series B (RB)
4.75%, 07/01/18 (a)

 

$

248,255

 

600,000

 

Massachusetts State Health & Education Facilities Authority, Harvard University, Series A (RB)
5.00%, 12/15/19 (a)

 

 

686,838

 

500,000

 

Massachusetts State Health & Education Facilities Authority, Lahey Clinic Medical Center, Series C (RB) (FGIC) (NATL)
5.00%, 08/15/15 (a)

 

 

511,265

 

475,000

 

Massachusetts State Water Pollution Abatement, Pool Program, Series 12 (RB)
4.35%, 08/01/16 (a)

 

 

503,438

 

 

 

 

 

   

 

 

 

 

 

 

4,615,456

 

 

 

 

 

   

 

Michigan: 1.6%

 

 

 

 

245,000

 

Dearborn, Michigan School District (GO) (FGIC) (NATL) (Q-SBLF)
5.00%, 05/01/17

 

 

281,032

 

250,000

 

Detroit City School District, Series A (GO) (AGM) (Q-SBLF)
5.00%, 05/01/15 (a)

 

 

257,597

 

250,000

 

Detroit City School District, Series A (GO) (AGM) (Q-SBLF)
5.00%, 05/01/15 (a)

 

 

258,630

 

500,000

 

Detroit, Michigan Water Supply System, Senior Lien, Series D (RB) (AGM)
5.00%, 07/01/16 (a)

 

 

517,140

 

1,000,000

 

Michigan Municipal Board Authority Clean Water Revolving Fund (RB)
4.63%, 10/01/17 (a)

 

 

1,074,860

 

250,000

 

Michigan Municipal Board Authority Clean Water Revolving Fund (RB)
5.00%, 10/01/15 (a)

 

 

281,915

 

250,000

 

Michigan State Building Authority, Series 1A (RB) (FGIC) (NATL)
4.61%, 10/15/16 (a) (b)

 

 

169,288

 

250,000

 

Michigan State Building Authority, Series 1A (RB) (FGIC) (NATL)
4.52%, 10/15/16 (a) (b)

 

 

180,310

 

500,000

 

Michigan State Strategic Fund Limited, Series A (RB) (AGO)
5.25%, 10/15/18 (a)

 

 

549,335

 

 

 

 

 

   

 

 

 

 

 

 

3,570,107

 

 

 

 

 

   

 

Minnesota: 0.7%

 

 

 

 

500,000

 

Minnesota State, Various Purpose Refunding, Series F (GO)
4.00%, 08/01/19

 

 

564,855

 

500,000

 

Minnesota State, Various Purpose Refunding, Series F (GO)
4.00%, 08/01/16

 

 

567,955

 

500,000

 

St. Louis Park City, Minnesota Health Care Facilities, Park Nicollet Health Services, Series C (RB)
5.50%, 07/01/17

 

 

564,000

 

 

 

 

 

   

 

 

 

 

 

 

1,696,810

 

 

 

 

 

   

 


 

 

 

 

 

 

 

Principal
Amount

 

 

Value

 

       

 

 

 

 

 

 

Missouri: 1.3%

 

 

 

 

$500,000

 

Jackson County, Missouri Special Obligation, Harry S. Truman Sports Complex (RB) (AMBAC)
5.00%, 12/01/16 (a)

 

$

532,835

 

500,000

 

Jackson County, Missouri Special Obligation, Harry S. Truman Sports Complex (RB) (AMBAC)
5.00%, 12/01/16 (a)

 

 

538,460

 

250,000

 

Kansas City, Missouri Municipal Assistance Corp. (RB) (FGIC) (NATL)
5.00%, 04/15/18

 

 

288,020

 

500,000

 

Missouri Joint Municipal Electric Utility Commission (RB) (NATL)
5.00%, 01/01/16 (a)

 

 

520,950

 

1,000,000

 

Missouri State Highways and Transportation Commission, Senior Lien (RB)
5.00%, 02/01/17 (a)

 

 

1,146,780

 

 

 

 

 

   

 

 

 

 

 

 

3,027,045

 

 

 

 

 

   

 

Nebraska: 0.5%

 

 

 

 

1,000,000

 

Douglas County School District, Nebraska (GO)
4.00%, 04/01/20 (a)

 

 

1,089,150

 

 

 

 

 

   

 

Nevada: 2.3%

 

 

 

 

520,000

 

Clark County Airport System Subordinate Lien, Series C (RB) (AGM)
5.00%, 07/01/19 (a)

 

 

550,300

 

500,000

 

Clark County Airport System, Senior Series D (RB)
5.00%, 01/01/20 (a)

 

 

541,200

 

1,000,000

 

Clark County School District, Series A (GO) (FGIC) (NATL)
5.00%, 06/15/17 (a)

 

 

1,138,610

 

250,000

 

Clark County School District, Series A (GO)
5.00%, 06/15/17

 

 

289,542

 

500,000

 

Clark County School District, Series A (GO)
5.00%, 06/15/18 (a)

 

 

563,270

 

250,000

 

Clark County School District, Series B (GO)
5.00%, 12/15/17 (a)

 

 

268,543

 

500,000

 

Clark County School District, Series B (GO)
5.00%, 12/15/17 (a)

 

 

529,410

 

250,000

 

Clark County School District, Series C (GO) (AGM)
5.00%, 12/15/15 (a)

 

 

275,415

 

500,000

 

Clark County School District, Series C (GO) (AGM)
5.00%, 12/15/15 (a)

 

 

545,850

 

500,000

 

Clark County, Nevada, Series A (GO)
4.00%, 12/01/19 (a)

 

 

526,050

 

 

 

 

 

   

 

 

 

 

 

 

5,228,190

 

 

 

 

 

   

 

See Notes to Financial Statements

23



 

INTERMEDIATE MUNICIPAL INDEX ETF

 

SCHEDULE OF INVESTMENTS

(continued)


 

 

 

 

 

 

 

Principal
Amount

 

 

Value

 

       

 

 

 

 

 

 

 

 

New Jersey: 4.2%

 

 

 

 

$500,000

 

Casino Reinvestment Development Authority, Series A (RB) (NATL)
5.25%, 06/01/15 (a)

 

$

524,825

 

500,000

 

New Jersey State (GO)
5.00%, 06/01/19 (a)

 

 

604,975

 

500,000

 

New Jersey State (GO)
4.00%, 06/01/19 (a)

 

 

522,525

 

500,000

 

New Jersey State (GO)
5.00%, 06/01/19 (a)

 

 

566,630

 

500,000

 

New Jersey State Educational Facilities Authority, Kean University, Series A (RB)
5.00%, 09/01/19 (a)

 

 

539,940

 

500,000

 

New Jersey State Transportation Trust Fund Authority, Series A (RB)
5.25%, 12/15/20

 

 

576,750

 

500,000

 

New Jersey State Turnpike Authority, Series A (RB) (AGM)
5.25%, 01/01/26

 

 

584,840

 

250,000

 

New Jersey State Turnpike Authority, Series A (RB) (AGM)
5.00%, 01/01/15 (a)

 

 

276,947

 

300,000

 

New Jersey State Turnpike Authority, Series H (RB)
5.00%, 01/01/19 (a)

 

 

344,775

 

500,000

 

New Jersey Transit Corp., Series A (CP) (FGIC) (NATL)
5.00%, 09/15/17

 

 

558,660

 

500,000

 

New Jersey Transportation Trust Fund Authority, Series A (RB) (AGM)
5.25%, 12/15/20

 

 

576,750

 

520,000

 

New Jersey Transportation Trust Fund Authority, Series A (RB) (FGIC) (NATL)
5.00%, 06/15/16

 

 

592,098

 

1,000,000

 

New Jersey Transportation Trust Fund Authority, Series A (RB)
5.25%, 12/15/22

 

 

1,134,510

 

250,000

 

New Jersey Transportation Trust Fund Authority, Transportation System, Series A (RB) (AGM)
4.25%, 11/23/10 (a)

 

 

250,555

 

880,000

 

Newark, New Jersey Qualified General Improvement, Series A (GO) (SAW)
4.00%, 10/01/20 (a)

 

 

902,449

 

1,000,000

 

Tobacco Settlement Financing Corp., Senior Series A-1 (RB)
4.50%, 06/01/17 (a)

 

 

938,570

 

 

 

 

 

   

 

 

 

 

 

 

9,495,799

 

 

 

 

 

   

 

New Mexico: 0.5%

 

 

 

 

1,000,000

 

New Mexico Finance Authority State Transportation, Senior Lien, Series A (RB)
5.00%, 12/15/16 (a)

 

 

1,102,160

 

 

 

 

 

   

 

New York: 18.4%

 

 

 

 

500,000

 

Erie County New York Industrial Development Agency School Facilities, City School District of Buffalo, Series A (RB)
5.25%, 05/01/19 (a)

 

 

556,820

 


 

 

 

 

 

 

 

Principal
Amount

 

 

Value

 

         

 

 

 

 

 

 

 

 

New York: (continued)

 

 

 

 

$250,000

 

Erie County New York Industrial Development Agency School Facilities, City School District of Buffalo, Series A (RB) (AGM)
5.75%, 05/01/18 (a)

 

$

296,757

 

250,000

 

Erie County New York Industrial Development Agency School Facilities, City School District of Buffalo, Series A (RB) (AGM)
5.75%, 05/01/17 (a)

 

 

295,797

 

500,000

 

Long Island Power Authority, Electric System, Series E (RB) (FGIC) (NATL)
5.00%, 12/01/16 (a)

 

 

572,800

 

400,000

 

Long Island Power Authority, Series A (RB) (FGIC) (NATL)
5.00%, 06/01/16 (a)

 

 

427,644

 

475,000

 

Nassau County Interim Finance Authority, Series A (RB)
4.50%, 05/15/19 (a)

 

 

517,826

 

1,000,000

 

Nassau County Interim Finance Authority, Series A (RB)
5.00%, 05/15/19 (a)

 

 

1,182,600

 

250,000

 

New York City Municipal Water Finance Authority, Water and Sewer System, Series A (RB)
5.63%, 06/15/18 (a)

 

 

297,755

 

250,000

 

New York City Transitional Finance Authority, Building Aid, Series S-1 (RB) (FGIC) (NATL) (SAW)
5.00%, 01/15/17 (a)

 

 

273,643

 

400,000

 

New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B (RB)
5.00%, 05/01/17 (a)

 

 

461,936

 

1,000,000

 

New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series D (RB)
5.00%, 05/01/20 (a)

 

 

1,146,380

 

500,000

 

New York City Transitional Finance Authority, Series B (RB)
5.00%, 05/01/17 (a)

 

 

557,050

 

500,000

 

New York City Transitional Finance Authority, Series D (RB)
5.00%, 05/01/20 (a)

 

 

582,540

 

600,000

 

New York City Transitional Finance Authority, Series S-1 (RB) (FGIC) (NATL) (SAW)
5.00%, 01/15/17 (a)

 

 

681,576

 

275,000

 

New York City Transitional Finance Authority, Series S-3 (RB) (SAW)
5.25%, 01/15/19 (a)

 

 

305,717

 

500,000

 

New York City, Series A-1 (GO)
5.00%, 08/01/17

 

 

586,945

 

500,000

 

New York City, Series B (GO)
5.00%, 08/01/17

 

 

586,945

 

250,000

 

New York City, Series C (GO)
5.00%, 08/01/19 (a)

 

 

283,058

 

250,000

 

New York City, Series C (GO)
5.00%, 08/01/15 (a)

 

 

270,223

 

See Notes to Financial Statements

24



 

 

 

 

 

 

 

 

 

Principal
Amount

 

 

Value

 

       

 

 

 

 

 

 

New York: (continued)

 

 

 

 

$250,000

 

New York City, Series D-1 (GO)
5.13%, 12/01/17 (a)

 

$

281,100

 

500,000

 

New York City, Series E (GO)
5.00%, 08/01/19 (a)

 

 

551,690

 

1,000,000

 

New York City, Series E (GO)
5.00%, 08/01/19 (a)

 

 

1,109,720

 

500,000

 

New York City, Series E (GO)
5.00%, 08/01/16

 

 

583,960

 

375,000

 

New York City, Series G (GO)
5.00%, 08/01/17 (a)

 

 

416,839

 

500,000

 

New York City, Series G (GO)
5.00%, 08/01/17 (a)

 

 

563,555

 

250,000

 

New York City, Series I-1 (GO)
5.00%, 04/01/16 (a)

 

 

280,368

 

500,000

 

New York City, Series J-1 (GO)
5.00%, 05/15/19 (a)

 

 

564,745

 

500,000

 

New York City, Sub Series C-1 (GO)
5.00%, 10/01/17 (a)

 

 

557,035

 

250,000

 

New York City, Sub Series F-1 (GO) (XLCA)
5.00%, 09/01/15 (a)

 

 

274,193

 

500,000

 

New York City, Sub Series J-1 (GO)
5.00%, 06/01/16 (a)

 

 

568,880

 

500,000

 

New York City, Sub Series L-1 (GO)
5.00%, 04/01/18 (a)

 

 

555,465

 

475,000

 

New York Local Government Assistant Corp., Series A (RB)
4.00%, 04/01/20 (a)

 

 

503,676

 

250,000

 

New York State Dormitory Authority Non State Supported Debt School, District Financing Program, Series A (RB) (AGM)
5.25%, 10/01/17

 

 

291,827

 

1,975,000

 

New York State Dormitory Authority, State Consolidated Service Contract, Series A (RB)
4.00%, 07/01/19 (a)

 

 

2,042,189

 

500,000

 

New York State Dormitory Authority, State Consolidating Service Contract, Series A (RB)
5.00%, 07/01/19 (a)

 

 

554,020

 

500,000

 

New York State Dormitory Authority, State Personal Income Tax, Series A (RB)
5.00%, 03/15/18 (a)

 

 

569,535

 

500,000

 

New York State Dormitory Authority, State Personal Income Tax, Series A (RB)
5.00%, 12/15/17

 

 

600,500

 

500,000

 

New York State Dormitory Authority, State Personal Income Tax, Series A (RB)
5.00%, 02/15/18

 

 

591,510

 

295,000

 

New York State Dormitory Authority, State Personal Income Tax, Series A (RB)
5.00%, 03/15/18 (a)

 

 

326,937

 


 

 

 

 

 

 

 

Principal
Amount

 

 

Value

 

       

 

 

 

 

 

 

New York: (continued)

 

 

 

 

$500,000

 

New York State Dormitory Authority, State Personal Income Tax, Series B (RB)
5.00%, 02/15/18

 

$

591,510

 

1,000,000

 

New York State Dormitory Authority, State Personal Income Tax, Series C (RB)
5.00%, 03/15/18 (a)

 

 

1,124,240

 

500,000

 

New York State Dormitory Authority, State Personal Income Tax, Series D (RB)
5.00%, 06/15/18

 

 

595,355

 

500,000

 

New York State Dormitory Authority, State Personal Income Tax, Series D (RB)
5.00%, 06/15/16

 

 

588,025

 

250,000

 

New York State Dormitory Authority, State Personal Income Tax, Series F (RB) (AMBAC)
5.00%, 03/15/15 (a)

 

 

271,058

 

500,000

 

New York State Dormitory Authority, State Personal Income Tax, Series G (RB)
5.00%, 03/15/17

 

 

590,550

 

250,000

 

New York State Environmental Facilities Corp., State Clean Water, New York City, Municipal Water Finance Authority Projects, Series A (RB)
4.75%, 06/15/16 (a)

 

 

269,635

 

500,000

 

New York State Environmental Facilities Corp., State Clean Water, New York City, Municipal Water Finance Authority Projects, Series B (RB)
5.00%, 06/15/16 (a)

 

 

547,800

 

500,000

 

New York State Environmental Facilities Corp., State Clean Water, New York City, Municipal Water Finance Authority Projects, Series B (RB)
4.50%, 06/15/17 (a)

 

 

537,540

 

500,000

 

New York State Municipal Bond Bank Agency, Series C (RB) (AGO)
5.00%, 02/15/17

 

 

576,645

 

1,000,000

 

New York State Thruway Authority, Second General Highway & Bridge Trust Fund, Series A (RB)
5.00%, 04/01/18 (a)

 

 

1,114,410

 

500,000

 

New York State Thruway Authority, Second General Highway & Bridges Trust Fund, Series A (RB) (AMBAC)
4.25%, 04/01/16 (a)

 

 

549,335

 

250,000

 

New York State Thruway Authority, Second General Highway & Bridges Trust Fund, Series A (RB) (AMBAC)
5.00%, 04/01/16 (a)

 

 

269,610

 

350,000

 

New York State Thruway Authority, Second General Highway & Bridges Trust Fund, Series A (RB)
5.00%, 04/01/18 (a)

 

 

391,510

 

See Notes to Financial Statements

25



 

INTERMEDIATE MUNICIPAL INDEX ETF

 

SCHEDULE OF INVESTMENTS

(continued)


 

 

 

 

 

 

 

Principal
Amount

 

 

Value

 

       

 

 

 

 

 

 

New York: (continued)

 

 

 

 

$250,000

 

New York State Thruway Authority, Second General Highway & Bridges Trust Fund, Series A (RB) (FGIC) (NATL)
5.00%, 10/01/15 (a)

 

$

289,220

 

1,000,000

 

New York State Thruway Authority, Second General Highway & Bridges Trust Fund, Series B (RB)
5.00%, 10/01/18 (a)

 

 

1,110,140

 

250,000

 

New York State Thruway Authority, Second General Highway & Bridges Trust Fund, Series B (RB) (AMBAC)
5.00%, 10/01/15 (a)

 

 

286,802

 

500,000

 

New York State Thruway Authority, Series H (RB) (NATL)
5.00%, 01/01/18 (a)

 

 

560,230

 

525,000

 

New York State Thruway Authority, State Personal Income Tax (Transportation) Series A (RB)
5.00%, 09/15/18 (a)

 

 

579,101

 

500,000

 

New York State Thruway Authority, State Personal Income Tax (Transportation) Series A (RB)
5.00%, 03/15/19

 

 

593,000

 

500,000

 

New York State Thruway Authority, State Personal Income Tax (Transportation) Series A (RB)
5.25%, 03/15/19 (a)

 

 

574,695

 

1,000,000

 

New York State Thruway Authority, State Personal Income Tax (Transportation) Series A (RB)
5.25%, 09/15/17 (a)

 

 

1,124,780

 

500,000

 

New York State Thruway Authority, State Personal Income Tax (Transportation) Series A (RB)
5.25%, 09/15/17 (a)

 

 

565,020

 

510,000

 

New York State Urban Development Corp., Service Contract, Series D (RB)
5.50%, 01/01/19

 

 

609,001

 

1,000,000

 

New York State Urban Development Corp., State Personal Income, Economic Development & Housing, Series A-1 (RB)
5.00%, 12/15/16

 

 

1,190,920

 

500,000

 

New York State Urban Development Corp., State Personal Income, Series C (RB)
3.00%, 12/15/16

 

 

537,605

 

500,000

 

New York State Urban Development Corp., State Personal Income, Series C (RB)
5.00%, 12/15/17

 

 

600,500

 

500,000

 

New York State, Series A (GO)
3.00%, 03/01/17

 

 

532,330

 

1,000,000

 

New York State, Series A (GO)
3.00%, 03/01/19

 

 

1,043,490

 

500,000

 

Oyster Bay, New York Public Improvement (GO)
3.50%, 08/15/17 (a)

 

 

498,265

 


 

 

 

 

 

 

 

Principal
Amount

 

 

Value

 

       

 

 

 

 

 

 

New York: (continued)

 

 

 

 

$500,000

 

Suffolk County, New York Public Improvement Series C (GO)
4.00%, 10/15/19 (a)

 

$

521,015

 

1,000,000

 

Suffolk County, New York Public Improvement Series C (GO)
4.00%, 10/15/19

 

 

1,109,450

 

 

 

 

 

   

 

 

 

 

 

 

42,014,543

 

 

 

 

 

   

 

Ohio: 1.7%

 

 

 

 

250,000

 

Columbus, Ohio City School District (GO) (AGM)
4.75%, 12/01/16 (a)

 

 

267,960

 

450,000

 

Columbus, Ohio State (GO)
4.25%, 09/01/17 (a)

 

 

480,465

 

1,000,000

 

Hamilton County, Ohio Sales Tax, Subordinate Series A (RB) (AMBAC)
5.00%, 12/01/16 (a)

 

 

1,091,180

 

530,000

 

Kent State University, Series B (RB) (AGO)
5.00%, 05/01/19 (a)

 

 

583,890

 

250,000

 

Ohio State Major New State Infrastructure Project, Series 2008-1 (RB)
6.00%, 06/15/17

 

 

308,368

 

500,000

 

Ohio State Water Development Authority Pollution Control (RB)
4.50%, 06/01/15 (a)

 

 

540,965

 

450,000

 

Ohio State, Series A (GO)
4.00%, 08/01/18

 

 

503,293

 

 

 

 

 

   

 

 

 

 

 

 

3,776,121

 

 

 

 

 

   

 

Oklahoma: 0.1%

 

 

 

 

250,000

 

Grand River Dam Authority, Series A (RB) (BHAC)
5.00%, 06/01/18 (a)

 

 

285,663

 

 

 

 

 

   

 

Oregon: 2.0%

 

 

 

 

1,000,000

 

Marion & Polk Counties, Oregon Salem-Keizer School District No. 24J, Deferred Interest, Series B (GO) (SBG)
4.26%, 06/15/22 (b)

 

 

629,800

 

500,000

 

Oregon Administrative Services, Oregon State Lottery, Series A (RB)
5.00%, 04/01/19 (a)

 

 

566,685

 

1,000,000

 

Oregon Administrative Services, Oregon State Lottery, Series A (RB)
5.25%, 04/01/19 (a)

 

 

1,141,390

 

250,000

 

Port Portland, Oregon International Airport, Series 19 (RB)
5.25%, 07/01/18 (a)

 

 

274,933

 

500,000

 

Portland, Oregon Community College District (GO)
5.00%, 06/15/19 (a)

 

 

571,745

 

475,000

 

Portland, Oregon Sewer System, Series A (RB)
4.25%, 03/01/20 (a)

 

 

504,289

 

675,000

 

Portland, Oregon Sewer System, Series B (RB) (AGM)
5.00%, 06/15/18 (a)

 

 

757,012

 

 

 

 

 

   

 

 

 

 

 

 

4,445,854

 

 

 

 

 

   

 

See Notes to Financial Statements

26



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal
Amount

 

 

Value

 

           

 

 

 

 

 

 

 

 

Pennsylvania: 4.0%

 

 

 

 

$500,000

 

Allegheny County, Pennsylvania Airport Authority, Series B (RB) (AGM)
5.00%, 01/01/18 (a)

 

$

523,230

 

500,000

 

Allegheny County, Pennsylvania Hospital Development Authority, University of Pittsburgh Medical Center, Series A (RB)
5.00%, 09/01/17

 

 

569,245

 

500,000

 

Allegheny County, Pennsylvania Hospital Development Authority, University of Pittsburgh Medical Center, Series B (RB)
5.00%, 06/15/16

 

 

573,010

 

250,000

 

Easton, Pennsylvania Area School District (GO) (AGM) (SAW)
7.50%, 04/01/16 (a) (c)

 

 

303,985

 

250,000

 

Pennsylvania Economic Development Financing Authority, Health System, Albert Einstein Healthcare, Series A (RB)
6.25%, 10/15/19 (a)

 

 

270,258

 

250,000

 

Pennsylvania State Turnpike Commission Registration Fee, Series A (RB) (AGM)
5.25%, 07/15/22

 

 

291,955

 

500,000

 

Pennsylvania State, First Series A (GO)
5.00%, 02/15/19

 

 

598,770

 

250,000

 

Pennsylvania State, Second Series (GO)
5.00%, 07/01/19

 

 

299,902

 

500,000

 

Pennsylvania State, Second Series (GO)
5.00%, 01/01/16 (a)

 

 

560,415

 

500,000

 

Pennsylvania State, Second Series (GO)
5.00%, 04/15/18

 

 

598,750

 

1,000,000

 

Pennsylvania State, Second Series B (GO)
5.00%, 05/01/18

 

 

1,197,830

 

1,000,000

 

Philadelphia City, Series A (GO) (AGM)
5.00%, 08/01/17 (a)

 

 

1,114,140

 

1,500,000

 

Philadelphia, Pennsylvania School District, Series C (GO) (SAW)
5.00%, 09/01/17

 

 

1,678,995

 

500,000

 

Philadelphia, Pennsylvania Water & Wastewater, Series A (RB) (AMBAC)
4.50%, 08/01/17 (a)

 

 

509,880

 

 

 

 

 

   

 

 

 

 

 

 

9,090,365

 

 

 

 

 

   

 

Puerto Rico: 2.3%

 

 

 

 

500,000

 

Puerto Rico Electric Power Authority, Series ZZ (RB)
5.00%, 07/01/16

 

 

559,980

 

300,000

 

Puerto Rico Electric Power Authority, Series TT (RB)
5.00%, 07/01/17 (a)

 

 

319,722

 

500,000

 

Puerto Rico Electric Power Authority, Series TT (RB)
5.00%, 07/01/17

 

 

560,595

 

500,000

 

Puerto Rico Electric Power Authority, Series VV (RB) (FGIC) (NATL)
5.25%, 07/01/24

 

 

556,330

 

 

 

 

 

 

 

 

Principal
Amount

 

 

Value

 

           

 

 

 

 

 

 

Puerto Rico: (continued)

 

 

 

 

$1,000,000

 

Puerto Rico Electric Power Authority, Series ZZ (RB)
5.25%, 07/01/20 (a)

 

$

1,074,400

 

500,000

 

Puerto Rico Highways & Transportation Authority, Series N (RB)
5.50%, 07/01/21

 

 

546,370

 

300,000

 

Puerto Rico Municipal Finance Agency, Series A (GO)
5.25%, 08/01/15 (a)

 

 

311,310

 

250,000

 

Puerto Rico Municipal Finance Agency, Series A (GO) (AGM)
5.00%, 08/01/15 (a)

 

 

261,350

 

500,000

 

Puerto Rico Public Buildings Authority, Government Facilities, Series P (RB) (COMWLTH GTD)
5.75%, 07/01/18

 

 

561,425

 

500,000

 

University of Puerto Rico, Series P (RB)
5.00%, 06/01/16

 

 

538,215

 

 

 

 

 

   

 

 

 

 

 

 

5,289,697

 

 

 

 

 

   

 

Rhode Island: 0.6%

 

 

 

 

955,000

 

Rhode Island Economic Development Corp., Transportation Department, Series A (RB) (AGO)
5.25%, 06/15/19 (a)

 

 

1,110,761

 

250,000

 

Rhode Island State & Providence Plantations, Consolidated Capital Development Loan, Series C (GO) (NATL)
5.00%, 11/15/16 (a)

 

 

270,940

 

 

 

 

 

   

 

 

 

 

 

 

1,381,701

 

 

 

 

 

   

 

South Carolina: 1.4%

 

 

 

 

710,000

 

Greenville County, South Carolina School District (RB) (AGO)
5.00%, 12/01/16 (a)

 

 

765,415

 

500,000

 

Greenville County, South Carolina School District Installment (RB)
5.00%, 12/01/16 (a)

 

 

534,235

 

625,000

 

South Carolina State Economic Development, Series A (GO)
2.00%, 04/01/20 (a)

 

 

535,844

 

1,000,000

 

South Carolina State Economic Development, Series A (GO)
4.00%, 04/01/20 (a)

 

 

1,096,920

 

250,000

 

South Carolina State Public Service Authority, Series B (RB) (NATL)
5.00%, 01/01/16 (a)

 

 

272,733

 

 

 

 

 

   

 

 

 

 

 

 

3,205,147

 

 

 

 

 

   

 

Tennessee: 1.3%

 

 

 

 

500,000

 

Metropolitan Government of Nashville & Davidson County (GO)
5.00%, 01/01/18 (a)

 

 

579,345

 

250,000

 

Metropolitan Government of Nashville & Davidson County, Series C (GO)
5.00%, 02/01/15 (a)

 

 

290,885

 

See Notes to Financial Statements

27



 

INTERMEDIATE MUNICIPAL INDEX ETF

 

SCHEDULE OF INVESTMENTS

(continued)


 

 

 

 

 

 

 

Principal
Amount

 

 

Value

 

           

 

 

 

 

 

 

 

 

Tennessee: (continued)

 

 

 

 

$250,000

 

Tennessee Energy Acquisition Corp., Series A (RB)
5.25%, 09/01/23

 

$

263,362

 

500,000

 

Tennessee Energy Acquisition Corp., Series A (RB)
5.25%, 09/01/17

 

 

535,760

 

645,000

 

Tennessee Energy Acquisition Corp., Series C (RB)
5.00%, 02/01/21

 

 

672,806

 

500,000

 

Tennessee State, Series B (GO)
4.50%, 08/01/13 (a)

 

 

536,270

 

 

 

 

 

   

 

 

 

 

 

 

2,878,428

 

 

 

 

 

   

 

Texas: 6.1%

 

 

 

 

 

 

1,000,000

 

City of Irving, Texas Refunding & Improvement Bonds (GO)
5.00%, 09/15/19 (a)

 

 

1,169,080

 

250,000

 

Cypress-Fairbanks, Texas Independent School District (GO)
5.00%, 02/15/16 (a)

 

 

277,345

 

250,000

 

EL Paso, Texas Hospital District, Series A (GO) (AGO)
5.00%, 08/15/18 (a)

 

 

274,273

 

250,000

 

Houston, Texas Independent School District (GO)
5.00%, 02/15/17 (a)

 

 

277,975

 

500,000

 

Houston, Texas Independent School District, Series B (GO)
4.50%, 02/15/17 (a)

 

 

528,250

 

250,000

 

Houston, Texas Independent School District, Series B (GO)
5.00%, 02/15/17 (a)

 

 

276,918

 

1,000,000

 

Houston, Texas Public Improvement Refunding, Series A (GO)
5.00%, 03/01/19 (a)

 

 

1,130,630

 

500,000

 

Houston, Texas Public Improvement Refunding, Series A (GO)
5.00%, 03/01/19 (a)

 

 

552,230

 

250,000

 

Houston, Texas Public Improvement Refunding, Series E (GO) (AMBAC)
5.00%, 03/01/15 (a)

 

 

276,450

 

250,000

 

Leander Independent School District (GO)
4.85%, 08/15/16 (a) (b)

 

 

140,353

 

425,000

 

Lewisville Independent School District (GO)
5.00%, 02/15/19 (a)

 

 

475,141

 

500,000

 

North East Independent School District (GO)
5.00%, 08/01/15 (a)

 

 

559,615

 

250,000

 

North East Independent School District, Series A (GO)
5.00%, 08/01/17 (a)

 

 

294,675

 

750,000

 

San Antonio, Texas Electric & Gas Systems (RB)
5.00%, 02/01/17 (a)

 

 

826,275

 

555,000

 

San Antonio, Texas Electric & Gas Systems, (RB)
5.00%, 02/01/15 (a)

 

 

605,377

 


 

 

 

 

 

 

 

Principal
Amount

 

 

Value

 

           

 

 

 

 

 

 

 

 

Texas: (continued)

 

 

 

 

$5,000

 

San Antonio, Texas Electric & Gas Systems, Junior Lien (RB)
5.00%, 02/01/15 (a)

 

$

5,829

 

400,000

 

San Antonio, Texas Electric & Gas Systems, Series A (RB)
5.00%, 02/01/15 (a)

 

 

433,136

 

500,000

 

San Antonio, Texas Electric & Gas Systems, Series A (RB)
5.25%, 02/01/19 (a)

 

 

577,265

 

500,000

 

San Antonio, Texas Electric & Gas Systems, Series D (RB)
5.00%, 02/01/18

 

 

593,630

 

250,000

 

Tarrant County, Texas Cultural Educational Facilities Finance Corp., Texas Health Resources (RB)
5.00%, 02/15/17 (a)

 

 

256,345

 

500,000

 

Tarrant Regional Water District (RB) (FGIC) (NATL)
4.45%, 03/01/16 (a)

 

 

526,115

 

500,000

 

Texas Municipal Gas Acquisition & Supply Corp., Gas Supply, Senior Lien Series A (RB)
5.25%, 12/15/19

 

 

527,380

 

225,000

 

Texas Municipal Gas Acquisition & Supply Corp., Gas Supply, Senior Lien Series A (RB)
5.25%, 12/15/18

 

 

238,397

 

250,000

 

Texas State University System Financing (RB)
5.25%, 03/15/18 (a)

 

 

283,562

 

500,000

 

Texas Transportation Commission, Mobility Fund, Series A (GO)
5.00%, 04/01/17 (a)

 

 

549,045

 

250,000

 

Texas Transportation Commission, State Highway Fund, First Tier (RB)
5.00%, 04/01/17 (a)

 

 

280,662

 

250,000

 

Texas Transportation Commission, State Highway Fund, First Tier, Series A (RB)
5.00%, 04/01/16 (a)

 

 

286,897

 

500,000

 

Texas Water Development Board, Subordinate Lien, Series B (RB)
5.00%, 07/15/17 (a)

 

 

584,380

 

500,000

 

University of Texas, Revenue Financing System, Series A (RB)
5.25%, 08/15/18 (a)

 

 

581,700

 

500,000

 

University of Texas, Revenue Financing System, Series A (RB)
5.00%, 02/15/20 (a)

 

 

574,800

 

 

 

 

 

   

 

 

 

 

 

 

13,963,730

 

 

 

 

 

   

 

Utah: 0.1%

 

 

 

 

 

 

250,000

 

Utah Transportation Authority Sales Tax Revenue, Series A (RB) (NATL)
5.54%, 06/15/17 (a) (b)

 

 

155,735

 

 

 

 

 

   

 

Virginia: 1.1%

 

500,000

 

Virginia College Building Authority, 21st Century College & Equipment Programs Educational Facilities, Series A (RB)
5.00%, 02/01/19

 

 

590,955

 

See Notes to Financial Statements

28



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal
Amount

 

 

Value

 

           

 

 

 

 

 

 

 

 

Virginia: (continued)

 

 

 

$250,000

 

Virginia Resources Authority Clean Water Revolving Fund (RB)
5.00%, 10/01/17 (a)

 

$

296,763

 

250,000

 

Virginia State Public Building Authority, Public Facilities, Series B (RB)
5.00%, 08/01/19 (a)

 

 

284,075

 

500,000

 

Virginia State Public Building Authority, Public Facilities, Series B (RB)
4.50%, 08/01/16 (a)

 

 

527,125

 

200,000

 

Virginia State Public Building Authority, Public Facilities, Series B (RB)
5.00%, 08/01/19 (a)

 

 

228,572

 

500,000

 

Virginia State Public Building Authority, School Financing, Series B (RB) (AGM)
4.50%, 08/01/16 (a)

 

 

530,335

 

 

 

 

 

   

 

 

 

 

 

 

2,457,825

 

 

 

 

 

   

 

Washington: 3.2%

 

 

 

 

525,000

 

Energy Northwest, Washington Electric Revenue Refunding, Columbia State, Series A (RB)
5.00%, 07/01/16 (a)

 

 

581,002

 

400,000

 

King County Washington Highline School District No. 401 (GO) (AGM) (SBG)
5.25%, 12/01/16 (a)

 

 

449,416

 

250,000

 

King County Washington Highline School District No. 411 (GO) (AGM) (SBG)
5.00%, 06/01/17 (a)

 

 

288,342

 

500,000

 

King County, Washington Public Hospital District No. 1, Series A (GO) (AGO)
5.25%, 06/01/18 (a)

 

 

560,965

 

500,000

 

Pierce County, Washington School District, Series A (GO) (AGM) (SBG)
5.00%, 12/01/15 (a)

 

 

573,900

 

250,000

 

Port Seattle, Washington, Series A (RB) (AMBAC)
5.00%, 10/01/16 (a)

 

 

282,673

 

500,000

 

Washington State Motor Vehicle Fuel Tax, Series B (GO) (AGM)
5.00%, 07/01/16 (a)

 

 

560,260

 

500,000

 

Washington State Motor Vehicle Fuel Tax, Series B (GO) (AGM)
5.00%, 07/01/16 (a)

 

 

549,230

 

500,000

 

Washington State Motor Vehicle Fuel Tax, Series B (GO) (AMBAC)
5.00%, 07/01/17 (a)

 

 

559,950

 

200,000

 

Washington State, Series A (GO) (AMBAC)
5.00%, 01/01/17 (a)

 

 

219,742

 

500,000

 

Washington State, Various Purpose, Series A (GO)
5.00%, 07/01/18 (a)

 

 

558,900

 

500,000

 

Washington State, Various Purpose, Series A (GO)
5.00%, 01/01/19 (a)

 

 

573,450

 


 

 

 

 

 

 

 

Principal
Amount

 

 

Value

 

       

 

 

 

 

 

 

Washington: (continued)

 

 

 

 

$500,000

 

Washington State, Various Purpose, Series A (GO) (AMBAC)
5.00%, 01/01/17 (a)

 

$

570,645

 

500,000

 

Washington State, Various Purpose, Series C (GO)
5.00%, 01/01/18 (a)

 

 

555,480

 

250,000

 

Washington State, Various Purpose, Series C (GO)
5.00%, 02/01/17

 

 

295,907

 

 

 

 

 

   

 

 

 

 

 

 

7,179,862

 

 

 

   

 

West Virginia: 0.3%

 

 

 

 

500,000

 

West Virginia Hospital Finance Authority, Charleston Area Medical Center, Hospital Revenue & Improvement, Series A (RB)
5.50%, 09/01/14 (a)

 

 

518,255

 

225,000

 

West Virginia Hospital Finance Authority, Charleston Area Medical Center, Hospital Revenue & Improvement, Series A (RB)
5.13%, 09/01/19 (a)

 

 

243,659

 

 

 

 

 

   

 

 

 

 

 

 

761,914

 

 

 

 

 

   

 

Wisconsin: 1.4%

 

 

 

 

400,000

 

Central Brown County Water Authority (RB) (AMBAC)
5.00%, 12/01/15 (a)

 

 

430,768

 

1,000,000

 

Milwaukee City, Series N1 (GO)
5.00%, 02/01/17

 

 

1,180,400

 

250,000

 

Wisconsin State Health & Educational Facilities Authority, Wheaton Franciscan Health Care System (RB)
5.25%, 08/15/16 (a)

 

 

266,110

 

25,000

 

Wisconsin State Transportation, Series A (RB) (AGM)
5.25%, 07/01/16

 

 

29,622

 

775,000

 

Wisconsin State, General Annual Appropriation, Series A (RB)
5.00%, 05/01/19

 

 

906,293

 

250,000

 

Wisconsin State, Series C (GO)
5.00%, 05/01/18 (a)

 

 

280,127

 

 

 

 

 

   

 

 

 

 

 

 

3,093,320

 

 

 

 

 

   

 

Total Municipal Bonds
(Cost: $217,423,139)

 

 

224,868,399

 

 

 

 

 

   

 

 

 

 

 

 

 

Number of
Shares

 

 

 

 

 

 

 

 

 

 

Money Market Fund: 0.0%
(Cost: $108,802)

 

 

 

 

108,802

 

Dreyfus Tax Exempt Cash Management Fund - Class B Shares

 

 

108,802

 

 

 

 

 

   

 

Total Investments: 98.7%
(Cost: $217,531,941)

 

 

224,977,201

 

Other assets less liabilities: 1.3%

 

 

2,855,535

 

 

 

   

 

NET ASSETS: 100.0%

 

$

227,832,736

 

 

 

   

 

See Notes to Financial Statements

29



 

INTERMEDIATE MUNICIPAL INDEX ETF

 

SCHEDULE OF INVESTMENTS

(continued)


 

 

AGM

Assured Guaranty Municipal Corp.

AGO

Assured Guaranty Ltd.

AMBAC

American Municipal Bond Assurance Corp.

BHAC

Berkshire Hathaway Assurance Corp.

CIFG

CDC Ixis Financial Guaranty

COMWLTH GTD

Commonwealth Guaranteed

CP

Certificate of Participation

FGIC

Financial Guaranty Insurance Co.

GO

General Obligation

NATL

National Public Finance Guarantee Corp.

Q-SBLF

Qualified School Board Loan Fund

RB

Revenue Bond

SAW

State Aid Withholding

SBG

School Board Guaranteed

TA

Tax Allocation

XLCA

Syncora Guarantee, Inc.


 

 

(a)

Callable Security - the redemption date shown is when the security may be redeemed by the issuer

(b)

Zero Coupon Bond - the rate shown is the effective yield at purchase date

(c)

Puttable Security - the redemption date shown is when the security may be redeemed by the investor


 

 

 

 

 

 

 

 

 

Summary of Investments By Sector (unaudited)

 

 

% of
Investments

 

Value

 

 

 

 

 

 

 

 

Airport

 

3.2

%

 

$

7,098,421

 

Bond Bank

 

1.0

 

 

 

2,297,835

 

Development

 

1.0

 

 

 

2,285,736

 

Education

 

5.1

 

 

 

11,562,630

 

Facilities

 

8.3

 

 

 

18,587,025

 

General

 

0.3

 

 

 

682,104

 

General Obligation

 

33.0

 

 

 

74,319,876

 

Higher Education

 

8.1

 

 

 

18,309,888

 

Medical

 

3.0

 

 

 

6,663,244

 

Pollution

 

0.6

 

 

 

1,354,975

 

Power

 

5.5

 

 

 

12,240,064

 

School District

 

8.2

 

 

 

18,344,950

 

Single Family Housing

 

0.4

 

 

 

1,017,355

 

Student Loan

 

0.7

 

 

 

1,593,985

 

Tobacco Settlement

 

0.4

 

 

 

938,570

 

Transportation

 

12.2

 

 

 

27,417,411

 

Utilities

 

3.5

 

 

 

7,874,512

 

Water

 

5.5

 

 

 

12,279,818

 

Money Market Fund

 

0.0

 

 

 

108,802

 

 

 

 

 

 

   

 

 

 

100.0

%

 

$

224,977,201

 

 

 

 

 

 

   

 

The summary of inputs used to value the Fund’s investments as of October 31, 2010 is as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Level 1
Quoted
Prices

 

Level 2
Significant
Observable
Inputs

 

Level 3
Significant
Unobservable
Inputs

 

Value

 

 

 

 

 

 

 

 

 

 

 

Municipal Bonds*

 

$

 

$

224,868,399

 

$

 

$

224,868,399

 

Money Market Fund

 

 

108,802

 

 

 

 

 

 

108,802

 

 

 

   

 

   

 

   

 

   

 

Total

 

$

108,802

 

$

224,868,399

 

$

 

$

224,977,201

 

 

 

   

 

   

 

   

 

   

 


 

 

 

 

* See Schedule of Investments for security type and geographic sector breakouts

See Notes to Financial Statements

30



 

LONG MUNICIPAL INDEX ETF

 

SCHEDULE OF INVESTMENTS

October 31, 2010 (unaudited)


 

 

 

 

 

 

 

Principal
Amount

 

 

 

Value

 

         

 

 

 

 

 

 

 

MUNICIPAL BONDS: 98.7%

 

 

 

 

Alabama: 0.7%

 

 

 

 

$500,000

 

Birmingham, Alabama Capital Improvement and Refunding, Series A (GO) (AMBAC)
4.50%, 12/01/16 (a)

 

$

500,245

 

 

 

 

 

   

 

Alaska: 0.7%

 

 

 

 

250,000

 

Alaska State Housing Corp. General Housing, Series A (RB) (FGIC)
5.25%, 12/01/14 (a)

 

 

254,760

 

250,000

 

Alaska State Housing Corp. Home Mortgage, Series A (RB)
5.00%, 12/01/18 (a)

 

 

260,615

 

 

 

 

 

   

 

 

 

 

 

 

515,375

 

 

 

 

 

   

 

Arizona: 1.4%

 

 

 

 

250,000

 

Arizona Health Facilities Authority, Series D (RB)
5.50%, 01/01/18 (a)

 

 

261,715

 

250,000

 

Mesa, Arizona Industrial Development Authority, Clark County Detention Facility Project (RB)
5.00%, 03/01/18 (a)

 

 

252,428

 

250,000

 

Mesa, Arizona Utility System, Second Series (RB) (FGIC) (NATL)
4.50%, 07/01/17 (a)

 

 

257,087

 

250,000

 

Salt Verde Financial Corp. (RB)
5.00%, 12/01/32

 

 

242,513

 

 

 

 

 

   

 

 

 

 

 

 

1,013,743

 

 

 

 

 

   

 

California: 19.9%

 

 

 

 

500,000

 

Anaheim, California Public Financing Authority, Electricity Distribution Facilities (RB) (NATL)
4.50%, 04/01/17 (a)

 

 

503,305

 

500,000

 

Anaheim, California Public Financing Authority, Lease Revenue, Project A-1 (RB) (FGIC) (NATL)
5.00%, 09/01/17 (a)

 

 

497,210

 

500,000

 

Antelope Valley-East Kern Water Agency, Series A-1 (CP) (FGIC) (NATL)
4.38%, 06/01/17 (a)

 

 

462,605

 

250,000

 

Bay Area Toll Authority, Series F (RB)
5.00%, 04/01/16 (a)

 

 

261,922

 

500,000

 

California Health Facilities Financing Authority (RB)
5.00%, 04/01/16 (a)

 

 

496,355

 

250,000

 

California State (GO)
4.88%, 12/01/17 (a)

 

 

247,768

 

1,000,000

 

California State (GO)
4.50%, 02/01/17 (a)

 

 

974,390

 

500,000

 

California State (GO) (AMBAC)
4.50%, 02/01/17 (a)

 

 

494,545

 

250,000

 

California State Public Works Board (RB)
5.00%, 11/01/14 (a)

 

 

262,250

 

500,000

 

California State University Systemwide, Series A (RB) (AGM)
5.00%, 05/01/18 (a)

 

 

515,755

 

500,000

 

California State Various Purpose (GO)
5.50%, 11/01/19 (a)

 

 

529,820

 

375,000

 

California State Various Purpose (GO)
5.75%, 04/01/19 (a)

 

 

409,429

 


 

 

 

 

 

 

 

Principal
Amount

 

 

 

Value

 

         

 

 

 

 

 

 

 

 

California: (continued)

 

 

 

 

$500,000

 

California State Various Purpose (GO)
5.00%, 06/01/17 (a)

 

$

501,090

 

1,000,000

 

California Statewide Communities Development Authority, Series A (RB)
4.50%, 09/01/20 (a)

 

 

982,490

 

500,000

 

California Statewide Community Development Authority - Health Facilities (RB)
5.00%, 03/01/15 (a)

 

 

496,295

 

300,000

 

Chabot-Los Positas, California Community College (GO) (AMBAC)
5.00%, 08/01/16 (a)

 

 

315,243

 

500,000

 

Desert Community College District, Election of 2004, Series C (GO) (AGM)
5.00%, 08/01/17 (a)

 

 

519,380

 

250,000

 

Eastern Municipal Water District, California Water & Sewer, Series H (CP)
5.00%, 07/01/18 (a)

 

 

263,977

 

550,000

 

Fresno, California Central Unified School District, Election 2008-Series A (GO) (AGO)
5.50%, 08/01/19 (a)

 

 

610,335

 

500,000

 

Golden State Tobacco Securitization Corp., Series A-1 (RB)
5.13%, 06/01/17 (a)

 

 

359,410

 

250,000

 

Grossmont-Cuyamaca, California Community College District, Election 2002, Series C (GO) (AGO)
5.79%, 08/01/30 (b)

 

 

79,923

 

1,000,000

 

Kern Community College, Safety, Repair & Improvement District (GO) (AGM)
6.19%, 11/01/30 (b)

 

 

313,890

 

250,000

 

Los Angeles, California Community College District, Election of 2001, Series A (GO) (FGIC) (NATL)
5.00%, 08/01/17 (a)

 

 

261,177

 

250,000

 

Los Angeles, California Community College District, Election of 2001, Series E-1 (GO)
5.00%, 08/01/18 (a)

 

 

261,575

 

250,000

 

Los Angeles, California Department of Water & Power System, Sub-Series A-1 (RB) (AGM)
5.00%, 07/01/15 (a)

 

 

258,588

 

250,000

 

Los Angeles, California Unified School District, Series A (GO) (NATL)
4.50%, 07/01/17 (a)

 

 

246,458

 

500,000

 

Los Angeles, California Unified School District, Series B (GO) (AMBAC)
4.50%, 07/01/17 (a)

 

 

482,995

 

250,000

 

Los Angeles, California Unified School District, Series E (GO) (AMBAC)
5.00%, 07/01/15 (a)

 

 

258,053

 

350,000

 

Los Angeles, California Wastewater System, Series A (RB)
5.00%, 06/01/20 (a)

 

 

381,976

 

250,000

 

Sacramento, California Sanitation District Financing Authority (RB) (FGIC) (NATL)
5.00%, 06/01/16 (a)

 

 

259,342

 

See Notes to Financial Statements

31



 

LONG MUNICIPAL INDEX ETF

 

SCHEDULE OF INVESTMENTS

(continued)


 

 

 

 

 

 

 

Principal
Amount

 

 

 

Value

 

         

 

 

 

 

 

 

California: (continued)

 

 

 

 

$500,000

 

Sacramento, California Sanitation District Financing Authority (RB) (NATL)
5.00%, 08/01/15 (a)

 

$

518,535

 

250,000

 

San Francisco, California Bay Area Rapid Transportation District, Series A (RB) (NATL)
5.00%, 07/01/15 (a)

 

 

260,090

 

270,000

 

San Mateo County, California Transportation, Series A (RB) (NATL)
4.75%, 06/01/15 (a)

 

 

272,867

 

250,000

 

Santa Clara Valley, California Water Distribution, Series A (CP) (NATL)
5.00%, 06/01/17 (a)

 

 

261,675

 

250,000

 

Ventura County, California Community College District, Election 2002, Series B (GO) (NATL)
5.00%, 08/01/15 (a)

 

 

263,230

 

250,000

 

West Valley Mission Community College District, Election 2004-A (GO) (AGM)
5.00%, 08/01/16 (a)

 

 

265,602

 

250,000

 

William S. Hart, California High School District, Election 2001, Series B (GO) (AGM)
6.38%, 09/01/28 (b)

 

 

86,648

 

 

 

 

 

   

 

 

 

 

 

 

14,436,198

 

 

 

 

 

   

 

Colorado: 1.1%

 

 

 

 

250,000

 

Adams County, Colorado FHA Insured Mortgage-Platte Valley Medical Center (RB) (FHA) (NATL)
5.00%, 08/01/15 (a)

 

 

248,408

 

500,000

 

Colorado Health Facilities Authority, Sister of Charity of Leavenworth Health System, Series A (RB)
5.00%, 01/01/20 (a)

 

 

509,910

 

 

 

 

 

   

 

 

 

 

 

 

758,318

 

 

 

 

 

   

 

District of Columbia: 2.5%

 

 

 

 

750,000

 

District of Columbia, Children’s Hospital Obligated Group (RB) (AGM)
5.25%, 07/15/18 (a)

 

 

760,365

 

500,000

 

District of Columbia, National Public Radio, Inc. Issue (RB)
5.00%, 04/01/20 (a)

 

 

528,820

 

500,000

 

District of Columbia, Series A (GO) (FGIC) (NATL)
4.50%, 06/01/17 (a)

 

 

503,665

 

 

 

 

 

   

 

 

 

 

 

 

1,792,850

 

 

 

 

 

   

 

Florida: 5.2%

 

 

 

 

500,000

 

Broward County, Florida Educational Facilities Authority, Nova Southeastern University Project (RB) (AGO)
5.00%, 04/01/16 (a)

 

 

510,425

 

250,000

 

Jacksonville, Florida Better Jacksonville Sales Tax Revenue (RB)
5.00%, 10/01/18 (a)

 

 

264,715

 


 

 

 

 

 

 

 

Principal
Amount

 

 

 

Value

 

           

 

 

 

 

 

 

Florida: (continued)

 

 

 

 

$250,000

 

Miami-Dade County, Florida Building Better Communities Program, Series A (GO) (AGO)
5.00%, 07/01/18 (a)

 

$

260,147

 

250,000

 

Miami-Dade County, Florida Expressway Authority (RB) (AMBAC)
5.00%, 07/01/16 (a)

 

 

254,670

 

500,000

 

Miami-Dade County, Florida Miami International Airport, Series B (RB) (AGM)
5.00%, 10/01/18 (a)

 

 

504,860

 

250,000

 

Miami-Dade County, Florida School Board, Series A (CP) (FGIC) (NATL)
5.00%, 05/01/17 (a)

 

 

248,695

 

250,000

 

Palm Beach County, Florida Public Improvement (RB)
5.00%, 05/01/18 (a)

 

 

261,272

 

900,000

 

Palm Beach County, Florida Public Improvement, Series 2 (RB)
5.38%, 11/01/18 (a)

 

 

996,282

 

250,000

 

University of Central Florida Convocation Corp., Series A (CP) (FGIC) (NATL)
5.00%, 10/01/15 (a)

 

 

246,138

 

250,000

 

University of Northern Florida Financing Corp. (RB) (FGIC) (NATL)
5.00%, 11/01/17 (a)

 

 

257,733

 

 

 

 

 

   

 

 

 

 

 

 

3,804,937

 

 

 

 

 

   

 

Georgia: 3.7%

 

 

 

 

250,000

 

Atlanta, Georgia Water & Wastewater System (RB) (AGM)
5.00%, 11/01/14 (a)

 

 

252,610

 

500,000

 

Carroll City-County Hospital Authority (RB)
4.25%, 07/01/20 (a)

 

 

490,175

 

375,000

 

Columbus Medical Center Hospital Authority, Regional Healthcare System (RB) (AGM)
5.00%, 08/01/20 (a)

 

 

376,406

 

500,000

 

Gainesville City & Hall County, Georgia Hospital Authority, Northeast Georgia Health System, Inc. Project, Series A (RB)
5.25%, 02/15/15 (a)

 

 

501,655

 

325,000

 

Gainesville City & Hall County, Georgia Hospital Authority, Northeast Georgia Health System, Inc. Project, Series A (RB)
5.50%, 02/15/20 (a)

 

 

328,737

 

250,000

 

Gainesville City & Hall County, Georgia Hospital Authority, Northeast Georgia Health System, Inc. Project, Series B (RB)
5.25%, 02/15/20 (a)

 

 

255,883

 

425,000

 

Georgia Metropolitan Atlanta Rapid Transit Authority, Sales Tax, Third Indenture, Series A (RB)
5.00%, 07/01/19 (a)

 

 

451,354

 

 

 

 

 

   

 

 

 

 

 

 

2,656,820

 

 

 

 

 

   

 

See Notes to Financial Statements

32



 

 

 

 

 

 

 

 

 

Principal
Amount

 

 

 

Value

 

         

 

 

 

 

 

 

 

Illinois: 4.6%

 

 

 

 

$500,000

 

Chicago, Illinois Project and Refunding, Series A (GO) (AGM)
4.75%, 01/01/16 (a)

 

$

504,065

 

500,000

 

Chicago, Illinois Project and Refunding, Series B (GO) (AGM)
5.00%, 07/01/15 (a)

 

 

520,830

 

500,000

 

Chicago, Illinois Project and Refunding, Series C (GO) (NATL)
5.00%, 01/01/18 (a)

 

 

528,290

 

500,000

 

Illinois Finance Authority, OSF Healthcare System, Series A (RB)
5.75%, 11/15/17 (a)

 

 

517,800

 

250,000

 

Illinois Finance Authority, OSF Healthcare System, Series A (RB)
5.75%, 11/15/17 (a)

 

 

257,415

 

500,000

 

Springfield, Illinois Electric, Senior Lien (RB) (NATL)
5.00%, 03/01/16 (a)

 

 

520,585

 

500,000

 

University of Chicago, Illinois Finance Authority (RB)
5.00%, 07/01/17 (a)

 

 

516,840

 

 

 

 

 

   

 

 

 

 

 

 

3,365,825

 

 

 

 

 

   

 

Indiana: 2.9%

 

 

 

 

250,000

 

Carmel Industrial Redevelopment Authority (RB)
5.00%, 02/01/16 (a)

 

 

264,860

 

500,000

 

Indiana Finance Authority, King’s Daughters’ Hospital & Health Services (RB)
5.50%, 08/15/20 (a)

 

 

482,230

 

250,000

 

Indiana Health & Educational Facility Financing Authority, Senior Series 2006 B-5 (RB)
5.00%, 11/15/16 (a)

 

 

256,270

 

350,000

 

Indiana Health & Educational Facility Financing Authority, Series A (RB)
5.00%, 11/15/16 (a)

 

 

357,298

 

700,000

 

Indianapolis Local Public Improvement, Waterworks Project, Series A (RB) (AGO)
5.50%, 01/01/19 (a)

 

 

760,774

 

 

 

 

 

   

 

 

 

 

 

 

2,121,432

 

 

 

 

 

   

 

Kansas: 0.7%

 

 

 

 

250,000

 

Burlington, Kansas Pollution Control, Project A (RB) (NATL)
5.30%, 06/01/14 (a)

 

 

255,868

 

250,000

 

Kansas State Development Finance Authority, Hospital Revenue-Adventist Health System/Sunbelt Obligated Group, Series C (RB)
5.75%, 11/15/14 (a)

 

 

278,877

 

 

 

 

 

   

 

 

 

 

 

 

534,745

 

 

 

 

 

   

 

Kentucky: 0.7%

 

 

 

 

250,000

 

Kentucky Asset/Liability Commission, University of Kentucky Project Notes, Series B (RB)
5.00%, 10/01/17 (a)

 

 

270,445

 


 

 

 

 

 

 

 

Principal
Amount

 

 

 

Value

 

         

 

 

 

 

 

 

 

 

Kentucky: (continued)

 

 

 

 

$250,000

 

Louisville & Jefferson County, Kentucky Metro Government Health, Jewish Hospital & Saint Mary’s Health Care (RB)
6.13%, 02/01/18 (a)

 

$

267,678

 

 

 

 

 

   

 

 

 

 

 

 

538,123

 

 

 

 

 

   

 

Louisiana: 1.2%

 

 

 

 

250,000

 

Louisiana Public Facilities Authority, 19th Judicial District Court (RB) (FGIC) (NATL)
5.38%, 06/01/17 (a)

 

 

262,617

 

400,000

 

Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project, Series A (RB)
5.25%, 05/15/17 (a)

 

 

389,208

 

250,000

 

St. John, Louisiana Marathon Oil Corp. Project, Series A (RB)
5.13%, 06/01/17 (a)

 

 

248,018

 

 

 

 

 

   

 

 

 

 

 

 

899,843

 

 

 

 

 

   

 

Maryland: 1.5%

 

 

 

 

500,000

 

Frederick County, Maryland Urbana Community Development Authority, Series A (ST)
5.00%, 07/01/20 (a)

 

 

504,930

 

500,000

 

Maryland State Health & Higher Educational Facilities Authority, Johns Hopkins University, Series A (RB)
5.25%, 07/01/18 (a)

 

 

545,690

 

 

 

 

 

   

 

 

 

 

 

 

1,050,620

 

 

 

 

 

   

 

Massachusetts: 3.8%

 

 

 

 

250,000

 

Massachusetts Bay Transportation Authority, Series A (RB)
5.00%, 07/01/30

 

 

289,380

 

500,000

 

Massachusetts Development Finance Agency, Boston College Issue, Series P (RB)
5.00%, 07/01/17 (a)

 

 

523,005

 

500,000

 

Massachusetts State College Building Authority, Series A (RB) (AMBAC)
5.00%, 05/01/16 (a)

 

 

521,185

 

150,000

 

Massachusetts State Consolidated Loan, Series B (GO)
5.00%, 07/01/19 (a)

 

 

165,852

 

250,000

 

Massachusetts State Health & Educational Facilities Authority, Caregroup, Series E-1 (RB)
5.00%, 07/01/18 (a)

 

 

255,957

 

500,000

 

Massachusetts State School Building Authority, Dedicated Sales Tax, Series A (RB) (AGM)
5.00%, 08/15/15 (a)

 

 

532,745

 

500,000

 

Massachusetts State Water Resource Authority, Series A (RB) (AGM)
4.50%, 02/01/17 (a)

 

 

503,490

 

 

 

 

 

   

 

 

 

 

 

 

2,791,614

 

 

 

 

 

   

 

See Notes to Financial Statements

33



 

LONG MUNICIPAL INDEX ETF

 

SCHEDULE OF INVESTMENTS

(continued)


 

 

 

 

 

 

 

Principal
Amount

 

 

 

Value

 

         

 

 

 

 

 

 

Michigan: 1.1%

 

 

 

 

$250,000

 

Detroit, Michigan Water Supply System, Senior Lien, Series C (RB) (AGM)
5.00%, 07/01/16 (a)

 

$

245,657

 

250,000

 

Michigan State Building Authority (RB) (FGIC) (NATL)
5.15%, 10/15/16 (a) (b)

 

 

94,730

 

225,000

 

Michigan State Building Authority, Series I (RB) (AMBAC)
5.00%, 10/15/15 (a)

 

 

229,937

 

250,000

 

Michigan State Hospital Financing Authority, Henry Ford Health System, Series A (RB)
5.25%, 11/15/16 (a)

 

 

249,995

 

 

 

 

 

   

 

 

 

 

 

 

820,319

 

 

 

 

 

   

 

Missouri: 1.0%

 

 

 

 

460,000

 

Missouri State Health & Educational Facilities, Series A (RB)
5.50%, 11/15/18 (a)

 

 

471,081

 

250,000

 

Missouri State Health & Educational Facilities, Series A (RB)
5.00%, 06/01/18 (a)

 

 

254,885

 

 

 

 

 

   

 

 

 

 

 

 

725,966

 

 

 

 

 

   

 

Montana: 0.7%

 

 

 

 

500,000

 

Montana Facility Finance Authority, Sisters of Charity of Leavenworth Health System (RB)
4.75%, 01/01/20 (a)

 

 

504,780

 

 

 

 

 

   

 

Nebraska: 0.4%

 

 

 

 

250,000

 

Nebraska Public Power District, Series C (RB) (FGIC) (NATL)
5.00%, 01/01/16 (a)

 

 

256,380

 

 

 

 

 

   

 

New Hampshire: 0.7%

 

 

 

 

500,000

 

New Hampshire Municipal Bond Bank, Series B (RB)
5.00%, 08/15/20 (a)

 

 

534,690

 

 

 

 

 

   

 

New Jersey: 4.9%

 

 

 

 

500,000

 

New Jersey Economic Development Authority - School Facilities, Series U (RB) (AMBAC)
5.00%, 09/01/17 (a)

 

 

519,890

 

750,000

 

New Jersey Environmental Infrastructure Trust, Series A (RB)
4.00%, 09/01/18 (a)

 

 

775,455

 

625,000

 

New Jersey State (GO)
5.00%, 06/01/19 (a)

 

 

756,219

 

500,000

 

New Jersey State Tobacco Settlement Financing Corp. (RB)
5.00%, 06/01/17 (a)

 

 

361,435

 

500,000

 

New Jersey State Transportation Trust Fund Authority, Series A (RB) (AGO)
5.50%, 12/15/18 (a)

 

 

553,345

 

1,000,000

 

New Jersey State Transportation Trust Fund Authority, Series A (RB)
5.88%, 12/15/33 (b)

 

 

270,910

 

915,000

 

New Jersey State Transportation Trust Fund Authority, Series A (RB)
5.90%, 12/15/28 (b)

 

 

350,957

 

 

 

 

 

   

 

 

 

 

 

 

3,588,211

 

 

 

 

 

   

 


 

 

 

 

 

 

 

Principal
Amount

 

 

 

Value

 

         

 

 

 

 

 

 

 

 

New Mexico: 0.7%

 

 

 

 

$500,000

 

New Mexico Hospital Equipment Loan Council, Presbyterian Healthcare Services, Series A (RB)
5.13%, 08/01/19 (a)

 

$

522,350

 

 

 

 

 

   

 

New York: 14.4%

 

 

 

 

125,000

 

Hudson Yards Infrastructure Corp. New York, Series A (RB)
5.00%, 02/15/17 (a)

 

 

124,783

 

750,000

 

Liberty New York Development Corp., Goldman Sachs Headquarters (RB)
5.25%, 10/01/35

 

 

778,687

 

250,000

 

Metropolitan Transportation Authority, New York Dedicated Tax Fund, Series B (RB)
5.00%, 11/15/19 (a)

 

 

266,063

 

250,000

 

New York City Industrial Development Agency - Yankee Stadium (RB) (NATL)
5.00%, 09/01/16 (a)

 

 

250,233

 

500,000

 

New York City Municipal Water Finance Authority, Water & Sewer System, Series DD (RB)
4.50%, 06/15/18 (a)

 

 

511,965

 

500,000

 

New York City Municipal Water Finance Authority, Water & Sewer System, Series FF-2 (RB)
5.00%, 06/15/19 (a)

 

 

528,275

 

250,000

 

New York City Refunding, Series G (GO)
5.00%, 12/01/14 (a)

 

 

264,225

 

250,000

 

New York Convention Center Development Corp., Hotel Unit Fee Secured (RB) (AMBAC)
5.00%, 11/15/15 (a)

 

 

253,210

 

250,000

 

New York Convention Center Development Corp., Hotel Unit Fee Secured (RB) (AMBAC)
5.00%, 11/15/15 (a)

 

 

253,548

 

750,000

 

New York Liberty Development Corp., Bank of America Tower at One Bryant Park Project, Second Priority Liberty (RB)
5.13%, 01/15/20 (a)

 

 

756,240

 

350,000

 

New York State Dormitory Authority, Columbia University (RB)
5.00%, 07/01/16 (a)

 

 

384,079

 

500,000

 

New York State Dormitory Authority, Columbia University, Series A (RB)
5.00%, 07/01/18 (a)

 

 

541,605

 

250,000

 

New York State Dormitory Authority, FIT Student Housing Corp. (RB) (FGIC) (NATL)
5.25%, 07/01/29

 

 

264,065

 

250,000

 

New York State Dormitory Authority, Non State Supported Debt, Hudson Valley Hospital Center (RB) (AGM) (FHA)
5.00%, 08/15/17 (a)

 

 

257,220

 

500,000

 

New York State Dormitory Authority, State Personal Income Tax, Series D (RB)
5.00%, 09/15/16 (a)

 

 

533,705

 

See Notes to Financial Statements

34



 

 

 

 

 

 

 

 

 

Principal
Amount

 

 

 

Value

 

         

 

 

 

 

 

 

New York: (continued)

 

 

 

 

$470,000

 

New York State Dormitory Authority, State Personal Income Tax, Series F (RB)
5.00%, 03/15/15 (a)

 

$

499,671

 

325,000

 

New York State Environmental Facilities Corp., State Clean Water & Drinking Water, Pooled Financing Program (RB)
5.50%, 04/15/35

 

 

407,660

 

375,000

 

New York State Thruway Authority, Series G (RB) (AGM)
5.00%, 07/01/15 (a)

 

 

398,651

 

500,000

 

New York State Urban Development Corp., Series A (RB)
5.00%, 12/15/17 (a)

 

 

545,550

 

250,000

 

New York State Urban Development Corp., Series A (RB)
5.00%, 12/15/17 (a)

 

 

275,753

 

500,000

 

New York State Urban Development Corp., Series A (RB) (FGIC) (NATL)
5.25%, 03/15/14 (a)

 

 

525,270

 

500,000

 

Port Authority of New York & New Jersey, Series 160 (RB)
4.13%, 09/15/19 (a)

 

 

503,490

 

795,000

 

Port Authority of New York & New Jersey, Series 163 (RB)
4.25%, 07/15/20 (a)

 

 

797,472

 

500,000

 

Troy, New York Capital Resource Corp., Rensselaer Polytechnic Institute Project, Series A (RB)
5.13%, 09/01/20 (a)

 

 

519,735

 

 

 

 

 

   

 

 

 

 

 

 

10,441,155

 

 

 

 

 

   

 

North Carolina: 1.4%

 

 

 

 

250,000

 

Charlotte, North Carolina NASCAR Hall of Fame Facilities, Series C (CP)
5.00%, 06/01/19 (a)

 

 

261,888

 

250,000

 

Charlotte, North Carolina Water & Sewer System, Series A (RB)
5.00%, 07/01/16 (a)

 

 

267,372

 

500,000

 

North Carolina Medical Care Commission, Health Care Facilities, Series A (RB)
5.00%, 07/01/20 (a)

 

 

515,035

 

 

 

 

 

   

 

 

 

 

 

 

1,044,295

 

 

 

 

 

   

 

Oklahoma: 1.0%

 

 

 

 

250,000

 

Oklahoma Development Finance Authority, St. John Health System (RB)
5.00%, 02/15/17 (a)

 

 

248,415

 

500,000

 

Tulsa County, Oklahoma Industrial Authority, St. Francis Health System (RB)
4.60%, 12/15/16 (a)

 

 

500,240

 

 

 

 

 

   

 

 

 

 

 

 

748,655

 

 

 

 

 

   

 

Oregon: 0.5%

 

 

 

 

800,000

 

Marion & Polk Counties, Oregon Salem-Keizer School District No.24, Series B (GO) (SBG)
4.82%, 06/15/28 (b)

 

 

362,144

 

 

 

 

 

   

 


 

 

 

 

 

 

 

Principal
Amount

 

 

 

Value

 

         

 

 

 

 

 

 

Pennsylvania: 1.5%

 

 

 

 

$325,000

 

Delaware River Port Authority, Series D (RB)
5.00%, 01/01/20 (a)

 

$

335,839

 

250,000

 

Pennsylvania State Higher Education (RB) (NATL)
4.50%, 04/01/16 (a)

 

 

251,542

 

250,000

 

Pennsylvania State Turnpike Commission, Sub-Series A (RB) (AGO)
5.00%, 06/01/19 (a)

 

 

256,300

 

250,000

 

Pennsylvania State Turnpike Commission, Sub-Series B (RB)
5.25%, 06/01/19 (a)

 

 

259,785

 

 

 

 

 

   

 

 

 

 

 

 

1,103,466

 

 

 

 

 

   

 

Puerto Rico: 1.2%

 

 

 

 

250,000

 

Puerto Rico Commonwealth Infrastructure Financing Authority, Series A (RB) (AMBAC)
6.93%, 07/01/43 (b)

 

 

28,958

 

250,000

 

Puerto Rico Electric Power Authority, Series VV (RB) (NATL)
5.25%, 07/01/29

 

 

271,175

 

250,000

 

Puerto Rico Housing Finance Authority, Capital Fund Modernization Program (RB)
5.13%, 12/01/18 (a)

 

 

262,722

 

285,000

 

Puerto Rico Sales Tax Financing Corp., Sub-Series A (RB)
5.25%, 08/01/19 (a)

 

 

303,046

 

 

 

 

 

   

 

 

 

 

 

 

865,901

 

 

 

 

 

   

 

South Carolina: 2.3%

 

 

 

 

350,000

 

Berkeley County, South Carolina School District, Securing Assets for Education (RB)
5.13%, 12/01/16 (a)

 

 

361,130

 

250,000

 

Kershaw County, South Carolina Public School Foundation (RB) (CIFG)
5.00%, 12/01/16 (a)

 

 

254,445

 

500,000

 

South Carolina Public Service Authority, Series A (RB) (NATL)
5.00%, 01/01/16 (a)

 

 

520,240

 

500,000

 

South Carolina Transportation Infrastructure Bank, Series B (RB) (AMBAC)
4.50%, 10/01/16 (a)

 

 

509,600

 

 

 

 

 

   

 

 

 

 

 

 

1,645,415

 

 

 

 

 

   

 

Tennessee: 0.6%

 

 

 

 

425,000

 

Rutherford County, Tennessee Health & Educational Facilities Board, Ascension Health Senior Credit Group, Series C (RB)
5.00%, 11/15/19 (a)

 

 

445,447

 

 

 

 

 

   

 

Texas: 10.8%

 

 

 

 

250,000

 

Waco Texas Education Finance Corp., Baylor University, Series C (RB)
5.00%, 03/01/18 (a)

 

 

261,365

 

250,000

 

Alamo, Texas Community College District (GO) (FGIC) (NATL)
4.50%, 08/15/17 (a)

 

 

252,900

 

See Notes to Financial Statements

35



 

LONG MUNICIPAL INDEX ETF

 

SCHEDULE OF INVESTMENTS

(continued)


 

 

 

 

 

 

 

Principal
Amount

 

 

 

Value

 

         

 

 

 

 

 

 

 

 

Texas: (continued)

 

 

 

 

$250,000

 

Dallas, Texas Area Rapid Transportation, Senior Lien (RB) (AMBAC)
5.00%, 12/01/16 (a)

 

$

264,468

 

250,000

 

Dallas, Texas Area Rapid Transportation, Senior Lien (RB)
5.25%, 12/01/18 (a)

 

 

266,933

 

500,000

 

Dallas, Texas Waterworks & Sewer System Improvement (RB) (AGM)
5.00%, 10/01/15 (a)

 

 

529,390

 

250,000

 

Denton, Texas Independent School District, School Building (GO)
5.00%, 08/15/17 (a)

 

 

273,245

 

250,000

 

El Paso County, Texas Hospital District, Series A (GO) (AGO)
5.00%, 08/15/18 (a)

 

 

267,427

 

500,000

 

El Paso, Texas Independent School District, School Building (GO)
5.00%, 08/15/17 (a)

 

 

543,025

 

250,000

 

Fort Bend, Texas Independent School District (GO)
5.00%, 08/15/18 (a)

 

 

277,682

 

500,000

 

Harris County, Texas Toll Road-Senior Lien, Series A (RB) (NATL)
5.00%, 08/15/16 (a)

 

 

529,795

 

500,000

 

Houston, Texas Combined Utility System, First Lien (RB) (AGM)
5.00%, 11/15/15 (a)

 

 

516,140

 

250,000

 

Houston, Texas Combined Utility System, First Lien Series A (RB) (AGM)
5.00%, 11/15/17 (a)

 

 

272,222

 

500,000

 

Houston, Texas Higher Education Finance Corp., Rice University Project, Series A (RB)
5.00%, 05/15/20 (a)

 

 

536,025

 

500,000

 

Houston, Texas Higher Education Finance Corp., Rice University Project, Series B (RB)
4.50%, 11/15/17 (a)

 

 

506,310

 

500,000

 

Houston, Texas Public Improvement Refunding, Series A (GO)
5.38%, 03/01/18 (a)

 

 

541,285

 

500,000

 

North Texas Thruway Authority (RB) (AGO)
6.69%, 01/01/36 (b)

 

 

126,735

 

500,000

 

North Texas Tollway Authority, Series A (RB)
5.63%, 01/01/18 (a)

 

 

532,815

 

250,000

 

Prosper, Texas Independent School District, School Building (GO)
5.00%, 02/15/17 (a)

 

 

265,038

 

250,000

 

SA Energy Acquisition Public Facility Corp. (RB)
5.50%, 08/01/27

 

 

271,467

 

225,000

 

Texas A&M University, Permanent University, Series A (RB)
5.25%, 07/01/25 (a)

 

 

267,561

 

500,000

 

Texas Transportation Commission, Mobility Fund, Series A (GO)
4.75%, 04/01/15 (a)

 

 

511,760

 

 

 

 

 

   

 

 

 

 

 

 

7,813,588

 

 

 

 

 

   

 


 

 

 

 

 

 

 

Principal
Amount

 

 

 

Value

 

         

 

 

 

 

 

 

 

 

Virginia: 2.3%

 

 

 

 

$500,000

 

Tobacco Settlement Financing Corp., Senior Series B-1 (RB)
5.00%, 06/01/17 (a)

 

$

351,980

 

195,000

 

Virginia College Building Authority, Regent University (RB)
5.00%, 06/01/16 (a)

 

 

185,279

 

570,000

 

Virginia College Building Authority, Series A (RB) (SAW)
4.50%, 09/01/17 (a)

 

 

602,906

 

500,000

 

Virginia Small Business Financing Authority, Sentara Health Care Facilities (RB)
5.00%, 05/01/20 (a)

 

 

526,250

 

 

 

 

 

   

 

 

 

 

 

 

1,666,415

 

 

 

 

 

   

 

Washington: 2.6%

 

 

 

 

300,000

 

NJB Properties Lease, King County Washington Project, Series A (RB)
5.00%, 12/01/16 (a)

 

 

312,747

 

250,000

 

Port of Seattle, Washington, Series A (RB)
5.25%, 05/01/19 (a)

 

 

274,582

 

250,000

 

Seattle, Washington Solid Waste Revenue & Refunding (RB) (NATL)
5.00%, 02/01/17 (a)

 

 

267,383

 

500,000

 

Seattle, Washington Water System Improvement & Refunding (RB)
5.00%, 02/01/18 (a)

 

 

545,595

 

500,000

 

Snohomish County, Washington Limited Tax, Series A (GO)
4.00%, 06/01/20 (a)

 

 

487,095

 

 

 

 

 

   

 

 

 

 

 

 

1,887,402

 

 

 

 

 

   

 

Total Municipal Bonds
(Cost: $68,246,553)

 

 

71,757,267

 

 

 

 

 

   

 

Total Investments: 98.7%
(Cost: $68,246,553)

 

 

71,757,267

 

Other assets less liabilities: 1.3%

 

 

970,082

 

 

 

 

 

   

 

NET ASSETS: 100.0%

 

$

72,727,349

 

 

 

 

 

   

 

See Notes to Financial Statements

36



 

 

 

 

 

AGM

 

Assured Guaranty Municipal Corp.

AGO

 

Assured Guaranty Ltd.

AMBAC

 

American Municipal Bond Assurance Corp.

CIFG

 

CDC Ixis Financial Guaranty

CP

 

Certificate of Participation

FGIC

 

Financial Guaranty Insurance Co.

FHA

 

Federal Housing Association

GO

 

General Obligation

NATL

 

National Public Finance Guarantee Corp.

RB

 

Revenue Bond

SAW

 

State Aid Withholding

SBG

 

School Board Guaranteed

ST

 

Special Tax


 

 

(a)

Callable Security - the redemption date shown is when the security may be redeemed by the issuer

(b)

Zero Coupon Bond - the rate shown is the effective yield at purchase date


 

 

 

 

 

 

 

 

 

 

Summary of Investments By Sector (unaudited)

 

 

% of
Investments

 

Value

 

 

 

 

 

 

 

 

Airport

 

 

0.7

%

 

$

504,860

 

Bond Bank

 

 

1.8

 

 

 

1,295,464

 

Development

 

 

3.6

 

 

 

2,556,183

 

Education

 

 

1.9

 

 

 

1,397,745

 

Facilities

 

 

9.1

 

 

 

6,566,900

 

General Obligation

 

 

20.0

 

 

 

14,319,649

 

Higher Education

 

 

11.5

 

 

 

8,223,264

 

Housing

 

 

0.3

 

 

 

254,760

 

Medical

 

 

14.8

 

 

 

10,634,767

 

Multifamily Housing

 

 

0.4

 

 

 

262,723

 

Nursing Homes

 

 

1.8

 

 

 

1,292,055

 

Pollution

 

 

2.3

 

 

 

1,657,533

 

Power

 

 

2.9

 

 

 

2,071,685

 

School District

 

 

4.7

 

 

 

3,405,621

 

Single Family Housing

 

 

0.4

 

 

 

260,615

 

Tobacco Settlement

 

 

1.5

 

 

 

1,072,825

 

Transportation

 

 

12.3

 

 

 

8,807,914

 

Utilities

 

 

2.3

 

 

 

1,667,499

 

Water

 

 

7.7

 

 

 

5,505,205

 

 

 

 

 

 

 

   

 

 

 

 

100.0

%

 

$

71,757,267

 

 

 

 

 

 

 

   

 

The summary of inputs used to value the Fund’s investments as of October 31, 2010 is as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Level 1
Quoted
Prices

 

Level 2
Significant
Observable
Inputs

 

Level 3
Significant
Unobservable
Inputs

 

Value

 

 

 

 

 

 

 

 

 

 

 

Total Municipal Bonds*

 

 

$

 

 

$

71,757,267

 

 

$

 

 

$

71,757,267

 

 

 

 

   

 

 

   

 

 

   

 

 

   

 

* See Schedule of Investments for security type and geographic sector breakouts.

See Notes to Financial Statements

37



 

PRE-REFUNDED MUNICIPAL INDEX ETF

 

SCHEDULE OF INVESTMENTS

October 31, 2010 (unaudited)


 

 

 

 

 

 

 

Principal
Amount

 

 

Value

 

       

 

 

 

 

 

 

 

 

MUNICIPAL BONDS: 98.6%

 

 

 

 

Alabama: 2.2%

 

 

 

 

$250,000

 

Birmingham, Alabama Waterworks & Sewer Board, Series B (RB) (NATL)
5.00%, 01/01/43 (a)

 

$

274,035

 

500,000

 

Birmingham, Alabama, Series B (GO) (AMBAC)
5.00%, 12/01/32 (a)

 

 

546,555

 

 

 

 

 

   

 

 

 

 

 

 

820,590

 

 

 

 

 

   

 

Arizona: 3.3%

 

 

 

 

1,000,000

 

Arizona School Facilities Board, Series A (CP) (NATL)
5.25%, 09/01/15 (a)

 

 

1,109,290

 

125,000

 

Arizona School Facilities Board, State School Improvement (RB)
5.25%, 07/01/17 (a)

 

 

135,135

 

 

 

 

 

   

 

 

 

 

 

 

1,244,425

 

 

 

 

 

   

 

California: 16.5%

 

 

 

 

1,550,000

 

California Infrastructure & Economic Development Bay Area Toll Bridges, First Lien Series A (RB) (AMBAC)
5.00%, 07/01/33 (a)

 

 

1,906,887

 

250,000

 

California Infrastructure & Economic Development Bay Area Toll Bridges, First Lien Series A (RB) (AGM)
4.10%, 07/01/12

 

 

265,513

 

250,000

 

California State (GO)
5.00%, 11/01/18 (a)

 

 

261,813

 

875,000

 

California State (GO)
5.125%, 02/01/27 (a)

 

 

995,951

 

250,000

 

California Water Resources Department Power Supply, Series A (RB) (AMBAC)
5.375%, 05/01/18 (a)

 

 

271,235

 

350,000

 

Clovis California Unified School District, Election 2004-Series A (GO) (FGIC) (NATL)
3.983%, 08/01/19 (b)

 

 

277,071

 

500,000

 

Foothill/Eastern Transportation Corridor Agency California, Senior Lien Series A (RB)
3.55%, 01/01/20 (b)

 

 

387,910

 

250,000

 

Los Angeles Unified School District, Election 2002-Series A (GO) (AGM)
5.25%, 07/01/20 (a)

 

 

280,782

 

450,000

 

Los Angeles Unified School District, Election 2002-Series A (GO) (NATL)
5.375%, 07/01/17 (a)

 

 

506,893

 

250,000

 

Sacramento County, California Sanitation District Financing Authority, Series A (RB) (AMBAC)
5.00%, 12/01/35 (a)

 

 

290,730

 

500,000

 

Southern California Tobacco Securitization Authority, Asset Backed, Series B (RB)
6.00%, 06/01/43 (a)

 

 

543,995

 

250,000

 

University of California, Multiple Purpose Projects, Series Q (RB) (AGM)
5.00%, 09/01/17 (a)

 

 

262,223

 

 

 

 

 

   

 

 

 

 

 

 

6,251,003

 

 

 

 

 

   

 

 

 

 

 

 

 

 

Principal
Amount

 

 

Value