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, 2011
ITEM 1. REPORT TO SHAREHOLDERS
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| SEMI-ANNUAL REPORT |
| O C T O B E R 3 1 , 2 0 1 1 |
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MARKET VECTORS |
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Investment Grade Floating Rate ETF | (FLTR) |
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MARKET VECTORS |
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Mortgage REIT Income ETF | (MORT) |
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MARKET VECTORS |
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Emerging Markets Local Currency Bond ETF | (EMLC) |
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LatAm Aggregate Bond ETF | (BONO) |
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Renminbi Bond ETF | (CHLC) |
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MARKET VECTORS |
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CEF Municipal Income ETF | (XMPT) |
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High-Yield Municipal Index ETF | (HYD) |
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Intermediate Municipal Index ETF | (ITM) |
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Long Municipal Index ETF | (MLN) |
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Pre-Refunded Municipal Index ETF | (PRB) |
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Short Municipal Index ETF | (SMB) |
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TABLE OF CONTENTS |
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Management Discussion |
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Performance Record |
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Market Vectors Emerging Markets Local Currency Bond ETF (EMLC) | 7 |
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Market Vectors Emerging Markets Local Currency Bond ETF (EMLC) | 21 |
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Market Vectors Emerging Markets Local Currency Bond ETF (EMLC) | 79 |
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Dear Shareholder:
We are pleased to present this semi-annual report for the income oriented funds of the Market Vectors ETF Trust for the six months ended October 31, 2011.
Our goal is to offer investors low-cost, high-quality fixed income choices. During this period, the five municipal bond ETFs we had previously launched continued to achieve market traction, with three being recognized with 4-star overall and three-year ratings from Morningstar1 as of 10/31/2011. Combined assets under management reached nearly $800 million as of 10/31/2011.
Market Vectors’ 2011 product launches reflect an expanding global fixed income market, in which approximately 71% of bond issuance is outside the U.S., compared to just 52% in 1985. Global bond market dynamics also are shifting as emerging markets have become global growth engines and set standards for fiscal prudence, while developing nations continue to spend and print money. We remain concerned about the high debt-to-GDP ratios and economic crises affecting developed nations such as the U.S. and Europe.
In July 2010, we launched Market Vectors Emerging Markets Local Currency Bond ETF (EMLC) and it has since accumulated assets under management of approximately $530 million as of 10/31/2011. EMLC has been a beneficiary of increased asset flows into the emerging markets fixed income space, and its growth is reflective of investor’s search for alternatives to the traditional. Market Vectors is also looking beyond conventional income opportunities and has introduced new ETFs to address investor demand for interest rate risk management (FLTR), exposure to REITs (MORT) and actively managed closed-end muni bond exposure (XMPT).
For the most up-to-date yield information on our income oriented ETFs visit vaneck.com/market-vectors/income-etfs. Yields are updated daily.
Municipal Bond Market Review
Municipal bonds began 2011 under a cloud of skepticism. In December 2010, CBS’s widely watched 60 Minutes featured the gloomy predictions of analyst Meredith Whitney, along with dire forecasts for states such as California, Illinois and New Jersey. This coverage had widespread impact on individual investors, who supply about two-thirds of the municipal bond market’s capital through direct bond purchases or tax-exempt funds. For seven straight months, from November 2010 through May 2011, investors pulled net cash out of municipal mutual funds, a total of $44 billion, according to the Investment Company Institute.
However, 2011 has been a rewarding year for patient investors who continued to hold munis. For example, year to date through 10/31, the Barclays Capital Municipal Long Bond Index3 returned 12.09%, representing a taxable equivalent return for investors in the 28% bracket of 16.79%. As Treasury yields fell in the second and third quarters, high-quality muni yields remained basically flat. In July, muni yields surpassed 100% of Treasury yields virtually across the yield curve. Also in July, Standard & Poor’s boosted the muni market by upgrading its ratings on Ohio (to AA+ stable) and Florida (to AAA). In September, S&P boosted Massachusetts’ rating a notch to AA. With its downgrade of U.S. Government debt in August, S&P now gives 13 states higher (AAA) ratings than Uncle Sam!
Underlying fundamentals for state governments have improved in 2011, especially on the revenue front. In October, the Rockefeller Institute reported a 10.8% increase in 2nd quarter 2011 state revenues (compared to the same period a year before) and this was the sixth straight quarter of revenue growth. State personal income tax collections rose 16.5% for the quarter. However, revenue trends are not as positive for local governments, which depend heavily on property taxes tied to a slumping real estate market.
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1 | ©2011 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. For each fund with at least a three-year history, | |
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| Morningstar calculates a Morningstar RatingTM based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. | |
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| Of U.S. Exchange Traded Funds and U.S. Open-End Mutual Funds (as defined by Morningstar), the overall and three-year rating for: SMB was 4 stars out of 155 funds in the muni short category; ITM was 4 stars out of 225 funds in the muni national intermediate category; MLN was 4 stars out of 208 funds in the muni national long category. Past performance is no guarantee of future results. | |
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Demand for municipal bonds appears strong and multi-faceted. Investors are worried about the potential for rising personal income tax rates, and of course they are starved for yield in Treasuries and CDs. The credit quality of fiscally responsible state and local governments is looking relatively better compared to the likes of Greece, Italy and perhaps even the U.S. Demand also is being driven by high levels of internal reinvestment including maturing munis, bond calls and coupon payments. In September and October, net inflows to municipal bond mutual funds (a good measure of demand) totalled approximately $3.4 billion.
Supply side characteristics are equally favorable as state and local governments reign in spending and borrowing needs. The expiration of the Build America Bond Program (BAB) on the last day of 2010 has removed about $100 billion in muni supply this year, compared to 2009 and 2010.
In summary, 60 Minutes may want to revisit munis, because market realities have defied the dire predictions of a year ago. Our Market Vectors family of municipal income ETFs has taken advantage of a strong year in market demand and performance. In the tax-exempt space, we currently offer five muni bond ETFs and one ETF of muni closed-end funds, each addressing a different facet of opportunity. As of 10/31/11, the net expense ratios for the five municipal bond ETFs are lower than the average expense ratio of each of their Morningstar categories2, and three of them (SMB, ITM and MLN) have earned 4-star Morningstar ratings.1
International Bond Market Review
It is a sign of the times that U.S. investors are searching for fixed income alternatives in the world’s fast-growing emerging markets. Of course, this demand is largely driven by a quest for higher yield. But fixed income investors also have paid attention to the debt ceiling quagmire in the U.S. and Europe’s sovereign debt soap opera. As bond investment horizons broaden, perceptions of credit quality are shifting, making emerging market debt instruments more worthy of evaluation.
When international bond ETFs are denominated in local currencies, they serve a dual portfolio planning purpose. In addition to diversifying fixed income exposures globally, these ETFs help to hedge the risk of U.S. dollar weakness relative to foreign currencies. Until about 20 years ago, most emerging market debt instruments acquired by U.S. investors were dollar-denominated, such as Brady bonds. Now, as the U.S. continues to run large trade deficits and the Fed keeps printing money, “King Dollar” no longer looks so regal.
In July 2010, we launched Market Vectors Emerging Markets Local Currency Bond ETF (EMLC). The ETF seeks to track the J.P. Morgan GBI-EMG Core Index4. The most unique quality of this ETF and index is broad diversification among government bonds denominated in a variety of local emerging market currencies.
You might think investors would experience higher price volatility in EMLC than in U.S. Treasuries. Yet, they have learned lately that Treasuries tend to rise in price during “risk-off” intervals in the stock market and fall during “risk-on” periods. In an August commentary, the widely followed web site Seeking Alpha compared EMLC’s performance to Treasuries and concluded: “…EMLC was far more stable through the year, not suffering much when bonds were out of favor vs. equities, and not rallying much when flight-to-quality causes the surge in U.S. Treasuries and the rapid drop in bond yields overall.”
The gap between quality ratings of Treasuries and emerging market bonds also has narrowed. For example, over the last 18 months Moody’s and Fitch both have raised Chile’s rating and S&P lifted its outlook. Some analysts believe Chile will soon qualify for an AA- S&P rating, which would put it just two notches below the U.S. Government. Like many other emerging markets, Chile’s economy and credit have been helped by generally rising (if volatile) commodity prices.
Brazil also has been the beneficiary of recent ratings upgrades. In March, its government increased to 6% the tax on foreign purchases of domestic bonds to moderate inflation in its currency, the real. Even so, double-digit yields on real-denominated bonds keep attracting heavy demand from global investors.
China is the world’s most populous country with the second largest national GDP. Yet, for decades its currency (the renminbi, RMB) had been controlled-i.e., pegged to the dollar-and its bond markets relatively closed. Prior to 2007, access to RMB was off-limits to most foreigners.
In 2007, the Chinese government authorized a Hong Kong-based offshore market to offer a parallel currency to foreigners, called CNH. In June 2007 the first CNH-denominated debt instruments, popularly known as “dim sum bonds,” were issued. The CNH market offers foreigners’ opportunities to purchase real debt instruments denominated in Chinese
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2 | Morningstar as of 10/31/11. Based on the average expense ratio of ETFs in the following categories: muni short 0.26% (nine ETFs), muni national long 0.30% (seven ETFs), muni national long 0.26% (four ETFs), muni high yield 0.74% (three ETFs) and SMB, ITM, MLN and HYD expense ratios of 0.20%, 0.24%, 0.24% and 0.35% respectively. | |
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currency, and the CNH market’s growth has increased trading liquidity. More than 230 billion RMB of dim sum bonds have been issued in total, since 2007.
On October 11, we launched Market Vectors Renmimbi Bond ETF (CHLC) that seeks to track an index that exclusively holds high-quality renminbi-denominated bonds. (One competitive ETF includes “junk” dim sums.) In addition to yield, CHLC allows investors to participate in any appreciation of the RMB.
CHLC reinforces our strong corporate commitment to China, which began in October 2010 with the launch of our equity-based Market Vectors China ETF (PEK). According to The Economist, China is expected to become the world’s largest economy by 2030, surpassing the U.S. in GDP. ETF investors who want to participate in China’s long-term economic growth can do so conveniently through PEK (for equities) and CHLC (for bonds and currency).
Mortgage and Corporate Bond Market Review
Market Vectors Mortgage REIT Income ETF (MORT) launched in August to give investors indexed exposure to the high yields of publicly traded mortgage Real Estate Investment Trusts. MORT’s portfolio companies collectively hold about two-thirds of their assets in U.S. Government Agency residential mortgage-backed securities (RMBS), with the balance spread across non-agencies RMBS and commercial mortgages.
Although yields have been attractive in MORT’s early months, this has been a difficult time for mortgage REITs in general. These securities have a fairly high historic correlation with the S&P 500 Index5. They also were negatively impacted in late October by an Obama Administration initiative, through the Federal Housing Finance Agency, to help underwater homeowners refinance mortgages held by Fannie Mae and Freddie Mac.
Most mortgage REITs generate yield by borrowing money short term and lending long term, so they benefit by a steep yield curve.6 The Fed’s “Operation Twist” initiative, announced in September (but anticipated for at least a month before), was a mild setback for the sector because it pressured long-term rates lower and flattened the yield curve.
In April, we launched a first-of-its-kind ETF for high-grade, U.S. dollar-denominated floating rate corporate debt. Market Vectors Investment Grade Floating Rate ETF (FLTR) seeks to replicate an index that consists primarily of financial sector debt instruments with yields tied to London Interbank Offered Rate (LIBOR). The ETF is targeted at investors who seek competitive yields on short-term debt instruments, along with the opportunity to participate in rising interest rates, if and when the Fed decides to end its zero interest rate policy (ZIRP).
For fixed income investors who are giving up hope U.S. rates will ever rise, we offer this observation: Earlier this year, a majority of Fed-watchers believed the Fed was on course for at least one 2011 rate hike. Then, in the summer months, the economy showed signs of weakening and the Bernanke Fed ran to the rescue with an announcement of ZIRP extending at least through 2013.
Surprises can happen, and whenever rates do start rising, the momentum may continue for some time.
New Market Vectors ETFs
We introduced five new Market Vectors income-oriented ETFs during 2011, each of which helps investors broaden the palette of global income options.
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• | Market Vectors Investment Grade Floating Rate ETF (FLTR, commenced 4/25/11) is a first-of-its-kind ETF that seeks to track an index of dollar-denominated, investment-grade floating-rate corporate notes. |
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• | Market Vectors LatAm Aggregate Bond ETF (BONO, commenced 5/11/11) is the first ETF that seeks to track an index of bonds issued by governments and corporations of Central and South America, denominated in a variety of local currencies, U.S. dollars and Euros. |
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• | Market Vectors CEF Municipal Income ETF (XMPT, commenced 7/12/11) is the first-of-its-kind ETF that seeks to track an index of many of the leading actively managed, U.S.-listed municipal bond closed-end funds. |
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• | Market Vectors Mortgage REIT Income ETF (MORT, commenced 8/16/11) seeks to track an index of publicly traded mortgage REITs. |
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• | Market Vectors Renminbi Bond ETF (CHLC, commenced 10/11/11) seeks to track an index of China’s fast-growing, renminbi-denominated bonds. |
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Summary
It’s true that the Fed has not moved short-term interest rates since December 16, 2008, almost three years ago. But despite stagnant interest rates, the world of income-oriented investment opportunities keeps forging ahead. Market Vectors aims to stay in the forefront of the best ETF opportunities.
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.
Jan F. van Eck
Trustee and President
Market Vectors ETF Trust
Van Eck Global
November 18, 2011
Represents the opinions of the investment adviser. 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.
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Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. Investors cannot invest directly in the Index. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses. You cannot invest directly in an index. | |
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3 | Barclays Capital Municipal Long Bond Index is comprised of over 4,000 issues whose stated maturity is 22 years and longer, that have been issued in the past five years, are in the investment grade spectrum (BBB-AAA) and are from issues of $75 million or larger. |
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4 | J.P. Morgan Government Bond Index-Emerging Markets Global Core (GBIEMCOR) tracks regularly traded, liquid, fixed-rate, domestic currency debt issues by emerging market governments. |
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5 | Standard and Poor’s (S&P) 500 Index, calculated with dividends reinvested, consists of 500 widely held common stocks covering industrial, utility, financial and transportation sectors. |
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6 | Yield curve is the relation between the (level of) interest rate (or the cost of borrowing) and the time to maturity, known as the “term”, of the debt for a given borrower in a given currency. |
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PERFORMANCE COMPARISON |
October 31, 2011 (unaudited) |
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Six Months | (5.16)% | (3.85)% | (3.36)% |
Life* | (4.86)% | (3.85)% | (3.33)% |
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*since 4/25/11 |
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Gross Expense Ratio 2.04% / Net Expense Ratio 0.19%
The Advisor 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 0.19% of the average daily net assets per year until at least September 1, 2012. 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.
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1 | The price used to calculate market return (Share Price) is determined by using the closing price listed on 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 (4/25/11) to the first day of secondary market trading in shares of the Fund (4/26/11), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. |
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 sale of Fund shares.
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.
The Fund is not sponsored, endorsed, sold or promoted by Wells Fargo & Company, Wells Fargo Securities, LLC or any of their affiliates (together, “Wells Fargo”). The Market Vectors Investment Grade Floating Rate Index (the “Index”) is the exclusive property of Market Vectors Index Solutions GmbH (a wholly owned subsidiary of the Adviser), which has contracted with Wells Fargo to create and maintain and Interactive Data Pricing and Reference Data, Inc. to calculate the Index. Neither Wells Fargo nor the Index Calculator guarantees the accuracy and/or completeness of the Index or of any data supplied by it or its agents or makes any warranty as to the results to be obtained from investing in the Product or tracking the Index. The Index is calculated by Interactive Data Pricing and Reference Data, Inc., which is not an adviser for or fiduciary to Market Vectors Investment Grade Floating Rate ETF and, like Wells Fargo, is not responsible for any direct, indirect or consequential damages associated with indicative optimized portfolio values and/or indicative intraday values.
The Market Vectors Investment Grade Floating Rate ETF is not sponsored, endorsed, sold or promoted by Market Vectors Index Solutions GmbH and Market Vectors Index Solutions GmbH makes no representation regarding the advisability of investing in the Fund.
Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. Investors cannot invest directly in the Index. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.
Market Vectors Investment Grade Floating Rate Index is designed to track the performance of investment grade floating rate notes with outstanding issue sizes of greater than or equal to $500 million. The Index is composed of a U.S. dollar-denominated floating rate notes, issued by corporate entities or similar commercial entities that are public reporting companies in the United States, with at least one investment grade rating.
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PERFORMANCE COMPARISON |
October 31, 2011 (unaudited) |
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| Total Return |
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| Share Price1 | NAV | INDEX |
Life* | (3.05)% | (3.41)% | (4.45)% |
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*since 8/16/11 |
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Gross Expense Ratio 4.12% / Net Expense Ratio 0.40%
The Advisor 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 0.40% of the average daily net assets per year until at least May 1, 2013. 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.
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1 | The price used to calculate market return (Share Price) is determined by using the closing price listed on 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 (8/16/11) to the first day of secondary market trading in shares of the Fund (8/17/11), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. |
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 sale of Fund shares.
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.
Market Vectors Global Mortgage REITs Index (the “Index”) is the exclusive property of Market Vectors Index Solutions GmbH (a wholly owned subsidiary of the Adviser), which has contracted with Structured Solutions AG to maintain and calculate the Index. Structured Solutions AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards Market Vectors Index Solutions GmbH, Structured Solutions AG has no obligation to point out errors in the Index to third parties.
The Market Vectors Investment Grade Floating Rate ETF is not sponsored, endorsed, sold or promoted by Market Vectors Index Solutions GmbH and Market Vectors Index Solutions GmbH makes no representation regarding the advisability of investing in the Fund.
Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. Investors cannot invest directly in the Index. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.
Market Vectors Mortgage REIT Income ETF is a rules-based index intended to give investors a means of tracking the overall performance of publicly traded U.S. and non-U.S. mortgage REITS that derive at least 50% of their revenues from mortgage-related activity.
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PERFORMANCE COMPARISON |
October 31, 2011 (unaudited) |
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| Total Return |
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| Share Price1 |
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Six Months |
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| (3.97 | )% |
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| (3.60 | )% |
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One Year |
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| (0.39 | )% |
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| 0.70 | % |
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| 1.55 | % |
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Life* (annualized) |
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| 7.25 | % |
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| 7.36 | % |
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| 8.47 | % |
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Life* (cumulative) |
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| 9.35 | % |
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| 9.49 | % |
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| 10.94 | % |
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*since 7/22/10 |
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Gross Expense Ratio 0.44% / Net Expense Ratio 0.44%
The Advisor 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 the average daily net assets per year until at least September 1, 2012. 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.
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1 | The price used to calculate market return (Share Price) is determined by using the closing price listed on 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. |
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 sale of Fund shares.
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.
Market Vectors Emerging Markets Local Currency Bond ETF (EMLC) is not sponsored, endorsed, sold or promoted by J.P. Morgan and J.P. Morgan makes no representation regarding the advisability of investing in EMLC. J.P. Morgan does not warrant the completeness or accuracy of the J.P. Morgan GBI-EMG Core Index. “J.P. Morgan” is a registered service mark of JPMorgan Chase & Co. © 2010. JPMorgan Chase & Co. All rights reserved.
Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. Investors cannot invest directly in the Index. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.
J.P. Morgan Government Bond Index–Emerging Markets Global Core (GBIEMCOR) is designed to track the performance of bonds issued by emerging market governments and denominated in the local currency of the issuer. The Index is designed to be investible and includes only those countries that are accessible by most of the international investor base.
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PERFORMANCE COMPARISON |
October 31, 2011 (unaudited) |
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| Total Return |
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| Share Price1 | NAV | INDEX |
Life* | 0.40% | 1.21% | 2.12% |
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*since 5/11/11 |
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Gross Expense Ratio 1.68% / Net Expense Ratio 0.49%
The Advisor 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 the average daily net assets per year until at least September 1, 2012. 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.
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1 | The price used to calculate market return (Share Price) is determined by using the closing price listed on 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 (5/11/11) to the first day of secondary market trading in shares of the Fund (5/12/11), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. |
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 sale of Fund shares.
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.
Merrill Lynch, Pierce, Fenner & Smith Incorporated and its affiliates (“BofA Merrill Lynch”) indices and related information, the name “Bank of America Merrill Lynch”, and related trademarks, are intellectual property licensed from BofA Merrill Lynch, and may not be copied, used, or distributed without BofA Merrill Lynch’s prior written approval. The licensee’s products have not been passed on as to their legality or suitability, and are not regulated, issued, endorsed, sold, guaranteed, or promoted by BofA Merrill Lynch. BOFA MERRILL LYNCH MAKES NO WARRANTIES AND BEARS NO LIABILITY WITH RESPECT TO THE INDICES, ANY RELATED INFORMATION, ITS TRADEMARKS, OR THE PRODUCT(S) (INCLUDING WITHOUT LIMITATION, THEIR QUALITY, ACCURACY, SUITABILITY AND/OR COMPLETENESS).
Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. Investors cannot invest directly in the Index. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.
The BofA Merrill Lynch Broad Latin America bond Index is comprised of debt securities issued by Latin American issuers and is designed to track the performance of external and local currency Latin American sovereign debt securities and the external debt securities of non-sovereign Latin American issuers. The Index includes both investment grade and below investment grade rated securities.
8
|
PERFORMANCE COMPARISON |
October 31, 2011 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Return |
|
|
| |||
|
| Share Price1 |
| NAV |
| INDEX |
| |||
Life* |
|
| 5.33% |
|
| 1.52% |
|
| 0.57% |
|
|
|
|
|
|
|
|
|
|
|
|
*since 10/11/2011 |
|
|
|
|
|
|
|
|
|
|
|
|
Gross Expense Ratio 6.55% / Net Expense Ratio 0.39% | |
The Advisor 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 the average daily net assets per year until at least September 1, 2013. 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. | |
|
|
1 | The price used to calculate market return (Share Price) is determined by using the closing price listed on 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 (10/11/11) to the first day of secondary market trading in shares of the Fund (10/12/11), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. |
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 sale of Fund shares.
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.
Market Vectors Renminbi Bond Index (the “Index”) is the exclusive property of Market Vectors Index Solutions GmbH (a wholly owned subsidiary of the Adviser), which has contracted with Structured Solutions AG to maintain and calculate the Index. Structured Solutions AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards Market Vectors Index Solutions GmbH, Structured Solutions AG has no obligation to point out errors in the Index to third parties.
Market Vectors Renminbi Bond ETF (the “Fund”) is not sponsored, endorsed, sold or promoted by Market Vectors Index Solutions GmbH and Market Vectors Index Solutions GmbH makes no representation regarding the advisability of investing in the Fund.
Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. Investors cannot invest directly in the Index. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.
Market Vectors Renminbi Bond Index is designed to track the performance of fixed-rate, Chinese Renminbi (“RMB”)-denominated bonds that are available to market participants outside of mainland China issued by Chinese or non-Chinese corporate, governmental, quasi-governmental or supranational issuers (“RMB Bonds”). RMB Bonds included in the Index or the parent company of the RMB Bond issuer must have at least one investment grade rating by one of Moody’s, S&P, Fitch or a local rating agency and must not be rated “below investment grade” by any one of Moody’s, S&P, Fitch or a local rating agency.
9
|
PERFORMANCE COMPARISON |
October 31, 2011 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Return |
|
|
| |||
|
| Share Price1 |
| NAV |
| INDEX |
| |||
| �� | ||||||||||
Life* |
|
| 4.42% |
|
| 4.10% |
|
| 4.21% |
|
|
|
|
|
|
|
|
|
|
|
|
*since 7/12/2011 |
|
|
|
|
|
|
|
|
|
|
|
|
Gross Expense Ratio 2.92% / Net Expense Ratio 0.40% | |
The Advisor 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 0.40% of the average daily net assets per year until at least May 1, 2013. 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. | |
|
|
1 | The price used to calculate market return (Share Price) is determined by using the closing price listed on 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 (7/12/11) to the first day of secondary market trading in shares of the Fund (7/13/11), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. |
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 sale of Fund shares.
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.
S-Network Municipal Bond Closed-End Fund IndexSM is calculated and maintained by S-Network Global Indexes, LLC. S-Network does not sponsor, endorse, or promote the Market Vectors CEF Municipal Income ETF and bears no liability with respect to the Fund or any security.
Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. Investors cannot invest directly in the Index. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.
The S-Network Municipal Bond Closed-End Fund IndexSM is a rules based index intended to serve as a benchmark for closed-end funds listed in the U.S. that are principally engaged in asset management processes designed to produce federally tax-exempt annual yield.
10
|
PERFORMANCE COMPARISON |
October 31, 2011 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Return |
|
|
| |||||||||
|
| Share Price1 |
| NAV |
| INDEX |
| |||||||||
Six Months |
|
|
| 7.60 | % |
|
|
| 7.27 | % |
|
|
| 7.12 | % |
|
One Year |
|
|
| 2.64 | % |
|
|
| 1.75 | % |
|
|
| 2.70 | % |
|
Life (annualized)* |
|
|
| 12.86 | % |
|
|
| 12.52 | % |
|
|
| 14.08 | % |
|
Life (cumulative)* |
|
|
| 39.26 | % |
|
|
| 38.09 | % |
|
|
| 43.40 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*since 2/4/09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annual 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. | |
|
|
1 | The price used to calculate market return (Share Price) is determined by using the closing price listed on 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. |
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 sale of Fund shares.
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.
Barclays Capital does not sponsor, endorse, or promote the Fund and bears no liability with respect to any such Fund or security.
Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. Investors cannot invest directly in the Index. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.
Barclays Capital Municipal Custom High Yield Composite Index is a market size weighted index comprised of publicly traded municipal bonds that cover the U.S. dollar denominated high yield long-term tax-exempt bond market. It is a total return benchmark designed for high quality and tax efficient investments. The majority of the High Yield Index’s constituents are from the revenue sector, with some constituents being from the general obligation sector. The revenue sector is divided into industry sectors that consist of but may not be limited to electric, health care, transportation, education, water & sewer, resource recovery, leasing and special tax.
11
|
PERFORMANCE COMPARISON |
October 31, 2011 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Return |
|
|
| |||||||||
|
| Share Price1 |
| NAV |
| INDEX |
| |||||||||
Six Months |
|
|
| 5.42 | % |
|
|
| 5.47 | % |
|
|
| 5.61 | % |
|
One Year |
|
|
| 3.86 | % |
|
|
| 4.00 | % |
|
|
| 4.59 | % |
|
Life (annualized)* |
|
|
| 5.30 | % |
|
|
| 5.27 | % |
|
|
| 6.16 | % |
|
Life (cumulative)* |
|
|
| 22.38 | % |
|
|
| 22.25 | % |
|
|
| 26.32 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*since 12/4/07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annual 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. | |
|
|
1 | The price used to calculate market return (Share Price) is determined by using the closing price listed on 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. |
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 sale of Fund shares.
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.
Barclays Capital does not sponsor, endorse, or promote the Fund and bears no liability with respect to any such Fund or security.
Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. Investors cannot invest directly in the Index. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.
Barclays Capital AMT-Free Intermediate Continuous Municipal Index is a market size weighted index comprised of publicly traded municipal bonds that cover the U.S. dollar denominated intermediate term tax-exempt bond market. It is a total return benchmark designed for high quality and tax efficient investments. The Index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and pre-refunded bonds. The sectors of general obligation, insured and pre-refunded are further divided into sub-sectors based on the range of maturity. The revenue sector is divided into industry sectors that consist of electric, industrial development/pollution control revenue (“IDR/PCR”), transportation, education, water & sewer, resource recovery, leasing and special tax.
12
|
PERFORMANCE COMPARISON |
October 31, 2011 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Return |
|
|
| |||||||||
|
| Share Price1 |
| NAV |
| INDEX |
| |||||||||
Six Months |
|
|
| 9.63 | % |
|
|
| 9.36 | % |
|
|
| 9.35 | % |
|
One Year |
|
|
| 3.22 | % |
|
|
| 3.58 | % |
|
|
| 4.05 | % |
|
Life (annualized)* |
|
|
| 2.73 | % |
|
|
| 2.76 | % |
|
|
| 4.80 | % |
|
Life (cumulative)* |
|
|
| 10.86 | % |
|
|
| 11.01 | % |
|
|
| 19.67 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*since 1/2/08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annual 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. | |
|
|
1 | The price used to calculate market return (Share Price) is determined by using the closing price listed on 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. |
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 sale of Fund shares.
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.
Barclays Capital does not sponsor, endorse, or promote the Fund and bears no liability with respect to any such Fund or security.
Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. Investors cannot invest directly in the Index. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses
Barclays Capital AMT-Free Long Continuous Municipal Index is a market size weighted index comprised of publicly traded municipal bonds that cover the U.S. dollar denominated long-term tax-exempt bond market. It is a total return benchmark designed for high quality and tax efficient investments. The Index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and pre-refunded bonds. The sectors of general obligation, insured and pre-refunded are further divided into sub-sectors based on the range of maturity. The revenue sector is divided into industry sectors that consist of electric, IDR/PCR, transportation, education, water & sewer, resource recovery, leasing and special tax.
13
|
PERFORMANCE COMPARISON |
October 31, 2011 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Return |
|
|
| |||||||||
|
| Share Price1 |
| NAV |
| INDEX |
| |||||||||
Six Months |
|
|
| 0.76 | % |
|
|
| 0.96 | % |
|
|
| 1.16 | % |
|
One Year |
|
|
| 0.01 | % |
|
|
| 0.85 | % |
|
|
| 1.57 | % |
|
Life* (annualized) |
|
|
| 1.67 | % |
|
|
| 1.87 | % |
|
|
| 2.40 | % |
|
Life* (cumulative) |
|
|
| 4.64 | % |
|
|
| 5.23 | % |
|
|
| 6.72 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*since 2/2/09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annual 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. | |
|
|
1 | The price used to calculate market return (Share Price) is determined by using the closing price listed on 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. |
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 sale of Fund shares.
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.
Barclays Capital does not sponsor, endorse, or promote the Fund and bears no liability with respect to any such Fund or security.
Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. Investors cannot invest directly in the Index. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.
Barclays Capital Municipal Pre-Refunded—Treasury-Escrowed Index is a market size weighted index comprised of publicly traded municipal bonds that cover the U.S. dollar denominated tax-exempt bond market. It is a total return benchmark designed for high quality and tax efficient investments. The Index is comprised of pre-refunded and/or escrowed-to-maturity municipal bonds, provided that the collateral in the escrow account is comprised strictly of obligations of, and carry the full faith and credit of, the U.S. Treasury.
14
|
PERFORMANCE COMPARISON |
October 31, 2011 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Return |
|
|
| |||||||||
|
| Share Price1 |
| NAV |
| INDEX |
| |||||||||
Six Months |
|
|
| 2.47 | % |
|
|
| 2.01 | % |
|
|
| 2.15 | % |
|
One Year |
|
|
| 2.13 | % |
|
|
| 2.00 | % |
|
|
| 2.54 | % |
|
Life (annualized)* |
|
|
| 4.10 | % |
|
|
| 4.00 | % |
|
|
| 4.55 | % |
|
Life (cumulative)* |
|
|
| 15.97 | % |
|
|
| 15.59 | % |
|
|
| 17.83 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*since 2/22/08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annual 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. | |
|
|
1 | The price used to calculate market return (Share Price) is determined by using the closing price listed on 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. |
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 sale of Fund shares.
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.
Barclays Capital does not sponsor, endorse, or promote the Fund and bears no liability with respect to any such Fund or security.
Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. Investors cannot invest directly in the Index. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.
Barclays Capital AMT-Free Short Continuous Municipal Index is a market size weighted index comprised of publicly traded municipal bonds that cover the U.S. dollar denominated short-term tax-exempt bond market. It is a total return benchmark designed for high quality and tax efficient investments. The Index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and pre-refunded bonds. The sectors of general obligation, insured and pre-refunded are further divided into sub-sectors based on the range of maturity. The revenue sector is divided into industry sectors that consist of electric, IDR/PCR, transportation, education, water & sewer, resource recovery, leasing and special tax.
15
|
MARKET VECTORS ETF TRUST |
(unaudited) |
|
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.
|
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Beginning |
| Ending |
| Annualized |
| Expenses Paid |
| ||||||||||
Investment Grade Floating Rate ETF |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Actual |
|
| $ | 1,000.00 |
|
|
| $ | 961.50 |
|
| 0.19 | % |
|
| $ | 0.94 |
|
|
| Hypothetical** |
|
| $ | 1,000.00 |
|
|
| $ | 1,024.18 |
|
| 0.19 | % |
|
| $ | 0.97 |
|
|
Mortgage REIT Income ETF*** |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Actual |
|
| $ | 1,000.00 |
|
|
| $ | 965.90 |
|
| 0.40 | % |
|
| $ | 0.81 |
|
|
| Hypothetical** |
|
| $ | 1,000.00 |
|
|
| $ | 1,009.55 |
|
| 0.40 | % |
|
| $ | 0.83 |
|
|
Emerging Markets Local Currency Bond ETF |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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| |
| Actual |
|
| $ | 1,000.00 |
|
|
| $ | 960.30 |
|
| 0.44 | % |
|
| $ | 2.18 |
|
|
| Hypothetical** |
|
| $ | 1,000.00 |
|
|
| $ | 1,022.91 |
|
| 0.44 | % |
|
| $ | 2.25 |
|
|
LatAm Aggregate Bond ETF*** |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Actual |
|
| $ | 1,000.00 |
|
|
| $ | 1,012.10 |
|
| 0.49 | % |
|
| $ | 2.37 |
|
|
| Hypothetical** |
|
| $ | 1,000.00 |
|
|
| $ | 1,021.28 |
|
| 0.49 | % |
|
| $ | 2.38 |
|
|
Renminbi Bond ETF*** |
|
|
|
|
|
|
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|
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|
|
|
|
| |
| Actual |
|
| $ | 1,000.00 |
|
|
| $ | 1,015.30 |
|
| 0.39 | % |
|
| $ | 0.21 |
|
|
| Hypothetical** |
|
| $ | 1,000.00 |
|
|
| $ | 1,002.52 |
|
| 0.39 | % |
|
| $ | 0.21 |
|
|
CEF Municipal Income ETF*** |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Actual |
|
| $ | 1,000.00 |
|
|
| $ | 1,041.00 |
|
| 0.40 | % |
|
| $ | 1.24 |
|
|
| Hypothetical** |
|
| $ | 1,000.00 |
|
|
| $ | 1,013.95 |
|
| 0.40 | % |
|
| $ | 1.22 |
|
|
High-Yield Municipal Index ETF |
|
|
|
|
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|
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|
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| |
| Actual |
|
| $ | 1,000.00 |
|
|
| $ | 1,072.70 |
|
| 0.35 | % |
|
| $ | 1.83 |
|
|
| Hypothetical** |
|
| $ | 1,000.00 |
|
|
| $ | 1,023.37 |
|
| 0.35 | % |
|
| $ | 1.79 |
|
|
Intermediate Municipal Index ETF |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Actual |
|
| $ | 1,000.00 |
|
|
| $ | 1,054.70 |
|
| 0.24 | % |
|
| $ | 1.24 |
|
|
| Hypothetical** |
|
| $ | 1,000.00 |
|
|
| $ | 1,023.93 |
|
| 0.24 | % |
|
| $ | 1.22 |
|
|
Long Municipal Index ETF |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Actual |
|
| $ | 1,000.00 |
|
|
| $ | 1,093.60 |
|
| 0.24 | % |
|
| $ | 1.26 |
|
|
| Hypothetical** |
|
| $ | 1,000.00 |
|
|
| $ | 1,023.93 |
|
| 0.24 | % |
|
| $ | 1.22 |
|
|
16
|
|
|
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|
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|
|
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|
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|
|
| Beginning |
| Ending |
| Annualized |
| Expenses Paid |
| ||||||||||
Pre-Refunded Municipal Index ETF |
|
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|
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|
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|
|
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|
|
|
|
| |
| Actual |
|
| $ | 1,000.00 |
|
|
| $ | 1,009.60 |
|
| 0.24 | % |
|
| $ | 1.21 |
|
|
| Hypothetical** |
|
| $ | 1,000.00 |
|
|
| $ | 1,023.93 |
|
| 0.24 | % |
|
| $ | 1.22 |
|
|
Short Municipal Index ETF |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Actual |
|
| $ | 1,000.00 |
|
|
| $ | 1,020.10 |
|
| 0.20 | % |
|
| $ | 1.02 |
|
|
| Hypothetical** |
|
| $ | 1,000.00 |
|
|
| $ | 1,024.13 |
|
| 0.20 | % |
|
| $ | 1.02 |
|
|
|
|
* | Expenses are equal to the Fund’s annualized expense ratio (for the six months ended October 31, 2011) multiplied by the average account value over the period, multiplied by 184 and divided by 366 (to reflect the one-half year period). |
** | Assumes annual return of 5% before expenses |
*** | LatAm Aggregate Bond ETF, CEF Muni Income ETF, Mortgage REIT ETF and Renminbi Bond ETF commenced operations on May 11, 2011, July 12, 2011, August 16, 2011 and October 11, 2011 respectively. Expenses are equal to the Fund’s annualized expense ratio (for the period from commencement of operations to October 31, 2011) multiplied by the average account value over the period, multiplied by the number of days from inception (173 days for LatAm Aggregate Bond ETF, 111 days for CEF Muni Income ETF, 76 days for Mortgage REIT ETF and 20 days for Renminbi Bond ETF) to October 31, 2011 and divided by 366 (to reflect the period from commencement). |
17
|
October 31, 2011 (unaudited) |
|
|
|
|
|
|
|
|
Principal |
|
|
| Value |
| ||
| |||||||
FLOATING RATE NOTES: 94.1% |
|
|
|
| |||
Australia: 6.3% |
|
|
|
| |||
$ | 300,000 |
| Australia Commonwealth Bank 1.08%, 03/17/14 |
| $ | 295,156 |
|
| 300,000 |
| National Australia Bank Ltd. 1.11%, 04/11/14 |
|
| 299,200 |
|
|
|
|
|
| |||
|
|
|
|
|
| 594,356 |
|
|
|
|
|
| |||
Denmark: 3.0% |
|
|
|
| |||
| 300,000 |
| Danske Bank A/S 1.45%, 04/14/14 |
|
| 288,489 |
|
|
|
|
|
| |||
France: 4.5% |
|
|
|
| |||
| 225,000 |
| BNP Paribas SA 1.29%, 01/10/14 |
|
| 216,270 |
|
| 225,000 |
| Credit Agricole London SA 1.86%, 01/21/14 |
|
| 215,278 |
|
|
|
|
|
| |||
|
|
|
|
|
| 431,548 |
|
|
|
|
|
| |||
Sweden: 3.7% |
|
|
|
| |||
| 350,000 |
| Nordea Bank AB 1.30%, 01/14/14 |
|
| 351,584 |
|
|
|
|
|
| |||
Switzerland: 10.3% |
|
|
|
| |||
| 1,000,000 |
| Credit Suisse New York 1.36%, 01/14/14 |
|
| 982,182 |
|
|
|
|
|
| |||
United Kingdom: 4.7% |
|
|
|
| |||
| 225,000 |
| Royal Bank of Scotland Plc 2.72%, 08/23/13 |
|
| 222,041 |
|
| 225,000 |
| Vodafone Group Plc 0.60%, 02/27/12 |
|
| 225,102 |
|
|
|
|
|
| |||
|
|
|
|
|
| 447,143 |
|
|
|
|
|
| |||
United States: 61.6% |
|
|
|
| |||
| 225,000 |
| American Express Credit Corp. 0.36%, 02/24/12 |
|
| 224,633 |
|
| 225,000 |
| Anheuser-Busch InBev Worldwide, Inc. 0.97%, 01/27/14 |
|
| 225,332 |
|
| 225,000 |
| Archer-Daniels-Midland Co. 0.45%, 08/13/12 |
|
| 225,414 |
|
| 225,000 |
| Bank of New York Mellon Corp. 0.46%, 03/23/12 |
|
| 225,091 |
|
| 225,000 |
| Berkshire Hathaway Finance Corp. 0.52%, 01/13/12 |
|
| 225,123 |
|
| 350,000 |
| BlackRock, Inc. 0.61%, 05/24/13 |
|
| 350,344 |
|
|
|
|
|
|
|
|
|
|
|
| Citigroup, Inc. |
|
|
|
|
| 1,051,000 |
| 1.99%, 05/15/18 |
|
| 942,983 |
|
| 225,000 |
| 2.29%, 08/13/13 |
|
| 223,745 |
|
|
|
| General Electric Capital Corp. |
|
|
|
|
| 282,000 |
| 0.65%, 05/05/26 |
|
| 216,288 |
|
| 125,000 |
| 1.23%, 01/07/14 |
|
| 123,664 |
|
|
|
| Goldman Sachs Group, Inc. |
|
|
|
|
| 200,000 |
| 0.81%, 03/22/16 |
|
| 179,596 |
|
| 125,000 |
| 0.89%, 01/12/15 |
|
| 111,584 |
|
| 100,000 |
| 0.97%, 09/29/14 |
|
| 90,918 |
|
| 100,000 |
| 1.27%, 02/07/14 |
|
| 95,702 |
|
|
|
| HSBC Finance Corp. |
|
|
|
|
| 125,000 |
| 0.65%, 01/15/14 |
|
| 116,652 |
|
| 125,000 |
| 0.76%, 06/01/16 |
|
| 108,411 |
|
| 500,000 |
| JPMorgan Chase Bank NA 0.67%, 06/13/16 |
|
| 453,791 |
|
| 225,000 |
| Metropolitan Life Global Funding I 1.14%, 01/10/14 |
|
| 224,849 |
|
|
|
| Morgan Stanley |
|
|
|
|
| 500,000 |
| 0.88%, 10/15/15 |
|
| 439,666 |
|
| 150,000 |
| 2.02%, 01/24/14 |
|
| 143,223 |
|
| 225,000 |
| PNC Funding Corp. 0.63%, 01/31/14 |
|
| 221,332 |
|
| 225,000 |
| US Bank NA 0.64%, 10/26/12 |
|
| 225,353 |
|
| 500,000 |
| Wells Fargo & Co. 0.62%, 10/28/15 |
|
| 468,939 |
|
|
|
|
|
| |||
|
|
|
|
|
| 5,862,633 |
|
|
|
|
|
| |||
Total Floating Rate Notes |
|
|
|
| |||
(Cost: $9,344,634) |
|
| 8,957,935 |
| |||
|
| ||||||
|
|
|
|
|
|
|
|
Number of |
|
|
|
|
|
| |
|
|
|
|
|
| ||
| |||||||
MONEY MARKET FUND: 6.0% |
|
|
|
| |||
(Cost: $566,695) |
|
|
|
| |||
| 566,695 |
| Dreyfus Government Cash Management Fund |
|
| 566,695 |
|
|
|
| |||||
Total Investments: 100.1% |
|
|
|
| |||
(Cost: $9,911,327) |
|
| 9,524,630 |
| |||
Liabilities in excess of other assets: (0.1)% |
|
| (8,452 | ) | |||
|
| ||||||
NET ASSETS: 100.0% |
| $ | 9,516,178 |
| |||
|
| ||||||
See Notes to Financial Statements
18
|
|
|
|
|
|
|
|
|
|
|
Summary of Investments By Sector (unaudited) |
| % of Investments |
| Value |
| ||||
|
|
| |||||||
Communications |
|
|
| 2.4 | % |
| $ | 225,102 |
|
Consumer, Non-cyclical |
|
|
| 4.7 |
|
|
| 450,746 |
|
Financial |
|
|
| 87.0 |
|
|
| 8,282,087 |
|
Money Market Fund |
|
|
| 5.9 |
|
|
| 566,695 |
|
|
|
|
|
|
|
| |||
|
|
|
| 100.0 | % |
| $ | 9,524,630 |
|
|
|
|
|
|
|
| |||
The summary of inputs used to value the Fund’s investments as of October 31, 2011 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Level 1 |
| Level 2 |
| Level 3 |
| Value |
| ||||||||||
|
|
|
|
| |||||||||||||||
Floating Rate Notes* |
|
| $ | — |
|
|
| $ | 8,957,935 |
|
|
| $ | — |
|
| $ | 8,957,935 |
|
Money Market Fund |
|
|
| 566,695 |
|
|
|
| — |
|
|
|
| — |
|
|
| 566,695 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total |
|
| $ | 566,695 |
|
|
| $ | 8,957,935 |
|
|
| $ | — |
|
| $ | 9,524,630 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
* | See Schedule of Investments for security type and geographic sector breakouts. |
See Notes to Financial Statements
19
|
SCHEDULE OF INVESTMENTS |
October 31, 2011 (unaudited) |
|
|
|
|
|
|
|
|
Number |
|
|
| Value |
| ||
| |||||||
REAL ESTATE INVESTMENT TRUSTS: 99.9% |
|
|
|
| |||
United States: 99.9% |
|
|
|
| |||
| 26,519 |
| American Capital Agency Corp. |
| $ | 729,538 |
|
| 67,972 |
| Annaly Capital Management, Inc. |
|
| 1,145,328 |
|
| 31,832 |
| Anworth Mortgage Asset Corp. |
|
| 205,316 |
|
| 4,854 |
| Apollo Commercial Real Estate Finance, Inc. |
|
| 68,005 |
|
| 18,246 |
| ARMOUR Residential REIT, Inc. |
|
| 130,459 |
|
| 20,335 |
| Capstead Mortgage Corp. |
|
| 246,460 |
|
| 152,589 |
| Chimera Investment Corp. |
|
| 459,293 |
|
| 7,929 |
| Colony Financial, Inc. |
|
| 116,318 |
|
| 18,648 |
| CreXus Investment Corp. |
|
| 178,275 |
|
| 19,900 |
| CYS Investments, Inc. |
|
| 252,332 |
|
| 8,935 |
| Dynex Capital, Inc. |
|
| 78,271 |
|
| 11,251 |
| Hatteras Financial Corp. |
|
| 289,151 |
|
| 16,161 |
| Invesco Mortgage Capital, Inc. |
|
| 255,021 |
|
| 19,769 |
| iStar Financial, Inc. * |
|
| 134,231 |
|
| 41,767 |
| MFA Financial, Inc. |
|
| 281,927 |
|
| 18,528 |
| Newcastle Investment Corp. |
|
| 85,044 |
|
| 22,652 |
| NorthStar Realty Finance Corp. |
|
| 89,475 |
|
| 6,223 |
| PennyMac Mortgage Investment Trust |
|
| 106,413 |
|
| 9,165 |
| RAIT Financial Trust |
|
| 47,658 |
|
| 18,772 |
| Redwood Trust, Inc. |
|
| 218,131 |
|
| 17,392 |
| Resource Capital Corp. |
|
| 93,395 |
|
| 14,577 |
| Starwood Property Trust, Inc. |
|
| 273,902 |
|
| 27,966 |
| Two Harbors Investment Corp. |
|
| 261,482 |
|
| 7,059 |
| Winthrop Realty Trust |
|
| 63,884 |
|
|
|
|
|
| |||
Total Real Estate Investment Trusts |
|
|
|
| |||
(Cost: $6,008,983) |
|
| 5,809,309 |
| |||
|
| ||||||
MONEY MARKET FUND: 0.4% |
|
|
|
| |||
(Cost: $24,769) |
|
|
|
| |||
| 24,769 |
| Dreyfus Government Cash Management Fund |
|
| 24,769 |
|
|
|
|
|
| |||
Total Investments: 100.3% |
|
|
|
| |||
(Cost: $6,033,752) |
|
| 5,834,078 |
| |||
Liabilities in excess of other assets: (0.3)% |
|
| (18,267 | ) | |||
|
| ||||||
NET ASSETS: 100.0% |
| $ | 5,815,811 |
| |||
|
| ||||||
|
|
* | Non-income producing |
|
|
|
|
|
|
|
|
|
|
| |||||||||
Summary of Investments By Sector (unaudited) |
| % of Investments |
| Value |
| ||||
|
|
| |||||||
Real Estate Investment Trusts |
|
|
| 99.6 | % |
| $ | 5,809,309 |
|
Money Market Fund |
|
|
| 0.4 |
|
|
| 24,769 |
|
|
|
|
|
|
|
| |||
|
|
|
| 100.0 | % |
| $ | 5,834,078 |
|
|
|
|
|
|
|
| |||
The summary of inputs used to value the Fund’s investments as of October 31, 2011 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Level 1 |
| Level 2 |
| Level 3 |
| Value |
| ||||||||||
|
|
|
|
| |||||||||||||||
Total Investments* |
|
| $ | 5,834,078 |
|
|
| $ | — |
|
|
| $ | — |
|
| $ | 5,834,078 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
* | See Schedule of Investments for security type and geographic sector breakouts. |
|
See Notes to Financial Statements
20
|
SCHEDULE OF INVESTMENTS |
October 31, 2011 (unaudited) |
|
|
|
|
|
|
|
|
Principal |
|
|
| Value |
| ||
| |||||||
FOREIGN DEBT OBLIGATIONS: 97.6% |
|
|
|
| |||
Brazil: 9.1% |
|
|
|
| |||
BRL | 15,888,000 |
| Banco do Brasil S.A. - Grand Cayman Branch 9.75%, 07/18/17 |
| $ | 9,932,462 |
|
USD | 11,813,000 |
| Banco Safra Cayman Islands Ltd. 10.88%, 04/03/17 |
|
| 7,008,717 |
|
BRL | 4,990,000 |
| Banco Safra SA 10.25%, 08/08/16 |
|
| 2,857,489 |
|
|
|
| Brazil Letras do Tesouro Nacional |
|
|
|
|
| 3,100,000 |
| 8.77%, 04/01/13^ |
|
| 1,591,228 |
|
| 10,496,000 |
| 9.20%, 01/01/13^ |
|
| 5,520,571 |
|
| 1,100,000 |
| 10.23%, 01/01/15^ |
|
| 464,104 |
|
| 14,680,000 |
| 11.98%, 07/01/12^ |
|
| 8,106,282 |
|
|
|
| Brazil Notas do Tesouro Nacional, Series F |
|
|
|
|
| 1,325,000 |
| 10.00%, 01/01/12 |
|
| 780,590 |
|
| 14,440,000 |
| 10.00%, 01/01/13 |
|
| 8,488,093 |
|
| 500,000 |
| 10.00%, 01/01/14 |
|
| 290,710 |
|
| 4,250,000 |
| Cia Energetica de Sao Paulo 9.75%, 01/15/15 |
|
| 3,522,484 |
|
|
|
|
|
| |||
|
|
|
|
|
| 48,562,730 |
|
|
|
|
|
| |||
Chile: 2.9% |
|
|
|
| |||
CLP | 7,305,000,000 |
| Chile Government International Bond 5.50%, 08/05/20 |
|
| 15,785,629 |
|
|
|
|
|
| |||
Colombia: 4.0% |
|
|
|
| |||
|
|
| Colombia Government International Bonds |
|
|
|
|
COP | 14,906,000,000 |
| 7.75%, 04/14/21 |
|
| 9,390,358 |
|
| 14,469,000,000 |
| 12.00%, 10/22/15 |
|
| 9,837,234 |
|
| 2,554,000,000 |
| Republic of Colombia 9.85%, 06/28/27 |
|
| 1,933,115 |
|
|
|
|
|
| |||
|
|
|
|
|
| 21,160,707 |
|
|
|
|
|
| |||
Germany: 0.7% |
|
|
|
| |||
BRL | 775,000 |
| Kreditanstalt fuer Wiederaufbau 10.00%, 05/15/12 |
|
| 461,482 |
|
MXN | 43,980,000 |
| Landwirtschaftliche Rentenbank 7.64%, 04/05/13 |
|
| 3,387,649 |
|
|
|
|
|
| |||
|
|
|
|
|
| 3,849,131 |
|
|
|
|
|
| |||
Hungary: 3.7% |
|
|
|
| |||
|
|
| Hungary Government Bonds |
|
|
|
|
HUF | 507,940,000 |
| 5.50%, 02/12/14 |
|
| 2,258,445 |
|
| 57,430,000 |
| 5.50%, 02/12/16 |
|
| 246,223 |
|
| 27,000,000 |
| 6.00%, 11/24/23 |
|
| 106,368 |
|
| 374,540,000 |
| 6.50%, 06/24/19† |
|
| 1,609,219 |
|
| 168,230,000 |
| 6.75%, 02/12/13 |
|
| 770,522 |
|
| 322,390,000 |
| 6.75%, 08/22/14 |
|
| 1,463,437 |
|
| 921,070,000 |
| 6.75%, 02/24/17† |
|
| 4,099,473 |
|
| 649,090,000 |
| 6.75%, 11/24/17† |
|
| 2,883,383 |
|
| 100,640,000 |
| 7.00%, 06/24/22 |
|
| 435,525 |
|
| 92,880,000 |
| 7.50%, 10/24/13 |
|
| 430,590 |
|
| 618,570,000 |
| 7.50%, 11/12/20† |
|
| 2,818,026 |
|
| 627,180,000 |
| 8.00%, 02/12/15 |
|
| 2,938,471 |
|
|
|
|
|
| |||
|
|
|
|
|
| 20,059,682 |
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
Indonesia: 8.3% |
|
|
|
| |||
|
|
| Indonesia Treasury Bonds |
|
|
|
|
IDR | 11,238,000,000 |
| 8.25%, 07/15/21 |
|
| 1,449,949 |
|
| 1,378,000,000 |
| 9.00%, 09/15/13 |
|
| 166,695 |
|
| 16,305,000,000 |
| 9.50%, 06/15/15 |
|
| 2,085,073 |
|
| 16,078,000,000 |
| 9.50%, 07/15/23 |
|
| 2,241,792 |
|
| 23,692,000,000 |
| 9.75%, 05/15/37 |
|
| 3,441,409 |
|
| 14,375,000,000 |
| 10.00%, 07/15/17 |
|
| 1,956,245 |
|
| 31,123,000,000 |
| 10.00%, 09/15/24 |
|
| 4,501,544 |
|
| 6,714,000,000 |
| 10.00%, 02/15/28 |
|
| 981,637 |
|
| 26,585,000,000 |
| 10.25%, 07/15/22 |
|
| 3,878,602 |
|
| 24,439,000,000 |
| 10.25%, 07/15/27 |
|
| 3,604,044 |
|
| 7,663,000,000 |
| 10.50%, 08/15/30 |
|
| 1,162,674 |
|
| 4,017,000,000 |
| 10.50%, 07/15/38 |
|
| 622,422 |
|
| 10,409,000,000 |
| 10.75%, 05/15/16 |
|
| 1,417,096 |
|
| 6,261,000,000 |
| 11.00%, 12/15/12 |
|
| 754,938 |
|
| 2,793,000,000 |
| 11.00%, 10/15/14 |
|
| 364,094 |
|
| 1,528,000,000 |
| 11.00%, 11/15/20 |
|
| 227,934 |
|
| 35,826,000,000 |
| 11.00%, 09/15/25 |
|
| 5,565,315 |
|
| 4,796,000,000 |
| 11.25%, 05/15/14 |
|
| 619,065 |
|
| 17,628,000,000 |
| 11.50%, 09/15/19 |
|
| 2,654,899 |
|
| 11,771,000,000 |
| 11.60%, 08/15/18 |
|
| 1,740,046 |
|
| 4,322,000,000 |
| 11.75%, 08/15/23 |
|
| 691,509 |
|
| 1,586,000,000 |
| 12.00%, 09/15/26 |
|
| 263,729 |
|
| 4,044,000,000 |
| 12.50%, 03/15/13 |
|
| 502,568 |
|
| 6,387,000,000 |
| 12.80%, 06/15/21 |
|
| 1,053,526 |
|
| 12,807,000,000 |
| 12.90%, 06/15/22 |
|
| 2,159,558 |
|
|
|
|
|
| |||
|
|
|
|
|
| 44,106,363 |
|
|
|
|
|
| |||
Malaysia: 9.1% |
|
|
|
| |||
|
|
| Malaysia Government Bonds |
|
|
|
|
MYR | 1,100,000 |
| 2.51%, 08/27/12 |
|
| 357,986 |
|
| 6,242,000 |
| 3.21%, 05/31/13 |
|
| 2,043,252 |
|
| 13,408,000 |
| 3.46%, 07/31/13 |
|
| 4,406,573 |
|
| 2,694,000 |
| 3.50%, 05/31/27 |
|
| 827,043 |
|
| 4,291,000 |
| 3.70%, 05/15/13 |
|
| 1,414,912 |
|
| 13,304,000 |
| 3.70%, 02/25/13 |
|
| 4,382,454 |
|
| 2,360,000 |
| 3.72%, 06/15/12 |
|
| 774,490 |
|
| 6,797,000 |
| 3.74%, 02/27/15 |
|
| 2,251,136 |
|
| 17,015,000 |
| 3.81%, 02/15/17 |
|
| 5,647,771 |
|
| 1,690,000 |
| 3.84%, 08/12/15 |
|
| 561,648 |
|
| 1,440,000 |
| 4.01%, 09/15/17 |
|
| 482,062 |
|
| 609,000 |
| 4.23%, 06/30/31 |
|
| 203,893 |
|
| 6,051,000 |
| 4.24%, 02/07/18 |
|
| 2,050,100 |
|
| 540,000 |
| 4.26%, 09/15/16 |
|
| 182,880 |
|
| 27,285,000 |
| 4.38%, 11/29/19 |
|
| 9,341,760 |
|
| 5,597,000 |
| 4.39%, 04/15/26 |
|
| 1,907,869 |
|
| 1,614,000 |
| 4.71%, 09/15/26 |
|
| 568,165 |
|
| 13,649,000 |
| 5.09%, 04/30/14 |
|
| 4,659,892 |
|
| 17,293,000 |
| 5.73%, 07/30/19 |
|
| 6,430,200 |
|
|
|
|
|
| |||
|
|
|
|
|
| 48,494,086 |
|
|
|
|
|
| |||
See Notes to Financial Statements
21
|
EMERGING MARKETS LOCAL CURRENCY BOND ETF |
SCHEDULE OF INVESTMENTS |
(continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal |
|
|
| Value |
| ||
| |||||||
Mexico: 4.6% |
|
|
|
| |||
|
|
| Mexican Bonds |
|
|
|
|
MXN | 2,178,300 |
| 7.50%, 06/03/27 |
| $ | 176,260 |
|
| 2,665,600 |
| 7.75%, 12/14/17 |
|
| 228,269 |
|
| 56,959,900 |
| 8.00%, 06/11/20 |
|
| 4,921,168 |
|
| 33,041,700 |
| 8.50%, 12/13/18 |
|
| 2,928,133 |
|
| 2,000,000 |
| 8.50%, 05/31/29 |
|
| 173,898 |
|
| 101,793,900 |
| 8.50%, 11/18/38 |
|
| 8,658,196 |
|
| 29,620,000 |
| 10.00%, 12/05/24 |
|
| 2,955,414 |
|
| 44,557,000 |
| 10.00%, 11/20/36 |
|
| 4,347,510 |
|
|
|
|
|
| |||
|
|
|
|
|
| 24,388,848 |
|
|
|
|
|
| |||
Netherlands: 0.6% |
|
|
|
| |||
|
|
| Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A. - Netherlands |
|
|
|
|
MXN | 24,360,000 |
| 7.59%, 10/05/15^ |
|
| 1,470,455 |
|
| 14,730,000 |
| 9.20%, 09/28/15 |
|
| 1,238,048 |
|
ZAR | 3,800,000 |
| 11.00%, 07/23/12 |
|
| 495,233 |
|
|
|
|
|
| |||
|
|
|
|
|
| 3,203,736 |
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
Peru: 2.9% |
|
|
|
| |||
|
|
| Peru Government Bonds |
|
|
|
|
PEN | 8,398,000 |
| 6.90%, 08/12/37 |
|
| 3,296,466 |
|
| 600,000 |
| 6.95%, 08/12/31 |
|
| 237,047 |
|
| 19,873,000 |
| 7.84%, 08/12/20 |
|
| 8,432,883 |
|
| 6,455,000 |
| 8.20%, 08/12/26 |
|
| 2,873,605 |
|
| 1,536,000 |
| 9.91%, 05/05/15 |
|
| 669,092 |
|
|
|
|
|
| |||
|
|
|
|
|
| 15,509,093 |
|
|
|
|
|
| |||
Philippines: 2.9% |
|
|
|
| |||
|
|
| Philippine Government International Bonds |
|
|
|
|
PHP | 318,000,000 |
| 4.95%, 01/15/21 |
|
| 7,197,242 |
|
| 356,000,000 |
| 6.25%, 01/14/36 |
|
| 8,139,161 |
|
|
|
|
|
| |||
|
|
|
|
|
| 15,336,403 |
|
|
|
|
|
| |||
Poland: 9.7% |
|
|
|
| |||
|
|
| Poland Government Bonds |
|
|
|
|
PLN | 4,052,000 |
| 4.75%, 04/25/12 |
|
| 1,296,339 |
|
| 2,217,000 |
| 4.78%, 10/25/12^ |
|
| 679,579 |
|
| 7,486,000 |
| 5.00%, 10/24/13 |
|
| 2,418,022 |
|
| 8,701,000 |
| 5.00%, 04/25/16 |
|
| 2,798,286 |
|
| 3,910,000 |
| 5.18%, 01/25/13^ |
|
| 1,185,553 |
|
| 16,278,000 |
| 5.25%, 04/25/13 |
|
| 5,263,804 |
|
| 17,831,000 |
| 5.25%, 10/25/17 |
|
| 5,711,350 |
|
| 17,958,000 |
| 5.25%, 10/25/20 |
|
| 5,590,224 |
|
| 28,210,000 |
| 5.50%, 04/25/15 |
|
| 9,221,415 |
|
| 16,681,000 |
| 5.50%, 10/25/19 |
|
| 5,331,464 |
|
| 12,932,000 |
| 5.75%, 04/25/14 |
|
| 4,244,021 |
|
| 10,148,000 |
| 5.75%, 09/23/22 |
|
| 3,260,302 |
|
| 11,715,000 |
| 6.25%, 10/24/15 |
|
| 3,930,038 |
|
| 2,225,000 |
| 8.28%, 01/25/12^ |
|
| 704,504 |
|
|
|
|
|
| |||
|
|
|
|
|
| 51,634,901 |
|
|
|
|
|
| |||
Russia: 6.8% |
|
|
|
| |||
RUB | 416,800,000 |
| RusHydro JSC via RusHydro Finance Ltd. 7.88%, 10/28/15 |
|
| 13,381,843 |
|
|
|
| Russian Federal Bonds |
|
|
|
|
| 7,522,000 |
| 6.20%, 11/09/11 |
|
| 248,801 |
|
| 127,563,000 |
| 6.88%, 07/15/15 |
|
| 4,131,395 |
|
| 45,053,000 |
| 6.90%, 08/03/16 |
|
| 1,445,505 |
|
| 52,223,000 |
| 7.10%, 03/13/14 |
|
| 1,724,329 |
|
| 111,461,000 |
| 7.15%, 01/23/13 |
|
| 3,716,717 |
|
| 7,483,000 |
| 7.35%, 01/20/16 |
|
| 244,569 |
|
| 56,970,000 |
| 7.40%, 06/14/17 |
|
| 1,844,797 |
|
| 110,630,000 |
| 7.50%, 03/15/18 |
|
| 3,550,484 |
|
| 38,201,000 |
| 8.10%, 11/26/14 |
|
| 1,299,565 |
|
| 58,055,000 |
| 11.20%, 12/17/14 |
|
| 2,128,690 |
|
| 21,344,000 |
| 12.00%, 03/27/13 |
|
| 758,280 |
|
| 54,414,000 |
| 12.00%, 08/20/14 |
|
| 2,013,169 |
|
|
|
|
|
| |||
|
|
|
|
|
| 36,488,144 |
|
|
|
|
|
| |||
South Africa: 8.8% |
|
|
|
| |||
|
|
| Eskom Holdings Ltd. |
|
|
|
|
ZAR | 2,350,000 |
| 7.85%, 04/02/26 |
|
| 278,813 |
|
| 90,000,000 |
| 9.25%, 04/20/18 |
|
| 12,228,272 |
|
|
|
| South Africa Government Bonds |
|
|
|
|
| 7,410,000 |
| 6.25%, 03/31/36 |
|
| 705,294 |
|
| 17,953,000 |
| 6.50%, 02/28/41 |
|
| 1,745,714 |
|
| 25,058,804 |
| 6.75%, 03/31/21 |
|
| 2,951,900 |
|
| 4,956,000 |
| 7.00%, 02/28/31 |
|
| 524,753 |
|
| 2,565,000 |
| 7.25%, 01/15/20 |
|
| 311,348 |
|
| 18,691,000 |
| 7.50%, 01/15/14 |
|
| 2,436,716 |
|
| 4,487,000 |
| 8.00%, 12/21/18 |
|
| 581,611 |
|
| 25,226,452 |
| 8.25%, 09/15/17 |
|
| 3,338,124 |
|
| 2,210,000 |
| 8.75%, 12/21/14 |
|
| 300,217 |
|
| 27,537,000 |
| 10.50%, 12/21/26 |
|
| 4,155,745 |
|
| 13,714,800 |
| 13.50%, 09/15/15 |
|
| 2,142,975 |
|
|
|
| Transnet Ltd. |
|
|
|
|
| 3,500,000 |
| 10.50%, 09/17/20 |
|
| 486,418 |
|
| 105,900,000 |
| 10.80%, 11/06/23 |
|
| 14,973,977 |
|
|
|
|
|
| |||
|
|
|
|
|
| 47,161,877 |
|
|
|
|
|
| |||
Supranational: 7.4% |
|
|
|
| |||
MXN | 11,960,000 |
| Asian Development Bank 6.55%, 01/28/15 |
|
| 921,857 |
|
|
|
| European Bank for Reconstruction & Development |
|
|
|
|
| 6,000,000 |
| 7.30%, 08/20/13 |
|
| 456,681 |
|
BRL | 3,430,000 |
| 9.25%, 09/10/12 |
|
| 2,049,212 |
|
|
|
| European Investment Bank |
|
|
|
|
HUF | 1,074,600,000 |
| 6.50%, 01/05/15 |
|
| 5,106,715 |
|
MXN | 9,000,000 |
| 6.52%, 09/01/15^ |
|
| 556,531 |
|
ZAR | 33,760,000 |
| 8.00%, 10/21/13 |
|
| 4,446,132 |
|
| 5,520,000 |
| 8.50%, 11/04/14 |
|
| 742,192 |
|
BRL | 9,570,000 |
| 9.06%, 10/22/19^ |
|
| 3,032,553 |
|
|
|
| International Bank for Reconstruction & Development |
|
|
|
|
PLN | 1,800,000 |
| 3.00%, 07/31/12 |
|
| 572,556 |
|
MXN | 36,800,000 |
| 5.00%, 07/01/13 |
|
| 2,827,387 |
|
| 117,710,000 |
| 6.50%, 09/11/13 |
|
| 9,340,070 |
|
BRL | 300,000 |
| 9.50%, 03/02/17 |
|
| 193,046 |
|
USD | 59,880,000 |
| International Finance Corp 6.00%, 01/28/16 |
|
| 4,752,958 |
|
See Notes to Financial Statements
22
|
|
|
|
|
|
|
|
|
Principal |
|
|
| Value |
| ||
| |||||||
Supranational: (continued) |
|
|
|
| |||
|
|
| Kommuninvest I Sverige |
|
|
|
|
HUF | 200,000,000 |
| 6.36%, 01/31/13 |
| $ | 915,513 |
|
MXN | 44,960,000 |
| 7.20%, 07/07/14 |
|
| 3,590,362 |
|
|
|
|
|
| |||
|
|
|
|
|
| 39,503,765 |
|
|
|
|
|
| |||
Thailand: 6.6% |
|
|
|
| |||
|
|
| Thailand Government Bonds |
|
|
|
|
THB | 6,889,000 |
| 3.13%, 12/11/15 |
|
| 223,306 |
|
| 100,680,000 |
| 3.63%, 05/22/15 |
|
| 3,316,871 |
|
| 11,215,000 |
| 3.63%, 06/16/23 |
|
| 366,945 |
|
| 26,470,000 |
| 3.65%, 12/17/21 |
|
| 871,063 |
|
| 91,610,000 |
| 3.85%, 12/12/25 |
|
| 3,044,851 |
|
| 42,604,000 |
| 3.88%, 06/13/19 |
|
| 1,449,310 |
|
| 9,291,000 |
| 4.13%, 11/01/12 |
|
| 304,459 |
|
| 80,894,000 |
| 4.13%, 11/18/16 |
|
| 2,747,184 |
|
| 1,471,000 |
| 4.25%, 03/13/13 |
|
| 48,426 |
|
| 20,560,000 |
| 4.75%, 12/20/24 |
|
| 747,697 |
|
| 8,395,000 |
| 4.88%, 06/22/29 |
|
| 312,200 |
|
| 73,190,000 |
| 5.00%, 12/03/14 |
|
| 2,501,225 |
|
| 116,467,000 |
| 5.13%, 03/13/18 |
|
| 4,195,425 |
|
| 33,365,000 |
| 5.25%, 07/13/13 |
|
| 1,119,828 |
|
| 172,298,000 |
| 5.25%, 05/12/14 |
|
| 5,870,907 |
|
| 30,186,000 |
| 5.40%, 07/27/16 |
|
| 1,076,748 |
|
| 84,897,000 |
| 5.50%, 03/13/23 |
|
| 3,260,536 |
|
| 51,787,000 |
| 5.63%, 01/12/19 |
|
| 1,934,180 |
|
| 34,604,000 |
| 5.85%, 03/31/21 |
|
| 1,339,896 |
|
| 15,283,000 |
| 6.15%, 07/07/26 |
|
| 636,191 |
|
|
|
|
|
| |||
|
|
|
|
|
| 35,367,248 |
|
|
|
|
|
| |||
Turkey: 9.5% |
|
|
|
| |||
|
|
| Turkey Government Bonds |
|
|
|
|
TRY | 2,790,000 |
| 4.41%, 01/25/12^ |
|
| 1,545,681 |
|
| 3,320,000 |
| 7.12%, 08/08/12^ |
|
| 1,746,222 |
|
| 176,000 |
| 7.40%, 11/16/11^ |
|
| 99,552 |
|
| 14,276,000 |
| 8.00%, 10/09/13 |
|
| 7,932,011 |
|
| 2,380,000 |
| 8.00%, 01/29/14 |
|
| 1,312,922 |
|
| 610,000 |
| 8.00%, 06/04/14 |
|
| 336,159 |
|
| 2,145,000 |
| 8.64%, 04/25/12^ |
|
| 1,160,347 |
|
| 8,230,000 |
| 9.00%, 01/27/16 |
|
| 4,607,754 |
|
| 3,710,000 |
| 9.07%, 11/07/12^ |
|
| 1,911,399 |
|
| 6,154,600 |
| 10.00%, 01/09/13 |
|
| 3,495,543 |
|
| 8,221,000 |
| 10.00%, 04/10/13 |
|
| 4,665,671 |
|
| 3,885,000 |
| 10.00%, 06/17/15 |
|
| 2,247,830 |
|
| 854,000 |
| 10.06%, 02/20/13^ |
|
| 428,927 |
|
| 11,387,000 |
| 10.50%, 01/15/20 |
|
| 6,840,339 |
|
| 9,811,000 |
| 11.00%, 08/06/14 |
|
| 5,779,524 |
|
| 9,452,400 |
| 14.00%, 09/26/12 |
|
| 5,565,597 |
|
| 1,695,000 |
| 16.00%, 03/07/12 |
|
| 982,156 |
|
|
|
|
|
| |||
|
|
|
|
|
| 50,657,634 |
|
|
|
|
|
| |||
Total Foreign Debt Obligations |
|
|
|
| |||
(Cost: $539,382,154) |
|
| 521,269,977 |
| |||
|
| ||||||
|
|
|
|
|
|
|
|
Number of |
|
|
| Value |
| ||
| |||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 2.4% |
|
|
|
| |||
(Cost: $12,829,200) |
|
|
|
| |||
| 12,829,200 |
| Bank of New York Overnight Government Fund |
| $ | 12,829,200 |
|
|
|
|
|
| |||
Total Investments: 100.0% |
|
|
|
| |||
(Cost: $552,211,354) |
|
| 534,099,177 |
| |||
Liabilities in excess of other assets: (0.0)% |
|
| (99,322 | ) | |||
|
| ||||||
NET ASSETS: 100.0% |
| $ | 533,999,855 |
| |||
|
| ||||||
See Notes to Financial Statements
23
|
EMERGING MARKETS LOCAL CURRENCY BOND ETF |
SCHEDULE OF INVESTMENTS |
(continued) |
|
|
BRL | Brazilian Real |
CLP | Chilean Peso |
COP | Colombian Peso |
HUF | Hungarian Forint |
IDR | Indonesian Rupiah |
MXN | Mexican Peso |
MYR | Malaysian Ringgit |
PEN | Peruvian Nuevo Sol |
PHP | Philippine Peso |
PLN | Polish Zloty |
RUB | Russian Ruble |
THB | Thai Baht |
TRY | Turkish Lira |
USD | United States Dollar |
ZAR | South African Rand |
^ | Zero Coupon Bond - the rate shown is the effective yield at purchase date |
† | Security fully or partially on loan. Total market value of securities on loan is $11,410,101. |
|
|
|
|
|
|
|
|
|
|
|
Summary of Investments by Sector Excluding |
|
| % of |
| Value |
| ||||
|
|
|
| |||||||
Financial |
|
|
| 5.2 | % |
| $ | 26,851,535 |
| |
Government |
|
|
| 88.6 |
|
|
| 462,053,720 |
| |
Industrial |
|
|
| 3.0 |
|
|
| 15,460,395 |
| |
Utilities |
|
|
| 3.2 |
|
|
| 16,904,327 |
| |
|
|
|
|
|
|
| ||||
|
|
|
| 100.0 | % |
| $ | 521,269,977 |
| |
|
|
|
|
|
|
| ||||
The summary of inputs used to value the Fund’s investments as of October 31, 2011 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Level 1 |
| Level 2 |
| Level 3 |
| Value |
| ||||||
|
|
|
|
|
| ||||||||||
Foreign Debt Obligations* |
| $ | — |
| $ | 521,269,977 |
|
| $ | — |
|
| $ | 521,269,977 |
|
Short-term Investment |
|
| 12,829,200 |
|
| — |
|
|
| — |
|
|
| 12,829,200 |
|
|
|
|
|
|
|
|
| ||||||||
Total |
| $ | 12,829,200 |
| $ | 521,269,977 |
|
| $ | — |
|
| $ | 534,099,177 |
|
|
|
|
|
|
|
|
| ||||||||
|
|
* | See Schedule of Investments for security type and geographic sector breakouts. |
See Notes to Financial Statements
24
|
SCHEDULE OF INVESTMENTS |
October 31, 2011 (unaudited) |
|
|
|
|
|
|
|
|
Principal |
|
|
| Value |
| ||
|
|
|
|
|
|
|
|
CORPORATE OBLIGATIONS: 6.1% |
|
|
|
| |||
United States: 6.1% |
|
|
|
| |||
USD | 129,000 |
| Gerdau Holdings, Inc. 7.00%, 01/20/20 |
| $ | 138,998 |
|
| 290,000 |
| Pemex Project Funding Master Trust 6.63%, 06/15/38 |
|
| 319,000 |
|
|
|
|
|
| |||
Total Corporate Obligations |
|
|
|
| |||
(Cost: $441,608) |
|
| 457,998 |
| |||
|
| ||||||
FOREIGN DEBT OBLIGATIONS: 86.4% |
|
|
|
| |||
Argentina: 1.3% |
|
|
|
| |||
USD | 249,000 |
| Argentine Republic Government International Bond 2.50%, 12/31/38 |
|
| 93,375 |
|
|
| ||||||
Brazil: 23.0% |
|
|
|
| |||
USD | 138,000 |
| Banco BMG S.A. 9.95%, 11/05/19 |
|
| 133,860 |
|
| 145,000 |
| Banco do Brasil S.A./Cayman 5.38%, 01/15/21 |
|
| 147,465 |
|
| 142,000 |
| Banco Santander Brasil S.A./Brazil 4.50%, 04/06/15 |
|
| 140,580 |
|
|
|
| Brazil Notas do Tesouro Nacional, Series F |
|
|
|
|
BRL | 320,000 |
| 10.00%, 01/01/13 |
|
| 185,587 |
|
| 522,000 |
| 10.00%, 01/01/14 |
|
| 299,444 |
|
| 522,000 |
| 10.00%, 01/01/17 |
|
| 287,790 |
|
| 240,000 |
| 10.00%, 01/01/21 |
|
| 128,136 |
|
EUR | 200,000 |
| Vale S.A. 4.38%, 03/24/18 |
|
| 284,774 |
|
| 75,000 |
| Votorantim Cimentos S.A. 5.25%, 04/28/17 |
|
| 103,855 |
|
|
|
|
|
| |||
|
|
|
|
|
| 1,711,491 |
|
|
|
|
|
| |||
Cayman Islands: 4.5% |
|
|
|
| |||
USD | 290,000 |
| Petrobras International Finance Co. - Pifco 6.75%, 01/27/41 |
|
| 334,370 |
|
|
|
|
|
| |||
Chile: 4.1% |
|
|
|
| |||
USD | 146,000 |
| Chile Government International Bond 3.88%, 08/05/20 |
|
| 153,300 |
|
| 117,000 |
| Corp. Nacional del Cobre de Chile 7.50%, 01/15/19 |
|
| 148,027 |
|
|
|
|
|
| |||
|
|
|
|
|
| 301,327 |
|
|
|
|
|
| |||
Colombia: 8.3% |
|
|
|
| |||
|
|
| Colombia Government International Bonds |
|
|
|
|
COP | 385,000,000 |
| 7.75%, 04/14/21 |
|
| 243,202 |
|
| 550,000,000 |
| 12.00%, 10/22/15 |
|
| 374,958 |
|
|
|
|
|
| |||
|
|
|
|
|
| 618,160 |
|
|
|
|
|
| |||
Costa Rica: 1.9% |
|
|
|
| |||
USD | 104,000 |
| Costa Rica Government International Bond 10.00%, 08/01/20 |
|
| 142,480 |
|
|
|
|
|
| |||
Dominican Republic: 2.0% |
|
|
|
| |||
USD | 139,000 |
| Dominican Republic International Bond 7.50%, 05/06/21 |
|
| 145,325 |
|
|
|
|
|
| |||
Mexico: 24.2% |
|
|
|
| |||
USD | 145,000 |
| America Movil S.A.B. de C.V. 5.63%, 11/15/17 |
|
| 170,707 |
|
| 435,000 |
| Axtel S.A.B. de C.V. 7.63%, 02/01/17 |
|
| 369,750 |
|
| 435,000 |
| Banco Mercantil del Norte S.A. 4.38%, 07/19/15 |
|
| 441,525 |
|
| 135,000 |
| Cemex S.A.B. de C.V. 9.00%, 01/11/18 |
|
| 114,075 |
|
|
|
| Mexican Bonds |
|
|
|
|
MXN | 2,173,000 |
| 6.00%, 06/18/15 |
|
| 169,766 |
|
| 4,483,000 |
| 6.50%, 06/10/21 |
|
| 345,501 |
|
| 2,237,000 |
| 8.00%, 12/07/23 |
|
| 191,455 |
|
|
|
|
|
| |||
|
|
|
|
|
| 1,802,779 |
|
|
|
|
|
| |||
Panama: 2.0% |
|
|
|
| |||
USD | 118,000 |
| Panama Government International Bond 7.13%, 01/29/26 |
|
| 151,630 |
|
|
|
|
|
| |||
Peru: 3.9% |
|
|
|
| |||
USD | 150,000 |
| Banco de Credito del Peru 5.38%, 09/16/20 |
|
| 148,125 |
|
| 115,000 |
| Peruvian Government International Bond 9.88%, 02/06/15 |
|
| 142,600 |
|
|
|
|
|
| |||
|
|
|
|
|
| 290,725 |
|
|
|
|
|
| |||
Uruguay: 5.3% |
|
|
|
| |||
USD | 338,000 |
| Uruguay Government International Bond 7.50%, 03/15/15 |
|
| 393,770 |
|
|
|
|
|
| |||
Venezuela: 5.9% |
|
|
|
| |||
USD | 579,000 |
| Petroleos de Venezuela S.A. 5.38%, 04/12/27 |
|
| 293,119 |
|
| 145,000 |
| Venezuela Government International Bond 10.75%, 09/19/13 |
|
| 145,362 |
|
|
|
|
|
| |||
|
|
|
|
|
| 438,481 |
|
|
|
|
|
| |||
Total Foreign Debt Obligations |
|
|
|
| |||
(Cost: $6,594,946) |
|
| 6,423,913 |
| |||
|
| ||||||
|
|
|
|
|
|
| |
Number of |
|
|
|
|
|
| |
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
MONEY MARKET FUNDS: 4.2% |
|
|
|
| |||
| 304,487 |
| Dreyfus Government Cash Management Fund |
|
| 304,487 |
|
| 7,441 |
| Dreyfus Tax Exempt Cash Management Fund - Class B Shares |
|
| 7,441 |
|
|
|
|
|
| |||
Total Money Market Funds |
|
|
|
| |||
(Cost: $311,928) |
|
| 311,928 |
| |||
|
| ||||||
Total Investments: 96.7% |
|
|
|
| |||
(Cost: $7,348,482) |
|
| 7,193,839 |
| |||
Other assets less liabilities: 3.3% |
|
| 244,514 |
| |||
|
| ||||||
NET ASSETS: 100.0% |
| $ | 7,438,353 |
| |||
|
| ||||||
See Notes to Financial Statements
25
|
LATAM AGGREGATE BOND ETF |
SCHEDULE OF INVESTMENTS |
(continued) |
|
|
BRL | Brazilian Real |
COP | Colombian Peso |
EUR | Euro |
MXN | Mexican Peso |
USD | United States Dollar |
|
|
|
|
|
|
|
|
|
|
|
Summary of Investments By Sector (unaudited) |
|
| % of Investments |
| Value |
| ||||
|
|
|
| |||||||
Basic Materials |
|
|
| 7.9 | % |
| $ | 571,799 |
| |
Communications |
|
|
| 7.5 |
|
|
| 540,457 |
| |
Diversified |
|
|
| 1.4 |
|
|
| 103,855 |
| |
Energy |
|
|
| 13.2 |
|
|
| 946,489 |
| |
Financial |
|
|
| 14.1 |
|
|
| 1,011,555 |
| |
Government |
|
|
| 50.0 |
|
|
| 3,593,681 |
| |
Industrial |
|
|
| 1.6 |
|
|
| 114,075 |
| |
Money Market Funds |
|
|
| 4.3 |
|
|
| 311,928 |
| |
|
|
|
|
|
|
| ||||
|
|
|
| 100.0 | % |
| $ | 7,193,839 |
| |
|
|
|
|
|
|
| ||||
The summary of inputs used to value the Fund’s investments as of October 31, 2011 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Level 1 |
| Level 2 |
| Level 3 |
| Value |
| ||||||
|
|
|
|
|
| ||||||||||
Corporate Obligations* |
| $ | — |
| $ | 457,998 |
|
| $ | — |
|
| $ | 457,998 |
|
Foreign Debt Obligations* |
|
| — |
|
| 6,423,913 |
|
|
| — |
|
|
| 6,423,913 |
|
Money Market Funds |
|
| 311,928 |
|
| — |
|
|
| — |
|
|
| 311,928 |
|
|
|
|
|
|
|
|
| ||||||||
Total |
| $ | 311,928 |
| $ | 6,881,911 |
|
| $ | — |
|
| $ | 7,193,839 |
|
|
|
|
|
|
|
|
| ||||||||
|
|
* | See Schedule of Investments for security type and geographic sector breakouts. |
See Notes to Financial Statements
26
|
SCHEDULE OF INVESTMENTS |
October 31, 2011 (unaudited) |
|
|
|
|
|
|
|
|
Principal |
|
|
| Value |
| ||
| |||||||
CORPORATE OBLIGATIONS: 6.2% |
|
|
|
| |||
United States: 6.2% |
|
|
|
| |||
CNY | 500,000 |
| Caterpillar Financial Services Corp. 2.00%, 12/01/12 |
| $ | 78,079 |
|
| 500,000 |
| McDonald’s Corp. 3.00%, 09/16/13 |
|
| 79,531 |
|
|
|
|
|
| |||
Total Corporate Obligations |
|
|
|
| |||
(Cost: $157,551) |
|
| 157,610 |
| |||
|
| ||||||
FOREIGN DEBT OBLIGATIONS: 82.2% |
|
|
|
| |||
Australia: 3.1% |
|
|
|
| |||
CNY | 500,000 |
| Australia and New Zealand Banking Group Ltd./ Hong Kong 1.45%, 12/24/12 |
|
| 77,855 |
|
|
|
|
|
| |||
China / Hong Kong: 64.1% |
|
|
|
| |||
CNY | 750,000 |
| Bank of China Ltd. 2.65%, 09/30/12 |
|
| 117,647 |
|
| 500,000 |
| Bank of Communications Co. Ltd./Hong Kong 1.00%, 03/04/13 |
|
| 76,797 |
|
| 700,000 |
| China Development Bank Corp. 2.70%, 11/11/13 |
|
| 111,109 |
|
|
|
| China Government Bond |
|
|
|
|
| 1,000,000 |
| 0.60%, 08/18/14 |
|
| 151,657 |
|
| 500,000 |
| 2.36%, 08/18/21 |
|
| 77,000 |
|
| 750,000 |
| China Power International Development Ltd. 3.20%, 12/23/15 |
|
| 108,115 |
|
| 500,000 |
| China Resources Power Holdings Co. Ltd. 2.90%, 11/12/13 |
|
| 78,253 |
|
| 700,000 |
| Export-Import Bank of China 1.95%, 12/02/12 |
|
| 109,601 |
|
| 1,000,000 |
| Hai Chao Trading Co. Ltd. 2.00%, 08/04/14 |
|
| 154,913 |
|
| 1,000,000 |
| HKCG Finance Ltd. 1.40%, 04/11/16 |
|
| 146,095 |
|
| 500,000 |
| Industrial & Commercial Bank of China Asia Ltd. 2.25%, 09/24/12 |
|
| 78,253 |
|
| 1,000,000 |
| Right Century Ltd. 1.85%, 06/03/14 |
|
| 150,262 |
|
| 1,000,000 |
| Sinochem Offshore Capital Co. Ltd. 1.80%, 01/18/14 |
|
| 152,239 |
|
| 700,000 |
| Sinotruk Hong Kong Ltd. 2.95%, 10/29/12 |
|
| 109,193 |
|
|
|
|
|
| |||
|
|
|
|
|
| 1,621,134 |
|
|
|
|
|
| |||
Japan: 3.0% |
|
|
|
| |||
CNY | 500,000 |
| Mitsubishi UFJ Lease & Finance Co. Ltd. 1.65%, 04/08/13 |
|
| 77,122 |
|
|
|
|
|
| |||
Netherlands: 6.0% |
|
|
|
| |||
CNY | 1,000,000 |
| Volkswagen International Finance NV 2.15%, 05/23/16 |
|
| 150,927 |
|
|
|
|
|
| |||
Singapore: 6.0% |
|
|
|
| |||
CNY | 1,000,000 |
| Global Logistic Properties Ltd. 3.38%, 05/11/16 |
|
| 151,989 |
|
|
|
|
|
| |||
Total Foreign Debt Obligations |
|
|
|
| |||
(Cost: $2,154,399) |
| $ | 2,079,027 |
| |||
|
| ||||||
|
|
|
|
|
|
|
|
Number of |
|
|
|
|
|
| |
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
MONEY MARKET FUND: 11.0% |
|
|
|
| |||
(Cost: $278,592) |
|
|
|
| |||
| 278,592 |
| Dreyfus Government Cash Management Fund |
|
| 278,592 |
|
|
|
|
|
| |||
Total Investments: 99.4% |
|
|
|
| |||
(Cost: $2,511,975) |
|
| 2,515,229 |
| |||
Other assets less liabilities: 0.6% |
|
| 15,327 |
| |||
|
| ||||||
NET ASSETS: 100.0% |
| $ | 2,530,556 |
| |||
|
| ||||||
|
|
CNY | Chinese Yuan |
See Notes to Financial Statements
27
|
RENMINBI BOND ETF |
SCHEDULE OF INVESTMENTS |
(continued) |
|
|
|
|
|
|
|
|
|
|
|
Summary of Investments By Sector (unaudited) |
|
| % of Investments |
| Value |
| ||||
|
|
|
| |||||||
Auto-Cars/Light Trucks |
|
|
| 6.0 | % |
| $ | 150,927 |
| |
Auto-Med & Heavy Duty Trucks |
|
|
| 4.3 |
|
|
| 109,193 |
| |
Chemicals - Diversified |
|
|
| 6.0 |
|
|
| 152,239 |
| |
Commercial Banking Institution |
|
|
| 13.9 |
|
|
| 350,552 |
| |
Electric - Generation |
|
|
| 7.4 |
|
|
| 186,368 |
| |
Finance-Commercial |
|
|
| 3.1 |
|
|
| 78,079 |
| |
Finance-Leasing Company |
|
|
| 3.1 |
|
|
| 77,122 |
| |
Food - Miscellaneous / Diversified |
|
|
| 6.0 |
|
|
| 150,262 |
| |
Gas-Distribution |
|
|
| 5.8 |
|
|
| 146,095 |
| |
Government |
|
|
| 9.1 |
|
|
| 228,657 |
| |
Real Estate Operation/Development |
|
|
| 6.0 |
|
|
| 151,989 |
| |
Retail-Restaurants |
|
|
| 3.2 |
|
|
| 79,531 |
| |
Rubber-Tires |
|
|
| 6.2 |
|
|
| 154,913 |
| |
Special Purpose Banks |
|
|
| 8.8 |
|
|
| 220,710 |
| |
Money Market Fund |
|
|
| 11.1 |
|
|
| 278,592 |
| |
|
|
|
|
|
|
| ||||
|
|
|
| 100.0 | % |
| $ | 2,515,229 |
| |
|
|
|
|
|
|
| ||||
The summary of inputs used to value the Fund’s investments as of October 31, 2011 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Level 1 |
| Level 2 |
| Level 3 |
| Value |
| ||||||
|
|
|
|
|
| ||||||||||
Corporate Obligations* |
| $ | — |
| $ | 157,610 |
|
| $ | — |
|
| $ | 157,610 |
|
Foreign Debt Obligations* |
|
| — |
|
| 2,079,027 |
|
|
| — |
|
|
| 2,079,027 |
|
Money Market Fund |
|
| 278,592 |
|
| — |
|
|
| — |
|
|
| 278,592 |
|
|
|
|
|
|
|
|
| ||||||||
Total |
| $ | 278,592 |
| $ | 2,236,637 |
|
| $ | — |
|
| $ | 2,515,229 |
|
|
|
|
|
|
|
|
| ||||||||
|
|
* | See Schedule of Investments for security type and geographic sector breakouts. |
See Notes to Financial Statements
28
|
SCHEDULE OF INVESTMENTS |
October 31, 2011 (unaudited) |
|
|
|
|
|
|
|
|
Number |
|
|
| Value |
| ||
|
|
|
|
|
|
|
|
CLOSED-END FUNDS: 99.8% |
|
|
|
| |||
| 3,431 |
| Alliance Bernstein National Municipal Income Fund, Inc. |
| $ | 47,759 |
|
| 1,416 |
| BlackRock Investment Quality Municipal Trust, Inc. |
|
| 20,688 |
|
| 1,549 |
| BlackRock Long-Term Municipal Advantage Trust |
|
| 17,039 |
|
| 4,856 |
| BlackRock Muni Intermediate Duration Fund, Inc. |
|
| 70,946 |
|
| 4,771 |
| BlackRock MuniAssets Fund, Inc. |
|
| 57,491 |
|
| 1,140 |
| BlackRock Municipal 2018 Term Trust |
|
| 18,719 |
|
| 1,956 |
| BlackRock Municipal 2020 Term Trust |
|
| 30,240 |
|
| 946 |
| BlackRock Municipal Bond Trust |
|
| 14,266 |
|
| 3,080 |
| BlackRock Municipal Income Quality Trust |
|
| 43,798 |
|
| 4,110 |
| BlackRock Municipal Income Trust |
|
| 56,759 |
|
| 2,235 |
| BlackRock Municipal Income Trust II |
|
| 31,960 |
|
| 3,348 |
| BlackRock MuniEnhanced Fund, Inc. |
|
| 36,192 |
|
| 1,271 |
| BlackRock MuniHoldings Fund, Inc. |
|
| 20,209 |
|
| 1,299 |
| BlackRock MuniHoldings Fund II, Inc. |
|
| 19,550 |
|
| 4,312 |
| BlackRock MuniHoldings Investment Quality Fund |
|
| 59,333 |
|
| 1,562 |
| BlackRock MuniHoldings Quality Fund, Inc. |
|
| 20,290 |
|
| 2,602 |
| BlackRock MuniHoldings Quality Fund II, Inc. |
|
| 34,633 |
|
| 5,886 |
| BlackRock MuniVest Fund, Inc. |
|
| 58,801 |
|
| 1,651 |
| BlackRock MuniVest Fund II, Inc. |
|
| 25,029 |
|
| 4,113 |
| BlackRock MuniYield Fund, Inc. |
|
| 58,734 |
|
| 1,516 |
| BlackRock MuniYield Investment Fund |
|
| 20,815 |
|
| 3,446 |
| BlackRock MuniYield Quality Fund, Inc. |
|
| 50,036 |
|
| 2,596 |
| BlackRock MuniYield Quality Fund II, Inc. |
|
| 32,372 |
|
| 8,648 |
| BlackRock MuniYield Quality Fund III, Inc. |
|
| 113,375 |
|
| 2,427 |
| Dreyfus Municipal Income, Inc. |
|
| 23,081 |
|
| 4,571 |
| Dreyfus Strategic Municipal Bond Fund, Inc. |
|
| 37,345 |
|
| 4,661 |
| Dreyfus Strategic Municipals, Inc. |
|
| 40,085 |
|
| 4,627 |
| DWS Municipal Income Trust |
|
| 58,485 |
|
| 6,623 |
| Eaton Vance Municipal Bond Fund |
|
| 80,337 |
|
| 1,505 |
| Eaton Vance Municipal Income Trust |
|
| 18,256 |
|
| 2,471 |
| Invesco Insured Municipal Income Trust |
|
| 38,053 |
|
| 2,015 |
| Invesco Insured Municipal Trust |
|
| 29,217 |
|
| 2,690 |
| Invesco Municipal Income Opportunities Trust |
|
| 17,001 |
|
| 2,235 |
| Invesco Municipal Income Opportunities Trust II |
|
| 15,645 |
|
| 2,310 |
| Invesco Municipal Premium Income Trust |
|
| 18,503 |
|
| 2,874 |
| Invesco Quality Municipal Income Trust |
|
| 37,304 |
|
| 1,884 |
| Invesco Quality Municipal Investment Trust |
|
| 24,699 |
|
| 1,623 |
| Invesco Quality Municipal Securities |
|
| 22,917 |
|
| 4,264 |
| Invesco Van Kampen Advantage Municipal Income Trust II |
|
| 51,296 |
|
| 2,806 |
| Invesco Van Kampen Municipal Opportunity Trust |
|
| 38,302 |
|
| 3,743 |
| Invesco Van Kampen Municipal Trust |
|
| 49,857 |
|
| 1,795 |
| Invesco Van Kampen Select Sector Municipal Trust |
|
| 21,055 |
|
| 5,104 |
| Invesco Van Kampen Trust for Investment Grade Municipals |
|
| 72,987 |
|
| 4,409 |
| MFS High Income Municipal Trust |
|
| 21,780 |
|
| 3,353 |
| MFS Municipal Income Trust |
|
| 23,069 |
|
| 2,237 |
| Neuberger Berman Intermediate Municipal Fund, Inc. |
|
| 32,973 |
|
| 5,307 |
| Nuveen Dividend Advantage Municipal Fund |
|
| 72,706 |
|
| 3,591 |
| Nuveen Dividend Advantage Municipal Fund 2 |
|
| 49,915 |
|
| 4,017 |
| Nuveen Insured Dividend Advantage Municipal Fund |
|
| 57,443 |
|
| 12,819 |
| Nuveen Insured Municipal Opportunity Fund, Inc. |
|
| 182,030 |
|
| 5,071 |
| Nuveen Insured Premium Income Municipal Fund 2 |
|
| 65,061 |
|
| 4,582 |
| Nuveen Insured Quality Municipal Fund, Inc. |
|
| 64,652 |
|
| 3,030 |
| Nuveen Insured Tax-Free Advantage Municipal Fund |
|
| 41,965 |
|
| 4,337 |
| Nuveen Investment Quality Municipal Fund, Inc. |
|
| 63,190 |
|
| 4,199 |
| Nuveen Municipal Advantage Fund |
|
| 58,954 |
|
| 2,674 |
| Nuveen Municipal High Income Opportunity Fund |
|
| 31,366 |
|
| 2,169 |
| Nuveen Municipal High Income Opportunity Fund 2 |
|
| 23,859 |
|
| 5,552 |
| Nuveen Municipal Market Opportunity Fund, Inc. |
|
| 73,175 |
|
| 23,253 |
| Nuveen Municipal Value Fund |
|
| 224,624 |
|
| 1,224 |
| Nuveen Municipal Value Fund 2 |
|
| 20,869 |
|
| 7,344 |
| Nuveen Performance Plus Municipal Fund |
|
| 105,460 |
|
| 1,831 |
| Nuveen Premier Insured Municipal Income Fund, Inc. |
|
| 26,110 |
|
| 2,689 |
| Nuveen Premier Municipal Income Fund, Inc. |
|
| 37,404 |
|
| 7,850 |
| Nuveen Premium Income Municipal Fund |
|
| 106,446 |
|
| 9,506 |
| Nuveen Premium Income Municipal Fund 2 |
|
| 135,651 |
|
| 5,847 |
| Nuveen Premium Income Municipal Fund 4, Inc. |
|
| 74,608 |
|
| 6,658 |
| Nuveen Quality Income Municipal Fund, Inc. |
|
| 92,679 |
|
| 1,193 |
| Nuveen Select Maturities Municipal Fund |
|
| 12,646 |
|
| 3,223 |
| Nuveen Select Quality Municipal Fund |
|
| 47,056 |
|
| 1,584 |
| Nuveen Select Tax Free |
|
| 22,889 |
|
| 2,155 |
| Nuveen Select Tax Free 2 |
|
| 28,446 |
|
| 1,561 |
| Nuveen Select Tax Free 3 |
|
| 21,511 |
|
| 1,618 |
| PIMCO Municipal Income Fund |
|
| 22,167 |
|
| 5,633 |
| PIMCO Municipal Income Fund II |
|
| 62,245 |
|
| 2,163 |
| PIMCO Municipal Income Fund III |
|
| 23,555 |
|
| 1,591 |
| Pioneer Municipal High Income Advantage Trust |
|
| 21,685 |
|
| 1,840 |
| Pioneer Municipal High Income Trust |
|
| 26,422 |
|
| 5,478 |
| Putnam Managed Municipal Income Trust |
|
| 41,085 |
|
| 5,315 |
| Putnam Municipal Opportunities Trust |
|
| 62,132 |
|
| 5,038 |
| Western Asset Managed Municipals Fund, Inc. |
|
| 65,645 |
|
| 1,409 |
| Western Asset Municipal Defined Opportunity Trust, Inc. |
|
| 29,800 |
|
| 2,630 |
| Western Asset Municipal High Income Fund, Inc. |
|
| 19,778 |
|
|
|
|
|
| |||
Total Closed-End Funds |
|
|
|
| |||
(Cost: $3,765,935) |
|
| 3,846,510 |
| |||
|
|
|
|
| |||
See Notes to Financial Statements
29
|
CEF MUNICIPAL INCOME ETF |
SCHEDULE OF INVESTMENTS |
(continued) |
|
|
|
|
|
|
|
|
Number |
|
|
| Value |
| ||
|
|
|
|
|
|
|
|
MONEY MARKET FUND: 0.3% |
|
|
|
| |||
(Cost: $12,830) |
|
|
|
| |||
| 12,830 |
| Dreyfus Government Cash Management Fund |
| $ | 12,830 |
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
Total Investments: 100.1% |
|
|
|
| |||
(Cost: $3,778,765) |
|
| 3,859,340 |
| |||
|
|
|
|
| |||
Liabilities in excess of other assets: (0.1)% |
|
| (4,527 | ) | |||
|
| ||||||
NET ASSETS: 100.0% |
| $ | 3,854,813 |
| |||
|
| ||||||
The summary of inputs used to value the Fund’s investments as of October 31, 2011 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Level 1 |
|
| Level 2 |
| Level 3 |
| Value |
| ||||||||
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Closed-End Funds |
|
| $ | 3,846,510 |
|
|
| $ | — |
|
|
| $ | — |
|
| $ | 3,846,510 |
|
Money Market Fund |
|
|
| 12,830 |
|
|
|
| — |
|
|
|
| — |
|
|
| 12,830 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total |
|
| $ | 3,859,340 |
|
|
| $ | — |
|
|
| $ | — |
|
| $ | 3,859,340 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
See Notes to Financial Statements
30
|
SCHEDULE OF INVESTMENTS |
October 31, 2011 (unaudited) |
|
|
|
|
|
|
|
|
Principal |
|
|
| Value |
| ||
|
|
|
|
|
|
|
|
MUNICIPAL BONDS: 98.1% |
|
|
|
| |||
Alabama: 1.3% |
|
|
|
| |||
$ | 1,840,000 |
| Alabama Industrial Development Authority, Solid Waste Disposal, Pine City Fiber Company Project (RB) 6.45%, 12/05/11 (c) |
| $ | 1,621,574 |
|
| 2,400,000 |
| Alabama Industrial Development Authority, Solid Waste Disposal, Pine City Fiber Company Project (RB) 6.45%, 12/05/11 (c) |
|
| 2,115,096 |
|
|
|
|
|
| |||
|
|
|
|
|
| 3,736,670 |
|
|
|
|
|
| |||
Arizona: 1.3% |
|
|
|
|
|
| |
| 1,000,000 |
| Pima County, Arizona Industrial Development Authority, Charter School Projects, Series A (RB) 5.50%, 07/01/17 (c) |
|
| 910,690 |
|
| 1,400,000 |
| Pima County, Arizona Industrial Development Authority, Tucson Electric Power Company Project, Series A (RB) 5.25%, 10/01/20 (c) |
|
| 1,328,236 |
|
| 1,500,000 |
| University Medical Center Corp., Arizona Hospital (RB) 5.00%, 07/01/15 (c) |
|
| 1,368,030 |
|
|
|
|
|
| |||
|
|
|
|
|
| 3,606,956 |
|
|
|
|
|
| |||
California: 5.0% |
|
|
|
| |||
| 2,755,000 |
| California Statewide Community Development Authority, Daughters of Charity Health System, Series A (RB) 5.25%, 07/01/15 (c) |
|
| 2,253,039 |
|
| 750,000 |
| California Statewide Community Development Authority, Educational Facilities - Huntington Park Charter School Project-A (RB) 5.15%, 07/01/17 (c) |
|
| 609,968 |
|
| 500,000 |
| California Statewide Community Development Authority, Educational Facilities - Huntington Park Charter School Project-A (RB) 5.25%, 07/01/17 (c) 144A |
|
| 382,500 |
|
| 1,750,000 |
| California Statewide Community Development Authority, Thomas Jefferson Law School, Series A (RB) 7.00%, 10/01/26 |
|
| 1,810,585 |
|
| 1,000,000 |
| California Statewide Community Development Authority, Thomas Jefferson Law School, Series A (RB) 7.25%, 10/01/18 (c) |
|
| 1,022,190 |
|
| 3,000,000 |
| California Statewide Community Development Authority, Thomas Jefferson Law School, Series A (RB) 7.25%, 10/01/18 (c) |
|
| 3,041,910 |
|
| 500,000 |
| City of San Buenaventura, California Community Memorial Health System (RB) 7.50%, 12/01/21 (c) |
|
| 511,655 |
|
| 1,000,000 |
| Golden State Tobacco Securitization Corp., Series A (RB) 5.00%, 06/01/17 (c) |
|
| 707,410 |
|
| 3,230,000 |
| Inland Empire Tobacco Securitization Authority, California Asset Backed-Turbo, Series A (RB) 4.63%, 06/01/17 (c) |
|
| 2,571,112 |
|
| 500,000 |
| Sacramento Municipal Utility District Financing Authority, Cosumnes Project (RB) (NATL) 5.00%, 07/01/16 (c) |
|
| 544,315 |
|
| 310,000 |
| San Joaquin Hills, California Transportation Corridor Agency (RB) (NATL) 5.38%, 12/05/11 (c) |
|
| 244,866 |
|
| 725,000 |
| San Joaquin Hills, California Transportation Corridor Agency (RB) 5.50%, 12/05/11 (c) |
|
| 585,575 |
|
|
|
|
|
| |||
|
|
|
|
|
| 14,285,125 |
|
|
|
|
|
| |||
Colorado: 0.9% |
|
|
|
| |||
| 1,500,000 |
| Colorado Health Facilities Authority, Health & Residential, Volunteers of America Care Facilities (RB) 5.20%, 07/01/14 (c) |
|
| 1,361,220 |
|
| 1,500,000 |
| Colorado Health Facilities Authority, Health & Residential, Volunteers of America Care Facilities (RB) 5.30%, 07/01/14 (c) |
|
| 1,193,400 |
|
|
|
|
|
| |||
|
|
|
|
|
| 2,554,620 |
|
|
|
|
|
| |||
Connecticut: 1.3% |
|
|
|
| |||
| 1,580,000 |
| Connecticut Resources Recovery Authority (RB) 6.45%, 12/05/11 (c) |
|
| 1,580,079 |
|
| 1,000,000 |
| Harbor Point Infrastructure Improvement District, Harbor Point Project, Series A (TA) 7.00%, 04/01/20 (c) |
|
| 1,056,440 |
|
| 1,000,000 |
| Harbor Point Infrastructure Improvement District, Harbor Point Project, Series A (TA) 7.88%, 04/01/20 (c) |
|
| 1,085,910 |
|
|
|
|
|
| |||
|
|
|
|
|
| 3,722,429 |
|
|
|
|
|
| |||
Delaware: 1.3% |
|
|
|
| |||
| 3,900,000 |
| Delaware Economic Development Authority, Exempt Facility (RB) 5.38%, 10/01/20 (c) |
|
| 3,595,722 |
|
|
|
|
|
| |||
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 (c) |
|
| 991,380 |
|
|
|
|
|
| |||
Florida: 6.2% |
|
|
|
| |||
| 2,000,000 |
| Callaway, Florida Capital Improvement Special Capital Improvement Project (RB) (ACA) 5.25%, 08/01/17 (c) |
|
| 1,685,140 |
|
| 1,000,000 |
| City of Tavares, Florida Osprey Lodge at Lakeview Crest, Series A (RB) 8.75%, 07/01/16 (c) |
|
| 1,007,290 |
|
| 4,000,000 |
| Greater Orlando Aviation Authority, JetBlue Airways Corp. Project (RB) 6.50%, 05/15/12 (c) |
|
| 3,824,160 |
|
See Notes to Financial Statements
31
|
HIGH-YIELD MUNICIPAL INDEX ETF |
SCHEDULE OF INVESTMENTS |
(continued) |
|
|
|
|
|
|
|
|
Principal |
|
|
| Value |
| ||
|
|
|
|
|
|
|
|
Florida: (continued) |
|
|
|
| |||
$ | 3,000,000 |
| Lee County Industrial Development Authority, Industrial Development, Community Charter Schools, LLC Projects, Series A (RB) 5.25%, 06/15/17 (c) |
| $ | 2,574,690 |
|
| 335,000 |
| Lee County, Florida Industrial Development Authority Health Care Facilities, Shell Point/Alliance Obligation Group (RB) 5.13%, 11/15/16 (c) |
|
| 265,923 |
|
| 1,220,000 |
| Midtown Miami Community Development District, Infrastructure Project, Series B (SA) 6.50%, 05/01/14 (c) |
|
| 1,220,268 |
|
| 1,000,000 |
| Midtown Miami Community Development District, Parking Garage Project, Series A (SA) 6.25%, 05/01/14 (c) |
|
| 970,270 |
|
| 1,200,000 |
| Orange County, Florida Health Facilities Authority, Orlando Lutheran Towers, Inc. (RB) 5.50%, 07/01/17 (c) |
|
| 1,026,912 |
|
| 3,750,000 |
| Orange County, Florida Health Facilities Authority, Orlando Lutheran Towers, Inc. (RB) 5.50%, 07/01/17 (c) |
|
| 3,086,025 |
|
| 250,000 |
| Orange County, Florida Health Facilities Authority, Orlando Lutheran Towers, Inc. (RB) 5.70%, 07/01/15 (c) |
|
| 228,165 |
|
| 4,000,000 |
| Six Mile Creek Community Development District, Florida, Capital Improvement (SA) 5.88%, 05/01/17 (c) * § (a) |
|
| 1,280,000 |
|
| 500,000 |
| Sumter County, Florida Village Community Development District No. 8, Phase II (SA) 6.13%, 05/01/20 (c) |
|
| 501,145 |
|
|
|
|
|
| |||
|
|
|
|
|
| 17,669,988 |
|
|
|
|
|
| |||
Georgia: 1.4% |
|
|
|
| |||
| 4,000,000 |
| DeKalb County, Georgia Hospital Authority, DeKalb Medical Center, Inc. Project (RB) 6.13%, 09/01/20 (c) |
|
| 4,055,360 |
|
|
|
|
|
| |||
Guam: 3.2% |
|
|
|
| |||
| 2,750,000 |
| Guam Government Department of Education, John F. Kennedy Project, Series A (CP) 6.88%, 12/01/20 (c) |
|
| 2,782,120 |
|
| 1,000,000 |
| Guam Government General Obligation, Series A (GO) 6.75%, 11/15/19 (c) |
|
| 1,034,360 |
|
| 1,200,000 |
| Guam Government Limited Obligation, Series A (RB) 5.63%, 12/01/19 (c) |
|
| 1,219,788 |
|
| 3,850,000 |
| Guam Government Waterworks Authority, Water & Wastewater System (RB) 5.88%, 07/01/15 (c) |
|
| 3,813,232 |
|
| 250,000 |
| Guam Power Authority, Series A (RB) 5.50%, 10/01/20 (c) |
|
| 240,548 |
|
|
|
|
|
| |||
|
|
|
|
|
| 9,090,048 |
|
|
|
|
|
| |||
Illinois: 7.4% |
|
|
|
| |||
| 1,300,000 |
| Cook County, Illinois Recovery Zone Facility, Navistar International Corp. Project (RB) 6.50%, 10/15/20 (c) |
|
| 1,342,640 |
|
| 500,000 |
| Illinois Finance Authority, Greenfields of Geneva Project, Series A (RB) 8.13%, 02/15/20 (c) |
|
| 503,935 |
|
| 2,000,000 |
| Illinois Finance Authority, Greenfields of Geneva Project, Series A (RB) 8.25%, 02/15/20 (c) |
|
| 2,016,260 |
|
| 2,175,000 |
| Illinois Finance Authority, Navistar International Corp. Project (RB) 6.50%, 10/15/20 (c) |
|
| 2,246,340 |
|
| 2,875,000 |
| Illinois Finance Authority, Park Place of Elmhurst Project, Series A (RB) 8.13%, 05/15/20 (c) |
|
| 2,887,995 |
|
| 575,000 |
| Illinois Finance Authority, Resurrection Health Care Corp. (RB) 6.13%, 05/15/19 (c) |
|
| 596,189 |
|
| 1,500,000 |
| Illinois Finance Authority, Sherman Health System (RB) (AMBAC) 5.25%, 12/05/11 (c) |
|
| 1,500,660 |
|
| 4,675,000 |
| Illinois Finance Authority, Sherman Health System, Series A (RB) 5.50%, 08/01/17 (c) |
|
| 4,341,158 |
|
| 2,070,000 |
| Illinois Finance Authority, Swedish Covenant Hospital, Series A (RB) 6.00%, 02/15/20 (c) |
|
| 2,103,513 |
|
| 3,500,000 |
| Illinois Finance Authority, The Admiral At The Lake Project, Series A (RB) 8.00%, 05/15/20 (c) |
|
| 3,545,045 |
|
|
|
|
|
| |||
|
|
|
|
|
| 21,083,735 |
|
|
|
|
|
| |||
Indiana: 3.2% |
|
|
|
| |||
| 1,475,000 |
| Indiana Finance Authority, King’s Daughters’ Hospital & Health Services (RB) 5.13%, 08/15/20 (c) |
|
| 1,397,651 |
|
| 4,445,000 |
| Indiana Finance Authority, King’s Daughters’ Hospital & Health Services (RB) 5.50%, 08/15/20 (c) |
|
| 4,090,511 |
|
| 1,000,000 |
| Vigo County, Indiana Hospital Authority, Union Hospital, Inc. (RB) 5.70%, 09/01/17 (c) |
|
| 910,850 |
|
| 3,000,000 |
| Vigo County, Indiana Hospital Authority, Union Hospital, Inc. (RB) 5.75%, 09/01/17 (c) |
|
| 2,716,410 |
|
|
|
|
|
| |||
|
|
|
|
|
| 9,115,422 |
|
|
|
|
|
| |||
Iowa: 0.4% |
|
|
|
| |||
| 1,500,000 |
| Iowa Finance Authority, Senior Living Facilities, Deerfield Retirement Community (RB) 5.50%, 11/15/17 (c) |
|
| 1,028,835 |
|
|
|
|
|
| |||
See Notes to Financial Statements
32
|
|
|
|
|
|
|
|
|
Principal |
|
|
| Value |
| ||
|
|
|
|
|
|
|
|
Kentucky: 0.7% |
|
|
|
| |||
$ | 1,000,000 |
| Kentucky Economic Development Finance Authority, Owensboro Medical Health System, Inc. Series A (RB) 6.38%, 06/01/20 (c) |
| $ | 1,045,240 |
|
| 1,000,000 |
| Kentucky Economic Development Finance Authority, Owensboro Medical Health System, Inc. Series B (RB) 6.38%, 06/01/20 (c) |
|
| 1,045,240 |
|
|
|
|
|
| |||
|
|
|
|
|
| 2,090,480 |
|
|
|
|
|
| |||
Louisiana: 3.7% |
|
|
|
| |||
| 4,250,000 |
| Lakeshore Village Master Community Development District (SA) 5.25%, 07/01/17 * (a) § |
|
| 1,700,000 |
|
| 660,000 |
| Louisiana Local Government Environmental Facilities & Community Development Authority, Parking Facilities Corp. Garage Project, Series A (RB) (AMBAC) 5.38%, 12/05/11 (c) |
|
| 645,737 |
|
| 785,000 |
| Louisiana Local Government Environmental Facilities & Community Development Authority, Westlake Chemical Corp. Project, Series A (RB) 6.50%, 08/01/20 (c) |
|
| 824,933 |
|
| 2,300,000 |
| Louisiana Local Government Environmental Facilities & Community Development Authority, Westlake Chemical Corp. Project, Series A (RB) 6.50%, 11/01/20 (c) |
|
| 2,401,775 |
|
| 3,000,000 |
| Louisiana Public Facilities Authority, Lake Charles Memorial Hospital Project (RB) 6.38%, 12/01/19 (c) |
|
| 2,950,350 |
|
| 1,050,000 |
| Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project, Series A (RB) 5.38%, 05/15/17 (c) |
|
| 981,414 |
|
| 1,100,000 |
| Saint John, Louisiana Marathon Oil Corp. Project, Series A (RB) 5.13%, 06/01/17 (c) |
|
| 1,077,692 |
|
|
|
|
|
| |||
|
|
|
|
|
| 10,581,901 |
|
|
|
|
|
| |||
Maine: 1.4% |
|
|
|
| |||
| 1,165,000 |
| Maine Health & Higher Educational Facilities Authority, General Medical Center (RB) 6.00%, 07/01/21 (c) |
|
| 1,181,077 |
|
| 1,000,000 |
| Maine Health & Higher Educational Facilities Authority, General Medical Center (RB) 6.95%, 07/01/21 (c) |
|
| 1,044,180 |
|
| 2,000,000 |
| Rumford, Maine Solid Waste Disposal, Boise Cascade Corp. (RB) 6.88%, 12/05/11 (c) |
|
| 1,780,420 |
|
|
|
|
|
| |||
|
|
|
|
|
| 4,005,677 |
|
|
|
|
|
| |||
Maryland: 1.2% |
|
|
|
| |||
| 2,000,000 |
| Frederick County, Maryland Urbana Community Development Authority, Series B (ST) 5.50%, 07/01/20 (c) |
|
| 1,881,700 |
|
| 2,000,000 |
| Maryland State Economic Development Corp., Chesapeake Bay Area, Series A (RB) 5.00%, 12/01/16 (c) |
|
| 1,349,260 |
|
|
|
|
|
| |||
|
|
|
|
|
| 3,230,960 |
|
|
|
|
|
| |||
Massachusetts: 1.1% |
|
|
|
| |||
| 3,000,000 |
| Massachusetts Health & Educational Facilities Authority, Milton Hospital Issue, Series D (RB) 5.50%, 07/01/15 (c) |
|
| 2,540,310 |
|
| 760,000 |
| Massachusetts Health & Educational Facilities Authority, Saints Memorial Medical Center Issue, Series A (RB) 6.00%, 12/05/11 (c) |
|
| 632,799 |
|
|
|
|
|
| |||
|
|
|
|
|
| 3,173,109 |
|
|
|
|
|
| |||
Michigan: 2.6% |
|
|
|
| |||
| 990,000 |
| Flint, Michigan Hospital Building Authority (RB) 7.38%, 07/01/20 (c) |
|
| 1,031,263 |
|
| 2,510,000 |
| Kent Hospital Finance Authority, Metropolitan Hospital Project, Series A (RB) 5.25%, 07/01/15 (c) |
|
| 2,197,957 |
|
| 3,450,000 |
| Kent Hospital Finance Authority, Metropolitan Hospital Project, Series A (RB) 6.00%, 07/01/15 (c) |
|
| 3,222,990 |
|
| 1,000,000 |
| Michigan State Strategic Fund, Solid Waste Disposal, Obligated-Waste Management System Project (RB) 4.63%, 12/01/12 |
|
| 1,031,640 |
|
|
|
|
|
| |||
|
|
|
|
|
| 7,483,850 |
|
|
|
|
|
| |||
Minnesota: 0.9% |
|
|
|
| |||
| 500,000 |
| Saint Paul, Minnesota Housing & Redevelopment Authority, Carondelet Village Project, Series A (RB) 6.00%, 08/01/17 (c) |
|
| 505,745 |
|
| 500,000 |
| Saint Paul, Minnesota Housing & Redevelopment Authority, Carondelet Village Project, Series A (RB) 6.00%, 08/01/17 (c) |
|
| 502,350 |
|
| 1,500,000 |
| Saint Paul, Minnesota Housing & Redevelopment Authority, HealthEast Project (RB) 6.00%, 11/15/15 (c) |
|
| 1,496,580 |
|
|
|
|
|
| |||
|
|
|
|
|
| 2,504,675 |
|
|
|
|
|
| |||
Missouri: 2.2% |
|
|
|
| |||
| 3,000,000 |
| Kansas City, Missouri Industrial Development Authority, Missouri Health Care Facilities First Mortgage, Series A (RB) 6.25%, 01/01/14 (c) |
|
| 3,004,770 |
|
See Notes to Financial Statements
33
|
HIGH-YIELD MUNICIPAL INDEX ETF |
SCHEDULE OF INVESTMENTS |
(continued) |
|
|
|
|
|
|
|
|
Principal |
|
|
| Value |
| ||
| |||||||
Missouri: (continued) |
|
|
|
| |||
$ | 1,000,000 |
| Kansas City, Missouri Industrial Development Authority, Missouri Health Care Facilities First Mortgage, Series A (RB) 6.50%, 01/01/14 (c) |
| $ | 971,940 |
|
| 570,000 |
| Saint Louis, Missouri Industrial Development Authority, Confluence Academy Project, Series A (RB) 5.35%, 06/15/15 (c) |
|
| 464,385 |
|
| 700,000 |
| St. Louis, Missouri Industrial Development Authority, Series A (RB) 5.00%, 06/15/15 (c) |
|
| 648,053 |
|
| 1,150,000 |
| St. Louis, Missouri Industrial Development Authority, Series A (RB) 5.25%, 06/15/15 (c) |
|
| 1,005,284 |
|
|
|
|
|
| |||
|
|
|
|
|
| 6,094,432 |
|
|
|
|
|
| |||
Montana: 1.4% |
|
|
|
| |||
| 4,195,000 |
| Montana State Board, Resource Recovery, Yellowstone Energy Project (RB) 7.00%, 12/31/11 (c) |
|
| 4,033,576 |
|
|
|
|
|
| |||
Nebraska: 1.6% |
|
|
|
| |||
| 1,500,000 |
| Central Plains Energy Project, Nebraska Gas Project No. 1, Series A (RB) 5.00%, 12/01/15 |
|
| 1,540,530 |
|
| 3,510,000 |
| Nebraska Educational Finance Authority, Concordia University Project (RB) 5.00%, 10/01/15 (c) |
|
| 3,020,425 |
|
|
|
|
|
| |||
|
|
|
|
|
| 4,560,955 |
|
|
|
|
|
| |||
New Jersey: 4.2% |
|
|
|
| |||
| 500,000 |
| New Jersey Economic Development Authority, Continental Airlines, Inc. Project (RB) 6.25%, 12/05/11 (c) |
|
| 490,845 |
|
| 1,000,000 |
| New Jersey Economic Development Authority, Continental Airlines, Inc. Project (RB) 6.40%, 12/05/11 (c) |
|
| 978,800 |
|
| 7,150,000 |
| New Jersey Economic Development Authority, Gloucester Marine Project A (RB) 6.63%, 01/01/16 (c) |
|
| 6,535,672 |
|
| 1,000,000 |
| New Jersey Health Care Facilities Financing Authority, Hackensack University Medical Center Issue, Series B (RB) 4.75%, 01/01/20 (c) |
|
| 969,210 |
|
| 2,900,000 |
| New Jersey Health Care Facilities Financing Authority, St. Joseph’s Healthcare System (RB) 6.63%, 07/01/18 (c) |
|
| 2,903,509 |
|
|
|
|
|
| |||
|
|
|
|
|
| 11,878,036 |
|
|
|
|
|
| |||
New Mexico: 1.1% |
|
|
|
| |||
| 3,160,000 |
| Farmington, New Mexico Pollution Control, San Juan Project, Series F (RB) 6.25%, 06/01/20 (c) |
|
| 3,077,777 |
|
|
|
|
|
| |||
New York: 8.0% |
|
|
|
| |||
| 2,080,000 |
| Chautaugua County, New York Industrial Development, NRG Dunkirk Power Project (RB) 5.88%, 02/01/20 (c) |
|
| 2,058,056 |
|
| 1,000,000 |
| Erie County, New York Industrial Development Agency Civic Facility, Charter School for Applied Technologies Project, Series A (RB) 6.75%, 06/01/15 (c) |
|
| 1,001,760 |
|
| 1,000,000 |
| Hudson Yards Infrastructure Corp. New York, Series A (RB) 5.00%, 02/15/17 (c) |
|
| 991,730 |
|
| 1,500,000 |
| Nassau County, New York Project Individual Development Agency, Continuing Care Retirement Home, Amsterdam at Harborside Series A (RB) 6.50%, 01/01/18 (c) |
|
| 1,406,505 |
|
| 4,055,000 |
| Nassau County, New York Project Individual Development Agency, Continuing Care Retirement Home, Amsterdam at Harborside Series A (RB) 6.70%, 01/01/18 (c) |
|
| 3,665,517 |
|
| 1,950,000 |
| New York City Industrial Development Agency, American Airlines, Inc. JFK International Airport Project (RB) 8.00%, 08/01/16 (c) |
|
| 1,821,631 |
|
| 1,000,000 |
| New York City Industrial Development Agency, British Airways Plc Project (RB) 5.25%, 12/05/11 (c) |
|
| 808,570 |
|
| 2,000,000 |
| New York City Industrial Development Agency, Civic Facility, Bronx Parking Development Company LLC Project (RB) 5.88%, 10/01/17 (c) |
|
| 1,059,980 |
|
| 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 (c) |
|
| 1,739,740 |
|
| 1,120,000 |
| New York City Industrial Development Agency, Queens Baseball Stadium Project (RB) (AMBAC) 4.75%, 01/01/17 (c) |
|
| 919,128 |
|
| 2,150,000 |
| New York City Industrial Development Agency, Queens Baseball Stadium Project (RB) (AMBAC) 5.00%, 01/01/17 (c) |
|
| 1,809,225 |
|
| 1,000,000 |
| New York City Industrial Development Agency, Special Facility, JetBlue Airways Corp. Project (RB) 5.00%, 05/15/12 (c) |
|
| 901,080 |
|
| 1,000,000 |
| New York City Tobacco Settlement, Series I (RB) 5.00%, 06/01/16 (c) |
|
| 758,980 |
|
| 1,250,000 |
| New York City Tobacco Settlement, Series I (RB) 5.13%, 06/01/16 (c) |
|
| 876,675 |
|
See Notes to Financial Statements
34
|
|
|
|
|
|
|
|
|
Principal |
|
|
| Value |
| ||
| |||||||
New York: (continued) |
|
|
|
| |||
$ | 1,500,000 |
| New York Liberty Development Corp., Bank of America Tower at One Bryant Park Project, Second Priority Liberty (RB) 6.38%, 01/15/20 (c) |
| $ | 1,555,485 |
|
| 1,250,000 |
| New York Suffolk County Industrial Development Agency, Southampton Hospital Association Civic Facility, Series B (RB) 7.63%, 12/05/11 (c) |
|
| 1,250,850 |
|
|
|
|
|
| |||
|
|
|
|
|
| 22,624,912 |
|
|
|
|
|
| |||
North Carolina: 0.4% |
|
|
|
| |||
| 1,250,000 |
| North Carolina Medical Care Commission, Retirement Facilities, Galloway Ridge Project (RB) 6.00%, 01/01/20 (c) |
|
| 1,204,537 |
|
|
|
|
|
| |||
Ohio: 4.3% |
|
|
|
| |||
| 1,000,000 |
| Buckeye, Ohio Tobacco Settlement Finance Authority, Asset-Backed-Senior-Turbo, Series A-2 (RB) 5.88%, 06/01/17 (c) |
|
| 712,900 |
|
| 1,000,000 |
| Buckeye, Ohio Tobacco Settlement Finance Authority, Asset-Backed-Senior-Turbo, Series A-2 (RB) 6.50%, 06/01/17 (c) |
|
| 780,380 |
|
| 2,355,000 |
| Buckeye, Ohio Tobacco Settlement Financing Authority (RB) 5.88%, 06/01/17 (c) |
|
| 1,780,663 |
|
| 940,000 |
| Butler County, Ohio Hospital Facilities (RB) 5.50%, 11/01/20 (c) |
|
| 913,483 |
|
| 3,000,000 |
| Cleveland, Ohio Airport, Continental Airlines, Inc. Project (RB) 5.38%, 12/05/11 (c) |
|
| 2,529,450 |
|
| 1,000,000 |
| Lorain County, Ohio Port Authority, United States Steel Corporation Project (RB) 6.75%, 12/01/20 (c) |
|
| 1,010,050 |
|
| 2,050,000 |
| Ohio State Environmental Facilities, Ford Motor Company Project (RB) 5.75%, 04/01/15 (c) |
|
| 1,893,974 |
|
| 1,500,000 |
| Ohio State Higher Educational Facility Commission, Ashland University Project (RB) 6.25%, 09/01/20 (c) |
|
| 1,531,440 |
|
| 1,500,000 |
| Ohio State Solid Waste Disposal, USG Corp. Project (RB) 5.60%, 12/05/11 (c) |
|
| 1,116,360 |
|
|
|
|
|
| |||
|
|
|
|
|
| 12,268,700 |
|
|
|
|
|
| |||
Oklahoma: 1.9% |
|
|
|
| |||
| 2,900,000 |
| Oklahoma Kingfisher Hospital Authority, Hospital & Sales Tax (RB) 6.50%, 12/01/17 (c) |
|
| 2,406,333 |
|
| 3,000,000 |
| Tulsa, Oklahoma Municipal Airport Trust, Series A (RB) 7.75%, 12/01/14 (p) |
|
| 2,839,200 |
|
|
|
|
|
| |||
|
|
|
|
|
| 5,245,533 |
|
|
|
|
|
| |||
Oregon: 0.5% |
|
|
|
| |||
| 650,000 |
| Oregon State Facilities Authority, Concordia University Project, Series A (RB) 6.13%, 09/01/20 (c) |
|
| 674,830 |
|
| 750,000 |
| Oregon State Facilities Authority, Concordia University Project, Series A (RB) 6.38%, 09/01/20 (c) |
|
| 780,968 |
|
|
|
|
|
| |||
|
|
|
|
|
| 1,455,798 |
|
|
|
|
|
| |||
Pennsylvania: 4.2% |
|
|
|
| |||
| 2,000,000 |
| Allegheny County, Pennsylvania Hospital Development Authority, Health System, West Pennsylvania, Series A (RB) 5.00%, 11/15/17 (c) |
|
| 1,690,000 |
|
| 1,000,000 |
| Allegheny County, Pennsylvania Industrial Development Authority, United States Steel Corp. Project (RB) 6.88%, 11/01/19 (c) |
|
| 1,031,880 |
|
| 1,000,000 |
| Lancaster County Hospital Authority, Brethren Village Project, Series A (RB) 6.50%, 07/01/17 (c) |
|
| 1,002,700 |
|
| 3,150,000 |
| Lycoming County Authority, Susquehanna Health System Project, Series A (RB) 5.75%, 07/01/19 (c) |
|
| 3,157,465 |
|
| 2,020,000 |
| Pennsylvania Economic Development Finance Authority, Colver Project, Series G (RB) 5.13%, 12/01/15 |
|
| 2,010,021 |
|
| 3,200,000 |
| Pennsylvania Economic Development Financing Authority, Solid Waste Disposal, USG Corporation Project (RB) 6.00%, 12/05/11 (c) |
|
| 2,527,040 |
|
| 490,000 |
| Philadelphia Hospitals and Higher Education Facilities Authority, Temple University Health System Obligated Group, Series A (RB) 5.50%, 07/01/17 (c) |
|
| 454,892 |
|
|
|
|
|
| |||
|
|
|
|
|
| 11,873,998 |
|
|
|
|
|
| |||
Puerto Rico: 3.4% |
|
|
|
| |||
| 61,000,000 |
| Children’s Trust Tobacco Settlement Asset-Backed Bond, Series A (RB) 9.00%, 05/15/15 (c) ^ |
|
| 2,808,440 |
|
| 2,500,000 |
| Puerto Rico Commonwealth Public Improvement, Series A (GO) (NATL) 5.50%, 07/01/19 |
|
| 2,695,600 |
|
| 2,000,000 |
| Puerto Rico Commonwealth Public Improvement, Series A (GO) 5.75%, 07/01/21 (c) |
|
| 2,061,100 |
|
| 2,000,000 |
| Puerto Rico Public Financing Corp., Commonwealth Appropriation, Series A (RB) 5.75%, 02/01/12 (c) (p) |
|
| 2,020,600 |
|
See Notes to Financial Statements
35
|
HIGH-YIELD MUNICIPAL INDEX ETF |
SCHEDULE OF INVESTMENTS |
(continued) |
|
|
|
|
|
|
|
|
Principal |
|
|
| Value |
| ||
| |||||||
Puerto Rico: (continued) |
|
|
|
| |||
$ | 85,000 |
| Puerto Rico Sales Tax Financing Corp. (RB) 5.50%, 08/01/20 (c) |
| $ | 88,096 |
|
|
|
|
|
| |||
|
|
|
|
|
| 9,673,836 |
|
|
|
|
|
| |||
South Carolina: 1.3% |
|
|
|
| |||
| 4,510,000 |
| South Carolina Jobs-Economic Development Authority, Hospital Improvement, Hampton Regional Medical Center Project (RB) 5.25%, 11/01/16 (c) |
|
| 3,793,632 |
|
|
|
|
|
| |||
South Dakota: 1.7% |
|
|
|
| |||
| 1,500,000 |
| Sioux Falls, South Dakota Health Facilities, Dow Rummel Village Project (RB) 5.00%, 11/15/16 (c) |
|
| 1,388,115 |
|
| 4,275,000 |
| Sioux Falls, South Dakota Health Facilities, Dow Rummel Village Project (RB) 5.00%, 11/15/16 (c) |
|
| 3,427,396 |
|
|
|
|
|
| |||
|
|
|
|
|
| 4,815,511 |
|
|
|
|
|
| |||
Tennessee: 0.2% |
|
|
|
| |||
| 395,000 |
| Sullivan County, Tennessee Health Educational & Housing Facilities Board (RB) 5.25%, 09/01/16 (c) |
|
| 401,869 |
|
|
|
|
|
| |||
Texas: 10.0% |
|
|
|
| |||
| 1,000,000 |
| Austin, Texas Convention Enterprises Inc., First Tier Series A (RB) (XLCA) 5.25%, 01/01/17 (c) |
|
| 944,900 |
|
| 1,000,000 |
| Brazoria County, Texas Brazos River Harbor Navigation, Series A-4 (RB) 5.95%, 05/15/18 (c) (p) |
|
| 1,008,620 |
|
| 2,255,000 |
| Central Texas Regional Mobility Authority (RB) 6.25%, 01/01/21 (c) |
|
| 2,306,820 |
|
| 3,200,000 |
| Dallas-Fort Worth, Texas International Airport Facility Improvement Corp., American Airlines, Inc. (RB) 6.00%, 12/05/11 (c) |
|
| 1,824,000 |
|
| 705,000 |
| Hidalgo County, Texas Health Services Corp., Mission Hospital Project (RB) 5.00%, 08/15/16 |
|
| 742,273 |
|
| 1,000,000 |
| Hidalgo County, Texas Health Services Corp., Mission Hospital Project (RB) 5.00%, 08/15/17 (c) |
|
| 955,620 |
|
| 2,000,000 |
| Port of Bay City Authority of Matagorda County, Texas, Hoechst Celanese Corp. Project (RB) 6.50%, 12/05/11 (c) |
|
| 1,952,420 |
|
| 3,860,000 |
| Red River Authority of Texas, Celanese Project, Series B (RB) 6.70%, 05/01/12 (c) |
|
| 3,782,916 |
|
| 2,800,000 |
| Tarrant County, Texas Cultural Education Facilities Finance Corp., Doctors’ Hospital Project (RB) 6.38%, 11/01/16 (c) * § (a) |
|
| 980,000 |
|
| 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 (c) |
|
| 1,450,965 |
|
| 1,000,000 |
| Tarrant County, Texas Cultural Education Facilities Finance Corp., Stayton at Museum Way Project, Series A (RB) 8.00%, 11/15/19 (c) |
|
| 1,023,680 |
|
| 1,485,000 |
| Texas Brazos River Authority, Pollution Control, TXU Electric Company Project, Series C (RB) 5.75%, 05/01/36 (p) |
|
| 1,485,000 |
|
| 6,500,000 |
| Texas Private Activity Bond Surface Transportation Corp., LBJ Infrastructure Group LLC Project, Senior Lien (RB) 7.00%, 06/30/20 (c) |
|
| 7,010,640 |
|
| 2,000,000 |
| Texas State Public Finance Authority Charter School Finance Corp., Cosmos Foundation, Series A (RB) 5.38%, 02/15/15 (c) |
|
| 1,882,740 |
|
| 1,000,000 |
| Texas Turnpike Authority, Central Texas Turnpike System, Series A (RB) (AMBAC) 5.75%, 08/15/12 (c) |
|
| 1,003,160 |
|
|
|
|
|
| |||
|
|
|
|
|
| 28,353,754 |
|
|
|
|
|
| |||
Virgin Islands: 0.8% |
|
|
|
| |||
| 500,000 |
| Virgin Islands Government Refinery, Hovensa Coker Project (RB) 6.50%, 01/01/13 (c) |
|
| 475,535 |
|
| 895,000 |
| Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes Loan Note (RB) (FGIC) (NATL) 4.25%, 10/01/16 (c) |
|
| 796,174 |
|
| 1,000,000 |
| Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Loan Note, Diageo Project, Series A (RB) 6.75%, 10/01/19 (c) |
|
| 1,066,050 |
|
|
|
|
|
| |||
|
|
|
|
|
| 2,337,759 |
|
|
|
|
|
| |||
Virginia: 1.4% |
|
|
|
| |||
| 1,450,000 |
| Fairfax County, Virginia Mosaic District Community Development Authority, Series A (SA) 6.63%, 03/01/21 (c) |
|
| 1,499,213 |
|
| 1,000,000 |
| Fairfax County, Virginia Mosaic District Community Development Authority, Series A (SA) 6.88%, 03/01/21 (c) |
|
| 1,033,500 |
|
| 2,500,000 |
| Tobacco Settlement Financing Corp., Senior Series B-1 (RB) 5.00%, 06/01/17 (c) |
|
| 1,532,825 |
|
|
|
|
|
| |||
|
|
|
|
|
| 4,065,538 |
|
|
|
|
|
| |||
Washington: 1.5% |
|
|
|
| |||
| 750,000 |
| Washington Health Care Facilities Authority, Central Washington Health Services Association (RB) 6.25%, 07/01/19 (c) |
|
| 778,073 |
|
See Notes to Financial Statements
36
|
|
|
|
|
|
|
|
|
Principal |
|
|
| Value |
| ||
| |||||||
Washington: (continued) |
|
|
|
| |||
$ | 3,650,000 |
| Washington State Housing Finance Commission, Skyline at First Hill Project, Series B (RB) 5.10%, 12/05/11 (c) |
| $ | 3,476,442 |
|
|
|
|
|
| |||
|
|
|
|
|
| 4,254,515 |
|
|
|
|
|
| |||
West Virginia: 1.4% |
|
|
|
| |||
| 2,500,000 |
| Ohio County, West Virginia Commission Special District Excise Tax & Improvement, The Highland Project, Series B (RB) 5.63%, 03/01/16 (c) |
|
| 2,517,325 |
|
| 1,500,000 |
| West Virginia Hospital Finance Authority, Thomas Health System, Inc. (RB) 6.50%, 10/01/18 (c) |
|
| 1,468,320 |
|
|
|
|
|
| |||
|
|
|
|
|
| 3,985,645 |
|
|
|
|
|
| |||
Wisconsin: 1.7% |
|
|
|
| |||
| 3,670,000 |
| Wisconsin State Health & Educational Facilities Authority, Wheaton Franciscan Services (RB) 5.13%, 08/15/13 (c) |
|
| 3,335,957 |
|
| 1,500,000 |
| Wisconsin State Health & Educational Facilities Authority, Wheaton Healthcare, Series B (RB) 5.13%, 08/15/16 (c) |
|
| 1,386,555 |
|
|
|
|
|
| |||
|
|
|
|
|
| 4,722,512 |
|
|
|
|
|
| |||
Total Municipal Bonds: 98.1% |
|
|
|
| |||
(Cost: $269,883,447) |
|
| 278,329,767 |
| |||
Other assets less liabilities: 1.9% |
|
| 5,364,947 |
| |||
|
| ||||||
NET ASSETS: 100.0% |
| $ | 283,694,714 |
| |||
|
| ||||||
|
|
ACA | Credit Agricole SA |
AMBAC | American Municipal Bond Assurance Corp. |
CP | Certificate of Participation |
FGIC | Financial Guaranty Insurance Co. |
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) | Security in default |
(c) | Callable Security - the redemption date shown is when the security may be redeemed by the issuer |
(p) | Puttable Security - the redemption date shown is when the security may be redeemed by the investor |
^ | Zero Coupon Bond - the rate shown is the effective yield at purchase date |
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, and the value amounted to $382,500, or 0.1% of net assets. |
* | Non-income producing |
§ | Illiquid Security — the aggregate value of illiquid securities is $3,960,000 which represents 1.4% of net assets. |
|
|
|
|
|
|
|
|
|
|
Summary of Investments By Sector (unaudited) |
| % of Investments |
| Value |
| ||||
|
|
| |||||||
Airport |
|
|
| 3.3 | % |
| $ | 9,124,385 |
|
Development |
|
|
| 13.3 |
|
|
| 37,048,918 |
|
Education |
|
|
| 5.3 |
|
|
| 14,736,835 |
|
Facilities |
|
|
| 3.1 |
|
|
| 8,700,378 |
|
General Obligation |
|
|
| 6.4 |
|
|
| 17,781,171 |
|
Higher Education |
|
|
| 3.7 |
|
|
| 10,426,550 |
|
Housing |
|
|
| 0.4 |
|
|
| 1,007,290 |
|
Medical |
|
|
| 29.5 |
|
|
| 82,134,685 |
|
Nursing Homes |
|
|
| 9.9 |
|
|
| 27,541,960 |
|
Pollution |
|
|
| 9.8 |
|
|
| 27,247,720 |
|
Power |
|
|
| 2.7 |
|
|
| 7,631,675 |
|
Tobacco Settlement |
|
|
| 4.5 |
|
|
| 12,529,385 |
|
Transportation |
|
|
| 5.5 |
|
|
| 15,379,913 |
|
Utilities |
|
|
| 0.6 |
|
|
| 1,540,530 |
|
Water |
|
|
| 2.0 |
|
|
| 5,498,372 |
|
|
|
|
|
|
|
| |||
|
|
|
| 100.0 | % |
| $ | 278,329,767 |
|
|
|
|
|
|
|
| |||
See Notes to Financial Statements
37
|
HIGH-YIELD MUNICIPAL INDEX ETF |
SCHEDULE OF INVESTMENTS |
(continued) |
The summary of inputs used to value the Fund’s investments as of October 31, 2011 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Level 1 |
| Level 2 |
| Level 3 |
| Value |
| ||||||||||
|
|
|
|
|
| ||||||||||||||
Total Municipal Bonds* |
|
| $ | — |
|
|
| $ | 278,329,767 |
|
|
| $ | — |
|
| $ | 278,329,767 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
* | See Schedule of Investments for security type and geographic sector breakouts. |
See Notes to Financial Statements
38
|
SCHEDULE OF INVESTMENTS |
October 31, 2011 (unaudited) |
|
|
|
|
|
|
|
|
Principal |
|
|
| Value |
| ||
|
|
|
|
| |||
MUNICIPAL BONDS: 98.8% |
|
|
|
| |||
Alaska: 0.1% |
|
|
|
| |||
$ | 460,000 |
| Alaska Housing Finance Corp., Home Mortgage, Series C (RB) 4.63%, 12/01/18 (c) |
| $ | 467,144 |
|
|
|
|
|
| |||
Arizona: 2.1% |
|
|
|
| |||
| 250,000 |
| Arizona Health Facilities Authority, Series D (RB) 5.50%, 01/01/18 (c) |
|
| 284,305 |
|
| 430,000 |
| Arizona State Certificates of Participation, Department of Administration, Series B (CP) (AGM) 3.00%, 10/01/18 |
|
| 431,329 |
|
| 500,000 |
| Arizona State Certificates of Participation, Department of Administration, Series B (CP) (AGM) 5.00%, 04/01/20 (c) |
|
| 547,735 |
|
| 500,000 |
| Arizona State Transportation Board Excise Tax Revenue, Maricopa County Regional Area Road Fund (RB) 5.00%, 07/01/19 (c) |
|
| 560,340 |
|
| 500,000 |
| Arizona State Transportation Board Excise Tax Revenue, Maricopa County, Regional Area Road Fund (RB) 5.00%, 07/01/20 (c) |
|
| 584,480 |
|
| 750,000 |
| Arizona State Transportation Board Excise Tax Revenue, Maricopa County, Regional Area Road Fund (RB) 5.00%, 07/01/20 (c) |
|
| 867,967 |
|
| 500,000 |
| Arizona State, Series A (CP) (AGM) 5.00%, 10/01/19 |
|
| 569,570 |
|
| 250,000 |
| Arizona Water Infrastructure Finance Authority, Series A (RB) 5.00%, 10/01/18 (c) |
|
| 292,030 |
|
| 500,000 |
| Arizona Water Infrastructure Finance Authority, Series A (RB) 5.00%, 10/01/18 (c) |
|
| 569,680 |
|
| 250,000 |
| Phoenix, Arizona, Civic Improvement Corp., Wastewater System (RB) (NATL) 5.00%, 07/01/17 (c) |
|
| 275,435 |
|
| 250,000 |
| Phoenix, Arizona, Civic Improvement Corp., Wastewater System Senior Lien (RB) 5.50%, 07/01/18 (c) |
|
| 295,917 |
|
| 250,000 |
| Salt River Project Agricultural Improvement & Power District, Series A (RB) 5.00%, 01/01/19 (c) |
|
| 278,078 |
|
| 500,000 |
| Salt River Project Agricultural Improvement & Power District, Series B (RB) 5.00%, 12/01/19 |
|
| 602,675 |
|
|
|
|
|
| |||
|
|
|
|
|
| 6,159,541 |
|
|
|
|
|
| |||
California: 13.8% |
|
|
|
| |||
| 500,000 |
| Bay Area Infrastructure Financing Authority (RB) (FGIC) (NATL) 5.00%, 08/01/14 (c) |
|
| 533,210 |
|
| 1,050,000 |
| California Long Beach Bond Finance Authority, Natural Gas Purchase, Series A (RB) 5.25%, 11/15/18 |
|
| 1,073,499 |
|
| 500,000 |
| California State (GO) 4.50%, 02/01/17 (c) |
|
| 509,085 |
|
| 1,000,000 |
| California State (GO) 4.50%, 02/01/17 (c) |
|
| 1,012,520 |
|
| 75,000 |
| California State (GO) 5.00%, 11/01/15 |
|
| 84,272 |
|
| 500,000 |
| California State (GO) 5.00%, 02/01/17 (c) |
|
| 557,420 |
|
| 500,000 |
| California State (GO) 5.00%, 10/01/16 (c) |
|
| 553,520 |
|
| 500,000 |
| California State (GO) 5.25%, 10/01/19 (c) |
|
| 564,045 |
|
| 500,000 |
| California State Department of Water Resources, Central Valley Project, Series AG (RB) 5.00%, 12/01/19 (c) |
|
| 562,470 |
|
| 335,000 |
| California State Department of Water Resources, Series H (RB) (AGM) 5.00%, 05/01/17 |
|
| 389,129 |
|
| 1,000,000 |
| California State Department of Water Resources, Series N (RB) 5.00%, 05/01/21 |
|
| 1,180,480 |
|
| 1,000,000 |
| California State Economic Recovery Bonds, Series A (GO) 5.00%, 07/01/16 (c) |
|
| 1,098,220 |
|
| 300,000 |
| California State Public Works Board, Various Capital Projects, Series G-1 (RB) 5.00%, 10/01/19 (c) |
|
| 318,492 |
|
| 500,000 |
| California State Public Works Board, Various Capital Projects, Series G-1 (RB) 5.25%, 10/01/17 |
|
| 568,925 |
|
| 500,000 |
| California State Various Purpose (GO) 4.00%, 09/01/20 |
|
| 519,595 |
|
| 1,000,000 |
| California State Various Purpose (GO) (FGIC) (NATL) 5.00%, 06/01/17 (c) |
|
| 1,057,200 |
|
| 500,000 |
| California State Various Purpose (GO) 5.25%, 03/01/20 (c) |
|
| 536,905 |
|
| 500,000 |
| California State Veterans Affairs Department, Home Purchase, Series A (RB) 4.25%, 11/30/11 (c) |
|
| 504,070 |
|
| 500,000 |
| California Water Resources Department Power Supply, Series L (RB) 5.00%, 05/01/18 |
|
| 582,980 |
|
| 1,250,000 |
| California Water Resources Department Power Supply, Series L (RB) 5.00%, 05/01/20 (c) |
|
| 1,443,325 |
|
| 500,000 |
| Los Angeles County, Metropolitan Transportation Authority, Series A (RB) (AGM) 4.50%, 07/01/16 (c) |
|
| 521,095 |
|
See Notes to Financial Statements
39
|
INTERMEDIATE MUNICIPAL INDEX ETF |
SCHEDULE OF INVESTMENTS |
(continued) |
|
|
|
|
|
|
|
|
Principal |
|
|
| Value |
| ||
|
|
|
|
|
|
|
|
California: (continued) |
|
|
|
| |||
$ | 505,000 |
| Los Angeles County, Metropolitan Transportation Authority, Series A (RB) 5.00%, 07/01/18 |
| $ | 597,647 |
|
| 250,000 |
| Los Angeles Department of Water & Power, Series A-1 (RB) (AMBAC) 5.00%, 07/01/17 (c) |
|
| 281,668 |
|
| 250,000 |
| Los Angeles Unified School District, Series A-1 (GO) (AGM) 4.50%, 07/01/17 (c) |
|
| 262,598 |
|
| 500,000 |
| Los Angeles Unified School District, Series A-1 (GO) (NATL) 4.50%, 07/01/17 (c) |
|
| 509,735 |
|
| 250,000 |
| Los Angeles Unified School District, Series B (GO) (FGIC) 4.75%, 07/01/16 (c) |
|
| 274,365 |
|
| 500,000 |
| Los Angeles Unified School District, Series E (GO) (AGM) 5.00%, 07/01/17 (c) |
|
| 565,305 |
|
| 750,000 |
| Los Angeles Unified School District, Series H (GO) (AGM) 5.00%, 07/01/17 (c) |
|
| 821,400 |
|
| 1,000,000 |
| Los Angeles, California Community College District, Election of 2001, Series A (GO) (FGIC) (NATL) 5.00%, 08/01/17 (c) |
|
| 1,060,820 |
|
| 750,000 |
| Los Angeles, California Convention & Exhibition Center, Series A (RB) 5.00%, 08/15/17 |
|
| 819,900 |
|
| 250,000 |
| Los Angeles, California Convention & Exhibition Center, Series A (RB) 5.13%, 08/15/18 (c) |
|
| 260,068 |
|
| 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 (c) |
|
| 1,082,990 |
|
| 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 (c) |
|
| 1,067,790 |
|
| 500,000 |
| Los Angeles, California Municipal Improvement Corp., Police Headquarters Facility & Public Works Building, Series A (RB) (FGIC) (NATL) 5.00%, 01/01/17 (c) |
|
| 516,485 |
|
| 500,000 |
| Los Angeles, California Unified School District, Series A (GO) (AGM) 4.50%, 07/01/17 (c) |
|
| 521,540 |
|
| 1,500,000 |
| Los Angeles, California Wastewater System, Series A (RB) 5.75%, 06/01/19 (c) |
|
| 1,723,980 |
|
| 1,585,000 |
| Palomar Pomerado Health (GO) (NATL) 6.17%, 08/01/27 ^ |
|
| 611,414 |
|
| 1,000,000 |
| Sacramento City Financing Authority, Master Lease Program Facilities, Series E (RB) (AMBAC) 5.25%, 12/01/22 |
|
| 1,089,440 |
|
| 500,000 |
| Sacramento City Financing Authority, Master Lease Program Facilities, Series E (RB) (AMBAC) 5.25%, 12/01/24 |
|
| 551,870 |
|
| 500,000 |
| Sacramento City Financing Authority, Master Lease Program Facilities, Series E (RB) (AMBAC) 5.25%, 12/01/26 |
|
| 538,435 |
|
| 400,000 |
| Sacramento City Financing Authority, Series E (RB) (AMBAC) 5.25%, 12/01/25 |
|
| 438,472 |
|
| 500,000 |
| San Diego County Water Authority (RB) 4.50%, 05/01/21 (c) |
|
| 528,085 |
|
| 500,000 |
| San Diego County Water Authority (RB) 5.00%, 05/01/21 (c) |
|
| 565,320 |
|
| 250,000 |
| San Diego, California Community College District (GO) (AGM) 5.00%, 08/01/17 (c) |
|
| 272,063 |
|
| 500,000 |
| San Diego, California Community College District Election of 2002 (GO) (AGM) 5.00%, 05/01/15 (c) |
|
| 531,235 |
|
| 250,000 |
| San Diego, California Community College District Election of 2006 (GO) (AGM) 5.00%, 08/01/17 (c) |
|
| 280,963 |
|
| 500,000 |
| San Diego, California Community College District Election of 2006 (GO) (AGM) 5.00%, 08/01/17 (c) |
|
| 551,830 |
|
| 1,000,000 |
| San Francisco City & County Public Utilities Commission Water Revenue (RB) 5.00%, 11/01/21 (c) |
|
| 1,142,810 |
|
| 1,250,000 |
| San Francisco City & County Public Utilities Commission Water Revenue (RB) 5.00%, 11/01/21 (c) |
|
| 1,396,912 |
|
| 500,000 |
| San Francisco, California City & County Airports Commission, Second Series 32G (RB) (FGIC) (NATL) 5.00%, 05/01/16 (c) |
|
| 533,940 |
|
| 1,000,000 |
| San Francisco, California City & County General Hospital Improvement, Series A (GO) 4.75%, 06/15/19 |
|
| 1,155,140 |
|
| 500,000 |
| San Francisco, California City & County Public Utilities Commission, Series B (RB) 4.00%, 11/01/19 (c) |
|
| 514,485 |
|
| 500,000 |
| San Francisco, California City & Country Public Utilities Commission, Series A (RB) 5.00%, 11/01/19 (c) |
|
| 548,615 |
|
| 500,000 |
| San Francisco, California City & Country Public Utilities Commission, Series B (RB) 4.00%, 11/01/19 (c) |
|
| 524,060 |
|
See Notes to Financial Statements
40
|
|
|
|
|
|
|
|
|
Principal |
|
|
| Value |
| ||
|
|
|
|
|
|
|
|
California: (continued) |
|
|
|
| |||
$ | 1,000,000 |
| San Joaquin County Transportation Authority, Series A (RB) 5.00%, 03/01/21 (c) |
| $ | 1,099,230 |
|
| 250,000 |
| San Jose, California Redevelopment Agency, Series D (AMBAC) (TA) 5.00%, 08/01/17 (c) |
|
| 246,670 |
|
| 1,000,000 |
| Southern California Public Power Authority, Canyon Power Project, Series A (RB) 5.25%, 01/01/20 (c) |
|
| 1,109,020 |
|
| 250,000 |
| University of California Limited Project, Series A (RB) (NATL) 5.00%, 05/15/12 (c) |
|
| 258,753 |
|
| 500,000 |
| University of California, Series J (RB) (AGM) 4.50%, 05/15/15 (c) |
|
| 518,450 |
|
| 500,000 |
| University of California, Series Q (RB) 5.00%, 05/15/17 (c) |
|
| 550,035 |
|
| 1,000,000 |
| Vernon City, California, Electric System Revenue, Series A (RB) 5.13%, 08/01/19 (c) |
|
| 993,490 |
|
|
|
|
|
| |||
|
|
|
|
|
| 41,087,485 |
|
|
|
|
|
| |||
Colorado: 0.4% |
|
|
|
| |||
| 670,000 |
| Colorado Public Authority, Natural Gas Purchase (RB) 6.13%, 11/15/23 |
|
| 712,558 |
|
| 375,000 |
| Denver Colorado School District No. 1, Series C (GO) (SAW) 5.00%, 12/01/23 |
|
| 451,777 |
|
|
|
|
|
| |||
|
|
|
|
|
| 1,164,335 |
|
|
|
|
|
| |||
Connecticut: 0.4% |
|
|
|
| |||
| 500,000 |
| Connecticut State Health & Educational Facility Authority, Series I (RB) (NATL) 5.00%, 07/01/17 (c) |
|
| 532,640 |
|
| 500,000 |
| Connecticut State, Series E (GO) 5.00%, 12/15/16 (c) |
|
| 574,175 |
|
|
|
|
|
| |||
|
|
|
|
|
| 1,106,815 |
|
|
|
|
|
| |||
District of Columbia: 1.0% |
|
|
|
| |||
| 850,000 |
| District of Columbia, Income Tax Secured Revenue, Series A (RB) 5.00%, 06/01/20 (c) |
|
| 970,802 |
|
| 1,000,000 |
| District of Columbia, Income Tax Secured Revenue, Series A (RB) 5.00%, 06/01/20 (c) |
|
| 1,115,000 |
|
| 625,000 |
| District of Columbia, Income Tax Secured Revenue, Series B (RB) 5.00%, 12/01/19 (c) |
|
| 715,994 |
|
| 250,000 |
| Washington D.C. Convention Center Authority, Senior Lien, Series A (RB) (AMBAC) 4.50%, 10/01/16 (c) |
|
| 253,733 |
|
|
|
|
|
| |||
|
|
|
|
|
| 3,055,529 |
|
|
|
|
|
| |||
Florida: 6.4% |
|
|
|
| |||
| 250,000 |
| Collier County, Florida School Board (CP) (AGM) 5.00%, 02/15/16 (c) |
|
| 266,320 |
|
| 475,000 |
| Florida Citizens Property Insurance Corp., High Risk Account, Senior Secured A-1 (RB) 4.25%, 06/01/17 |
|
| 493,140 |
|
| 500,000 |
| Florida Citizens Property Insurance Corp., High Risk Account, Senior Secured A-1 (RB) (AGM) 5.00%, 06/01/17 |
|
| 544,830 |
|
| 250,000 |
| Florida Citizens Property Insurance Corp., High Risk Account, Senior Secured A-1 (RB) 5.50%, 06/01/17 |
|
| 275,395 |
|
| 500,000 |
| Florida State Board of Education, Public Education Capital Outlay, Series A (GO) 4.00%, 06/01/19 (c) |
|
| 554,885 |
|
| 500,000 |
| Florida State Board of Education, Public Education Capital Outlay, Series A (GO) 4.75%, 06/01/20 (c) |
|
| 547,720 |
|
| 330,000 |
| Florida State Board of Education, Public Education Capital Outlay, Series A (GO) 5.00%, 06/01/20 |
|
| 396,152 |
|
| 1,000,000 |
| Florida State Board of Education, Public Education Capital Outlay, Series C (GO) 4.00%, 06/01/21 (c) |
|
| 1,023,990 |
|
| 1,500,000 |
| Florida State Board of Education, Public Education Capital Outlay, Series C (GO) 5.00%, 06/01/19 (c) |
|
| 1,721,670 |
|
| 500,000 |
| Florida State Board of Education, Public Education Capital Outlay, Series D (GO) 5.00%, 06/01/19 (c) |
|
| 572,775 |
|
| 1,000,000 |
| Florida State Department of Environmental Protection, Series A (RB) 5.00%, 07/01/21 |
|
| 1,146,210 |
|
| 225,000 |
| Florida State Department of Environmental Protection, Series A (RB) (AGO) 5.00%, 07/01/17 (c) |
|
| 248,058 |
|
| 1,600,000 |
| Florida State Department of Environmental Protection, Series B (RB) 5.00%, 07/01/20 |
|
| 1,829,296 |
|
| 1,000,000 |
| Florida State Department of Environmental Protection, Series B (RB) 5.00%, 07/01/21 |
|
| 1,141,390 |
|
| 510,000 |
| Miami-Dade County, Florida Aviation, Series A (RB) 4.88%, 10/01/20 (c) |
|
| 533,037 |
|
| 250,000 |
| Miami-Dade County, Florida Educational Facilities, Series B (RB) (AMBAC) 5.25%, 04/01/22 |
|
| 279,553 |
|
See Notes to Financial Statements
41
|
INTERMEDIATE MUNICIPAL INDEX ETF |
SCHEDULE OF INVESTMENTS |
(continued) |
|
|
|
|
|
|
|
|
Principal |
|
|
| Value |
| ||
|
|
|
|
|
| ||
Florida: (continued) |
|
|
|
| |||
$ | 500,000 |
| Miami-Dade County, Florida School Board, Series A (CP) (AMBAC) 5.00%, 08/01/18 (c) |
| $ | 550,360 |
|
| 500,000 |
| Miami-Dade County, Florida School Board, Series B (CP) (AGO) 5.25%, 05/01/18 (c) |
|
| 560,610 |
|
| 500,000 |
| Miami-Dade County, Florida Seaport General Obligation, Series C (GO) 5.00%, 10/01/21 (c) |
|
| 546,125 |
|
| 1,000,000 |
| Miami-Dade County, Florida Seaport General Obligation, Series C (GO) 5.00%, 10/01/21 (c) |
|
| 1,080,280 |
|
| 250,000 |
| Miami-Dade County, Florida Special Obligation, Capital Asset Acquisition, Series A (RB) (AMBAC) 5.00%, 04/01/17 (c) |
|
| 262,173 |
|
| 500,000 |
| Miami-Dade County, Florida Water and Sewer System (RB) (AGM) 5.00%, 10/01/20 (c) |
|
| 549,340 |
|
| 325,000 |
| Miami-Dade County, Florida Water and Sewer System, Series B (RB) (AGM) 5.25%, 10/01/19 |
|
| 382,405 |
|
| 430,000 |
| Orange County, Florida Tourist Development Tax Revenue, Series A (RB) (NATL) 5.00%, 10/01/17 (c) |
|
| 472,101 |
|
| 500,000 |
| Orlando, Florida Utilities Commission Utility System (RB) 5.00%, 10/01/16 (c) |
|
| 575,130 |
|
| 250,000 |
| Palm Beach County, Florida School Board, Series A (CP) (AGM) 5.00%, 08/01/15 (c) |
|
| 264,933 |
|
| 250,000 |
| Polk County, Florida School District (RB) (AGM) 5.00%, 10/01/17 |
|
| 280,780 |
|
| 250,000 |
| Port Saint Lucie, Florida Utility System Refunding and Improvement (RB) (NATL) 5.25%, 09/01/21 |
|
| 284,320 |
|
| 250,000 |
| South Miami Health Facilities Authority, Baptist Health South Florida (RB) 5.00%, 08/15/17 (c) |
|
| 276,075 |
|
| 500,000 |
| South Miami Health Facilities Authority, Baptist Health South Florida (RB) 5.00%, 08/15/17 (c) |
|
| 543,025 |
|
| 750,000 |
| Volusia County, Florida Educational Facilities Authority, Embry-Riddle Aeronautical University, Inc. (RB) 5.00%, 10/15/15 (c) |
|
| 744,037 |
|
|
|
|
|
| |||
|
|
|
|
|
| 18,946,115 |
|
|
|
|
|
| |||
Georgia: 3.3% |
|
|
|
| |||
| 500,000 |
| Cobb County, Georgia Water & Sewerage Improvement (RB) 3.75%, 07/01/19 (c) |
|
| 528,290 |
|
| 750,000 |
| DeKalb County, Georgia Hospital Authority (RB) 5.25%, 09/01/20 |
|
| 797,302 |
|
| 250,000 |
| Douglas County School District, Georgia (GO) (AGM) (SAW) 5.00%, 04/01/17 (c) |
|
| 281,040 |
|
| 400,000 |
| Fulton County, Georgia Development Authority, Series B (RB) 4.50%, 03/15/19 (c) |
|
| 390,344 |
|
| 500,000 |
| Georgia State, Series B (GO) 5.00%, 04/01/17 (c) |
|
| 594,055 |
|
| 500,000 |
| Georgia State, Series B (GO) 5.00%, 01/01/19 (c) |
|
| 608,540 |
|
| 400,000 |
| Georgia State, Series B (GO) 5.00%, 07/01/18 (c) |
|
| 476,128 |
|
| 500,000 |
| Georgia State, Series B (GO) 5.00%, 01/01/19 (c) |
|
| 585,050 |
|
| 250,000 |
| Georgia State, Series C (GO) 5.00%, 07/01/17 (c) |
|
| 289,657 |
|
| 1,000,000 |
| Georgia State, Series C (GO) 5.00%, 07/01/21 (c) |
|
| 1,215,280 |
|
| 400,000 |
| Gwinnett County Development Authority, Public Schools Project (CP) (NATL) 5.25%, 01/01/21 |
|
| 472,664 |
|
| 550,000 |
| Gwinnett County Development Authority, Public Schools Project (CP) (NATL) 5.25%, 01/01/24 |
|
| 650,028 |
|
| 655,000 |
| Gwinnett County, Georgia School District (GO) 5.00%, 02/01/24 |
|
| 812,704 |
|
| 500,000 |
| Gwinnett County, Georgia School District (GO) 5.00%, 02/01/25 (c) |
|
| 606,780 |
|
| 1,000,000 |
| Main Street Natural Gas, Inc., Gas Project, Series B (RB) 5.00%, 03/15/18 |
|
| 1,020,700 |
|
| 500,000 |
| Main Street Natural Gas, Inc., Gas Project, Series B (RB) 5.00%, 03/15/20 |
|
| 499,295 |
|
|
|
|
|
| |||
|
|
|
|
|
| 9,827,857 |
|
|
|
|
|
| |||
Hawaii: 1.0% |
|
|
|
| |||
| 500,000 |
| Hawaii State, Series DK (GO) 5.00%, 05/01/18 (c) |
|
| 563,325 |
|
| 325,000 |
| Hawaii State, Series DO (GO) 5.00%, 08/01/17 |
|
| 383,646 |
|
| 500,000 |
| Hawaii State, Series DQ (GO) 5.00%, 06/01/19 (c) |
|
| 572,790 |
|
| 350,000 |
| Honolulu, Hawaii City & County, Series B (GO) 5.00%, 08/01/21 (c) |
|
| 415,912 |
|
| 500,000 |
| Honolulu, Hawaii City & County, Series B (GO) 5.00%, 12/01/20 (c) |
|
| 576,365 |
|
| 500,000 |
| Honolulu, Hawaii City & County, Series B (GO) 5.00%, 12/01/20 (c) |
|
| 571,255 |
|
|
|
|
|
| |||
|
|
|
|
|
| 3,083,293 |
|
|
|
|
|
| |||
Illinois: 5.4% |
|
|
|
| |||
| 250,000 |
| Chicago O’Hare International Airport, 3rd Lien, Series A (RB) (AMBAC) 5.00%, 01/01/16 (c) |
|
| 265,388 |
|
See Notes to Financial Statements
42
|
|
|
|
|
|
|
|
|
Principal |
|
|
| Value |
| ||
|
|
|
|
|
| ||
Illinois: (continued) |
|
|
|
| |||
$ | 500,000 |
| Chicago O’Hare International Airport, 3rd Lien, Series A (RB) (NATL) 5.25%, 01/01/16 (c) |
| $ | 525,475 |
|
| 1,000,000 |
| Chicago O’Hare International Airport, 3rd Lien, Series B (RB) (AGM) 5.00%, 01/01/17 (c) |
|
| 1,093,430 |
|
| 500,000 |
| Chicago O’Hare International Airport, 3rd Lien, Series B (RB) (AGM) 5.00%, 01/01/17 (c) |
|
| 540,505 |
|
| 500,000 |
| Chicago O’Hare International Airport, 3rd Lien, Series B (RB) (AGM) 5.00%, 01/01/17 (c) |
|
| 534,865 |
|
| 500,000 |
| Chicago O’Hare International Airport, 3rd Lien, Series B (RB) (NATL) 5.25%, 01/01/18 |
|
| 565,840 |
|
| 500,000 |
| Chicago O’Hare International Airport, 3rd Lien, Series C (RB) (AGO) 5.25%, 01/01/20 (c) |
|
| 547,865 |
|
| 500,000 |
| Chicago, Illinois Project & Refunding, Series A (GO) (AGM) 4.50%, 01/01/16 (c) |
|
| 521,155 |
|
| 1,000,000 |
| Chicago, Illinois Project & Refunding, Series A (GO) (AMBAC) 5.00%, 01/01/17 (c) |
|
| 1,079,040 |
|
| 250,000 |
| Chicago, Illinois Project & Refunding, Series A (GO) (AGM) 5.00%, 01/01/16 (c) |
|
| 262,613 |
|
| 500,000 |
| Chicago, Illinois Project & Refunding, Series A (GO) (AGM) 5.00%, 01/01/16 (c) |
|
| 524,240 |
|
| 250,000 |
| Chicago, Illinois Project & Refunding, Series A (GO) (AGM) 5.00%, 01/01/16 (c) |
|
| 259,873 |
|
| 250,000 |
| Chicago, Illinois Project & Refunding, Series C (GO) 5.00%, 01/01/19 (c) |
|
| 264,145 |
|
| 250,000 |
| Chicago, Illinois Transit Authority, Capital Grant Receipts, Section 5307-A (RB) (AMBAC) 5.00%, 12/01/16 (c) |
|
| 271,053 |
|
| 500,000 |
| Chicago, Illinois Transit Authority, Capital Grant Receipts, Section 5307-A (RB) (AGO) 5.25%, 06/01/18 (c) |
|
| 530,475 |
|
| 750,000 |
| Chicago, Illinois Transit Authority, Capital Grant Receipts, Section 5307-A (RB) (AGO) 5.25%, 06/01/18 (c) |
|
| 789,982 |
|
| 250,000 |
| Chicago, Illinois Transit Authority, Capital Grant Receipts, Section 5309 (RB) (AGO) 5.00%, 06/01/16 |
|
| 274,373 |
|
| 250,000 |
| Chicago, Illinois, Modern School Across Chicago Program, Series B (GO) (AMBAC) 5.00%, 12/01/16 (c) |
|
| 269,958 |
|
| 475,000 |
| Chicago, Illinois, Series A (GO) (AGM) 5.00%, 01/01/20 (c) |
|
| 500,327 |
|
| 500,000 |
| Chicago, Illinois, Series A (GO) (AGM) 5.00%, 01/01/20 (c) |
|
| 521,750 |
|
| 1,000,000 |
| Chicago, Illinois, Series A (GO) (AGM) 5.00%, 01/01/20 (c) |
|
| 1,035,850 |
|
| 500,000 |
| Chicago, Illinois, Series A (GO) (AGM) 5.00%, 01/01/20 (c) |
|
| 514,135 |
|
| 1,000,000 |
| Illinois Finance Authority (RB) 5.00%, 11/01/19 (c) |
|
| 1,040,070 |
|
| 1,000,000 |
| Illinois Railsplitter Tobacco Settlement Authority (RB) 5.50%, 06/01/21 (c) |
|
| 1,051,630 |
|
| 500,000 |
| Illinois State (GO) (AGM) 5.00%, 01/01/19 |
|
| 550,780 |
|
| 500,000 |
| Illinois State (GO) (AGM) 5.00%, 01/01/20 (c) |
|
| 535,935 |
|
| 500,000 |
| Illinois State, Series B (GO) 5.25%, 01/01/18 |
|
| 561,640 |
|
| 500,000 |
| Illinois State, Series B (GO) 5.25%, 01/01/21 |
|
| 549,530 |
|
| 395,000 |
| Kendall, Kane & Will Counties, Illinois Community Unit School District No. 308, Capital Appreciation School (GO) (AGM) 5.61%, 02/01/26 ^ |
|
| 183,126 |
|
|
|
|
|
| |||
|
|
|
|
|
| 16,165,048 |
|
|
|
|
|
| |||
Indiana: 1.2% |
|
|
|
| |||
| 250,000 |
| Delaware County, Indiana Hospital, Cardinal Health System Obligation Group (RB) 5.00%, 08/01/16 (c) |
|
| 250,085 |
|
| 825,000 |
| Indiana Finance Authority Health System Revenue, Series C (RB) 5.25%, 11/01/18 (c) |
|
| 889,465 |
|
| 750,000 |
| Indiana Finance Authority Highway Revenue, Series A (RB) (FGIC) (NATL) 4.50%, 12/01/16 (c) |
|
| 787,447 |
|
| 500,000 |
| Indiana State Finance Authority Revolving Fund Program, Series B (RB) 5.00%, 02/01/17 (c) |
|
| 570,835 |
|
| 1,000,000 |
| Indianapolis Local Public Improvement Bond Bank, Series B-1 (RB) 5.00%, 01/15/20 (c) |
|
| 1,134,280 |
|
|
|
|
|
| |||
|
|
|
|
|
| 3,632,112 |
|
|
|
|
|
| |||
Iowa: 0.4% |
|
|
|
| |||
| 1,000,000 |
| Iowa Finance Authority (RB) 5.00%, 08/01/19 (c) |
|
| 1,166,570 |
|
|
|
|
|
| |||
Kentucky: 2.1% |
|
|
|
| |||
| 1,535,000 |
| Kentucky Economic Development Finance Authority Hospital, Baptist Healthcare System Obligated, Series A (RB) 5.63%, 08/15/18 (c) |
|
| 1,660,839 |
|
| 250,000 |
| Kentucky State Property & Buildings Commission, Project No. 89 (RB) (AGM) 5.00%, 11/01/18 (c) |
|
| 269,868 |
|
| 555,000 |
| Kentucky State Property & Buildings Commission, Project No. 90 (RB) 5.00%, 11/01/18 (c) |
|
| 626,806 |
|
See Notes to Financial Statements
43
|
INTERMEDIATE MUNICIPAL INDEX ETF |
SCHEDULE OF INVESTMENTS |
(continued) |
|
|
|
|
|
|
|
|
Principal |
|
|
| Value |
| ||
|
|
|
|
| |||
Kentucky: (continued) |
|
|
|
| |||
$ | 250,000 |
| Kentucky State Property & Buildings Commission, Project No. 90 (RB) 5.75%, 11/01/18 (c) |
| $ | 297,952 |
|
| 500,000 |
| Kentucky State Property & Buildings Commission, Project No. 93 (RB) (AGO) 5.25%, 02/01/19 (c) |
|
| 557,570 |
|
| 750,000 |
| Kentucky Turnpike Authority, Economic Development Road Revitalization Projects, Series B (RB) 4.40%, 07/01/16 (c) |
|
| 804,787 |
|
| 1,300,000 |
| Lexington Fayette Urban County Government Public Facilities Corp. (RB) 5.25%, 06/01/21 (c) |
|
| 1,397,136 |
|
| 500,000 |
| Louisville & Jefferson County, Kentucky Metropolitan Sewer District, Series A (RB) 5.00%, 11/15/21 (c) |
|
| 558,060 |
|
|
|
|
|
| |||
|
|
|
|
|
| 6,173,018 |
|
|
|
|
|
| |||
Louisiana: 0.3% |
|
|
|
| |||
| 250,000 |
| Louisiana State General Obligation, Series B (GO) 5.00%, 07/15/16 (c) |
|
| 288,455 |
|
| 500,000 |
| Louisiana State General Obligation, Series B (RB) 5.00%, 05/01/20 (c) |
|
| 551,995 |
|
|
|
|
|
| |||
|
|
|
|
|
| 840,450 |
|
|
|
|
|
| |||
Maryland: 1.1% |
|
|
|
| |||
| 250,000 |
| Maryland State & Local Facilities Loan, Second Series A (GO) 5.00%, 08/15/17 (c) |
|
| 286,057 |
|
| 425,000 |
| Maryland State & Local Facilities Loan, Second Series B (GO) 4.00%, 08/15/19 (c) |
|
| 465,728 |
|
| 500,000 |
| Maryland State & Local Facilities Loan, Second Series B (GO) 4.50%, 03/15/19 (c) |
|
| 557,620 |
|
| 500,000 |
| Maryland State Department of Transportation (RB) 4.00%, 05/15/19 (c) |
|
| 541,905 |
|
| 250,000 |
| Maryland State Department of Transportation, Second Issue (RB) 5.00%, 09/01/18 (c) |
|
| 288,490 |
|
| 750,000 |
| Maryland, Washington Suburban Sanitary District, Consolidated Public Improvement (GO) 4.13%, 06/01/18 (c) |
|
| 831,165 |
|
| 250,000 |
| Montgomery County, Maryland Construction Public Improvement, Series A (GO) 5.00%, 05/01/17 (c) |
|
| 297,727 |
|
|
|
|
|
| |||
|
|
|
|
|
| 3,268,692 |
|
|
|
|
|
| |||
Massachusetts: 2.9% |
|
|
|
| |||
| 500,000 |
| Massachusetts Bay Transportation Authority, Series A (RB) 5.25%, 07/01/27 |
|
| 604,780 |
|
| 1,000,000 |
| Massachusetts Commonwealth General Obligation, Series A (GO) 5.00%, 04/01/21 (c) |
|
| 1,120,210 |
|
| 500,000 |
| Massachusetts Development Finance Agency, Brandeis University, Series O-2 (RB) 5.00%, 10/01/19 (c) |
|
| 535,705 |
|
| 1,000,000 |
| Massachusetts Development Finance Agency, Partners Health Care System Issue, Series K (RB) 5.00%, 01/18/18 (p) |
|
| 1,150,350 |
|
| 460,000 |
| Massachusetts Educational Financing Authority, Education Loan, Issue I, Series A (RB) 4.50%, 01/01/19 |
|
| 485,314 |
|
| 460,000 |
| Massachusetts Educational Financing Authority, Education Loan, Issue I, Series A (RB) 5.15%, 01/01/20 (c) |
|
| 472,613 |
|
| 500,000 |
| Massachusetts Educational Financing Authority, Education Loan, Issue I, Series A (RB) 5.50%, 01/01/20 (c) |
|
| 548,835 |
|
| 500,000 |
| Massachusetts General Obligation Refunding, Series B (GO) (AGM) 5.25%, 09/01/23 |
|
| 618,050 |
|
| 500,000 |
| Massachusetts School Building Authority, Dedicated Sales Tax, Series A (RB) (AMBAC) 4.50%, 08/15/17 (c) |
|
| 532,690 |
|
| 250,000 |
| Massachusetts State Health & Education Facilities Authority, Boston Medical Center, Series B (RB) 4.75%, 07/01/18 (c) |
|
| 239,165 |
|
| 600,000 |
| Massachusetts State Health & Education Facilities Authority, Harvard University, Series A (RB) 5.00%, 12/15/19 (c) |
|
| 692,400 |
|
| 475,000 |
| Massachusetts State Water Pollution Abatement, Pool Program, Series 12 (RB) 4.35%, 08/01/16 (c) |
|
| 502,925 |
|
| 1,000,000 |
| Massachusetts State Water Resource Authority, Series A (RB) (AGM) 5.25%, 08/01/27 |
|
| 1,210,400 |
|
|
|
|
|
| |||
|
|
|
|
|
| 8,713,437 |
|
|
|
|
|
| |||
Michigan: 1.3% |
|
|
|
| |||
| 245,000 |
| Dearborn, Michigan School District (GO) (FGIC) (NATL) (Q-SBLF) 5.00%, 05/01/17 |
|
| 277,472 |
|
| 250,000 |
| Detroit City School District, Series A (GO) (AGM) (Q-SBLF) 5.00%, 05/01/15 (c) |
|
| 256,030 |
|
| 500,000 |
| Detroit, Michigan Water Supply System, Senior Lien, Series D (RB) (AGM) 5.00%, 07/01/16 (c) |
|
| 514,825 |
|
| 1,000,000 |
| Michigan Municipal Board Authority Clean Water Revolving Fund (RB) 4.63%, 10/01/17 (c) |
|
| 1,054,110 |
|
See Notes to Financial Statements
44
|
|
|
|
|
|
|
|
|
Principal |
|
|
| Value |
| ||
|
|
|
|
| |||
Michigan: (continued) |
|
|
|
| |||
$ | 250,000 |
| Michigan State Building Authority, Series 1A (RB) (FGIC) (NATL) 4.61%, 10/15/16 (c) ^ |
| $ | 190,680 |
|
| 250,000 |
| Michigan State Building Authority, Series 1A (RB) (FGIC) (NATL) 4.52%, 10/15/16 (c) ^ |
|
| 179,408 |
|
| 500,000 |
| Michigan State Strategic Fund Limited, Series A (RB) (AGO) 5.25%, 10/15/18 (c) |
|
| 549,675 |
|
| 715,000 |
| Wayne County Airport Authority (RB) (FGIC) (NATL) 5.00%, 12/01/17 (c) |
|
| 757,571 |
|
|
|
|
|
| |||
|
|
|
|
|
| 3,779,771 |
|
|
|
|
|
| |||
Minnesota: 1.1% |
|
|
|
| |||
| 750,000 |
| Minnesota Agricultural & Economic Development Board, Series C-1 (RB) (AGO) 5.50%, 02/15/20 (c) |
|
| 833,640 |
|
| 1,185,000 |
| Minnesota Public Facilities Authority Series C (RB) 3.25%, 03/01/20 (c) |
|
| 1,212,812 |
|
| 500,000 |
| Minnesota State, Various Purpose Refunding, Series F (GO) 4.00%, 08/01/19 |
|
| 570,245 |
|
| 500,000 |
| St. Louis Park City, Minnesota Health Care Facilities, Park Nicollet Health Services, Series C (RB) 5.50%, 07/01/17 |
|
| 558,270 |
|
|
|
|
|
| |||
|
|
|
|
|
| 3,174,967 |
|
|
|
|
|
| |||
Missouri: 2.5% |
|
|
|
| |||
| 500,000 |
| Jackson County, Missouri Special Obligation, Harry S. Truman Sports Complex (RB) (AMBAC) 5.00%, 12/01/16 (c) |
|
| 533,400 |
|
| 500,000 |
| Jackson County, Missouri Special Obligation, Harry S. Truman Sports Complex (RB) (AMBAC) 5.00%, 12/01/16 (c) |
|
| 526,750 |
|
| 505,000 |
| Kansas City Industrial Development Authority (RB) 5.50%, 09/01/21 (c) |
|
| 551,011 |
|
| 250,000 |
| Kansas City, Missouri Municipal Assistance Corp. (RB) (FGIC) (NATL) 5.00%, 04/15/18 |
|
| 286,532 |
|
| 1,500,000 |
| Kansas City, Missouri Water Refunding & Improvement Revenue Bonds, Series A (RB) (BHAC) 5.00%, 12/01/18 (c) |
|
| 1,756,710 |
|
| 500,000 |
| Missouri Joint Municipal Electric Utility Commission (RB) (NATL) 5.00%, 01/01/16 (c) |
|
| 509,550 |
|
| 1,000,000 |
| Missouri State Board of Public Buildings, Series A (RB) 1.00%, 10/01/19 (c) |
|
| 612,670 |
|
| 1,250,000 |
| Missouri State Board of Public Buildings, Series A (RB) 4.00%, 10/01/19 (c) |
|
| 1,380,025 |
|
| 1,000,000 |
| Missouri State Highways and Transportation Commission, Senior Lien (RB) 5.00%, 02/01/17 (c) |
|
| 1,152,940 |
|
|
|
|
|
| |||
|
|
|
|
|
| 7,309,588 |
|
|
|
|
|
| |||
Nebraska: 0.4% |
|
|
|
| |||
| 1,000,000 |
| Douglas County School District, Nebraska (GO) 4.00%, 04/01/20 (c) |
|
| 1,093,280 |
|
|
|
|
|
| |||
Nevada: 1.7% |
|
|
|
| |||
| 520,000 |
| Clark County Airport System Subordinate Lien, Series C (RB) (AGM) 5.00%, 07/01/19 (c) |
|
| 552,583 |
|
| 500,000 |
| Clark County Airport System, Senior Series D (RB) 5.00%, 01/01/20 (c) |
|
| 535,575 |
|
| 500,000 |
| Clark County School District, Series A (GO) 5.00%, 06/15/18 (c) |
|
| 551,700 |
|
| 1,000,000 |
| Clark County School District, Series A (GO) (FGIC) (NATL) 5.00%, 06/15/17 (c) |
|
| 1,114,180 |
|
| 500,000 |
| Clark County School District, Series A (GO) (FGIC) (NATL) 5.00%, 06/15/17 (c) |
|
| 538,765 |
|
| 250,000 |
| Clark County School District, Series B (GO) 5.00%, 12/15/17 (c) |
|
| 266,085 |
|
| 500,000 |
| Clark County School District, Series B (GO) 5.00%, 12/15/17 (c) |
|
| 525,760 |
|
| 500,000 |
| Clark County School District, Series C (GO) (AGM) 5.00%, 12/15/15 (c) |
|
| 537,635 |
|
| 500,000 |
| Clark County, Nevada, Series A (GO) 4.00%, 12/01/19 (c) |
|
| 526,445 |
|
|
|
|
|
| |||
|
|
|
|
|
| 5,148,728 |
|
|
|
|
|
| |||
New Hampshire: 0.4% |
|
|
|
| |||
| 1,000,000 |
| New Hampshire State General Obligation Refunding, Series A (GO) 5.00%, 07/01/20 (c) |
|
| 1,203,940 |
|
|
|
|
|
| |||
New Jersey: 4.1% |
|
|
|
| |||
| 1,000,000 |
| New Jersey Economic Development Authority, School Facilities Construction Refunding, Series GG (RB) 5.25%, 03/01/21 (c) |
|
| 1,075,490 |
|
| 500,000 |
| New Jersey Economic Development Authority, School Facilities Construction, Series EE (RB) 5.25%, 03/01/21 (c) |
|
| 552,745 |
|
| 500,000 |
| New Jersey State (GO) 4.00%, 06/01/19 (c) |
|
| 521,580 |
|
| 500,000 |
| New Jersey State (GO) 5.00%, 06/01/19 (c) |
|
| 579,065 |
|
| 500,000 |
| New Jersey State (GO) 5.00%, 06/01/19 (c) |
|
| 604,980 |
|
See Notes to Financial Statements
45
|
INTERMEDIATE MUNICIPAL INDEX ETF |
SCHEDULE OF INVESTMENTS |
(continued) |
|
|
|
|
|
|
|
|
Principal |
|
|
| Value |
| ||
|
|
|
|
| |||
New Jersey: (continued) |
|
|
|
| |||
$ | 500,000 |
| New Jersey State Educational Facilities Authority, Kean University, Series A (RB) 5.00%, 09/01/19 (c) |
| $ | 536,770 |
|
| 500,000 |
| New Jersey State Transportation Trust Fund Authority, Series A (RB) 5.25%, 12/15/20 |
|
| 571,550 |
|
| 1,000,000 |
| New Jersey State Transportation Trust Fund Authority, Series D (RB) 5.00%, 12/15/23 |
|
| 1,103,340 |
|
| 500,000 |
| New Jersey State Turnpike Authority, Series A (RB) (AGM) 5.25%, 01/01/26 |
|
| 575,245 |
|
| 300,000 |
| New Jersey State Turnpike Authority, Series H (RB) 5.00%, 01/01/19 (c) |
|
| 334,506 |
|
| 1,000,000 |
| New Jersey State, Series Q (GO) 5.00%, 08/15/20 |
|
| 1,178,740 |
|
| 1,000,000 |
| New Jersey State, Series S (GO) 5.00%, 08/15/19 |
|
| 1,181,220 |
|
| 520,000 |
| New Jersey Transportation Trust Fund Authority, Series A (RB) (FGIC) (NATL) 5.00%, 06/15/16 |
|
| 581,875 |
|
| 1,000,000 |
| New Jersey Transportation Trust Fund Authority, Series A (RB) 5.25%, 12/15/22 |
|
| 1,138,220 |
|
| 880,000 |
| Newark, New Jersey Qualified General Improvement, Series A (GO) (SAW) 4.00%, 10/01/20 (c) |
|
| 896,509 |
|
| 980,000 |
| Tobacco Settlement Financing Corp., Senior Series A-1 (RB) 4.50%, 06/01/17 (c) |
|
| 889,801 |
|
|
|
|
|
| |||
|
|
|
|
|
| 12,321,636 |
|
|
|
|
|
| |||
New Mexico: 1.3% |
|
|
|
| |||
| 500,000 |
| Albuquerque, New Mexico Municipal School District No. 12, Series A (GO) (SAW) 5.00%, 08/01/19 (c) |
|
| 592,910 |
|
| 1,500,000 |
| Albuquerque, New Mexico Municipal School District No. 12, Series A (GO) (SAW) 5.00%, 08/01/19 (c) |
|
| 1,765,950 |
|
| 1,000,000 |
| New Mexico Finance Authority State Transportation, Senior Lien, Series A (RB) 5.00%, 12/15/16 (c) |
|
| 1,082,340 |
|
| 260,000 |
| New Mexico Finance Authority State Transportation, Senior Lien, Series B (RB) 5.00%, 06/15/21 |
|
| 313,030 |
|
|
|
|
|
| |||
|
|
|
|
|
| 3,754,230 |
|
|
|
|
|
| |||
New York: 19.4% |
|
|
|
| |||
| 500,000 |
| Erie County New York Industrial Development Agency School Facilities, City School District of Buffalo, Series A (RB) 5.00%, 05/01/19 |
|
| 577,555 |
|
| 500,000 |
| Erie County New York Industrial Development Agency School Facilities, City School District of Buffalo, Series A (RB) (SAW) 5.00%, 05/01/21 (c) |
|
| 555,445 |
|
| 500,000 |
| Erie County New York Industrial Development Agency School Facilities, City School District of Buffalo, Series A (RB) 5.25%, 05/01/19 (c) |
|
| 554,460 |
|
| 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 (c) |
|
| 286,632 |
|
| 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 (c) |
|
| 288,225 |
|
| 500,000 |
| Long Island Power Authority, Electric System, Series E (RB) (FGIC) (NATL) 5.00%, 12/01/16 (c) |
|
| 568,710 |
|
| 400,000 |
| Long Island Power Authority, Series A (RB) (FGIC) (NATL) 5.00%, 06/01/16 (c) |
|
| 431,840 |
|
| 475,000 |
| Nassau County Interim Finance Authority, Series A (RB) 4.50%, 05/15/19 (c) |
|
| 510,117 |
|
| 1,000,000 |
| Nassau County Interim Finance Authority, Series A (RB) 5.00%, 05/15/19 (c) |
|
| 1,150,680 |
|
| 850,000 |
| Nassau County, New York General Improvement, Series C (GO) 4.00%, 10/01/20 (c) |
|
| 871,131 |
|
| 250,000 |
| New York City Municipal Water Finance Authority, Water and Sewer System, Series A (RB) 5.63%, 06/15/18 (c) |
|
| 295,525 |
|
| 1,000,000 |
| New York City Transitional Finance Authority (RB) 5.00%, 11/01/20 |
|
| 1,190,500 |
|
| 725,000 |
| New York City Transitional Finance Authority (RB) 5.00%, 11/01/21 (c) |
|
| 833,199 |
|
| 250,000 |
| New York City Transitional Finance Authority, Building Aid, Series S-1 (RB) (FGIC) (NATL) (SAW) 5.00%, 01/15/17 (c) |
|
| 271,638 |
|
| 500,000 |
| New York City Transitional Finance Authority, Building Aid, Series S-1 (RB) (SAW) 5.00%, 01/15/18 (c) |
|
| 539,140 |
|
| 500,000 |
| New York City Transitional Finance Authority, Building Aid, Series S-1 (RB) (SAW) 5.00%, 01/15/18 (c) |
|
| 534,260 |
|
See Notes to Financial Statements
46
|
|
|
|
|
|
|
|
|
Principal |
|
|
| Value |
| ||
|
|
|
|
| |||
New York: (continued) |
|
|
|
| |||
$ | 500,000 |
| New York City Transitional Finance Authority, Building Aid, Series S-2 (RB) (SAW) 4.00%, 07/15/21 (c) |
| $ | 508,025 |
|
| 400,000 |
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B (RB) 5.00%, 05/01/17 (c) |
|
| 463,048 |
|
| 1,000,000 |
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series D (RB) 5.00%, 05/01/20 (c) |
|
| 1,129,780 |
|
| 500,000 |
| New York City Transitional Finance Authority, Series B (RB) 5.00%, 05/01/17 (c) |
|
| 554,850 |
|
| 500,000 |
| New York City Transitional Finance Authority, Series D (RB) 5.00%, 05/01/20 (c) |
|
| 574,900 |
|
| 600,000 |
| New York City Transitional Finance Authority, Series S-1 (RB) (FGIC) (NATL) (SAW) 5.00%, 01/15/17 (c) |
|
| 672,072 |
|
| 275,000 |
| New York City Transitional Finance Authority, Series S-3 (RB) (SAW) 5.25%, 01/15/19 (c) |
|
| 302,805 |
|
| 500,000 |
| New York City, Series A-1 (GO) 5.00%, 08/01/17 |
|
| 585,740 |
|
| 500,000 |
| New York City, Series B (GO) 5.00%, 08/01/17 |
|
| 585,740 |
|
| 550,000 |
| New York City, Series B (GO) 5.00%, 08/01/21 (c) |
|
| 640,805 |
|
| 250,000 |
| New York City, Series C (GO) 5.00%, 08/01/19 (c) |
|
| 285,612 |
|
| 250,000 |
| New York City, Series D-1 (GO) 5.13%, 12/01/17 (c) |
|
| 284,067 |
|
| 500,000 |
| New York City, Series E (GO) 5.00%, 08/01/20 (c) |
|
| 558,850 |
|
| 1,000,000 |
| New York City, Series E (GO) 5.00%, 08/01/19 (c) |
|
| 1,113,130 |
|
| 500,000 |
| New York City, Series E (GO) 5.00%, 08/01/19 (c) |
|
| 552,610 |
|
| 500,000 |
| New York City, Series G (GO) 5.00%, 08/01/17 (c) |
|
| 566,485 |
|
| 375,000 |
| New York City, Series G (GO) 5.00%, 08/01/17 (c) |
|
| 421,020 |
|
| 250,000 |
| New York City, Series I-1 (GO) 5.00%, 04/01/16 (c) |
|
| 282,075 |
|
| 500,000 |
| New York City, Series J-1 (GO) 5.00%, 05/15/19 (c) |
|
| 569,505 |
|
| 500,000 |
| New York City, Sub Series C-1 (GO) 5.00%, 10/01/17 (c) |
|
| 563,010 |
|
| 250,000 |
| New York City, Sub Series F-1 (GO) (XLCA) 5.00%, 09/01/15 (c) |
|
| 275,748 |
|
| 500,000 |
| New York City, Sub Series J-1 (GO) 5.00%, 06/01/16 (c) |
|
| 571,420 |
|
| 500,000 |
| New York City, Sub Series L-1 (GO) 5.00%, 04/01/18 (c) |
|
| 555,760 |
|
| 475,000 |
| New York Local Government Assistant Corp., Series A (RB) 4.00%, 04/01/20 (c) |
|
| 506,065 |
|
| 250,000 |
| New York State Dormitory Authority Non State Supported Debt School, District Financing Program, Series A (RB) (AGM) 5.25%, 10/01/17 |
|
| 286,372 |
|
| 500,000 |
| New York State Dormitory Authority, State Consolidating Service Contract, Series A (RB) 5.00%, 07/01/19 (c) |
|
| 553,535 |
|
| 500,000 |
| New York State Dormitory Authority, State Personal Income Tax, Series A (RB) 5.00%, 12/15/17 |
|
| 592,590 |
|
| 500,000 |
| New York State Dormitory Authority, State Personal Income Tax, Series A (RB) 5.00%, 02/15/18 |
|
| 591,055 |
|
| 500,000 |
| New York State Dormitory Authority, State Personal Income Tax, Series A (RB) 5.00%, 03/15/18 (c) |
|
| 574,090 |
|
| 295,000 |
| New York State Dormitory Authority, State Personal Income Tax, Series A (RB) 5.00%, 03/15/18 (c) |
|
| 323,043 |
|
| 500,000 |
| New York State Dormitory Authority, State Personal Income Tax, Series A (RB) 5.00%, 03/15/21 (c) |
|
| 573,195 |
|
| 500,000 |
| New York State Dormitory Authority, State Personal Income Tax, Series B (RB) 5.00%, 02/15/18 |
|
| 591,055 |
|
| 1,000,000 |
| New York State Dormitory Authority, State Personal Income Tax, Series C (RB) 5.00%, 03/15/18 (c) |
|
| 1,119,400 |
|
| 500,000 |
| New York State Dormitory Authority, State Personal Income Tax, Series D (RB) 5.00%, 06/15/16 |
|
| 577,285 |
|
| 500,000 |
| New York State Dormitory Authority, State Personal Income Tax, Series D (RB) 5.00%, 06/15/18 |
|
| 592,860 |
|
| 1,625,000 |
| New York State Dormitory Authority, State Personal Income Tax, Series E (RB) 5.00%, 08/15/21 (c) |
|
| 1,867,482 |
|
| 250,000 |
| New York State Dormitory Authority, State Personal Income Tax, Series F (RB) (AMBAC) 5.00%, 03/15/15 (c) |
|
| 270,558 |
|
See Notes to Financial Statements
47
|
INTERMEDIATE MUNICIPAL INDEX ETF |
SCHEDULE OF INVESTMENTS |
(continued) |
|
|
|
|
|
|
|
|
Principal |
|
|
| Value |
| ||
|
|
|
|
| |||
New York: (continued) |
|
|
|
| |||
$ | 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 (c) |
| $ | 266,833 |
|
| 500,000 |
| New York State Environmental Facilities Corp., State Clean Water, New York City, Municipal Water Finance Authority Projects, Series A (RB) 5.00%, 06/15/18 (c) |
|
| 547,025 |
|
| 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 (c) |
|
| 531,045 |
|
| 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 (c) |
|
| 544,370 |
|
| 500,000 |
| New York State General Obligation, Series A (GO) 3.50%, 02/15/21 (c) |
|
| 517,235 |
|
| 500,000 |
| New York State Municipal Bond Bank Agency, Series C (RB) (AGO) 5.00%, 02/15/17 |
|
| 567,315 |
|
| 500,000 |
| New York State Thruway Authority, Second General Highway & Bridge Trust Fund, Series A (RB) (AMBAC) 4.25%, 04/01/16 (c) |
|
| 541,980 |
|
| 250,000 |
| New York State Thruway Authority, Second General Highway & Bridge Trust Fund, Series A (RB) (FGIC) (NATL) 5.00%, 10/01/15 (c) |
|
| 283,420 |
|
| 350,000 |
| New York State Thruway Authority, Second General Highway & Bridge Trust Fund, Series A (RB) 5.00%, 04/01/18 (c) |
|
| 390,974 |
|
| 1,000,000 |
| New York State Thruway Authority, Second General Highway & Bridge Trust Fund, Series A (RB) 5.00%, 04/01/18 (c) |
|
| 1,111,520 |
|
| 250,000 |
| New York State Thruway Authority, Second General Highway & Bridge Trust Fund, Series A (RB) (AMBAC) 5.00%, 04/01/16 (c) |
|
| 270,400 |
|
| 1,000,000 |
| New York State Thruway Authority, Second General Highway & Bridge Trust Fund, Series A (RB) 5.00%, 04/01/20 (c) |
|
| 1,160,580 |
|
| 250,000 |
| New York State Thruway Authority, Second General Highway & Bridge Trust Fund, Series A (RB) 5.00%, 04/01/21 (c) |
|
| 292,290 |
|
| 1,000,000 |
| New York State Thruway Authority, Second General Highway & Bridge Trust Fund, Series B (RB) 5.00%, 10/01/18 (c) |
|
| 1,110,130 |
|
| 500,000 |
| New York State Thruway Authority, Series H (RB) (NATL) 5.00%, 01/01/18 (c) |
|
| 561,835 |
|
| 500,000 |
| New York State Thruway Authority, State Personal Income Tax (Transportation) Series A (RB) 5.00%, 03/15/19 |
|
| 593,595 |
|
| 1,000,000 |
| New York State Thruway Authority, State Personal Income Tax (Transportation) Series A (RB) 5.00%, 03/15/21 |
|
| 1,191,020 |
|
| 525,000 |
| New York State Thruway Authority, State Personal Income Tax (Transportation) Series A (RB) 5.00%, 09/15/18 (c) |
|
| 571,006 |
|
| 500,000 |
| New York State Thruway Authority, State Personal Income Tax (Transportation) Series A (RB) 5.25%, 03/15/19 (c) |
|
| 567,480 |
|
| 500,000 |
| New York State Thruway Authority, State Personal Income Tax (Transportation) Series A (RB) 5.25%, 09/15/17 (c) |
|
| 554,975 |
|
| 1,000,000 |
| New York State Thruway Authority, State Personal Income Tax (Transportation) Series A (RB) 5.25%, 09/15/17 (c) |
|
| 1,100,950 |
|
| 510,000 |
| New York State Urban Development Corp., Service Contract, Series D (RB) 5.50%, 01/01/19 |
|
| 604,222 |
|
| 1,000,000 |
| New York State Urban Development Corp., State Personal Income, Economic Development & Housing, Series A-1 (RB) 5.00%, 12/15/16 |
|
| 1,166,380 |
|
| 500,000 |
| New York State Urban Development Corp., State Personal Income, Series C (RB) 3.00%, 12/15/16 |
|
| 534,255 |
|
| 500,000 |
| New York State Urban Development Corp., State Personal Income, Series C (RB) 5.00%, 12/15/17 |
|
| 592,590 |
|
| 500,000 |
| New York State Urban Development Corp., State Personal Income, Series C (RB) 5.00%, 12/15/18 |
|
| 596,835 |
|
| 500,000 |
| New York State, Series A (GO) 3.00%, 03/01/17 |
|
| 532,180 |
|
| 1,000,000 |
| New York State, Series A (GO) 3.00%, 03/01/19 |
|
| 1,045,560 |
|
| 1,050,000 |
| New York State, Series A (GO) 4.00%, 02/15/21 (c) |
|
| 1,087,044 |
|
See Notes to Financial Statements
48
|
|
|
|
|
|
|
|
|
Principal |
|
|
| Value |
| ||
|
|
|
|
| |||
New York: (continued) |
|
|
|
| |||
$ | 500,000 |
| New York Triborough Bridge and Tunnel Authority, Series D (RB) 5.00%, 11/15/18 (c) |
| $ | 545,095 |
|
| 500,000 |
| Oyster Bay, New York Public Improvement (GO) 3.50%, 08/15/17 (c) |
|
| 512,365 |
|
| 1,000,000 |
| Suffolk County, New York Public Improvement Series A (GO) 4.00%, 05/15/19 (c) |
|
| 1,019,560 |
|
| 1,000,000 |
| Suffolk County, New York Public Improvement Series C (GO) 4.00%, 10/15/19 |
|
| 1,119,010 |
|
| 500,000 |
| Suffolk County, New York Public Improvement Series C (GO) 4.00%, 10/15/19 (c) |
|
| 520,385 |
|
| 3,000,000 |
| Triborough Bridge & Tunnel Authority (RB) 5.00%, 01/01/22 (c) |
|
| 3,414,900 |
|
|
|
|
|
| |||
|
|
|
|
|
| 57,661,058 |
|
|
|
|
|
| |||
North Carolina: 0.2% |
|
|
|
| |||
| 500,000 |
| North Carolina State Capital Improvement Limited Obligation Bonds, Series A (RB) 4.50%, 05/01/20 (c) |
|
| 522,985 |
|
|
|
|
|
| |||
Ohio: 2.2% |
|
|
|
| |||
| 1,000,000 |
| Columbus Ohio Various Purpose, Series A (GO) 5.00%, 07/01/21 (c) |
|
| 1,191,590 |
|
| 250,000 |
| Columbus, Ohio City School District (GO) (AGM) 4.75%, 12/01/16 (c) |
|
| 267,298 |
|
| 450,000 |
| Columbus, Ohio State (GO) 4.25%, 09/01/17 (c) |
|
| 480,352 |
|
| 900,000 |
| Columbus, Ohio State (GO) 5.00%, 12/15/16 (c) |
|
| 1,044,459 |
|
| 1,500,000 |
| Hamilton County, Ohio Sales Tax, Subordinate Series A (RB) (AMBAC) 5.00%, 12/01/16 (c) |
|
| 1,624,110 |
|
| 530,000 |
| Kent State University, Series B (RB) (AGO) 5.00%, 05/01/19 (c) |
|
| 577,997 |
|
| 250,000 |
| Ohio State Major New State Infrastructure Project, Series 2008-1 (RB) 6.00%, 06/15/17 |
|
| 302,722 |
|
| 450,000 |
| Ohio State, Series A (GO) 4.00%, 08/01/18 |
|
| 505,903 |
|
| 500,000 |
| Ohio State, Series C (GO) 4.25%, 08/01/22 |
|
| 553,150 |
|
|
|
|
|
| |||
|
|
|
|
|
| 6,547,581 |
|
|
|
|
|
| |||
Oklahoma: 0.3% |
|
|
|
| |||
| 250,000 |
| Grand River Dam Authority, Series A (RB) (BHAC) 5.00%, 06/01/18 (c) |
|
| 283,470 |
|
| 500,000 |
| Grand River Dam Authority, Series A (RB) (BHAC) 5.00%, 06/01/18 (c) |
|
| 556,440 |
|
|
|
|
|
| |||
|
|
|
|
|
| 839,910 |
|
|
|
|
|
| |||
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 ^ |
|
| 683,260 |
|
| 500,000 |
| Oregon Administrative Services, Oregon State Lottery, Series A (RB) 5.00%, 04/01/19 (c) |
|
| 568,845 |
|
| 750,000 |
| Oregon Administrative Services, Oregon State Lottery, Series A (RB) (AGM) 5.00%, 04/01/17 (c) |
|
| 819,292 |
|
| 1,000,000 |
| Oregon Administrative Services, Oregon State Lottery, Series A (RB) 5.25%, 04/01/19 (c) |
|
| 1,142,780 |
|
| 250,000 |
| Port Portland, Oregon International Airport, Series 19 (RB) 5.25%, 07/01/18 (c) |
|
| 270,533 |
|
| 500,000 |
| Portland, Oregon Community College District (GO) 5.00%, 06/15/19 (c) |
|
| 587,325 |
|
| 475,000 |
| Portland, Oregon Sewer System, Series A (RB) 4.25%, 03/01/20 (c) |
|
| 508,321 |
|
| 575,000 |
| Portland, Oregon Sewer System, Series A (RB) 5.00%, 03/01/20 (c) |
|
| 632,454 |
|
| 675,000 |
| Portland, Oregon Sewer System, Series B (RB) (AGM) 5.00%, 06/15/18 (c) |
|
| 752,449 |
|
|
|
|
|
| |||
|
|
|
|
|
| 5,965,259 |
|
|
|
|
|
| |||
Pennsylvania: 2.9% |
|
|
|
| |||
| 500,000 |
| Allegheny County, Pennsylvania Airport Authority, Series B (RB) (AGM) 5.00%, 01/01/18 (c) |
|
| 524,810 |
|
| 500,000 |
| Allegheny County, Pennsylvania Hospital Development Authority, University of Pittsburgh Medical Center, Series A (RB) 5.00%, 09/01/17 |
|
| 570,875 |
|
| 250,000 |
| Easton, Pennsylvania Area School District (GO) (AGM) (SAW) 7.50%, 04/01/16 (c) |
|
| 299,235 |
|
| 250,000 |
| Pennsylvania Economic Development Financing Authority, Health System, Albert Einstein Healthcare, Series A (RB) 6.25%, 10/15/19 (c) |
|
| 262,098 |
|
| 500,000 |
| Pennsylvania Higher Educational Facilities Authority, Series AM (RB) 4.00%, 06/15/21 (c) |
|
| 511,620 |
|
| 500,000 |
| Pennsylvania State, First Series A (GO) 5.00%, 02/15/19 |
|
| 598,560 |
|
| 250,000 |
| Pennsylvania State, Second Refunding Series (GO) 5.00%, 07/01/19 |
|
| 300,072 |
|
| 500,000 |
| Pennsylvania State, Second Series (GO) 5.00%, 04/15/18 |
|
| 596,010 |
|
| 500,000 |
| Pennsylvania State, Second Series (GO) 5.00%, 01/01/16 (c) |
|
| 550,340 |
|
See Notes to Financial Statements
49
|
INTERMEDIATE MUNICIPAL INDEX ETF |
SCHEDULE OF INVESTMENTS |
(continued) |
|
|
|
|
|
|
|
|
Principal |
|
|
|
| Value |
| |
| |||||||
Pennsylvania: (continued) |
|
|
|
| |||
$ | 1,000,000 |
| Pennsylvania State, Second Series B (GO) 5.00%, 05/01/18 |
| $ | 1,191,930 |
|
| 1,000,000 |
| Philadelphia City, Series A (GO) (AGM) 5.00%, 08/01/17 (c) |
|
| 1,108,670 |
|
| 1,500,000 |
| Philadelphia, Pennsylvania School District, Series C (GO) (SAW) 5.00%, 09/01/17 |
|
| 1,657,560 |
|
| 500,000 |
| Philadelphia, Pennsylvania Water & Wastewater, Series A (RB) (AMBAC) 4.50%, 08/01/17 (c) |
|
| 512,950 |
|
|
|
|
|
| |||
|
|
|
|
|
| 8,684,730 |
|
|
|
|
|
| |||
Puerto Rico: 2.9% |
|
|
|
| |||
| 500,000 |
| Puerto Rico Electric Power Authority, Series ZZ (RB) 5.00%, 07/01/16 |
|
| 544,540 |
|
| 500,000 |
| Puerto Rico Electric Power Authority, Series TT (RB) 5.00%, 07/01/17 |
|
| 547,055 |
|
| 300,000 |
| Puerto Rico Electric Power Authority, Series TT (RB) 5.00%, 07/01/17 (c) |
|
| 315,048 |
|
| 500,000 |
| Puerto Rico Electric Power Authority, Series VV (RB) (FGIC) (NATL) 5.25%, 07/01/24 |
|
| 538,370 |
|
| 1,150,000 |
| Puerto Rico Electric Power Authority, Series VV (RB) (AGM) 5.25%, 07/01/27 |
|
| 1,246,117 |
|
| 1,000,000 |
| Puerto Rico Electric Power Authority, Series ZZ (RB) 5.25%, 07/01/20 (c) |
|
| 1,045,210 |
|
| 500,000 |
| Puerto Rico Highways & Transportation Authority, Series N (RB) 5.50%, 07/01/21 |
|
| 530,340 |
|
| 500,000 |
| Puerto Rico Housing Finance Authority, Capital Fund Modernization Program (RB) 5.13%, 12/01/18 (c) |
|
| 520,900 |
|
| 250,000 |
| Puerto Rico Municipal Finance Agency, Series A (GO) (AGM) 5.00%, 08/01/15 (c) |
|
| 257,110 |
|
| 300,000 |
| Puerto Rico Municipal Finance Agency, Series A (GO) 5.25%, 08/01/15 (c) |
|
| 304,965 |
|
| 1,050,000 |
| Puerto Rico of Commonwealth, Public Improvement, Series A (GO) 5.00%, 07/01/18 (c) |
|
| 1,059,996 |
|
| 500,000 |
| Puerto Rico of Commonwealth, Public Improvement, Series A (GO) (AGM) 5.50%, 07/01/21 (c) |
|
| 534,750 |
|
| 500,000 |
| Puerto Rico Public Buildings Authority, Government Facilities, Series P (RB) (COMWLTH GTD) 5.75%, 07/01/18 |
|
| 549,160 |
|
| 500,000 |
| University of Puerto Rico, Series P (RB) 5.00%, 06/01/16 |
|
| 529,505 |
|
|
|
|
|
| |||
|
|
|
|
|
| 8,523,066 |
|
|
|
|
|
| |||
Rhode Island: 0.6% |
|
|
|
| |||
| 370,000 |
| Rhode Island Economic Development Corp (RB) (AGO) 5.25%, 06/15/19 |
|
| 429,577 |
|
| 955,000 |
| Rhode Island Economic Development Corp., Transportation Department, Series A (RB) (AGO) 5.25%, 06/15/19 (c) |
|
| 1,091,231 |
|
| 250,000 |
| Rhode Island State & Providence Plantations, Consolidated Capital Development Loan, Series C (GO) (NATL) 5.00%, 11/15/16 (c) |
|
| 268,958 |
|
|
|
|
|
| |||
|
|
|
|
|
| 1,789,766 |
|
|
|
|
|
| |||
South Carolina: 1.4% |
|
|
|
| |||
| 1,000,000 |
| Richland County School District No 1/SC (GO) 4.00%, 09/01/21 (c) |
|
| 1,088,980 |
|
| 500,000 |
| Richland County School District No 1/SC (GO) 4.00%, 09/01/21 (c) |
|
| 507,295 |
|
| 500,000 |
| Richland County School District No 1/SC (GO) 5.00%, 09/01/21 (c) |
|
| 573,540 |
|
| 625,000 |
| South Carolina State Economic Development, Series A (GO) 2.00%, 04/01/20 (c) |
|
| 569,531 |
|
| 1,000,000 |
| South Carolina State Economic Development, Series A (GO) 4.00%, 04/01/20 (c) |
|
| 1,112,330 |
|
| 250,000 |
| South Carolina State Public Service Authority, Series B (RB) (NATL) 5.00%, 01/01/16 (c) |
|
| 273,820 |
|
|
|
|
|
| |||
|
|
|
|
|
| 4,125,496 |
|
|
|
|
|
| |||
Tennessee: 0.7% |
|
|
|
| |||
| 500,000 |
| Metropolitan Government of Nashville & Davidson County (GO) 5.00%, 01/01/18 (c) |
|
| 575,570 |
|
| 500,000 |
| Tennessee Energy Acquisition Corp., Series A (RB) 5.25%, 09/01/17 |
|
| 516,415 |
|
| 250,000 |
| Tennessee Energy Acquisition Corp., Series A (RB) 5.25%, 09/01/23 |
|
| 249,110 |
|
| 645,000 |
| Tennessee Energy Acquisition Corp., Series C (RB) 5.00%, 02/01/21 |
|
| 635,112 |
|
|
|
|
|
| |||
|
|
|
|
|
| 1,976,207 |
|
|
|
|
|
| |||
Texas: 5.0% |
|
|
|
| |||
| 250,000 |
| EL Paso, Texas Hospital District, Series A (GO) (AGO) 5.00%, 08/15/18 (c) |
|
| 281,288 |
|
| 1,000,000 |
| Harris County, Texas Permanent Improvement Series A (GO) 5.00%, 10/01/20 (c) |
|
| 1,109,910 |
|
| 750,000 |
| Harris County, Texas Permanent Improvement Series B (GO) 5.00%, 10/01/19 |
|
| 902,910 |
|
See Notes to Financial Statements
50
|
|
|
|
|
|
|
|
|
Principal |
|
|
| Value |
| ||
|
|
|
|
| |||
Texas: (continued) |
|
|
|
| |||
$ | 250,000 |
| Houston, Texas Independent School District (GO) 5.00%, 02/15/17 (c) |
| $ | 282,463 |
|
| 500,000 |
| Houston, Texas Independent School District, Series B (GO) 4.50%, 02/15/17 (c) |
|
| 524,645 |
|
| 1,000,000 |
| Houston, Texas Public Improvement Refunding, Series A (GO) 5.00%, 03/01/19 (c) |
|
| 1,141,950 |
|
| 500,000 |
| Houston, Texas Public Improvement Refunding, Series A (GO) 5.00%, 03/01/19 (c) |
|
| 553,875 |
|
| 250,000 |
| Leander Independent School District (GO) 4.85%, 08/15/16 (c) ^ |
|
| 150,350 |
|
| 425,000 |
| Lewisville Independent School District (GO) 5.00%, 02/15/19 (c) |
|
| 485,898 |
|
| 250,000 |
| North East Independent School District, Series A (GO) 5.00%, 08/01/17 (c) |
|
| 294,512 |
|
| 500,000 |
| North Texas Tollway Authority, System Revenue, Series A (RB) (NATL) 5.13%, 01/01/18 (c) |
|
| 523,470 |
|
| 500,000 |
| North Texas Tollway Authority, System Revenue, Series A (RB) 6.25%, 02/01/20 (c) |
|
| 524,540 |
|
| 750,000 |
| San Antonio, Texas Electric & Gas Systems (RB) 5.00%, 02/01/17 (c) |
|
| 819,592 |
|
| 5,000 |
| San Antonio, Texas Electric & Gas Systems, Junior Lien (RB) 5.00%, 02/01/15 (c) |
|
| 5,649 |
|
| 500,000 |
| San Antonio, Texas Electric & Gas Systems, Series A (RB) 5.25%, 02/01/19 (c) |
|
| 582,290 |
|
| 750,000 |
| San Antonio, Texas Electric & Gas Systems, Series A (RB) 5.25%, 02/01/19 (c) |
|
| 863,325 |
|
| 500,000 |
| San Antonio, Texas Electric & Gas Systems, Series D (RB) 5.00%, 02/01/18 |
|
| 591,815 |
|
| 250,000 |
| Tarrant County, Texas Cultural Educational Facilities Finance Corp., Texas Health Resources (RB) 5.00%, 02/15/17 (c) |
|
| 262,880 |
|
| 500,000 |
| Tarrant Regional Water District (RB) (FGIC) (NATL) 4.45%, 03/01/16 (c) |
|
| 531,920 |
|
| 225,000 |
| Texas Municipal Gas Acquisition & Supply Corp., Gas Supply, Senior Lien Series A (RB) 5.25%, 12/15/18 |
|
| 231,851 |
|
| 500,000 |
| Texas Municipal Gas Acquisition & Supply Corp., Gas Supply, Senior Lien Series A (RB) 5.25%, 12/15/19 |
|
| 505,900 |
|
| 500,000 |
| Texas Public Finance Authority (GO) 5.00%, 10/01/21 (c) |
|
| 569,075 |
|
| 250,000 |
| Texas State University System Financing (RB) 5.25%, 03/15/18 (c) |
|
| 281,138 |
|
| 500,000 |
| Texas Transportation Commission, Mobility Fund, Series A (GO) 5.00%, 04/01/17 (c) |
|
| 551,955 |
|
| 250,000 |
| Texas Transportation Commission, State Highway Fund, First Tier (RB) 5.00%, 04/01/17 (c) |
|
| 283,610 |
|
| 250,000 |
| Texas Transportation Commission, State Highway Fund, First Tier, Series A (RB) 5.00%, 04/01/16 (c) |
|
| 285,945 |
|
| 500,000 |
| Texas Water Development Board, Subordinate Lien, Series B (RB) 5.00%, 07/15/17 (c) |
|
| 581,000 |
|
| 500,000 |
| University of Texas, Revenue Financing System, Series A (RB) 5.00%, 02/15/20 (c) |
|
| 576,405 |
|
| 500,000 |
| University of Texas, Revenue Financing System, Series A (RB) 5.25%, 08/15/18 (c) |
|
| 570,540 |
|
|
|
|
|
| |||
|
|
|
|
|
| 14,870,701 |
|
|
|
|
|
| |||
Utah: 0.4% |
|
|
|
| |||
| 500,000 |
| Utah State, Series A (GO) 5.00%, 07/01/21 (c) |
|
| 594,395 |
|
| 500,000 |
| Utah State, Series A (GO) 5.00%, 07/01/21 (c) |
|
| 588,820 |
|
| 250,000 |
| Utah Transportation Authority Sales Tax Revenue, Series A (RB) (NATL) 5.54%, 06/15/17 (c) ^ |
|
| 164,293 |
|
|
|
|
|
| |||
|
|
|
|
|
| 1,347,508 |
|
|
|
|
|
| |||
Virginia: 1.1% |
|
|
|
| |||
| 500,000 |
| Virginia College Building Authority, 21st Century College & Equipment Programs Educational Facilities, Series A (RB) 5.00%, 02/01/19 |
|
| 599,560 |
|
| 500,000 |
| Virginia Commonwealth Transportation Board (RB) 4.00%, 05/15/21 (c) |
|
| 510,340 |
|
| 250,000 |
| Virginia Resources Authority Clean Water Revolving Fund (RB) 5.00%, 10/01/17 (c) |
|
| 295,127 |
|
| 500,000 |
| Virginia State Public Building Authority, Public Facilities, Series B (RB) 4.50%, 08/01/16 (c) |
|
| 525,680 |
|
| 200,000 |
| Virginia State Public Building Authority, Public Facilities, Series B (RB) 5.00%, 08/01/19 (c) |
|
| 228,938 |
|
| 250,000 |
| Virginia State Public Building Authority, Public Facilities, Series B (RB) 5.00%, 08/01/19 (c) |
|
| 283,942 |
|
| 500,000 |
| Virginia State Public Building Authority, School Financing, Series B (RB) (AGM) 4.50%, 08/01/16 (c) |
|
| 525,455 |
|
See Notes to Financial Statements
51
|
INTERMEDIATE MUNICIPAL INDEX ETF |
SCHEDULE OF INVESTMENTS |
(continued) |
|
|
|
|
|
|
|
|
Principal |
|
|
| Value |
| ||
| |||||||
Virginia: (continued) |
|
|
|
| |||
$ | 230,000 |
| Virginia State Public Building Authority, School Financing, Series B (RB) (SAW) 5.00%, 08/01/19 (c) |
| $ | 269,719 |
|
|
|
|
|
| |||
|
|
|
|
|
| 3,238,761 |
|
|
|
|
|
| |||
Washington: 4.1% |
|
|
|
| |||
| 350,000 |
| King County Washington Bellevue School District No. 401 (GO) (SBG) 4.38%, 06/01/21 (c) |
|
| 376,502 |
|
| 400,000 |
| King County Washington Highline School District No. 401 (GO) (AGM) (SBG) 5.25%, 12/01/16 (c) |
|
| 444,476 |
|
| 250,000 |
| King County Washington Highline School District No. 411 (GO) (AGM) (SBG) 5.00%, 06/01/17 (c) |
|
| 284,285 |
|
| 500,000 |
| King County, Washington Public Hospital District No. 1, Series A (GO) (AGO) 5.25%, 06/01/18 (c) |
|
| 558,155 |
|
| 1,000,000 |
| Northwest Washington, Columbia Generating Electric Station, Series A (RB) 5.00%, 07/01/21 |
|
| 1,194,410 |
|
| 250,000 |
| Port Seattle, Washington, Series A (RB) (AMBAC) 5.00%, 10/01/16 (c) |
|
| 280,555 |
|
| 500,000 |
| State of Washington (GO) 5.00%, 07/01/20 |
|
| 598,510 |
|
| 500,000 |
| University of Washington General Revenue (RB) 5.00%, 04/01/21 (c) |
|
| 568,705 |
|
| 1,000,000 |
| University of Washington General Revenue (RB) 5.00%, 04/01/21 (c) |
|
| 1,127,910 |
|
| 500,000 |
| Washington State Motor Vehicle Fuel Tax, Series B (GO) (AGM) 5.00%, 07/01/16 (c) |
|
| 562,865 |
|
| 500,000 |
| Washington State Motor Vehicle Fuel Tax, Series B (GO) (AMBAC) 5.00%, 07/01/17 (c) |
|
| 564,180 |
|
| 500,000 |
| Washington State Motor Vehicle Fuel Tax, Series B (GO) (AGM) 5.00%, 07/01/16 (c) |
|
| 548,425 |
|
| 1,000,000 |
| Washington State Various Purpose, Series C (GO) 5.00%, 01/01/18 (c) |
|
| 1,132,740 |
|
| 200,000 |
| Washington State, Series A (GO) (AMBAC) 5.00%, 01/01/17 (c) |
|
| 221,608 |
|
| 500,000 |
| Washington State, Various Purpose, Series A (GO) (AMBAC) 5.00%, 01/01/17 (c) |
|
| 566,630 |
|
| 500,000 |
| Washington State, Various Purpose, Series A (GO) 5.00%, 01/01/19 (c) |
|
| 590,460 |
|
| 1,000,000 |
| Washington State, Various Purpose, Series A (GO) 5.00%, 01/01/21 (c) |
|
| 1,135,960 |
|
| 500,000 |
| Washington State, Various Purpose, Series A (GO) 5.00%, 07/01/18 (c) |
|
| 566,405 |
|
| 250,000 |
| Washington State, Various Purpose, Series C (GO) 5.00%, 02/01/17 |
|
| 292,590 |
|
| 500,000 |
| Washington State, Various Purpose, Series C (GO) 5.00%, 01/01/18 (c) |
|
| 561,835 |
|
|
|
|
|
| |||
|
|
|
|
|
| 12,177,206 |
|
|
|
|
|
| |||
West Virginia: 0.4% |
|
|
|
| |||
| 225,000 |
| West Virginia Hospital Finance Authority, Charleston Area Medical Center, Hospital Revenue & Improvement, Series A (RB) 5.13%, 09/01/19 (c) |
|
| 234,027 |
|
| 500,000 |
| West Virginia Hospital Finance Authority, Charleston Area Medical Center, Hospital Revenue & Improvement, Series A (RB) 5.50%, 09/01/14 (c) |
|
| 510,045 |
|
| 500,000 |
| West Virginia, School Building Authority, Excess Lottery, Series A (RB) 5.00%, 07/01/18 (c) |
|
| 537,125 |
|
|
|
|
|
| |||
|
|
|
|
|
| 1,281,197 |
|
|
|
|
|
| |||
Wisconsin: 0.5% |
|
|
|
| |||
| 250,000 |
| Wisconsin State Health & Educational Facilities Authority, Wheaton Franciscan Health Care System (RB) 5.25%, 08/15/16 (c) |
|
| 264,360 |
|
| 25,000 |
| Wisconsin State Transportation, Series A (RB) (AGM) 5.25%, 07/01/16 |
|
| 29,266 |
|
| 775,000 |
| Wisconsin State, General Annual Appropriation, Series A (RB) 5.00%, 05/01/19 |
|
| 908,974 |
|
| 250,000 |
| Wisconsin State, Series C (GO) 5.00%, 05/01/18 (c) |
|
| 282,453 |
|
|
|
|
|
| |||
|
|
|
|
|
| 1,485,053 |
|
|
|
|
|
| |||
Total Municipal Bonds |
|
|
|
| |||
(Cost: $284,547,058) |
|
| 293,680,065 |
| |||
|
| ||||||
|
|
|
|
|
|
|
|
Number of |
|
|
|
|
|
| |
|
|
|
|
|
| ||
MONEY MARKET FUND: 0.0% |
|
|
|
| |||
(Cost: $98,566) |
|
|
|
| |||
| 98,566 |
| Dreyfus Tax Exempt Cash Management Fund - Class B Shares |
|
| 98,566 |
|
|
|
|
|
| |||
Total Investments: 98.8% |
|
|
|
| |||
(Cost: $284,645,624) |
|
| 293,778,631 |
| |||
Other assets less liabilities: 1.2% |
|
| 3,434,935 |
| |||
|
| ||||||
NET ASSETS: 100.0% |
| $ | 297,213,566 |
| |||
|
| ||||||
See Notes to Financial Statements
52
|
|
|
AGM | Assured Guaranty Municipal Corp. |
AGO | Assured Guaranty Ltd. |
AMBAC | American Municipal Bond Assurance Corp. |
BHAC | Berkshire Hathaway Assurance Corp. |
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. |
(c) | Callable Security - the redemption date shown is when the security may be redeemed by the issuer |
(p) | Puttable Security - the redemption date shown is when the security may be redeemed by the investor |
^ | Zero Coupon Bond - the rate shown is the effective yield at purchase date |
|
|
|
|
|
|
|
|
|
|
Summary of Investments By Sector (unaudited) |
| % of Investments |
| Value |
| ||||
|
|
| |||||||
Airport |
|
|
| 2.7 | % |
| $ | 7,781,417 |
|
Bond Bank |
|
|
| 0.6 |
|
|
| 1,701,595 |
|
Development |
|
|
| 1.6 |
|
|
| 4,821,451 |
|
Education |
|
|
| 5.8 |
|
|
| 16,897,177 |
|
Facilities |
|
|
| 7.4 |
|
|
| 21,573,857 |
|
General Obligation |
|
|
| 33.2 |
|
|
| 97,510,632 |
|
Higher Education |
|
|
| 6.5 |
|
|
| 19,079,508 |
|
Medical |
|
|
| 3.1 |
|
|
| 9,212,823 |
|
Multi Family Housing |
|
|
| 0.2 |
|
|
| 520,900 |
|
Pollution |
|
|
| 0.6 |
|
|
| 1,889,273 |
|
Power |
|
|
| 6.1 |
|
|
| 17,903,575 |
|
School District |
|
|
| 7.7 |
|
|
| 22,672,598 |
|
Single Family Housing |
|
|
| 0.3 |
|
|
| 971,214 |
|
Student Loan |
|
|
| 0.5 |
|
|
| 1,506,762 |
|
Tobacco Settlement |
|
|
| 0.7 |
|
|
| 1,941,431 |
|
Transportation |
|
|
| 12.0 |
|
|
| 35,308,472 |
|
Utilities |
|
|
| 2.9 |
|
|
| 8,549,816 |
|
Water |
|
|
| 8.1 |
|
|
| 23,837,564 |
|
Money Market Fund |
|
|
| 0.0 |
|
|
| 98,566 |
|
|
|
|
|
|
|
| |||
|
|
|
| 100.0 | % |
| $ | 293,778,631 |
|
|
|
|
|
|
|
| |||
The summary of inputs used to value the Fund’s investments as of October 31, 2011 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Level 1 |
| Level 2 |
| Level 3 |
| Value |
| ||||||||||
|
|
|
|
| |||||||||||||||
Municipal Bonds* |
|
| $ | — |
|
|
| $ | 293,680,065 |
|
|
| $ | — |
|
| $ | 293,680,065 |
|
Money Market Fund |
|
|
| 98,566 |
|
|
|
| — |
|
|
|
| — |
|
|
| 98,566 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total |
|
| $ | 98,566 |
|
|
| $ | 293,680,065 |
|
|
| $ | — |
|
| $ | 293,778,631 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
* | See Schedule of Investments for security type and geographic sector breakouts. |
See Notes to Financial Statements
53
|
SCHEDULE OF INVESTMENTS |
October 31, 2011 (unaudited) |
|
|
|
|
|
|
|
|
Principal |
|
|
| Value |
| ||
| |||||||
MUNICIPAL BONDS: 99.2% |
|
|
|
| |||
Alabama: 0.9% |
|
|
|
| |||
$ | 500,000 |
| Birmingham, Alabama Capital Improvement and Refunding, Series A (GO) (AMBAC) 4.50%, 12/01/16 (c) |
| $ | 503,820 |
|
|
|
|
|
| |||
Alaska: 0.4% |
|
|
|
| |||
| 225,000 |
| Alaska State Housing Corp. Home Mortgage, Series A (RB) 5.00%, 12/01/18 (c) |
|
| 229,871 |
|
|
|
|
|
| |||
Arizona: 2.5% |
|
|
|
| |||
| 250,000 |
| Arizona Health Facilities Authority, Series D (RB) 5.50%, 01/01/18 (c) |
|
| 259,355 |
|
| 250,000 |
| Mesa, Arizona Industrial Development Authority, Clark County Detention Facility Project (RB) 5.00%, 03/01/18 (c) |
|
| 250,250 |
|
| 250,000 |
| Mesa, Arizona Utility System, Second Series (RB) (FGIC) (NATL) 4.50%, 07/01/17 (c) |
|
| 256,903 |
|
| 250,000 |
| Salt Verde Financial Corp. (RB) 5.00%, 12/01/32 |
|
| 230,983 |
|
| 500,000 |
| Salt Verde Financial Corp. (RB) 5.00%, 12/01/37 |
|
| 453,380 |
|
|
|
|
|
| |||
|
|
|
|
|
| 1,450,871 |
|
|
|
|
|
| |||
California: 15.7% |
|
|
|
| |||
| 500,000 |
| Anaheim, California Public Financing Authority, Electricity Distribution Facilities (RB) (NATL) 4.50%, 04/01/17 (c) |
|
| 504,285 |
|
| 500,000 |
| Antelope Valley-East Kern Water Agency, Series A-1 (CP) (FGIC) (NATL) 4.38%, 06/01/17 (c) |
|
| 470,980 |
|
| 1,000,000 |
| California State (GO) 4.50%, 02/01/17 (c) |
|
| 978,860 |
|
| 250,000 |
| California State (GO) 4.88%, 12/01/17 (c) |
|
| 251,100 |
|
| 500,000 |
| California State University Systemwide, Series A (RB) (AGM) 5.00%, 05/01/18 (c) |
|
| 511,680 |
|
| 500,000 |
| California State Various Purpose (GO) 5.00%, 09/01/21 (c) |
|
| 516,040 |
|
| 500,000 |
| California State Various Purpose (GO) 5.00%, 06/01/17 (c) |
|
| 501,425 |
|
| 500,000 |
| California State Various Purpose (GO) 5.50%, 11/01/19 (c) |
|
| 526,400 |
|
| 375,000 |
| California State Various Purpose (GO) 5.75%, 04/01/19 (c) |
|
| 411,172 |
|
| 255,000 |
| Chabot-Los Positas, California Community College District, Series B (GO) (AMBAC) 5.00%, 08/01/16 (c) |
|
| 260,375 |
|
| 250,000 |
| Desert Community College District, Election of 2004, Series C (GO) (AGM) 5.00%, 08/01/17 (c) |
|
| 255,868 |
|
| 250,000 |
| Eastern Municipal Water District, California Water & Sewer, Series H (CP) 5.00%, 07/01/18 (c) |
|
| 258,420 |
|
| 250,000 |
| Grossmont-Cuyamaca, California Community College District, Election 2002, Series C (GO) (AGO) 5.79%, 08/01/30 ^ |
|
| 80,520 |
|
| 1,000,000 |
| Kern Community College, Safety, Repair & Improvement District (GO) (AGM) 6.19%, 11/01/30 ^ |
|
| 310,110 |
|
| 250,000 |
| Los Angeles, California Community College District, Election of 2001, Series A (GO) (FGIC) (NATL) 5.00%, 08/01/17 (c) |
|
| 260,617 |
|
| 250,000 |
| Los Angeles, California Community College District, Election of 2001, Series E-1 (GO) 5.00%, 08/01/18 (c) |
|
| 261,475 |
|
| 500,000 |
| Los Angeles, California Unified School District, Series B (GO) (AMBAC) 4.50%, 07/01/17 (c) |
|
| 503,450 |
|
| 350,000 |
| Los Angeles, California Wastewater System, Series A (RB) 5.00%, 06/01/20 (c) |
|
| 379,155 |
|
| 500,000 |
| M-S-R Energy Authority, Series C (RB) 6.50%, 11/01/39 |
|
| 568,655 |
|
| 250,000 |
| Sacramento, California Sanitation District Financing Authority (RB) (FGIC) (NATL) 5.00%, 06/01/16 (c) |
|
| 258,662 |
|
| 250,000 |
| San Francisco, California Bay Area Rapid Transportation District, Series A (RB) (NATL) 5.00%, 07/01/15 (c) |
|
| 258,595 |
|
| 250,000 |
| Santa Clara Valley, California Water Distribution, Series A (CP) (NATL) 5.00%, 06/01/17 (c) |
|
| 258,587 |
|
| 250,000 |
| Ventura County, California Community College District, Election 2002, Series B (GO) (NATL) 5.00%, 08/01/15 (c) |
|
| 264,752 |
|
| 250,000 |
| West Valley Mission Community College District, Election 2004, Series A (GO) (AGM) 5.00%, 08/01/16 (c) |
|
| 259,925 |
|
| 250,000 |
| William S. Hart, California High School District, Election 2001, Series B (GO) (AGM) 6.38%, 09/01/28 ^ |
|
| 90,430 |
|
|
|
|
|
| |||
|
|
|
|
|
| 9,201,538 |
|
|
|
|
|
| |||
Colorado: 2.1% |
|
|
|
| |||
| 250,000 |
| Adams County, Colorado FHA Insured Mortgage-Platte Valley Medical Center (RB) (FHA) (NATL) 5.00%, 08/01/15 (c) |
|
| 250,573 |
|
| 1,000,000 |
| Colorado Health Facilities Authority, Sister of Charity of Leavenworth Health System, Series A (RB) 5.00%, 01/01/20 (c) |
|
| 985,070 |
|
|
|
|
|
| |||
|
|
|
|
|
| 1,235,643 |
|
|
|
|
|
| |||
See Notes to Financial Statements
54
|
|
|
|
|
|
|
|
|
Principal |
|
|
| Value |
| ||
| |||||||
District of Columbia: 3.0% |
|
|
|
| |||
$ | 750,000 |
| District of Columbia, Children’s Hospital Obligated Group (RB) (AGM) 5.25%, 07/15/18 (c) |
| $ | 757,950 |
|
| 500,000 |
| District of Columbia, National Public Radio, Inc. Issue (RB) 5.00%, 04/01/20 (c) |
|
| 526,270 |
|
| 500,000 |
| District of Columbia, Series A (GO) (FGIC) (NATL) 4.50%, 06/01/17 (c) |
|
| 492,510 |
|
|
|
|
|
| |||
|
|
|
|
|
| 1,776,730 |
|
|
|
|
|
| |||
Florida: 8.3% |
|
|
|
| |||
| 500,000 |
| Broward County, Florida Educational Facilities Authority, Nova Southeastern University Project (RB) (AGO) 5.00%, 04/01/16 (c) |
|
| 510,080 |
|
| 500,000 |
| Collier County, Florida, Industrial Development Authority (RB) 6.25%, 04/01/21 (c) |
|
| 523,120 |
|
| 250,000 |
| Jacksonville, Florida Better Jacksonville Sales Tax Revenue (RB) 5.00%, 10/01/18 (c) |
|
| 255,555 |
|
| 250,000 |
| Miami-Dade County, Florida Building Better Communities Program, Series A (GO) (AGO) 5.00%, 07/01/18 (c) |
|
| 262,242 |
|
| 250,000 |
| Miami-Dade County, Florida Expressway Authority (RB) (AMBAC) 5.00%, 07/01/16 (c) |
|
| 251,843 |
|
| 500,000 |
| Miami-Dade County, Florida Miami International Airport, Series B (RB) (AGM) 5.00%, 10/01/18 (c) |
|
| 504,340 |
|
| 250,000 |
| Miami-Dade County, Florida School Board, Series A (CP) (FGIC) (NATL) 5.00%, 05/01/17 (c) |
|
| 252,750 |
|
| 350,000 |
| Palm Beach County, Florida Public Improvement (RB) 5.00%, 05/01/18 (c) |
|
| 367,192 |
|
| 900,000 |
| Palm Beach County, Florida Public Improvement, Series 2 (RB) 5.38%, 11/01/18 (c) |
|
| 995,076 |
|
| 500,000 |
| South Miami Health Facilities Authority (RB) 5.00%, 08/15/17 (c) |
|
| 502,455 |
|
| 250,000 |
| University of Central Florida Convocation Corp., Series A (CP) (FGIC) (NATL) 5.00%, 10/01/15 (c) |
|
| 226,388 |
|
| 250,000 |
| University of Northern Florida Financing Corp. (RB) (FGIC) (NATL) 5.00%, 11/01/17 (c) |
|
| 258,095 |
|
|
|
|
|
| |||
|
|
|
|
|
| 4,909,136 |
|
|
|
|
|
| |||
Georgia: 3.3% |
|
|
|
| |||
| 500,000 |
| Carroll City-County Hospital Authority (RB) 4.25%, 07/01/20 (c) |
|
| 480,030 |
|
| 375,000 |
| Columbus Medical Center Hospital Authority, Regional Healthcare System (RB) (AGM) 5.00%, 08/01/20 (c) |
|
| 379,207 |
|
| 500,000 |
| Gainesville City & Hall County, Georgia Hospital Authority, Northeast Georgia Health System, Inc. Project, Series A (RB) 5.25%, 02/15/15 (c) |
|
| 496,065 |
|
| 325,000 |
| Gainesville City & Hall County, Georgia Hospital Authority, Northeast Georgia Health System, Inc. Project, Series A (RB) 5.50%, 02/15/20 (c) |
|
| 326,687 |
|
| 250,000 |
| Gainesville City & Hall County, Georgia Hospital Authority, Northeast Georgia Health System, Inc. Project, Series B (RB) 5.25%, 02/15/20 (c) |
|
| 252,825 |
|
|
|
|
|
| |||
|
|
|
|
|
| 1,934,814 |
|
|
|
|
|
| |||
Hawaii: 1.8% |
|
|
|
| |||
| 1,000,000 |
| State of Hawaii, Department of Budget and Finance (RB) 6.50%, 07/01/19 (c) |
|
| 1,068,830 |
|
|
|
|
|
| |||
Illinois: 4.4% |
|
|
|
| |||
| 500,000 |
| Chicago, Illinois Project and Refunding, Series C (GO) (NATL) 5.00%, 01/01/18 (c) |
|
| 505,780 |
|
| 500,000 |
| Illinois Finance Authority, Chicago University (RB) 5.00%, 07/01/17 (c) |
|
| 518,155 |
|
| 750,000 |
| Illinois Finance Authority, Chicago University Medical Center, Series C (RB) 5.50%, 02/15/21 (c) |
|
| 789,472 |
|
| 500,000 |
| Illinois Finance Authority, OSF Healthcare System, Series A (RB) 5.75%, 11/15/17 (c) |
|
| 506,845 |
|
| 250,000 |
| Illinois Finance Authority, OSF Healthcare System, Series A (RB) 5.75%, 11/15/17 (c) |
|
| 252,783 |
|
|
|
|
|
| |||
|
|
|
|
|
| 2,573,035 |
|
|
|
|
|
| |||
Indiana: 3.6% |
|
|
|
| |||
| 275,000 |
| Indiana Finance Authority, Educational Facilities, Marian University Project (RB) 6.38%, 09/15/21 (c) |
|
| 276,471 |
|
| 500,000 |
| Indiana Finance Authority, King’s Daughters’ Hospital & Health Services (RB) 5.50%, 08/15/20 (c) |
|
| 460,125 |
|
| 250,000 |
| Indiana Health & Educational Facility Financing Authority, Senior Series B-5 (RB) 5.00%, 11/15/16 (c) |
|
| 253,883 |
|
| 350,000 |
| Indiana Health & Educational Facility Financing Authority, Series A (RB) 5.00%, 11/15/16 (c) |
|
| 354,025 |
|
See Notes to Financial Statements
55
|
LONG MUNICIPAL INDEX ETF |
SCHEDULE OF INVESTMENTS |
(continued) |
|
|
|
|
|
|
|
|
Principal |
|
|
| Value |
| ||
|
|
|
|
|
|
|
|
Indiana: (continued) |
|
|
|
| |||
$ | 700,000 |
| Indianapolis Local Public Improvement, Waterworks Project, Series A (RB) (AGO) 5.50%, 01/01/19 (c) |
| $ | 752,150 |
|
|
|
|
|
| |||
|
|
|
|
|
| 2,096,654 |
|
|
|
|
|
| |||
Kansas: 0.5% |
|
|
|
| |||
| 250,000 |
| Kansas State Development Finance Authority, Hospital Revenue- Adventist Health System/Sunbelt Obligated Group, Series C (RB) 5.75%, 11/15/14 (c) |
|
| 271,042 |
|
|
|
|
|
| |||
Kentucky: 2.3% |
|
|
|
| |||
| 1,000,000 |
| Kentucky Economic Development Finance Authority Hospital, Baptist Healthcare System Obligated, Series A (RB) 5.38%, 08/15/18 (c) |
|
| 1,110,890 |
|
| 250,000 |
| Louisville & Jefferson County, Kentucky Metro Government Health, Jewish Hospital & Saint Mary’s Health Care (RB) 6.13%, 02/01/18 (c) |
|
| 258,273 |
|
|
|
|
|
| |||
|
|
|
|
|
| 1,369,163 |
|
|
|
|
|
| |||
Louisiana: 1.5% |
|
|
|
| |||
| 250,000 |
| Louisiana Public Facilities Authority, 19th Judicial District Court (RB) (FGIC) (NATL) 5.38%, 06/01/17 (c) |
|
| 261,552 |
|
| 400,000 |
| Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project, Series A (RB) 5.25%, 05/15/17 (c) |
|
| 376,560 |
|
| 250,000 |
| Saint John, Louisiana Marathon Oil Corp. Project, Series A (RB) 5.13%, 06/01/17 (c) |
|
| 244,930 |
|
|
|
|
|
| |||
|
|
|
|
|
| 883,042 |
|
|
|
|
|
| |||
Maryland: 0.9% |
|
|
|
| |||
| 500,000 |
| Maryland State Health & Higher Educational Facilities Authority, Johns Hopkins University, Series A (RB) 5.25%, 07/01/18 (c) |
|
| 544,125 |
|
|
|
|
|
| |||
Massachusetts: 3.9% |
|
|
|
| |||
| 250,000 |
| Massachusetts Development Finance Agency, Boston College Issue, Series P (RB) 5.00%, 07/01/17 (c) |
|
| 259,970 |
|
| 750,000 |
| Massachusetts Development Finance Agency, Harvard University Issue, Series B (RB) 5.25%, 02/01/21 (c) |
|
| 847,800 |
|
| 150,000 |
| Massachusetts State Consolidated Loan, Series B (GO) 5.00%, 07/01/19 (c) |
|
| 169,734 |
|
| 500,000 |
| Massachusetts State Water Resource Authority, Series A (RB) (AGM) 4.50%, 02/01/17 (c) |
|
| 506,730 |
|
| 500,000 |
| Metropolitan Boston Transit Parking Corp., Systemwide Senior Lien Parking (RB) 5.25%, 07/01/21 (c) |
|
| 527,485 |
|
|
|
|
|
| |||
|
|
|
|
|
| 2,311,719 |
|
|
|
|
|
| |||
Michigan: 1.5% |
|
|
|
| |||
| 250,000 |
| Detroit, Michigan Water Supply System, Senior Lien, Series C (RB) (AGM) 5.00%, 07/01/16 (c) |
|
| 248,348 |
|
| 500,000 |
| Lansing, Michigan Board of Water & Light, Utility System, Series A (RB) 5.00%, 07/01/21 (c) |
|
| 530,245 |
|
| 250,000 |
| Michigan State Building Authority, Series IA (RB) (FGIC) (NATL) 5.15%, 10/15/16 (c) ^ |
|
| 103,008 |
|
|
|
|
|
| |||
|
|
|
|
|
| 881,601 |
|
|
|
|
|
| |||
Missouri: 1.2% |
|
|
|
| |||
| 250,000 |
| Missouri State Health & Educational Facilities, Series A (RB) 5.00%, 06/01/18 (c) |
|
| 255,898 |
|
| 460,000 |
| Missouri State Health & Educational Facilities, Series A (RB) 5.50%, 11/15/18 (c) |
|
| 475,691 |
|
|
|
|
|
| |||
|
|
|
|
|
| 731,589 |
|
|
|
|
|
| |||
Montana: 0.9% |
|
|
|
| |||
| 500,000 |
| Montana Facility Finance Authority, Sisters of Charity of Leavenworth Health System (RB) 4.75%, 01/01/20 (c) |
|
| 503,670 |
|
|
|
|
|
| |||
New Jersey: 2.8% |
|
|
|
| |||
| 500,000 |
| New Jersey Economic Development Authority - School Facilities, Series U (RB) (AMBAC) 5.00%, 09/01/17 (c) |
|
| 513,690 |
|
| 915,000 |
| New Jersey State Transportation Trust Fund Authority, Series A (RB) 5.90%, 12/15/28 ^ |
|
| 356,704 |
|
| 1,000,000 |
| New Jersey State Transportation Trust Fund Authority, Series A (RB) 5.88%, 12/15/33 ^ |
|
| 273,420 |
|
| 500,000 |
| New Jersey State Transportation Trust Fund Authority, Series A (RB) (AGO) 5.50%, 12/15/18 (c) |
|
| 532,640 |
|
|
|
|
|
| |||
|
|
|
|
|
| 1,676,454 |
|
|
|
|
|
| |||
New York: 12.5% |
|
|
|
| |||
| 125,000 |
| Hudson Yards Infrastructure Corp. New York, Series A (RB) 5.00%, 02/15/17 (c) |
|
| 123,966 |
|
| 250,000 |
| Metropolitan Transportation Authority, New York Dedicated Tax Fund, Series B (RB) 5.00%, 11/15/19 (c) |
|
| 263,340 |
|
| 250,000 |
| New York City Industrial Development Agency - Yankee Stadium (RB) (NATL) 5.00%, 09/01/16 (c) |
|
| 246,178 |
|
See Notes to Financial Statements
56
|
|
|
|
|
|
|
|
|
Principal |
|
|
| Value |
| ||
|
|
|
|
| |||
New York: (continued) |
|
|
|
| |||
$ | 500,000 |
| New York City Municipal Water Finance Authority (RB) 5.00%, 06/15/20 (c) |
| $ | 540,280 |
|
| 500,000 |
| New York City Municipal Water Finance Authority, Water & Sewer System, Series DD (RB) 4.50%, 06/15/18 (c) |
|
| 515,560 |
|
| 250,000 |
| New York City Refunding, Series G (GO) 5.00%, 12/01/14 (c) |
|
| 259,660 |
|
| 250,000 |
| New York City Transitional Finance Authority, Building Aid Revenue, Series S-1 (RB) (SAW) 4.50%, 01/15/18 (c) |
|
| 247,328 |
|
| 500,000 |
| New York City Transitional Finance Authority, Future Tax Secured Series D-1 (RB) 5.13%, 02/01/21 (c) |
|
| 539,870 |
|
| 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 (c) |
|
| 756,187 |
|
| 500,000 |
| New York Liberty Development Corp., Bank of America Tower at One Bryant Park Project, Second Priority Liberty (RB) 6.38%, 01/15/20 (c) |
|
| 518,495 |
|
| 500,000 |
| New York Liberty Development Corp., Goldman Sachs Headquarters (RB) 5.25%, 10/01/35 |
|
| 510,270 |
|
| 500,000 |
| New York State Dormitory Authority, Columbia University, Series A (RB) 5.00%, 07/01/18 (c) |
|
| 542,030 |
|
| 250,000 |
| New York State Dormitory Authority, FIT Student Housing Corp. (RB) (FGIC) (NATL) 5.25%, 07/01/29 |
|
| 253,440 |
|
| 250,000 |
| New York State Dormitory Authority, Non State Supported Debt, Hudson Valley Hospital Center (RB) (AGM) (FHA) 5.00%, 08/15/17 (c) |
|
| 257,828 |
|
| 500,000 |
| New York State Dormitory Authority, State Personal Income Tax, Series D (RB) 5.00%, 09/15/16 (c) |
|
| 527,775 |
|
| 795,000 |
| Port Authority of New York & New Jersey, Series 163 (RB) 4.25%, 07/15/20 (c) |
|
| 770,586 |
|
| 500,000 |
| Troy, New York Capital Resource Corp., Rensselaer Polytechnic Institute Project, Series A (RB) 5.13%, 09/01/20 (c) |
|
| 498,840 |
|
|
|
|
|
| |||
|
|
|
|
|
| 7,371,633 |
|
|
|
|
|
| |||
North Carolina: 1.1% |
|
|
|
| |||
| 250,000 |
| Charlotte, North Carolina NASCAR Hall of Fame Facilities, Series C (CP) 5.00%, 06/01/19 (c) |
|
| 259,405 |
|
| 250,000 |
| Charlotte, North Carolina Water & Sewer System, Series A (RB) 5.00%, 07/01/16 (c) |
|
| 266,652 |
|
| 100,000 |
| Lafayette, Louisiana Utilities Revenue (RB) 4.75%, 11/01/20 (c) |
|
| 102,576 |
|
|
|
|
|
| |||
|
|
|
|
|
| 628,633 |
|
|
|
|
|
| |||
Ohio: 1.2% |
|
|
|
| |||
| 750,000 |
| Butler County, Ohio Hospital Facilities (RB) 5.50%, 11/01/20 (c) |
|
| 728,842 |
|
|
|
|
|
| |||
Oklahoma: 1.3% |
|
|
|
| |||
| 250,000 |
| Oklahoma Development Finance Authority, St. John Health System (RB) 5.00%, 02/15/17 (c) |
|
| 251,248 |
|
| 500,000 |
| Tulsa County, Oklahoma Industrial Authority, St. Francis Health System (RB) 4.60%, 12/15/16 (c) |
|
| 501,335 |
|
|
|
|
|
| |||
|
|
|
|
|
| 752,583 |
|
|
|
|
|
| |||
Oregon: 0.7% |
|
|
|
| |||
| 800,000 |
| Marion & Polk Counties, Oregon Salem-Keizer School District No.24, Series B (GO) (SBG) 4.82%, 06/15/28 ^ |
|
| 390,056 |
|
|
|
|
|
| |||
Pennsylvania: 1.8% |
|
|
|
| |||
| 325,000 |
| Delaware River Port Authority, Series D (RB) 5.00%, 01/01/20 (c) |
|
| 329,764 |
|
| 250,000 |
| Pennsylvania State Higher Education (RB) (NATL) 4.50%, 04/01/16 (c) |
|
| 248,525 |
|
| 250,000 |
| Pennsylvania State Turnpike Commission, Sub-Series A (RB) (AGO) 5.00%, 06/01/19 (c) |
|
| 256,810 |
|
| 250,000 |
| Pennsylvania State Turnpike Commission, Sub-Series B (RB) 5.25%, 06/01/19 (c) |
|
| 255,950 |
|
|
|
|
|
| |||
|
|
|
|
|
| 1,091,049 |
|
|
|
|
|
| |||
Puerto Rico: 0.5% |
|
|
|
| |||
| 250,000 |
| Puerto Rico Commonwealth Infrastructure Financing Authority, Series A (RB) (AMBAC) 6.93%, 07/01/43 ^ |
|
| 27,203 |
|
| 250,000 |
| Puerto Rico Electric Power Authority, Series VV (RB) (NATL) 5.25%, 07/01/29 |
|
| 259,645 |
|
|
|
|
|
| |||
|
|
|
|
|
| 286,848 |
|
|
|
|
|
| |||
South Carolina: 1.3% |
|
|
|
| |||
| 250,000 |
| Kershaw County, South Carolina Public School Foundation (RB) (FGIC) 5.00%, 12/01/16 (c) |
|
| 251,885 |
|
| 500,000 |
| South Carolina Transportation Infrastructure Bank, Series B (RB) (AMBAC) 4.50%, 10/01/16 (c) |
|
| 502,825 |
|
|
|
|
|
| |||
|
|
|
|
|
| 754,710 |
|
|
|
|
|
| |||
See Notes to Financial Statements
57
|
LONG MUNICIPAL INDEX ETF |
SCHEDULE OF INVESTMENTS |
(continued) |
|
|
|
|
|
|
|
|
Principal |
|
|
| Value |
| ||
|
|
|
|
|
|
|
|
Tennessee: 0.8% |
|
|
|
| |||
$ | 425,000 |
| Rutherford County, Tennessee Health & Educational Facilities Board, Ascension Health Senior Credit Group, Series C (RB) 5.00%, 11/15/19 (c) |
| $ | 445,906 |
|
|
|
|
|
| |||
Texas: 9.0% |
|
|
|
| |||
| 250,000 |
| Alamo, Texas Community College District (GO) (FGIC) (NATL) 4.50%, 08/15/17 (c) |
|
| 257,685 |
|
| 250,000 |
| Dallas, Texas Area Rapid Transportation, Senior Lien (RB) (AMBAC) 5.00%, 12/01/16 (c) |
|
| 263,847 |
|
| 250,000 |
| Dallas, Texas Area Rapid Transportation, Senior Lien (RB) 5.25%, 12/01/18 (c) |
|
| 265,920 |
|
| 250,000 |
| Dallas, Texas Waterworks & Sewer System Improvement (RB) (AGM) 5.00%, 10/01/15 (c) |
|
| 262,282 |
|
| 250,000 |
| El Paso County, Texas Hospital District, Series A (GO) (AGO) 5.00%, 08/15/18 (c) |
|
| 272,142 |
|
| 500,000 |
| El Paso, Texas Independent School District, School Building (GO) 5.00%, 08/15/17 (c) |
|
| 539,205 |
|
| 625,000 |
| Houston, Texas Combine Utility System, First Lien, Series D (RB) 5.00%, 11/15/21 (c) |
|
| 665,587 |
|
| 500,000 |
| Houston, Texas Higher Education Finance Corp., Rice University Project, Series A (RB) 5.00%, 05/15/20 (c) |
|
| 537,710 |
|
| 500,000 |
| Houston, Texas Higher Education Finance Corp., Rice University Project, Series B (RB) 4.50%, 11/15/17 (c) |
|
| 507,915 |
|
| 500,000 |
| Houston, Texas Public Improvement Refunding, Series A (GO) 5.38%, 03/01/18 (c) |
|
| 537,490 |
|
| 500,000 |
| North Texas Thruway Authority (RB) (AGO) 6.69%, 01/01/36 ^ |
|
| 122,700 |
|
| 250,000 |
| Prosper, Texas Independent School District, School Building (GO) 5.00%, 02/15/17 (c) |
|
| 264,470 |
|
| 225,000 |
| Texas A&M University, Permanent University, Series A (RB) 5.25%, 07/01/25 (c) |
|
| 266,647 |
|
| 250,000 |
| Texas Transportation Commission, Mobility Fund, Series A (GO) 4.75%, 04/01/15 (c) |
|
| 255,755 |
|
| 250,000 |
| Waco Texas Education Finance Corp., Baylor University, Series C (RB) 5.00%, 03/01/18 (c) |
|
| 263,270 |
|
|
|
|
|
| |||
|
|
|
|
|
| 5,282,625 |
|
|
|
|
|
| |||
Virginia: 3.1% |
|
|
|
| |||
| 750,000 |
| Virginia College Building Authority, Liberty University (RB) 5.00%, 03/01/20 (c) |
|
| 790,140 |
|
| 195,000 |
| Virginia College Building Authority, Regent University (RB) 5.00%, 06/01/16 (c) |
|
| 174,693 |
|
| 320,000 |
| Virginia College Building Authority, Series A (RB) (SAW) 4.50%, 09/01/17 (c) |
|
| 334,320 |
|
| 500,000 |
| Virginia Small Business Financing Authority, Sentara Health Care Facilities (RB) 5.00%, 05/01/20 (c) |
|
| 524,320 |
|
|
|
|
|
| |||
|
|
|
|
|
| 1,823,473 |
|
|
|
|
|
| |||
Washington: 4.4% |
|
|
|
| |||
| 300,000 |
| NJB Properties Lease, King County Washington Project, Series A (RB) 5.00%, 12/01/16 (c) |
|
| 312,114 |
|
| 250,000 |
| Seattle, Washington Solid Waste Revenue & Refunding (RB) (NATL) 5.00%, 02/01/17 (c) |
|
| 262,310 |
|
| 250,000 |
| Seattle, Washington Water System Improvement & Refunding (RB) 5.00%, 02/01/18 (c) |
|
| 270,130 |
|
| 500,000 |
| Snohomish County, Washington Limited Tax, Series A (GO) 4.00%, 06/01/20 (c) |
|
| 480,675 |
|
| 700,000 |
| University of Washington, General Revenue & Refunding Bonds, 2011-A (RB) 5.00%, 04/01/21 (c) |
|
| 757,281 |
|
| 500,000 |
| Washington Health Care Facilities Authority, Providence Health & Services, Series A (RB) 5.00%, 04/01/20 (c) |
|
| 505,110 |
|
|
|
|
|
| |||
|
|
|
|
|
| 2,587,620 |
|
|
|
|
|
| |||
Total Municipal Bonds: 99.2% |
|
|
|
| |||
(Cost: $55,851,033) |
|
| 58,297,325 |
| |||
Other assets less liabilities: 0.8% |
|
| 464,031 |
| |||
|
| ||||||
NET ASSETS: 100.0% |
| $ | 58,761,356 |
| |||
|
| ||||||
See Notes to Financial Statements
58
|
|
|
AGM | Assured Guaranty Municipal Corp. |
AGO | Assured Guaranty Ltd. |
AMBAC | American Municipal Bond Assurance Corp. |
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 |
(c) | Callable Security - the redemption date shown is when the security may be redeemed by the issuer |
^ | Zero Coupon Bond - the rate shown is the effective yield at purchase date |
|
|
|
|
|
|
|
|
|
|
Summary of Investments By Sector (unaudited) |
| % of Investments |
| Value |
| ||||
|
|
| |||||||
Airport |
|
|
| 0.9 | % |
| $ | 504,340 |
|
Bond Bank |
|
|
| 1.3 |
|
|
| 752,150 |
|
Development |
|
|
| 7.7 |
|
|
| 4,494,720 |
|
Education |
|
|
| 1.3 |
|
|
| 731,811 |
|
Facilities |
|
|
| 6.0 |
|
|
| 3,520,049 |
|
General Obligation |
|
|
| 22.1 |
|
|
| 12,888,687 |
|
Higher Education |
|
|
| 13.3 |
|
|
| 7,779,049 |
|
Medical |
|
|
| 19.4 |
|
|
| 11,312,147 |
|
Nursing Homes |
|
|
| 2.2 |
|
|
| 1,277,783 |
|
Pollution |
|
|
| 0.4 |
|
|
| 262,310 |
|
Power |
|
|
| 2.3 |
|
|
| 1,332,585 |
|
School District |
|
|
| 3.1 |
|
|
| 1,787,611 |
|
Single Family Housing |
|
|
| 0.4 |
|
|
| 229,871 |
|
Transportation |
|
|
| 8.9 |
|
|
| 5,218,634 |
|
Utilities |
|
|
| 3.2 |
|
|
| 1,850,666 |
|
Water |
|
|
| 7.5 |
|
|
| 4,354,912 |
|
|
|
|
|
|
|
| |||
|
|
|
| 100.0 | % |
| $ | 58,297,325 |
|
|
|
|
|
|
|
| |||
The summary of inputs used to value the Fund’s investments as of October 31, 2011 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Level 1 Quoted |
| Level 2 |
| Level 3 |
| Value |
| ||||||||||
|
|
|
|
|
| ||||||||||||||
Total Municipal Bonds* |
|
| $ | — |
|
|
| $ | 58,297,325 |
|
|
| $ | — |
|
| $ | 58,297,325 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
* | See Schedule of Investments for security type and geographic sector breakouts. |
See Notes to Financial Statements
59
|
SCHEDULE OF INVESTMENTS |
October 31, 2011 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal |
|
|
| Value |
| ||
| |||||||
MUNICIPAL BONDS: 98.3% |
|
|
|
| |||
Alabama: 2.2% |
|
|
|
| |||
$ | 250,000 |
| Birmingham, Alabama Waterworks & Sewer Board, Series B (RB) (NATL) 5.00%, 01/01/13 (c) |
| $ | 263,368 |
|
| 500,000 |
| Birmingham, Alabama, Series B (GO) (AMBAC) 5.00%, 12/01/12 (c) |
|
| 525,155 |
|
|
|
|
|
| |||
|
|
|
|
|
| 788,523 |
|
|
|
|
|
| |||
Arizona: 3.9% |
|
|
|
| |||
| 1,000,000 |
| Arizona School Facilities Board, Series A (CP) (NATL) 5.25%, 03/01/13 (c) |
|
| 1,064,430 |
|
| 150,000 |
| Arizona School Facilities Board, Series B (CP) (FGIC) 5.25%, 09/01/13 (c) |
|
| 163,091 |
|
| 125,000 |
| Arizona School Facilities Board, State School Improvement (RB) 5.25%, 07/01/12 (c) |
|
| 129,151 |
|
|
|
|
|
| |||
|
|
|
|
|
| 1,356,672 |
|
|
|
|
|
| |||
California: 13.5% |
|
|
|
| |||
| 875,000 |
| California State (GO) 5.13%, 02/01/14 (c) |
|
| 962,719 |
|
| 530,000 |
| City of Palm Springs CA (CP) 3.05%, 04/15/21 ^ |
|
| 407,909 |
|
| 350,000 |
| Clovis California Unified School District, Election 2004-Series A (GO) (FGIC) (NATL) 3.95%, 08/01/19 ^ |
|
| 292,071 |
|
| 500,000 |
| Foothill/Eastern Transportation Corridor Agency California, Senior Lien Series A (RB) 3.53%, 01/01/20 ^ |
|
| 410,215 |
|
| 250,000 |
| Los Angeles Unified School District, Election 2002-Series A (GO) (AGM) 5.25%, 07/01/13 (c) |
|
| 270,052 |
|
| 450,000 |
| Los Angeles Unified School District, Election 2002-Series A (GO) (NATL) 5.38%, 07/01/13 (c) |
|
| 487,026 |
|
| 500,000 |
| Los Angeles, California, Series A (GO) (NATL) 5.00%, 09/01/13 (c) |
|
| 541,360 |
|
| 465,000 |
| Orange County, California Water District Revenue, Series B (CP) (NATL) 5.00%, 08/15/13 (c) |
|
| 554,922 |
|
| 250,000 |
| Sacramento County, California Sanitation District Financing Authority, Series A (RB) (AMBAC) 5.00%, 12/01/14 (c) |
|
| 282,430 |
|
| 500,000 |
| Southern California Tobacco Securitization Authority, Asset Backed, Series B (RB) 6.00%, 06/01/12 (c) |
|
| 516,530 |
|
|
|
|
|
| |||
|
|
|
|
|
| 4,725,234 |
|
|
|
|
|
| |||
Florida: 1.6% |
|
|
|
| |||
| 275,000 |
| Hillsborough County, Florida Junior Lien Capital Improvement Program Refunding Revenue (RB) (FGIC) (NATL) 5.00%, 08/01/16 |
|
| 322,080 |
|
| 250,000 |
| Orange County, Florida Tourist Development Tax Revenue (RB) (AMBAC) 5.50%, 04/01/12 (c) |
|
| 255,443 |
|
|
|
|
|
| |||
|
|
|
|
|
| 577,523 |
|
|
|
|
|
| |||
Georgia: 0.8% |
|
|
|
| |||
| 250,000 |
| Georgia State, Series D (GO) 5.00%, 07/01/14 (c) |
|
| 278,852 |
|
|
|
|
|
| |||
Hawaii: 0.4% |
|
|
|
| |||
| 150,000 |
| Hawaii State Series CZ (GO) (AGM) 5.25%, 07/01/12 (c) |
|
| 154,931 |
|
|
|
|
|
| |||
Illinois: 16.5% |
|
|
|
|
| ||
| 500,000 |
| Chicago, Illinois Metropolitan Water Reclamation District, Greater Chicago (GO) 5.00%, 12/01/16 (c) |
|
| 589,535 |
|
| 500,000 |
| Chicago, Illinois Metropolitan Water Reclamation District, Series C (GO) 5.38%, 12/01/12 (c) |
|
| 527,170 |
|
| 1,750,000 |
| Illinois State Toll Highway Authority (RB) (AGM) 5.00%, 07/01/16 (c) |
|
| 2,048,812 |
|
| 750,000 |
| Illinois State Toll Highway Authority, Senior Priority Series A-1 (RB) (AGM) 5.00%, 07/01/16 (c) |
|
| 878,062 |
|
| 1,500,000 |
| Illinois State Toll Highway Authority, Senior Priority Series A-2 (RB) (AGM) 5.00%, 07/01/16 (c) |
|
| 1,756,125 |
|
|
|
|
|
| |||
|
|
|
|
|
| 5,799,704 |
|
|
|
|
|
| |||
Kentucky: 0.8% |
|
|
|
| |||
| 250,000 |
| Kentucky State Property & Buildings Commission, No. 85 (RB) (AGM) 5.00%, 08/01/15 (c) |
|
| 286,957 |
|
|
|
|
|
| |||
Maryland: 1.6% |
|
|
|
| |||
| 500,000 |
| Maryland State & Local Facilities Loan, Capital Improvement, First Series A (GO) 5.00%, 02/15/15 (c) |
|
| 567,390 |
|
|
|
|
|
| |||
Massachusetts: 6.3% |
|
|
|
| |||
| 500,000 |
| Commonwealth of Massachusetts (GO) (AGM) 5.50%, 11/01/15 |
|
| 588,535 |
|
| 650,000 |
| Massachusetts Bay Transportation Authority, Series A (RB) 5.00%, 07/01/15 (c) |
|
| 743,990 |
|
| 250,000 |
| Massachusetts State Consolidated Loan, Series C (GO) 5.00%, 09/01/15 (c) |
|
| 287,765 |
|
| 500,000 |
| Massachusetts State Water Resources Authority, Series A (RB) 6.50%, 07/15/19 |
|
| 603,595 |
|
|
|
|
|
| |||
|
|
|
|
|
| 2,223,885 |
|
|
|
|
|
| |||
Michigan: 6.7% |
|
|
|
| |||
| 450,000 |
| Detroit, Michigan City School District, Wayne County School Building & Site Improvement, Series A (GO) (AGM) (Q-SBLF) 5.50%, 05/01/12 (c) |
|
| 461,781 |
|
See Notes to Financial Statements
60
|
|
|
|
|
|
|
|
Principal |
|
|
| Value |
| ||
Michigan: (continued) |
|
|
|
| |||
$ | 250,000 |
| Detroit, Michigan Sewer Disposal, Senior Lien Series A (RB) (AGM) 5.00%, 07/01/13 (c) |
| $ | 268,585 |
|
| 500,000 |
| Detroit, Michigan Water Supply System Revenue, Second Lien-Series B (RB) (NATL) 5.25%, 07/01/13 (c) |
|
| 539,235 |
|
| 1,000,000 |
| Michigan State Hospital Finance Authority Hospital Revenue, Series A (RB) 5.50%, 03/01/13 |
|
| 1,067,050 |
|
|
|
|
|
| |||
|
|
|
|
|
| 2,336,651 |
|
|
|
|
|
| |||
Minnesota: 0.7% |
|
|
|
| |||
| 250,000 |
| Minneapolis, Minnesota Health Care System, Series A (RB) 5.75%, 11/15/12 (c) |
|
| 264,128 |
|
|
|
|
|
| |||
Nevada: 1.3% |
|
|
|
| |||
| 410,000 |
| Clark County, Nevada School District, Series D (GO) (NATL) 5.00%, 12/15/13 (c) |
|
| 448,704 |
|
|
|
|
|
| |||
New Jersey: 19.4% |
|
|
|
| |||
| 500,000 |
| Garden State Preservation Trust, Open Space & Farmland Preservation, Series A (RB) (AGM) 5.25%, 11/01/13 (c) |
|
| 547,600 |
|
| 250,000 |
| Garden State Preservation Trust, Open Space & Farmland Preservation, Series A (RB) (AGM) 5.25%, 11/01/13 (c) |
|
| 273,800 |
|
| 375,000 |
| New Jersey Economic Development Authority, School Facilities Construction, Series F (RB) 5.00%, 06/15/13 (c) |
|
| 402,450 |
|
| 350,000 |
| New Jersey Economic Development Authority, School Facilities Construction, Series F (RB) (FGIC) 5.25%, 06/15/13 (c) |
|
| 377,030 |
|
| 585,000 |
| New Jersey Economic Development Authority, School Facilities Construction, Series G (RB) ( NATL) 5.00%, 09/01/13 (c) |
|
| 633,391 |
|
| 1,000,000 |
| New Jersey Economic Development Authority, School Facilities Construction, Series I (RB) 5.25%, 09/01/14 (c) |
|
| 1,128,070 |
|
| 500,000 |
| New Jersey State Transportation Trust Fund Authority, Series A (RB) 5.75%, 06/15/15 |
|
| 584,730 |
|
| 500,000 |
| New Jersey State Transportation Trust Fund Authority, Series C (RB) (FGIC) 5.25%, 06/15/15 (c) |
|
| 575,870 |
|
| 500,000 |
| New Jersey State Transportation Trust Fund Authority, Series C (RB) (FGIC) 5.25%, 06/15/15 (c) |
|
| 575,870 |
|
| 600,000 |
| New Jersey State Transportation Trust Fund Authority, Series D (RB) (AMBAC) 5.00%, 06/15/15 (c) |
|
| 685,722 |
|
| 1,000,000 |
| New Jersey Tobacco Settlement Financing Corp., Asset Backed (RB) 6.13%, 06/01/12 (c) |
|
| 1,033,780 |
|
|
|
|
|
| |||
|
|
|
|
|
| 6,818,313 |
|
|
|
|
|
| |||
New York: 1.8% |
|
|
|
| |||
| 285,000 |
| New York Metropolitan Transportation Authority, Dedicated Tax, Series A (RB) (NATL) 6.00%, 04/01/20 |
|
| 359,590 |
|
| 250,000 |
| New York Metropolitan Transportation Authority, Transit Facilities Service Contract, Series 8 (RB) 5.38%, 07/01/13 (c) |
|
| 270,570 |
|
|
|
|
|
| |||
|
|
|
|
|
| 630,160 |
|
|
|
|
|
| |||
North Carolina: 3.3% |
|
|
|
| |||
| 100,000 |
| Charlotte-Mecklenburg Hospital Authority, North Carolina Health Care, Series A (RB) 5.00%, 01/15/15 (c) |
|
| 112,971 |
|
| 1,000,000 |
| North Carolina Capital Facilities Finance Agency, Duke University Project, Series A (RB) 5.25%, 10/01/12 (c) |
|
| 1,045,280 |
|
|
|
|
|
| |||
|
|
|
|
|
| 1,158,251 |
|
|
|
|
|
| |||
Ohio: 3.7% |
|
|
|
| |||
| 500,000 |
| Cincinnati, Ohio City School District Classroom Facilities Construction & Improvement (GO) (AGM) 5.00%, 12/01/13 (c) |
|
| 546,340 |
|
| 500,000 |
| Cincinnati, Ohio City School District Classroom Facilities Construction & Improvement (GO) (AGM) 5.25%, 12/01/13 (c) |
|
| 548,920 |
|
| 185,000 |
| Ohio State Water Development Authority, Fresh Water Improvement (RB) 5.00%, 06/01/14 (c) |
|
| 205,689 |
|
|
|
|
|
| |||
|
|
|
|
|
| 1,300,949 |
|
|
|
|
|
| |||
Oregon: 0.7% |
|
|
|
| |||
| 250,000 |
| Oregon State Department Transportation Highway User Tax, Series A (RB) 5.13%, 11/15/12 (c) |
|
| 262,515 |
|
|
|
|
|
| |||
Pennsylvania: 3.8% |
|
|
|
| |||
| 500,000 |
| Pennsylvania State Public School Building Authority, Philadelphia School District (RB) (AGM) (SAW) 5.00%, 06/01/13 (c) |
|
| 535,725 |
|
| 500,000 |
| Philadelphia, Pennsylvania School District, Series B (GO) (FGIC) (SAW) 5.63%, 08/01/12 (c) |
|
| 519,895 |
|
| 250,000 |
| Philadelphia, Pennsylvania Water & Wastewater, Series A (RB) (FGIC) 5.25%, 11/01/12 (c) |
|
| 262,355 |
|
|
|
|
|
| |||
|
|
|
|
|
| 1,317,975 |
|
|
|
|
|
| |||
See Notes to Financial Statements
61
|
PRE-REFUNDED MUNICIPAL INDEX ETF |
SCHEDULE OF INVESTMENTS |
(continued) |
|
|
|
|
|
|
|
|
Principal |
|
|
| Value |
| ||
| |||||||
Puerto Rico: 2.9% |
|
|
|
| |||
$ | 955,000 |
| Puerto Rico Commonwealth, Public Improvement, Series A (GO) 5.00%, 07/01/13 (c) |
| $ | 1,027,656 |
|
|
|
|
|
| |||
South Carolina: 1.0% |
|
|
|
| |||
| 325,000 |
| Greenville, South Carolina, Building Equity Sooner For Tomorrow, Installment Purchase (RB) 6.00%, 12/01/12 (c) |
|
| 348,085 |
|
|
|
|
|
| |||
Tennessee: 0.8% |
|
|
|
| |||
| 250,000 |
| City of Memphis, Tennessee Electric System, Series A (RB) (NATL) 5.00%, 12/01/13 (c) |
|
| 273,170 |
|
|
|
|
|
| |||
Texas: 1.5% |
|
|
|
| |||
| 250,000 |
| Dallas, Texas Waterworks & Sewer System (RB) 5.00%, 10/01/13 (c) |
|
| 271,620 |
|
| 250,000 |
| Harris County, Texas Senior Lien-Toll Road (RB) (AGM) 5.38%, 08/15/12 (c) |
|
| 259,980 |
|
|
|
|
|
| |||
|
|
|
|
|
| 531,600 |
|
|
|
|
|
| |||
Utah: 1.6% |
|
|
|
| |||
| 250,000 |
| Utah State, Series A (GO) 5.25%, 07/01/12 (c) |
|
| 258,303 |
|
| 250,000 |
| Utah Transit Authority, Sales Tax Revenue, Series B (RB) (AGM) 4.75%, 12/15/15 (c) |
|
| 287,825 |
|
|
|
|
|
| |||
|
|
|
|
|
| 546,128 |
|
|
|
|
|
| |||
Wisconsin: 1.5% |
|
|
|
| |||
| 500,000 |
| Wisconsin State Transportation, Series 1 (RB) (AMBAC) 5.75%, 07/01/12 (c) |
|
| 518,085 |
|
|
|
|
|
| |||
Total Municipal Bonds |
|
|
|
| |||
(Cost: $33,835,049) |
|
| 34,542,041 |
| |||
|
| ||||||
|
|
|
|
|
|
|
|
Number of |
|
|
|
|
|
| |
|
|
|
|
|
| ||
MONEY MARKET FUND: 0.3% |
|
|
|
| |||
(Cost: $86,932) |
|
|
|
| |||
| 86,932 |
| Dreyfus Tax Exempt Cash Management Fund - Class B Shares |
|
| 86,932 |
|
|
|
|
|
| |||
Total Investments: 98.6% |
|
|
|
| |||
(Cost: $33,921,981) |
|
| 34,628,973 |
| |||
Other assets less liabilities: 1.4% |
|
| 497,392 |
| |||
|
| ||||||
NET ASSETS: 100.0% |
| $ | 35,126,365 |
| |||
|
| ||||||
|
|
AGM | Assured Guaranty Municipal Corp. |
AMBAC | American Municipal Bond Assurance Corp. |
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 |
(c) | Callable Security - the redemption date shown is when the security may be redeemed by the issuer |
^ | Zero Coupon Bond - the rate shown is the effective yield at purchase date |
|
|
|
|
|
|
|
|
|
|
Summary of Investments By Sector (unaudited) |
| % of Investments |
| Value |
| ||||
|
|
| |||||||
Development |
|
|
| 2.4 | % |
| $ | 821,400 |
|
Education |
|
|
| 8.7 |
|
|
| 3,018,177 |
|
Facilities |
|
|
| 1.6 |
|
|
| 542,400 |
|
General Obligation |
|
|
| 21.9 |
|
|
| 7,594,282 |
|
Higher Education |
|
|
| 3.3 |
|
|
| 1,158,251 |
|
Medical |
|
|
| 3.8 |
|
|
| 1,331,178 |
|
Power |
|
|
| 0.8 |
|
|
| 273,170 |
|
School District |
|
|
| 15.4 |
|
|
| 5,338,035 |
|
Tobacco Settlement |
|
|
| 4.5 |
|
|
| 1,550,310 |
|
Transportation |
|
|
| 29.5 |
|
|
| 10,217,961 |
|
Water |
|
|
| 7.8 |
|
|
| 2,696,877 |
|
Money Market Fund |
|
|
| 0.3 |
|
|
| 86,932 |
|
|
|
|
|
|
| ||||
|
|
|
| 100.0 | % |
| $ | 34,628,973 |
|
|
|
|
|
|
| ||||
The summary of inputs used to value the Fund’s investments as of October 31, 2011 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Level 1 Quoted |
| Level 2 |
| Level 3 |
| Value |
| ||||||||||
|
|
|
|
|
| ||||||||||||||
Municipal Bonds* |
|
| $ | — |
|
|
| $ | 34,542,041 |
|
|
| $ | — |
|
| $ | 34,542,041 |
|
Money Market Fund |
|
|
| 86,932 |
|
|
|
| — |
|
|
|
| — |
|
|
| 86,932 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total |
|
| $ | 86,932 |
|
|
| $ | 34,542,041 |
|
|
| $ | — |
|
| $ | 34,628,973 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
* | See Schedule of Investments for security type and geographic sector breakouts. |
See Notes to Financial Statements
62
|
SCHEDULE OF INVESTMENTS |
October 31, 2011 (unaudited) |
|
|
|
|
|
|
|
|
Principal |
|
|
| Value |
| ||
| |||||||
MUNICIPAL BONDS: 98.9% |
|
|
|
| |||
Alabama: 0.5% |
|
|
|
| |||
$ | 500,000 |
| Alabama State Public School & College Authority, Capital Improvement Bond (RB) 5.00%, 12/01/15 |
| $ | 572,380 |
|
|
|
|
|
| |||
Arizona: 2.9% |
|
|
|
| |||
| 500,000 |
| Arizona State Salt River Project Agricultural Improvement & Power District, Series B (RB) 4.00%, 01/01/16 |
|
| 553,430 |
|
| 250,000 |
| Arizona State Transportation Board Excise Tax Revenue, Maricopa County, Regional Area Road Fund (RB) 5.00%, 07/01/14 |
|
| 277,450 |
|
| 750,000 |
| Arizona State Transportation Board Excise Tax Revenue, Maricopa County, Regional Area Road Fund (RB) 5.00%, 07/01/15 |
|
| 852,352 |
|
| 455,000 |
| Arizona State Transportation Board Excise Tax Revenue, Maricopa County, Regional Area Road Fund (RB) 5.00%, 07/01/17 |
|
| 534,630 |
|
| 575,000 |
| Arizona State Water Infrastructure Finance Authority, Series A (RB) 5.00%, 10/01/14 |
|
| 645,236 |
|
| 305,000 |
| Maricopa County, Arizona Community College District, Series C (GO) 4.00%, 07/01/14 |
|
| 330,141 |
|
|
|
|
|
| |||
|
|
|
|
|
| 3,193,239 |
|
|
|
|
|
| |||
California: 14.1% |
|
|
|
| |||
| 250,000 |
| Alameda, California Corridor Transportation Authority, Sub Lien, Series A (RB) (AMBAC) 5.43%, 10/01/13 ^ |
|
| 232,735 |
|
| 250,000 |
| California State (GO) 5.00%, 11/01/13 |
|
| 270,370 |
|
| 600,000 |
| California State (GO) 5.00%, 03/01/14 |
|
| 652,032 |
|
| 250,000 |
| California State (GO) 5.00%, 08/01/14 |
|
| 275,140 |
|
| 500,000 |
| California State (GO) 5.00%, 10/01/15 |
|
| 560,760 |
|
| 175,000 |
| California State (GO) 5.00%, 11/01/15 |
|
| 196,634 |
|
| 500,000 |
| California State (GO) 5.00%, 03/01/16 |
|
| 559,670 |
|
| 1,250,000 |
| California State Department of Water Resources (RB) 5.00%, 05/01/16 |
|
| 1,438,287 |
|
| 1,100,000 |
| California State Department of Water Resources, Series H (RB) (AGM) 5.00%, 05/01/17 |
|
| 1,277,738 |
|
| 750,000 |
| California State Department of Water Resources, Series M (RB) 5.00%, 05/01/16 |
|
| 861,915 |
|
| 550,000 |
| California State Economic Recovery, Series A (GO) 5.00%, 07/01/16 |
|
| 629,926 |
|
| 925,000 |
| California State Economic Recovery, Series B (GO) 5.00%, 07/01/14 (p) |
|
| 1,025,529 |
|
| 305,000 |
| California State University Systemwide, Series A (RB) (AGM) 5.00%, 11/01/13 |
|
| 326,646 |
|
| 700,000 |
| California Statewide Communities Development Authority (RB) 4.00%, 06/15/13 |
|
| 733,705 |
|
| 1,250,000 |
| California Statewide Communities Development Authority (RB) 5.00%, 06/15/13 |
|
| 1,330,175 |
|
| 500,000 |
| California Statewide Communities Development Authority, Series A (RB) 5.00%, 04/01/13 |
|
| 530,720 |
|
| 500,000 |
| Los Angeles County Public Works Financing Authority (RB) 5.00%, 08/01/14 |
|
| 545,740 |
|
| 600,000 |
| Los Angeles County Public Works Financing Authority (RB) (FGIC) (NATL) 5.00%, 09/01/14 |
|
| 648,540 |
|
| 250,000 |
| Los Angeles, California Public Works Financing Authority, Regional Park & Open Space District, Series A (RB) (NATL) (SA) 5.00%, 10/01/13 |
|
| 268,980 |
|
| 500,000 |
| Los Angeles, California Unified School District, Information Technology Projects, Series A (CP) (AMBAC) 5.00%, 10/01/15 |
|
| 548,835 |
|
| 1,000,000 |
| Los Angeles, California Unified School District, Series B (GO) (AGM) 5.00%, 07/01/16 |
|
| 1,144,360 |
|
| 500,000 |
| Los Angeles, California Unified School District, Series KY (GO) 5.00%, 07/01/15 |
|
| 566,695 |
|
| 500,000 |
| Regents of University of California Medical Center, Series D (RB) 5.00%, 05/15/14 |
|
| 546,740 |
|
| 500,000 |
| Riverside County, California State Public Safety Communication Project, Series A (CP) (AMBAC) 5.00%, 11/01/14 |
|
| 540,810 |
|
|
|
|
|
| |||
|
|
|
|
|
| 15,712,682 |
|
|
|
|
|
| |||
Colorado: 0.7% |
|
|
|
| |||
| 750,000 |
| Colorado Health Facilities Authority, The Evangelical Lutheran and Good Samaritan Society Project, Series B (RB) 5.00%, 12/01/14 (p) |
|
| 805,200 |
|
|
|
|
|
| |||
Connecticut: 4.1% |
|
|
|
| |||
| 500,000 |
| Connecticut State Economic Recovery, Series A (GO) 4.00%, 01/01/14 |
|
| 535,885 |
|
| 260,000 |
| Connecticut State Economic Recovery, Series A (GO) 5.00%, 01/01/13 |
|
| 273,497 |
|
| 700,000 |
| Connecticut State Economic Recovery, Series A (GO) 5.00%, 01/01/14 |
|
| 765,233 |
|
See Notes to Financial Statements
63
|
SHORT MUNICIPAL INDEX ETF |
SCHEDULE OF INVESTMENTS |
(continued) |
|
|
|
|
|
|
|
|
Principal |
|
|
| Value |
| ||
| |||||||
Connecticut: (continued) |
|
|
|
| |||
$ | 500,000 |
| Connecticut State Economic Recovery, Series A (GO) 5.00%, 01/01/16 |
| $ | 576,445 |
|
| 850,000 |
| Connecticut State Transportation Infrastructure, Series A (RB) 5.00%, 12/01/17 |
|
| 1,006,995 |
|
| 250,000 |
| Connecticut State, Series B (GO) 5.00%, 05/01/14 |
|
| 276,470 |
|
| 500,000 |
| Connecticut State, Series B (GO) 5.00%, 05/01/15 |
|
| 568,330 |
|
| 500,000 |
| Connecticut State, Series C (GO) 5.25%, 11/01/15 |
|
| 580,660 |
|
|
|
|
|
| |||
|
|
|
|
|
| 4,583,515 |
|
|
|
|
|
| |||
Delaware: 0.2% |
|
|
|
| |||
| 250,000 |
| Delaware State, Series A (GO) 5.00%, 01/01/14 |
|
| 273,980 |
|
|
|
|
|
| |||
District of Columbia: 0.2% |
|
|
|
| |||
| 250,000 |
| Washington D.C. Convention Center Authority Dedicated Tax, Senior Lien, Series A (RB) (AMBAC) 5.00%, 10/01/12 |
|
| 258,418 |
|
|
|
|
|
| |||
Florida: 5.2% |
|
|
|
| |||
| 250,000 |
| Citizens Property Insurance Corp., Senior Secured High Risk Account - A (RB) (NATL) 5.00%, 03/01/12 |
|
| 253,485 |
|
| 500,000 |
| Citizens Property Insurance Corp., Senior Secured High Risk Account - A (RB) (NATL) 5.00%, 03/01/14 |
|
| 530,410 |
|
| 1,050,000 |
| City of Jacksonville, Florida, Series A (RB) 5.00%, 10/01/15 |
|
| 1,187,791 |
|
| 260,000 |
| City of Jacksonville, Florida, Series A (RB) 5.00%, 10/01/16 |
|
| 298,407 |
|
| 510,000 |
| Florida Citizens Property Insurance Corp., High Risk Account, Senior Secured A-1 (RB) 5.50%, 06/01/17 |
|
| 561,806 |
|
| 1,000,000 |
| Florida Hurricane Catastrophe Fund Finance Corp., Series A (RB) 5.00%, 07/01/15 |
|
| 1,091,310 |
|
| 250,000 |
| Florida State Board of Education Lottery, Series A (RB) (AMBAC) 5.00%, 07/01/13 |
|
| 267,808 |
|
| 475,000 |
| Florida State Board of Education Lottery, Series E (RB) 5.00%, 07/01/16 |
|
| 541,286 |
|
| 250,000 |
| Florida State Board of Education, Public Education Capital Outlay, Series A (GO) 5.00%, 06/01/15 |
|
| 283,357 |
|
| 250,000 |
| Hillsborough County, Florida Community Investment Tax (RB) (AMBAC) 5.00%, 11/01/13 |
|
| 269,493 |
|
| 250,000 |
| Hillsborough County, Florida Industrial Development (RB) (AMBAC) 5.00%, 03/15/12 (p) |
|
| 254,058 |
|
| 250,000 |
| Miami-Dade County, Florida School Board, Series A (CP) (AMBAC) 5.00%, 08/01/12 |
|
| 256,940 |
|
|
|
|
|
| |||
|
|
|
|
|
| 5,796,151 |
|
|
|
|
|
| |||
Georgia: 1.0% |
|
|
|
| |||
| 250,000 |
| Augusta, Georgia Water & Sewerage Refunding (RB) (AGM) 5.00%, 10/01/13 |
|
| 271,020 |
|
| 750,000 |
| Georgia State, Series B (GO) 5.00%, 10/01/14 |
|
| 843,697 |
|
|
|
|
|
| |||
|
|
|
|
|
| 1,114,717 |
|
|
|
|
|
| |||
Hawaii: 1.1% |
|
|
|
| |||
| 375,000 |
| Hawaii State, Series DJ (GO) (AMBAC) 5.00%, 04/01/15 |
|
| 424,909 |
|
| 750,000 |
| Honolulu, Hawaii City and County, Series B (GO) (FSA) 5.25%, 07/01/14 |
|
| 836,430 |
|
|
|
|
|
| |||
|
|
|
|
|
| 1,261,339 |
|
|
|
|
|
| |||
Illinois: 7.8% |
|
|
|
| |||
| 250,000 |
| Chicago O’Hare International Airport, 3rd Lien, Series A (RB) 5.00%, 01/01/17 |
|
| 279,052 |
|
| 750,000 |
| Chicago, Illinois Transit Authority, Capital Grant Receipts, Section 5309 (RB) 5.00%, 06/01/14 |
|
| 807,030 |
|
| 250,000 |
| Chicago, Illinois, Board of Education, Series D (GO) (AGM) 5.00%, 12/01/13 |
|
| 266,028 |
|
| 100,000 |
| Chicago, Illinois, Housing Authority, Capital Refunding (RB) (AGM) 5.00%, 07/01/13 |
|
| 105,465 |
|
| 125,000 |
| Chicago, Illinois, O’Hare International Airport, Passenger Facility Charge, Series A (RB) (AGM) 5.00%, 01/01/14 |
|
| 133,411 |
|
| 250,000 |
| Chicago, Illinois, O’Hare International Airport, Passenger Facility Charge, Series A (RB) (AGM) 5.00%, 01/01/15 |
|
| 270,698 |
|
| 800,000 |
| Chicago, Illinois, Transportation Authority, Capital Grant (RB) (AMBAC) 5.00%, 06/01/13 |
|
| 843,232 |
|
| 500,000 |
| Illinois Finance Authority, Resurrection Health Care Corp. (RB) 5.25%, 05/15/15 |
|
| 527,135 |
|
| 500,000 |
| Illinois State (GO) 5.00%, 01/01/15 |
|
| 547,970 |
|
| 500,000 |
| Illinois State (GO) (AGM) 5.00%, 01/01/15 |
|
| 548,295 |
|
| 1,000,000 |
| Illinois State (GO) 5.00%, 01/01/16 |
|
| 1,105,270 |
|
| 500,000 |
| Illinois State Sales Tax, Junior Lien (RB) 3.00%, 06/15/16 |
|
| 521,940 |
|
| 500,000 |
| Illinois State, Series A (GO) 3.50%, 09/01/12 |
|
| 510,065 |
|
| 500,000 |
| Illinois State, Series A (GO) 3.50%, 09/01/14 |
|
| 526,295 |
|
See Notes to Financial Statements
64
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal |
|
|
| Value |
| ||
| |||||||
Illinois: (continued) |
|
|
|
| |||
$ | 500,000 |
| Illinois State, Series A (GO) 3.50%, 09/01/15 |
| $ | 527,305 |
|
| 250,000 |
| Illinois State, Series A (GO) 5.00%, 06/01/13 |
|
| 264,438 |
|
| 500,000 |
| Illinois State, Series A (GO) 5.00%, 06/01/16 |
|
| 555,345 |
|
| 300,000 |
| Illinois State, Series B (GO) 5.00%, 01/01/13 |
|
| 312,993 |
|
| 50,000 |
| Illinois State, Series B (GO) 5.00%, 01/01/15 |
|
| 54,797 |
|
|
|
|
|
| |||
|
|
|
|
|
| 8,706,764 |
|
|
|
|
|
| |||
Louisiana: 0.3% |
|
|
|
| |||
| 300,000 |
| Louisiana State Citizen’s Property Insurance Corp., Series B (RB) (AMBAC) 5.25%, 06/01/14 |
|
| 320,157 |
|
|
|
|
|
| |||
Maryland: 2.0% |
|
|
|
| |||
| 400,000 |
| County of Prince George’s MD, Series B (GO) 5.00%, 07/15/17 |
|
| 477,892 |
|
| 1,000,000 |
| Maryland State Transportation Authority (RB) 5.00%, 03/01/17 |
|
| 1,174,630 |
|
| 500,000 |
| Maryland State Transportation Authority (RB) 5.25%, 03/01/16 |
|
| 583,760 |
|
|
|
|
|
| |||
|
|
|
|
|
| 2,236,282 |
|
|
|
|
|
| |||
Massachusetts: 2.1% |
|
|
|
| |||
| 100,000 |
| Massachusetts Bay Transportation Authority, Series A (RB) 5.00%, 07/01/15 |
|
| 114,654 |
|
| 500,000 |
| Massachusetts School Building Authority (RB) 4.00%, 05/15/14 |
|
| 540,570 |
|
| 500,000 |
| Massachusetts School Building Authority, Sales Tax, Series A (RB) 5.00%, 05/15/15 |
|
| 567,955 |
|
| 1,000,000 |
| Massachusetts State Commonwealth, Loan Series A (GO) 5.00%, 05/01/14 |
|
| 1,105,360 |
|
|
|
|
|
| |||
|
|
|
|
|
| 2,328,539 |
|
|
|
|
|
| |||
Michigan: 0.7% |
|
|
|
| |||
| 250,000 |
| Detroit, Michigan City School District, School Building and Site Improvement (GO) (AGM) (Q-SBLF) 5.00%, 05/01/15 |
|
| 266,728 |
|
| 500,000 |
| Michigan State Hospital Finance Authority, Ascension Health Senior Credit Group, Series B (RB) 5.00%, 11/15/15 |
|
| 563,220 |
|
|
|
|
|
| |||
|
|
|
|
|
| 829,948 |
|
|
|
|
|
| |||
Minnesota: 1.0% |
|
|
|
| |||
| 500,000 |
| Minnesota State, Series F (GO) 4.00%, 08/01/13 |
|
| 531,165 |
|
| 500,000 |
| Minnesota State, Series H (GO) 5.00%, 11/01/14 |
|
| 563,600 |
|
|
|
|
|
| |||
|
|
|
|
|
| 1,094,765 |
|
|
|
|
|
| |||
Mississippi: 0.3% |
|
|
|
| |||
| 250,000 |
| Madison County, Mississippi Development Bank, Highway Construction Project (RB) (FGIC) (NATL) 5.00%, 01/01/15 |
|
| 276,095 |
|
|
|
|
|
| |||
Missouri: 0.8% |
|
|
|
| |||
| 300,000 |
| Kansas City Municipal Assistance Corp., H. Roe Bartle Convention Center, Series A (RB) (FGIC) (NATL) 5.00%, 04/15/15 |
|
| 331,758 |
|
| 515,000 |
| Mississippi Highways & Transportation Commission, Series A (RB) 2.25%, 05/01/15 |
|
| 535,070 |
|
|
|
|
|
| |||
|
|
|
|
|
| 866,828 |
|
|
|
|
|
| |||
Nebraska: 0.7% |
|
|
|
| |||
| 250,000 |
| Central Plains Energy Project, Nebraska Gas Project No. 1, Series A (RB) 5.00%, 12/01/14 |
|
| 261,813 |
|
| 250,000 |
| Nebraska Public Power District, Series B (RB) (AGM) 5.00%, 01/01/13 |
|
| 263,218 |
|
| 250,000 |
| Nebraska Public Power District, Series B (RB) (AGM) 5.00%, 01/01/14 |
|
| 271,268 |
|
|
|
|
|
| |||
|
|
|
|
|
| 796,299 |
|
|
|
|
|
| |||
Nevada: 1.7% |
|
|
|
| |||
| 1,145,000 |
| Clark County School District (GO) 5.00%, 06/15/17 |
|
| 1,308,288 |
|
| 250,000 |
| Clark County, Nevada School District, Series B (GO) 5.00%, 06/15/13 |
|
| 266,830 |
|
| 250,000 |
| Clark County, Nevada School District, Series B (GO) 5.00%, 06/15/14 |
|
| 275,350 |
|
|
|
|
|
| |||
|
|
|
|
|
| 1,850,468 |
|
|
|
|
|
| |||
New Jersey: 3.4% |
|
|
|
| |||
| 500,000 |
| New Jersey Economic Development Authority (RB) 4.00%, 12/15/16 |
|
| 540,550 |
|
| 350,000 |
| New Jersey Economic Development Authority, Cigarette Tax (RB) (FGIC) 5.00%, 06/15/13 |
|
| 361,627 |
|
| 475,000 |
| New Jersey Economic Development Authority, School Facilities Construction, Series O (RB) 5.25%, 03/01/15 |
|
| 526,879 |
|
| 500,000 |
| New Jersey Higher Education Assistance Authority, Student Loan, Series 1A (RB) 5.00%, 12/01/15 |
|
| 550,615 |
|
| 500,000 |
| New Jersey State, Series O (GO) 5.00%, 08/01/15 |
|
| 567,390 |
|
| 1,085,000 |
| New Jersey Transportation Trust Fund Authority, Series A (RB) (FGIC) (NATL) 5.00%, 06/15/14 |
|
| 1,182,943 |
|
|
|
|
|
| |||
|
|
|
|
|
| 3,730,004 |
|
|
|
|
|
| |||
See Notes to Financial Statements
65
|
SHORT MUNICIPAL INDEX ETF |
SCHEDULE OF INVESTMENTS |
(continued) |
|
|
|
|
|
|
|
|
Principal |
|
|
| Value |
| ||
|
|
|
|
| |||
New Mexico: 2.2% |
|
|
|
| |||
$ | 250,000 |
| New Mexico Finance Authority, Subordinate Lien, Series A-2 (RB) 5.00%, 12/15/16 |
| $ | 291,462 |
|
| 2,000,000 |
| State of New Mexico (RB) 5.00%, 07/01/13 |
|
| 2,145,920 |
|
|
|
|
|
| |||
|
|
|
|
|
| 2,437,382 |
|
|
|
|
|
| |||
New York: 25.9% |
|
|
|
| |||
| 250,000 |
| Metropolitan Transportation Authority, Series A (RB) 5.00%, 11/15/13 (p) |
|
| 269,183 |
|
| 575,000 |
| Metropolitan Transportation Authority, Series B (RB) 5.00%, 11/15/13 |
|
| 621,540 |
|
| 350,000 |
| Metropolitan Transportation Authority, Series C-2 (RB) 4.00%, 11/15/14 |
|
| 376,824 |
|
| 240,000 |
| New York City Industrial Development Agency, Yankee Stadium (RB) (NATL) 5.00%, 03/01/14 |
|
| 258,223 |
|
| 500,000 |
| New York City Transitional Finance Authority (RB) 5.00%, 11/01/12 |
|
| 523,370 |
|
| 500,000 |
| New York City Transitional Finance Authority (RB) 5.00%, 08/01/13 |
|
| 540,395 |
|
| 300,000 |
| New York City Transitional Finance Authority, Series A (RB) 5.00%, 11/01/16 |
|
| 350,817 |
|
| 500,000 |
| New York City Transitional Finance Authority, Series B (RB) 5.00%, 11/01/15 |
|
| 571,995 |
|
| 210,000 |
| New York City Transitional Finance Authority, Series E (RB) 3.00%, 11/01/14 |
|
| 224,805 |
|
| 790,000 |
| New York City Transitional Finance Authority, Series E (RB) 3.00%, 11/01/14 |
|
| 838,427 |
|
| 750,000 |
| New York City Transitional Finance Authority, Sub Series A-1 (RB) 5.00%, 05/01/15 |
|
| 846,697 |
|
| 500,000 |
| New York City Transitional Finance Authority, Sub Series D (RB) 5.00%, 11/01/15 |
|
| 571,995 |
|
| 500,000 |
| New York City, Series A (GO) 5.00%, 08/01/13 |
|
| 538,845 |
|
| 300,000 |
| New York City, Series D (GO) 5.00%, 02/01/16 |
|
| 343,014 |
|
| 600,000 |
| New York City, Series D (GO) 5.00%, 10/01/17 |
|
| 704,988 |
|
| 500,000 |
| New York City, Series E (GO) 4.00%, 08/01/14 |
|
| 540,640 |
|
| 500,000 |
| New York City, Series K (GO) 4.00%, 08/01/14 |
|
| 540,640 |
|
| 500,000 |
| New York City, Series K (GO) 5.00%, 08/01/13 |
|
| 538,845 |
|
| 405,000 |
| New York State Dormitory Authority, City University System, Series A (RB) 4.00%, 07/01/14 |
|
| 435,051 |
|
| 600,000 |
| New York State Dormitory Authority, City University System, Series A (RB) 5.00%, 07/01/14 |
|
| 660,192 |
|
| 500,000 |
| New York State Dormitory Authority, Consolidated Service Contract, Series A (RB) 4.00%, 07/01/13 |
|
| 527,625 |
|
| 500,000 |
| New York State Dormitory Authority, State Personal Education Series C (RB) 5.00%, 03/15/15 |
|
| 564,270 |
|
| 1,600,000 |
| New York State Dormitory Authority, State Personal Income Tax, Series A (RB) 3.00%, 02/15/13 |
|
| 1,653,408 |
|
| 250,000 |
| New York State Dormitory Authority, State Personal Income Tax, Series A (RB) 5.00%, 03/15/14 |
|
| 274,752 |
|
| 250,000 |
| New York State Dormitory Authority, State Personal Income Tax, Series B (RB) 5.00%, 03/15/13 |
|
| 265,515 |
|
| 500,000 |
| New York State Dormitory Authority, State Personal Income Tax, Series C (RB) 5.00%, 12/15/14 |
|
| 563,190 |
|
| 500,000 |
| New York State Dormitory Authority, State Personal Income Tax, Series D (RB) 5.00%, 06/15/13 |
|
| 536,435 |
|
| 1,000,000 |
| New York State Dormitory Authority, State Personal Income Tax, Series E (RB) 5.00%, 02/15/15 |
|
| 1,126,100 |
|
| 500,000 |
| New York State Dormitory Authority, State Personal Income Tax, Series G (RB) 5.00%, 03/15/15 |
|
| 564,270 |
|
| 725,000 |
| New York State Dormitory Authority, State Personal Tax, Series C (RB) 5.00%, 12/15/12 |
|
| 761,953 |
|
| 250,000 |
| New York State Environmental Facilities Corp., State Personal Income, Series A (RB) 5.00%, 12/15/13 |
|
| 272,767 |
|
| 475,000 |
| New York State Local Government Assistance Corp., Senior Lien, Series C (RB) 5.00%, 04/01/13 |
|
| 505,224 |
|
| 250,000 |
| New York State Thruway Authority, General Revenue, Series H (RB) (NATL) 5.00%, 01/01/13 |
|
| 262,438 |
|
| 250,000 |
| New York State Thruway Authority, General Revenue, Series H (RB) (NATL) 5.00%, 01/01/14 |
|
| 269,033 |
|
See Notes to Financial Statements
66
|
|
|
|
|
|
|
|
|
Principal |
|
|
| Value |
| ||
|
|
|
|
| |||
New York: (continued) |
|
|
|
| |||
$ | 1,000,000 |
| New York State Thruway Authority, Local Highway & Bridge Service Contract Bonds (RB) 5.00%, 04/01/16 |
| $ | 1,125,590 |
|
| 200,000 |
| New York State Thruway Authority, Second General Highway & Bridge Trust Fund, Series A (RB) 4.25%, 04/01/15 |
|
| 221,246 |
|
| 125,000 |
| New York State Thruway Authority, Second General Highway & Bridge Trust Fund, Series A (RB) 5.00%, 04/01/13 |
|
| 132,863 |
|
| 500,000 |
| New York State Thruway Authority, Second General Highway & Bridge Trust Fund, Series A (RB) 5.00%, 04/01/14 |
|
| 549,920 |
|
| 600,000 |
| New York State Thruway Authority, Second General Highway & Bridge Trust Fund, Series A (RB) 5.00%, 04/01/16 |
|
| 684,894 |
|
| 500,000 |
| New York State Thruway Authority, Second General Highway & Bridge Trust Fund, Series B (RB) 5.00%, 04/01/14 |
|
| 549,920 |
|
| 450,000 |
| New York State Thruway Authority, State Personal Income Tax, Series A (RB) 5.00%, 03/15/15 |
|
| 507,843 |
|
| 385,000 |
| New York State Thruway Authority, State Personal Refunding Series A (RB) 5.00%, 03/15/17 |
|
| 450,111 |
|
| 580,000 |
| New York State Urban Development Corp, Series D (RB) 5.00%, 01/01/16 |
|
| 654,820 |
|
| 260,000 |
| New York State Urban Development Corp., Service Contract, Series A (RB) 5.00%, 01/01/14 |
|
| 283,582 |
|
| 250,000 |
| New York State Urban Development Corp., State Personal Income Tax, Series A-1 (RB) 5.00%, 12/15/12 |
|
| 262,683 |
|
| 500,000 |
| New York State Urban Development Corp., State Personal Income Tax, Series C (RB) 5.00%, 12/15/13 |
|
| 545,535 |
|
| 500,000 |
| New York State, Series A (GO) 3.00%, 03/01/16 |
|
| 533,260 |
|
| 2,000,000 |
| State of New York (GO) 3.00%, 02/01/16 |
|
| 2,126,280 |
|
| 1,000,000 |
| Tobacco Settlement Financing Corp/NY (RB) 5.00%, 06/01/17 |
|
| 1,147,330 |
|
| 500,000 |
| Triborough Bridge & Tunnel Authority of New York, MTA Bridges and Tunnels, Series A (RB) 5.00%, 11/15/16 |
|
| 584,270 |
|
|
|
|
|
| |||
|
|
|
|
|
| 28,803,613 |
|
|
|
|
|
| |||
North Carolina: 2.5% |
|
|
|
| |||
| 300,000 |
| North Carolina Eastern Municipal Power Agency, Series A (RB) 5.00%, 01/01/15 |
|
| 332,685 |
|
| 325,000 |
| North Carolina State, Series A (GO) 5.00%, 03/01/15 |
|
| 369,158 |
|
| 300,000 |
| North Carolina State, Series A (GO) 5.00%, 03/01/17 |
|
| 355,425 |
|
| 810,000 |
| North Carolina, Capital Improvement, Series A (RB) 5.00%, 05/01/15 |
|
| 918,005 |
|
| 250,000 |
| North Carolina, Infrastructure Financing Corp., Series A (CP) (AGM) 5.00%, 05/01/14 |
|
| 274,185 |
|
| 500,000 |
| Wake County, North Carolina, Series D (GO) 4.00%, 02/01/15 |
|
| 550,290 |
|
|
|
|
|
| |||
|
|
|
|
|
| 2,799,748 |
|
|
|
|
|
| |||
Ohio: 1.9% |
|
|
|
| |||
| 400,000 |
| Hamilton County, Ohio Sales Tax, Subordinate Series A (RB) (AMBAC) 4.50%, 12/01/15 |
|
| 441,776 |
|
| 250,000 |
| Ohio State Common Schools, Series D (GO) 5.00%, 09/15/13 |
|
| 270,630 |
|
| 250,000 |
| Ohio State Major New State Infrastructure Project, Series 1 (RB) (AGM) 5.00%, 06/15/14 |
|
| 275,625 |
|
| 250,000 |
| Ohio State University, Series A (RB) 5.00%, 12/01/13 |
|
| 271,917 |
|
| 850,000 |
| Ohio State Water Development Authority, Series A (RB) 3.38%, 07/01/15 (p) |
|
| 863,906 |
|
|
|
|
|
| |||
|
|
|
|
|
| 2,123,854 |
|
|
|
|
|
| |||
Oregon: 0.3% |
|
|
|
| |||
| 250,000 |
| City of Portland, Oregon (RB) (AGM) 5.00%, 06/15/16 |
|
| 291,680 |
|
|
|
|
|
| |||
Pennsylvania: 2.3% |
|
|
|
| |||
| 400,000 |
| Allegheny County, Pennsylvania Hospital Development Authority, Pittsburgh University Medical Center, Series A (RB) 5.00%, 09/01/13 |
|
| 428,144 |
|
| 400,000 |
| Allegheny County, Pennsylvania Hospital Development Authority, Pittsburgh University Medical Center, Series A (RB) 5.00%, 05/15/14 |
|
| 435,508 |
|
| 1,000,000 |
| Commonwealth of Pennsylvania (GO) 5.00%, 07/01/17 |
|
| 1,183,300 |
|
| 500,000 |
| Philadelphia Pennsylvania Gas Works, Seventh Series (RB) (AMBAC) 5.00%, 10/01/15 |
|
| 558,550 |
|
|
|
|
|
| |||
|
|
|
|
|
| 2,605,502 |
|
|
|
|
|
| |||
See Notes to Financial Statements
67
|
SHORT MUNICIPAL INDEX ETF |
SCHEDULE OF INVESTMENTS |
(continued) |
|
|
|
|
|
|
|
|
Principal |
|
|
| Value |
| ||
|
|
|
|
| |||
Puerto Rico: 3.9% |
|
|
|
| |||
$ | 475,000 |
| Puerto Rico Commonwealth Highway & Transportation Authority, Series CC (RB) 5.00%, 07/01/16 |
| $ | 508,753 |
|
| 250,000 |
| Puerto Rico Commonwealth Infrastructure Financing Authority, Series C (RB) (AMBAC) 5.50%, 07/01/13 |
|
| 265,530 |
|
| 250,000 |
| Puerto Rico Commonwealth, Government Development, Series B (RB) 5.00%, 12/01/14 |
|
| 264,815 |
|
| 500,000 |
| Puerto Rico Commonwealth, Government Development, Series B (RB) 5.00%, 12/01/15 |
|
| 535,720 |
|
| 750,000 |
| Puerto Rico Commonwealth, Public Improvement, Series A (GO) (AGO) 5.00%, 07/01/15 |
|
| 817,935 |
|
| 225,000 |
| Puerto Rico Electric Power Authority, Series QQ (RB) (XLCA) 5.25%, 07/01/14 |
|
| 243,914 |
|
| 200,000 |
| Puerto Rico Electric Power Authority, Series SS (RB) (NATL) 5.00%, 07/01/14 |
|
| 215,522 |
|
| 75,000 |
| Puerto Rico Electric Power Authority, Series UU (RB) (NATL) 4.00%, 07/01/14 |
|
| 78,887 |
|
| 500,000 |
| Puerto Rico Public Buildings Authority (RB) (COMWLTH GTD) 5.25%, 07/01/16 |
|
| 535,310 |
|
| 250,000 |
| Puerto Rico Public Buildings Authority, Government Facilities, Series J (RB) (COMWLTH GTD) 5.00%, 07/01/12 (c) (p) |
|
| 255,730 |
|
| 300,000 |
| Puerto Rico Public Buildings Authority, Government Facilities, Series M (RB) (COMWLTH GTD) 5.75%, 07/01/15 |
|
| 328,716 |
|
| 220,000 |
| Puerto Rico Sales Tax Financing Corp., Sales Tax, First Sub-Series A (RB) 3.75%, 08/01/15 |
|
| 232,430 |
|
|
|
|
|
| |||
|
|
|
|
|
| 4,283,262 |
|
|
|
|
|
| |||
South Carolina: 1.0% |
|
|
|
| |||
| 1,000,000 |
| Piedmont Municipal Power Agency, Series A (RB) 5.00%, 01/01/17 |
|
| 1,130,660 |
|
|
|
|
|
| |||
Texas: 4.4% |
|
|
|
| |||
| 1,000,000 |
| City of San Antonio TX (RB) (FGIC) (NATL) 5.50%, 05/15/16 |
|
| 1,178,510 |
|
| 300,000 |
| City of San Antonio TX, Series D (RB) 5.00%, 02/01/17 |
|
| 351,603 |
|
| 250,000 |
| Harris County, Texas Metropolitan Transit Authority, Series B (RB) 5.00%, 11/01/16 |
|
| 291,560 |
|
| 250,000 |
| Houston, Texas Independent School District (GO) 5.00%, 02/15/14 |
|
| 274,665 |
|
| 450,000 |
| Houston, Texas Public Improvement Refunding, Series A (GO) (NATL) 5.00%, 03/01/16 |
|
| 517,585 |
|
| 250,000 |
| Houston, Texas Utility System, Combined 1st Lien Series A (RB) (AGM) 5.25%, 11/15/14 |
|
| 281,907 |
|
| 250,000 |
| Texas Municipal Gas Acquisition & Supply Corp., Senior Lien Series A (RB) 5.00%, 12/15/14 |
|
| 264,610 |
|
| 500,000 |
| Texas Public Finance Authority, Series A (GO) 5.00%, 10/01/15 |
|
| 575,690 |
|
| 250,000 |
| Texas Transportation Commission, Series A (RB) 5.00%, 04/01/16 (c) |
|
| 288,482 |
|
| 125,000 |
| Texas Transportation Commission, State Highway Fund, First Tier (RB) 4.00%, 04/01/13 |
|
| 131,216 |
|
| 250,000 |
| Texas Transportation Commission, State Highway Fund, First Tier (RB) 5.00%, 04/01/14 |
|
| 276,100 |
|
| 415,000 |
| Texas Water Development Board, State Revolving Fund, Sub-Series B (RB) 5.63%, 07/15/14 |
|
| 470,523 |
|
|
|
|
|
| |||
|
|
|
|
|
| 4,902,451 |
|
|
|
|
|
| |||
Virginia: 0.9% |
|
|
|
| |||
| 500,000 |
| Fairfax County, Virginia Public Improvement, Series A (GO) (SAW) 5.00%, 04/01/14 |
|
| 551,945 |
|
| 250,000 |
| Fairfax County, Virginia Public Improvement, Series A (GO) (SAW) 5.00%, 04/01/15 |
|
| 283,812 |
|
| 125,000 |
| Loudoun County, Virginia, Series B (GO) (SAW) 5.00%, 12/01/13 |
|
| 136,503 |
|
|
|
|
|
| |||
|
|
|
|
|
| 972,260 |
|
|
|
|
|
| |||
Washington: 0.8% |
|
|
|
| |||
| 500,000 |
| State of Washington, Series A (GO) 5.00%, 07/01/15 |
|
| 569,390 |
|
| 250,000 |
| Washington State (GO) 5.00%, 01/01/13 |
|
| 263,488 |
|
|
|
|
|
| |||
|
|
|
|
|
| 832,878 |
|
|
|
|
|
| |||
Wisconsin: 2.0% |
|
|
|
| |||
| 1,500,000 |
| City of Milwaukee, Wisconsin, Series N (GO) 5.00%, 02/01/15 |
|
| 1,687,980 |
|
| 525,000 |
| Wisconsin State, Series C (GO) 3.00%, 05/01/13 |
|
| 544,997 |
|
|
|
|
|
| |||
|
|
|
|
|
| 2,232,977 |
|
|
|
|
|
| |||
Total Municipal Bonds: 98.9% |
|
|
|
| |||
(Cost: $108,161,542) |
|
| 110,024,037 |
| |||
Other assets less liabilities: 1.1% |
|
| 1,274,658 |
| |||
|
| ||||||
NET ASSETS: 100.0% |
| $ | 111,298,695 |
| |||
|
| ||||||
See Notes to Financial Statements
68
|
SHORT MUNICIPAL INDEX ETF |
SCHEDULE OF INVESTMENTS |
October 31, 2011 (continued) |
AGM | Assured Guaranty Municipal Corp. |
AGO | Assured Guaranty Ltd. |
AMBAC | American Municipal Bond Assurance Corp. |
COMWLTH GTD | Commonwealth Guaranteed |
CP | Certificate of Participation |
FGIC | Financial Guaranty Insurance Co. |
FSA | Financial Security Assurance Inc. |
GO | General Obligation |
NATL | National Public Finance Guarantee Corp. |
Q-SBLF | Qualified School Board Loan Fund |
RB | Revenue Bond |
SA | Special Assessment |
SAW | State Aid Withholding |
XLCA | Syncora Guarantee, Inc. |
(c) | Callable Security - the redemption date shown is when the security may be redeemed by the issuer |
(p) | Puttable Security - the redemption date shown is when the security may be redeemed by the investor |
^ | Zero Coupon Bond - the rate shown is the effective yield at purchase date |
|
|
|
|
|
|
|
|
|
|
Summary of Investments By Sector (unaudited) |
| % of Investments |
| Value |
| ||||
|
|
| |||||||
Airport |
|
|
| 0.6 | % |
| $ | 683,161 |
|
Development |
|
|
| 3.9 |
|
|
| 4,265,243 |
|
Education |
|
|
| 5.4 |
|
|
| 5,955,500 |
|
Facilities |
|
|
| 5.9 |
|
|
| 6,463,308 |
|
General Obligation |
|
|
| 38.2 |
|
|
| 42,014,911 |
|
Higher Education |
|
|
| 10.8 |
|
|
| 11,933,479 |
|
Medical |
|
|
| 3.0 |
|
|
| 3,305,947 |
|
Multifamily Housing |
|
|
| 0.1 |
|
|
| 105,465 |
|
Pollution |
|
|
| 1.3 |
|
|
| 1,387,457 |
|
Power |
|
|
| 6.9 |
|
|
| 7,577,677 |
|
School District |
|
|
| 4.7 |
|
|
| 5,201,136 |
|
Transportation |
|
|
| 15.6 |
|
|
| 17,199,924 |
|
Utilities |
|
|
| 0.5 |
|
|
| 526,423 |
|
Water |
|
| 3.1 |
|
|
| 3,404,406 |
| |
|
|
|
|
|
| ||||
|
|
| 100.0 | % |
| $ | 110,024,037 |
| |
|
|
|
|
|
| ||||
The summary of inputs used to value the Fund’s investments as of October 31, 2011 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Level 1 |
| Level 2 |
| Level 3 |
| Value |
| ||||||||||
|
|
|
|
|
| ||||||||||||||
Total Municipal Bonds* |
|
| $ | — |
|
|
| $ | 110,024,037 |
|
|
| $ | — |
|
| $ | 110,024,037 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
* | See Schedule of Investments for security type and geographic sector breakouts. |
See Notes to Financial Statements
69
|
MARKET VECTORS ETF TRUST |
October 31, 2011 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment |
| Mortgage REIT |
| Emerging Markets |
| LatAm |
| |||||||||||||
|
|
|
|
|
| |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investments, at value (1)(2) |
|
| $ | 9,524,630 |
|
|
| $ | 5,834,078 |
|
|
| $ | 521,269,977 |
|
|
| $ | 7,193,839 |
|
| |
Short term investment held as collateral for securities loaned (3) |
|
|
| — |
|
|
|
| — |
|
|
|
| 12,829,200 |
|
|
|
| — |
|
| |
Cash |
|
|
| 3 |
|
|
|
| 400 |
|
|
|
| 4,231,636 |
|
|
|
| 50,092 |
|
| |
Cash denominated in foreign currency (4) |
|
|
| — |
|
|
|
| — |
|
|
|
| 4,508,818 |
|
|
|
| 78,785 |
|
| |
Receivables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment securities sold |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
| |
Shares sold |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
| |
Due from Adviser |
|
|
| 14,970 |
|
|
|
| 11,326 |
|
|
|
| — |
|
|
|
| 8,254 |
|
| |
Dividends and interest |
|
|
| 12,197 |
|
|
|
| — |
|
|
|
| 9,138,513 |
|
|
|
| 137,340 |
|
| |
Prepaid expenses |
|
|
| 97 |
|
|
|
| — |
|
|
|
| 5,416 |
|
|
|
| 87 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Total assets |
|
|
| 9,551,897 |
|
|
|
| 5,845,804 |
|
|
|
| 551,983,560 |
|
|
|
| 7,468,397 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Payables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment securities purchased |
|
|
| — |
|
|
|
| — |
|
|
|
| 4,957,787 |
|
|
|
| — |
|
| |
Collateral for securities loaned |
|
|
| — |
|
|
|
| — |
|
|
|
| 12,829,200 |
|
|
|
| — |
|
| |
Due to Adviser |
|
|
| — |
|
|
|
| — |
|
|
|
| 150,205 |
|
|
|
| — |
|
| |
Due to custodian |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
| |
Deferred Trustee fees |
|
|
| 16 |
|
|
|
| — |
|
|
|
| 2,342 |
|
|
|
| 16 |
|
| |
Accrued expenses |
|
|
| 35,703 |
|
|
|
| 29,993 |
|
|
|
| 44,171 |
|
|
|
| 30,028 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Total liabilities |
|
|
| 35,719 |
|
|
|
| 29,993 |
|
|
|
| 17,983,705 |
|
|
|
| 30,044 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
NET ASSETS |
|
| $ | 9,516,178 |
|
|
| $ | 5,815,811 |
|
|
| $ | 533,999,855 |
|
|
| $ | 7,438,353 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Shares outstanding |
|
|
| 400,000 |
|
|
|
| 250,000 |
|
|
|
| 20,600,000 |
|
|
|
| 300,000 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net asset value, redemption and offering price per share |
|
| $ | 23.79 |
|
|
| $ | 23.26 |
|
|
| $ | 25.92 |
|
|
| $ | 24.79 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Net assets consist of: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Aggregate paid in capital |
|
| $ | 9,894,205 |
|
|
| $ | 6,006,167 |
|
|
| $ | 554,634,495 |
|
|
| $ | 7,571,752 |
|
| |
Net unrealized appreciation (depreciation) |
|
|
| (386,697 | ) |
|
|
| (199,674 | ) |
|
|
| (18,317,963 | ) |
|
|
| (165,937 | ) |
| |
Undistributed net investment income |
|
|
| 8,670 |
|
|
|
| 23,790 |
|
|
|
| 2,246,551 |
|
|
|
| 38,915 |
|
| |
Accumulated net realized gain (loss) |
|
|
| — |
|
|
|
| (14,472 | ) |
|
|
| (4,563,228 | ) |
|
|
| (6,377 | ) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
|
| $ | 9,516,178 |
|
|
| $ | 5,815,811 |
|
|
| $ | 533,999,855 |
|
|
| $ | 7,438,353 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
(1) | Value of securities on loan |
|
| $ | — |
|
|
| $ | — |
|
|
| $ | 11,410,101 |
|
|
| $ | — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
(2) | Cost of Investments |
|
| $ | 9,911,327 |
|
|
| $ | 6,033,752 |
|
|
| $ | 539,382,154 |
|
|
| $ | 7,348,482 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
(3) | Cost of short term investment held as collateral for securities loaned |
|
| $ | — |
|
|
| $ | — |
|
|
| $ | 12,829,200 |
|
|
| $ | — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
(4) | Cost of cash denominated in foreign currency |
|
| $ | — |
|
|
| $ | — |
|
|
| $ | 4,454,773 |
|
|
| $ | 87,491 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
See Notes to Financial Statements
70
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Renminbi |
| CEF Municipal |
| High-Yield |
| Intermediate |
| Long Municipal |
| Pre-Refunded |
| Short Municipal |
| |||||||||||||||||||||
|
|
|
|
|
|
| ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ | 2,515,229 |
|
|
| $ | 3,859,340 |
|
|
| $ | 278,329,767 |
|
|
| $ | 293,778,631 |
|
|
| $ | 58,297,325 |
|
|
| $ | 34,628,973 |
|
|
| $ | 110,024,037 |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 1,619 |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 347,544 |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 8,857,679 |
|
|
|
| 2,212,829 |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 7,999 |
|
|
|
| 7,700 |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 14,244 |
|
|
|
| 15,490 |
|
|
|
| 5,528,600 |
|
|
|
| 3,667,972 |
|
|
|
| 849,668 |
|
|
|
| 505,393 |
|
|
|
| 1,482,126 |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
|
| 2,539,091 |
|
|
|
| 3,882,530 |
|
|
|
| 292,716,046 |
|
|
|
| 299,659,432 |
|
|
|
| 59,146,993 |
|
|
|
| 35,134,366 |
|
|
|
| 111,853,707 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| — |
|
|
|
| — |
|
|
|
| 8,279,874 |
|
|
|
| 2,384,307 |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 354,924 |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 658,506 |
|
|
|
| 1,000 |
|
|
|
| 372,501 |
|
|
|
| — |
|
|
|
| 180,155 |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 3,184 |
|
|
|
| 3,000 |
|
|
|
| 1,517 |
|
|
|
| 865 |
|
|
|
| 1,600 |
|
|
|
| 8,535 |
|
|
|
| 27,717 |
|
|
|
| 79,768 |
|
|
|
| 57,559 |
|
|
|
| 11,619 |
|
|
|
| 7,136 |
|
|
|
| 18,333 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
|
| 8,535 |
|
|
|
| 27,717 |
|
|
|
| 9,021,332 |
|
|
|
| 2,445,866 |
|
|
|
| 385,637 |
|
|
|
| 8,001 |
|
|
|
| 555,012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
| $ | 2,530,556 |
|
|
| $ | 3,854,813 |
|
|
| $ | 283,694,714 |
|
|
| $ | 297,213,566 |
|
|
| $ | 58,761,356 |
|
|
| $ | 35,126,365 |
|
|
| $ | 111,298,695 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
|
| 100,000 |
|
|
|
| 150,000 |
|
|
|
| 9,600,000 |
|
|
|
| 13,400,000 |
|
|
|
| 3,150,000 |
|
|
|
| 1,400,000 |
|
|
|
| 6,350,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ | 25.31 |
|
|
| $ | 25.70 |
|
|
| $ | 29.55 |
|
|
| $ | 22.18 |
|
|
| $ | 18.65 |
|
|
| $ | 25.09 |
|
|
| $ | 17.53 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ | 2,525,000 |
|
|
| $ | 3,747,556 |
|
|
| $ | 272,402,740 |
|
|
| $ | 287,931,561 |
|
|
| $ | 58,772,880 |
|
|
| $ | 34,549,843 |
|
|
| $ | 109,156,180 |
|
|
|
| 3,299 |
|
|
|
| 80,575 |
|
|
|
| 8,446,320 |
|
|
|
| 9,133,008 |
|
|
|
| 2,446,293 |
|
|
|
| 706,992 |
|
|
|
| 1,862,495 |
|
|
|
| 2,254 |
|
|
|
| 24,166 |
|
|
|
| 3,238,652 |
|
|
|
| 814,051 |
|
|
|
| 250,755 |
|
|
|
| 41,572 |
|
|
|
| 180,913 |
|
|
|
| 3 |
|
|
|
| 2,516 |
|
|
|
| (392,998 | ) |
|
|
| (665,054 | ) |
|
|
| (2,708,572 | ) |
|
|
| (172,042 | ) |
|
|
| 99,107 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
| $ | 2,530,556 |
|
|
| $ | 3,854,813 |
|
|
| $ | 283,694,714 |
|
|
| $ | 297,213,566 |
|
|
| $ | 58,761,356 |
|
|
| $ | 35,126,365 |
|
|
| $ | 111,298,695 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
| $ | 2,511,975 |
|
|
| $ | 3,778,765 |
|
|
| $ | 269,883,447 |
|
|
| $ | 284,645,624 |
|
|
| $ | 55,851,033 |
|
|
| $ | 33,921,981 |
|
|
| $ | 108,161,542 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
| $ | 1,622 |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
See Notes to Financial Statements
71
|
MARKET VECTORS ETF TRUST |
For the Period Ended October 31, 2011 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment |
| Mortgage REIT |
| Emerging Markets |
| LatAm |
| ||||||||||||
|
|
|
|
|
| ||||||||||||||||
Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends |
|
| $ | — |
|
|
| $ | 163,220 |
|
|
| $ | — |
|
|
| $ | — |
|
|
Interest |
|
|
| 42,721 |
|
|
|
| — |
|
|
|
| 14,575,481 |
|
|
|
| 210,977 |
|
|
Securities lending income |
|
|
| — |
|
|
|
| — |
|
|
|
| 3,763 |
|
|
|
| — |
|
|
Foreign taxes withheld |
|
|
| — |
|
|
|
| — |
|
|
|
| (464,638 | ) |
|
|
| (426 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total income |
|
|
| 42,721 |
|
|
|
| 163,220 |
|
|
|
| 14,114,606 |
|
|
|
| 210,551 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Management fees |
|
|
| 14,517 |
|
|
|
| 3,430 |
|
|
|
| 807,685 |
|
|
|
| 12,197 |
|
|
Professional fees |
|
|
| 16,818 |
|
|
|
| 12,315 |
|
|
|
| 20,487 |
|
|
|
| 7,286 |
|
|
Insurance |
|
|
| 38 |
|
|
|
| — |
|
|
|
| 2,225 |
|
|
|
| 52 |
|
|
Interest |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
Trustees’ fees and expenses |
|
|
| 1,224 |
|
|
|
| 1,051 |
|
|
|
| 5,686 |
|
|
|
| 1,024 |
|
|
Reports to shareholders |
|
|
| 25,670 |
|
|
|
| 2,211 |
|
|
|
| 29,508 |
|
|
|
| 7,206 |
|
|
Indicative optimized portfolio value fee |
|
|
| 9,413 |
|
|
|
| 4,175 |
|
|
|
| 8,410 |
|
|
|
| 8,864 |
|
|
Custodian fees |
|
|
| 5,495 |
|
|
|
| 2,370 |
|
|
|
| 121,178 |
|
|
|
| 9,002 |
|
|
Registration fees |
|
|
| 4,333 |
|
|
|
| — |
|
|
|
| 8,746 |
|
|
|
| 3,869 |
|
|
Transfer agent fees |
|
|
| 626 |
|
|
|
| 691 |
|
|
|
| 905 |
|
|
|
| 615 |
|
|
Fund accounting fees |
|
|
| 5,181 |
|
|
|
| 8,888 |
|
|
|
| 16,794 |
|
|
|
| 6,911 |
|
|
Other |
|
|
| 1,343 |
|
|
|
| 304 |
|
|
|
| 899 |
|
|
|
| 1,288 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total expenses |
|
|
| 84,658 |
|
|
|
| 35,435 |
|
|
|
| 1,022,523 |
|
|
|
| 58,314 |
|
|
Waiver of management fees |
|
|
| (14,517 | ) |
|
|
| (3,430 | ) |
|
|
| — |
|
|
|
| (12,197 | ) |
|
Expenses assumed by the Adviser |
|
|
| (62,261 | ) |
|
|
| (28,575 | ) |
|
|
| — |
|
|
|
| (29,041 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Net expenses |
|
|
| 7,880 |
|
|
|
| 3,430 |
|
|
|
| 1,022,523 |
|
|
|
| 17,076 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Net investment income |
|
|
| 34,841 |
|
|
|
| 159,790 |
|
|
|
| 13,092,083 |
|
|
|
| 193,475 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Net realized gain (loss) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
|
| — |
|
|
|
| (14,472 | ) |
|
|
| (3,849,543 | ) |
|
|
| 3,580 |
|
|
In-kind redemptions |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
Foreign currency transactions and foreign denominated assets and liabilities |
|
|
| — |
|
|
|
| — |
|
|
|
| (784,874 | ) |
|
|
| (9,957 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Net realized gain (loss) |
|
|
| — |
|
|
|
| (14,472 | ) |
|
|
| (4,634,417 | ) |
|
|
| (6,377 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
| |||||||||||||||||||||
Change in unrealized appreciation (depreciation) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
|
| (389,241 | ) |
|
|
| (199,674 | ) |
|
|
| (32,712,349 | ) |
|
|
| (154,904 | ) |
|
Foreign currency transactions and foreign denominated assets and liabilities |
|
|
| — |
|
|
|
| — |
|
|
|
| (488,835 | ) |
|
|
| (11,033 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Change in net unrealized appreciation (depreciation) |
|
|
| (389,241 | ) |
|
|
| (199,674 | ) |
|
|
| (33,201,184 | ) |
|
|
| (165,937 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
|
| $ | (354,400 | ) |
|
| $ | (54,356 | ) |
|
| $ | (24,743,518 | ) |
|
| $ | 21,161 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
| ||
(a) | Commencement of operations for Mortgage REIT Income ETF was August 16, 2011. | |
(b) | Commencement of operations for LatAm Aggregate Bond ETF was May 11, 2011. | |
(c) | Commencement of operations for Renminbi Bond ETF was October 11, 2011. | |
(d) | Commencement of operations for CEF Municipal Income ETF was July 12, 2011. | |
See Notes to Financial Statements
72
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Renminbi |
| CEF Municipal |
| High-Yield |
| Intermediate |
| Long Municipal |
| Pre-Refunded |
| Short Municipal |
| |||||||||||||||||||||
|
|
|
|
|
|
| ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ | — |
|
|
| $ | 76,264 |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
| $ | — |
|
|
|
| 2,790 |
|
|
|
| — |
|
|
|
| 8,471,720 |
|
|
|
| 4,665,888 |
|
|
|
| 1,420,041 |
|
|
|
| 269,727 |
|
|
|
| 1,082,118 |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
|
| 2,790 |
|
|
|
| 76,264 |
|
|
|
| 8,471,720 |
|
|
|
| 4,665,888 |
|
|
|
| 1,420,041 |
|
|
|
| 269,727 |
|
|
|
| 1,082,118 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 481 |
|
|
|
| 4,398 |
|
|
|
| 444,974 |
|
|
|
| 303,741 |
|
|
|
| 69,105 |
|
|
|
| 42,485 |
|
|
|
| 102,185 |
|
|
|
| 3,360 |
|
|
|
| 13,082 |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 2,315 |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 541 |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 560 |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 1,093 |
|
|
|
| 4,684 |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 2,267 |
|
|
|
| 3,394 |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 614 |
|
|
|
| 2,422 |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 257 |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 560 |
|
|
|
| 2,997 |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 81 |
|
|
|
| 340 |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
|
| 9,016 |
|
|
|
| 32,115 |
|
|
|
| 447,289 |
|
|
|
| 303,741 |
|
|
|
| 69,105 |
|
|
|
| 42,485 |
|
|
|
| 102,185 |
|
|
|
| (481 | ) |
|
|
| (4,398 | ) |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| (7,999 | ) |
|
|
| (23,319 | ) |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
|
| 536 |
|
|
|
| 4,398 |
|
|
|
| 447,289 |
|
|
|
| 303,741 |
|
|
|
| 69,105 |
|
|
|
| 42,485 |
|
|
|
| 102,185 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
|
| 2,254 |
|
|
|
| 71,866 |
|
|
|
| 8,024,431 |
|
|
|
| 4,362,147 |
|
|
|
| 1,350,936 |
|
|
|
| 227,242 |
|
|
|
| 979,933 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| — |
|
|
|
| 2,516 |
|
|
|
| 88,891 |
|
|
|
| 336,768 |
|
|
|
| 32,017 |
|
|
|
| 25,212 |
|
|
|
| 48,538 |
|
|
|
| — |
|
|
|
| — |
|
|
|
| 172,793 |
|
|
|
| — |
|
|
|
| 108,919 |
|
|
|
| — |
|
|
|
| 111,721 |
|
|
|
| 3 |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
|
| 3 |
|
|
|
| 2,516 |
|
|
|
| 261,684 |
|
|
|
| 336,768 |
|
|
|
| 140,936 |
|
|
|
| 25,212 |
|
|
|
| 160,259 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 3,252 |
|
|
|
| 80,575 |
|
|
|
| 8,813,541 |
|
|
|
| 8,171,626 |
|
|
|
| 3,647,567 |
|
|
|
| 79,278 |
|
|
|
| 754,856 |
|
|
|
| 47 |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
|
| 3,299 |
|
|
|
| 80,575 |
|
|
|
| 8,813,541 |
|
|
|
| 8,171,626 |
|
|
|
| 3,647,567 |
|
|
|
| 79,278 |
|
|
|
| 754,856 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
| $ | 5,556 |
|
|
| $ | 154,957 |
|
|
| $ | 17,099,656 |
|
|
| $ | 12,870,541 |
|
|
| $ | 5,139,439 |
|
|
| $ | 331,732 |
|
|
| $ | 1,895,048 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
See Notes to Financial Statements
73
|
MARKET VECTORS ETF TRUST |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment Grade Floating Rate ETF |
| Mortgage REIT Income ETF |
| |||||||||||
|
|
|
| |||||||||||||
|
| For the Six Months |
| For the Period |
| For the Period |
| |||||||||
|
|
|
|
| ||||||||||||
|
| (unaudited) |
|
|
| (unaudited) |
| |||||||||
Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| $ | 34,841 |
|
|
| $ | 159 |
|
|
| $ | 159,790 |
|
|
Net realized gain (loss) |
|
|
| — |
|
|
|
| — |
|
|
|
| (14,472 | ) |
|
Change in net unrealized appreciation (depreciation) |
|
|
| (389,241 | ) |
|
|
| 2,544 |
|
|
|
| (199,674 | ) |
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net increase (decrease) in net assets resulting from operations |
|
|
| (354,400 | ) |
|
|
| 2,703 |
|
|
|
| (54,356 | ) |
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Dividends to shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
|
|
| (26,330 | ) |
|
|
| — |
|
|
|
| (136,000 | ) |
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Share transactions:** |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of shares |
|
|
| 4,932,247 |
|
|
|
| 4,961,958 |
|
|
|
| 6,006,167 |
|
|
Cost of shares redeemed |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Increase in net assets resulting from share transactions |
|
|
| 4,932,247 |
|
|
|
| 4,961,958 |
|
|
|
| 6,006,167 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total increase in net assets |
|
|
| 4,551,517 |
|
|
|
| 4,964,661 |
|
|
|
| 5,815,811 |
|
|
Net Assets, beginning of period |
|
|
| 4,964,661 |
|
|
|
| — |
|
|
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net Assets, end of period† |
|
| $ | 9,516,178 |
|
|
| $ | 4,964,661 |
|
|
| $ | 5,815,811 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
† Including undistributed net investment income |
|
| $ | 8,670 |
|
|
| $ | 159 |
|
|
| $ | 23,790 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
** Shares of Common Stock Issued (no par value) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
|
| 200,000 |
|
|
|
| 200,000 |
|
|
|
| 250,000 |
|
|
Shares redeemed |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net increase |
|
|
| 200,000 |
|
|
|
| 200,000 |
|
|
|
| 250,000 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
| ||
* | Commencement of operations | |
See Notes to Financial Statements
74
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Emerging Markets |
| LatAm Aggregate Bond ETF |
| Renminbi Bond ETF |
| ||||||||||||||
|
|
|
| |||||||||||||||||
| For the Six Months |
| For the Period |
| For the Period |
| For the Period |
| ||||||||||||
|
|
|
|
| ||||||||||||||||
| (unaudited) |
|
|
| (unaudited) |
| (unaudited) |
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ | 13,092,083 |
|
|
| $ | 7,139,317 |
|
|
| $ | 193,475 |
|
|
| $ | 2,254 |
|
|
|
|
| (4,634,417 | ) |
|
|
| 152,860 |
|
|
|
| (6,377 | ) |
|
|
| 3 |
|
|
|
|
| (33,201,184 | ) |
|
|
| 14,883,221 |
|
|
|
| (165,937 | ) |
|
|
| 3,299 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (24,743,518 | ) |
|
|
| 22,175,398 |
|
|
|
| 21,161 |
|
|
|
| 5,556 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (12,413,500 | ) |
|
|
| (5,653,020 | ) |
|
|
| (154,560 | ) |
|
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 286,472,423 |
|
|
|
| 338,154,112 |
|
|
|
| 7,571,752 |
|
|
|
| 2,525,000 |
|
|
|
|
| (64,845,892 | ) |
|
|
| (5,146,148 | ) |
|
|
| — |
|
|
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
| 221,626,531 |
|
|
|
| 333,007,964 |
|
|
|
| 7,571,752 |
|
|
|
| 2,525,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
| 184,469,513 |
|
|
|
| 349,530,342 |
|
|
|
| 7,438,353 |
|
|
|
| 2,530,556 |
|
|
|
|
| 349,530,342 |
|
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
| $ | 533,999,855 |
|
|
| $ | 349,530,342 |
|
|
| $ | 7,438,353 |
|
|
| $ | 2,530,556 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
| $ | 2,246,551 |
|
|
| $ | 1,567,968 |
|
|
| $ | 38,915 |
|
|
| $ | 2,254 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 10,600,000 |
|
|
|
| 12,800,000 |
|
|
|
| 300,000 |
|
|
|
| 100,000 |
|
|
|
|
| (2,600,000 | ) |
|
|
| (200,000 | ) |
|
|
| — |
|
|
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
| 8,000,000 |
|
|
|
| 12,600,000 |
|
|
|
| 300,000 |
|
|
|
| 100,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
See Notes to Financial Statements
75
|
MARKET VECTORS ETF TRUST |
STATEMENTS OF CHANGES IN NET ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CEF Municipal |
| High-Yield Municipal Index ETF |
| |||||||||||
|
|
|
| |||||||||||||
|
| For the Period |
| For the Six |
| For the Year |
| |||||||||
|
|
|
|
| ||||||||||||
|
| (unaudited) |
| (unaudited) |
|
|
| |||||||||
Operations: |
|
|
|
|
|
|
|
|
|
| ||||||
Net investment income |
|
| $ | 71,866 |
|
|
| $ | 8,024,431 |
|
|
| $ | 11,619,438 |
|
|
Net realized gain (loss) |
|
|
| 2,516 |
|
|
|
| 261,684 |
|
|
|
| (345,949 | ) |
|
Change in net unrealized appreciation (depreciation) |
|
|
| 80,575 |
|
|
|
| 8,813,541 |
|
|
|
| (13,585,345 | ) |
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net increase (decrease) in net assets resulting from operations |
|
|
| 154,957 |
|
|
|
| 17,099,656 |
|
|
|
| (2,311,856 | ) |
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Dividends and Distributions to shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
|
|
| (47,700 | ) |
|
|
| (7,394,960 | ) |
|
|
| (11,029,100 | ) |
|
Distributions from net realized capital gains |
|
|
| — |
|
|
|
| — |
|
|
|
| (1,364,000 | ) |
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total Dividends and Distributions |
|
|
| (47,700 | ) |
|
|
| (7,394,960 | ) |
|
|
| (12,393,100 | ) |
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Share transactions:** |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of shares |
|
|
| 3,747,556 |
|
|
|
| 75,731,052 |
|
|
|
| 94,861,629 |
|
|
Cost of shares redeemed |
|
|
| — |
|
|
|
| (11,791,733 | ) |
|
|
| (29,316,320 | ) |
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Increase (decrease) in net assets resulting from share transactions |
|
|
| 3,747,556 |
|
|
|
| 63,939,319 |
|
|
|
| 65,545,309 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total increase (decrease) in net assets |
|
|
| 3,854,813 |
|
|
|
| 73,644,015 |
|
|
|
| 50,840,353 |
|
|
Net Assets, beginning of period |
|
|
| — |
|
|
|
| 210,050,699 |
|
|
|
| 159,210,346 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net Assets, end of period† |
|
| $ | 3,854,813 |
|
|
| $ | 283,694,714 |
|
|
| $ | 210,050,699 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
† Including undistributed net investment income |
|
| $ | 24,166 |
|
|
| $ | 3,238,652 |
|
|
| $ | 2,609,181 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
** Shares of Common Stock Issued (no par value) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
|
| 150,000 |
|
|
|
| 2,600,000 |
|
|
|
| 3,200,000 |
|
|
Shares redeemed |
|
|
| — |
|
|
|
| (400,000 | ) |
|
|
| (1,000,000 | ) |
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net increase (decrease) |
|
|
| 150,000 |
|
|
|
| 2,200,000 |
|
|
|
| 2,200,000 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
| ||
* | Commencement of operations | |
See Notes to Financial Statements
76
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Intermediate Municipal Index ETF |
| Long Municipal Index ETF |
| Pre-Refunded Municipal Index ETF |
| Short Municipal Index ETF |
| ||||||||||||||||||||||||||||||||
|
|
|
|
| ||||||||||||||||||||||||||||||||||||
| For the Six |
| For the Year |
| For the Six |
| For the Year |
| For the Six |
| For the Year |
| For the Six |
| For the Year |
| ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||||||||||||
| (unaudited) |
|
|
| (unaudited) |
|
|
| (unaudited) |
|
|
| (unaudited) |
|
|
| ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
| $ | 4,362,147 |
|
|
| $ | 7,025,844 |
|
|
| $ | 1,350,936 |
|
|
| $ | 2,691,279 |
|
|
| $ | 227,242 |
|
|
| $ | 508,146 |
|
|
| $ | 979,933 |
|
|
| $ | 1,988,870 |
|
|
|
|
| 336,768 |
|
|
|
| (749,256 | ) |
|
|
| 140,936 |
|
|
|
| (730,123 | ) |
|
|
| 25,212 |
|
|
|
| (119,339 | ) |
|
|
| 160,259 |
|
|
|
| 224,159 |
|
|
|
|
| 8,171,626 |
|
|
|
| (2,315,406 | ) |
|
|
| 3,647,567 |
|
|
|
| (3,490,763 | ) |
|
|
| 79,278 |
|
|
|
| 252,078 |
|
|
|
| 754,856 |
|
|
|
| (66,259 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
|
| 12,870,541 |
|
|
|
| 3,961,182 |
|
|
|
| 5,139,439 |
|
|
|
| (1,529,607 | ) |
|
|
| 331,732 |
|
|
|
| 640,885 |
|
|
|
| 1,895,048 |
|
|
|
| 2,146,770 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (4,189,310 | ) |
|
|
| (6,858,300 | ) |
|
|
| (1,347,935 | ) |
|
|
| (2,691,205 | ) |
|
|
| (224,700 | ) |
|
|
| (516,400 | ) |
|
|
| (962,895 | ) |
|
|
| (1,995,205 | ) |
|
|
|
| — |
|
|
|
| (292,900 | ) |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
| (82,500 | ) |
|
|
| — |
|
|
|
| (345,100 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
|
| (4,189,310 | ) |
|
|
| (7,151,200 | ) |
|
|
| (1,347,935 | ) |
|
|
| (2,691,205 | ) |
|
|
| (224,700 | ) |
|
|
| (598,900 | ) |
|
|
| (962,895 | ) |
|
|
| (2,340,305 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 68,161,573 |
|
|
|
| 85,269,215 |
|
|
|
| 5,481,081 |
|
|
|
| 22,180,759 |
|
|
|
| — |
|
|
|
| 2,529,844 |
|
|
|
| 24,501,577 |
|
|
|
| 19,305,200 |
|
|
|
|
| — |
|
|
|
| (20,887,080 | ) |
|
|
| (5,520,544 | ) |
|
|
| (15,661,296 | ) |
|
|
| — |
|
|
|
| (7,517,074 | ) |
|
|
| (8,703,307 | ) |
|
|
| (13,764,915 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
|
| 68,161,573 |
|
|
|
| 64,382,135 |
|
|
|
| (39,463 | ) |
|
|
| 6,519,463 |
|
|
|
| — |
|
|
|
| (4,987,230 | ) |
|
|
| 15,798,270 |
|
|
|
| 5,540,285 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
|
| 76,842,804 |
|
|
|
| 61,192,117 |
|
|
|
| 3,752,041 |
|
|
|
| 2,298,651 |
|
|
|
| 107,032 |
|
|
|
| (4,945,245 | ) |
|
|
| 16,730,423 |
|
|
|
| 5,346,750 |
|
|
|
|
| 220,370,762 |
|
|
|
| 159,178,645 |
|
|
|
| 55,009,315 |
|
|
|
| 52,710,664 |
|
|
|
| 35,019,333 |
|
|
|
| 39,964,578 |
|
|
|
| 94,568,272 |
|
|
|
| 89,221,522 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
| $ | 297,213,566 |
|
|
| $ | 220,370,762 |
|
|
| $ | 58,761,356 |
|
|
| $ | 55,009,315 |
|
|
| $ | 35,126,365 |
|
|
| $ | 35,019,333 |
|
|
| $ | 111,298,695 |
|
|
| $ | 94,568,272 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
| $ | 814,051 |
|
|
| $ | 641,214 |
|
|
| $ | 250,755 |
|
|
| $ | 247,754 |
|
|
| $ | 41,572 |
|
|
| $ | 39,030 |
|
|
| $ | 180,913 |
|
|
| $ | 163,875 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 3,100,000 |
|
|
|
| 3,900,000 |
|
|
|
| 300,000 |
|
|
|
| 1,200,000 |
|
|
|
| — |
|
|
|
| 100,000 |
|
|
|
| 1,400,000 |
|
|
|
| 1,100,000 |
|
|
|
|
| — |
|
|
|
| (1,000,000 | ) |
|
|
| (300,000 | ) |
|
|
| (900,000 | ) |
|
|
| — |
|
|
|
| (300,000 | ) |
|
|
| (500,000 | ) |
|
|
| (800,000 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
|
| 3,100,000 |
|
|
|
| 2,900,000 |
|
|
|
| — |
|
|
|
| 300,000 |
|
|
|
| — |
|
|
|
| (200,000 | ) |
|
|
| 900,000 |
|
|
|
| 300,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
See Notes to Financial Statements
77
|
MARKET VECTORS ETF TRUST |
For a share outstanding throughout each period: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
| ||||||||||
|
| For the Six Months |
| For the Period |
| ||||||
|
|
|
| ||||||||
|
| (unaudited) |
|
|
| ||||||
Net asset value, beginning of period |
|
| $ | 24.82 |
|
|
| $ | 24.82 |
|
|
|
|
|
|
|
|
|
| ||||
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| 0.10 |
|
|
|
| — | (e) |
|
Net realized and unrealized loss on investments |
|
|
| (1.05 | ) |
|
|
| — |
|
|
|
|
|
|
|
|
|
| ||||
Total from investment operations |
|
|
| (0.95 | ) |
|
|
| — |
|
|
|
|
|
|
|
|
|
| ||||
Less: |
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
|
|
| (0.08 | ) |
|
|
| — |
|
|
|
|
|
|
|
|
|
| ||||
Net asset value, end of period |
|
| $ | 23.79 |
|
|
| $ | 24.82 |
|
|
|
|
|
|
|
|
|
| ||||
Total return (b) |
|
|
| (3.85 | )%(c) |
|
|
| 0.00 | %(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s) |
|
| $ | 9,516 |
|
|
| $ | 4,965 |
|
|
Ratio of gross expenses to average net assets |
|
|
| 2.04 | %(d) |
|
|
| 30.87 | %(d) |
|
Ratio of net expenses to average net assets |
|
|
| 0.19 | %(d) |
|
|
| 0.19 | %(d) |
|
Ratio of net expenses, excluding interest expense, to average net assets |
|
|
| 0.19 | %(d) |
|
|
| 0.19 | %(d) |
|
Ratio of net investment income (loss) to average net assets |
|
|
| 0.23 | %(d) |
|
|
| (0.15 | )%(d) |
|
Portfolio turnover rate |
|
|
| 0 | %(c) |
|
|
| 0 | %(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
| |||||
|
| For the Period |
|
|
|
|
|
| |||
|
|
|
|
|
|
| |||||
|
| (unaudited) |
|
|
|
|
|
| |||
Net asset value, beginning of period |
|
| $ | 24.85 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| 0.78 |
|
|
|
|
|
|
|
Net realized and unrealized loss on investments |
|
|
| (1.69 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Total from investment operations |
|
|
| (0.91 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Less: |
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
|
|
| (0.68 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Net asset value, end of period |
|
| $ | 23.26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Total return (b) |
|
|
| (3.41 | )%(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Ratios/Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s) |
|
| $ | 5,816 |
|
|
|
|
|
|
|
Ratio of gross expenses to average net assets |
|
|
| 4.12 | %(d) |
|
|
|
|
|
|
Ratio of net expenses to average net assets |
|
|
| 0.40 | %(d) |
|
|
|
|
|
|
Ratio of net expenses, excluding interest expense, to average net assets |
|
|
| 0.40 | %(d) |
|
|
|
|
|
|
Ratio of net investment income to average net assets |
|
|
| 18.59 | %(d) |
|
|
|
|
|
|
Portfolio turnover rate |
|
|
| 6 | %(c) |
|
|
|
|
|
|
|
|
|
| ||
(a) | Commencement of operations | |
(b) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of period, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption on the last day of the period. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares. | |
(c) | Not Annualized | |
(d) | Annualized | |
(e) | Amount represents less than $0.005 per share | |
See Notes to Financial Statements
78
|
FINANCIAL HIGHLIGHTS |
For a share outstanding throughout each period: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
|
| |||||||||
|
| For the Six Months |
| For the Period |
| ||||||
|
|
|
| ||||||||
|
| (unaudited) |
|
|
| ||||||
Net asset value, beginning of period |
|
| $ | 27.74 |
|
|
| $ | 25.11 |
|
|
|
|
|
|
|
|
|
| ||||
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| 0.86 |
|
|
|
| 0.96 |
|
|
Net realized and unrealized gain (loss) on investments |
|
|
| (1.81 | ) |
|
|
| 2.51 |
|
|
|
|
|
|
|
|
|
| ||||
Total from investment operations |
|
|
| (0.95 | ) |
|
|
| 3.47 |
|
|
|
|
|
|
|
|
|
| ||||
Less: |
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
|
|
| (0.87 | ) |
|
|
| (0.84 | ) |
|
|
|
|
|
|
|
|
| ||||
Net asset value, end of period |
|
| $ | 25.92 |
|
|
| $ | 27.74 |
|
|
|
|
|
|
|
|
|
| ||||
Total return (b) |
|
|
| (3.97 | )%(c) |
|
|
| 14.02 | %(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s) |
|
| $ | 534,000 |
|
|
| $ | 349,530 |
|
|
Ratio of gross expenses to average net assets |
|
|
| 0.44 | %(d) |
|
|
| 0.49 | %(d) |
|
Ratio of net expenses to average net assets |
|
|
| 0.44 | %(d) |
|
|
| 0.49 | %(d) |
|
Ratio of net expenses, excluding interest expense, to average net assets |
|
|
| 0.44 | %(d) |
|
|
| 0.48 | %(d) |
|
Ratio of net investment income to average net assets |
|
|
| 5.66 | %(d) |
|
|
| 5.60 | %(d) |
|
Portfolio turnover rate |
|
|
| 16 | %(c) |
|
|
| 3 | %(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
| ||||
|
| For the Period |
|
|
|
|
|
| |||
|
|
|
|
|
|
|
| ||||
|
| (unaudited) |
|
|
|
|
|
| |||
Net asset value, beginning of period |
|
| $ | 25.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| 0.64 |
|
|
|
|
|
|
|
Net realized and unrealized loss on investments |
|
|
| (0.33 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Total from investment operations |
|
|
| 0.31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Less: |
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
|
|
| (0.52 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Net asset value, end of period |
|
| $ | 24.79 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Total return (b) |
|
|
| 1.21 | %(c) |
|
|
|
|
|
|
| |||||||||||
Ratios/Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s) |
|
| $ | 7,438 |
|
|
|
|
|
|
|
Ratio of gross expenses to average net assets |
|
|
| 1.68 | %(d) |
|
|
|
|
|
|
Ratio of net expenses to average net assets |
|
|
| 0.49 | %(d) |
|
|
|
|
|
|
Ratio of net expenses, excluding interest expense, to average net assets |
|
|
| 0.49 | %(d) |
|
|
|
|
|
|
Ratio of net investment income to average net assets |
|
|
| 5.22 | %(d) |
|
|
|
|
|
|
Portfolio turnover rate |
|
|
| 5 | %(c) |
|
|
|
|
|
|
|
|
|
| ||
(a) | Commencement of operations | |
(b) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of period, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption on the last day of the period. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares. | |
(c) | Not Annualized | |
(d) | Annualized | |
See Notes to Financial Statements
79
|
MARKET VECTORS ETF TRUST |
FINANCIAL HIGHLIGHTS |
For a share outstanding throughout each period: |
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
| |||||
|
| For the Period |
| ||||
|
|
| |||||
|
| (unaudited) |
| ||||
Net asset value, beginning of period |
|
| $ | 24.93 |
|
|
|
|
|
|
|
|
| ||
Income from investment operations: |
|
|
|
|
|
|
|
Net investment income |
|
|
| 0.02 |
|
|
|
Net realized and unrealized gain on investments |
|
|
| 0.36 |
|
|
|
|
|
|
|
|
| ||
Total from investment operations |
|
|
| 0.38 |
|
|
|
|
|
|
|
|
| ||
Net asset value, end of period |
|
| $ | 25.31 |
|
|
|
|
|
|
|
|
| ||
Total return (b) |
|
|
| 1.52 | %(c) |
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
|
Net assets, end of period (000’s) |
|
| $ | 2,531 |
|
|
|
Ratio of gross expenses to average net assets |
|
|
| 6.55 | %(d) |
|
|
Ratio of net expenses to average net assets |
|
|
| 0.39 | %(d) |
|
|
Ratio of net expenses, excluding interest expense, to average net assets |
|
|
| 0.39 | %(d) |
|
|
Ratio of net investment income to average net assets |
|
|
| 1.64 | %(d) |
|
|
Portfolio turnover rate |
|
|
| 0 | %(c) |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
| |||||
|
| For the Period |
| ||||
|
|
| |||||
|
| (unaudited) |
|
| |||
Net asset value, beginning of period |
|
| $ | 25.00 |
|
|
|
|
|
|
|
|
| ||
Income from investment operations: |
|
|
|
|
|
|
|
Net investment income |
|
|
| 0.48 |
|
|
|
Net realized and unrealized gain on investments |
|
|
| 0.54 |
|
|
|
|
|
|
|
|
| ||
Total from investment operations |
|
|
| 1.02 |
|
|
|
|
|
|
|
|
| ||
Less: |
|
|
|
|
|
|
|
Dividends from net investment income |
|
|
| (0.32 | ) |
|
|
|
|
|
|
|
| ||
Net asset value, end of period |
|
| $ | 25.70 |
|
|
|
|
|
|
|
|
| ||
Total return (b) |
|
|
| 4.10 | %(c) |
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
|
Net assets, end of period (000’s) |
|
| $ | 3,855 |
|
|
|
Ratio of gross expenses to average net assets |
|
|
| 2.92 | %(d) |
|
|
Ratio of net expenses to average net assets |
|
|
| 0.40 | %(d) |
|
|
Ratio of net expenses, excluding interest expense, to average net assets |
|
|
| 0.40 | %(d) |
|
|
Ratio of net investment income to average net assets |
|
|
| 6.53 | %(d) |
|
|
Portfolio turnover rate |
|
|
| 4 | %(c) |
|
|
|
|
|
| ||
(a) | Commencement of operations | |
(b) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of period, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption on the last day of the period. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares. | |
(c) | Not Annualized | |
(d) | Annualized | |
See Notes to Financial Statements
80
|
FINANCIAL HIGHLIGHTS |
For a share outstanding throughout each period: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
|
|
| |||||||||||||||||||
|
| For the Six |
| For the Year |
| For the Year |
| For the Period |
| ||||||||||||
|
|
|
|
|
| ||||||||||||||||
|
| (unaudited) |
|
|
|
|
|
|
|
|
|
| |||||||||
Net asset value, beginning of period |
|
| $ | 28.39 |
|
|
| $ | 30.62 |
|
|
| $ | 26.22 |
|
|
| $ | 25.46 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| 1.00 |
|
|
|
| 1.75 |
|
|
|
| 2.08 |
|
|
|
| 0.54 |
|
|
Net realized and unrealized gain (loss) on investments |
|
|
| 1.17 |
|
|
|
| (1.97 | ) |
|
|
| 4.17 |
|
|
|
| 0.55 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total from investment operations |
|
|
| 2.17 |
|
|
|
| (0.22 | ) |
|
|
| 6.25 |
|
|
|
| 1.09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
|
|
| (1.01 | ) |
|
|
| (1.79 | ) |
|
|
| (1.85 | ) |
|
|
| (0.33 | ) |
|
Distributions from net realized gains |
|
|
| — |
|
|
|
| (0.22 | ) |
|
|
| — |
|
|
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total dividends and distributions |
|
|
| (1.01 | ) |
|
|
| (2.01 | ) |
|
|
| (1.85 | ) |
|
|
| (0.33 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Net asset value, end of period |
|
| $ | 29.55 |
|
|
| $ | 28.39 |
|
|
| $ | 30.62 |
|
|
| $ | 26.22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total return (b) |
|
|
| 7.27 | %(c) |
|
|
| (0.81 | )% |
|
|
| 24.47 | % |
|
|
| 4.32 | %(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s) |
|
| $ | 283,695 |
|
|
| $ | 210,051 |
|
|
| $ | 159,210 |
|
|
| $ | 78,651 |
|
|
Ratio of gross expenses to average net assets |
|
|
| 0.35 | %(d) |
|
|
| 0.44 | % |
|
|
| 0.65 | % |
|
|
| 0.71 | %(d) |
|
Ratio of net expenses to average net assets |
|
|
| 0.35 | %(d) |
|
|
| 0.35 | % |
|
|
| 0.35 | % |
|
|
| 0.35 | %(d) |
|
Ratio of net expenses, excluding interest expense, to average net assets |
|
|
| 0.35 | %(d) |
|
|
| 0.35 | % |
|
|
| 0.35 | % |
|
|
| 0.35 | %(d) |
|
Ratio of net investment income to average net assets |
|
|
| 6.31 | %(d) |
|
|
| 6.27 | % |
|
|
| 7.45 | % |
|
|
| 9.11 | %(d) |
|
Portfolio turnover rate |
|
|
| 5 | %(c) |
|
|
| 42 | % |
|
|
| 19 | % |
|
|
| 0 | %(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||||
|
| |||||||||||||||||||||||||
|
| For the Six |
| For the Year |
| For the Year |
| For the Year |
| For the Period |
| |||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||
|
| (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, beginning of period |
|
| $ | 21.40 |
|
|
| $ | 21.51 |
|
|
| $ | 20.77 |
|
|
| $ | 20.63 |
|
|
| $ | 20.80 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| 0.44 |
|
|
|
| 0.74 |
|
|
|
| 0.75 |
|
|
|
| 0.76 |
|
|
|
| 0.29 |
|
|
Net realized and unrealized gain (loss) on investments |
|
|
| 0.78 |
|
|
|
| (0.08 | ) |
|
|
| 0.75 |
|
|
|
| 0.10 |
|
|
|
| (0.20 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total from investment operations |
|
|
| 1.22 |
|
|
|
| 0.66 |
|
|
|
| 1.50 |
|
|
|
| 0.86 |
|
|
|
| 0.09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
|
|
| (0.44 | ) |
|
|
| (0.74 | ) |
|
|
| (0.76 | ) |
|
|
| (0.72 | ) |
|
|
| (0.26 | ) |
|
Distributions from net realized gains |
|
|
| — |
|
|
|
| (0.03 | ) |
|
|
| — | (e) |
|
|
| — |
|
|
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total dividends and distributions |
|
|
| (0.44 | ) |
|
|
| (0.77 | ) |
|
|
| (0.76 | ) |
|
|
| (0.72 | ) |
|
|
| (0.26 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Net asset value, end of period |
|
| $ | 22.18 |
|
|
| $ | 21.40 |
|
|
| $ | 21.51 |
|
|
| $ | 20.77 |
|
|
| $ | 20.63 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total return (b) |
|
|
| 5.47 | %(c) |
|
|
| 3.11 | % |
|
|
| 7.35 | % |
|
|
| 4.32 | % |
|
|
| 0.43 | %(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s) |
|
| $ | 297,214 |
|
|
| $ | 220,371 |
|
|
| $ | 159,179 |
|
|
| $ | 51,916 |
|
|
| $ | 15,473 |
|
|
Ratio of gross expenses to average net assets |
|
|
| 0.24 | %(d) |
|
|
| 0.29 | % |
|
|
| 0.45 | % |
|
|
| 0.70 | % |
|
|
| 1.60 | %(d) |
|
Ratio of net expenses to average net assets |
|
|
| 0.24 | %(d) |
|
|
| 0.24 | % |
|
|
| 0.23 | % |
|
|
| 0.20 | % |
|
|
| 0.20 | %(d) |
|
Ratio of net expenses, excluding interest expense, to average net assets |
|
|
| 0.24 | %(d) |
|
|
| 0.24 | % |
|
|
| 0.23 | % |
|
|
| 0.20 | % |
|
|
| 0.20 | %(d) |
|
Ratio of net investment income to average net assets |
|
|
| 3.44 | %(d) |
|
|
| 3.50 | % |
|
|
| 3.73 | % |
|
|
| 3.97 | % |
|
|
| 3.53 | %(d) |
|
Portfolio turnover rate |
|
|
| 4 | %(c) |
|
|
| 19 | % |
|
|
| 22 | % |
|
|
| 11 | % |
|
|
| 0 | %(c) |
|
|
|
|
| ||
(a) | Commencement of operations | |
(b) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of period, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption on the last day of the period. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares. | |
(c) | Not Annualized | |
(d) | Annualized | |
(e) | Amount represents less than $0.005 per share | |
(f) | On October 24, 2008, the Fund effected a stock split as described in the Notes to Financial Statements. Per share data prior to this date has been adjusted to give effect to the stock split. | |
81
|
MARKET VECTORS ETF TRUST |
FINANCIAL HIGHLIGHTS |
For a share outstanding throughout each period: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||
|
| For the Six |
| For the Year |
| For the Year |
| For the Year |
| For the Period |
| |||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||
|
| (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, beginning of period |
|
| $ | 17.46 |
|
|
| $ | 18.49 |
|
|
| $ | 17.28 |
|
|
| $ | 19.31 |
|
|
| $ | 20.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| 0.51 |
|
|
|
| 0.83 |
|
|
|
| 0.83 |
|
|
|
| 0.86 |
|
|
|
| 0.24 |
|
|
Net realized and unrealized gain (loss) on investments |
|
|
| 1.18 |
|
|
|
| (1.03 | ) |
|
|
| 1.23 |
|
|
|
| (2.07 | ) |
|
|
| (0.72 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total from investment operations |
|
|
| 1.69 |
|
|
|
| (0.20 | ) |
|
|
| 2.06 |
|
|
|
| (1.21 | ) |
|
|
| (0.48 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
|
|
| (0.50 | ) |
|
|
| (0.83 | ) |
|
|
| (0.85 | ) |
|
|
| (0.82 | ) |
|
|
| (0.21 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Net asset value, end of period |
|
| $ | 18.65 |
|
|
| $ | 17.46 |
|
|
| $ | 18.49 |
|
|
| $ | 17.28 |
|
|
| $ | 19.31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total return (b) |
|
|
| 9.36 | %(c) |
|
|
| (1.10 | )% |
|
|
| 12.20 | % |
|
|
| (6.24 | )% |
|
|
| (2.42 | )%(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s) |
|
| $ | 58,761 |
|
|
| $ | 55,009 |
|
|
| $ | 52,711 |
|
|
| $ | 30,247 |
|
|
| $ | 24,142 |
|
|
Ratio of gross expenses to average net assets |
|
|
| 0.24 | %(d) |
|
|
| 0.38 | % |
|
|
| 0.64 | % |
|
|
| 0.78 | % |
|
|
| 1.47 | %(d) |
|
Ratio of net expenses to average net assets |
|
|
| 0.24 | %(d) |
|
|
| 0.24 | % |
|
|
| 0.25 | % |
|
|
| 0.24 | % |
|
|
| 0.24 | %(d) |
|
Ratio of net expenses, excluding interest expense, to average net assets |
|
|
| 0.24 | %(d) |
|
|
| 0.24 | % |
|
|
| 0.24 | % |
|
|
| 0.24 | % |
|
|
| 0.24 | %(d) |
|
Ratio of net investment income to average net assets |
|
|
| 4.69 | %(d) |
|
|
| 4.60 | % |
|
|
| 4.78 | % |
|
|
| 5.15 | % |
|
|
| 4.48 | %(d) |
|
Portfolio turnover rate |
|
|
| 17 | %(c) |
|
|
| 27 | % |
|
|
| 20 | % |
|
|
| 44 | % |
|
|
| 0 | %(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
|
| ||||||||||||||||||||
|
| For the Six |
| For the Year |
| For the Year |
| For the Period |
| ||||||||||||
|
|
|
|
|
| ||||||||||||||||
|
| (unaudited) |
|
|
|
|
|
|
|
|
|
| |||||||||
Net asset value, beginning of period |
|
| $ | 25.01 |
|
|
| $ | 24.98 |
|
|
| $ | 24.73 |
|
|
| $ | 24.76 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| 0.19 |
|
|
|
| 0.34 |
|
|
|
| 0.35 |
|
|
|
| 0.06 |
|
|
Net realized and unrealized gain (loss) on investments |
|
|
| 0.08 |
|
|
|
| 0.10 |
|
|
|
| 0.24 |
|
|
|
| (0.05 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total from investment operations |
|
|
| 0.27 |
|
|
|
| 0.44 |
|
|
|
| 0.59 |
|
|
|
| 0.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
|
|
| (0.19 | ) |
|
|
| (0.35 | ) |
|
|
| (0.34 | ) |
|
|
| (0.04 | ) |
|
Distributions from net realized gains |
|
|
| — |
|
|
|
| (0.06 | ) |
|
|
| — |
|
|
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total dividends and distributions |
|
|
| (0.19 | ) |
|
|
| (0.41 | ) |
|
|
| (0.34 | ) |
|
|
| (0.04 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Net asset value, end of period |
|
| $ | 25.09 |
|
|
| $ | 25.01 |
|
|
| $ | 24.98 |
|
|
| $ | 24.73 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total return (b) |
|
|
| 0.96 | %(c) |
|
|
| 1.74 | % |
|
|
| 2.38 | % |
|
|
| 0.06 | %(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s) |
|
| $ | 35,126 |
|
|
| $ | 35,019 |
|
|
| $ | 39,965 |
|
|
| $ | 19,785 |
|
|
Ratio of gross expenses to average net assets |
|
|
| 0.24 | %(d) |
|
|
| 0.38 | % |
|
|
| 0.67 | % |
|
|
| 1.26 | %(d) |
|
Ratio of net expenses to average net assets |
|
|
| 0.24 | %(d) |
|
|
| 0.24 | % |
|
|
| 0.24 | % |
|
|
| 0.24 | %(d) |
|
Ratio of net expenses, excluding interest expense, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to average net assets |
|
|
| 0.24 | %(d) |
|
|
| 0.24 | % |
|
|
| 0.24 | % |
|
|
| 0.24 | %(d) |
|
Ratio of net investment income to average net assets |
|
|
| 1.28 | %(d) |
|
|
| 1.36 | % |
|
|
| 1.44 | % |
|
|
| 1.29 | %(d) |
|
Portfolio turnover rate |
|
|
| 16 | %(c) |
|
|
| 28 | % |
|
|
| 8 | % |
|
|
| 0 | %(c) |
|
|
|
|
| ||
(a) | Commencement of operations | |
(b) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of period, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption on the last day of the period. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares. | |
(c) | Not Annualized | |
(d) | Annualized | |
(e) | On October 24, 2008, the Fund effected a stock split as described in the Notes to Financial Statements. Per share data prior to this date has been adjusted to give effect to the stock split. | |
82
|
FINANCIAL HIGHLIGHTS |
For a share outstanding throughout each period: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||
|
| For the Six |
| For the Year |
| For the Year |
| For the Year |
| For the Period |
| |||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||
|
| (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, beginning of period |
|
| $ | 17.35 |
|
|
| $ | 17.32 |
|
|
| $ | 16.93 |
|
|
| $ | 16.47 |
|
|
| $ | 16.53 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| 0.20 |
|
|
|
| 0.36 |
|
|
|
| 0.39 |
|
|
|
| 0.43 |
|
|
|
| 0.08 |
|
|
Net realized and unrealized gain (loss) on investments |
|
|
| 0.18 |
|
|
|
| 0.09 |
|
|
|
| 0.39 |
|
|
|
| 0.46 |
|
|
|
| (0.07 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total from investment operations |
|
|
| 0.38 |
|
|
|
| 0.45 |
|
|
|
| 0.78 |
|
|
|
| 0.89 |
|
|
|
| 0.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income |
|
|
| (0.20 | ) |
|
|
| (0.36 | ) |
|
|
| (0.39 | ) |
|
|
| (0.43 | ) |
|
|
| (0.07 | ) |
|
Distributions from net realized gains |
|
|
| — |
|
|
|
| (0.06 | ) |
|
|
| — |
|
|
|
| — |
|
|
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total dividends and distributions |
|
|
| (0.20 | ) |
|
|
| (0.42 | ) |
|
|
| (0.39 | ) |
|
|
| (0.43 | ) |
|
|
| (0.07 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Net asset value, end of period |
|
| $ | 17.53 |
|
|
| $ | 17.35 |
|
|
| $ | 17.32 |
|
|
| $ | 16.93 |
|
|
| $ | 16.47 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total return (b) |
|
|
| 2.01 | %(c) |
|
|
| 2.59 | % |
|
|
| 4.64 | % |
|
|
| 5.50 | % |
|
|
| 0.07 | %(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s) |
|
| $ | 111,299 |
|
|
| $ | 94,568 |
|
|
| $ | 89,222 |
|
|
| $ | 24,543 |
|
|
| $ | 4,942 |
|
|
Ratio of gross expenses to average net assets |
|
|
| 0.20 | %(d) |
|
|
| 0.29 | % |
|
|
| 0.55 | % |
|
|
| 1.11 | % |
|
|
| 5.85 | %(d) |
|
Ratio of net expenses to average net assets |
|
|
| 0.20 | %(d) |
|
|
| 0.20 | % |
|
|
| 0.20 | % |
|
|
| 0.16 | % |
|
|
| 0.16 | %(d) |
|
Ratio of net expenses, excluding interest expense, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to average net assets |
|
|
| 0.20 | %(d) |
|
|
| 0.20 | % |
|
|
| 0.19 | % |
|
|
| 0.16 | % |
|
|
| 0.16 | %(d) |
|
Ratio of net investment income to average net assets |
|
|
| 1.92 | %(d) |
|
|
| 2.04 | % |
|
|
| 2.31 | % |
|
|
| 2.88 | % |
|
|
| 2.70 | %(d) |
|
Portfolio turnover rate |
|
|
| 20 | %(c) |
|
|
| 35 | % |
|
|
| 43 | % |
|
|
| 20 | % |
|
|
| 55 | %(c) |
|
|
|
|
| ||
(a) | Commencement of operations | |
(b) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of period, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption on the last day of the period. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares. | |
(c) | Not Annualized | |
(d) | Annualized | |
(e) | On October 24, 2008, the Fund effected a stock split as described in the Notes to Financial Statements. Per share data prior to this date has been adjusted to give effect to the stock split. | |
83
|
MARKET VECTORS ETF TRUST |
October 31, 2011 (unaudited) |
Note 1—Fund Organization—Market Vectors ETF Trust (the “Trust”), is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Trust was incorporated in Delaware as a statutory trust on March 15, 2001. The Trust operates as a series fund, and as of October 31, 2011, offers thirty-seven investment portfolios, each of which represents a separate series of the Trust.
These financial statements relate only to the following investment portfolios: Investment Grade Floating Rate ETF (“Investment Grade”), Mortgage REIT Income ETF (“Mortgage REIT”), Emerging Markets Local Currency Bond ETF (“Emerging Markets”), LatAm Aggregate Bond ETF (“LatAm”), Renminbi Bond ETF (“Renminbi”), CEF Municipal Income ETF (“CEF Municipal”), High-Yield Municipal Index ETF (“High-Yield”), Intermediate Municipal Index ETF (“Intermediate”), Long Municipal Index ETF (“Long”), Pre-Refunded Municipal Index ETF (“Pre-Refunded”), and Short Municipal Index ETF (“Short”), each a “Fund” and collectively the “Funds”. Each Fund’s investment objective is to replicate as closely as possible, before fees and expenses, the price and yield performance of its Index. The Funds (except Mortgage REIT and CEF Municipal) expect to use a sampling approach in seeking to achieve their objectives. Sampling means that Van Eck Associates Corporation (the “Adviser”) uses quantitative analysis to select bonds and other securities that represent a sample of securities in the Index in terms of key risk factors, performance attributes and other characteristics. The number of securities in each Fund will be based upon several factors, including asset size of the Fund. The Adviser generally expects each Fund to hold less than the total number of securities in the Index, but reserves the right to hold as many securities as it believes necessary to achieve the Fund’s investment objective.
The Funds’ commencement of operations dates and their respective Indices are presented below:
|
|
|
|
|
|
|
|
Fund |
|
| Commencement |
|
| Index |
|
|
|
|
|
| |||
Investment Grade |
| April 25, 2011 |
| Market Vectors Investment Grade Floating Rate Index | |||
Mortgage REIT |
| August 16, 2011 |
| Market Vectors® Global Mortgage REIT Index | |||
Emerging Markets |
| July 22, 2010 |
| JP Morgan Government Bond Index-Emerging Markets Global Core | |||
LatAm |
| May 11, 2011 |
| The BofA Merrill Lynch Broad Latin America Bond IndexSM | |||
Renminbi |
| October 11, 2011 |
| Market Vectors® Renminbi Bond Index | |||
CEF Municipal |
| July 12, 2011 |
| S-Network Municipal Bond Closed-End Fund IndexSM | |||
High-Yield |
| February 4, 2009 |
| Barclays Capital Municipal Custom High Yield Composite Index | |||
Intermediate |
| December 4, 2007 |
| Barclays Capital AMT-Free Intermediate Continuous Municipal Index | |||
Long |
| January 2, 2008 |
| Barclays Capital AMT-Free Long Continuous Municipal Index | |||
Pre-Refunded |
| February 2, 2009 |
| Barclays Capital Municipal Pre-Refunded–Treasury-Escrowed Index | |||
Short |
| February 22, 2008 |
| Barclays Capital AMT-Free Short Continuous Municipal Index | |||
Note 2—Significant Accounting Policies—The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the Funds.
|
|
A. | Security Valuation—The investment valuation policy of the Funds is to value investments at fair value. Securities traded on national exchanges or traded on the NASDAQ National Market System are valued at the last sales price as reported at the close of each business day. Securities traded on the NASDAQ Stock Market are valued at the NASDAQ official closing price. Over-the-counter securities not included in the NASDAQ National Market System and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded they are categorized as Level 1 in the fair value hierarchy (described below). Certain securities, whose values may be affected by market direction or events occurring before the Funds’ pricing time (4:00 p.m. Eastern Time) but after the last close of the securities’ primary market, are fair valued using a pricing service and are categorized as Level 2 in the fair value hierarchy. Debt securities for which market quotations are readily available are valued on the basis of quotations furnished by an independent pricing service approved by the Board of Trustees or provided by securities dealers. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from bond dealers to determine current value and are categorized as level 2 in the fair value hierarchy. Over- |
84
|
|
|
| the-counter securities for which no sale was reported are valued at the mean of the bid and ask prices. The Funds may also fair value securities in other situations, for example, when a particular foreign market is closed but the Fund is open. The price which the Funds may realize upon sale of an investment may differ materially from the value presented on the Schedules of Investments. Money market fund investments are valued at net asset value and are categorized as level 1 in the fair value hierarchy. Short-term obligations purchased with more than sixty days remaining to maturity are valued at market value. Short-term obligations purchased with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Securities for which quotations are not available are stated at fair value as determined by a Pricing Committee of the Adviser appointed by the Board of Trustees. Certain factors such as economic conditions, political events, market trends and security specific information are used to determine the fair value for these securities. |
|
|
| The Funds utilize various methods to measure the fair value of most of its investments on a recurring basis which includes a hierarchy that prioritizes inputs to valuation methods used to measure fair value. The hierarchy gives highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels of the fair value hierarchy are described below: |
|
|
| Level 2 - Significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). |
|
|
| Level 3 - Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). |
|
|
B. | Federal Income Taxes—It is each Fund’s policy to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable income to its shareholders. Therefore, no federal income tax provision is required. |
|
|
C. | Dividends and Distributions to Shareholders—Dividends to shareholders from net investment income, if any, are declared and paid at least monthly by each Fund (except Mortgage REIT which is declared and paid quarterly). Distributions of net realized capital gains, if any, generally are declared and paid annually. Income dividends and capital gain distributions are determined in accordance with income tax regulations, which may differ from such amounts determined in accordance with GAAP. |
|
|
D. | Currency Translation—Assets and liabilities denominated in foreign currencies and commitments under forward foreign currency contracts are translated into U.S. dollars at the closing prices of such currencies each business day. Purchases and sales of foreign denominated investments are translated at the exchange rates prevailing when such investments are acquired or sold. Foreign denominated income and expenses are translated at the exchange rates prevailing when accrued. The portion of realized and unrealized gains and losses on investments that result from fluctuations in foreign currency exchange rates is not separately disclosed. Recognized gains or losses attributable to foreign currency fluctuations on foreign currency denominated assets, other than investments, and liabilities are recorded as net realized gains and losses from foreign currency transactions. |
|
|
E. | Restricted Securities—The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of each Fund’s Schedule of Investments. |
|
|
F. | Use of Derivative Instruments—The Funds may make investments in derivative instruments, including, but not limited to, options, futures, swaps and other derivatives relating to foreign currency transactions. A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. Derivative instruments may be privately negotiated contracts (often referred to as over the counter (“OTC”) derivatives) or they may be listed and traded on an exchange. Derivative contracts may involve future commitments to purchase or sell financial instruments at specified terms on a specified date, or to exchange interest payment streams or currencies based on a notional or contractual amount. Derivative instruments may involve a high degree of financial risk. The use of derivatives also involves the risk of loss if the Adviser is incorrect in its expectation of the timing or level of fluctuations |
85
|
MARKET VECTORS ETF TRUST |
NOTES TO FINANCIAL STATEMENTS |
(continued) |
|
|
| in securities prices, interest rates or currency prices. Investments in derivative instruments also include the risk of default by the counterparty, the risk that the investment may not be liquid and the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument. GAAP requires enhanced disclosures about the Funds’ derivatives and hedging activities. The Funds had no derivatives outstanding during the period ended October 31, 2011. |
|
|
| Forward Foreign Currency Contracts—Investment Grade, Emerging Markets, LatAm and Renminbi are subject to foreign currency risk in the normal course of pursuing its investment objectives. These Funds may buy and sell forward foreign currency contracts to settle purchases and sales of foreign denominated securities to obtain currency exposure, or to hedge foreign denominated assets. Realized gains and losses from forward currency contracts are included in realized gain (loss) on forward currency contracts and foreign currency transactions. These Funds may incur additional risk from investments in forward foreign currency contracts if the counterparty in unable to fulfill its obligation or there are unanticipated movement of the foreign currency relative to the U.S. dollar. These Funds did not have any open forward foreign currency contracts during the period ended October 31, 2011. |
|
|
G. | Other—Security transactions are accounted for on trade date. Transactions in certain securities may take longer than the customary settlement cycle to be completed. The counterparty is required to collateralize such trades with cash in excess of the market value of the transaction, which is held at the custodian and marked to market daily. Realized gains and losses are calculated on the identified cost basis. Interest income, including amortization of premiums and discounts, is accrued as earned. Interest income is generally not earned on debt securities in default or upon determination that the income is not realizable. |
Note 3—Investment Management and Other Agreements—The Adviser is the investment adviser to the Funds. The Adviser receives a management fee, calculated daily and payable monthly based on an annual rate of each Fund’s average daily net assets. The High Yield, Intermediate, Long, Pre-Refunded and Short Funds utilize a unitary management fee where the Adviser is responsible for all expenses of the Funds, except the fee payment under the Investment Advisory Agreement, interest expenses, offering costs, trading expenses, taxes and extraordinary expenses. The Adviser voluntarily waived its fees and assumed certain fund expenses during this period to limit total annual operating expenses to the expense caps listed below.
The current management fee/expense caps and the amounts waived/assumed by the Adviser for the period ended October 31, 2011 are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund |
|
| Expense Cap |
| Management Fee** |
| Management Fees |
| Expenses Assumed |
| ||||||
|
|
|
|
|
| |||||||||||
Investment Grade |
| 0.19 | % |
| 0.35 | % |
| $ | 14,517 |
|
| $ | 62,261 |
|
| |
Mortgage REIT |
| 0.40 | % |
| 0.40 | % |
|
| 3,430 |
|
|
| 28,575 |
|
| |
Emerging Markets |
| 0.49 | % |
| 0.35 | % |
|
| — |
|
|
| — |
|
| |
LatAm |
| 0.49 | % |
| 0.35 | % |
|
| 12,197 |
|
|
| 29,041 |
|
| |
Renminbi |
| 0.39 | % |
| 0.35 | % |
|
| 481 |
|
|
| 7,999 |
|
| |
CEF Municipal |
| 0.40 | % |
| 0.40 | % |
|
| 4,398 |
|
|
| 23,319 |
|
| |
High-Yield |
| N/A |
|
| 0.35 | %* |
|
| N/A |
|
|
| N/A |
|
| |
Intermediate |
| N/A |
|
| 0.24 | %* |
|
| N/A |
|
|
| N/A |
|
| |
Long |
| N/A |
|
| 0.24 | %* |
|
| N/A |
|
|
| N/A |
|
| |
Pre-Refunded |
| N/A |
|
| 0.24 | %* |
|
| N/A |
|
|
| N/A |
|
| |
Short |
| N/A |
|
| 0.20 | %* |
|
| N/A |
|
|
| N/A |
|
| |
|
|
|
| ||
* | Represents the unitary management fee. | |
** | The Adviser has agreed, at least until September 1, 2012 for the Funds (September 1, 2013 for Renminbi, and May 1, 2013 for CEF Municipal and Mortgage REIT), to voluntarily waive or limit its fees and to assume as its own expense certain expenses otherwise payable by the Funds so that each Fund’s total annual operating expenses does not exceed the expense caps, excluding interest expense. | |
86
|
In addition, Van Eck Securities Corporation, an affiliate of the Adviser, acts as the Funds’ Distributor. Certain officers and a Trustee of the Trust are officers, directors or stockholders of the Adviser and Distributor.
Note 4—Investments—For the period ended October 31, 2011, the cost of purchases and proceeds from sales of investments other than U.S. government obligations and short-term obligations (excluding in-kind transactions described in Note 6) were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund |
|
| Cost of Investments |
| Proceeds from |
| ||||||
|
|
|
| |||||||||
Investment Grade |
|
| $ | 4,387,979 |
|
|
| $ | — |
|
| |
Mortgage REIT |
|
|
| 300,328 |
|
|
|
| 281,062 |
|
| |
Emerging Markets |
|
|
| 290,346,424 |
|
|
|
| 71,065,730 |
|
| |
LatAm |
|
|
| 7,406,466 |
|
|
|
| 349,303 |
|
| |
Renminbi |
|
|
| 2,232,904 |
|
|
|
| — |
|
| |
CEF Municipal |
|
|
| 162,202 |
|
|
|
| 158,776 |
|
| |
High-Yield |
|
|
| 81,943,650 |
|
|
|
| 13,531,130 |
|
| |
Intermediate |
|
|
| 79,395,920 |
|
|
|
| 10,752,719 |
|
| |
Long |
|
|
| 11,746,787 |
|
|
|
| 9,583,810 |
|
| |
Pre-Refunded |
|
|
| 5,857,610 |
|
|
|
| 5,448,986 |
|
| |
Short |
|
|
| 43,841,927 |
|
|
|
| 20,219,833 |
|
| |
Note 5—Income Taxes—As of October 31, 2011, for Federal income tax purposes, the identified cost of investments owned, net unrealized appreciation (depreciation), gross unrealized appreciation, and gross unrealized depreciation of investments were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund |
|
| Cost of Investments |
| Gross Unrealized |
| Gross Unrealized |
| Net Unrealized |
| ||||||||||||
|
|
|
|
|
| |||||||||||||||||
Investment Grade |
|
| $ | 9,911,327 |
|
|
| $ | 397 |
|
|
| $ | (387,094 | ) |
|
| $ | (386,697 | ) |
| |
Mortgage REIT |
|
|
| 6,033,752 |
|
|
|
| 41,366 |
|
|
|
| (241,040 | ) |
|
|
| (199,674 | ) |
| |
Emerging Markets |
|
|
| 572,211,907 |
|
|
|
| 6,904,875 |
|
|
|
| (45,017,605 | ) |
|
|
| (38,112,730 | ) |
| |
LatAm |
|
|
| 7,348,482 |
|
|
|
| 105,420 |
|
|
|
| (260,063 | ) |
|
|
| (154,643 | ) |
| |
Renminbi |
|
|
| 2,511,975 |
|
|
|
| 13,014 |
|
|
|
| (9,760 | ) |
|
|
| 3,254 |
|
| |
CEF Municipal |
|
|
| 3,778,765 |
|
|
|
| 84,321 |
|
|
|
| (3,746 | ) |
|
|
| 80,575 |
|
| |
High-Yield |
|
|
| 268,702,375 |
|
|
|
| 17,340,748 |
|
|
|
| (7,713,356 | ) |
|
|
| 9,627,392 |
|
| |
Intermediate |
|
|
| 284,636,745 |
|
|
|
| 10,004,946 |
|
|
|
| (863,060 | ) |
|
|
| 9,141,886 |
|
| |
Long |
|
|
| 55,835,346 |
|
|
|
| 2,658,158 |
|
|
|
| (196,179 | ) |
|
|
| 2,461,979 |
|
| |
Pre-Refunded |
|
|
| 33,921,937 |
|
|
|
| 713,924 |
|
|
|
| (6,888 | ) |
|
|
| 707,036 |
|
| |
Short |
|
|
| 108,157,266 |
|
|
|
| 1,972,617 |
|
|
|
| (105,846 | ) |
|
|
| 1,866,771 |
|
| |
The tax character of dividends paid to shareholders during the periods ended October 31, 2011 and April 30, 2011 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tax-Exempt Dividends |
| Ordinary Income |
| Long-Term |
| ||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
Fund |
|
| October 31, 2011 |
| April 30, 2011 |
| October 31, 2011 |
| April 30, 2011 |
| April 30, 2011 |
| ||||||||||||
|
|
|
|
|
|
| ||||||||||||||||||
Investment Grade |
|
| $ | — |
|
|
| $ | N/A |
|
| $ | 26,330 |
|
| $ | N/A |
|
| $ | N/A |
|
| |
Mortgage REIT |
|
|
| — |
|
|
|
| N/A |
|
|
| 136,000 |
|
|
| N/A |
|
|
| N/A |
|
| |
Emerging Markets |
|
|
| — |
|
|
|
| — |
|
|
| 12,413,500 |
|
|
| 5,653,020 |
|
|
| — |
|
| |
LatAm |
|
|
| — |
|
|
|
| N/A |
|
|
| 154,560 |
|
|
| N/A |
|
|
| N/A |
|
| |
CEF Municipal |
|
|
| — |
|
|
|
| N/A |
|
|
| 47,700 |
|
|
| N/A |
|
|
| N/A |
|
| |
High-Yield |
|
|
| 7,394,960 |
|
|
|
| 10,274,042 |
|
|
| — |
|
|
| 1,883,458 |
|
|
| 235,600 |
|
| |
Intermediate |
|
|
| 4,189,310 |
|
|
|
| 6,862,699 |
|
|
| — |
|
|
| 130,436 |
|
|
| 158,065 |
|
| |
Long |
|
|
| 1,347,935 |
|
|
|
| 2,685,623 |
|
|
| — |
|
|
| 5,582 |
|
|
| — |
|
| |
Pre-Refunded |
|
|
| 224,700 |
|
|
|
| 517,932 |
|
|
| — |
|
|
| 2,007 |
|
|
| 78,961 |
|
| |
Short |
|
|
| 962,895 |
|
|
|
| 1,994,483 |
|
|
| — |
|
|
| 100,307 |
|
|
| 245,515 |
|
| |
87
|
MARKET VECTORS ETF TRUST |
NOTES TO FINANCIAL STATEMENTS |
(continued) |
The Funds recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by applicable tax authorities. Management has analyzed the Funds’ tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on return filings for open tax years (tax years ended 2009, 2010 and 2011), or expected to be taken in the Funds’ current tax year. Therefore, no provision for income tax is required in the Funds’ financial statements.
The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the period, the Funds did not incur any interest or penalties.
On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which changed various technical rules governing the tax treatment of regulated investment companies. The changes are generally effective for taxable years beginning after the date of enactment. One of the more prominent changes addresses capital loss carryforwards. Under the Act, each fund will be permitted to carry forward capital losses incurred in taxable years beginning after the date of enactment for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards will retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under previous regulation.
Note 6—Capital Share Transactions—As of October 31, 2011, there were an unlimited number of capital shares of beneficial interest authorized by the Trust with no par value. Shares are issued and redeemed by the Funds only in Creation Units, consisting of 100,000 shares, (except for Emerging Markets, Mortgage REIT and CEF Municipal, which have Creation Units consisting of 200,000, 50,000 and 50,000 shares, respectively) or multiples thereof. The consideration for the purchase or redemption of Creation Units of the Funds generally consists of the in-kind contribution or distribution of securities constituting the Funds’ underlying index plus a small amount of cash. For the period ended October 31, 2011, the Funds had in-kind contributions and redemptions as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund |
|
| In-Kind Contributions |
| In-Kind Redemptions |
| ||||||
|
|
|
| |||||||||
Mortgage REIT |
|
| $ | 6,004,189 |
|
|
| $ | — |
|
| |
CEF Municipal |
|
|
| 3,759,993 |
|
|
|
| — |
|
| |
High-Yield |
|
|
| 4,507,000 |
|
|
|
| 9,924,375 |
|
| |
Long |
|
|
| — |
|
|
|
| 1,896,363 |
|
| |
Note 7—Concentration and Other Risks—The investment objective of each Fund is to seek investment results that correspond generally to the price and yield performance, before fees and expenses, of its underlying index, as indicated in the name of each Fund. The Adviser uses a “passive” or index approach to achieve each Fund’s investment objective. The Funds use a sampling approach in which the Adviser uses quantitative analysis to select bonds that represent a sample of securities in the index in terms of key risk factors, performance attributes and other characteristics. Each Fund is classified as a non-diversified fund under the 1940 Act. Non-diversified funds generally hold securities of fewer issuers than diversified funds and may be more susceptible to the risks associated with these particular issuers, or to a single economic, political or regulatory occurrence affecting these issuers. Investments in municipal securities involve risks similar to those of investing in any fund of fixed income securities traded on exchanges, such as market fluctuations caused by factors such as economic and political developments, changes in interest rates and perceived trends in security prices.
High-Yield invests in non-investment grade securities, often referred to as “junk bonds.” Economic downturns may disrupt the high yield market and impair the ability of issuers to repay principal and interest. These high yield securities may involve greater risks and considerations not typically associated with investing in U.S. government bonds and other high quality fixed-income securities. Also, an increase in interest rates would likely have an adverse impact on the value of such obligations. Moreover, high yield securities may be less liquid due to the extent that there is no established retail secondary market and because of a decline in the value of such securities. High-Yield may not be able to sell bonds at desired prices and that large purchases or sales of certain high-yield bond issues may cause substantial fluctuations in share price, yield and total return.
Emerging Markets, Investment Grade, LatAm, and Renminbi invest in foreign securities. Investments in foreign securities may involve a greater degree of risk than investments in domestic securities due to political, economic or social instability. Foreign investments may also be subject to foreign taxes and settlement delays. Since Emerging Markets, Investment Grade, LatAm, and Renminbi may have significant investments in foreign debt securities, these Funds may be subject to greater credit and interest risks and greater currency fluctuations than portfolios with significant investments in domestic debt securities.
88
|
Mortgage REIT invests directly in mortgage Real Estate Investment Trusts and are exposed to the risks specific to the real estate market as well as the risks that relate specifically to the way in which mortgage REIT’s are organized and operated. Mortgage REIT’s receive principal and interest payments from the owners of the mortgaged properties. Accordingly, mortgage REIT’s are subject to the credit risk of the borrowers to whom they extend credit. To the extent that a mortgage REIT invests in mortgage-backed securities it may be subject to default risk or interest rate risk.
CEF Municipal invests in closed-end funds that may trade at a discount or premium to their net asset value. A closed-end fund may be leveraged as part of its investment strategy. As a result, the Fund may be indirectly exposed to the effects of leverage through its investment in the underlying funds. Investments in underlying funds that use leverage may cause the value of the Fund’s shares to be more volatile than if the Fund invested in underlying funds that do not utilize leverage.
In the normal course of business, the Funds enter into contracts that contain a variety of general indemnifications. The Funds’ maximum exposure under these agreements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Adviser believes the risk of loss under these arrangements to be remote.
Note 8—Trustee Deferred Compensation Plan—The Trust has a Deferred Compensation Plan for Trustees under which the Trustees can elect to defer receipt of their trustee fees until retirement, disability or termination from the Board of Trustees. The fees otherwise payable to the participating Trustees are deemed invested in shares of the Funds as directed by the Trustees.
Effective September 1, 2010, High Yield, Intermediate, Long, Pre-Refunded and Short Funds adopted a unitary management fee where the Adviser is responsible for all expenses of the Funds. Therefore the expense for the deferred compensation plan is included in “Management fees”. The liability for the deferred compensation plan is shown as “Deferred Trustee fees” in the Statements of Assets and Liabilities for amounts accrued through September 1, 2010 and in “Due to Adviser” for amounts accrued after September 1, 2010.
For Investment Grade, Mortgage REIT, Emerging Markets, LatAm, Renminbi and CEF Municipal, the expense for the deferred compensation plan is included in “Trustees’ fees and expenses” in the Statements of Operations. The liability for the deferred compensation plan is shown as “Deferred Trustee fees” in the Statements of Assets and Liabilities.
Note 9—Securities Lending—To generate additional income, each of the Funds may lend its securities pursuant to a securities lending agreement with The Bank of New York, the securities lending agent and also the Fund’s custodian. The Funds may lend up to 33% of its investments requiring that the loan be continuously collateralized by cash, U.S. government or U.S. government agency securities, shares of an investment trust or mutual fund, or any combination of cash and such securities at all times to at least 102% (105% for foreign securities) of the market value plus accrued interest on the securities loaned. During the term of the loan, the Funds will continue to receive any dividends, interest or amounts equivalent thereto, on the securities loaned while receiving a fee from the borrower or earning interest on the investment of the cash collateral. Securities lending income is disclosed as such in the Statements of Operations. The collateral for securities loaned is recognized in the Schedule of Investments and the Statements of Assets and Liabilities. The cash collateral is maintained on the Fund’s behalf by the lending agent and is invested in the BNY Mellon Overnight Government Fund and the Bank of New York Institutional Cash Reserve. Loans are subject to termination at the option of the borrower or the Funds. Upon termination of the loan, the borrower will return to the lender securities identical to the securities loaned. The Funds may pay reasonable finders’, administrative and custodial fees in connection with a loan of its securities and may share the interest earned on the collateral with the securities lending agent. The Funds bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower of the securities fail financially. The loans outstanding and the collateral received at the end of the period were as follows:
|
|
|
|
|
|
|
|
|
Fund |
|
| Value of |
| Value of |
| ||
|
|
|
| |||||
Emerging Markets |
| $11,410,101 |
| $12,829,200 |
| |||
Note 10—Stock Split—On October 10, 2008, the Board of Trustees of the Market Vectors ETF Trust approved a split of the shares for Intermediate, Long, and Short. The stock splits took place for shareholders of record as of the close of business on October 21, 2008, and were payable on October 23, 2008. Fund shares began trading on a split-adjusted basis on October 24, 2008. Intermediate split its shares five-for-one, Long split its shares five-for-one, and Short split its shares three-for-one.
Note 11—Bank Line of Credit—Certain Funds may participate in a $40 million committed credit facility (“Facility”) to be utilized for temporary financing until the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of the Funds at the request of the shareholders and other temporary or emergency purposes. The
89
|
MARKET VECTORS ETF TRUST |
NOTES TO FINANCIAL STATEMENTS |
(continued) |
Funds have agreed to pay commitment fees, pro rata, based on the unused but available balance. Interest is charged to the Funds at rates based on prevailing market rates in effect at the time of borrowings. During the period ended October 31, 2011, High-Yield borrowed under this facility. The average daily loan balance during the 49 day period of which the loan was outstanding amounted to $924,714 and the weighted average interest rate was 1.84%.
Note 12—Custodian Fees—The Funds have entered into an expense offset agreement with the custodian wherein they receive a credit toward the reduction of custodian fees whenever there are uninvested cash balances. The Funds could have invested their cash balances elsewhere if they had not agreed to a reduction in fees under the expense offset agreement with the custodian. For the period ended October 31, 2011, the Funds did not have any expense offsets to reduce custodian fees.
Note 13—Recent Accounting Pronouncements—In May 2011, Financial Accounting Standards Board issued Accounting Standards Update “ASU” No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards (“IFRS”)”. ASU No. 2011-04 includes common requirements for measurement of and disclosure about fair value between U.S. GAAP and IFRS. ASU No. 2011-04 will require reporting entities to disclose the following information for fair value measurements categorized within Level 3 of the fair value hierarchy: quantitative information about the unobservable inputs used in the fair value measurement, the valuation processes used by the reporting entity and a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs and the interrelationships between those unobservable inputs. In addition, ASU No. 2011-04 will require reporting entities to make disclosures about amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. The new and revised disclosures are effective for interim and annual reporting periods beginning after December 15, 2011. At this time, management is evaluating the implications of ASU No. 2011-04 and its impact on the Funds’ financial statements.
Note 14—Subsequent Events—The Funds have evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.
The following dividends from net investment income were declared and paid subsequent to October 31, 2011:
|
|
|
|
|
|
|
|
|
|
|
Fund |
|
| Ex-Date |
| Record Date |
| Payable Date |
| Per Share |
|
|
|
|
|
|
| |||||
Investment Grade |
| 11/1/11 |
| 11/3/11 |
| 11/7/11 |
| $0.0190 |
| |
Emerging Markets |
| 11/1/11 |
| 11/3/11 |
| 11/7/11 |
| $0.1114 |
| |
LatAm |
| 11/1/11 |
| 11/3/11 |
| 11/7/11 |
| $0.1180 |
| |
CEF Municipal |
| 11/1/11 |
| 11/3/11 |
| 11/7/11 |
| $0.1350 |
| |
High-Yield |
| 11/1/11 |
| 11/3/11 |
| 11/7/11 |
| $0.1400 |
| |
Intermediate |
| 11/1/11 |
| 11/3/11 |
| 11/7/11 |
| $0.0597 |
| |
Long |
| 11/1/11 |
| 11/3/11 |
| 11/7/11 |
| $0.0690 |
| |
Pre-Refunded |
| 11/1/11 |
| 11/3/11 |
| 11/7/11 |
| $0.0270 |
| |
Short |
| 11/1/11 |
| 11/3/11 |
| 11/7/11 |
| $0.0270 |
| |
| ||||||||||
Investment Grade |
| 12/1/11 |
| 12/5/11 |
| 12/7/11 |
| $0.0190 |
| |
Emerging Markets |
| 12/1/11 |
| 12/5/11 |
| 12/7/11 |
| $0.0950 |
| |
LatAm |
| 12/1/11 |
| 12/5/11 |
| 12/7/11 |
| $0.1180 |
| |
Renminbi |
| 12/1/11 |
| 12/5/11 |
| 12/7/11 |
| $0.0430 |
| |
CEF Municipal |
| 12/1/11 |
| 12/5/11 |
| 12/7/11 |
| $0.1355 |
| |
High-Yield |
| 12/1/11 |
| 12/5/11 |
| 12/7/11 |
| $0.1342 |
| |
Intermediate |
| 12/1/11 |
| 12/5/11 |
| 12/7/11 |
| $0.0573 |
| |
Long |
| 12/1/11 |
| 12/5/11 |
| 12/7/11 |
| $0.0656 |
| |
Pre-Refunded |
| 12/1/11 |
| 12/5/11 |
| 12/7/11 |
| $0.0280 |
| |
Short |
| 12/1/11 |
| 12/5/11 |
| 12/7/11 |
| $0.0270 |
| |
90
|
MARKET VECTORS ETF TRUST |
(unaudited) |
At a meeting held on June 2, 2011 (the “June Meeting”), the Board, including all of the Independent Trustees, approved investment management agreements between the Trust and the Adviser (each a “June Investment Management Agreement”) with respect to the Market Vectors European Sovereign Bond ETF, European High Yield Bond ETF, International High Yield Bond ETF and Japanese Bond ETF (collectively, the “New June Funds”). In addition, at a meeting held on September 7, 2011 (the “September Meeting”), the Board, including all of the Independent Trustees, approved investment management agreements between the Trust and the Adviser (each a “September Investment Management Agreement”) with respect to the Market Vectors Greater China Corporate Bond ETF, Greater China High Yield Bond ETF and Renminbi Bond ETF (and, collectively with the New June Funds, the “Funds”). The June Investment Management Agreements and September Investment Management Agreements are collectively referred to as the “Investment Management Agreements.”
The Board’s approval of each Investment Management Agreement was based on a comprehensive consideration of all of the information available to the Trustees and was not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations and how the Trustees considered those factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors.
In advance of each of the June Meeting and the September Meeting, the Trustees received materials from the Adviser, including expense information for other funds. The Adviser provided the Trustees with information regarding, among other things, the various aspects of each Fund’s proposed investment program, fee arrangements and service provider arrangements. The Independent Trustees’ consideration of each Investment Management Agreement was based, in part, on information obtained through discussions at the June Meeting and the September Meeting (as applicable) with, among others, management of the Funds and the Adviser, information obtained at prior meetings of the Trustees among themselves and/or with management and/or based on their review of the materials provided by the Adviser, including the background and experience of the portfolio managers and others involved or proposed to be involved in the management and administration of the Funds. The Trustees also considered the terms of, and scope of services that the Adviser would provide under, each Investment Management Agreement, including the Adviser’s commitment to waive certain fees and/or pay expenses of each of the Funds to the extent necessary to prevent the operating expenses of each of the Funds from exceeding agreed upon limits for a period of at least one year following the effective date of each Fund’s respective registration statement. The Trustees also considered information the financial condition of the Adviser, the current status, as they understood it, of the Adviser’s compliance environment and the Adviser’s views of the proposed service providers.
In addition, the Trustees were given data on the exchange-traded fund market and expense ratios of other funds. The Trustees considered the benefits, other than the fees under the Investment Management Agreements, that the Adviser would receive from serving as adviser to each Fund, including those it may receive from providing administrative services to each of the Funds and from an affiliate of the Adviser serving as distributor to each Fund. The Trustees did not consider historical information about the cost of the services provided by the Adviser or the profitability of each of the Funds to the Adviser because the Funds had not yet commenced operations. However, the Adviser agreed to provide the Trustees with profitability information in connection with future proposed continuances of each Investment Management Agreement, which will permit the Trustees to consider in the future the extent to which economies of scale may exist and whether the fees paid to the Adviser reflect these economies of scale for the benefit of shareholders. In addition, because the Funds had not yet commenced operations, the Trustees could not consider the historical performance or the quality of services previously provided to each of the Funds, although they concluded that the nature, quality, and extent of the services to be provided by the Adviser were appropriate based on the Trustees’ knowledge of the Adviser and its personnel and the operations of the other series of the Trust.
In voting to approve the Investment Management Agreements, the Trustees, including the Independent Trustees, concluded that the terms of the Investment Management Agreements are reasonable and fair in light of the services to be performed, the fees paid by certain other funds, expenses to be incurred and such other matters as the Trustees considered relevant in the exercise of their reasonable judgment. The Trustees further concluded that each Investment Management Agreement is in the interest of the relevant Fund and such Fund’s shareholders.
* * *
At a meeting held on June 2, 2011 (the “Renewal Meeting”), the Board, including all of the Independent Trustees, approved the continuation of the investment management agreements between the Trust and the Adviser (the “Municipal Investment Management Agreements”) with respect to the Market Vectors California Long Municipal Index ETF, High-Yield Municipal Index ETF, Intermediate Municipal Index ETF, Long Municipal Index ETF, Massachusetts Municipal Index ETF, New Jersey
91
|
MARKET VECTORS ETF TRUST |
APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT |
(unaudited) (continued) |
Municipal Index ETF, New York Long Municipal Index ETF, Ohio Municipal Index ETF, Pennsylvania Municipal Index ETF, Pre-Refunded Municipal Index ETF and Short Municipal Index ETF (the “Municipal Funds”) and the continuation of the investment management agreements between the Trust and the Adviser (the “Fixed Income Investment Management Agreements”) with respect to Market Vectors Asia ex-Japan Aggregate Bond ETF, Emerging Markets Local Currency Bond ETF, Fixed Income II ETF, High Yield Floating Rate ETF, Investment-Grade Floating-Rate Bond ETF and LatAm Aggregate Bond ETF (collectively, the “Fixed Income Funds” and together with the Municipal Funds, the “Funds”). The Municipal Investment Management Agreements and the Fixed Income Investment Management Agreements are collectively referred to as the “Investment Management Agreements.”
The Board’s approval of the Investment Management Agreements was based on a comprehensive consideration of all of the information available to the Trustees and was not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations and how the Trustees considered those factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors.
In preparation for the Renewal Meeting, the Trustees held a meeting on May 11, 2011. At that meeting, the Trustees discussed the information the Adviser and Lipper Inc. (“Lipper”), an independent third party data provider, had provided to them in advance. The information provided to the Trustees included, among other things, information about the performance (for those Funds which had begun operations) and expenses of the Funds and (where applicable) the Funds’ peer funds, information about the advisory services provided to the Funds and the personnel providing those services, and the profitability and other benefits enjoyed by the Adviser and its affiliates as a result of the Adviser’s relationship with the Funds. The Trustees noted that, in light of the nature of the Funds and the indices they seek to track, the peer group information did not necessarily provide meaningful direct comparisons to the Funds.
The Independent Trustees’ consideration of the Investment Management Agreements was also based on their review of information obtained through discussions with, among others, management of the Funds and the Adviser at the Renewal Meeting and the May 11, 2011 meeting, and information obtained at other meetings of the Trustees among themselves and/or with management, including the background and experience of the portfolio managers and others involved in the management and administration of the Trust.
The Trustees considered the terms of, and scope of services that the Adviser provides under, the Investment Management Agreements, including, with respect to the Fixed Income Funds, the Adviser’s commitment to waive certain fees and/or pay expenses of the Fixed Income Funds to the extent necessary to prevent the operating expenses of the Fixed Income Funds from exceeding agreed upon limits for a period of time and, with respect to the Municipal Funds, the Adviser’s agreement to pay all of the direct expenses of the Municipal Funds (excluding interest expense, offering costs, trading expenses, taxes and extraordinary expenses).
The Trustees concluded that the Adviser and its personnel have the requisite expertise and skill to manage the Funds’ portfolios, especially in light of the performance of those Funds that had commenced operations as of the date of the Renewal Meeting (the “Operating Funds”). In evaluating an Operating Fund’s performance, the Trustees assessed the Operating Funds’ performance based on how well the performance of an Operating Fund tracked the performance of its benchmark index, using a variety of measurements in this regard, and concluded that the investment performance of the Funds was satisfactory.
The Trustees also considered information relating to the financial condition of the Adviser, the current status, as they understood it, of the Adviser’s compliance environment and the Adviser’s analysis of the Trust’s other service providers.
As noted above, the Trustees were also provided various data from Lipper comparing the Operating Funds’ expenses and performance to that of other exchange-traded funds (“ETFs”). In reviewing the information, the Trustees considered the Adviser’s analysis of any tracking error between each Operating Fund and its relevant benchmark index and concluded that each Operating Fund’s tracking error was within an acceptable range. The Trustees noted that the information provided by Lipper showed that all of the Operating Funds had expense ratios (after the effect of any applicable expense limitation) at or below the median of their peer group of funds. The Trustees concluded, in light of this information and the other information available to them, that the fees paid by the Operating Funds were reasonable in light of the quality of services received. The Trustees noted that this comparative data, while generally helpful, was limited in its usefulness in many cases due to the lack of a large number of directly comparable ETFs.
The Trustees also considered any other benefits received by the Adviser from serving as adviser to the Funds and from providing administrative services to the Funds, and from an affiliate of the Adviser serving as distributor for the Funds.
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The Trustees also considered information provided by the Adviser about the overall profitability of the Adviser and its profitability or loss in respect of each Operating Fund. The Trustees reviewed each Fund’s asset size, expense ratio and expense cap and noted that the Investment Management Agreements do not include breakpoints in the advisory fee rates as asset levels in a Fund increase. The Trustees noted that the Funds were still relatively new products, which therefore made it difficult to quantify the potential variability in net assets and thus determine the sustainability of any potential economies of scale which may exist. The Trustees also considered, with respect to the Municipal Funds, the risks being assumed by the Adviser under the unitary fee structure arrangement and the potential expense stability that may inure to the benefit of shareholders of the Municipal Funds. Based on the foregoing and the other information available to them, the Trustees determined that the advisory fee rate for each Fund is reasonable and appropriate in relation to the current asset size of each Fund and the other factors discussed above and currently reflects an appropriate sharing with shareholders of any economies of scale which may exist. The Trustees also determined that the profits earned by the Adviser in respect of the Funds that were profitable to the Adviser were reasonable in light of the nature and quality of the services received by such Funds.
The Trustees did not consider historical information about the profitability to the Adviser of Market Vectors Asia ex-Japan Aggregate Bond ETF, California Long Municipal Index ETF, Fixed Income II ETF, High Yield Floating Rate ETF, Massachusetts Municipal Index ETF, New Jersey Municipal Index ETF, New York Long Municipal Index ETF, Ohio Municipal Index ETF and Pennsylvania Municipal Index ETF because none of those Funds had commenced operations at the time of the Renewal Meeting. However, the Adviser agreed to provide the Trustees with profitability information in connection with future proposed continuances of the Investment Management Agreements after those Funds had commenced operations. In addition, because none of those Funds had commenced operations, the Trustees were not in a position to consider the historical performance or the quality of services previously provided to each of those Funds although they concluded that the nature, quality, and extent of the services to be provided by the Adviser were appropriate based on the Trustees’ knowledge of the Adviser and its personnel and the operations of the other series of the Trust.
In voting to approve the continuation of the Investment Management Agreements, the Trustees, including the Independent Trustees, concluded that the terms of each Investment Management Agreement are reasonable and fair in light of the services to be performed, the fees paid by certain other funds, expenses to be incurred and such other matters as the Trustees considered relevant in the exercise of their reasonable judgment. The Trustees further concluded that each Investment Management Agreement is in the interest of the Funds and each Fund’s shareholders.
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This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by a Market Vectors ETF Trust (the “Trust”) Prospectus, which includes more complete information. An investor should consider the investment objective, risks, and charges and expenses of the Funds carefully before investing. The prospectus contains this and other information about the investment company. Please read the prospectus carefully before investing. | |
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Additional information about the Trust’s Board of Trustees/Officers and a description of the policies and procedures the Trust uses to determine how to vote proxies relating to portfolio securities are provided in the Statement of Additional Information. The Statement of Additional Information and information regarding how the Trust voted proxies relating to portfolio securities during the most recent twelve month period ending June 30 is available, without charge, by calling 1.888.MKT.VCTR, or by visiting vaneck.com, or on the Securities and Exchange Commission’s website at http://www.sec.gov. | |
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The Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Qs are available on the Commission’s website at http://www.sec.gov and may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1.202.942.8090. The Funds’ complete schedules of portfolio holdings are also available by calling 1.888.MKT.VCTR or by visiting vaneck.com. | |
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INCOMESAR
Item 2. CODE OF ETHICS.
Not applicable.
Item 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable.
Item 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable.
Item 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
Item 6. SCHEDULE OF INVESTMENTS.
Information included in Item 1.
Item 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
Item 8. PORTFOLIO MANAGER OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
Item 9. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
Item 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
None.
Item 11. CONTROLS AND PROCEDURES.
(a) The Chief Executive Officer and the Chief Financial Officer have concluded
that the Market Vectors CEF Municipal Income ETF, Market Vectors
Emerging Markets Local Currency Bond ETF, Market Vectors High-Yield
Municipal Index ETF, Market Vectors Intermediate Municipal Index ETF,
Market Vectors Investment Grade Floating Rate ETF, Market Vectors LatAm
Aggregate Bond ETF, Market Vectors Long Municipal Index ETF, Market Vectors
Mortgage REIT Income ETF, Market Vectors Pre-Refunded Municipal Index ETF,
Market Vectors Renminbi Bond ETF and Market Vectors Short Municipal Index
ETF disclosure controls and procedures (as defined in Rule 30a-3(c) under
the Investment Company Act) provide reasonable assurances that material
information relating to the Market Vectors ETF Trust is made known to them by
the appropriate persons, based on their evaluation of these controls and
procedures as of a date within 90 days of the filing date of this report.
(b) There were no significant changes in the registrant's internal controls
over financial reporting or in other factors that could significantly
affect these controls over financial reporting subsequent to the date of
our evaluation.
Item 12. EXHIBITS.
(a)(1) Not applicable.
(a)(2) A separate certification for each principal executive officer and
principal financial officer of the registrant as required by Rule 30a-2
under the Act (17 CFR 270.30a-2) is attached as Exhibit 99.CERT.
(b) Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is
furnished as Exhibit 99.906CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) MARKET VECTORS ETF TRUST
By (Signature and Title) /s/ Bruce J. Smith, SVP and CFO
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Date January 9, 2012
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Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title) /s/ Jan F. van Eck, CEO
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Date January 9, 2012
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By (Signature and Title) /s/ Bruce J. Smith, CFO
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Date January 9, 2012
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