UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-10325
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, 2014
ITEM 1. REPORT TO SHAREHOLDERS
 | SEMI-ANNUAL REPORT O C T O B E R 3 1 , 2 0 1 4 ( u n a u d i t e d ) |
| MARKET VECTORS | |
| MUNICIPAL INCOME ETFs | |
| CEF Municipal Income ETF | XMPT® |
| High-Yield Municipal Index ETF | HYD® |
| Intermediate Municipal Index ETF | ITM® |
| Long Municipal Index ETF | MLN® |
| Pre-Refunded Municipal Index ETF | PRB® |
| Short High-Yield Municipal Index ETF | SHYD® |
| Short Municipal Index ETF | SMB® |
888.MKT.VCTR
marketvectorsetfs.com
The information contained in the management discussion represents the opinions of Market Vectors ETFs and may differ from other persons. This information is not intended to be a forecast of future events, a guarantee of future results or investment advice. The information contained herein regarding each index has been provided by the relevant index provider. Also, unless otherwise specifically noted, any discussion of the Funds’ holdings and the Funds’ performance, and the views of Market Vectors ETFs are as of October 31, 2014, and are subject to change.
MARKET VECTORS MUNICIPAL INCOME ETFS
(unaudited)
Dear Shareholder:
On October 31 of this year, assets under management in the Market Vectors Municipal Income ETFs reached a record level of US$2.6 billion, surpassing the previous high of US$2.3 billion recorded in February 2013.
Meeting the market’s demand for municipal bonds in which to invest has become a challenge. Even by October 2014, reinvestment demand, as measured by calls, maturities and coupons, had outpaced new issuance supply from the primary market by approximately 33%.
Through the end of October, there was only about $264 billion in new bonds to meet reinvestment demand of around $351 billion; that does not even take into consideration either new investors or non-traditional buyers such as investors shifting assets from high-yield corporate bonds because of the more attractive yields in high-yield munis.
This imbalance of supply versus demand has been a big theme this year, and has been the primary driver of continuing very strong performance which, in many instances, has exceeded the expectations analysts may have had at the start to the year.
$351 Billion in Demand from Bonds Being Called, Bonds Maturing,
and Coupon Payments through 10/31/2014
Source: Siebert, Brandford, Shank & Co. LLC. Data as of October 31, 2014. Not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue.
We encourage you stay in touch with us through the videos, emails, and subscriptions available on our website (http://www.vaneck.com).
You may, in particular, be interested in subscribing to Muni Nation®, our weekly blog on the municipal bond market written by Jim Colby, senior municipal strategist and portfolio manager responsible for Market Vectors municipal bond investments. Should you have any questions, please contact us at 1.888.MKT.VCTR or visit www.marketvectorsetfs.com.
| 1 |
MARKET VECTORS MUNICIPAL INCOME ETFS
(unaudited)
Thank you for participating in the Market Vectors ETF Trust. On the following pages, you will find the performance record of each of the funds for the six month period ending October 31, 2014. You will also find their financial statements. We value your continuing 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
November 11, 2014
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.
| 1 | Source: Van Eck Global and Morningstar Direct. Based on NAV total return performance of the 32 ETFs in the Municipal Bond Morningstar U.S. Category Group year to date ending October 31, 2014. |
| 2 |
Management Discussion (unaudited)
Market Review
During the six month period ended October 31, 2014, the municipal bond market (munis) continued to demonstrate its resilience in the face of a number of challenges. For example, despite the extension of the Federal Reserve Bank’s (the “Fed”) “taper” program, which itself ended at the end of the period under review, and building on the momentum they developed during the first three months 2014, munis continued to experience inflows. In stark contrast to negative performance across the board for the year ended April 30, 2014, in the six months to October 31, 2014 all the Market Vectors Municipal Income ETFs performed positively.
Source: Van Eck Global. Returns based on NAV. The performance data quoted represents past performance. Past performance is not a guarantee of future results. Investment returns and ETF share values will fluctuate so that investors’ shares, when redeemed, may be worth more or less than their original cost. ETF returns assume that dividends and capital gains distributions have been reinvested in the Fund at NAV. Current performance may be lower or higher than performance data quoted.
Short Municipal Index ETF/Pre-Refunded Municipal Index ETF
Among short munis, the state general obligation and transportation sectors contributed most to the total return of the Short Municipal Index ETF. All other nine sectors contributed positive performance, but the industrial development revenue/pollution control revenue (IDR/PCR) and pre-refunded sectors contributed the least. In terms of state/U.S. territory, New York and California contributed the most to the total return of the Fund, while Puerto Rico was the single detractor from performance.
Munis from California contributed by far the most to the total return of the Pre-Refunded Municipal Index ETF. Grouped by state/U.S. territory, only munis from Maryland actually detracted from performance, and then only minimally.
Intermediate Municipal Index ETF
Munis from California and New York contributed the most to the total return of the Fund, while, when grouped by state/U.S. territory, those from Puerto Rico were the only detractors from performance. The sectors with the largest and second largest average weightings in the index, state general obligation and local general obligation, were the two largest contributors to the Fund’s performance. While no sectors detracted from performance, the pre-refunded and health care facilities sectors contributed the least over the period under review.
| 3 |
MARKET VECTORS MUNICIPAL INCOME ETFS
(unaudited)
Long Municipal Index ETF
All sectors contributed positively to the Fund’s total return, with the hospital sector being the greatest contributor. Municipal bonds issued by New York contributed by far the most to performance. Grouped by state/U.S. territory, municipal bonds issued by Puerto Rico were the only detractors from performance.
Short High-Yield Municipal Index ETF/High-Yield Municipal Index ETF
The Short High-Yield Municipal Index ETF traded for the full six month period to October 31, 2014. While the hospital and IDR/PCR sectors contributed most to performance, the electric sector was the one detractor from performance. Every single state/U.S. territory represented in the Fund, except for New Hampshire, Louisiana, and Puerto Rico, contributed positively to the Fund’s total return, with munis from Texas and New Jersey contributing the most to performance.
In the High-Yield Municipal Index ETF, every sector except one – electric – contributed to overall performance. While the hospital and IDR/PCR sectors contributed by far the most to total return, the pre-refunded and housing sectors contributed the least. Munis from Florida made the greatest contribution to performance and those from Oklahoma, Nevada, and Puerto Rico detracted most from performance.
CEF Municipal Income ETF
Over the six months under review, the average discount at which municipal closed-end funds (CEFs) traded at the beginning of the period continued to widen inexorably, if choppily. From a starting point of approximately -5.9% on May 1, the average discount had widened to approximately -8.3% by October 31. Since many municipal CEFs use leverage, and short-term rates remained low during the period under review, the cost of leverage, too, remained relatively low. This was, therefore, beneficial to the municipal closed-end fund market.
| 4 |
October 31, 2014 (unaudited)
| Total Return | Share Price1 | NAV | CEFMXTR2 | |||||||||
| Six Months | 4.96 | % | 5.00 | % | 5.20 | % | ||||||
| One Year | 15.83 | % | 15.51 | % | 15.99 | % | ||||||
| Life* (annualized) | 7.08 | % | 7.05 | % | 7.47 | % | ||||||
| Life* (cumulative) | 25.37 | % | 25.25 | % | 26.88 | % | ||||||
| *since 7/12/11 | ||||||||||||
Commencement date for the Market Vectors CEF Municipal Income ETF (XMPT) was 7/12/11.
| 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. 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.
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 marketvectorsetfs.com.
Gross Expense Ratio 0.60% / Net Expense Ratio 0.40%
Van Eck Associates Corporation (the “Adviser”) has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding interest expense, offering costs, trading expenses, taxes, extraordinary expenses and Acquired Fund Fees and Expenses) from exceeding 0.40% of the Fund’s average daily net assets per year until at least September 1, 2015. 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.
Fund shares are not individually redeemable and will be issued and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called “creation units” and otherwise can be bought and sold only through exchange trading. Creation units are issued and redeemed principally in kind. Shares may trade at a premium or discount to their NAV in the secondary market.
The “Net Asset Value” (NAV) of a Market Vectors exchange-traded fund (ETF) is determined at the close of each business day, and represents the dollar value of one share of the fund; it is calculated by taking the total assets of the fund, subtracting total liabilities, and dividing by the total number of shares outstanding. The NAV is not necessarily the same as the ETF’s intraday trading value. Market Vectors ETF investors should not expect to buy or sell shares at NAV.
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 Fund 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.
| 2 | S-Network Municipal Bond Closed-End Fund IndexSM (CEFMXTR) is composed of shares of municipal closed-end funds listed in the United States that are principally engaged in asset management processes designed to produce federally tax-exempt annual yield. |
| 5 |
HIGH-YIELD MUNICIPAL INDEX ETF
PERFORMANCE COMPARISON
October 31, 2014 (unaudited)
| Total Return | Share Price1 | NAV | LMEHTR2 | |||||||||
| Six Months | 5.43 | % | 5.68 | % | 5.53 | % | ||||||
| One Year | 12.26 | % | 11.43 | % | 12.54 | % | ||||||
| Five Year | 6.00 | % | 6.36 | % | 7.98 | % | ||||||
| Life* (annualized) | 9.61 | % | 9.63 | % | 10.88 | % | ||||||
| Life* (cumulative) | 69.30 | % | 69.44 | % | 80.87 | % | ||||||
| *since 2/4/09 | ||||||||||||
Commencement date for the Market Vectors High-Yield Municipal Index ETF (HYD) was 2/4/09.
| 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. 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.
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 marketvectorsetfs.com.
Annual Fund Operating Expenses 0.35%
The Investment Management Agreement between Market Vectors ETF 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.
Fund shares are not individually redeemable and will be issued and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called “creation units” and otherwise can be bought and sold only through exchange trading. Creation units are issued and redeemed principally in kind. Shares may trade at a premium or discount to their NAV in the secondary market.
The “Net Asset Value” (NAV) of a Market Vectors exchange-traded fund (ETF) is determined at the close of each business day, and represents the dollar value of one share of the fund; it is calculated by taking the total assets of the fund, subtracting total liabilities, and dividing by the total number of shares outstanding. The NAV is not necessarily the same as the ETF’s intraday trading value. Market Vectors ETF investors should not expect to buy or sell shares at NAV.
Barclays Inc. does not sponsor, endorse, or promote the Fund and bears no liability with respect to any such Funds 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.
| 2 | Barclays Municipal Custom High Yield Composite Index (LMEHTR) is made up of a 25%/75% blend of investment grade triple-B and non-investment grade munis, and draws 75% of its holdings from bonds issued as part of transaction sizes of $100 million or more. To be included in the Index, bonds must have an outstanding par value of at least $3 million for non-investment grade and $7 million for investment grade; 25% of index in investment-grade triple-B bonds issued as part of transaction sizes of at least $100 million in value; 50% of index in non-investment grade bonds issued as part of transaction of at least $100 million; 25% of index in non-investment grade bonds issued as part of transaction of $20-$100 million in size; fixed rate; nominal maturity of greater than one year; dated-date after 12/31/1990. |
| 6 |
INTERMEDIATE MUNICIPAL INDEX ETF
PERFORMANCE COMPARISON
October 31, 2014 (unaudited)
| Total Return | Share Price1 | NAV | LMT2TR2 | |||||||||
| Six Months | 3.26 | % | 3.40 | % | 4.00 | % | ||||||
| One Year | 7.55 | % | 6.98 | % | 8.53 | % | ||||||
| Five Year | 5.26 | % | 5.29 | % | 6.06 | % | ||||||
| Life* (annualized) | 5.04 | % | 5.04 | % | 5.90 | % | ||||||
| Life* (cumulative) | 40.49 | % | 40.45 | % | 48.62 | % | ||||||
| *since 12/4/07 | ||||||||||||
Commencement date for the Market Vectors Intermediate Municipal Index ETF (ITM) was 12/4/07.
| 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. 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.
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 marketvectorsetfs.com.
Annual Fund Operating Expenses 0.24%
The Investment Management Agreement between Market Vectors ETF 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.
Fund shares are not individually redeemable and will be issued and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called “creation units” and otherwise can be bought and sold only through exchange trading. Creation units are issued and redeemed principally in kind. Shares may trade at a premium or discount to their NAV in the secondary market.
The “Net Asset Value” (NAV) of a Market Vectors exchange-traded fund (ETF) is determined at the close of each business day, and represents the dollar value of one share of the fund; it is calculated by taking the total assets of the fund, subtracting total liabilities, and dividing by the total number of shares outstanding. The NAV is not necessarily the same as the ETF’s intraday trading value. Market Vectors ETF investors should not expect to buy or sell shares at NAV.
Barclays Inc. 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.
| 2 | Barclays AMT-Free Intermediate Continuous Municipal Index (LMT2TR) is comprised of bonds that must be rated investment-grade (Baa3/BBB-or higher) by at least two of the following ratings agencies: Moody’s, S&P, Fitch. If only two of the three agencies rate the security, the lower rating is used to determine index eligibility. If only one of the three agencies rates a security, the rating must be investment-grade. They must have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million. The bonds must be fixed rate, have a dated-date within the last five years, and must be at least six years but less than seventeen years from their maturity date. Remarketed issues, taxable municipal bonds, AMT municipal bonds, bonds with floating rates, and derivatives, are excluded from the benchmark. |
| 7 |
PERFORMANCE COMPARISON
October 31, 2014 (unaudited)
| Total Return | Share Price1 | NAV | LMT3TR2 | |||||||||
| Six Months | 5.79 | % | 5.73 | % | 6.45 | % | ||||||
| One Year | 13.01 | % | 12.57 | % | 13.82 | % | ||||||
| Five Year | 5.93 | % | 6.03 | % | 7.03 | % | ||||||
| Life* (annualized) | 4.17 | % | 4.16 | % | 5.82 | % | ||||||
| Life* (cumulative) | 32.22 | % | 32.14 | % | 47.18 | % | ||||||
| *since 1/2/08 | ||||||||||||
Commencement date for the Market Vectors Long Municipal Index ETF (MLN) was 1/2/08.
| 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. 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.
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 marketvectorsetfs.com.
Annual Fund Operating Expenses 0.24%
The Investment Management Agreement between Market Vectors ETF 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.
Fund shares are not individually redeemable and will be issued and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called “creation units” and otherwise can be bought and sold only through exchange trading. Creation units are issued and redeemed principally in kind. Shares may trade at a premium or discount to their NAV in the secondary market.
The “Net Asset Value” (NAV) of a Market Vectors exchange-traded fund (ETF) is determined at the close of each business day, and represents the dollar value of one share of the fund; it is calculated by taking the total assets of the fund, subtracting total liabilities, and dividing by the total number of shares outstanding. The NAV is not necessarily the same as the ETF’s intraday trading value. Market Vectors ETF investors should not expect to buy or sell shares at NAV.
Barclays Inc. 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.
| 2 | Barclays AMT-Free Long Continuous Municipal Index (LMT3TR) is comprised of bonds that must be rated investment-grade (Baa3/BBB- or higher) by at least two of the following ratings agencies: Moody’s, S&P, Fitch. If only two of the three agencies rate the security, the lower rating is used to determine index eligibility. If only one of the three agencies rates a security, the rating must be investment-grade. They must have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million. The bonds must be fixed rate, have a dated-date within the last five years, and must be at least seventeen years from their maturity date. Remarketed issues, taxable municipal bonds, AMT municipal bonds, bonds with floating rates, and derivatives, are excluded from the benchmark. |
| 8 |
PRE-REFUNDED MUNICIPAL INDEX ETF
PERFORMANCE COMPARISON
October 31, 2014 (unaudited)
| Total Return | Share Price1 | NAV | LMPETR2 | |||||||||
| Six Months | (0.26 | )% | 0.47 | % | 0.67 | % | ||||||
| One Year | 0.05 | % | 1.03 | % | 1.35 | % | ||||||
| Five Year | 1.21 | % | 1.31 | % | 1.81 | % | ||||||
| Life* (annualized) | 1.15 | % | 1.29 | % | 1.83 | % | ||||||
| Life* (cumulative) | 6.77 | % | 7.63 | % | 10.96 | % | ||||||
| *since 2/2/09 | ||||||||||||
Commencement date for the Market Vectors Pre-Refunded Municipal Index ETF (PRB) was 2/2/09.
| 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. 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.
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 marketvectorsetfs.com.
Annual Fund Operating Expenses 0.24%
The Investment Management Agreement between Market Vectors ETF 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.
Fund shares are not individually redeemable and will be issued and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called “creation units” and otherwise can be bought and sold only through exchange trading. Creation units are issued and redeemed principally in kind. Shares may trade at a premium or discount to their NAV in the secondary market.
The “Net Asset Value” (NAV) of a Market Vectors exchange-traded fund (ETF) is determined at the close of each business day, and represents the dollar value of one share of the fund; it is calculated by taking the total assets of the fund, subtracting total liabilities, and dividing by the total number of shares outstanding. The NAV is not necessarily the same as the ETF’s intraday trading value. Market Vectors ETF investors should not expect to buy or sell shares at NAV.
Barclays Inc. 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.
| 2 | Barclays Municipal Pre-Refunded-Treasury-Escrowed Index (LMPETR) is comprised of pre-refunded and escrowed-to-maturity municipal securities secured by an escrow or trust account containing obligations that are directly issued or unconditionally guaranteed by the U.S. government. The escrowed securities consist solely of U.S. Treasury obligations. To be included in the Index, bonds must have a nominal maturity of 1-30 years; outstanding par value of at least $7 million; issued as part of transaction of at least $75 million in value; fixed rate coupon and denominated in U.S. dollars. |
| 9 |
SHORT HIGH-YIELD MUNICIPAL INDEX ETF
PERFORMANCE COMPARISON
October 31, 2014 (unaudited)
| Total Return | Share Price1 | NAV | BMHYTR2 | |||||||||
| Six Months | 2.23 | % | 2.40 | % | 4.09 | % | ||||||
| Life* (cumulative) | 4.26 | % | 4.26 | % | 7.12 | % | ||||||
| *since 1/13/14 | ||||||||||||
Commencement date for the Market Vectors Short High-Yield Municipal Index ETF (SHYD) was 1/13/14.
| 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 (1/13/14) to the first day of secondary market trading in shares of the Fund (1/14/14), 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. 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.
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 marketvectorsetfs.com.
Annual Fund Operating Expenses 0.35%
The Investment Management Agreement between Market Vectors ETF 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.
Fund shares are not individually redeemable and will be issued and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called “creation units” and otherwise can be bought and sold only through exchange trading. Creation units are issued and redeemed principally in kind. Shares may trade at a premium or discount to their NAV in the secondary market.
The “Net Asset Value” (NAV) of a Market Vectors exchange-traded fund (ETF) is determined at the close of each business day, and represents the dollar value of one share of the fund; it is calculated by taking the total assets of the fund, subtracting total liabilities, and dividing by the total number of shares outstanding. The NAV is not necessarily the same as the ETF’s intraday trading value. Market Vectors ETF investors should not expect to buy or sell shares at NAV.
Barclays Inc. 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.
| 2 | Barclays Municipal High Yield Short Duration Index (BMHYTR) is a market size weighted index composed of publicly traded municipal bonds that cover the U.S. dollar denominated high yield short-term tax-exempt bond market. The majority of the 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. As of December 31, 2013, the Index consisted of approximately 1,619 bonds and 497 issuers. |
| 10 |
PERFORMANCE COMPARISON
October 31, 2014 (unaudited)
| Total Return | Share Price1 | NAV | LMT1TR2 | |||||||||
| Six Months | 0.99 | % | 0.82 | % | 1.25 | % | ||||||
| One Year | 1.82 | % | 1.59 | % | 2.23 | % | ||||||
| Five Year | 2.30 | % | 2.44 | % | 3.03 | % | ||||||
| Life* (annualized) | 2.96 | % | 2.97 | % | 3.57 | % | ||||||
| Life* (cumulative) | 21.53 | % | 21.62 | % | 26.47 | % | ||||||
| *since 2/22/08 | ||||||||||||
Commencement date for the Market Vectors Short Municipal Index ETF (SMB) was 2/22/08.
| 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. 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.
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 marketvectorsetfs.com.
Annual Fund Operating Expenses 0.20%
The Investment Management Agreement between Market Vectors ETF 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.
Fund shares are not individually redeemable and will be issued and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called “creation units” and otherwise can be bought and sold only through exchange trading. Creation units are issued and redeemed principally in kind. Shares may trade at a premium or discount to their NAV in the secondary market.
The “Net Asset Value” (NAV) of a Market Vectors exchange-traded fund (ETF) is determined at the close of each business day, and represents the dollar value of one share of the fund; it is calculated by taking the total assets of the fund, subtracting total liabilities, and dividing by the total number of shares outstanding. The NAV is not necessarily the same as the ETF’s intraday trading value. Market Vectors ETF investors should not expect to buy or sell shares at NAV.
Barclays Inc. 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.
| 2 | Barclays AMT-Free Short Continuous Municipal Index (LMT1TR) is comprised of bonds that must be rated investment-grade (Baa3/BBB- or higher) by at least two of the following ratings agencies: Moody’s, S&P, Fitch. If only two of the three agencies rate the security, the lower rating is used to determine index eligibility. If only one of the three agencies rates a security, the rating must be investment-grade. They must have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million. The bonds must be fixed rate, have a dated-date within the last five years, and must be at least one year but less than six years from their maturity date. Remarketed issues, taxable municipal bonds, AMT municipal bonds, bonds with floating rates, and derivatives, are excluded from the benchmark. |
| 11 |
EXPLANATION OF EXPENSES
(unaudited)
As a shareholder of a Fund, you incur operating expenses, including management fees and other Fund expenses. This disclosure is intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The disclosure is based on an investment of $1,000 invested at the beginning of the period and held for the period, May 1, 2014 to October 31, 2014.
Actual Expenses
The first line in the table below provides information about account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period.”
Hypothetical Example for Comparison Purposes
The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as fees on purchase payments. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Beginning | Ending | Annualized | Expenses Paid | ||||||
| Account | Account | Expense | During the Period* | ||||||
| Value | Value | Ratio | May 1, 2014- | ||||||
| May 1, 2014 | October 31, 2014 | During Period | October 31, 2014 | ||||||
| CEF Municipal Income ETF | |||||||||
| Actual | $1,000.00 | $1,050.00 | 0.40% | $2.07 | |||||
| Hypothetical** | $1,000.00 | $1,023.19 | 0.40% | $2.04 | |||||
| High-Yield Municipal Index ETF | |||||||||
| Actual | $1,000.00 | $1,056.80 | 0.35% | $1.81 | |||||
| Hypothetical** | $1,000.00 | $1,023.44 | 0.35% | $1.79 | |||||
| Intermediate Municipal Index ETF | |||||||||
| Actual | $1,000.00 | $1,034.00 | 0.24% | $1.23 | |||||
| Hypothetical** | $1,000.00 | $1,024.00 | 0.24% | $1.22 | |||||
| Long Municipal Index ETF | |||||||||
| Actual | $1,000.00 | $1,057.30 | 0.24% | $1.24 | |||||
| Hypothetical** | $1,000.00 | $1,024.00 | 0.24% | $1.22 | |||||
| Pre-Refunded Municipal Index ETF | |||||||||
| Actual | $1,000.00 | $1,004.70 | 0.24% | $1.21 | |||||
| Hypothetical** | $1,000.00 | $1,024.00 | 0.24% | $1.22 | |||||
| Short High-Yield Municipal Index ETF | |||||||||
| Actual | $1,000.00 | $1,024.00 | 0.35% | $1.79 | |||||
| Hypothetical** | $1,000.00 | $1,023.44 | 0.35% | $1.79 | |||||
| Short Municipal Index ETF | |||||||||
| Actual | $1,000.00 | $1,008.20 | 0.20% | $1.01 | |||||
| Hypothetical** | $1,000.00 | $1,024.20 | 0.20% | $1.02 | |||||
| * | Expenses are equal to the Fund’s annualized expense ratio (for the six months ended October 31, 2014) multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year divided by the number of days in the fiscal year (to reflect the one-half year period). |
| ** | Assumes annual return of 5% before expenses |
| 12 |
October 31, 2014 (unaudited)
| Number of Shares | Value | |||||||
| CLOSED-END FUNDS: 99.8% | ||||||||
| 22,436 | Alliance Bernstein National Municipal Income Fund, Inc. | $ | 315,001 | |||||
| 12,758 | BlackRock Investment Quality Municipal Trust, Inc. | 200,428 | ||||||
| 12,991 | BlackRock Long-Term Municipal Advantage Trust | 146,538 | ||||||
| 40,942 | BlackRock Muni Intermediate Duration Fund, Inc. | 594,478 | ||||||
| 27,920 | BlackRock MuniAssets Fund, Inc. | 372,732 | ||||||
| 8,911 | BlackRock Municipal 2018 Term Trust | 144,804 | ||||||
| 11,740 | BlackRock Municipal 2020 Term Trust | 189,014 | ||||||
| 8,209 | BlackRock Municipal Bond Trust | 128,307 | ||||||
| 9,619 | BlackRock Municipal Income Investment Quality Trust | 138,225 | ||||||
| 28,711 | BlackRock Municipal Income Quality Trust | 402,528 | ||||||
| 34,568 | BlackRock Municipal Income Trust | 478,767 | ||||||
| 18,300 | BlackRock Municipal Income Trust II | 282,735 | ||||||
| 78,638 | BlackRock Municipal Target Term Trust | 1,584,556 | ||||||
| 28,979 | BlackRock MuniEnhanced Fund, Inc. | 326,883 | ||||||
| 8,874 | BlackRock MuniHoldings Fund II, Inc. | 134,707 | ||||||
| 13,611 | BlackRock MuniHoldings Fund, Inc. | 222,812 | ||||||
| 40,668 | BlackRock MuniHoldings Investment Quality Fund | 570,572 | ||||||
| 24,188 | BlackRock MuniHoldings Quality Fund II, Inc. | 322,426 | ||||||
| 14,172 | BlackRock MuniHoldings Quality Fund, Inc. | 187,921 | ||||||
| 13,808 | BlackRock MuniVest Fund II, Inc. | 213,748 | ||||||
| 49,216 | BlackRock MuniVest Fund, Inc. | 481,332 | ||||||
| 36,255 | BlackRock MuniYield Fund, Inc. | 525,697 | ||||||
| 10,774 | BlackRock MuniYield Investment Fund | 163,226 | ||||||
| 22,199 | BlackRock MuniYield Quality Fund II, Inc. | 290,807 | ||||||
| 65,985 | BlackRock MuniYield Quality Fund III, Inc. | 922,470 | ||||||
| 29,605 | BlackRock MuniYield Quality Fund, Inc. | 451,772 | ||||||
| 26,761 | Deutsche Municipal Income Trust | 362,344 | ||||||
| 20,443 | Dreyfus Municipal Bond Infrastructure Fund, Inc. | 247,769 | ||||||
| 15,967 | Dreyfus Municipal Income, Inc. | 151,527 | ||||||
| 37,654 | Dreyfus Strategic Municipal Bond Fund, Inc. | 308,763 | ||||||
| 41,832 | Dreyfus Strategic Municipals, Inc. | 351,389 | ||||||
| 67,792 | Eaton Vance Municipal Bond Fund | 856,213 | ||||||
| 7,906 | Eaton Vance Municipal Bond Fund II | 101,908 | ||||||
| 11,992 | Eaton Vance Municipal Income Term Trust | 211,059 | ||||||
| 12,704 | Eaton Vance Municipal Income Trust | 165,533 | ||||||
| 16,621 | Eaton Vance National Municipal Opportunities Trust | 335,578 | ||||||
| 44,209 | Invesco Advantage Municipal Income Trust II | 514,593 | ||||||
| 37,568 | Invesco Municipal Income Opportunities Trust | 253,584 | ||||||
| 73,357 | Invesco Municipal Opportunity Trust | 935,302 | ||||||
| 60,056 | Invesco Municipal Trust | 756,105 | ||||||
| 57,803 | Invesco Quality Municipal Income Trust | 714,445 | ||||||
| 58,672 | Invesco Trust for Investment Grade Municipals | 773,884 | ||||||
| 45,042 | Invesco Value Municipal Income Trust | 705,358 | ||||||
| Number of Shares | Value | |||||||
| 26,118 | MainStay Defined Term Municipal Opportunities Fund | $ | 472,213 | |||||
| 34,375 | MFS High Income Municipal Trust | 166,375 | ||||||
| 45,027 | MFS Municipal Income Trust | 294,026 | ||||||
| 14,430 | Neuberger Berman Intermediate Municipal Fund, Inc. | 222,511 | ||||||
| 85,136 | Nuveen AMT-Free Municipal Income Fund | 1,170,620 | ||||||
| 9,989 | Nuveen AMT-Free Municipal Value Fund | 168,714 | ||||||
| 39,155 | Nuveen Dividend Advantage Municipal Fund | 554,435 | ||||||
| 32,349 | Nuveen Dividend Advantage Municipal Fund 2 | 456,768 | ||||||
| 44,041 | Nuveen Dividend Advantage Municipal Fund 3 | 607,766 | ||||||
| 32,381 | Nuveen Dividend Advantage Municipal Income Fund | 458,191 | ||||||
| 14,326 | Nuveen Enhanced Municipal Value Fund | 213,601 | ||||||
| 93,084 | Nuveen Insured Municipal Opportunity Fund, Inc. | 1,357,165 | ||||||
| 42,841 | Nuveen Insured Quality Municipal Fund, Inc. | 564,216 | ||||||
| 46,795 | Nuveen Intermediate Duration Municipal Term Fund | 591,957 | ||||||
| 12,872 | Nuveen Intermediate Duration Quality Municipal Term Fund | 164,504 | ||||||
| 34,636 | Nuveen Investment Quality Municipal Fund, Inc. | 513,652 | ||||||
| 43,303 | Nuveen Municipal Advantage Fund, Inc. | 594,983 | ||||||
| 37,853 | Nuveen Municipal High Income Opportunity Fund | 500,038 | ||||||
| 50,750 | Nuveen Municipal Market Opportunity Fund, Inc. | 690,200 | ||||||
| 160,988 | Nuveen Municipal Value Fund, Inc. | 1,550,314 | ||||||
| 65,133 | Nuveen Performance Plus Municipal Fund, Inc. | 951,593 | ||||||
| 21,784 | Nuveen Premier Municipal Income Fund, Inc. | 299,312 | ||||||
| 77,589 | Nuveen Premium Income Municipal Fund 2, Inc. | 1,086,246 | ||||||
| 43,163 | Nuveen Premium Income Municipal Fund 4, Inc. | 574,068 | ||||||
| 70,539 | Nuveen Premium Income Municipal Fund, Inc. | 964,974 | ||||||
| 54,366 | Nuveen Quality Income Municipal Fund, Inc. | 758,949 | ||||||
| 38,842 | Nuveen Select Quality Municipal Fund, Inc. | 543,011 | ||||||
| 16,042 | Nuveen Select Tax Free | 225,069 | ||||||
| 13,998 | Nuveen Select Tax Free 2 | 187,433 | ||||||
| 12,603 | Nuveen Select Tax Free 3 | 176,820 | ||||||
| 13,182 | PIMCO Municipal Income Fund | 185,471 | ||||||
| 40,102 | PIMCO Municipal Income Fund II | 473,204 | ||||||
| 18,113 | PIMCO Municipal Income Fund III | 197,432 | ||||||
| 10,812 | Pioneer Municipal High Income Advantage Trust | 164,451 | ||||||
| 11,312 | Pioneer Municipal High Income Trust | 172,621 | ||||||
| 62,281 | Putnam Managed Municipal Income Trust | 446,555 | ||||||
| 46,913 | Putnam Municipal Opportunities Trust | 555,450 | ||||||
See Notes to Financial Statements
| 13 |
CEF MUNICIPAL INCOME ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Number of Shares | Value | |||||||
| 33,736 | Western Asset Managed Municipals Fund, Inc. | $ | 451,050 | |||||
| 7,972 | Western Asset Municipal Defined Opportunity Trust, Inc. | 179,689 | ||||||
| 20,909 | Western Asset Municipal High Income Fund, Inc. | 156,190 | ||||||
| 9,338 | Western Asset Municipal Partners Fund, Inc. | 139,230 | ||||||
| Total Closed-End Funds (Cost: $39,178,766) | 37,738,907 | |||||||
| Number of Shares | Value | |||||||
| MONEY MARKET FUND: 0.1% | ||||||||
| (Cost: $33,366) | ||||||||
| 33,366 | Dreyfus Tax Exempt Cash Management Fund - Class B Shares | $ | 33,366 | |||||
| Total Investments: 99.9% (Cost: $39,212,132) | 37,772,273 | |||||||
| Other assets less liabilities: 0.1% | 54,220 | |||||||
| NET ASSETS: 100.0% | $ | 37,826,493 | ||||||
| Summary of Investments | ||||||||
| by Sector (unaudited) | % of Investments | Value | ||||||
| Financial | 99.9 | % | $ | 37,738,907 | ||||
| Money Market Fund | 0.1 | 33,366 | ||||||
| 100.0 | % | $ | 37,772,273 | |||||
| The summary of inputs used to value the Fund’s investments as of October 31, 2014 is as follows: | ||||||||
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | ||||||||||||||||
| Closed-End Funds | $ | 37,738,907 | $ | — | $ | — | $ | 37,738,907 | |||||||||||
| Money Market Fund | 33,366 | — | — | 33,366 | |||||||||||||||
| Total | $ | 37,772,273 | $ | — | $ | — | $ | 37,772,273 | |||||||||||
There were no transfers between levels during the period ended October 31, 2014.
See Notes to Financial Statements
| 14 |
HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
October 31, 2014 (unaudited)
| Principal Amount | Value | |||||||
| MUNICIPAL BONDS: 98.2% | ||||||||
| Alabama: 2.6% | ||||||||
| $ | 5,145,000 | Alabama Industrial Development Authority, Solid Waste Disposal, Pine City Fiber Company Project (RB) 6.45%, 12/05/14 (c) | $ | 5,196,501 | ||||
| 1,215,000 | Alabama State University (RB) (XLCA) 4.63%, 08/01/16 (c) | 1,225,728 | ||||||
| 665,000 | Birmingham-Baptist Medical Centers Special Care Facilities Financing Authority (RB) 5.00%, 11/15/15 (c) | 672,827 | ||||||
| 4,465,000 | Colbert County, Alabama Health Care Authority (RB) 5.75%, 12/05/14 (c) | 4,465,402 | ||||||
| County of Jefferson, Alabama Sewer Revenue, Series D (RB) | ||||||||
| 5,970,000 | 6.00%, 10/01/23 (c) | 6,531,419 | ||||||
| 10,150,000 | 6.50%, 10/01/23 (c) | 11,393,882 | ||||||
| 1,145,000 | Huntsville-Redstone Village Special Care Facilities Financing Authority (RB) 5.50%, 01/01/17 (c) | 1,156,015 | ||||||
| Sylacauga Health Care Authority (RB) | ||||||||
| 1,450,000 | 6.00%, 08/01/15 (c) | 1,511,842 | ||||||
| 1,800,000 | 6.00%, 08/01/15 (c) | 1,876,770 | ||||||
| 34,030,386 | ||||||||
| Alaska: 0.5% | ||||||||
| Northern Tobacco Securitization Corp., Series A (RB) | ||||||||
| 10,000 | 4.63%, 11/20/14 (c) | 10,000 | ||||||
| 2,170,000 | 5.00%, 11/20/14 (c) | 1,835,885 | ||||||
| 6,245,000 | 5.00%, 11/20/14 (c) | 4,714,226 | ||||||
| 6,560,111 | ||||||||
| Arizona: 4.1% | ||||||||
| 1,000,000 | Apache County Industrial Development Authority (RB) 4.50%, 03/01/22 (c) | 1,068,050 | ||||||
| Arizona Health Facilities Authority, Phoenix Children’s Hospital, Series A (RB) | ||||||||
| 350,000 | 5.00%, 02/01/21 | 410,841 | ||||||
| 2,165,000 | 5.00%, 02/01/22 (c) | 2,371,260 | ||||||
| 730,000 | 5.00%, 02/01/22 (c) | 789,838 | ||||||
| 875,000 | 5.00%, 02/01/22 (c) | 929,583 | ||||||
| Arizona Health Facilities Authority, The Beatitudes Campus Project (RB) | ||||||||
| 410,000 | 5.10%, 10/01/16 (c) | 411,898 | ||||||
| 4,110,000 | 5.20%, 10/01/16 (c) | 3,914,323 | ||||||
| 105,000 | City of Glendale, Arizona Municipal Property Corp., Series C (RB) 4.00%, 01/01/23 (c) | 106,456 | ||||||
| Downtown Phoenix Hotel Corp., Series A (RB) (FGIC) | ||||||||
| 4,650,000 | 5.00%, 01/01/16 (c) | 4,668,879 | ||||||
| 5,150,000 | 5.00%, 01/01/16 (c) | 5,166,840 | ||||||
| Industrial Development Authority of Phoenix, Great Hearts Academies Project, Series A (RB) | ||||||||
| 750,000 | 3.75%, 07/01/24 | 752,993 | ||||||
| 1,000,000 | 5.00%, 07/01/24 (c) | 1,050,750 | ||||||
| 500,000 | 5.00%, 07/01/24 (c) | 511,505 | ||||||
| Principal Amount | Value | |||||||
| Arizona: (continued) | ||||||||
| Pima County, Arizona Industrial Development Authority, Charter School Projects, Series A (RB) | ||||||||
| $ | 5,490,000 | 5.50%, 07/01/17 (c) | $ | 5,230,762 | ||||
| 3,340,000 | 5.63%, 07/01/17 (c) | 2,952,460 | ||||||
| 1,400,000 | Pima County, Arizona Industrial Development Authority, Tucson Electric Power Company Project, Series A (RB) 5.25%, 10/01/20 (c) | 1,528,086 | ||||||
| Salt Verde Financial Corp. (RB) | ||||||||
| 5,650,000 | 5.00%, 12/01/32 | 6,498,291 | ||||||
| 10,080,000 | 5.00%, 12/01/37 | 11,457,533 | ||||||
| 30,000 | 5.25%, 12/01/23 | 35,958 | ||||||
| 50,000 | 5.25%, 12/01/27 | 60,048 | ||||||
| 245,000 | 5.50%, 12/01/29 | 298,778 | ||||||
| 1,000,000 | Tempe, Arizona Industrial Development Authority, Friendship Village of Tempe, Series A (RB) 6.25%, 12/01/21 (c) | 1,084,170 | ||||||
| 1,000,000 | The Industrial Development Authority of the County of Pima, Edkey Charter Schools Project (RB) 6.00%, 07/01/20 (c) | 984,270 | ||||||
| 1,500,000 | Tucson, Arizona University Medical Center Corp., Hospital Revenue (RB) 5.00%, 07/01/15 (c) | 1,521,720 | ||||||
| 53,805,292 | ||||||||
| Arkansas: 0.0% | ||||||||
| 35,000 | County of Howard, Arkansas (RB) 4.50%, 06/01/17 (c) | 35,406 | ||||||
| California: 9.1% | ||||||||
| 40,000 | Alameda Corridor Transportation Authority, Sub Lien, Series A (RB) (AMBAC) 1.70%, 10/01/17 ^ | 38,300 | ||||||
| California County Tobacco Securitization Agency, Golden Gate Tobacco Funding Corp., Series A (RB) | ||||||||
| 15,000 | 5.00%, 06/01/17 (c) | 12,215 | ||||||
| 4,115,000 | 5.00%, 06/01/17 (c) | 3,114,520 | ||||||
| California County Tobacco Securitization Agency, Series A (RB) | ||||||||
| 1,000,000 | 5.45%, 12/01/18 (c) | 937,030 | ||||||
| 3,845,000 | 5.60%, 12/01/18 (c) | 3,342,228 | ||||||
| 2,500,000 | 5.70%, 12/01/18 (c) | 2,069,425 | ||||||
| 100,000,000 | California County Tobacco Securitization Agency, Series D (RB) 11.80%, 06/01/16 (c) ^ | 982,000 | ||||||
| California County Tobacco Securitization Agency, Sonoma County Securitization Corp. (RB) | ||||||||
| 500,000 | 5.13%, 06/01/15 (c) | 408,820 | ||||||
| 2,000,000 | 5.25%, 06/01/15 (c) | 1,611,680 | ||||||
| 4,450,000 | California Housing Finance Agency, Series G (RB) 4.95%, 02/01/17 (c) | 4,574,956 | ||||||
See Notes to Financial Statements
| 15 |
HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal Amount | Value | |||||||
| California: (continued) | ||||||||
| $ | 1,000,000 | California Municipal Finance Authority Revenue, Eisenhower Medical Center, Series A (RB) 5.75%, 07/01/20 (c) | $ | 1,103,160 | ||||
| California Municipal Finance Authority, Rocketship Education, Series A (RB) | ||||||||
| 850,000 | 6.00%, 06/01/22 (c) | 920,958 | ||||||
| 930,000 | 7.00%, 06/01/22 (c) | 1,053,764 | ||||||
| 1,500,000 | California Municipal Finance Authority, Santa Rosa Academy Project, Series A (RB) 6.00%, 07/01/22 (c) | 1,577,775 | ||||||
| 2,000,000 | California Pollution Control Financing Authority, Poseidon Resources (Channelside) LP Desalination Project (RB) 5.00%, 07/01/22 (c) | 2,148,400 | ||||||
| 1,005,000 | California Statewide Communities Development Authority, GNMA Collateralized-740 S. Olive St. Apartments, Series L (RB) 4.90%, 07/20/19 (c) | 1,047,220 | ||||||
| 1,000,000 | California Statewide Communities Development Authority, The Terraces at San Joaquin Gardens Project, Series A (RB) 6.00%, 10/01/22 (c) | 1,070,650 | ||||||
| 3,000,000 | California Statewide Communities Development Authority, Valleycare Health System, Series A (RB) 5.13%, 07/15/17 (c) | 3,013,620 | ||||||
| California Statewide Community Development Authority, Daughters of Charity Health System Series A (RB) | ||||||||
| 1,050,000 | 5.00%, 07/01/15 (c) | 1,049,958 | ||||||
| 2,410,000 | 5.25%, 07/01/15 (c) | 2,405,734 | ||||||
| 3,210,000 | 5.25%, 07/01/15 (c) | 3,198,155 | ||||||
| California Statewide Community Development Authority, Educational Facilities - Huntington Park Charter School Project-A (RB) | ||||||||
| 750,000 | 5.15%, 07/01/17 (c) | 755,498 | ||||||
| 500,000 | 5.25%, 07/01/17 (c) | 492,785 | ||||||
| California Statewide Community Development Authority, Thomas Jefferson Law School, Series A (RB) | ||||||||
| 1,750,000 | 3.50%, 10/01/26 (d) | 840,000 | ||||||
| 4,500,000 | 3.63%, 10/01/18 (c) (d) | 2,160,000 | ||||||
| California Statewide Financing Authority, Pooled Tobacco Securitization Program, Series A (RB) | ||||||||
| 900,000 | 6.00%, 12/05/14 (c) | 899,910 | ||||||
| 10,000,000 | 7.10%, 06/01/16 (c) ^ | 1,175,200 | ||||||
| 3,150,000 | California Statewide Financing Authority, Pooled Tobacco Securitization Program, Series B (RB) 6.00%, 12/05/14 (c) | 3,149,685 | ||||||
| Principal Amount | Value | |||||||
| California: (continued) | ||||||||
| $ | 210,000,000 | California Statewide Financing Authority, Pooled Tobacco Securitization Program, Series D (RB) 12.31%, 06/01/16 (c) ^ | $ | 1,623,300 | ||||
| 120,000 | Cathedral City, California Public Financing Authority (AMBAC) (TA) 4.50%, 08/01/17 (c) | 120,326 | ||||||
| 9,125,000 | Foothill Transportation Corridor Agency, Tall Road Revenue, Series B-3 (RB) 5.50%, 07/15/22 (c) (p) | 10,579,707 | ||||||
| Foothill-Eastern Transportation Corridor Agency (RB) | ||||||||
| 1,000,000 | 5.75%, 01/15/24 (c) | 1,146,720 | ||||||
| 2,500,000 | 6.00%, 01/15/24 (c) | 2,891,750 | ||||||
| 1,000,000 | 6.00%, 01/15/24 (c) | 1,155,030 | ||||||
| 1,000,000 | 6.50%, 01/15/24 (c) | 1,178,870 | ||||||
| Golden State Tobacco Securitization Corp., California Tobacco Settlement, Series A-1 (RB) | ||||||||
| 6,060,000 | 4.50%, 06/01/17 (c) | 5,682,523 | ||||||
| 1,295,000 | 5.00%, 06/01/17 (c) | 1,060,592 | ||||||
| 2,100,000 | 5.13%, 06/01/17 (c) | 1,569,624 | ||||||
| 7,700,000 | 5.75%, 06/01/17 (c) | 6,279,196 | ||||||
| 1,000,000 | Golden State Tobacco Securitization Corp., California Tobacco Settlement, Series A-2 (RB) 5.30%, 06/01/22 (c) | 803,670 | ||||||
| 235,000 | Hesperia Community Redevelopment Agency, Refinancing and Redevelopment Projects, Series A (TA) (XLCA) 5.00%, 09/01/15 (c) | 235,472 | ||||||
| Hesperia Public Financing Authority, Redevelopment and Housing Projects, Series A (TA) (XLCA) | ||||||||
| 50,000 | 5.00%, 09/01/17 (c) | 51,065 | ||||||
| 465,000 | 5.50%, 09/01/17 (c) | 478,532 | ||||||
| 5,400,000 | Inland Empire Tobacco Securitization Authority, Inland Empire Tobacco Securitization Corp., Series A (RB) 4.63%, 06/01/17 (c) | 5,252,202 | ||||||
| 435,000 | Inland Empire Tobacco Securitization Authority, Inland Empire Tobacco Securitization Corp., Series B (RB) 5.75%, 06/01/21 (c) | 436,631 | ||||||
| 100,000,000 | Inland Empire Tobacco Securitization Authority, Inland Empire Tobacco Securitization Corp., Series E (RB) 11.09%, 06/01/17 (c) ^ | 986,000 | ||||||
| 165,000 | Palomar Pomerado Health Certificates (CP) 6.00%, 11/01/20 (c) | 172,407 | ||||||
| 3,600,000 | San Buenaventura, California Community Memorial Health System (RB) 7.50%, 12/01/21 (c) | 4,357,008 | ||||||
See Notes to Financial Statements
| 16 |
| Principal Amount | Value | |||||||
| California: (continued) | ||||||||
| San Joaquin Hills Transportation Corridor Agency (RB) | ||||||||
| $ | 500,000 | 5.00%, 01/15/25 (c) | $ | 561,535 | ||||
| 1,250,000 | 5.00%, 01/15/25 (c) | 1,360,288 | ||||||
| 1,250,000 | 5.00%, 01/15/25 (c) | 1,342,900 | ||||||
| 1,250,000 | 5.00%, 01/15/25 (c) | 1,314,150 | ||||||
| San Joaquin Hills Transportation Corridor Agency, Toll Road Refunding Revenue, Series A (RB) (NATL) | ||||||||
| 310,000 | 5.38%, 12/08/14 (c) | 311,504 | ||||||
| 4,320,000 | 5.50%, 12/08/14 (c) | 4,341,254 | ||||||
| 140,000 | San Joaquin Hills, California Transportation Corridor Agency, Senior Lien Toll Road (RB) 5.00%, 12/08/14 (c) | 140,617 | ||||||
| 10,000,000 | Silicon Valley, California Tobacco Securitization Authority, Series A (RB) 7.40%, 06/01/17 (c) ^ | 2,038,400 | ||||||
| 100,000,000 | Silicon Valley, California Tobacco Securitization Authority, Series D (RB) 11.32%, 06/01/17 (c) ^ | 943,000 | ||||||
| 1,000,000 | Thousand Oaks, California Community Facilities Special Tax, District No. 1994-1 (ST) 5.38%, 09/01/22 (c) | 1,060,480 | ||||||
| 5,010,000 | Tobacco Securitization Authority of Northern California (RB) 5.50%, 06/01/15 (c) | 4,009,252 | ||||||
| Tobacco Securitization Authority of Southern California (RB) | ||||||||
| 3,150,000 | 5.00%, 11/20/14 (c) | 2,546,775 | ||||||
| 5,690,000 | 5.13%, 11/20/14 (c) | 4,451,799 | ||||||
| 3,265,000 | Western Hills Water District, Diablo Grande Community Facilities District No. 1 (ST) 4.00%, 09/01/21 | 3,239,827 | ||||||
| 118,876,052 | ||||||||
| Colorado: 1.7% | ||||||||
| 1,500,000 | City of Lakewood, Plaza Metropolitan District No. 1 (TA) 5.00%, 12/01/22 (c) | 1,568,010 | ||||||
| 1,545,000 | Colorado Health Facilities Authority, Covenant Retirement Communities, Inc. (RB) 4.00%, 12/01/22 (c) | 1,591,211 | ||||||
| Colorado Health Facilities Authority, Health & Residential, Volunteers of America Care Facilities (RB) | ||||||||
| 950,000 | 5.20%, 12/05/14 (c) | 955,900 | ||||||
| 1,700,000 | 5.30%, 12/05/14 (c) | 1,579,300 | ||||||
| Colorado Health Facilities Authority, Senior Residences Project (RB) | ||||||||
| 1,000,000 | 6.75%, 06/01/22 (c) | 1,054,990 | ||||||
| 1,500,000 | 7.00%, 06/01/22 (c) | 1,579,875 | ||||||
| 25,000 | Denver Convention Center Hotel Authority (RB) (XLCA) 5.00%, 11/01/16 (c) | 25,545 | ||||||
| Principal Amount | Value | |||||||
| Colorado: (continued) | ||||||||
| Denver, Colorado Special Facilities Airport Revenue, United Air Lines Project, Series A (RB) | ||||||||
| $ | 4,550,000 | 5.25%, 10/01/17 (c) | $ | 4,666,707 | ||||
| 2,000,000 | 5.75%, 10/01/17 (c) | 2,080,000 | ||||||
| E-470 Public Highway Authority (RB) (NATL) | ||||||||
| 5,145,000 | 5.30%, 09/01/26 (c) ^ | 1,748,683 | ||||||
| 9,000,000 | 5.50%, 09/01/40 ^ | 2,910,420 | ||||||
| 2,500,000 | Salida Hospital District (RB) 5.25%, 10/01/16 (c) | 2,518,775 | ||||||
| 22,279,416 | ||||||||
| Connecticut: 0.8% | ||||||||
| 1,330,000 | Connecticut State Resources Recovery Authority, American Refunding Fuel Comp. Project, Series A (RB) 6.45%, 12/05/14 (c) | 1,331,091 | ||||||
| Harbor Point Infrastructure Improvement District, Harbor Point Project, Series A (TA) | ||||||||
| 801,000 | 7.00%, 04/01/20 (c) | 923,040 | ||||||
| 1,500,000 | 7.88%, 04/01/20 (c) | 1,795,260 | ||||||
| Town of Hamden, Connecticut, Series A (RB) | ||||||||
| 1,540,000 | 7.63%, 01/01/20 (c) | 1,619,479 | ||||||
| 4,750,000 | 7.75%, 01/01/20 (c) | 4,882,762 | ||||||
| 10,551,632 | ||||||||
| Delaware: 0.2% | ||||||||
| 2,210,000 | Delaware Economic Development Authority, Exempt Facility (RB) 5.38%, 10/01/20 (c) | 2,369,540 | ||||||
| District of Columbia: 2.4% | ||||||||
| District of Columbia Provident Group- Howard Properties, LLC (RB) | ||||||||
| 2,965,000 | 5.00%, 10/01/22 (c) | 3,176,612 | ||||||
| 305,000 | 5.00%, 10/01/22 (c) | 319,170 | ||||||
| 5,075,000 | 5.00%, 10/01/22 (c) | 5,225,017 | ||||||
| District of Columbia, The Howard University Issue, Series A (RB) | ||||||||
| 1,500,000 | 6.25%, 04/01/21 (c) | 1,724,610 | ||||||
| 2,485,000 | 6.50%, 04/01/21 (c) | 2,887,719 | ||||||
| 1,330,000 | 6.50%, 04/01/21 (c) | 1,543,066 | ||||||
| Metropolitan Washington Airports Authority, Dulles Toll Road, Second Senior Lien, Series A (RB) | ||||||||
| 14,255,000 | 5.00%, 04/01/22 (c) | 14,936,817 | ||||||
| 205,000 | 5.04%, 10/01/37 ^ | 67,336 | ||||||
| 1,500,000 | Metropolitan Washington Airports Authority, Dulles Toll Road, Second Senior Lien, Series B (RB) 6.50%, 10/01/28 (c) | 1,569,090 | ||||||
| 31,449,437 | ||||||||
| Florida: 6.8% | ||||||||
| 1,490,000 | Alachua County, Florida Health Facilities Authority, Oak Hammock at the University of Florida Project, Series A (RB) 8.00%, 10/01/22 (c) | 1,782,755 | ||||||
See Notes to Financial Statements
| 17 |
HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal Amount | Value | |||||||
| Florida: (continued) | ||||||||
| Alachua County, Florida Health Facilities Authority, Terraces at Bonita Springs Project, Series A (RB) | ||||||||
| $ | 1,530,000 | 8.00%, 11/15/21 (c) | $ | 1,788,295 | ||||
| 1,000,000 | 8.13%, 11/15/21 (c) | 1,169,050 | ||||||
| 2,000,000 | Callaway, Florida Capital Improvement Revenue, Special Capital Extension Project (RB) (ACA) 5.25%, 08/01/17 (c) | 1,999,840 | ||||||
| 2,000,000 | Capital Trust Agency, Inc. (RB) 7.75%, 01/01/21 (c) | 2,050,640 | ||||||
| County of Alachua, Industrial Development, Florida Retirement Village, Inc. Project, Series A (RB) | ||||||||
| 350,000 | 5.63%, 11/15/17 (c) | 362,828 | ||||||
| 1,640,000 | 5.88%, 11/15/17 (c) | 1,642,886 | ||||||
| 1,660,000 | 5.88%, 11/15/17 (c) | 1,652,049 | ||||||
| 55,000 | County of Brevard, Florida (RB) 6.75%, 11/01/19 (c) | 60,992 | ||||||
| County of Miami-Dade, Florida Seaport Department, Series A (RB) | ||||||||
| 120,000 | 5.00%, 10/01/23 (c) | 134,839 | ||||||
| 175,000 | 6.00%, 10/01/23 (c) | 211,047 | ||||||
| 4,750,000 | County of Miami-Dade, Florida Seaport Department, Series B (RB) 6.00%, 10/01/23 (c) | 5,588,042 | ||||||
| Escambia County Health Facilities Authority, Baptist Hospital, Inc. Project, Series A (RB) | ||||||||
| 115,000 | 5.50%, 08/15/20 (c) | 134,528 | ||||||
| 70,000 | 6.00%, 08/15/20 (c) | 81,262 | ||||||
| Florida Development Finance Corp., Miami Arts Charter School Project, Series A (RB) | ||||||||
| 360,000 | 5.63%, 06/15/24 (c) | 359,089 | ||||||
| 450,000 | 5.88%, 06/15/24 (c) | 448,668 | ||||||
| 695,000 | 6.00%, 06/15/24 (c) | 689,238 | ||||||
| Florida Development Finance Corp., Renaissance Charter School, Inc. Projects, Series A (RB) | ||||||||
| 1,000,000 | 5.75%, 06/15/24 (c) | 1,001,890 | ||||||
| 3,300,000 | 7.63%, 06/15/21 (c) | 3,634,125 | ||||||
| 3,000,000 | Hillsborough County, Florida Industrial Development Authority Revenue (RB) 7.13%, 12/05/14 (c) § | 3,002,160 | ||||||
| 2,590,000 | Lake County, Florida Industrial Development, Crane’s View Lodge Project, Series A (RB) 7.13%, 11/01/17 (c) | 2,612,041 | ||||||
| Lee County, Florida Industrial Development Authority Health Care Facilities, Shell Point/Alliance Obligation Group (RB) | ||||||||
| 130,000 | 5.00%, 05/15/17 (c) | 135,896 | ||||||
| 335,000 | 5.13%, 11/15/16 (c) | 345,432 | ||||||
| Principal Amount | Value | |||||||
| Florida: (continued) | ||||||||
| Lee County, Florida Industrial Development Authority, Industrial Development, Community Charter Schools, LLC Projects, Series A (RB) | ||||||||
| $ | 4,000,000 | 5.25%, 06/15/17 (c) | $ | 4,091,720 | ||||
| 3,500,000 | 5.38%, 06/15/17 (c) | 3,571,015 | ||||||
| 3,300,000 | 5.75%, 06/15/22 (c) | 3,433,716 | ||||||
| Martin County, Florida Health Facilities Authority (RB) | ||||||||
| 100,000 | 5.13%, 11/15/21 (c) | 108,104 | ||||||
| 800,000 | 5.50%, 11/15/21 (c) | 900,504 | ||||||
| 2,000,000 | 5.50%, 11/15/21 (c) | 2,198,900 | ||||||
| Miami Beach Health Facilities Authority (RB) | ||||||||
| 950,000 | 4.25%, 11/15/19 (c) | 961,495 | ||||||
| 4,910,000 | 5.00%, 11/15/24 (c) | 5,388,872 | ||||||
| 2,000,000 | 5.00%, 11/15/24 (c) | 2,179,380 | ||||||
| 1,000,000 | Midtown Miami Community Development District, Infrastructure Project, Series B (SA) 4.25%, 05/01/23 (c) | 1,067,540 | ||||||
| Midtown Miami Community Development District, Parking Garage Project, Series A (SA) | ||||||||
| 2,000,000 | 4.25%, 05/01/23 (c) | 2,130,520 | ||||||
| 1,000,000 | 5.00%, 05/01/23 (c) | 1,055,160 | ||||||
| Orange County, Florida Health Facilities Authority, Orlando Lutheran Towers, Inc. (RB) | ||||||||
| 1,200,000 | 5.50%, 07/01/17 (c) | 1,217,340 | ||||||
| 2,750,000 | 5.50%, 07/01/17 (c) | 2,780,195 | ||||||
| 1,100,000 | 5.70%, 07/01/15 (c) | 1,107,645 | ||||||
| Orlando, Florida Aviation Authority, JetBlue Airways Corp. Project (RB) | ||||||||
| 1,500,000 | 5.00%, 05/15/23 (c) | 1,527,075 | ||||||
| 4,305,000 | 5.00%, 05/15/23 (c) | 4,316,796 | ||||||
| 2,000,000 | Palm Beach County Health Facilities Authority, Sinai Residences of Boca Raton Project, Series A (RB) 7.50%, 06/01/22 (c) | 2,279,460 | ||||||
| 500,000 | Palm Beach County Health Facilities Authority, Sinai Residences of Boca Raton Project, Series C (RB) 6.00%, 06/01/21 | 543,430 | ||||||
| Sarasota County, Florida Health Facilities Authority (RB) | ||||||||
| 1,785,000 | 5.75%, 07/01/17 (c) | 1,790,926 | ||||||
| 5,455,000 | 5.75%, 07/01/17 (c) | 5,460,510 | ||||||
| 4,545,000 | Stuart, Florida Capital Trust Agency, Stuart Lodge Project, Series B (RB) 7.38%, 01/01/18 (c) | 4,680,986 | ||||||
| 435,000 | Sumter County, Florida Village Community Development District No. 8, Phase II (SA) 6.13%, 05/01/20 (c) | 500,711 | ||||||
| 945,000 | Sumter County, Florida Village Community Development District No. 9, Special Assessment Revenue (SA) 5.50%, 05/01/22 (c) | 1,007,606 | ||||||
See Notes to Financial Statements
| 18 |
| Principal | ||||||||
| Amount | Value | |||||||
| Florida: (continued) | ||||||||
| $ | 2,945,000 | Tavares, Florida Osprey Lodge at Lakeview Crest, Series A (RB) 8.75%, 07/01/16 (c) | $ | 3,067,159 | ||||
| 1,315,000 | Town of Davie, Florida Nova Southeastern University Project, Series A (RB) 6.00%, 04/01/23 (c) | 1,525,545 | ||||||
| 89,779,902 | ||||||||
| Georgia: 1.0% | ||||||||
| 2,100,000 | DeKalb County, Georgia Hospital Authority, DeKalb Medical Center, Inc. Project (RB) 6.13%, 09/01/20 (c) | 2,309,013 | ||||||
| 100,000 | Gainesville, Georgia Redevelopment Authority (RB) 5.13%, 03/01/17 (c) | 100,351 | ||||||
| 79,000 | Georgia Local Government, Series A (CP) (NATL) 4.75%, 06/01/28 | 82,956 | ||||||
| Private Colleges & Universities Authority, The Savannah College of Art & Design Project (RB) | ||||||||
| 5,000,000 | 4.13%, 04/01/24 (c) | 5,021,150 | ||||||
| 5,000,000 | 5.00%, 04/01/24 (c) | 5,400,750 | ||||||
| 12,914,220 | ||||||||
| Guam: 1.0% | ||||||||
| 2,400,000 | Guam Government Department of Education, John F. Kennedy Project, Series A (CP) 6.88%, 12/01/20 (c) | 2,686,296 | ||||||
| 1,000,000 | Guam Government General Obligation, Series A (GO) 6.75%, 11/15/19 (c) | 1,144,670 | ||||||
| 1,200,000 | Guam Government Limited Obligation, Series A (RB) 5.63%, 12/01/19 (c) | 1,334,628 | ||||||
| Guam Government Waterworks Authority (RB) | ||||||||
| 255,000 | 5.50%, 07/01/20 (c) | 287,360 | ||||||
| 1,395,000 | 5.50%, 07/01/23 (c) | 1,579,461 | ||||||
| Guam Power Authority, Series A (RB) | ||||||||
| 1,210,000 | 5.00%, 10/01/22 (c) | 1,328,229 | ||||||
| 250,000 | 5.50%, 10/01/20 (c) | 281,283 | ||||||
| Territory of Guam, Series A (GO) | ||||||||
| 1,000,000 | 5.25%, 11/15/17 (c) | 1,008,040 | ||||||
| 3,000,000 | 7.00%, 11/15/19 (c) | 3,469,710 | ||||||
| 13,119,677 | ||||||||
| Hawaii: 0.2% | ||||||||
| 2,285,000 | Kuakini, Hawaii Health System, Special Purpose Revenue, Series A (RB) 6.30%, 12/05/14 (c) | 2,294,300 | ||||||
| Illinois: 4.3% | ||||||||
| 400,000 | Chicago O’Hare International Airport (RB) 5.50%, 01/01/23 (c) | 467,124 | ||||||
| Chicago, Illinois, Series A (GO) | ||||||||
| 1,000,000 | 5.00%, 01/01/24 (c) | 1,019,070 | ||||||
| 2,750,000 | 5.25%, 01/01/24 (c) | 2,915,907 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Illinois: (continued) | ||||||||
| $ | 465,000 | City of Harvey, Illinois, Series A (GO) 5.50%, 12/01/17 (c) | $ | 371,582 | ||||
| 2,000,000 | Cook County, Illinois Recovery Zone Facility, Navistar International Corp. Project (RB) 6.50%, 10/15/20 (c) | 2,141,960 | ||||||
| 3,750,000 | Harvey, Illinois, Series A (GO) 5.63%, 12/01/17 (c) | 2,868,075 | ||||||
| Illinois Finance Authority, Centegra Health System, Series A (RB) | ||||||||
| 535,000 | 4.63%, 09/01/24 (c) | 536,856 | ||||||
| 2,000,000 | 5.00%, 09/01/24 (c) | 2,109,440 | ||||||
| 20,000 | Illinois Finance Authority, Elmhurst Memorial Healthcare, Series A (RB) 5.63%, 01/01/18 (c) | 21,663 | ||||||
| Illinois Finance Authority, Franciscan Communities, Inc., Series A (RB) | ||||||||
| 4,800,000 | 5.13%, 05/15/23 (c) | 4,962,336 | ||||||
| 1,500,000 | 5.25%, 05/15/23 (c) | 1,551,000 | ||||||
| Illinois Finance Authority, Greenfields of Geneva Project, Series A (RB) | ||||||||
| 1,000,000 | 8.13%, 02/15/20 (c) | 1,063,680 | ||||||
| 3,000,000 | 8.25%, 02/15/20 (c) | 3,186,990 | ||||||
| Illinois Finance Authority, Illinois Institute of Technology, Series A (RB) | ||||||||
| 3,000,000 | 5.00%, 04/01/16 (c) | 3,012,390 | ||||||
| 1,000,000 | 5.00%, 04/01/16 (c) | 999,950 | ||||||
| 1,000,000 | Illinois Finance Authority, Lutheran Home and Services Group (RB) 5.75%, 05/15/22 (c) | 1,036,400 | ||||||
| 2,175,000 | Illinois Finance Authority, Navistar International Corp. Project (RB) 6.50%, 10/15/20 (c) | 2,329,381 | ||||||
| Illinois Finance Authority, Park Place of Elmhurst Project, Series A (RB) | ||||||||
| 300,000 | 8.00%, 05/15/15 (c) | 204,393 | ||||||
| 610,000 | 8.00%, 05/15/20 (c) | 414,721 | ||||||
| 1,625,000 | 8.13%, 05/15/20 (c) | 1,104,366 | ||||||
| 320,000 | Illinois Finance Authority, Peace Village (RB) 5.25%, 08/15/23 | 331,469 | ||||||
| 575,000 | Illinois Finance Authority, Resurrection Health Care Corp. (RB) 6.13%, 05/15/19 (c) | 645,903 | ||||||
| Illinois Finance Authority, Roosevelt University Project (RB) | ||||||||
| 1,000,000 | 6.25%, 10/01/19 (c) | 1,093,690 | ||||||
| 2,000,000 | 6.50%, 10/01/19 (c) | 2,186,160 | ||||||
| 2,710,000 | Illinois Finance Authority, Sherman Health System, Series A (RB) 5.50%, 08/01/17 (c) | 2,974,415 | ||||||
| Illinois Finance Authority, Swedish Covenant Hospital, Series A (RB) | ||||||||
| 230,000 | 5.75%, 02/15/20 (c) | 254,962 | ||||||
| 2,070,000 | 6.00%, 02/15/20 (c) | 2,277,476 | ||||||
| Illinois Finance Authority, The Admiral At The Lake Project, Series A (RB) | ||||||||
| 1,565,000 | 8.00%, 05/15/20 (c) | 1,648,759 | ||||||
| 7,000,000 | 8.00%, 05/15/20 (c) | 7,351,960 | ||||||
See Notes to Financial Statements
| 19 |
HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal | ||||||||
| Amount | Value | |||||||
| Illinois: (continued) | ||||||||
| $ | 150,000 | Illinois Finance Authority, The Admiral At The Lake Project, Series B (RB) 7.38%, 11/25/14 (c) | $ | 150,173 | ||||
| 1,250,000 | Illinois Finance Authority, The Admiral At The Lake Project, Series D-1 (RB) 7.00%, 11/25/14 (c) | 1,251,613 | ||||||
| Illinois Railsplitter Tobacco Settlement Authority (RB) | ||||||||
| 350,000 | 5.25%, 06/01/20 | 409,290 | ||||||
| 200,000 | 5.38%, 06/01/21 | 237,982 | ||||||
| 1,030,000 | Railsplitter Tobacco Settlement Authority (RB) 5.00%, 06/01/18 | 1,166,454 | ||||||
| 2,000,000 | Southwestern Illinois Development Authority, United States Steel Corp. Project (RB) 5.75%, 08/01/22 (c) | 2,038,540 | ||||||
| 56,336,130 | ||||||||
| Indiana: 3.3% | ||||||||
| Carmel, Indiana, The Barrington of Carmel Project, Series A (RB) | ||||||||
| 1,500,000 | 7.13%, 11/15/22 (c) | 1,633,110 | ||||||
| 3,000,000 | 7.13%, 11/15/22 (c) | 3,257,850 | ||||||
| 55,000 | City of Anderson Economic Development, Anderson University Project (RB) 4.75%, 12/05/14 (c) | 55,020 | ||||||
| City of Anderson, Indiana, Anderson University Project (RB) | ||||||||
| 45,000 | 5.00%, 04/01/17 (c) | 45,618 | ||||||
| 525,000 | 5.00%, 04/01/17 (c) | 526,271 | ||||||
| 175,000 | 5.00%, 04/01/17 (c) | 172,751 | ||||||
| 1,900,000 | Indiana Finance Authority, Environmental Improvement Revenue, United States Steel Corp. Project (RB) 6.00%, 12/01/19 | 2,106,834 | ||||||
| Indiana Finance Authority, I-69 Section 5 Project (RB) | ||||||||
| 2,515,000 | 5.00%, 09/01/24 (c) | 2,654,683 | ||||||
| 1,250,000 | 5.25%, 09/01/24 (c) | 1,386,538 | ||||||
| Indiana Finance Authority, King’s Daughters’ Hospital & Health Services (RB) | ||||||||
| 1,475,000 | 5.13%, 08/15/20 (c) | 1,608,178 | ||||||
| 2,500,000 | 5.50%, 08/15/20 (c) | 2,686,250 | ||||||
| 245,000 | 5.50%, 08/15/20 (c) | 262,601 | ||||||
| Indiana Finance Authority, Ohio River Bridges East End Crossing Project, Series A (RB) | ||||||||
| 1,100,000 | 5.00%, 07/01/23 (c) | 1,173,117 | ||||||
| 3,000,000 | 5.00%, 07/01/23 (c) | 3,159,150 | ||||||
| 8,300,000 | 5.25%, 07/01/23 (c) | 8,876,767 | ||||||
| Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series A (RB) | ||||||||
| 2,220,000 | 5.00%, 06/01/22 (c) | 2,374,201 | ||||||
| 3,200,000 | 5.00%, 06/01/22 (c) | 3,362,368 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Indiana: (continued) | ||||||||
| Indiana Finance Authority, United States Steel Corp. Project (RB) | ||||||||
| $ | 1,040,000 | 5.75%, 08/01/22 (c) | $ | 1,060,041 | ||||
| 25,000 | 6.00%, 06/01/20 (c) | 27,685 | ||||||
| Vigo County, Indiana Hospital Authority, Union Hospital, Inc. (RB) | ||||||||
| 2,000,000 | 5.70%, 09/01/17 (c) | 2,024,720 | ||||||
| 3,000,000 | 5.75%, 09/01/17 (c) | 3,033,930 | ||||||
| 1,160,000 | 5.80%, 09/01/17 (c) | 1,174,013 | ||||||
| 42,661,696 | ||||||||
| Iowa: 2.1% | ||||||||
| 3,000,000 | City of Coralville, Iowa, Series D (CP) 5.25%, 06/01/16 (c) | 2,969,130 | ||||||
| Iowa Finance Authority (RB) | ||||||||
| 163,200 | 2.00%, 12/05/14 (c) | 1,632 | ||||||
| 870,000 | 2.70%, 11/15/24 (c) § | 535,798 | ||||||
| 5,430,000 | Iowa Finance Authority, Alcoa, Inc. Project (RB) 4.75%, 08/01/22 (c) | 5,617,987 | ||||||
| Iowa Finance Authority, Iowa Fertilizer Company Project (RB) | ||||||||
| 500,000 | 5.00%, 12/01/19 | 535,525 | ||||||
| 1,500,000 | 5.25%, 12/01/23 (c) | 1,627,185 | ||||||
| 2,450,000 | 5.50%, 12/01/18 (c) | 2,597,147 | ||||||
| Iowa Higher Education Loan Authority, Upper Iowa University Project (RB) | ||||||||
| 20,000 | 4.00%, 09/01/23 (c) | 18,801 | ||||||
| 1,200,000 | 5.00%, 09/01/23 (c) | 1,167,108 | ||||||
| 1,500,000 | 5.00%, 09/01/23 (c) | 1,398,210 | ||||||
| 610,000 | 5.75%, 09/01/20 (c) | 644,154 | ||||||
| 1,345,000 | 6.00%, 09/01/20 (c) | 1,403,144 | ||||||
| Iowa Tobacco Settlement Authority, Series C (RB) | ||||||||
| 3,000,000 | 5.38%, 06/01/15 (c) | 2,560,350 | ||||||
| 7,290,000 | 5.50%, 06/01/15 (c) | 6,228,430 | ||||||
| 160,000 | Tobacco Settlement Authority, Series C (RB) 5.63%, 06/01/15 (c) | 136,419 | ||||||
| 27,441,020 | ||||||||
| Kansas: 2.1% | ||||||||
| 2,255,000 | Arkansas City Public Building Commission (RB) 6.25%, 09/01/19 (c) | 2,461,941 | ||||||
| Manhattan, Kansas Health Care Facility Revenue, Meadowlark Hills Retirement Community, Series A (RB) | ||||||||
| 1,000,000 | 5.00%, 05/15/17 (c) | 1,005,640 | ||||||
| 2,000,000 | 5.00%, 05/15/17 (c) | 2,000,900 | ||||||
| Overland Park, Kansas Development Corp. (RB) (AMBAC) | ||||||||
| 18,000,000 | 5.13%, 01/01/17 (c) | 17,927,640 | ||||||
| 1,000,000 | 5.25%, 01/01/17 (c) | 1,001,740 | ||||||
| 2,550,000 | Overland Park, Kansas, Prairiefire At Lionsgate Project (RB) 6.00%, 12/15/22 (c) | 2,556,298 | ||||||
| 26,954,159 | ||||||||
See Notes to Financial Statements
| 20 |
| Principal Amount | Value | |||||||
| Kentucky: 1.7% | ||||||||
| $ | 5,650,000 | County of Ohio, Kentucky Pollution Control, Big Rivers Electric Corp. Project, Series A (RB) 6.00%, 07/15/20 (c) | $ | 5,386,201 | ||||
| Kentucky Economic Development Finance Authority, Masonic Homes of Kentucky, Inc. (RB) | ||||||||
| 2,000,000 | 5.38%, 11/15/22 (c) | 2,063,740 | ||||||
| 1,000,000 | 5.50%, 11/15/22 (c) | 1,021,440 | ||||||
| Kentucky Economic Development Finance Authority, Owensboro Medical Health System, Inc., Series A (RB) | ||||||||
| 490,000 | 5.75%, 06/01/20 (c) | 563,814 | ||||||
| 2,000,000 | 6.00%, 06/01/20 (c) | 2,297,980 | ||||||
| 1,325,000 | 6.38%, 06/01/20 (c) | 1,530,799 | ||||||
| 2,000,000 | Kentucky Economic Development Finance Authority, Owensboro Medical Health System, Inc., Series B (RB) 6.38%, 06/01/20 (c) | 2,310,640 | ||||||
| Kentucky Public Transportation Infrastructure Authority, Downtown Cross Project, Series A (RB) | ||||||||
| 1,000,000 | 5.00%, 07/01/17 | 1,107,340 | ||||||
| 5,650,000 | 5.75%, 07/01/23 (c) | 6,415,744 | ||||||
| 22,697,698 | ||||||||
| Louisiana: 1.8% | ||||||||
| City of New Orleans, Louisiana (RB) | ||||||||
| 500,000 | 5.00%, 12/01/24 (c) | 561,385 | ||||||
| 1,850,000 | 5.00%, 06/01/24 (c) | 2,026,693 | ||||||
| 500,000 | 5.00%, 12/01/24 (c) | 553,785 | ||||||
| 45,000 | Jefferson Parish Hospital Service District No. 2 (RB) 6.25%, 07/01/21 (c) | 50,891 | ||||||
| 4,250,000 | Lakeshore Village Master Community Development District (SA) 5.25%, 07/01/17 (d)* § | 1,487,500 | ||||||
| 100,000 | Louisiana Environmental Facilities & Community Development Authority, Westlake Chemical Corp. Project (RB) 6.75%, 11/01/17 (c) | 112,288 | ||||||
| Louisiana Local Government Environmental Facilities & Community Development Authority, Westlake Chemical Corp. Project, Series A (RB) | ||||||||
| 910,000 | 6.50%, 08/01/20 (c) | 1,078,823 | ||||||
| 2,300,000 | 6.50%, 11/01/20 (c) | 2,725,799 | ||||||
| 575,000 | Louisiana Public Facilities Authority, Black & Gold Facilities Project, Series A (RB) (CIFG) 4.50%, 07/01/16 (c) | 541,426 | ||||||
| 1,450,000 | Louisiana Public Facilities Authority, Lake Charles Memorial Hospital Project (RB) 6.38%, 12/01/19 (c) | 1,590,302 | ||||||
| Principal Amount | Value | |||||||
| Louisiana: (continued) | ||||||||
| $ | 2,000,000 | Louisiana Public Facilities Authority, Louisiana Pellets, Inc. Project, Series A (RB) 8.38%, 07/01/24 (c) | $ | 2,044,040 | ||||
| 15,000 | Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project (RB) 6.38%, 05/15/21 (c) | 17,766 | ||||||
| Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project, Series A (RB) | ||||||||
| 1,525,000 | 5.25%, 05/15/17 (c) | 1,595,409 | ||||||
| 1,050,000 | 5.38%, 05/15/17 (c) | 1,103,193 | ||||||
| 3,000,000 | Louisiana Public Facilities Authority, Solid Waste Disposal Revenue, Series A (RB) 7.50%, 07/01/23 | 3,062,610 | ||||||
| 25,000 | Parish of St. Charles, Valero Project (RB) 4.00%, 06/01/22 (p) | 27,158 | ||||||
| 1,475,000 | Saint John, Louisiana Marathon Oil Corp. Project, Series A (RB) 5.13%, 06/01/17 (c) | 1,557,246 | ||||||
| 2,750,000 | Tobacco Settlement Financing Corp/LA (RB) 5.00%, 05/15/20 | 3,196,875 | ||||||
| 23,333,189 | ||||||||
| Maine: 0.6% | ||||||||
| 2,000,000 | Maine Health & Higher Educational Facilities Authority, Eastern Maine Medical Center Obligated Group Issue (RB) 5.00%, 07/01/23 (c) | 2,180,140 | ||||||
| Maine Health & Higher Educational Facilities Authority, General Medical Center (RB) | ||||||||
| 1,165,000 | 6.00%, 07/01/21 (c) | 1,301,340 | ||||||
| 2,220,000 | 6.75%, 07/01/21 (c) | 2,454,654 | ||||||
| 50,000 | 6.95%, 07/01/21 (c) | 56,180 | ||||||
| 2,000,000 | Rumford, Maine Solid Waste Disposal, Boise Cascade Corp. (RB) 6.88%, 12/05/14 (c) | 2,020,020 | ||||||
| 8,012,334 | ||||||||
| Maryland: 1.2% | ||||||||
| 1,000,000 | Anne Arundel County Consolidated Special Taxing District (ST) 5.25%, 07/01/24 (c) | 1,019,730 | ||||||
| 2,445,000 | Baltimore, Maryland, Convention Center Hotel Revenue, Series A (RB) (XLCA) 5.25%, 09/01/16 (c) | 2,544,829 | ||||||
| County of Howard, Maryland (RB) | ||||||||
| 2,000,000 | 5.25%, 04/01/17 (c) | 1,978,360 | ||||||
| 2,990,000 | 5.25%, 04/01/17 (c) | 2,840,948 | ||||||
| 60,000 | 5.25%, 04/01/17 (c) | 55,604 | ||||||
| 2,955,000 | Frederick County, Maryland Urbana Community Development Authority, Series B (ST) 5.50%, 07/01/20 (c) | 3,019,508 | ||||||
See Notes to Financial Statements
| 21 |
HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal Amount | Value | |||||||
| Maryland: (continued) | ||||||||
| $ | 2,000,000 | Maryland Economic Development Corp., Chesapeake Bay Conference Center Project, Series A (RB) 5.00%, 12/01/16 (c) (d) | $ | 900,000 | ||||
| 2,265,000 | Maryland Economic Development Corp., CNX Marine Terminal, Inc. Port of Baltimore Facility (RB) 5.75%, 09/01/20 (c) | 2,501,081 | ||||||
| 545,000 | Maryland Health & Higher Educational Facilities Authority, Washington County Hospital Issue (RB) 5.75%, 01/01/18 (c) | 565,770 | ||||||
| 45,000 | Mayor and City Council of Baltimore, Convention Center Hotel, Series A (RB) (XLCA) 5.25%, 09/01/16 (c) | 47,786 | ||||||
| 15,473,616 | ||||||||
| Massachusetts: 0.5% | ||||||||
| 3,150,000 | Massachusetts Development Finance Agency, Covanta Energy Project, Series B (RB) 4.88%, 11/01/17 (c) | 3,193,218 | ||||||
| 280,000 | Massachusetts Development Finance Agency, Orchard Cove (RB) 5.25%, 12/05/14 (c) | 282,856 | ||||||
| 220,000 | Massachusetts Development Finance Agency, Series H (RB) 5.50%, 07/01/21 (c) | 235,915 | ||||||
| 50,000 | Massachusetts Health & Educational Facilities Authority, Boston Medical Center Issue, Series B (RB) 5.00%, 07/01/18 (c) | 53,044 | ||||||
| 465,000 | Massachusetts Health & Educational Facilities Authority, Jordan Hospital Issue, Series D (RB) 5.38%, 12/05/14 (c) | 465,140 | ||||||
| 2,000,000 | Massachusetts Health & Educational Facilities Authority, Milton Hospital Issue, Series D (RB) 5.50%, 07/01/15 (c) | 2,008,400 | ||||||
| Massachusetts Health & Educational Facilities Authority, Suffolk University Issue, Series A (RB) | ||||||||
| 20,000 | 6.00%, 07/01/19 (c) | 23,510 | ||||||
| 75,000 | 6.25%, 07/01/19 (c) | 88,332 | ||||||
| 6,350,415 | ||||||||
| Michigan: 3.0% | ||||||||
| City of Detroit, Michigan Sewage Disposal System Revenue, Series A (RB) | ||||||||
| 35,000 | 5.00%, 07/01/21 | 39,464 | ||||||
| 750,000 | 5.50%, 07/01/17 (c) | 798,075 | ||||||
| City of Detroit, Michigan Water Supply System Revenue, Series A (RB) | ||||||||
| 25,000 | 5.00%, 07/01/21 (c) | 26,164 | ||||||
| 25,000 | 5.25%, 07/01/21 (c) | 27,405 | ||||||
| Principal Amount | Value | |||||||
| Michigan: (continued) | ||||||||
| $ | 345,000 | Detroit Local Development Finance Authority (TA) 5.50%, 12/05/14 (c) | $ | 338,918 | ||||
| Flint, Michigan Hospital Building Authority, Hurley Medical Center (RB) | ||||||||
| 2,000,000 | 4.75%, 07/01/23 (c) | 1,848,080 | ||||||
| 990,000 | 7.38%, 07/01/20 (c) | 1,073,576 | ||||||
| Kent Hospital Finance Authority, Metropolitan Hospital Project, Series A (RB) | ||||||||
| 2,510,000 | 5.25%, 07/01/15 (c) | 2,569,110 | ||||||
| 1,000,000 | 5.75%, 07/01/15 (c) | 1,027,330 | ||||||
| 1,450,000 | 6.00%, 07/01/15 (c) | 1,490,150 | ||||||
| 1,500,000 | Kentwood, Michigan Economic Development Corp., Holland Home Obligated Group (RB) 5.63%, 05/15/22 (c) | 1,567,755 | ||||||
| Michigan Finance Authority, Public Lighting Authority Local Project, Series B (RB) | ||||||||
| 650,000 | 5.00%, 07/01/24 (c) | 698,373 | ||||||
| 100,000 | 5.00%, 07/01/24 (c) | 105,397 | ||||||
| 520,000 | 5.00%, 07/01/24 (c) | 543,884 | ||||||
| Michigan Finance Authority, Senior Tax-Exempt Educational Facility Revenue, St. Catherine of Siena Academy Project, Series A (RB) | ||||||||
| 1,350,000 | 7.38%, 10/01/20 | 1,261,238 | ||||||
| 1,000,000 | 8.00%, 10/01/19 (c) | 918,230 | ||||||
| 500,000 | Michigan Finance Authority, Series C (RB) 5.00%, 07/01/22 (c) | 527,270 | ||||||
| 1,000,000 | Michigan Municipal Bond Authority, Series C (RB) (AMBAC) 4.75%, 05/01/17 (c) | 1,004,880 | ||||||
| 5,750,000 | Michigan Solid Waste Disposal, Genesee Power Station Project (RB) 7.50%, 12/05/14 (c) | 5,750,632 | ||||||
| Michigan Tobacco Settlement Finance Authority, Series A (RB) | ||||||||
| 1,940,000 | 5.13%, 06/01/17 (c) | 1,692,611 | ||||||
| 7,500,000 | 6.00%, 06/01/17 (c) | 6,374,850 | ||||||
| 970,000 | 6.00%, 06/01/17 (c) | 784,381 | ||||||
| 7,000,000 | 6.88%, 06/01/18 (c) | 6,616,750 | ||||||
| 100,000,000 | Michigan Tobacco Settlement Finance Authority, Series B (RB) 11.24%, 06/01/17 (c) ^ | 1,684,000 | ||||||
| 38,768,523 | ||||||||
| Minnesota: 1.1% | ||||||||
| 2,100,000 | City of Victoria, Minnesota Private School Facility, Holy Family Catholic High School Project (RB) 5.00%, 09/01/22 (c) | 2,213,757 | ||||||
| 3,500,000 | Saint Paul Housing & Redevelopment Authority, Episcopal Homes Project (RB) 5.00%, 05/01/23 (c) | 3,550,750 | ||||||
See Notes to Financial Statements
| 22 |
| Principal | ||||||||
| Amount | Value | |||||||
| Minnesota: (continued) | ||||||||
| Saint Paul, Minnesota Housing & Redevelopment Authority, Carondelet Village Project, Series A (RB) | ||||||||
| $ | 500,000 | 6.00%, 08/01/17 (c) | $ | 511,450 | ||||
| 500,000 | 6.00%, 08/01/17 (c) | 509,405 | ||||||
| 2,500,000 | Saint Paul, Minnesota Housing & Redevelopment Authority, HealthEast Project (RB) 6.00%, 11/15/15 (c) | 2,607,750 | ||||||
| Wayzata, Minnesota Folkestone Senior Living Community, Series A (RB) | ||||||||
| 2,200,000 | 5.75%, 05/01/19 (c) | 2,393,578 | ||||||
| 2,500,000 | 6.00%, 05/01/19 (c) | 2,736,775 | ||||||
| 14,523,465 | ||||||||
| Mississippi: 0.0% | ||||||||
| 280,000 | Mississippi Development Bank, Series A (RB) (XLCA) 5.00%, 03/01/16 (c) | 286,938 | ||||||
| Missouri: 0.6% | ||||||||
| 1,000,000 | Citizens Memorial Hospital District of Polk County, Missouri Hospital (RB) 5.00%, 08/01/19 (c) | 1,014,660 | ||||||
| 30,000 | City of Nevada, Missouri (RB) (ACA) 4.30%, 12/05/14 (c) | 24,284 | ||||||
| Kansas City, Missouri Industrial Development Authority, Missouri Health Care Facilities First Mortgage, Series A (RB) | ||||||||
| 2,345,000 | 6.25%, 12/05/14 (c) | 2,360,031 | ||||||
| 2,500,000 | 6.50%, 12/05/14 (c) | 2,507,075 | ||||||
| St. Louis, Missouri Industrial Development Authority, Confluence Academy Project, Series A (RB) | ||||||||
| 580,000 | 5.00%, 06/15/15 (c) | 586,647 | ||||||
| 1,150,000 | 5.25%, 06/15/15 (c) | 1,140,708 | ||||||
| 570,000 | 5.35%, 06/15/15 (c) | 551,042 | ||||||
| 8,184,447 | ||||||||
| Nebraska: 0.2% | ||||||||
| 3,160,000 | Nebraska Educational Finance Authority, Concordia University Project (RB) 5.00%, 10/01/15 (c) | 3,174,852 | ||||||
| Nevada: 0.1% | ||||||||
| City of North Las Vegas, Nevada (GO) | ||||||||
| 1,220,000 | 5.00%, 06/01/21 (c) | 1,042,990 | ||||||
| 715,000 | 5.00%, 06/01/21 (c) | 595,824 | ||||||
| 1,638,814 | ||||||||
| New Jersey: 4.8% | ||||||||
| 1,000,000 | Burlington, Vermont Bridge Commission, Burlington County, New Jersey, The Evergreens Project (RB) 5.63%, 01/01/18 (c) | 1,024,120 | ||||||
| 1,000,000 | Camden County, New Jersey Improvement Authority, Series A (RB) 5.00%, 02/15/24 (c) | 1,126,350 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| New Jersey: (continued) | ||||||||
| $ | 235,000 | City of Atlantic City, Series A (GO) 5.50%, 02/15/18 | $ | 246,449 | ||||
| 3,745,000 | Gloucester County, New Jersey Pollution Control Financing Authority, Series A (RB) 5.00%, 12/01/24 | 4,204,774 | ||||||
| 4,000,000 | New Jersey Economic Development Authority, ACR Energy Partners, LLC, Series A (RB) 10.50%, 06/01/16 (c) | 1,800,000 | ||||||
| New Jersey Economic Development Authority, Cigarette Tax Revenue (RB) | ||||||||
| 370,000 | 4.25%, 06/15/22 (c) | 395,019 | ||||||
| 840,000 | 5.00%, 06/15/22 (c) | 967,109 | ||||||
| 500,000 | 5.00%, 06/15/22 (c) | 556,780 | ||||||
| New Jersey Economic Development Authority, Continental Airlines, Inc. Project (RB) | ||||||||
| 3,220,000 | 4.88%, 09/15/19 | 3,410,302 | ||||||
| 1,150,000 | 5.25%, 08/20/22 (c) | 1,224,359 | ||||||
| 2,215,000 | 5.50%, 12/05/14 (c) | 2,216,218 | ||||||
| 100,000 | 5.63%, 03/05/24 (c) | 109,391 | ||||||
| 235,000 | 5.63%, 03/05/24 (c) | 257,445 | ||||||
| 3,735,000 | 5.75%, 09/15/22 (c) | 4,137,446 | ||||||
| 8,140,000 | New Jersey Economic Development Authority, Gloucester Marine Project A (RB) 6.63%, 01/01/16 (c) | 8,278,706 | ||||||
| New Jersey Economic Development Authority, The Goethals Bridge Replacement Project (RB) | ||||||||
| 1,350,000 | 5.13%, 01/01/24 (c) | 1,477,319 | ||||||
| 150,000 | 5.38%, 01/01/24 (c) | 164,949 | ||||||
| New Jersey Health Care Facilities Financing Authority, Barnabas Health Issue, Series A (RB) | ||||||||
| 250,000 | 5.00%, 07/01/19 | 288,955 | ||||||
| 125,000 | 5.00%, 07/01/21 | 147,744 | ||||||
| 2,050,000 | New Jersey Health Care Facilities Financing Authority, Saint Peter’s University System (RB) 6.25%, 07/01/21 (c) | 2,259,161 | ||||||
| 2,000,000 | New Jersey Health Care Facilities Financing Authority, St. Joseph’s Healthcare System (RB) 6.63%, 07/01/18 (c) | 2,222,020 | ||||||
| New Jersey Tobacco Settlement Financing Corp., Series A (RB) | ||||||||
| 7,500,000 | 5.00%, 06/01/17 (c) | 6,418,650 | ||||||
| 6,385,000 | 5.00%, 06/01/17 (c) | 4,773,681 | ||||||
| 3,150,000 | Pollution Control Financing Authority, Chambers Project, Series A (RB) 5.00%, 12/01/23 | 3,569,454 | ||||||
| Tobacco Settlement Financing Corp., Senior Series 1A (RB) | ||||||||
| 5,535,000 | 4.50%, 06/01/17 (c) | 5,503,727 | ||||||
| 25,000 | 5.00%, 06/01/17 (c) | 27,160 | ||||||
| 1,000,000 | Tobacco Settlement Financing Corp., Senior Series A-1 (RB) 4.75%, 06/01/17 (c) | 747,450 | ||||||
See Notes to Financial Statements
| 23 |
HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal | ||||||||
| Amount | Value | |||||||
| New Jersey: (continued) | ||||||||
| $ | 400,000 | Tobacco Settlement Financing Corp., Senior Series B-1 (RB) 7.74%, 06/01/17 (c) ^ | $ | 97,784 | ||||
| 5,800,000 | Tobacco Settlement Financing Corp., Series A (RB) 4.63%, 06/01/17 (c) | 5,336,812 | ||||||
| 62,989,334 | ||||||||
| New Mexico: 0.9% | ||||||||
| 1,390,000 | County of Otero, New Mexico Jail Project (RB) 5.75%, 10/01/16 (c) | 1,335,623 | ||||||
| 2,810,000 | Farmington, New Mexico Pollution Control, San Juan Project, Series F (RB) 6.25%, 06/01/20 (c) | 3,134,780 | ||||||
| 2,850,000 | Otero County, New Mexico Jail Project Revenue (RB) 6.00%, 10/01/16 (c) | 2,575,203 | ||||||
| 5,650,000 | Otero County, New Mexico Jail Project Revenue (RB) 6.00%, 10/01/16 (c) | 4,614,072 | ||||||
| 11,659,678 | ||||||||
| New York: 7.2% | ||||||||
| 4,160,000 | Chautaugua County, New York Industrial Development, NRG Dunkirk Power Project (RB) 5.88%, 02/01/20 (c) | 4,595,510 | ||||||
| 2,205,000 | Dutchess County Industrial Development Agency (RB) 4.50%, 08/01/17 (c) | 2,165,839 | ||||||
| 1,465,000 | Erie County, New York Industrial Development Agency, Orchard Park CCRC, Inc. Project, Series A (RB) 6.00%, 11/15/16 (c) | 1,490,344 | ||||||
| Erie County, New York Tobacco Asset Securitization Corp., Series A (RB) | ||||||||
| 30,000 | 5.00%, 06/01/15 (c) | 25,701 | ||||||
| 190,000 | 5.00%, 06/01/15 (c) | 152,559 | ||||||
| 1,475,000 | Long Island Power Authority, Series C (RB) (CIFG) 5.25%, 09/01/29 | 1,831,581 | ||||||
| Nassau County Local Economic Assistance Corp., Winthrop-University Hospital Association Project (RB) | ||||||||
| 1,000,000 | 5.00%, 07/01/22 (c) | 1,103,460 | ||||||
| 415,000 | 5.00%, 07/01/22 (c) | 449,511 | ||||||
| Nassau County Tobacco Settlement Corp., Series A (RB) | ||||||||
| 4,805,000 | 5.00%, 06/01/16 (c) | 3,983,825 | ||||||
| 1,785,000 | 5.13%, 06/01/16 (c) | 1,413,809 | ||||||
| New York City Industrial Development Agency, British Airways Plc Project (RB) | ||||||||
| 5,550,000 | 5.25%, 12/05/14 (c) | 5,563,986 | ||||||
| 4,650,000 | 7.63%, 12/05/14 (c) | 4,669,623 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| New York: (continued) | ||||||||
| $ | 2,000,000 | New York City Industrial Development Agency, Civic Facility, Bronx Parking Development Company, LLC Project (RB) 5.88%, 10/01/17 (c) (d) § | $ | 780,000 | ||||
| 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) | 2,083,840 | ||||||
| New York City Industrial Development Agency, Civic Facility, Vaughn College of Aeronautics & Technology Project, Series B (RB) | ||||||||
| 1,000,000 | 5.00%, 12/01/16 (c) | 1,028,490 | ||||||
| 280,000 | 5.25%, 12/01/16 (c) | 288,742 | ||||||
| New York City Industrial Development Agency, Queens Baseball Stadium Project (RB) (AMBAC) | ||||||||
| 1,970,000 | 4.75%, 01/01/17 (c) | 1,999,314 | ||||||
| 1,000,000 | 5.00%, 01/01/17 (c) | 1,053,620 | ||||||
| 790,000 | 5.00%, 01/01/17 (c) | 811,385 | ||||||
| 530,000 | New York City Industrial Development Agency, Special Facility, JetBlue Airways Corp. Project (RB) 5.00%, 12/05/14 (c) | 530,848 | ||||||
| 2,000,000 | New York City Industrial Development Agency, Transportation Infrastructure Properties, LLC, Series A (RB) 5.00%, 07/01/22 (c) | 2,181,620 | ||||||
| 1,700,000 | New York City Industrial Development Agency, Yankee Stadium Project (RB) (FGIC) 4.50%, 09/01/16 (c) | 1,717,697 | ||||||
| New York Counties Tobacco Trust IV, Series A (RB) | ||||||||
| 325,000 | 5.00%, 06/01/15 (c) | 249,278 | ||||||
| 115,000 | 5.00%, 06/01/15 (c) | 86,032 | ||||||
| 500,000 | New York Dormitory Authority, Pace University, Series A (RB) 4.00%, 05/01/22 | 529,525 | ||||||
| 2,070,000 | New York Dormitory Authority, Yeshiva University (RB) 5.00%, 09/01/19 (c) | 2,187,742 | ||||||
| New York Liberty Development Corp., 3 World Trade Center Project (RB) | ||||||||
| 2,000,000 | 5.00%, 11/15/24 (c) | 2,015,660 | ||||||
| 1,000,000 | 5.38%, 11/15/24 (c) | 1,023,730 | ||||||
| 1,000,000 | 7.25%, 11/15/24 (c) | 1,079,070 | ||||||
| 2,000,000 | New York Liberty Development Corp., 7 World Trade Center Project (RB) 5.00%, 03/15/22 (c) | 2,134,220 | ||||||
| 2,170,000 | New York State Dormitory Authority, Manhattan College, Series A (RB) 5.00%, 07/01/17 (c) | 2,213,617 | ||||||
| 2,870,000 | New York State Dormitory Authority, Orange Regional Medical Center (RB) 6.13%, 12/01/18 (c) | 3,081,375 | ||||||
See Notes to Financial Statements
| 24 |
| Principal Amount | Value | |||||||
| New York: (continued) | ||||||||
| $ | 295,000 | New York State Dormitory Authority, Pace University, Series A (RB) 5.00%, 05/01/19 | $ | 329,052 | ||||
| 100,000 | New York State Dormitory Authority, Yeshiva University (RB) 5.00%, 09/01/19 (c) | 102,140 | ||||||
| 4,400,000 | Niagara Area Development Corp., Covanta Energy Project, Series A (RB) 5.25%, 11/01/17 (c) | 4,534,728 | ||||||
| Onondaga Civic Development Corp., St. Joseph’s Hospital Health Center Project (RB) | ||||||||
| 5,965,000 | 4.50%, 07/01/22 (c) | 5,794,699 | ||||||
| 3,140,000 | 5.00%, 07/01/22 (c) | 3,167,632 | ||||||
| Onondaga Civic Development Corp., St. Joseph’s Hospital Health Center Project, Series A (RB) | ||||||||
| 1,000,000 | 4.63%, 07/01/19 (c) | 1,045,710 | ||||||
| 200,000 | 5.00%, 07/01/19 | 215,180 | ||||||
| 795,000 | Suffolk County Industrial Development Agency, Dowling College Civic Facility, Series A (RB) (ACA) 4.75%, 06/01/16 (c) | 745,066 | ||||||
| 10,000 | Suffolk Tobacco Asset Securitization Corp (RB) 6.00%, 06/01/18 (c) | 8,900 | ||||||
| 5,500,000 | Suffolk Tobacco Asset Securitization Corp. (RB) 6.63%, 06/01/22 (c) | 5,460,840 | ||||||
| 1,000,000 | Syracuse Industrial Development Agency (RB) (XLCA) 5.00%, 01/01/17 (c) | 1,023,310 | ||||||
| Town of Oyster Bay, New York (GO) | ||||||||
| 705,000 | 3.25%, 08/15/17 (c) | 711,705 | ||||||
| 945,000 | 3.25%, 08/01/22 (c) | 954,658 | ||||||
| 100,000 | Tsasc, Inc., New York City Tobacco Settlement, Series 0 (RB) 5.00%, 06/01/16 (c) | 97,425 | ||||||
| Tsasc, Inc., New York City Tobacco Settlement, Series 1 (RB) | ||||||||
| 5,415,000 | 5.00%, 06/01/16 (c) | 4,517,193 | ||||||
| 7,265,000 | 5.13%, 06/01/16 (c) | 5,849,705 | ||||||
| 1,250,000 | Westchester County Local Development Corp. (RB) 5.50%, 05/01/24 (c) | 1,398,938 | ||||||
| Westchester, New York Tobacco Asset Securitization Corp. (RB) | ||||||||
| 1,500,000 | 5.13%, 06/01/15 (c) | 1,390,680 | ||||||
| 2,500,000 | 5.13%, 06/01/15 (c) | 2,068,650 | ||||||
| 93,937,764 | ||||||||
| North Carolina: 0.5% | ||||||||
| 3,000,000 | Gaston County, North Carolina Industrial Facilities & Pollution Control Financing Authority (RB) 5.75%, 08/01/15 (c) § | 3,005,100 | ||||||
| Principal Amount | Value | |||||||
| North Carolina: (continued) | ||||||||
| North Carolina Medical Care Commission, Lutheran Services for the Aging, Series A (RB) | ||||||||
| $ | 245,000 | 4.75%, 03/01/22 (c) | $ | 249,229 | ||||
| 820,000 | 5.00%, 03/01/22 (c) | 835,547 | ||||||
| 1,330,000 | 5.00%, 03/01/22 (c) | 1,348,633 | ||||||
| 1,395,000 | North Carolina Medical Care Commission, Retirement Facilities, Galloway Ridge Project (RB) 6.00%, 01/01/20 (c) | 1,538,071 | ||||||
| 6,976,580 | ||||||||
| North Dakota: 0.0% | ||||||||
| City of Grand Forks, North Dakota, Altru Health System Obligated Group (RB) | ||||||||
| 25,000 | 4.00%, 12/01/21 (c) | 25,999 | ||||||
| 500,000 | 5.00%, 12/01/21 (c) | 537,210 | ||||||
| 563,209 | ||||||||
| Ohio: 4.8% | ||||||||
| Buckeye, Ohio Tobacco Settlement Finance Authority, Asset-Backed-Senior-Turbo, Series A-2 (RB) | ||||||||
| 2,500,000 | 5.88%, 06/01/17 (c) | 2,054,625 | ||||||
| 5,000,000 | 5.88%, 06/01/17 (c) | 3,964,750 | ||||||
| 3,380,000 | 6.50%, 06/01/17 (c) | 2,908,558 | ||||||
| 102,650,000 | Buckeye, Ohio Tobacco Settlement Financing Authority (RB) 11.90%, 06/01/17 (c) ^ | 1,273,887 | ||||||
| Buckeye, Ohio Tobacco Settlement Financing Authority, Series A-2 (RB) | ||||||||
| 9,750,000 | 5.13%, 06/01/17 (c) | 8,140,762 | ||||||
| 2,000,000 | 5.38%, 06/01/17 (c) | 1,701,060 | ||||||
| 4,765,000 | 6.00%, 06/01/17 (c) | 3,789,462 | ||||||
| 540,000 | Buckeye, Ohio Tobacco Settlement Financing Authority, Series A-3 (RB) 6.25%, 06/01/22 (c) | 450,738 | ||||||
| 750,000 | City of Cleveland, Ohio Airport Special Revenue, Continental Airlines, Inc. Project (RB) 5.70%, 12/05/14 (c) | 754,080 | ||||||
| 250,000 | City of Cleveland, Ohio Airport System Revenue, Series A (RB) 5.00%, 01/01/22 (c) | 280,435 | ||||||
| 1,035,000 | Cleveland, Ohio Airport Special Revenue, Continental Airlines, Inc. Project (RB) 5.38%, 12/05/14 (c) | 1,037,991 | ||||||
| 2,535,000 | Cleveland, Ohio Airport System Revenue (RB) 5.00%, 01/01/22 (c) | 2,817,805 | ||||||
| 1,750,000 | County of Hamilton, Ohio The Christ Hospital Project (RB) 5.00%, 06/01/22 (c) | 1,888,215 | ||||||
| 2,300,000 | County of Lucas, Ohio Lutheran Homes Society, Inc. Obligated Group Project (RB) 6.63%, 11/01/20 (c) | 2,540,120 | ||||||
See Notes to Financial Statements
| 25 |
HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal Amount | Value | |||||||
| Ohio: (continued) | ||||||||
| $ | 2,000,000 | County of Muskingum, Ohio, Genesis HealthCare System Obligated Group Project (RB) 5.00%, 02/15/23 (c) | $ | 2,064,160 | ||||
| 2,000,000 | Franklin, Ohio, First Community Village Obligated Group (RB) 5.63%, 07/01/20 (c) | 1,829,200 | ||||||
| 2,920,000 | Lorain County, Ohio Port Authority, United States Steel Corp. Project (RB) 6.75%, 12/01/20 (c) | 3,234,542 | ||||||
| 2,000,000 | Muskingum County, Ohio Hospital Facilities, Genesis HealthCare System Obligated Group Project (RB) 5.00%, 02/15/23 (c) | 2,039,240 | ||||||
| 1,000,000 | Ohio Air Quality Development Authority, AK Steel Corp. Project, Series A (RB) 6.75%, 02/01/22 (c) | 1,022,200 | ||||||
| 1,000,000 | Ohio Air Quality Development Authority, FirstEnergy Generation Project, Series A (RB) 3.75%, 12/03/18 (p) | 1,064,550 | ||||||
| 550,000 | Ohio State Environmental Facilities, Ford Motor Company Project (RB) 5.75%, 04/01/15 (c) | 557,348 | ||||||
| 4,490,000 | Ohio State Higher Educational Facility Commission, Ashland University Project (RB) 6.25%, 09/01/20 (c) | 4,399,257 | ||||||
| 4,650,000 | Ohio State Solid Waste Disposal, USG Corp. Project (RB) 5.60%, 12/05/14 (c) | 4,660,230 | ||||||
| 850,000 | Ohio State Water Development Authority, Series A (RB) 5.88%, 06/01/16 (p) | 910,452 | ||||||
| 530,000 | Ohio State Water Development Authority, Series C (RB) 3.95%, 05/01/20 (p) | 556,399 | ||||||
| Southeastern Ohio Port Authority, Hospital Facilities Revenue, Memorial Health System Obligated Group Project (RB) | ||||||||
| 3,400,000 | 5.75%, 12/01/22 (c) | 3,533,212 | ||||||
| 3,750,000 | 6.00%, 12/01/22 (c) | 3,860,887 | ||||||
| 63,334,165 | ||||||||
| Oklahoma: 0.3% | ||||||||
| 2,057,834 | Kingfisher, Oklahoma Hospital Authority (RB) 6.50%, 12/05/14 (c) § | 2,069,276 | ||||||
| 1,000,000 | Oklahoma Development Finance Authority, Great Plains Regional Medical Center Project (RB) 5.13%, 12/01/17 (c) | 947,470 | ||||||
| Oklahoma Development Finance Authority, Inverness Village Community (RB) | ||||||||
| 275,000 | 5.25%, 01/01/19 (c) | 281,361 | ||||||
| 1,000,000 | 6.00%, 01/01/22 (c) | 1,053,310 | ||||||
| 4,351,417 | ||||||||
| Principal Amount | Value | |||||||
| Oregon: 0.1% | ||||||||
| $ | 400,000 | Hospital Facilities Authority of Multnomah County Oregon (RB) 5.00%, 10/01/19 | $ | 429,240 | ||||
| Oregon State Facilities Authority, Concordia University Project, Series A (RB) | ||||||||
| 650,000 | 6.13%, 09/01/20 (c) | 698,022 | ||||||
| 750,000 | 6.38%, 09/01/20 (c) | 807,353 | ||||||
| 1,934,615 | ||||||||
| Pennsylvania: 3.4% | ||||||||
| Allegheny County, Pennsylvania Industrial Development Authority, United States Steel Corp. Project (RB) | ||||||||
| 1,345,000 | 5.75%, 08/01/22 (c) | 1,370,918 | ||||||
| 1,000,000 | 6.75%, 12/01/21 (c) | 1,175,310 | ||||||
| 1,000,000 | 6.88%, 11/01/19 (c) | 1,146,860 | ||||||
| Allentown Neighborhood Improvement Zone Development Authority (RB) | ||||||||
| 815,000 | 5.00%, 05/01/22 (c) | 881,561 | ||||||
| 2,980,000 | 5.00%, 05/01/22 (c) | 3,189,107 | ||||||
| 750,000 | Beaver County Industrial Development Authority, Pollution Control, Series B (RB) 3.50%, 06/01/20 (p) | 770,655 | ||||||
| 400,000 | Cumberland County, Pennsylvania Municipal Authority (RB) 5.25%, 01/01/22 (c) | 414,440 | ||||||
| 9,840,000 | Delaware County Authority (RB) 5.00%, 12/15/16 (c) | 9,898,154 | ||||||
| 2,715,000 | Delaware River Port Authority (RB) 5.00%, 01/01/23 (c) | 3,100,937 | ||||||
| 6,300,000 | Harrisburg, Philadelphia University Revenue, Series B (RB) 6.00%, 09/01/17 (c) (d) § | 2,970,576 | ||||||
| 1,500,000 | Lancaster County Hospital Authority, Brethren Village Project, Series A (RB) 6.50%, 07/01/17 (c) | 1,567,695 | ||||||
| 1,250,000 | Lehigh County, Pennsylvania General Purpose Authority, Bibles Fellowship Church Homes, Inc. Project (RB) 5.25%, 07/01/22 (c) | 1,258,213 | ||||||
| 700,000 | Pennsylvania Economic Development Finance Authority, Colver Project, Series G (RB) 5.13%, 12/01/15 | 710,612 | ||||||
| 1,800,000 | Pennsylvania Economic Development Financing Authority, Solid Waste Disposal, USG Corp. Project (RB) 6.00%, 12/05/14 (c) | 1,802,916 | ||||||
| 1,000,000 | Pennsylvania Higher Educational Facilities Authority (RB) 6.00%, 07/01/20 (c) | 1,094,980 | ||||||
| Philadelphia Authority for Industrial Development, First Philadelphia Preparatory Charter School Project, Series A (RB) | ||||||||
| 350,000 | 5.88%, 06/15/22 | 368,491 | ||||||
| 1,000,000 | 7.25%, 06/15/24 (c) | 1,065,390 | ||||||
See Notes to Financial Statements
| 26 |
| Principal Amount | Value | |||||||
| Pennsylvania: (continued) | ||||||||
| $ | 2,130,000 | Philadelphia Authority for Industrial Development. Esperanza Charter School Project (RB) 8.20%, 01/01/23 (c) | $ | 2,283,743 | ||||
| Philadelphia Gas Works Co. (RB) (AMBAC) | ||||||||
| 150,000 | 5.00%, 10/01/17 | 169,074 | ||||||
| 135,000 | 5.00%, 10/01/17 (c) | 147,174 | ||||||
| Philadelphia Hospitals & Higher Education Facilities Authority, Temple University Health System Obligated Group, Series A (RB) | ||||||||
| 105,000 | 5.00%, 07/01/17 (c) | 105,928 | ||||||
| 1,990,000 | 5.50%, 07/01/17 (c) | 2,044,168 | ||||||
| 1,365,000 | 5.63%, 07/01/22 (c) | 1,460,700 | ||||||
| 4,175,000 | 5.63%, 07/01/22 (c) | 4,442,701 | ||||||
| 1,500,000 | Susquehanna Area Regional Airport Authority (RB) 5.00%, 01/01/23 | 1,678,695 | ||||||
| 45,118,998 | ||||||||
| Puerto Rico: 3.6% | ||||||||
| 235,000 | Children’s Trust Fund (RB) 5.63%, 12/05/14 (c) | 219,991 | ||||||
| Commonwealth of Puerto Rico (GO) | ||||||||
| 20,000 | 5.00%, 07/01/16 (c) | 15,380 | ||||||
| 25,000 | 5.25%, 07/01/18 | 21,989 | ||||||
| 100,000 | 5.50%, 07/01/21 (c) | 71,697 | ||||||
| 85,000 | 5.63%, 07/01/16 (c) | 61,265 | ||||||
| Commonwealth of Puerto Rico, Public Improvement, Series A (GO) | ||||||||
| 420,000 | 4.50%, 07/01/22 (c) | 297,171 | ||||||
| 50,000 | 5.00%, 07/01/22 | 38,449 | ||||||
| 415,000 | 5.13%, 07/01/22 (c) | 284,209 | ||||||
| 90,000 | 5.25%, 07/01/16 | 84,046 | ||||||
| 85,000 | 5.25%, 07/01/16 (c) | 66,509 | ||||||
| 250,000 | 5.25%, 12/05/14 (c) | 201,298 | ||||||
| 20,000 | 5.25%, 12/05/14 (c) | 15,649 | ||||||
| 100,000 | 5.25%, 07/01/22 (c) | 75,969 | ||||||
| 70,000 | 5.25%, 07/01/18 (c) | 52,816 | ||||||
| 220,000 | 5.50%, 07/01/17 | 200,770 | ||||||
| 150,000 | 5.50%, 07/01/18 | 132,440 | ||||||
| 500,000 | 5.50%, 07/01/18 | 441,465 | ||||||
| 100,000 | 5.50%, 07/01/19 | 86,466 | ||||||
| 65,000 | 5.50%, 07/01/18 (c) | 46,126 | ||||||
| 9,985,000 | 8.00%, 07/01/20 (c) | 8,736,875 | ||||||
| Commonwealth of Puerto Rico, Public Improvement, Series B (GO) | ||||||||
| 45,000 | 5.00%, 07/01/16 (c) | 30,605 | ||||||
| 840,000 | 5.75%, 07/01/19 (c) | 596,459 | ||||||
| 30,000 | Commonwealth of Puerto Rico, Public Improvement, Series C (GO) 6.00%, 07/01/19 (c) | 22,184 | ||||||
| 10,000 | Commonwealth of Puerto Rico, Public Improvement, Series D (GO) 5.00%, 07/01/16 (c) | 8,504 | ||||||
| Principal Amount | Value | |||||||
| Puerto Rico: (continued) | ||||||||
| Puerto Rico Commonwealth Aqueduct and Sewer Authority, Series A (RB) | ||||||||
| $ | 1,040,000 | 5.00%, 07/01/22 (c) | $ | 717,839 | ||||
| 1,740,000 | 5.25%, 07/01/22 (c) | 1,192,857 | ||||||
| 700,000 | 5.75%, 07/01/22 (c) | 500,752 | ||||||
| 10,000 | 6.00%, 07/01/18 (c) | 7,363 | ||||||
| 1,500,000 | 6.00%, 07/01/18 (c) | 1,083,645 | ||||||
| 7,355,000 | 6.00%, 07/01/22 (c) | 5,295,968 | ||||||
| 13,000,000 | Puerto Rico Commonwealth Children’s Trust Tobacco Settlement Asset-Backed Bond, Series A (RB) 9.15%, 05/15/15 (c) ^ | 970,060 | ||||||
| 1,000,000 | Puerto Rico Commonwealth Highways and Transportation Authority, Series N (RB) 5.50%, 07/01/23 | 582,500 | ||||||
| 3,000,000 | Puerto Rico Commonwealth Infrastructure Financing Authority, Series B (RB) 5.00%, 07/01/16 (c) | 1,711,410 | ||||||
| 305,000 | Puerto Rico Commonwealth Public Improvement, Series A (GO) 6.00%, 07/01/21 (c) | 225,355 | ||||||
| 655,000 | Puerto Rico Commonwealth Public Improvement, Series A (GO) 5.00%, 07/01/22 (c) | 443,900 | ||||||
| 460,000 | Puerto Rico Commonwealth, Government Development, Series B (RB) 5.00%, 12/01/15 | 439,144 | ||||||
| Puerto Rico Convention Center District Authority, Series A (RB) (CIFG) | ||||||||
| 25,000 | 4.50%, 07/01/16 (c) | 19,945 | ||||||
| 200,000 | 4.75%, 07/01/16 (c) | 132,126 | ||||||
| 500,000 | 5.00%, 07/01/16 (c) | 338,320 | ||||||
| Puerto Rico Electric Power Authority, Series A (RB) | ||||||||
| 890,000 | 4.80%, 07/01/22 (c) | 445,036 | ||||||
| 350,000 | 7.00%, 07/01/23 (c) | 175,004 | ||||||
| Puerto Rico Electric Power Authority, Series AAA (RB) | ||||||||
| 325,000 | 5.25%, 07/01/20 (c) | 162,536 | ||||||
| 90,000 | 5.25%, 07/01/20 (c) | 45,008 | ||||||
| Puerto Rico Electric Power Authority, Series CCC (RB) | ||||||||
| 25,000 | 4.80%, 07/01/20 (c) | 12,501 | ||||||
| 125,000 | 5.00%, 07/01/20 (c) | 62,511 | ||||||
| 40,000 | 5.00%, 07/01/15 (c) | 20,002 | ||||||
| Puerto Rico Electric Power Authority, Series DDD (RB) | ||||||||
| 525,000 | 5.00%, 07/01/20 | 262,574 | ||||||
| 975,000 | 5.00%, 07/01/20 (c) | 487,607 | ||||||
| 165,000 | 5.00%, 07/01/20 (c) | 82,515 | ||||||
| Puerto Rico Electric Power Authority, Series TT (RB) | ||||||||
| 375,000 | 5.00%, 07/01/17 | 187,624 | ||||||
| 260,000 | 5.00%, 07/01/17 (c) | 130,029 | ||||||
| 25,000 | 5.00%, 07/01/17 (c) | 12,502 | ||||||
| 925,000 | 5.00%, 07/01/17 (c) | 462,546 | ||||||
See Notes to Financial Statements
| 27 |
HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal Amount | Value | |||||||
| Puerto Rico: (continued) | ||||||||
| $ | 2,100,000 | Puerto Rico Electric Power Authority, Series VV (RB) (NATL) 5.25%, 07/01/29 | $ | 2,066,148 | ||||
| Puerto Rico Electric Power Authority, Series WW (RB) | ||||||||
| 85,000 | 5.38%, 07/01/18 (c) | 42,508 | ||||||
| 45,000 | 5.50%, 07/01/18 (c) | 22,505 | ||||||
| Puerto Rico Electric Power Authority, Series ZZ (RB) | ||||||||
| 500,000 | 4.00%, 07/01/16 | 250,280 | ||||||
| 115,000 | 4.25%, 07/01/20 | 57,516 | ||||||
| 500,000 | 5.00%, 07/01/16 | 250,275 | ||||||
| 25,000 | 5.00%, 07/01/17 | 12,508 | ||||||
| 385,000 | 5.00%, 07/01/18 | 192,589 | ||||||
| 50,000 | 5.25%, 07/01/20 | 25,007 | ||||||
| 25,000 | 5.25%, 07/01/20 (c) | 12,502 | ||||||
| 175,000 | 5.25%, 07/01/20 (c) | 87,514 | ||||||
| 500,000 | 5.25%, 07/01/20 (c) | 250,035 | ||||||
| 290,000 | Puerto Rico Government Development, Series B (RB) 5.00%, 12/01/16 | 263,433 | ||||||
| Puerto Rico Highways & Transportation Authority (RB) | ||||||||
| 500,000 | 5.00%, 07/01/15 (c) | 326,250 | ||||||
| 115,000 | 5.00%, 07/01/15 (c) | 73,888 | ||||||
| 10,000 | 5.00%, 12/05/14 (c) | 6,880 | ||||||
| 1,500,000 | 5.00%, 07/01/17 (c) | 828,750 | ||||||
| 400,000 | 5.00%, 07/01/15 (c) | 221,196 | ||||||
| 780,000 | 5.00%, 12/05/14 (c) | 430,264 | ||||||
| 1,020,000 | 5.00%, 07/01/17 (c) | 541,518 | ||||||
| 200,000 | 5.00%, 07/01/17 (c) | 105,064 | ||||||
| 250,000 | 5.25%, 12/05/14 (c) | 172,180 | ||||||
| 1,055,000 | 5.50%, 07/01/22 | 635,638 | ||||||
| 2,000,000 | 5.50%, 07/01/24 | 1,125,000 | ||||||
| 1,500,000 | 5.50%, 07/01/25 | 829,650 | ||||||
| 1,500,000 | 5.50%, 07/01/26 | 829,545 | ||||||
| 155,000 | Puerto Rico Highways & Transportation Authority, Series K (RB) 5.00%, 07/01/15 (c) | 98,038 | ||||||
| 385,000 | Puerto Rico Highways & Transportation Authority, Series N (RB) 5.50%, 07/01/21 | 235,816 | ||||||
| Puerto Rico Infrastructure Financing Authority (RB) | ||||||||
| 1,000,000 | 5.00%, 12/15/21 (c) | 702,750 | ||||||
| 1,065,000 | 5.00%, 07/01/16 (c) | 646,966 | ||||||
| 265,000 | 5.00%, 07/01/16 (c) | 160,794 | ||||||
| 55,000 | 5.00%, 07/01/16 (c) | 33,072 | ||||||
| 860,000 | 5.25%, 12/15/21 (c) | 587,354 | ||||||
| Puerto Rico Public Buildings Authority, Series D (RB) (COMWLTH GTD) | ||||||||
| 35,000 | 5.25%, 12/05/14 (c) | 26,037 | ||||||
| 325,000 | 5.25%, 12/05/14 (c) | 224,825 | ||||||
| Puerto Rico Public Buildings Authority, Series I (RB) (COMWLTH GTD) | ||||||||
| 320,000 | 5.00%, 12/05/14 (c) | 218,214 | ||||||
| 1,570,000 | 5.25%, 12/05/14 (c) | 1,084,258 | ||||||
| Principal Amount | Value | |||||||
| Puerto Rico: (continued) | ||||||||
| Puerto Rico Public Buildings Authority, Series N (RB) (COMWLTH GTD) | ||||||||
| $ | 1,485,000 | 5.00%, 07/01/17 (c) | $ | 1,023,328 | ||||
| 25,000 | 5.50%, 07/01/17 (c) | 21,328 | ||||||
| Puerto Rico Public Buildings Authority, Series P (RB) (COMWLTH GTD) | ||||||||
| 20,000 | 6.00%, 07/01/19 | 17,136 | ||||||
| 35,000 | 6.00%, 07/01/19 (c) | 29,498 | ||||||
| 1,165,000 | 6.75%, 07/01/19 (c) | 900,580 | ||||||
| 745,000 | Puerto Rico Public Buildings Authority, Series Q (RB) (COMWLTH GTD) 5.50%, 12/05/14 (c) | 512,888 | ||||||
| Puerto Rico Public Buildings Authority, Series S (RB) (COMWLTH GTD) | ||||||||
| 170,000 | 5.50%, 07/01/16 (c) | 131,799 | ||||||
| 505,000 | 5.75%, 07/01/16 (c) | 401,662 | ||||||
| 1,655,000 | 6.00%, 07/01/21 (c) | 1,160,883 | ||||||
| Puerto Rico Public Buildings Authority, Series U (RB) (COMWLTH GTD) | ||||||||
| 110,000 | 5.00%, 07/01/20 | 88,790 | ||||||
| 200,000 | 5.25%, 07/01/22 (c) | 134,014 | ||||||
| 1,865,000 | Puerto Rico Public Financing Corp., Commonwealth Appropriation, Series B (RB) 5.50%, 08/01/21 (c) | 983,955 | ||||||
| University of Puerto Rico, Series P (RB) | ||||||||
| 445,000 | 5.00%, 06/01/16 (c) | 300,918 | ||||||
| 500,000 | 5.00%, 06/01/16 (c) | 343,565 | ||||||
| 90,000 | 5.00%, 06/01/16 (c) | 58,962 | ||||||
| 47,803,584 | ||||||||
| Rhode Island: 0.3% | ||||||||
| 3,000,000 | Rhode Island Health And Educational Building Corp., Tockwotton Home (RB) 8.38%, 01/01/21 (c) | 3,451,650 | ||||||
| 220,000 | Tobacco Settlement Financing Corp., Series A (RB) 6.25%, 12/05/14 (c) | 220,042 | ||||||
| 3,671,692 | ||||||||
| South Carolina: 1.4% | ||||||||
| South Carolina Jobs-Economic Development Authority, First Mortgage Health Care Facilities, The Lutheran Homes of South Carolina, Inc. (RB) | ||||||||
| 3,450,000 | 5.50%, 05/01/17 (c) | 3,514,894 | ||||||
| 3,100,000 | 5.63%, 05/01/17 (c) | 3,131,093 | ||||||
| 9,685,000 | South Carolina Jobs-Economic Development Authority, Hospital Improvement, Hampton Regional Medical Center Project (RB) 5.25%, 11/01/16 (c) | 9,142,543 | ||||||
| 600,000 | South Carolina Jobs-Economic Development Authority, Palmetto Health (RB) 5.38%, 08/01/19 (c) | 680,922 | ||||||
| 2,000,000 | South Carolina Jobs-Economic Development Authority, Palmetto Health, Series A (RB) 5.25%, 08/01/23 (c) | 2,261,440 | ||||||
| 18,730,892 | ||||||||
See Notes to Financial Statements
| 28 |
| Principal | ||||||||
| Amount | Value | |||||||
| South Dakota: 0.5% | ||||||||
| Sioux Falls, South Dakota Health Facilities, Dow Rummel Village Project (RB) | ||||||||
| $ | 1,250,000 | 5.00%, 11/15/16 (c) | $ | 1,289,600 | ||||
| 5,325,000 | 5.00%, 11/15/16 (c) | 5,347,312 | ||||||
| 6,636,912 | ||||||||
| Tennessee: 0.7% | ||||||||
| 110,000 | County of Claiborne, Tennessee (GO) 4.13%, 04/01/20 (c) | 117,433 | ||||||
| Shelby County, Tennessee Health, Educational and Housing Facility Board, The Village at Germantown (RB) | ||||||||
| 2,000,000 | 5.25%, 12/01/22 (c) | 2,051,500 | ||||||
| 2,500,000 | 5.38%, 12/01/22 (c) | 2,576,600 | ||||||
| Shelby County, Tennessee Health, Educational and Housing Facility Board, Trezevant Manor Project, Series A (RB) | ||||||||
| 1,150,000 | 5.38%, 09/01/23 (c) | 1,147,470 | ||||||
| 3,000,000 | 5.50%, 09/01/23 (c) | 3,001,830 | ||||||
| 395,000 | Sullivan County, Tennessee Health, Educational & Housing Facilities Board, Series C (RB) 5.25%, 09/01/16 (c) | 419,237 | ||||||
| 9,314,070 | ||||||||
| Texas: 7.1% | ||||||||
| 2,500,000 | Brazoria County, Texas Health Facilities Development Corp. (RB) 5.25%, 07/01/22 (c) | 2,531,250 | ||||||
| 2,255,000 | Central Texas Regional Mobility Authority, Senior Lien Revenue (RB) 6.25%, 01/01/21 (c) | 2,580,780 | ||||||
| City of Houston, Texas Airport System Special Facilities, United Airlines, Inc. (RB) | ||||||||
| 4,500,000 | 4.75%, 07/01/24 | 4,846,410 | ||||||
| 3,800,000 | 5.00%, 07/01/24 (c) | 4,045,290 | ||||||
| 580,000 | Grand Parkway Transportation Corp. (RB) 5.50%, 10/01/23 (c) | 638,232 | ||||||
| Gregg County Health Facilities Development Corp., Series C (RB) | ||||||||
| 3,000,000 | 5.00%, 07/01/22 (c) | 3,047,490 | ||||||
| 95,000 | 5.00%, 07/01/22 (c) | 95,714 | ||||||
| 1,000,000 | Gulf Coast Industrial Development Authority, CITGO Petroleum Corp. Project (RB) 4.88%, 10/01/22 (c) | 1,022,670 | ||||||
| 1,000,000 | Harris County, Texas Cultural Education Facilities, Brazos Presbyterian Homes, Inc. Project, Series A (RB) 5.13%, 01/01/23 (c) | 1,004,230 | ||||||
| 2,800,000 | Houston, Texas Airport System Special Facilities Revenue, Continental Airlines, Inc. Terminal Improvement Projects (RB) 6.50%, 07/15/21 (c) | 3,184,468 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Texas: (continued) | ||||||||
| $ | 340,000 | IAH Public Facility Corp. (RB) 6.13%, 12/05/14 (c) | $ | 190,828 | ||||
| Love Field Airport Modernization Corp., Southwest Airline Co. (RB) | ||||||||
| 2,765,000 | 5.00%, 11/01/22 (c) | 3,013,629 | ||||||
| 985,000 | 5.25%, 11/01/20 (c) | 1,058,668 | ||||||
| 2,000,000 | Matagorda County, Texas Navigation District No. 1 (RB) 4.00%, 06/03/23 (c) | 2,039,280 | ||||||
| 1,500,000 | New Hope Cultural Education Facilities Corp., Series A (RB) 5.00%, 04/01/24 (c) | 1,612,920 | ||||||
| 2,930,000 | North Texas Tollway Authority, Series F (RB) 5.75%, 01/01/18 (c) | 3,256,695 | ||||||
| 2,000,000 | Port of Bay City Authority of Matagorda County, Texas, Hoechst Celanese Corp. Project (RB) 6.50%, 12/05/14 (c) | 2,003,420 | ||||||
| 2,060,000 | Red River Authority of Texas, Celanese Project, Series B (RB) 6.70%, 12/05/14 (c) | 2,064,923 | ||||||
| 1,000,000 | Red River Health Facilities Development Corp., Eden Home, Inc. Project (RB) 7.25%, 12/01/21 (c) | 951,950 | ||||||
| 500,000 | San Antonio, Texas Convention Hotel Finance Corp. (RB) (AMBAC) 5.00%, 07/15/15 (c) | 504,835 | ||||||
| 10,000,000 | Sanger Industrial Development Corp., Texas Pellets Project, Series B (RB) 8.00%, 07/01/22 (c) | 11,085,900 | ||||||
| 800,000 | Tarrant County Cultural Education Facilities Finance Corp., Series C-1 (RB) 7.50%, 12/05/14 (c) | 793,752 | ||||||
| 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) | 1,550,460 | ||||||
| 1,050,000 | Tarrant County, Texas Cultural Education Facilities Finance Corp., Stayton at Museum Way Project, Series A (RB) 8.00%, 11/15/19 (c) | 1,020,012 | ||||||
| Texas Municipal Gas Acquisition & Supply Corp. I (RB) | ||||||||
| 45,000 | 5.25%, 12/15/24 | 52,364 | ||||||
| 40,000 | 5.25%, 12/15/25 | 46,557 | ||||||
| 195,000 | 5.25%, 12/15/26 | 226,976 | ||||||
| Texas Municipal Gas Acquisition & Supply Corp. III (RB) | ||||||||
| 1,990,000 | 5.00%, 12/15/22 (c) | 2,265,376 | ||||||
| 1,555,000 | 5.00%, 12/15/22 (c) | 1,737,028 | ||||||
| 1,000,000 | 5.00%, 12/15/22 (c) | 1,108,820 | ||||||
| 2,550,000 | 5.00%, 12/15/22 (c) | 2,802,858 | ||||||
| 1,000,000 | 5.00%, 12/15/22 (c) | 1,095,470 | ||||||
| 50,000 | 5.00%, 12/15/22 (c) | 54,627 | ||||||
| 75,000 | 5.00%, 12/15/22 (c) | 81,721 | ||||||
See Notes to Financial Statements
| 29 |
HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal | ||||||||
| Amount | Value | |||||||
| Texas: (continued) | ||||||||
| $ | 30,000 | Texas Municipal Gas Acquisition and Supply Corp., Senior Lien Series A (RB) 5.25%, 12/15/22 | $ | 34,803 | ||||
| Texas Municipal Gas Acquisition and Supply Corp., Senior Lien, Series D (RB) | ||||||||
| 600,000 | 5.63%, 12/15/17 | 644,220 | ||||||
| 12,500,000 | 6.25%, 12/15/26 | 15,463,750 | ||||||
| 3,650,000 | Texas Private Activity Bond Surface Transportation Corp., LBJ Infrastructure Group, LLC Project, Senior Lien (RB) 7.00%, 06/30/20 (c) | 4,380,620 | ||||||
| 2,425,000 | Texas Transportation Commission, Series A (RB) 5.00%, 08/15/22 (c) | 2,619,218 | ||||||
| Travis County, Texas Health Facilities Development Corp., First Mortgage Revenue, Longhorn Village Project, Series A (RB) | ||||||||
| 785,000 | 6.00%, 01/01/21 (c) | 856,011 | ||||||
| 2,950,000 | 7.00%, 01/01/21 (c) | 3,250,841 | ||||||
| 2,480,000 | 7.13%, 01/01/21 (c) | 2,708,061 | ||||||
| 93,573,127 | ||||||||
| Vermont: 0.9% | ||||||||
| 4,650,000 | Burlington, Vermont Airport Revenue, Series A (RB) 4.00%, 07/01/22 (c) | 4,563,370 | ||||||
| 5,150,000 | City of Burlington, Vermont Airport Revenue, Series A (RB) 5.00%, 07/01/22 | 5,778,506 | ||||||
| 1,100,000 | Vermont Economic Development Authority, Wake Robin Corp. Project (RB) 5.40%, 05/01/22 (c) | 1,128,578 | ||||||
| 11,470,454 | ||||||||
| Virgin Islands: 1.3% | ||||||||
| Virgin Islands Public Finance Authority (RB) | ||||||||
| 390,000 | 5.00%, 10/01/20 (c) | 428,372 | ||||||
| 7,330,000 | 5.00%, 10/01/22 (c) | 8,072,749 | ||||||
| 1,200,000 | 5.25%, 10/01/20 (c) | 1,346,472 | ||||||
| 1,200,000 | Virgin Islands Public Finance Authority, Series A (RB) 5.00%, 10/01/20 | 1,370,808 | ||||||
| 1,000,000 | Virgin Islands Public Finance Authority, Series B (RB) 5.00%, 10/01/19 | 1,131,500 | ||||||
| 800,000 | Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes Loan Note, Series A (RB) (ACA) 5.00%, 12/01/14 (c) | 802,048 | ||||||
| 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) | 1,152,590 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Virgin Islands: (continued) | ||||||||
| $ | 100,000 | Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Senior Lien, Series B (RB) 5.00%, 10/01/19 (c) | $ | 110,209 | ||||
| Virgin Islands Water and Power Authority, Series B (RB) | ||||||||
| 1,125,000 | 5.00%, 07/01/17 (c) | 1,127,419 | ||||||
| 1,070,000 | 5.00%, 07/01/17 (c) | 1,070,717 | ||||||
| 16,612,884 | ||||||||
| Virginia: 3.2% | ||||||||
| Albermarle County, Virginia Economic Development Authority, Series A (RB) | ||||||||
| 640,000 | 4.63%, 01/01/23 (c) | 626,240 | ||||||
| 1,500,000 | 5.00%, 01/01/23 (c) | 1,542,390 | ||||||
| 650,000 | Chesterfield Economic Development Authority, Brandermill Woods Project (RB) 4.13%, 01/01/22 (c) | 656,195 | ||||||
| 2,750,000 | City of Chesapeake, Virginia Chesapeake Expressway Toll Road Revenue (RB) 5.00%, 07/15/22 (c) | 2,922,947 | ||||||
| 1,000,000 | County of Botetourt, Virginia Industrial Development Authority (RB) 6.00%, 07/01/24 (c) | 1,002,810 | ||||||
| Fairfax County, Virginia Economic Development Authority, Series A (RB) | ||||||||
| 430,000 | 4.00%, 12/01/22 | 446,529 | ||||||
| 1,000,000 | 5.00%, 12/01/23 (c) | 1,027,870 | ||||||
| 2,000,000 | 5.00%, 12/01/23 (c) | 2,040,860 | ||||||
| 1,520,000 | 5.13%, 10/01/17 (c) | 1,590,194 | ||||||
| Fairfax County, Virginia Mosaic District Community Development Authority, Series A (SA) | ||||||||
| 1,450,000 | 6.63%, 03/01/21 (c) | 1,673,793 | ||||||
| 1,000,000 | 6.88%, 03/01/21 (c) | 1,163,980 | ||||||
| Hanover County, Virginia Economic Development Authority, Series A (RB) | ||||||||
| 570,000 | 4.00%, 07/01/22 | 578,248 | ||||||
| 1,500,000 | 5.00%, 07/01/22 (c) | 1,517,025 | ||||||
| 1,500,000 | 5.00%, 07/01/22 (c) | 1,513,200 | ||||||
| 1,000,000 | Peninsula Ports Authority, Residential Care Facility Revenue, Series C (RB) 5.40%, 12/01/16 (c) | 951,950 | ||||||
| Route 460 Funding Corp., Series A (RB) | ||||||||
| 5,000,000 | 5.00%, 07/01/23 (c) | 5,294,950 | ||||||
| 4,650,000 | 5.13%, 07/01/23 (c) | 4,987,078 | ||||||
| 8,250,000 | Tobacco Settlement Financing Corp., Senior Series B-1 (RB) 5.00%, 06/01/17 (c) | 5,639,452 | ||||||
| Virginia Small Business Financing Authority, Elizabeth River Crossing Opco, LLC Project (RB) | ||||||||
| 2,000,000 | 5.50%, 07/01/22 (c) | 2,197,420 | ||||||
| 3,000,000 | 6.00%, 07/01/22 (c) | 3,415,440 | ||||||
| 1,750,000 | Virginia Small Business Financing Authority, Senior Lien 95 Express Lanes, LLC Project (RB) 5.00%, 01/01/22 (c) | 1,826,860 | ||||||
| 42,615,431 | ||||||||
See Notes to Financial Statements
| 30 |
| Principal | ||||||||
| Amount | Value | |||||||
| Washington: 1.5% | ||||||||
| $ | 1,000,000 | Greater Wenatchee Regional Events Center Public Facilities, Series A (RB) 5.50%, 09/01/22 (c) | $ | 1,053,800 | ||||
| 3,000,000 | Port of Seattle Industrial Development Corp., Delta Air Lines, Inc. Project (RB) 5.00%, 04/01/23 (c) | 3,072,240 | ||||||
| 1,000,000 | Washington Health Care Facilities Authority (RB) 4.75%, 12/01/16 (c) | 1,007,810 | ||||||
| 750,000 | Washington Health Care Facilities Authority, Central Washington Health Services Association (RB) 6.25%, 07/01/19 (c) | 853,395 | ||||||
| 3,000,000 | Washington State Housing Finance Commission, Mirabella Project, Series A (RB) 6.75%, 10/01/22 (c) | 3,205,890 | ||||||
| Washington State Housing Finance Commission, Skyline at First Hill Project, Series A (RB) | ||||||||
| 1,545,000 | 5.25%, 01/01/17 | 1,574,185 | ||||||
| 3,750,000 | 5.63%, 01/01/17 (c) | 3,774,225 | ||||||
| 5,800,000 | 5.63%, 01/01/17 (c) | 5,606,570 | ||||||
| 20,148,115 | ||||||||
| West Virginia: 1.4% | ||||||||
| 3,150,000 | County of Pleasants, West Virginia (RB) 5.25%, 10/15/17 (c) | 3,246,799 | ||||||
| 1,800,000 | Ohio County, West Virginia Commission Special District Excise Tax & Improvement, The Highland Project, Series B (RB) 5.63%, 03/01/16 (c) | 1,841,724 | ||||||
| 5,275,000 | Philippi, West Virginia, The Philippi Municipal Building Commission, Series A (RB) 7.75%, 10/01/22 (c) | 5,275,527 | ||||||
| 2,000,000 | West Virginia Hospital Finance Authority, Highland Hospital Obligated Group (RB) 9.13%, 10/01/21 (c) | 2,138,920 | ||||||
| West Virginia Hospital Finance Authority, Thomas Health System, Inc. (RB) | ||||||||
| 1,500,000 | 6.50%, 10/01/18 (c) | 1,600,740 | ||||||
| 2,000,000 | 6.50%, 10/01/18 (c) | 2,072,140 | ||||||
| 2,005,000 | 6.75%, 10/01/18 (c) | 2,092,598 | ||||||
| 18,268,448 | ||||||||
| Wisconsin: 1.3% | ||||||||
| 4,240,000 | New York City Industrial Development Agency, Transportation Infrastructure Properties LLC, Series B (RB) 5.00%, 07/01/22 | 4,739,133 | ||||||
| 1,000,000 | Public Finance Authority, Rose Villa Project, Series A (RB) 5.00%, 11/15/24 | 1,021,350 | ||||||
| 4,630,000 | Public Finance Authority, Transportation Infrastructure Properties, LLC Obligated Group, Series G (RB) 5.00%, 07/01/22 (c) | 4,826,960 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Wisconsin: (continued) | ||||||||
| $ | 1,000,000 | Wisconsin Health and Educational Facilities Authority, Sauk-Prairie Memorial Hospital, Inc., Series A (RB) 5.13%, 02/01/23 (c) | $ | 1,017,740 | ||||
| 450,000 | Wisconsin Health and Educational Facilities Authority, Wheaton Franciscan Healthcare System, Series A (RB) 5.25%, 08/15/16 (c) | 465,953 | ||||||
| 1,750,000 | Wisconsin Health and Educational Facilities Authority, Wheaton Franciscan Healthcare System, Series B (RB) 5.13%, 08/15/16 (c) | 1,808,905 | ||||||
| 2,500,000 | Wisconsin Public Finance Authority, Continuing Care Retirement Community, The Glenridge on Palmer Ranch, Inc. Project, Series A (RB) 8.25%, 06/01/21 (c) | 2,924,875 | ||||||
| 16,804,916 | ||||||||
| Total Municipal Bonds (Cost: $1,260,944,375) | 1,290,418,952 | |||||||
| Number of | ||||||||
| Shares | ||||||||
| MONEY MARKET FUND: 0.5% (Cost: $6,327,849) | ||||||||
| 6,327,849 | Dreyfus Tax Exempt Cash Management Fund – Class B Shares | 6,327,849 | ||||||
| Total Investments: 98.7% (Cost: $1,267,272,224) | 1,296,746,801 | |||||||
| Other assets less liabilities: 1.3% | 16,416,343 | |||||||
| NET ASSETS: 100.0% | $ | 1,313,163,144 | ||||||
See Notes to Financial Statements
| 31 |
HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| ACA | Credit Agricole SA |
| AMBAC | American Municipal Bond Assurance Corp. |
| CIFG | CDC Ixis Financial Guaranty |
| COMWLTH GTD | Commonwealth Guaranteed |
| CP | Certificate of Participation |
| FGIC | Financial Guaranty Insurance Co. |
| GO | General Obligation |
| NATL | National Public Finance Guarantee Corp. |
| RB | Revenue Bond |
| SA | Special Assessment |
| ST | Special Tax |
| TA | Tax Allocation |
| XLCA | Syncora Guarantee, Inc. |
| (c) | Callable Security - the redemption date shown is when the security may be redeemed by the issuer |
| (d) | Security in default |
| (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 |
| * | Non-income producing |
| § | Illiquid Security - the aggregate value of illiquid securities is $13,850,410 which represents 1.1% of net assets. |
| Summary of Investments | ||||||||
| By Sector (unaudited) | % of Investments | Value | ||||||
| Airport | 4.4 | % | $ | 56,956,870 | ||||
| Development | 11.7 | 151,722,728 | ||||||
| Education | 3.6 | 47,339,704 | ||||||
| Facilities | 2.9 | 37,204,578 | ||||||
| General Obligation | 9.3 | 121,281,405 | ||||||
| Higher Education | 4.5 | 58,744,433 | ||||||
| Housing | 0.4 | 4,680,079 | ||||||
| Medical | 18.0 | 232,849,295 | ||||||
| Multifamily Housing | 0.1 | 1,047,220 | ||||||
| Nursing Homes | 9.8 | 127,539,510 | ||||||
| Pollution | 4.7 | 60,539,663 | ||||||
| Power | 1.0 | 13,300,945 | ||||||
| Single Family Housing | 0.4 | 4,574,956 | ||||||
| Student Loan | 0.4 | 4,631,417 | ||||||
| Tobacco Settlement | 13.3 | 172,577,428 | ||||||
| Transportation | 9.0 | 117,314,213 | ||||||
| Utilities | 2.8 | 36,845,971 | ||||||
| Water | 3.2 | 41,268,537 | ||||||
| Money Market Fund | 0.5 | 6,327,849 | ||||||
| 100.0 | % | $ | 1,296,746,801 | |||||
The summary of inputs used to value the Fund’s investments as of October 31, 2014 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | ||||||||||||||
| Municipal Bonds* | $ | — | $ | 1,290,418,952 | $ | — | $ | 1,290,418,952 | |||||||||
| Money Market Fund | 6,327,849 | — | — | 6,327,849 | |||||||||||||
| Total | $ | 6,327,849 | $ | 1,290,418,952 | $ | — | $ | 1,296,746,801 | |||||||||
| * | See Schedule of Investments for security type and geographic sector breakouts. |
There were no transfers between levels during the period ended October 31, 2014.
See Notes to Financial Statements
| 32 |
INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
October 31, 2014 (unaudited)
| Principal Amount | Value | |||||||
| MUNICIPAL BONDS: 98.8% | ||||||||
| Alabama: 0.1% | ||||||||
| $ | 100,000 | Alabama Federal & Highway Finance Authority, Federal Highway Grant Anticipation (RB) 5.00%, 09/01/22 (c) | $ | 116,500 | ||||
| 100,000 | Alabama Federal Aid Highway Finance Authority (RB) 5.00%, 09/01/21 | 119,181 | ||||||
| 100,000 | Alabama Public School & College Authority (RB) 5.00%, 01/01/21 | 119,919 | ||||||
| 350,000 | Alabama Public School & College Authority, Capital Improvement, Economic Development and Training Refunding (RB) 5.00%, 03/01/21 | 420,578 | ||||||
| 35,000 | Birmingham Airport Authority (RB) (AGM) 5.25%, 07/01/20 (c) | 40,046 | ||||||
| 816,224 | ||||||||
| Alaska: 0.1% | ||||||||
| 300,000 | City of Valdez, Alaska BP Pipelines, Inc. Project, Series B (RB) 5.00%, 01/01/21 | 354,927 | ||||||
| Arizona: 2.5% | ||||||||
| 1,875,000 | Apache County Industrial Development Authority (RB) 4.50%, 03/01/22 (c) | 2,002,594 | ||||||
| Arizona Department of Transportation State Highway Fund Revenue (RB) | ||||||||
| 1,000,000 | 4.00%, 07/01/22 (c) | 1,091,510 | ||||||
| 1,275,000 | 5.00%, 07/01/22 (c) | 1,495,804 | ||||||
| 500,000 | Arizona State Certificates of Participation, Department of Administration, Series B (CP) (AGM) 5.00%, 04/01/20 (c) | 562,285 | ||||||
| 500,000 | Arizona State Transportation Board, Maricopa County Regional Area Road Fund (RB) 5.00%, 07/01/20 (c) | 591,860 | ||||||
| Arizona State Transportation Board, Subordinated Highway Revenue, Series A (RB) | ||||||||
| 500,000 | 5.00%, 07/01/21 | 602,010 | ||||||
| 680,000 | 5.00%, 07/01/21 (c) | 810,723 | ||||||
| 1,200,000 | 5.00%, 07/01/21 (c) | 1,423,260 | ||||||
| 2,000,000 | 5.00%, 07/01/22 (c) | 2,369,300 | ||||||
| City of Mesa, Arizona (RB) | ||||||||
| 740,000 | 3.25%, 07/01/24 (c) | 727,220 | ||||||
| 1,165,000 | 3.25%, 07/01/24 (c) | 1,136,958 | ||||||
| 250,000 | 4.00%, 07/01/24 (c) | 276,783 | ||||||
| City of Phoenix, Arizona (GO) | ||||||||
| 260,000 | 4.00%, 07/01/22 | 298,327 | ||||||
| 1,000,000 | 4.00%, 07/01/24 (c) | 1,139,910 | ||||||
| 1,045,000 | City of Phoenix, Arizona, Various Purpose, Series A (GO) 4.00%, 07/01/22 (c) | 1,142,896 | ||||||
| 5,000 | Regional Transportation Authority of Pima County, Arizona (RB) 5.00%, 06/01/21 (c) | 5,892 | ||||||
| Principal Amount | Value | |||||||
| Arizona: (continued) | ||||||||
| Salt River Project Agricultural Improvement & Power District (RB) | ||||||||
| $ | 600,000 | 5.00%, 12/01/21 (c) | $ | 726,072 | ||||
| 275,000 | 5.00%, 06/01/22 (c) | 322,779 | ||||||
| Salt River Project Agricultural Improvement & Power District, Series A (RB) | ||||||||
| 1,000,000 | 5.00%, 12/01/21 (c) | 1,205,700 | ||||||
| 1,000,000 | 5.00%, 12/01/21 (c) | 1,182,440 | ||||||
| 19,114,323 | ||||||||
| Arkansas: 0.6% | ||||||||
| 220,000 | City of Rogers, Arkansas (RB) 4.00%, 11/01/21 (c) | 234,595 | ||||||
| State of Arkansas, Federal Highway Grant Anticipation (GO) | ||||||||
| 2,685,000 | 4.00%, 10/01/23 (c) | 3,032,170 | ||||||
| 1,100,000 | 5.00%, 04/01/21 | 1,329,801 | ||||||
| 300,000 | State of Arkansas, Four-Lane Highway Construction and Improvement (GO) 5.00%, 06/15/21 | 363,744 | ||||||
| 4,960,310 | ||||||||
| California: 14.6% | ||||||||
| 25,000 | Alameda County Joint Powers Authority (RB) 5.25%, 12/01/23 (c) | 30,121 | ||||||
| 1,880,000 | Alameda County, California Joint Powers Authority, Series A (RB) 5.25%, 12/01/23 (c) | 2,288,768 | ||||||
| California Health Facilities Financing Authority (RB) | ||||||||
| 25,000 | 5.00%, 07/01/23 (c) | 30,031 | ||||||
| 1,000,000 | 5.00%, 10/01/24 (c) | 1,185,340 | ||||||
| 105,000 | 5.25%, 03/01/21 (c) | 125,858 | ||||||
| 1,175,000 | California Health Facilities Financing Authority, Series A (RB) 5.00%, 03/01/23 (c) | 1,400,271 | ||||||
| 1,000,000 | California Infrastructure & Economic Development Bank, Broad Museum Project, Series A (RB) 5.00%, 06/01/21 | 1,217,560 | ||||||
| California State Department of Veterans Affairs, Series A (RB) | ||||||||
| 1,000,000 | 3.25%, 12/01/20 | 1,053,040 | ||||||
| 595,000 | 3.50%, 06/01/21 (c) | 625,678 | ||||||
| 100,000 | 3.88%, 06/01/21 (c) | 106,164 | ||||||
| 500,000 | California State Department of Water Resources, Central Valley Project, Series AG (RB) 5.00%, 12/01/19 (c) | 593,765 | ||||||
| 1,500,000 | California State Department of Water Resources, Series N (RB) 5.00%, 05/01/21 | 1,819,320 | ||||||
| 1,000,000 | California State Economic Recovery Bonds, Series A (GO) 5.00%, 07/01/16 (c) | 1,073,580 | ||||||
See Notes to Financial Statements
| 33 |
INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal Amount | Value | |||||||
| California: (continued) | ||||||||
| California State Public Works Board (RB) | ||||||||
| $ | 150,000 | 5.00%, 03/01/23 | $ | 181,776 | ||||
| 1,635,000 | 5.00%, 09/01/23 (c) | 1,925,589 | ||||||
| 1,000,000 | 5.00%, 10/01/24 (c) | 1,196,790 | ||||||
| 165,000 | 5.00%, 12/01/21 (c) | 189,166 | ||||||
| 1,250,000 | 5.00%, 11/01/22 (c) | 1,439,837 | ||||||
| 20,000 | 5.13%, 03/01/20 (c) | 23,504 | ||||||
| 675,000 | 5.25%, 10/01/24 (c) | 835,630 | ||||||
| 300,000 | California State Public Works Board, Various Capital Projects, Series G-1 (RB) 5.00%, 10/01/19 (c) | 346,836 | ||||||
| 1,250,000 | California State Public Works Board, Various Capital Projects, Series I (RB) 5.00%, 11/01/23 | 1,527,200 | ||||||
| 350,000 | California State Public Works Board, Various Judicial Council Projects, Series A (RB) 5.00%, 03/01/23 (c) | 413,634 | ||||||
| California State Public Works Board, Various University of California Projects, Series G (RB) | ||||||||
| 1,370,000 | 5.00%, 12/01/21 (c) | 1,681,305 | ||||||
| 505,000 | 5.00%, 12/01/21 (c) | 619,751 | ||||||
| 1,195,000 | California State University, Systemwide, Series A (RB) 4.00%, 11/01/22 (c) | 1,292,560 | ||||||
| California State Various Purpose (GO) | ||||||||
| 515,000 | 3.50%, 02/01/22 (c) | 541,564 | ||||||
| 1,000,000 | 4.00%, 09/01/21 | 1,144,770 | ||||||
| 250,000 | 4.00%, 10/01/21 | 286,260 | ||||||
| 1,000,000 | 5.00%, 09/01/20 | 1,195,030 | ||||||
| 1,015,000 | 5.00%, 02/01/21 | 1,219,106 | ||||||
| 1,840,000 | 5.00%, 09/01/21 | 2,224,247 | ||||||
| 850,000 | 5.00%, 10/01/21 | 1,028,321 | ||||||
| 500,000 | 5.00%, 10/01/21 | 604,895 | ||||||
| 200,000 | 5.00%, 11/01/21 | 242,292 | ||||||
| 855,000 | 5.00%, 10/01/22 | 1,037,500 | ||||||
| 925,000 | 5.00%, 10/01/22 | 1,122,441 | ||||||
| 770,000 | 5.00%, 12/01/22 | 935,635 | ||||||
| 1,475,000 | 5.00%, 09/01/23 | 1,807,140 | ||||||
| 500,000 | 5.00%, 04/01/22 (c) | 598,960 | ||||||
| 2,350,000 | 5.00%, 09/01/23 (c) | 2,853,957 | ||||||
| 1,000,000 | 5.00%, 09/01/22 (c) | 1,204,960 | ||||||
| 100,000 | 5.00%, 02/01/22 (c) | 118,566 | ||||||
| 1,250,000 | 5.00%, 09/01/18 (c) | 1,436,675 | ||||||
| 755,000 | 5.00%, 09/01/23 (c) | 908,220 | ||||||
| 1,090,000 | 5.00%, 04/01/18 (c) | 1,235,417 | ||||||
| 580,000 | 5.00%, 03/01/20 (c) | 671,228 | ||||||
| 915,000 | 5.00%, 09/01/18 (c) | 1,045,699 | ||||||
| 1,000,000 | 5.00%, 09/01/23 (c) | 1,178,590 | ||||||
| 4,315,000 | 5.00%, 04/01/18 (c) | 4,813,469 | ||||||
| 500,000 | 5.25%, 10/01/19 (c) | 599,095 | ||||||
| 830,000 | 5.25%, 09/01/22 | 1,021,033 | ||||||
| 500,000 | 5.25%, 03/01/20 (c) | 584,395 | ||||||
| 600,000 | California State, Department of Water Resources Power Supply, Series L (RB) 5.00%, 05/01/20 (c) | 718,296 | ||||||
| Principal Amount | Value | |||||||
| California: (continued) | ||||||||
| $ | 250,000 | City & County of San Francisco, California, Series A (GO) 4.00%, 06/15/22 (c) | $ | 276,753 | ||||
| 550,000 | City & County of San Francisco, California, Series R1 (GO) 5.00%, 12/15/21 (c) | 664,119 | ||||||
| 1,750,000 | City of Los Angeles, California, Series B (GO) 5.00%, 09/01/21 | 2,126,757 | ||||||
| 500,000 | City of Torrance, California, Memorial Medical Center, Series A (RB) 4.75%, 09/01/20 (c) | 536,455 | ||||||
| 470,000 | Contra Costa Community College District (GO) 4.00%, 08/01/22 (c) | 494,586 | ||||||
| 255,000 | County of Santa Clara, California, Series B (GO) 3.00%, 08/01/22 (c) | 249,395 | ||||||
| 900,000 | East Bay Municipal Utility District Water System Revenue (RB) 5.00%, 06/01/27 | 1,157,157 | ||||||
| Golden State Tobacco Securitization Corp. (RB) | ||||||||
| 250,000 | 5.00%, 06/01/23 (c) | 289,795 | ||||||
| 525,000 | 5.00%, 06/01/23 (c) | 600,847 | ||||||
| 535,000 | Huntington Beach Union High School District (GO) 5.00%, 08/01/23 (c) | 662,116 | ||||||
| Los Angeles Department of Water & Power, Series A (RB) | ||||||||
| 1,000,000 | 5.00%, 07/01/21 (c) | 1,209,610 | ||||||
| 500,000 | 5.00%, 01/01/23 (c) | 595,755 | ||||||
| Los Angeles Department of Water & Power, Series B (RB) | ||||||||
| 400,000 | 5.00%, 07/01/23 (c) | 480,836 | ||||||
| 1,160,000 | 5.00%, 01/01/24 (c) | 1,379,240 | ||||||
| 250,000 | Los Angeles International Airport, Department of Airports, Series A (RB) 5.00%, 05/15/20 (c) | 302,000 | ||||||
| Los Angeles, California Department of Airports (RB) | ||||||||
| 20,000 | 5.00%, 05/15/20 (c) | 23,805 | ||||||
| 350,000 | 5.00%, 05/15/19 (c) | 410,298 | ||||||
| Los Angeles, California Unified School District, Series A (GO) | ||||||||
| 880,000 | 2.00%, 07/01/22 | 886,864 | ||||||
| 320,000 | 5.00%, 10/01/21 | 385,978 | ||||||
| Los Angeles, California Unified School District, Series C (GO) | ||||||||
| 1,070,000 | 5.00%, 07/01/24 | 1,328,255 | ||||||
| 550,000 | 5.00%, 07/01/24 (c) | 664,141 | ||||||
| 750,000 | 5.00%, 07/01/24 (c) | 900,675 | ||||||
| 1,100,000 | 5.00%, 07/01/24 (c) | 1,314,775 | ||||||
| 500,000 | 5.00%, 07/01/24 (c) | 595,280 | ||||||
| 25,000 | Los Angeles, California Wastewater System Revenue (RB) 5.00%, 06/01/23 | 31,059 | ||||||
| 50,000 | Metropolitan Water District of Southern California (RB) 5.00%, 07/01/22 (c) | 58,850 | ||||||
See Notes to Financial Statements
| 34 |
| Principal Amount | Value | |||||||
| California: (continued) | ||||||||
| $ | 500,000 | Orange County, California Sanitation District, Wastewater Refunding, Series A (RB) 5.00%, 02/01/22 | $ | 613,455 | ||||
| 1,260,000 | Rancho Cucamonga Redevelopment Agency Successor Agency (AGM) (TA) 5.00%, 09/01/22 | 1,528,355 | ||||||
| 125,000 | Rancho Santiago Community College District (GO) 5.00%, 09/01/23 (c) | 153,035 | ||||||
| 15,000 | Riverside County Transportation Commission (RB) 5.25%, 06/01/23 (c) | 18,385 | ||||||
| 20,000 | Sacramento County Sanitation Districts Financing Authority (RB) 5.00%, 12/01/21 (c) | 23,420 | ||||||
| 750,000 | San Bernardino, California Community College District, Series A (GO) 5.00%, 08/01/23 | 926,175 | ||||||
| San Diego Community College District (GO) | ||||||||
| 240,000 | 5.00%, 08/01/22 (c) | 286,817 | ||||||
| 250,000 | 5.00%, 08/01/21 (c) | 298,798 | ||||||
| San Diego, California Water Authority, Series A (RB) | ||||||||
| 450,000 | 4.50%, 05/01/21 (c) | 509,940 | ||||||
| 500,000 | 4.50%, 05/01/21 (c) | 562,745 | ||||||
| 500,000 | 5.00%, 05/01/21 (c) | 590,520 | ||||||
| 310,000 | 5.00%, 11/01/22 (c) | 367,533 | ||||||
| 430,000 | San Dieguito Union High School District (GO) 4.00%, 08/01/23 (c) | 462,138 | ||||||
| 455,000 | San Francisco Bay Area Rapid Transit District (RB) 5.00%, 07/01/22 (c) | 529,320 | ||||||
| 345,000 | San Francisco, California Bay Area Toll Authority, Series F (RB) 5.00%, 04/01/22 (c) | 411,454 | ||||||
| 1,215,000 | San Francisco, California City & County Unified School District, Series B (GO) 4.00%, 06/15/22 (c) | 1,313,427 | ||||||
| San Francisco, California Public Utilities Commission Water Revenue, Sub-Series A (RB) | ||||||||
| 1,000,000 | 5.00%, 11/01/21 (c) | 1,209,990 | ||||||
| 1,250,000 | 5.00%, 11/01/21 (c) | 1,495,262 | ||||||
| 1,000,000 | San Joaquin County, California Transportation Authority, Series A (RB) 5.00%, 03/01/21 (c) | 1,151,010 | ||||||
| 600,000 | San Jose, California Financing Authority Lease, Series A (RB) 5.00%, 06/01/23 (c) | 708,990 | ||||||
| 385,000 | Santa Clara County Financing Authority, Series A (RB) 4.00%, 02/01/22 (c) | 430,584 | ||||||
| Principal Amount | Value | |||||||
| California: (continued) | ||||||||
| $ | 1,000,000 | Southern California Public Power Authority, Canyon Power Project, Series A (RB) 5.25%, 01/01/20 (c) | $ | 1,200,760 | ||||
| 500,000 | Southern California Public Power Authority, Windy Point Project (RB) 5.00%, 07/01/20 (c) | 606,020 | ||||||
| State of California (GO) | ||||||||
| 700,000 | 3.00%, 12/01/22 | 747,082 | ||||||
| 100,000 | 3.00%, 02/01/22 (c) | 106,151 | ||||||
| 500,000 | 4.00%, 05/01/23 | 571,425 | ||||||
| 855,000 | 4.00%, 09/01/22 (c) | 944,946 | ||||||
| 500,000 | 5.00%, 02/01/22 | 602,850 | ||||||
| 765,000 | 5.00%, 10/01/22 | 928,289 | ||||||
| 355,000 | 5.00%, 02/01/22 (c) | 427,491 | ||||||
| 1,325,000 | 5.00%, 05/01/24 | 1,632,228 | ||||||
| 905,000 | 5.00%, 12/01/23 (c) | 1,104,037 | ||||||
| 1,000,000 | 5.00%, 12/01/23 (c) | 1,208,100 | ||||||
| 140,000 | 5.00%, 02/01/22 (c) | 164,968 | ||||||
| 200,000 | 5.00%, 12/01/23 (c) | 240,536 | ||||||
| 695,000 | 5.00%, 09/01/23 (c) | 825,118 | ||||||
| 250,000 | 5.00%, 11/01/23 (c) | 297,598 | ||||||
| 1,000,000 | 5.00%, 12/01/23 (c) | 1,191,940 | ||||||
| 2,750,000 | 5.00%, 10/01/24 (c) | 3,293,812 | ||||||
| 700,000 | 5.00%, 09/01/18 (c) | 790,426 | ||||||
| 190,000 | 5.00%, 09/01/18 (c) | 213,562 | ||||||
| 2,350,000 | 5.00%, 12/01/23 (c) | 2,755,469 | ||||||
| 135,000 | 5.25%, 03/01/20 (c) | 156,894 | ||||||
| University of California (RB) | ||||||||
| 645,000 | 5.00%, 05/15/24 (c) | 777,915 | ||||||
| 425,000 | 5.00%, 05/15/23 (c) | 504,709 | ||||||
| 455,000 | University of California, Series AF (RB) .00%, 05/15/23 (c) | 554,354 | ||||||
| 1,750,000 | University of California, Series AK (RB) 5.00%, 05/15/23 (p) | 2,161,267 | ||||||
| 1,900,000 | University of California, Series G (RB) 5.00%, 05/15/22 (c) | 2,275,953 | ||||||
| 113,101,489 | ||||||||
| Colorado: 0.6% | ||||||||
| 1,500,000 | Colorado Higher Education (CP) 5.00%, 11/01/23 | 1,838,115 | ||||||
| 490,000 | Denver, Colorado Airport System Revenue, Series B (RB) 5.00%, 11/15/22 (c) | 568,547 | ||||||
| 25,000 | Denver, Colorado City & County School District No. 1, Series A (GO) (SAW) 4.00%, 12/01/21 (c) | 27,366 | ||||||
| 40,000 | Denver, Colorado City & County School District No. 1, Series B (GO) (SAW) 5.00%, 12/01/22 (c) | 47,850 | ||||||
| Denver, Colorado City & County School District No. 1, Series C (GO) (SAW) | ||||||||
| 900,000 | 5.00%, 12/01/21 | 1,090,431 | ||||||
| 375,000 | 5.00%, 12/01/23 | 461,269 | ||||||
See Notes to Financial Statements
| 35 |
INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal Amount | Value | |||||||
| Colorado: (continued) | ||||||||
| $ | 165,000 | Joint School District No. 28J in Adams and Arapahoe Counties, Colorado (GO) (SAW) 5.00%, 12/01/22 (c) | $ | 200,219 | ||||
| 500,000 | University of Colorado Enterprise System, Series A (RB) 4.00%, 06/01/22 | 573,725 | ||||||
| 4,807,522 | ||||||||
| Connecticut: 2.4% | ||||||||
| 1,245,000 | Connecticut State Health & Educational Facility Authority (RB) 5.00%, 07/01/24 (c) | 1,450,076 | ||||||
| 1,000,000 | Connecticut State Health & Educational Facility Authority, Series A (RB) 5.00%, 07/01/21 (c) | 1,126,880 | ||||||
| 650,000 | Connecticut State, Series A (GO) 5.00%, 10/15/23 (c) | 780,091 | ||||||
| Connecticut State, Series B (GO) | ||||||||
| 500,000 | 5.00%, 04/15/21 | 600,310 | ||||||
| 5,000 | 5.00%, 05/15/21 (c) | 5,964 | ||||||
| 405,000 | 5.00%, 04/15/22 (c) | 482,165 | ||||||
| 2,500,000 | 5.00%, 03/01/23 (c) | 2,971,025 | ||||||
| 145,000 | Connecticut State, Series C (GO) 5.00%, 12/01/19 (c) | 172,901 | ||||||
| Connecticut State, Series D (GO) | ||||||||
| 1,100,000 | 5.00%, 11/01/20 | 1,318,339 | ||||||
| 960,000 | 5.00%, 11/01/21 (c) | 1,134,614 | ||||||
| Connecticut State, Series E (GO) | ||||||||
| 225,000 | 5.00%, 08/15/23 (c) | 270,848 | ||||||
| 1,000,000 | 5.00%, 09/15/22 (c) | 1,195,510 | ||||||
| 480,000 | Connecticut State, Series G (GO) 5.00%, 10/15/22 (c) | 577,080 | ||||||
| Connecticut State, Special Tax Revenue, Transportation Infrastructure Purposes, Series A (RB) | ||||||||
| 500,000 | 5.00%, 12/01/20 | 598,315 | ||||||
| 440,000 | 5.00%, 01/01/23 (c) | 523,547 | ||||||
| 1,000,000 | 5.00%, 10/01/23 (c) | 1,176,630 | ||||||
| State of Connecticut (GO) | ||||||||
| 500,000 | 4.00%, 09/01/24 (c) | 547,595 | ||||||
| 270,000 | 5.00%, 02/15/19 (c) | 312,776 | ||||||
| 650,000 | 5.00%, 07/15/23 (c) | 776,815 | ||||||
| 125,000 | 5.00%, 03/01/24 (c) | 147,759 | ||||||
| University of Connecticut, Series A (RB) | ||||||||
| 500,000 | 5.00%, 02/15/23 (c) | 602,465 | ||||||
| 1,900,000 | 5.00%, 02/15/21 (c) | 2,238,333 | ||||||
| 19,010,038 | ||||||||
| Delaware: 0.0% | ||||||||
| 100,000 | State of Delaware (GO) 5.00%, 03/01/22 | 122,627 | ||||||
| District of Columbia: 0.7% | ||||||||
| District of Columbia (RB) | ||||||||
| 25,000 | 5.00%, 06/01/20 (c) | 29,122 | ||||||
| 660,000 | 5.00%, 06/01/20 (c) | 758,274 | ||||||
| 850,000 | District of Columbia, Income Tax Secured Revenue, Series A (RB) 5.00%, 06/01/20 (c) | 992,604 | ||||||
| Principal Amount | Value | |||||||
| District of Columbia: (continued) | ||||||||
| $ | 395,000 | District of Columbia, Income Tax Secured Revenue, Series C (RB) 5.00%, 12/01/22 (c) | $ | 469,315 | ||||
| 750,000 | District of Columbia, Income Tax Secured Revenue, Series G (RB) 5.00%, 12/01/21 (c) | 882,000 | ||||||
| 600,000 | District of Columbia, National Public Radio, Series A (RB) 5.00%, 04/01/20 (c) | 672,168 | ||||||
| 250,000 | District of Columbia, Provident Group-Howard Properties, LLC Issue (RB) 5.00%, 10/01/22 (c) | 267,843 | ||||||
| 1,000,000 | District of Columbia, Series A (GO) 5.00%, 06/01/23 (c) | 1,183,340 | ||||||
| 5,254,666 | ||||||||
| Florida: 5.0% | ||||||||
| 1,000,000 | Citizens Property Insurance Corp., Series A (RB) 5.00%, 06/01/21 | 1,180,510 | ||||||
| 750,000 | City of Jacksonville, Florida, Better Jacksonville Sales Tax, Series A (RB) 5.00%, 10/01/25 | 927,180 | ||||||
| 1,225,000 | City of Jacksonville, Florida, Series A (RB) 5.00%, 10/01/22 (c) | 1,410,220 | ||||||
| City of Orlando, Florida, Series A (RB) | ||||||||
| 2,420,000 | 5.25%, 05/01/24 (c) | 2,904,363 | ||||||
| 750,000 | 5.25%, 05/01/24 (c) | 894,600 | ||||||
| 25,000 | County of Miami-Dade, Florida Transit System Sales Surtax Revenue (RB) 3.38%, 07/01/22 (c) | 24,757 | ||||||
| 1,440,000 | County of Miami-Dade, Florida, Series A (RB) 5.00%, 10/01/22 | 1,708,114 | ||||||
| 265,000 | County of Orange, Florida Sales Tax Revenue (RB) 5.00%, 01/01/21 | 319,163 | ||||||
| 500,000 | County of Palm Beach, Florida (RB) 5.00%, 06/01/22 (c) | 601,015 | ||||||
| 500,000 | Florida State Board of Education, Public Education Capital Outlay, Series A (GO) 4.75%, 06/01/20 (c) | 577,490 | ||||||
| Florida State Board of Education, Public Education Capital Outlay, Series C (GO) | ||||||||
| 1,170,000 | 3.00%, 06/01/21 (c) | 1,253,643 | ||||||
| 570,000 | 4.00%, 06/01/22 (c) | 628,231 | ||||||
| 1,000,000 | 4.00%, 06/01/21 (c) | 1,092,280 | ||||||
| 1,500,000 | 5.00%, 06/01/19 (c) | 1,747,755 | ||||||
| Florida State Board of Education, Public Education Capital Outlay, Series D (GO) | ||||||||
| 500,000 | 5.00%, 06/01/21 (c) | 602,875 | ||||||
| 500,000 | 5.00%, 06/01/19 (c) | 586,325 | ||||||
| 750,000 | Florida State Board of Education, Public Education Capital Outlay, Series E (GO) 5.00%, 06/01/21 (c) | 890,452 | ||||||
See Notes to Financial Statements
| 36 |
| Principal | ||||||||
| Amount | Value | |||||||
| Florida: (continued) | ||||||||
| $ | 1,000,000 | Florida State Department of Environmental Protection, Series A (RB) 5.00%, 07/01/21 | $ | 1,199,850 | ||||
| 1,000,000 | Florida State Department of Environmental Protection, Series B (RB) 5.00%, 07/01/21 | 1,199,850 | ||||||
| Florida State Department of Transportation, Full Faith & Credit Right-of-Way, Series A (GO) | ||||||||
| 1,300,000 | 5.00%, 07/01/21 (c) | 1,573,403 | ||||||
| 1,000,000 | 5.00%, 07/01/21 (c) | 1,203,320 | ||||||
| 375,000 | Florida State, Board of Education, Series A (GO) 4.00%, 06/01/21 | 428,164 | ||||||
| 100,000 | Florida State, Right-of-Way Acquisition & Bridge Construction, Series B (GO) 5.00%, 07/01/21 (c) | 119,985 | ||||||
| 30,000 | Florida’s Turnpike Enterprise (RB) 3.00%, 07/01/22 (c) | 29,193 | ||||||
| 700,000 | Jacksonville, Florida Transportation Refunding, Series A (RB) 5.00%, 10/01/22 (c) | 827,015 | ||||||
| 350,000 | Jacksonville, Florida Transportation Refunding, Series B (RB) 5.00%, 10/01/22 | 425,565 | ||||||
| 1,500,000 | Jacksonville, Florida, Series B (RB) 5.00%, 10/01/21 | 1,804,965 | ||||||
| 250,000 | Jacksonville, Florida, Series B-1 (RB) 5.00%, 10/01/21 | 300,108 | ||||||
| 800,000 | Lee County, Florida School Board, Series B (CP) 5.00%, 08/01/21 | 947,256 | ||||||
| 350,000 | Miami Beach Health Facilities Authority, Mount Sinai Medical Center of Florida (RB) 4.00%, 11/15/22 (c) | 366,902 | ||||||
| 510,000 | Miami-Dade County, Florida Aviation, Series A (RB) 4.88%, 10/01/20 (c) | 581,517 | ||||||
| 500,000 | Miami-Dade County, Florida Expressway Authority (RB) 5.00%, 07/01/21 | 593,710 | ||||||
| Miami-Dade County, Florida School Board Foundation, Inc., Series A (CP) | ||||||||
| 50,000 | 4.00%, 08/01/22 (c) | 53,357 | ||||||
| 255,000 | 4.00%, 08/01/22 (c) | 271,215 | ||||||
| Miami-Dade County, Florida Seaport General Obligation, Series C (GO) | ||||||||
| 500,000 | 5.00%, 10/01/21 (c) | 592,395 | ||||||
| 1,000,000 | 5.00%, 10/01/21 (c) | 1,176,350 | ||||||
| Miami-Dade County, Florida Subordinate Special Obligation, Series A (RB) | ||||||||
| 1,565,000 | 5.00%, 10/01/22 (c) | 1,820,877 | ||||||
| 500,000 | 5.00%, 10/01/22 (c) | 566,890 | ||||||
| 500,000 | Miami-Dade County, Florida Water and Sewer System (RB) (AGO) 5.00%, 10/01/20 (c) | 566,460 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Florida: (continued) | ||||||||
| $ | 200,000 | Orange County Health Facilities Authority (RB) 5.13%, 10/01/19 (c) | $ | 226,064 | ||||
| 395,000 | Orlando Utilities Commission (RB) 5.00%, 10/01/24 | 490,961 | ||||||
| 100,000 | Orlando-Orange County Expressway Authority (RB) 5.00%, 07/01/22 | 121,590 | ||||||
| 500,000 | St. Johns River Power Park (RB) 3.00%, 10/01/19 (c) | 510,540 | ||||||
| State of Florida (GO) | ||||||||
| 650,000 | 3.00%, 06/01/24 (c) | 644,969 | ||||||
| 610,000 | 3.00%, 06/01/24 (c) | 586,771 | ||||||
| 215,000 | 4.00%, 06/01/21 (c) | 232,265 | ||||||
| 800,000 | Tampa, Florida Board of Education, Public Education Capital Outlay Refunding, Series B (GO) 4.00%, 06/01/21 (c) | 899,120 | ||||||
| 1,020,000 | Tampa-Hillsborough County Expressway Authority (RB) 5.00%, 07/01/22 (c) | 1,180,477 | ||||||
| 50,000 | Tohopekaliga Water Authority (RB) 5.75%, 10/01/21 (c) | 61,349 | ||||||
| 38,951,426 | ||||||||
| Georgia: 1.8% | ||||||||
| 850,000 | Fulton County, Georgia Water and Sewerage Revenue (RB) 5.00%, 01/01/21 | 1,014,356 | ||||||
| 275,000 | Georgia Housing & Finance Authority (RB) 3.00%, 06/01/24 (c) | 271,150 | ||||||
| Georgia State, Series C (GO) | ||||||||
| 500,000 | 5.00%, 10/01/21 | 609,620 | ||||||
| 1,000,000 | 5.00%, 07/01/21 (c) | 1,209,610 | ||||||
| 335,000 | 5.00%, 07/01/21 (c) | 401,018 | ||||||
| 500,000 | Georgia State, Series J (GO) 4.50%, 11/01/21 (c) | 589,720 | ||||||
| Gwinnett County, Georgia School District (GO) | ||||||||
| 655,000 | 5.00%, 02/01/24 | 819,359 | ||||||
| 500,000 | 5.00%, 02/01/25 (c) | 626,140 | ||||||
| 760,000 | Gwinnett County, Water & Sewerage Authority, Series A (RB) 4.00%, 08/01/19 (c) | 848,434 | ||||||
| 305,000 | Metropolitan Atlanta Rapid Transit Authority, Series A (RB) 3.00%, 07/01/22 (c) | 311,707 | ||||||
| 500,000 | Municipal Electric Authority of Georgia, Combined Cycle Project, Series A (RB) 5.00%, 11/01/22 | 604,090 | ||||||
| Municipal Electric Authority of Georgia, Power Revenue, Series GG (RB) | ||||||||
| 1,895,000 | 5.00%, 01/01/23 | 2,287,530 | ||||||
| 1,000,000 | 5.00%, 01/01/23 (c) | 1,178,540 | ||||||
| State of Georgia (GO) | ||||||||
| 1,000,000 | 3.00%, 02/01/24 (c) | 1,001,580 | ||||||
| 65,000 | 3.00%, 07/01/22 (c) | 65,087 | ||||||
| 40,000 | 4.00%, 11/01/21 (c) | 43,906 | ||||||
| 1,950,000 | 5.00%, 07/01/22 (c) | 2,363,283 | ||||||
| 14,245,130 | ||||||||
See Notes to Financial Statements
| 37 |
INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal | ||||||||
| Amount | Value | |||||||
| Guam: 0.2% | ||||||||
| $ | 1,000,000 | Guam Power Authority (RB) (AGM) 5.00%, 10/01/21 | $ | 1,181,970 | ||||
| Hawaii: 1.4% | ||||||||
| 575,000 | City & County of Honolulu, Hawaii, Series A (GO) 5.00%, 11/01/22 (c) | 687,246 | ||||||
| City & County of Honolulu, Hawaii, Series B (GO) | ||||||||
| 500,000 | 5.00%, 12/01/20 (c) | 601,845 | ||||||
| 40,000 | 5.00%, 11/01/22 (c) | 48,654 | ||||||
| 650,000 | 5.00%, 12/01/20 (c) | 781,560 | ||||||
| Hawaii State, Series DZ (GO) | ||||||||
| 800,000 | 5.00%, 12/01/21 (c) | 971,048 | ||||||
| 1,000,000 | 5.00%, 12/01/21 (c) | 1,209,380 | ||||||
| 800,000 | 5.00%, 12/01/21 (c) | 962,208 | ||||||
| Hawaii State, Series EA (GO) | ||||||||
| 350,000 | 5.00%, 12/01/21 | 425,093 | ||||||
| 600,000 | 5.00%, 12/01/21 (c) | 728,286 | ||||||
| State of Hawaii (GO) | ||||||||
| 100,000 | 5.00%, 11/01/22 (c) | 118,082 | ||||||
| 1,850,000 | 5.00%, 12/01/21 (c) | 2,198,188 | ||||||
| 1,425,000 | 5.00%, 12/01/21 (c) | 1,688,055 | ||||||
| 50,000 | State of Hawaii Airports System Revenue (RB) 5.25%, 07/01/20 (c) | 58,356 | ||||||
| 10,478,001 | ||||||||
| Illinois: 3.8% | ||||||||
| Chicago Midway International Airport (RB) | ||||||||
| 70,000 | 5.00%, 01/01/23 (c) | 81,267 | ||||||
| 1,000,000 | 5.00%, 01/01/24 (c) | 1,157,310 | ||||||
| 500,000 | Chicago O’Hare International Airport, 3rd Lien, Series C (RB) (AGO) 5.25%, 01/01/20 (c) | 580,810 | ||||||
| 1,500,000 | Chicago O’Hare International Airport, Senior Lien, Series B (RB) 5.25%, 01/01/23 (c) | 1,730,775 | ||||||
| 200,000 | Chicago Transit Authority (RB) 5.25%, 12/01/21 (c) | 231,236 | ||||||
| 945,000 | Chicago, Illinois Board of Education, Series F (GO) 5.00%, 12/01/20 | 1,033,811 | ||||||
| Chicago, Illinois, Series A (GO) | ||||||||
| 475,000 | 5.00%, 01/01/20 (c) | 496,684 | ||||||
| 500,000 | 5.00%, 01/01/20 (c) | 539,235 | ||||||
| 450,000 | 5.00%, 01/01/20 (c) | 468,414 | ||||||
| 1,000,000 | 5.00%, 01/01/20 (c) | 1,079,950 | ||||||
| 500,000 | 5.00%, 01/01/20 (c) | 532,890 | ||||||
| 160,000 | 5.25%, 01/01/24 (c) | 170,274 | ||||||
| 925,000 | Chicago, Illinois, Series C (GO) 5.00%, 01/01/22 (c) | 975,542 | ||||||
| 535,000 | City of Chicago, Illinois, Series A (GO) 5.00%, 01/01/24 (c) | 563,895 | ||||||
| County of Cook County, Illinois, Series A (GO) | ||||||||
| 750,000 | 5.00%, 11/15/21 | 868,582 | ||||||
| 595,000 | 5.25%, 11/15/21 (c) | 680,472 | ||||||
| 1,030,000 | 5.25%, 11/15/21 (c) | 1,150,943 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Illinois: (continued) | ||||||||
| County of Cook, Illinois, Series C (GO) | ||||||||
| $ | 900,000 | 5.00%, 11/15/20 | $ | 1,033,308 | ||||
| 200,000 | 5.00%, 11/15/22 (c) | 230,040 | ||||||
| Illinois Finance Authority, Trinity Health Credit Group (RB) | ||||||||
| 1,105,000 | 5.00%, 12/01/21 (c) | 1,279,933 | ||||||
| 1,035,000 | 5.00%, 12/01/21 (c) | 1,190,178 | ||||||
| Illinois Railsplitter Tobacco Settlement Authority (RB) | ||||||||
| 1,300,000 | 5.38%, 06/01/21 | 1,546,883 | ||||||
| 450,000 | 5.50%, 06/01/21 (c) | 529,254 | ||||||
| Illinois State (GO) | ||||||||
| 500,000 | 4.00%, 08/01/22 (c) | 500,965 | ||||||
| 1,695,000 | 4.00%, 06/15/21 (c) | 1,800,107 | ||||||
| 500,000 | 5.00%, 01/01/20 (c) | 552,955 | ||||||
| 985,000 | 5.00%, 08/01/23 | 1,100,078 | ||||||
| 690,000 | 5.25%, 07/01/23 (c) | 757,834 | ||||||
| 700,000 | 5.25%, 07/01/23 (c) | 767,200 | ||||||
| Illinois State Toll Highway Authority (RB) | ||||||||
| 400,000 | 5.00%, 01/01/23 (c) | 458,416 | ||||||
| 130,000 | 5.25%, 01/01/20 (c) | 151,080 | ||||||
| 1,000,000 | Illinois State, Series A (GO) 4.00%, 01/01/22 (c) | 1,018,670 | ||||||
| State of Illinois (GO) | ||||||||
| 2,140,000 | 5.00%, 07/01/21 | 2,408,763 | ||||||
| 25,000 | 5.00%, 03/01/22 (c) | 27,318 | ||||||
| 250,000 | 5.00%, 05/01/24 (c) | 276,863 | ||||||
| 960,000 | 5.00%, 04/01/24 (c) | 1,040,083 | ||||||
| 370,000 | 5.50%, 07/01/23 (c) | 416,879 | ||||||
| 390,000 | 5.50%, 07/01/23 (c) | 436,968 | ||||||
| 29,865,865 | ||||||||
| Indiana: 0.6% | ||||||||
| 500,000 | Carmel City, Indiana Redevelopment Authority, Series A (RB) 2.63%, 08/01/22 (c) | 487,365 | ||||||
| 830,000 | Indiana Finance Authority, Hospital Revenue, Parkview Health System Obligated Group, Series A (RB) 5.00%, 05/01/22 | 964,759 | ||||||
| 1,000,000 | Indiana Finance Authority, Series A (RB) 5.00%, 02/01/22 (c) | 1,200,470 | ||||||
| 1,000,000 | Indianapolis, Indiana Local Public Improvement Bond Bank, Series B-1 (RB) 5.00%, 01/15/20 (c) | 1,155,830 | ||||||
| 500,000 | Indianapolis, Indiana Local Public Improvement Bond Bank, Series K (RB) 5.00%, 06/01/21 (c) | 580,575 | ||||||
| 140,000 | Zionsville Community Schools Building Corp. (RB) 3.00%, 07/15/24 (c) | 137,892 | ||||||
| 4,526,891 | ||||||||
| Iowa: 0.2% | ||||||||
| 1,600,000 | Iowa Finance Authority (RB) 5.00%, 08/01/19 (c) | 1,868,784 | ||||||
See Notes to Financial Statements
| 38 |
| Principal | ||||||||
| Amount | Value | |||||||
| Kansas: 0.7% | ||||||||
| $ | 540,000 | City of Wichita, Kansas (GO) 3.00%, 06/01/23 (c) | $ | 532,867 | ||||
| 260,000 | Kansas Development Finance Authority, Department of Health and Environment, Series SRF-1 (RB) 5.00%, 03/01/20 (c) | 303,046 | ||||||
| State of Kansas Department of Transportation (RB) | ||||||||
| 25,000 | 5.00%, 09/01/21 | 30,275 | ||||||
| 1,500,000 | 5.00%, 09/01/24 (c) | 1,821,840 | ||||||
| 2,400,000 | Wyandotte County, Kansas City Unified Government Utility System Revenue, Series A (RB) 5.00%, 09/01/22 (c) | 2,707,368 | ||||||
| 5,395,396 | ||||||||
| Kentucky: 0.7% | ||||||||
| 350,000 | Kentucky Asset Liability Commission (RB) 5.00%, 09/01/24 (c) | 422,387 | ||||||
| 250,000 | Kentucky Asset Liability Commission Project, Series A (RB) 5.00%, 09/01/24 (c) | 297,645 | ||||||
| Kentucky State Property & Building Commission, Project No. 106, Series A (RB) | ||||||||
| 540,000 | 5.00%, 10/01/23 (c) | 633,982 | ||||||
| 450,000 | 5.00%, 10/01/23 (c) | 523,305 | ||||||
| 835,000 | Kentucky State Property & Buildings Commission, Project No. 99, Series A (RB) 5.00%, 11/01/20 (c) | 987,613 | ||||||
| 600,000 | Kentucky State Turnpike Authority, Economic Development Road, Revitalization Projects, Series A (RB) 5.00%, 07/01/22 (c) | 717,288 | ||||||
| Kentucky Turnpike Authority (RB) | ||||||||
| 125,000 | 5.00%, 07/01/23 (c) | 149,936 | ||||||
| 470,000 | 5.00%, 07/01/23 (c) | 560,123 | ||||||
| 300,000 | Lexington Fayette Urban County Government Public Facilities Corp., Eastern State Hospital Project, Series A (RB) 5.25%, 06/01/21 (c) | 345,390 | ||||||
| 500,000 | Louisville & Jefferson County, Kentucky Metropolitan Sewer District, Series A (RB) 5.00%, 11/15/21 (c) | 583,255 | ||||||
| 5,220,924 | ||||||||
| Louisiana: 0.9% | ||||||||
| 1,500,000 | Louisiana Public Facilities Authority (RB) 5.00%, 12/01/15 (c) | 1,534,260 | ||||||
| Louisiana State, Series A (GO) | ||||||||
| 3,400,000 | 4.00%, 02/01/24 (c) | 3,709,740 | ||||||
| 250,000 | 5.00%, 05/15/20 (c) | 295,230 | ||||||
| 250,000 | 5.00%, 02/01/24 (c) | 308,698 | ||||||
| 500,000 | Louisiana State, Series B (RB) 5.00%, 05/01/20 (c) | 575,360 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Louisiana: (continued) | ||||||||
| State of Louisiana (GO) | ||||||||
| $ | 60,000 | 5.00%, 05/15/20 (c) | $ | 71,065 | ||||
| 75,000 | 5.00%, 07/15/22 (c) | 90,851 | ||||||
| State of Louisiana Gasoline & Fuels Tax Revenue (RB) | ||||||||
| 105,000 | 5.00%, 05/01/21 | 126,489 | ||||||
| 50,000 | 5.00%, 05/01/22 (c) | 59,277 | ||||||
| 6,770,970 | ||||||||
| Maryland: 1.2% | ||||||||
| 1,000,000 | Howard County, Maryland, Consolidated Public Improvement, Series B (GO) 5.00%, 08/15/21 (c) | 1,206,130 | ||||||
| 500,000 | Maryland State & Local Facilities Loan, Second Series B (GO) 4.50%, 03/15/19 (c) | 566,250 | ||||||
| 1,400,000 | Maryland State Department of Transportation (RB) 4.00%, 02/15/21 | 1,602,594 | ||||||
| 750,000 | Maryland State, State & Local Facilities Loan First Loan, Series A (GO) 5.00%, 03/01/22 (c) | 912,787 | ||||||
| Maryland State, State & Local Facilities Loan First Loan, Series B (GO) | ||||||||
| 45,000 | 3.00%, 03/15/20 (c) | 46,880 | ||||||
| 1,750,000 | 4.00%, 03/15/20 (c) | 1,978,392 | ||||||
| 1,000,000 | Montgomery & Price George’s Counties, Maryland Washington Suburban Sanitary District, Consolidated Public Improvement (GO) 3.00%, 06/01/21 (c) | 1,067,010 | ||||||
| 500,000 | Montgomery County, Maryland Construction Public Improvement, Series A (GO) 5.00%, 11/01/20 | 603,375 | ||||||
| Prince George’s County, Maryland, Series A (GO) | ||||||||
| 445,000 | 4.00%, 09/01/24 (c) | 505,293 | ||||||
| 140,000 | 4.00%, 09/01/24 (c) | 157,277 | ||||||
| 260,000 | Prince George’s County, Maryland, Series B (GO) 2.75%, 03/01/23 (c) | 262,896 | ||||||
| 260,000 | State of Maryland (GO) 5.00%, 08/01/21 | 316,625 | ||||||
| 9,225,509 | ||||||||
| Massachusetts: 2.5% | ||||||||
| City of Boston, Massachusetts, Series A (GO) | ||||||||
| 300,000 | 4.00%, 03/01/24 (c) | 331,683 | ||||||
| 280,000 | 5.00%, 04/01/22 | 342,510 | ||||||
| 685,000 | Commonwealth of Massachusetts, Consolidated Loan, Series A (GO) 5.00%, 04/01/21 (c) | 821,630 | ||||||
| 1,730,000 | Commonwealth of Massachusetts, Consolidated Loan, Series B (GO) 5.00%, 06/01/20 (c) | 2,030,259 | ||||||
See Notes to Financial Statements
| 39 |
INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal | ||||||||
| Amount | Value | |||||||
| Massachusetts: (continued) | ||||||||
| Commonwealth of Massachusetts, Consolidated Loan, Series C (GO) | ||||||||
| $ | 855,000 | 3.00%, 07/01/22 (c) | $ | 847,399 | ||||
| 515,000 | 4.00%, 07/01/22 (c) | 552,528 | ||||||
| 2,750,000 | 5.00%, 07/01/22 (c) | 3,279,017 | ||||||
| 425,000 | Commonwealth of Massachusetts, Consolidated Loan, Series D (GO) 5.00%, 10/01/21 (c) | 512,321 | ||||||
| 1,000,000 | Massachusetts Commonwealth, Series A (GO) 5.00%, 04/01/21 (c) | 1,175,560 | ||||||
| 1,300,000 | Massachusetts Commonwealth, Series D (GO) 4.25%, 10/01/21 (c) | 1,443,442 | ||||||
| 1,150,000 | Massachusetts Commonwealth, Series E (GO) 4.00%, 12/01/19 (c) | 1,279,191 | ||||||
| 500,000 | Massachusetts Development Finance Agency, Brandeis University, Series O-2 (RB) 5.00%, 10/01/19 (c) | 568,495 | ||||||
| 320,000 | Massachusetts Educational Financing Authority, Education Loan, Issue I, Series A (RB) 5.15%, 01/01/20 (c) | 338,582 | ||||||
| 1,275,000 | Massachusetts Health & Educational Facilities Authority (RB) 5.00%, 12/15/19 (c) | 1,483,501 | ||||||
| 750,000 | Massachusetts School Building Authority, Dedicated Sales Tax, Series B (RB) 5.00%, 08/15/22 (c) | 881,760 | ||||||
| 600,000 | Massachusetts State Health & Education Facilities Authority, Harvard University, Series A (RB) 5.00%, 12/15/19 (c) | 702,942 | ||||||
| Massachusetts State Transportation Fund, Series A (RB) | ||||||||
| 600,000 | 4.00%, 06/01/21 (c) | 649,308 | ||||||
| 780,000 | 5.00%, 06/01/21 | 946,982 | ||||||
| 575,000 | 5.00%, 06/01/23 | 711,281 | ||||||
| 375,000 | Massachusetts State, Federal Highway Grant, Series A (RB) 5.00%, 06/15/22 | 457,901 | ||||||
| 10,000 | Massachusetts Water Resources Authority (RB) 5.00%, 08/01/21 (c) | 11,779 | ||||||
| 19,368,071 | ||||||||
| Michigan: 0.9% | ||||||||
| 800,000 | Detroit, Michigan Distributable State Aid (GO) (SAW) 4.50%, 11/01/20 (c) | 827,144 | ||||||
| 1,000,000 | Detroit, Michigan School District, School Building and Site Improvement, Series A (GO) (Q-SBLF) 5.00%, 05/01/22 (c) | 1,100,140 | ||||||
| 750,000 | Michigan Finance Authority, Clean Water Revolving Fund (RB) 5.00%, 10/01/22 | 924,240 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Michigan: (continued) | ||||||||
| $ | 675,000 | Michigan Finance Authority, Hospital Revenue & Refunding Bonds, Series A (RB) 5.00%, 06/01/22 (c) | $ | 727,846 | ||||
| Michigan Finance Authority, Revenue Unemployment Obligation Assessment, Series B (RB) | ||||||||
| 195,000 | 5.00%, 07/01/19 (c) | 227,487 | ||||||
| 260,000 | 5.00%, 07/01/16 (c) | 279,084 | ||||||
| 250,000 | Michigan Finance Authority, School District of the City of Detroit (RB) 5.50%, 06/01/21 | 290,003 | ||||||
| Michigan Finance Authority, Series C-3 (RB) (AGM) | ||||||||
| 405,000 | 5.00%, 07/01/24 (c) | 454,041 | ||||||
| 750,000 | 5.00%, 07/01/24 (c) | 837,562 | ||||||
| 770,000 | Michigan Municipal Board Authority, Clean Water Revolving Fund (RB) 5.00%, 10/01/21 | 943,889 | ||||||
| 25,000 | Michigan State Building Authority (RB) 5.00%, 10/15/23 (c) | 30,048 | ||||||
| 425,000 | Michigan State Building Authority, Series I-A (RB) 5.13%, 10/15/21 (c) | 483,799 | ||||||
| 7,125,283 | ||||||||
| Minnesota: 1.7% | ||||||||
| 430,000 | Metropolitan Council, Series E (GO) 5.00%, 09/01/21 | 522,265 | ||||||
| 750,000 | Minnesota Agricultural & Economic Development Board, Series C-1 (RB) (AGO) 5.50%, 02/15/20 (c) | 857,782 | ||||||
| 1,185,000 | Minnesota Public Facilities Authority, Series C (RB) 3.25%, 03/01/20 (c) | 1,255,721 | ||||||
| 275,000 | Minnesota State Various Purpose, Series H (GO) 5.00%, 11/01/19 (c) | 324,288 | ||||||
| Minnesota State, General Fund Appropriation, Series B (RB) | ||||||||
| 1,400,000 | 5.00%, 03/01/22 (c) | 1,684,718 | ||||||
| 2,000,000 | 5.00%, 03/01/22 (c) | 2,350,140 | ||||||
| 1,000,000 | Minnesota State, State Trunk Highway, Series B (GO) 5.00%, 08/01/23 (c) | 1,217,030 | ||||||
| State of Minnesota (GO) | ||||||||
| 175,000 | 3.00%, 08/01/21 | 189,541 | ||||||
| 205,000 | 3.00%, 08/01/24 | 218,930 | ||||||
| 1,050,000 | 3.00%, 08/01/24 (c) | 1,089,574 | ||||||
| 585,000 | 3.00%, 03/01/22 (c) | 566,754 | ||||||
| 25,000 | 3.50%, 10/01/23 (c) | 26,512 | ||||||
| 225,000 | 4.00%, 08/01/24 (c) | 257,141 | ||||||
| 1,800,000 | 5.00%, 08/01/21 | 2,190,726 | ||||||
| 500,000 | 5.00%, 08/01/20 (c) | 595,570 | ||||||
| 13,346,692 | ||||||||
See Notes to Financial Statements
| 40 |
| Principal Amount | Value | |||||||
| Mississippi: 0.2% | ||||||||
| Mississippi Development Bank (RB) | ||||||||
| $ | 450,000 | 5.00%, 01/01/27 | $ | 549,311 | ||||
| 1,000,000 | 5.00%, 01/01/23 (c) | 1,147,600 | ||||||
| 30,000 | State of Mississippi (GO) 4.00%, 12/01/20 | 34,281 | ||||||
| 1,731,192 | ||||||||
| Missouri: 1.6% | ||||||||
| 1,325,000 | City of Kansas City, Missouri, Series A (GO) 5.00%, 02/01/22 (c) | 1,581,758 | ||||||
| Health & Educational Facilities Authority of the State of Missouri (RB) | ||||||||
| 500,000 | 5.00%, 06/01/24 (c) | 595,960 | ||||||
| 960,000 | 5.00%, 06/01/24 (c) | 1,110,058 | ||||||
| 1,000,000 | 5.00%, 06/01/24 (c) | 1,150,940 | ||||||
| 505,000 | Kansas City, Missouri Industrial Development Authority (RB) 5.50%, 09/01/21 (c) | 591,860 | ||||||
| 1,000,000 | Missouri Highway & Transportation Commission (RB) 5.00%, 05/01/22 | 1,224,040 | ||||||
| 290,000 | Missouri Joint Municipal Electric Utility Commission (RB) 5.00%, 01/01/24 (c) | 336,374 | ||||||
| Missouri State Board of Public Buildings, Series A (RB) | ||||||||
| 1,000,000 | 1.00%, 10/01/19 (c) | 772,530 | ||||||
| 1,200,000 | 2.50%, 10/01/20 (c) | 1,188,648 | ||||||
| 10,000 | 3.00%, 10/01/20 (c) | 10,201 | ||||||
| 2,555,000 | 4.00%, 10/01/20 (c) | 2,854,880 | ||||||
| 250,000 | Missouri State Environmental Improvement & Energy Resources Authority, Series A (RB) 5.00%, 07/01/23 | 309,555 | ||||||
| University of Missouri (RB) | ||||||||
| 300,000 | 5.00%, 11/01/24 (c) | 372,222 | ||||||
| 175,000 | 5.00%, 11/01/24 (c) | 211,740 | ||||||
| 12,310,766 | ||||||||
| Nebraska: 0.5% | ||||||||
| 250,000 | City of Lincoln, Nebraska Electric System Revenue (RB) 3.25%, 09/01/22 (c) | 250,165 | ||||||
| 150,000 | Lincoln, Nebraska Electric System (RB) 5.00%, 09/01/22 | 182,069 | ||||||
| Nebraska Public Power District (RB) | ||||||||
| 250,000 | 3.88%, 01/01/22 (c) | 269,160 | ||||||
| 350,000 | 5.00%, 01/01/18 (c) | 392,679 | ||||||
| 250,000 | Nebraska Public Power District, Series A (RB) 5.00%, 01/01/22 (c) | 290,888 | ||||||
| Omaha Public Power District (RB) | ||||||||
| 130,000 | 2.25%, 08/01/19 (c) | 129,531 | ||||||
| 1,080,000 | 5.00%, 02/01/24 (c) | 1,302,458 | ||||||
| 1,000,000 | Omaha School District (GO) 5.00%, 06/15/24 | 1,246,260 | ||||||
| 4,063,210 | ||||||||
| Principal Amount | Value | |||||||
| Nevada: 0.5% | ||||||||
| $ | 485,000 | Clark County School District, Series A (GO) 5.00%, 06/15/21 | $ | 579,982 | ||||
| 500,000 | Clark County, Nevada Airport System, Senior, Series D (RB) 5.00%, 01/01/20 (c) | 581,375 | ||||||
| 500,000 | Clark County, Nevada, Limited Tax Transportation Refunding, Series A (GO) 4.00%, 12/01/19 (c) | 557,715 | ||||||
| 1,900,000 | County of Clark, Nevada, Series A (GO) 5.00%, 12/01/19 (c) | 2,173,600 | ||||||
| 25,000 | State of Nevada (RB) 5.00%, 12/01/23 | 30,867 | ||||||
| 3,923,539 | ||||||||
| New Hampshire: 0.3% | ||||||||
| New Hampshire State, Series A (GO) | ||||||||
| 1,000,000 | 5.00%, 07/01/20 (c) | 1,193,270 | ||||||
| 750,000 | 5.00%, 07/01/20 (c) | 893,602 | ||||||
| 450,000 | 5.00%, 07/01/20 (c) | 535,626 | ||||||
| 2,622,498 | ||||||||
| New Jersey: 7.5% | ||||||||
| County of Union, New Jersey, Series B (GO) | ||||||||
| 270,000 | 3.00%, 03/01/21 | 289,275 | ||||||
| 1,000,000 | 3.00%, 03/01/22 | 1,067,080 | ||||||
| 650,000 | 3.00%, 03/01/22 (c) | 685,880 | ||||||
| Garden State, New Jersey Preservation Trust Open Space and Farmland Preservation, Series A (RB) | ||||||||
| 560,000 | 4.00%, 11/01/21 | 640,965 | ||||||
| 1,000,000 | 4.00%, 11/01/22 (c) | 1,121,090 | ||||||
| 955,000 | New Jersey Economic Development Authority (RB) 4.00%, 06/15/24 (c) | 984,204 | ||||||
| 1,060,000 | 5.00%, 03/01/23 (c) | 1,197,567 | ||||||
| 250,000 | 5.00%, 03/01/22 (c) | 279,675 | ||||||
| 1,655,000 | 5.00%, 03/01/23 (c) | 1,862,057 | ||||||
| 1,350,000 | 5.00%, 06/15/24 (c) | 1,521,058 | ||||||
| 1,325,000 | 5.00%, 03/01/23 (c) | 1,464,337 | ||||||
| 1,000,000 | 5.00%, 06/15/24 (c) | 1,118,890 | ||||||
| 500,000 | 5.25%, 03/01/21 (c) | 559,135 | ||||||
| 555,000 | 5.50%, 03/01/21 (c) | 655,344 | ||||||
| 2,000,000 | New Jersey Economic Development Authority, Cigarette Tax Revenue (RB) 5.00%, 06/15/22 | 2,327,960 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction Refunding, Series GG (RB) | ||||||||
| 2,000,000 | 5.00%, 03/01/21 (c) | 2,283,120 | ||||||
| 1,000,000 | 5.25%, 03/01/21 (c) | 1,114,030 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction Refunding, Series II (RB) | ||||||||
| 1,000,000 | 5.00%, 03/01/21 | 1,141,560 | ||||||
| 1,000,000 | 5.00%, 03/01/22 | 1,139,020 | ||||||
| 500,000 | 5.00%, 03/01/22 (c) | 555,900 | ||||||
| 980,000 | 5.00%, 03/01/22 (c) | 1,084,184 | ||||||
See Notes to Financial Statements
| 41 |
INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal Amount | Value | |||||||
| New Jersey: (continued) | ||||||||
| New Jersey Economic Development Authority, School Facilities Construction Refunding, Series NN (RB) | ||||||||
| $ | 1,670,000 | 5.00%, 03/01/23 (c) | $ | 1,869,899 | ||||
| 2,120,000 | 5.00%, 03/01/23 (c) | 2,317,351 | ||||||
| 500,000 | New Jersey Economic Development Authority, School Facilities Construction, Series EE (RB) 5.25%, 03/01/21 (c) | 573,005 | ||||||
| 1,450,000 | New Jersey Economic Development Authority, School Facilities Construction, Series NN (RB) 5.00%, 03/01/22 | 1,656,712 | ||||||
| 360,000 | New Jersey Educational Facilities Authority (RB) 5.00%, 09/01/21 | 412,229 | ||||||
| 500,000 | New Jersey Environmental Infrastructure Trust, Series A-R (RB) 4.00%, 09/01/23 | 583,580 | ||||||
| New Jersey Health Care Facilities Financing Authority (RB) | ||||||||
| 1,190,000 | 4.00%, 07/01/22 (c) | 1,259,948 | ||||||
| 200,000 | 5.00%, 09/15/23 | 234,310 | ||||||
| 75,000 | New Jersey Health Care Facilities Financing Authority, Barnabas Health Issue, Series A (RB) 4.63%, 07/01/21 (c) | 84,128 | ||||||
| New Jersey Health Care Facilities Financing Authority, Meridian Health System (RB) | ||||||||
| 500,000 | 5.00%, 07/01/22 (c) | 582,420 | ||||||
| 500,000 | 5.00%, 07/01/22 (c) | 567,560 | ||||||
| 165,000 | New Jersey State Transportation Trust Fund Authority, Series A (RB) 4.69%, 12/15/30 ^ | 80,812 | ||||||
| 2,610,000 | New Jersey State Transportation Trust Fund Authority, Series D (RB) 5.00%, 12/15/23 | 3,025,616 | ||||||
| New Jersey State Turnpike Authority (RB) | ||||||||
| 500,000 | 5.00%, 01/01/23 | 600,675 | ||||||
| 125,000 | 5.00%, 07/01/22 (c) | 148,466 | ||||||
| 325,000 | 5.00%, 01/01/23 (c) | 380,156 | ||||||
| 640,000 | 5.00%, 07/01/24 (c) | 760,166 | ||||||
| 400,000 | 5.00%, 07/01/22 (c) | 462,332 | ||||||
| 750,000 | 5.00%, 07/01/24 (c) | 882,472 | ||||||
| 900,000 | 5.00%, 07/01/22 (c) | 1,033,551 | ||||||
| 500,000 | New Jersey State Turnpike Authority, Series A (RB) 5.00%, 01/01/23 | 600,675 | ||||||
| 1,000,000 | New Jersey State Turnpike Authority, Series B (RB) 5.00%, 01/01/23 (c) | 1,181,760 | ||||||
| New Jersey State Various Purpose (GO) | ||||||||
| 500,000 | 4.00%, 06/01/19 (c) | 535,560 | ||||||
| 500,000 | 5.00%, 06/01/19 (c) | 572,520 | ||||||
| Principal Amount | Value | |||||||
| New Jersey: (continued) | ||||||||
| New Jersey Transportation Trust Fund Authority (RB) | ||||||||
| $ | 1,950,000 | 5.00%, 06/15/22 (c) | $ | 2,268,298 | ||||
| 2,500,000 | 5.00%, 06/15/24 | 2,896,625 | ||||||
| 250,000 | 5.00%, 06/15/23 (c) | 286,463 | ||||||
| 50,000 | 5.25%, 06/15/21 (c) | 58,164 | ||||||
| 3,400,000 | 5.25%, 06/15/23 (c) | 3,890,586 | ||||||
| 750,000 | New Jersey Transportation Trust Fund Authority, Series AA (RB) 5.00%, 06/15/23 (c) | 843,675 | ||||||
| New Jersey Transportation Trust Fund Authority, Series D (RB) | ||||||||
| 660,000 | 5.00%, 12/15/24 | 767,488 | ||||||
| 2,430,000 | 5.25%, 12/15/23 | 2,862,977 | ||||||
| 20,000 | New Jersey Turnpike, Series A 5.00%, 07/01/22 (c) | 22,894 | ||||||
| 880,000 | Newark, New Jersey Qualified General Improvement, Series A (GO) (SAW) 4.00%, 10/01/20 (c) | 945,525 | ||||||
| 58,340,929 | ||||||||
| New Mexico: 0.0% | ||||||||
| 260,000 | New Mexico Finance Authority State Transportation, Senior Lien, Series B (RB) 5.00%, 06/15/21 | 314,881 | ||||||
| New York: 17.7% | ||||||||
| Brookhaven New York, Series A (GO) | ||||||||
| 640,000 | 3.00%, 02/01/23 | 683,859 | ||||||
| 250,000 | 4.00%, 02/01/23 (c) | 274,243 | ||||||
| 250,000 | City of New York, New York, Series A-1 (GO) 5.00%, 08/01/21 (c) | 297,230 | ||||||
| City of New York, New York, Series B (GO) | ||||||||
| 1,000,000 | 5.00%, 08/01/22 (c) | 1,190,380 | ||||||
| 1,450,000 | 5.00%, 08/01/22 (c) | 1,689,148 | ||||||
| City of New York, New York, Series D (GO) | ||||||||
| 1,600,000 | 5.00%, 08/01/21 | 1,912,304 | ||||||
| 1,000,000 | 5.00%, 02/01/23 (c) | 1,170,450 | ||||||
| 875,000 | City of New York, New York, Series E (GO) 5.25%, 08/01/22 | 1,067,404 | ||||||
| City of New York, New York, Series F (GO) | ||||||||
| 500,000 | 5.00%, 02/01/22 (c) | 579,770 | ||||||
| 1,295,000 | 5.00%, 02/01/22 (c) | 1,486,854 | ||||||
| City of New York, New York, Series F-1 (GO) | ||||||||
| 1,300,000 | 5.00%, 03/01/23 (c) | 1,558,986 | ||||||
| 50,000 | 5.00%, 03/01/23 (c) | 58,600 | ||||||
| 995,000 | City of New York, New York, Series H (GO) 5.00%, 08/01/23 (c) | 1,202,169 | ||||||
| City of New York, New York, Series I (GO) | ||||||||
| 1,310,000 | 5.00%, 08/01/21 | 1,565,699 | ||||||
| 1,000,000 | 5.00%, 08/01/22 | 1,202,160 | ||||||
| 1,000,000 | 5.00%, 08/01/22 (c) | 1,169,510 | ||||||
See Notes to Financial Statements
| 42 |
| Principal Amount | Value | |||||||
| New York: (continued) | ||||||||
| $ | 400,000 | City of New York, New York, Series I-1 (GO) 5.00%, 03/01/23 | $ | 483,724 | ||||
| 960,000 | City of New York, New York, Series J (GO) 5.00%, 08/01/23 (c) | 1,151,491 | ||||||
| Erie County New York Industrial Development Agency School Facilities, City School District of Buffalo, Series A (RB) (SAW) | ||||||||
| 500,000 | 5.00%, 05/01/21 (c) | 589,190 | ||||||
| 500,000 | 5.25%, 05/01/19 (c) | 577,100 | ||||||
| 2,360,000 | Long Island Power Authority, Electric System, Series B (RB) 5.00%, 09/01/22 (c) | 2,695,663 | ||||||
| Metropolitan Transportation Authority, Series A (RB) | ||||||||
| 500,000 | 3.00%, 11/15/22 (c) | 498,295 | ||||||
| 1,550,000 | 5.00%, 11/15/22 (c) | 1,832,735 | ||||||
| Metropolitan Transportation Authority, Series B (RB) | ||||||||
| 600,000 | 3.00%, 11/15/22 (c) | 606,414 | ||||||
| 500,000 | 5.00%, 11/15/22 | 600,060 | ||||||
| Metropolitan Transportation Authority, Series D (RB) | ||||||||
| 1,285,000 | 5.00%, 11/15/20 | 1,531,836 | ||||||
| 285,000 | 5.00%, 11/15/21 | 342,866 | ||||||
| 500,000 | 5.00%, 11/15/17 (c) | 560,455 | ||||||
| 500,000 | Metropolitan Transportation Authority, Series E (RB) 5.00%, 11/15/22 (c) | 587,225 | ||||||
| Metropolitan Transportation Authority, Series F (RB) | ||||||||
| 845,000 | 3.13%, 11/15/22 (c) | 867,680 | ||||||
| 1,000,000 | 5.00%, 11/15/22 | 1,200,120 | ||||||
| 2,105,000 | 5.00%, 11/15/22 (c) | 2,482,258 | ||||||
| Metropolitan Transportation Authority, Series H (RB) | ||||||||
| 100,000 | 4.00%, 11/15/21 | 113,402 | ||||||
| 1,300,000 | 5.00%, 11/15/22 (c) | 1,550,692 | ||||||
| 850,000 | Nassau County, New York General Improvement, Series C (GO) 4.00%, 10/01/20 (c) | 915,220 | ||||||
| 500,000 | Nassau County, New York, Series A (GO) 4.00%, 04/01/21 (c) | 527,140 | ||||||
| New York City Municipal Water Finance Authority, Water & Sewer System, Series BB (RB) | ||||||||
| 2,000,000 | 5.00%, 06/15/19 (c) | 2,293,400 | ||||||
| 400,000 | 5.00%, 06/15/20 (c) | 458,124 | ||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue (RB) | ||||||||
| 255,000 | 3.50%, 08/01/24 (c) | 263,943 | ||||||
| 250,000 | 5.00%, 11/01/20 | 299,623 | ||||||
| 275,000 | 5.00%, 05/01/21 | 330,157 | ||||||
| 575,000 | 5.00%, 11/01/22 | 697,521 | ||||||
| 700,000 | 5.00%, 02/01/23 (c) | 846,930 | ||||||
| 150,000 | 5.00%, 11/01/21 (c) | 178,139 | ||||||
| 1,660,000 | 5.00%, 02/01/24 (c) | 1,958,368 | ||||||
| 400,000 | 5.25%, 02/01/21 (c) | 468,708 | ||||||
| Principal Amount | Value | |||||||
| New York: (continued) | ||||||||
| $ | 400,000 | New York City Transitional Finance Authority, Building Aid Revenue, Series E-1 (RB) 5.00%, 02/01/18 (c) | $ | 446,108 | ||||
| 3,100,000 | New York City Transitional Finance Authority, Building Aid Revenue, Series F-1 (RB) 5.00%, 05/01/22 (c) | 3,585,057 | ||||||
| New York City Transitional Finance Authority, Building Aid Revenue, Series S-1 (RB) (SAW) | ||||||||
| 1,000,000 | 5.00%, 07/15/22 | 1,212,140 | ||||||
| 800,000 | 5.00%, 07/15/22 (c) | 928,240 | ||||||
| 500,000 | New York City Transitional Finance Authority, Building Aid, Series S-2 (RB) (SAW) 4.00%, 07/15/21 (c) | 540,505 | ||||||
| New York City Transitional Finance Authority, Future Tax Secured Revenue, Series A (RB) | ||||||||
| 700,000 | 5.00%, 11/01/21 | 844,956 | ||||||
| 515,000 | 5.00%, 11/01/21 | 621,646 | ||||||
| 450,000 | New York City Transitional Finance Authority, Future Tax Secured Revenue, Series D-1 (RB) 5.25%, 02/01/21 (c) | 543,875 | ||||||
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A (RB) | ||||||||
| 1,000,000 | 5.00%, 11/01/20 | 1,198,490 | ||||||
| 725,000 | 5.00%, 11/01/21 (c) | 866,201 | ||||||
| 1,500,000 | 5.00%, 11/01/21 (c) | 1,770,705 | ||||||
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B (RB) | ||||||||
| 1,000,000 | 5.00%, 11/01/21 | 1,207,080 | ||||||
| 1,000,000 | 5.00%, 02/01/21 (c) | 1,178,320 | ||||||
| 600,000 | 5.00%, 11/01/21 (c) | 700,662 | ||||||
| 2,000,000 | New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C-1 (RB) 5.00%, 11/01/22 (c) | 2,392,040 | ||||||
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series D (RB) | ||||||||
| 500,000 | 5.00%, 05/01/20 (c) | 586,120 | ||||||
| 1,000,000 | 5.00%, 05/01/20 (c) | 1,163,120 | ||||||
| 425,000 | New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series E-1 (RB) 5.00%, 02/01/22 | 511,785 | ||||||
| 500,000 | New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series F-1 (RB) 5.00%, 05/01/21 | 600,285 | ||||||
| 550,000 | New York City, Series B (GO) 5.00%, 08/01/21 (c) | 656,970 | ||||||
| 250,000 | New York City, Series C (GO) 5.00%, 08/01/19 (c) | 291,623 | ||||||
See Notes to Financial Statements
| 43 |
INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal Amount | Value | |||||||
| New York: (continued) | ||||||||
| New York City, Series E (GO) | ||||||||
| $ | 1,000,000 | 5.00%, 08/01/19 (c) | $ | 1,157,020 | ||||
| 500,000 | 5.00%, 08/01/19 (c) | 576,040 | ||||||
| 500,000 | 5.00%, 08/01/20 (c) | 577,115 | ||||||
| New York City, Series I (GO) | ||||||||
| 1,750,000 | 5.00%, 08/01/22 | 2,103,780 | ||||||
| 1,500,000 | 5.00%, 08/01/22 (c) | 1,785,570 | ||||||
| 100,000 | New York City, Sub Series G-1 (GO) 5.00%, 04/01/22 | 120,019 | ||||||
| 475,000 | New York Local Government Assistant Corp., Series A (RB) 4.00%, 04/01/20 (c) | 523,436 | ||||||
| 1,000,000 | New York State Bridge Authority (RB) 4.00%, 01/01/21 | 1,128,250 | ||||||
| 625,000 | New York State Dormitory Authority, School District Financing Program, Series A (RB) (SAW) 5.00%, 10/01/21 | 752,069 | ||||||
| 100,000 | New York State Dormitory Authority, Series A (RB) 5.00%, 07/01/22 (c) | 115,958 | ||||||
| New York State Dormitory Authority, State Personal Income Tax Revenue, Series A (RB) | ||||||||
| 500,000 | 4.00%, 12/15/22 | 572,105 | ||||||
| 1,000,000 | 5.00%, 12/15/22 (c) | 1,206,940 | ||||||
| New York State Dormitory Authority, State Personal Income Tax, Series A (RB) | ||||||||
| 250,000 | 5.00%, 12/15/20 | 300,423 | ||||||
| 775,000 | 5.00%, 12/15/22 | 941,795 | ||||||
| 2,000,000 | 5.00%, 12/15/22 (c) | 2,448,820 | ||||||
| 950,000 | 5.00%, 12/15/22 (c) | 1,121,836 | ||||||
| 1,000,000 | 5.00%, 12/15/22 (c) | 1,172,070 | ||||||
| 170,000 | 5.00%, 12/15/22 (c) | 198,575 | ||||||
| 250,000 | 5.00%, 02/15/24 (c) | 303,768 | ||||||
| 295,000 | 5.00%, 02/15/24 (c) | 355,720 | ||||||
| New York State Dormitory Authority, State Personal Income Tax, Series A (RB) | ||||||||
| 2,800,000 | 5.00%, 03/15/21 | 3,360,420 | ||||||
| 500,000 | 5.00%, 03/15/21 (c) | 590,805 | ||||||
| New York State Dormitory Authority, State Personal Income Tax, Series B (RB) | ||||||||
| 1,300,000 | 5.00%, 03/15/22 (c) | 1,571,622 | ||||||
| 500,000 | 5.00%, 03/15/22 (c) | 589,070 | ||||||
| New York State Dormitory Authority, State Personal Income Tax, Series E (RB) | ||||||||
| 1,625,000 | 5.00%, 08/15/21 (c) | 1,932,515 | ||||||
| 300,000 | 5.00%, 02/15/20 (c) | 345,669 | ||||||
| 625,000 | New York State Dormitory Authority, State Sales Tax, Series A (RB) 5.00%, 03/15/23 (c) | 743,256 | ||||||
| 250,000 | New York State Dormitory Authority, State University Education Facilities Issue, Series A (RB) 5.00%, 05/15/22 (c) | 302,365 | ||||||
| Principal Amount | Value | |||||||
| New York: (continued) | ||||||||
| New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series A (RB) | ||||||||
| $ | 440,000 | 4.00%, 06/15/22 (c) | $ | 490,318 | ||||
| 750,000 | 5.00%, 06/15/22 (c) | 911,647 | ||||||
| 1,000,000 | 5.00%, 06/15/22 (c) | 1,206,890 | ||||||
| 600,000 | New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series D (RB) 5.00%, 06/15/22 | 731,694 | ||||||
| 1,000,000 | New York State Thruway Authority, Second General Highway & Bridge Trust Fund, Series A (RB) 5.00%, 04/01/20 (c) | 1,174,810 | ||||||
| 800,000 | New York State Thruway Authority, Series A (RB) 5.00%, 03/15/23 (c) | 934,912 | ||||||
| New York State Thruway Authority, Series I (RB) | ||||||||
| 1,000,000 | 5.00%, 01/01/22 (c) | 1,184,420 | ||||||
| 3,310,000 | 5.00%, 01/01/22 (c) | 3,872,634 | ||||||
| 2,120,000 | New York State Thruway Authority, Series J (RB) 5.00%, 01/01/24 (c) | 2,511,225 | ||||||
| New York State Thruway Authority, State Personal Income Tax (Transportation), Series A (RB) | ||||||||
| 1,000,000 | 5.00%, 03/15/21 | 1,200,150 | ||||||
| 250,000 | 5.00%, 03/15/21 (c) | 296,388 | ||||||
| 500,000 | 5.00%, 09/15/20 (c) | 587,395 | ||||||
| 250,000 | New York State Urban Development Corp., Series D 5.00% , 03/15/23 | 304,253 | ||||||
| New York State Urban Development Corp., State Personal Income, Series A (RB) | ||||||||
| 1,000,000 | 4.00%, 03/15/21 (c) | 1,106,280 | ||||||
| 700,000 | 4.00%, 03/15/21 (c) | 767,858 | ||||||
| 2,000,000 | New York State Urban Development Corp., State Personal Income, Series A-1 (RB) 5.00%, 03/15/23 (c) | 2,345,440 | ||||||
| New York State Urban Development Corp., State Personal Income, Series C (RB) | ||||||||
| 1,250,000 | 5.00%, 03/15/22 | 1,507,362 | ||||||
| 690,000 | 5.00%, 03/15/23 (c) | 822,273 | ||||||
| 1,550,000 | 5.00%, 03/15/23 (c) | 1,811,392 | ||||||
| 1,000,000 | 5.00%, 03/15/23 (c) | 1,164,570 | ||||||
| 115,000 | New York State Urban Development Corp., State Personal Income, Series D (RB) 5.00%, 03/15/22 | 138,677 | ||||||
| New York State, Series A (GO) | ||||||||
| 500,000 | 3.50%, 02/15/21 (c) | 547,430 | ||||||
| 1,050,000 | 4.00%, 02/15/21 (c) | 1,149,256 | ||||||
See Notes to Financial Statements
| 44 |
| Principal Amount | Value | |||||||
| New York: (continued) | ||||||||
| New York State, Series E (GO) | ||||||||
| $ | 800,000 | 4.00%, 12/15/21 (c) | $ | 887,624 | ||||
| 1,000,000 | 4.00%, 12/15/21 (c) | 1,105,380 | ||||||
| 500,000 | Oyster Bay, New York Public Improvement (GO) 3.50%, 08/15/17 (c) | 506,200 | ||||||
| Port Authority of New York & New Jersey (RB) | ||||||||
| 565,000 | 3.00%, 06/15/24 (c) | 568,752 | ||||||
| 750,000 | 3.25%, 06/15/24 (c) | 766,800 | ||||||
| 235,000 | Sales Tax Asset Receivable Corp., Series A (RB) 3.00%, 10/15/24 (c) | 232,758 | ||||||
| 1,000,000 | Suffolk County, New York Public Improvement, Series A (GO) 4.00%, 05/15/19 (c) | 1,043,760 | ||||||
| 500,000 | Suffolk County, New York Public Improvement, Series C (GO) 4.00%, 10/15/19 (c) | 531,320 | ||||||
| 50,000 | Tobacco Settlement Financing Corp. (RB) 5.00%, 06/01/17 (c) | 55,322 | ||||||
| 65,000 | Town of Brookhaven, New York (GO) 3.00%, 02/01/23 (c) | 67,160 | ||||||
| 265,000 | Town of Oyster Bay, New York (GO) (AGM) 3.00%, 03/01/21 (c) | 268,970 | ||||||
| Triborough Bridge & Tunnel Authority, Series A (RB) | ||||||||
| 1,000,000 | 5.00%, 01/01/22 (c) | 1,196,120 | ||||||
| 455,000 | 5.00%, 01/01/22 (c) | 537,259 | ||||||
| 800,000 | 5.00%, 05/15/23 (c) | 970,528 | ||||||
| Triborough Bridge & Tunnel Authority, Series B (RB) | ||||||||
| 1,980,000 | 5.00%, 11/15/22 | 2,425,084 | ||||||
| 1,000,000 | 5.00%, 11/15/22 (c) | 1,209,920 | ||||||
| 500,000 | 5.00%, 11/15/22 (c) | 592,400 | ||||||
| 1,310,000 | 5.00%, 11/15/23 (c) | 1,563,852 | ||||||
| Utility Debt Securitization Authority, Series E (RB) | ||||||||
| 900,000 | 5.00%, 12/15/23 (c) | 1,083,915 | ||||||
| 1,675,000 | 5.00%, 12/15/23 (c) | 2,009,732 | ||||||
| 137,750,334 | ||||||||
| North Carolina: 1.3% | ||||||||
| 1,320,000 | County of Wake, North Carolina (GO) 3.00%, 09/01/24 (c) | 1,403,186 | ||||||
| 1,000,000 | Mecklenburg County, North Carolina, Series A (GO) 5.00%, 12/01/20 | 1,208,210 | ||||||
| 730,000 | North Carolina Eastern Municipal Power Agency, Series A (RB) 5.00%, 01/01/21 | 855,304 | ||||||
| 1,555,000 | North Carolina Eastern Municipal Power Agency, Series D (RB) 5.00%, 01/01/21 | 1,812,119 | ||||||
| 30,000 | North Carolina Municipal Power Agency No 1 (RB) 5.00%, 01/01/19 (c) | 33,839 | ||||||
| Principal Amount | Value | |||||||
| North Carolina: (continued) | ||||||||
| $ | 1,000,000 | North Carolina Municipal Power Agency No. 1, Series B (RB) 5.00%, 01/01/22 (c) | $ | 1,138,940 | ||||
| North Carolina State Capital Improvement Limited Obligation Bonds, Series A (RB) | ||||||||
| 500,000 | 4.50%, 05/01/20 (c) | 561,080 | ||||||
| 815,000 | 5.00%, 05/01/20 (c) | 964,284 | ||||||
| 20,000 | North Carolina State Capital Improvement Limited Obligation Bonds, Series B (RB) 5.00%, 11/01/21 (c) | 23,982 | ||||||
| 750,000 | North Carolina State, Capital Improvement Limited Obligation, Series C (RB) 5.00%, 05/01/21 (c) | 882,787 | ||||||
| 400,000 | North Carolina State, Series C (GO) 5.00%, 05/01/22 | 491,188 | ||||||
| 250,000 | State of North Carolina (RB) 5.00%, 06/01/24 | 310,853 | ||||||
| 150,000 | The Charlotte-Mecklenburg Hospital Authority (RB) 5.00%, 01/15/22 (c) | 169,692 | ||||||
| 9,855,464 | ||||||||
| Ohio: 2.5% | ||||||||
| 20,000 | American Municipal Power, Inc. (RB) 4.00%, 02/15/22 (c) | 20,872 | ||||||
| City of Columbus, Ohio, Series A (GO) | ||||||||
| 1,890,000 | 3.00%, 02/15/24 (c) | 1,919,106 | ||||||
| 800,000 | 4.00%, 02/15/24 (c) | 876,560 | ||||||
| 440,000 | 5.00%, 02/15/22 | 535,964 | ||||||
| 100,000 | 5.00%, 08/15/23 (c) | 120,641 | ||||||
| 1,975,000 | 5.00%, 02/15/24 (c) | 2,429,289 | ||||||
| 1,000,000 | City of Columbus, Various Purpose, Series A (GO) 5.00%, 08/15/22 (c) | 1,203,880 | ||||||
| 870,000 | County of Hamilton, Ohio Healthcare Facilities, The Christ Hospital Project (RB) (AGM) 4.00%, 06/01/22 (c) | 899,284 | ||||||
| 750,000 | Dayton Metro Library, Series A (GO) 3.25%, 12/01/21 (c) | 744,412 | ||||||
| 1,220,000 | Hamilton County, Ohio Sewer System Improvement, Series A (RB) 5.00%, 12/01/22 | 1,487,497 | ||||||
| 530,000 | Kent State University, Series B (RB) (AGO) 5.00%, 05/01/19 (c) | 603,315 | ||||||
| Ohio State Common Schools, Series A (GO) | ||||||||
| 750,000 | 5.00%, 09/15/22 | 914,730 | ||||||
| 1,175,000 | 5.00%, 09/15/23 | 1,443,840 | ||||||
| 1,750,000 | Ohio State Common Schools, Series B (GO) 4.00%, 09/15/21 (c) | 1,911,052 | ||||||
| 650,000 | Ohio State, Turnpike Commission, Series A (RB) 5.25%, 02/15/27 | 813,696 | ||||||
See Notes to Financial Statements
| 45 |
INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal Amount | Value | |||||||
| Ohio: (continued) | ||||||||
| $ | 3,000,000 | State of Ohio (GO) 5.00%, 05/01/24 (c) | $ | 3,647,010 | ||||
| 19,571,148 | ||||||||
| Oklahoma: 0.2% | ||||||||
| 1,000,000 | Oklahoma Capital Improvement Authority (RB) 5.00%, 07/01/24 (c) | 1,189,630 | ||||||
| Oregon: 0.6% | ||||||||
| 100,000 | Beaverton School District 48J, Washington and Multnomah Counties, Oregon, Series B (GO) (SBG) 4.00%, 06/15/22 (c) | 111,880 | ||||||
| 1,040,000 | Deschutes County, Oregon, Administrative School District No. 1 (GO) (SBG) 4.00%, 06/15/21 | 1,191,060 | ||||||
| Metro, Oregon, Series A (GO) | ||||||||
| 500,000 | 4.00%, 06/01/22 (c) | 552,530 | ||||||
| 400,000 | 5.00%, 06/01/22 (c) | 485,492 | ||||||
| 500,000 | Oregon State, Series F (GO) 5.00%, 05/01/23 (c) | 607,435 | ||||||
| Portland, Oregon Sewer System, Series A (RB) | ||||||||
| 475,000 | 4.25%, 03/01/20 (c) | 529,202 | ||||||
| 575,000 | 5.00%, 03/01/20 (c) | 652,642 | ||||||
| 200,000 | State of Oregon Department of Transportation (RB) 5.00%, 11/15/24 (c) | 243,312 | ||||||
| 4,373,553 | ||||||||
| Pennsylvania: 2.4% | ||||||||
| 270,000 | City of Philadelphia, Pennsylvania Water & Wastewater Revenue, Series A (RB) 5.00%, 01/01/22 | 322,952 | ||||||
| Commonwealth of Pennsylvania (GO) | ||||||||
| 1,000,000 | 5.00%, 07/01/21 | 1,199,850 | ||||||
| 500,000 | 5.00%, 07/01/21 | 599,925 | ||||||
| 1,000,000 | 5.00%, 11/15/21 | 1,205,230 | ||||||
| 570,000 | 5.00%, 11/15/21 (c) | 662,112 | ||||||
| 1,765,000 | 5.00%, 07/01/22 | 2,126,560 | ||||||
| 500,000 | 5.00%, 07/01/23 | 608,020 | ||||||
| 420,000 | 5.00%, 10/15/23 (c) | 505,176 | ||||||
| 500,000 | 5.00%, 10/15/23 (c) | 597,415 | ||||||
| 250,000 | 5.00%, 10/15/23 (c) | 294,765 | ||||||
| 1,000,000 | 5.00%, 10/15/23 (c) | 1,171,260 | ||||||
| 500,000 | Commonwealth of Pennsylvania, First Refunding Series (GO) 4.00%, 07/01/23 | 565,515 | ||||||
| Commonwealth of Pennsylvania, First Series (GO) | ||||||||
| 920,000 | 5.00%, 06/01/21 | 1,102,960 | ||||||
| 425,000 | 5.00%, 11/15/21 (c) | 498,168 | ||||||
| 100,000 | 5.00%, 06/01/22 | 120,358 | ||||||
| 1,250,000 | 5.00%, 06/01/22 (c) | 1,497,700 | ||||||
| 1,000,000 | 5.00%, 04/01/23 (c) | 1,212,080 | ||||||
| Principal Amount | Value | |||||||
| Pennsylvania: (continued) | ||||||||
| Commonwealth of Pennsylvania, Second Series (GO) | ||||||||
| $ | 300,000 | 4.00%, 10/15/23 (c) | $ | 326,079 | ||||
| 500,000 | 5.00%, 10/15/23 (c) | 611,285 | ||||||
| 850,000 | Monroeville, Pennsylvania Finance Authority (RB) 5.00%, 02/15/26 | 1,026,995 | ||||||
| 25,000 | Pennsylvania Economic Development Financing Authority (RB) 5.00%, 07/01/16 (c) | 26,822 | ||||||
| 775,000 | Pennsylvania Economic Development Financing Authority, Unemployment Compensation, Series B (RB) 5.00%, 01/01/19 (c) | 893,335 | ||||||
| 500,000 | Pennsylvania Higher Educational Facilities Authority, Series AM (RB) 4.00%, 06/15/21 (c) | 531,930 | ||||||
| 1,000,000 | Pennsylvania State Industrial Development Authority (RB) 5.00%, 07/01/21 | 1,164,370 | ||||||
| 18,870,862 | ||||||||
| Puerto Rico: 0.1% | ||||||||
| 500,000 | Puerto Rico Commonwealth, Public Improvement, Series A (GO) (AGM) 5.50%, 07/01/21 (c) | 515,395 | ||||||
| 500,000 | Puerto Rico Electric Power Authority (RB) (AGM) 3.65%, 07/01/15 (c) | 465,130 | ||||||
| 980,525 | ||||||||
| Rhode Island: 0.6% | ||||||||
| 2,490,000 | Rhode Island Health & Educational Building Corp. (RB) 5.00%, 09/01/21 | 3,009,987 | ||||||
| State of Rhode Island (GO) | ||||||||
| 500,000 | 5.50%, 08/01/21 (c) | 612,270 | ||||||
| 1,000,000 | 5.50%, 08/01/21 (c) | 1,213,980 | ||||||
| 4,836,237 | ||||||||
| South Carolina: 1.4% | ||||||||
| 920,000 | Charleston Educational Excellence Finance Corp. (RB) 5.00%, 12/01/23 (c) | 1,084,376 | ||||||
| 1,750,000 | City of Charleston, South Carolina, Waterworks & Sewer System Revenue (RB) | |||||||
| 5.00%, 01/01/22 (c) | 2,110,010 | |||||||
| Richland County, South Carolina School District No. 1, Series A (GO) | ||||||||
| 1,305,000 | 4.00%, 09/01/21 (c) | 1,470,644 | ||||||
| 500,000 | 4.00%, 09/01/21 (c) | 544,140 | ||||||
| 500,000 | 5.00%, 09/01/21 (c) | 592,750 | ||||||
| 975,000 | South Carolina Jobs-Economic Development Authority (RB) 3.75%, 11/01/22 (c) | 987,100 | ||||||
| South Carolina State Economic Development, Series A (GO) | ||||||||
| 625,000 | 2.00%, 04/01/20 (c) | 615,925 | ||||||
| 1,000,000 | 4.00%, 04/01/20 (c) | 1,128,220 | ||||||
See Notes to Financial Statements
| 46 |
| Principal Amount | Value | |||||||
| South Carolina: (continued) | ||||||||
| South Carolina State Public Service Authority, Series B (RB) | ||||||||
| $ | 1,100,000 | 4.00%, 12/01/21 | $ | 1,240,536 | ||||
| 650,000 | 5.00%, 12/01/21 | 777,049 | ||||||
| 250,000 | South Carolina State Public Service Authority, Series C (RB) 5.00%, 12/01/20 | 297,720 | ||||||
| 10,848,470 | ||||||||
| Tennessee: 0.8% | ||||||||
| 500,000 | Memphis, Tennessee General Improvement Refunding (GO) 5.00%, 05/01/21 | 601,305 | ||||||
| 750,000 | Memphis, Tennessee General Improvement Refunding, Series A (GO) 5.00%, 11/01/23 | 917,685 | ||||||
| Metropolitan Government of Nashville & Davidson County, Tennessee Subordinate Lien Water & Sewer Revenue Refunding (RB) | ||||||||
| 1,750,000 | 5.00%, 07/01/21 | 2,082,797 | ||||||
| 1,200,000 | 5.00%, 07/01/22 | 1,434,576 | ||||||
| 75,000 | Metropolitan Government of Nashville & Davidson County, Tennessee, Series D (GO) 5.00%, 07/01/20 (c) | 89,226 | ||||||
| 350,000 | State of Tennessee (GO) 5.00%, 08/01/21 | 426,227 | ||||||
| 275,000 | Tennessee State School Bond Authority, Higher Educational Facilities, Series A (RB) 3.50%, 05/01/18 (c) | 287,414 | ||||||
| 475,000 | Tennessee State, Series A (GO) 5.00%, 08/01/22 | 583,181 | ||||||
| 6,422,411 | ||||||||
| Texas: 8.3% | ||||||||
| 500,000 | Brownsville, Texas Utilities System Revenue, Series A (RB) 5.00%, 09/01/23 (c) | 580,775 | ||||||
| City of Austin, Texas, Water & Wastewater System Revenue (RB) | ||||||||
| 650,000 | 5.00%, 11/15/21 | 787,683 | ||||||
| 400,000 | 5.00%, 11/15/21 (c) | 474,272 | ||||||
| 1,000,000 | 5.00%, 05/15/24 (c) | 1,196,720 | ||||||
| 1,000,000 | 5.00%, 05/15/24 (c) | 1,193,000 | ||||||
| 650,000 | 5.00%, 05/15/24 (c) | 772,447 | ||||||
| City of Fort Worth and Dallas, Texas International Airport, Series G (RB) | ||||||||
| 300,000 | 5.00%, 11/01/20 (c) | 347,256 | ||||||
| 50,000 | 5.00%, 11/01/20 (c) | 57,725 | ||||||
| 1,000,000 | City of Fort Worth, Texas (GO) 5.00%, 03/01/22 (c) | 1,196,590 | ||||||
| City of Houston, Texas Combined Utility System Revenue (RB) | ||||||||
| 200,000 | 4.00%, 05/15/21 | 227,910 | ||||||
| 1,000,000 | 5.00%, 11/15/24 (c) | 1,211,630 | ||||||
| City of Houston, Texas, Series A (GO) | ||||||||
| 1,350,000 | 5.00%, 03/01/21 | 1,617,732 | ||||||
| 300,000 | 5.00%, 03/01/22 | 361,464 | ||||||
| Principal Amount | Value | |||||||
| Texas: (continued) | ||||||||
| $ | 1,070,000 | City of San Antonio, Texas (GO) 5.00%, 02/01/24 (c) | $ | 1,287,456 | ||||
| City of San Antonio, Texas Electric & Gas Systems (RB) | ||||||||
| 1,865,000 | 5.00%, 02/01/22 | 2,266,889 | ||||||
| 1,000,000 | 5.00%, 08/01/22 (c) | 1,199,790 | ||||||
| 1,000,000 | 5.00%, 02/01/23 | 1,223,400 | ||||||
| 500,000 | 5.25%, 02/01/25 | 632,295 | ||||||
| 1,000,000 | City of San Antonio, Texas Water System Revenue (RB) 5.00%, 05/15/22 (c) | 1,178,080 | ||||||
| 1,000,000 | Clear Creek Independent School District, Series B (GO) 5.00%, 02/15/22 (c) | 1,196,980 | ||||||
| 585,000 | Comal Independent School District, Series A (GO) 4.00%, 02/01/21 (c) | 630,817 | ||||||
| Conroe Independent School District (GO) | ||||||||
| 60,000 | 5.00%, 02/15/20 (c) | 70,951 | ||||||
| 500,000 | 5.00%, 02/15/21 (c) | 582,290 | ||||||
| 875,000 | County of Denton, Texas (GO) 5.00%, 07/15/20 (c) | 1,009,986 | ||||||
| 670,000 | County of Harris, Texas (GO) 5.00%, 10/01/20 (c) | 804,563 | ||||||
| 100,000 | Cypress-Fairbanks Independent School District, Series C (GO) 5.00%, 02/15/23 | 122,779 | ||||||
| 100,000 | Dallas, Texas Independent School District (GO) 5.00%, 02/15/21 (c) | 119,174 | ||||||
| 385,000 | Dallas, Texas, Series A (GO) 5.00%, 02/15/23 (c) | 453,087 | ||||||
| 750,000 | Fort Bend Independent School District (GO) 5.00%, 08/15/22 (c) | 908,895 | ||||||
| Fort Worth, Texas Water & Sewer System Revenue (RB) | ||||||||
| 650,000 | 5.00%, 02/15/21 | 781,053 | ||||||
| 250,000 | 5.00%, 02/15/21 (c) | 296,140 | ||||||
| 2,755,000 | Harris County, Texas Cultural Education Facilities Finance Corp. (RB) 5.00%, 12/01/24 (c) | 3,204,836 | ||||||
| 500,000 | Harris County, Texas Cypress-Fairbanks Independent School District (GO) 5.00%, 02/15/21 (c) | 596,200 | ||||||
| Harris County, Texas Flood Control District (GO) | ||||||||
| 260,000 | 5.00%, 10/01/20 (c) | 302,138 | ||||||
| 500,000 | 5.00%, 10/01/24 (c) | 613,000 | ||||||
| 475,000 | Harris County, Texas Permanent Improvement, Series A (GO) 5.00%, 10/01/20 (c) | 561,251 | ||||||
| Harris County, Texas Unlimited Tax Road Refunding, Series A (GO) | ||||||||
| 1,980,000 | 5.00%, 10/01/22 (c) | 2,386,613 | ||||||
| 500,000 | 5.00%, 10/01/20 (c) | 595,425 | ||||||
| 250,000 | Houston, Texas Independent School District, Series A (GO) 5.00%, 02/15/23 (c) | 306,733 | ||||||
See Notes to Financial Statements
| 47 |
INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal Amount | Value | |||||||
| Texas: (continued) | ||||||||
| Houston, Texas Public Improvement Refunding, Series A (GO) | ||||||||
| $ | 2,000,000 | 5.00%, 03/01/21 (c) | $ | 2,355,920 | ||||
| 1,090,000 | 5.00%, 03/01/23 (c) | 1,310,801 | ||||||
| 250,000 | 5.00%, 03/01/24 (c) | 300,985 | ||||||
| 35,000 | Hurst-Euless-Bedford Independent School District (GO) 5.00%, 08/15/20 (c) | 41,499 | ||||||
| Lower Colorado River Authority (RB) | ||||||||
| 155,000 | 4.00%, 05/15/22 (c) | 161,443 | ||||||
| 350,000 | 5.00%, 05/15/20 (c) | 398,010 | ||||||
| 990,000 | 5.00%, 05/15/22 (c) | 1,168,537 | ||||||
| 2,370,000 | 5.00%, 05/15/22 (c) | 2,735,572 | ||||||
| 845,000 | Matagorda County, Texas Navigation District No. 1 (RB) 4.00%, 06/03/23 (c) | 861,596 | ||||||
| 650,000 | North Texas Municipal Water District (RB) 4.00%, 03/01/22 (c) | 694,187 | ||||||
| 430,000 | North Texas Tollway Authority (RB) 5.25%, 09/01/21 (c) | 515,058 | ||||||
| 1,500,000 | North Texas Tollway Authority, System Revenue, Series A (RB) 6.25%, 02/01/20 (c) | 1,708,110 | ||||||
| 500,000 | Pasadena, Texas Independent School District (GO) 5.00%, 02/15/23 (c) | 599,545 | ||||||
| 200,000 | Port of Houston Authority of Harris County Texas, Series D-0 (GO) 5.00%, 10/01/20 (c) | 233,018 | ||||||
| 415,000 | Port of Houston Authority of Harris County Texas, Series D-1 (GO) 5.00%, 10/01/20 (c) | 492,659 | ||||||
| 1,755,000 | San Antonio, Texas Electric & Gas Systems (RB) 5.25%, 02/01/24 | 2,205,263 | ||||||
| 1,325,000 | San Antonio, Texas Independent School District (GO) 5.00%, 02/15/21 (c) | 1,548,156 | ||||||
| 300,000 | San Antonio, Texas Public Facilities Corp. (RB) 3.00%, 09/15/22 (c) | 289,095 | ||||||
| 1,025,000 | San Antonio, Texas Water System Revenue (RB) 5.00%, 05/15/22 (c) | 1,222,312 | ||||||
| State of Texas (GO) | ||||||||
| 1,355,000 | 5.00%, 04/01/22 (c) | 1,605,824 | ||||||
| 750,000 | 5.00%, 04/01/24 (c) | 919,665 | ||||||
| 50,000 | 5.00%, 04/01/24 (c) | 60,652 | ||||||
| 50,000 | 5.00%, 04/01/24 (c) | 60,372 | ||||||
| Tarrant County, Texas Cultural Education Facilities Finance Corp. (RB) | ||||||||
| 1,220,000 | 5.00%, 10/01/23 (c) | 1,422,898 | ||||||
| 235,000 | 5.25%, 10/01/23 (c) | 278,672 | ||||||
| Texas Municipal Gas Acquisition & Supply Corp. III (RB) | ||||||||
| 230,000 | 5.00%, 12/15/22 (c) | 255,029 | ||||||
| 225,000 | 5.00%, 12/15/22 (c) | 247,311 | ||||||
| Principal Amount | Value | |||||||
| Texas: (continued) | ||||||||
| Texas Municipal Gas Acquisition & Supply Corp., Gas Supply (RB) | ||||||||
| $ | 1,000,000 | 5.00%, 12/15/20 | $ | 1,161,130 | ||||
| 1,000,000 | 5.00%, 12/15/22 | 1,161,760 | ||||||
| 500,000 | Texas State, Public Finance Authority (GO) 5.00%, 10/01/21 (c) | 591,335 | ||||||
| 580,000 | Texas Transportation Commission State Highway Fund (RB) 5.00%, 04/01/21 | 701,957 | ||||||
| 20,000 | University of Texas System/The (RB) 5.00%, 02/15/20 (c) | 23,639 | ||||||
| University of Texas, Revenue Financing System, Series A (RB) | ||||||||
| 500,000 | 5.00%, 02/15/20 (c) | 589,585 | ||||||
| 650,000 | 5.00%, 02/15/22 (c) | 767,923 | ||||||
| 1,850,000 | University of Texas, Revenue Financing System, Series B (RB) 5.00%, 08/15/22 | 2,270,301 | ||||||
| 75,000 | Ysleta Independent School District (GO) 5.00%, 08/15/24 (c) | 90,594 | ||||||
| 64,406,438 | ||||||||
| Utah: 0.2% | ||||||||
| Utah State, Series A (GO) | ||||||||
| 550,000 | 5.00%, 07/01/21 (c) | 663,361 | ||||||
| 500,000 | 5.00%, 07/01/21 (c) | 597,845 | ||||||
| 500,000 | 5.00%, 07/01/21 (c) | 594,055 | ||||||
| 1,855,261 | ||||||||
| Virgin Islands: 0.1% | ||||||||
| 500,000 | Virgin Islands Public Finance Authority (RB) 5.00%, 10/01/20 (c) | 549,195 | ||||||
| Virginia: 3.5% | ||||||||
| 835,000 | Commonwealth of Virginia, Series A (GO) 4.00%, 06/01/21 (c) | 921,648 | ||||||
| 485,000 | Fairfax County, Virginia Economic Development Authority (RB) 5.00%, 10/01/24 (c) | 583,712 | ||||||
| 1,965,000 | Fairfax County, Virginia Economic Development Authority Transportation District Improvement, Silver Line Phase I Project (ST) 5.00%, 04/01/20 (c) | 2,260,143 | ||||||
| 500,000 | Fairfax County, Virginia Industrial Development Authority (RB) 5.00%, 05/15/22 | 605,895 | ||||||
| Fairfax County, Virginia Public Improvement, Series B (GO) (SAW) | ||||||||
| 650,000 | 5.00%, 04/01/21 | 785,791 | ||||||
| 225,000 | 5.00%, 04/01/23 | 277,963 | ||||||
| 2,075,000 | 5.00%, 04/01/24 | 2,592,152 | ||||||
| Virginia College Building Authority, 21st Century College & Equipment Programs Educational Facilities, Series A (RB) | ||||||||
| 425,000 | 3.00%, 02/01/22 (c) | 428,022 | ||||||
| 2,000,000 | 5.00%, 02/01/22 (c) | 2,409,900 | ||||||
| 1,890,000 | 5.00%, 09/01/22 (c) | 2,291,001 | ||||||
See Notes to Financial Statements
| 48 |
| Principal Amount | Value | |||||||
| Virginia: (continued) | ||||||||
| $ | 100,000 | Virginia College Building Authority, 21st Century College & Equipment Programs Educational Facilities, Series B (RB) 5.00%, 02/01/22 (c) | $ | 120,495 | ||||
| 1,850,000 | Virginia College Building Authority, Educational Facilities, Public Higher Education Financing Program, Series B (RB) 4.00%, 09/01/22 (c) | 2,029,450 | ||||||
| Virginia Commonwealth Transportation Board (RB) | ||||||||
| 45,000 | 4.00%, 05/15/21 (c) | 48,901 | ||||||
| 920,000 | 5.00%, 05/15/21 | 1,105,564 | ||||||
| Virginia Commonwealth Transportation Board (RB) | ||||||||
| 500,000 | 4.00%, 05/15/21 (c) | 544,910 | ||||||
| 150,000 | 5.25%, 05/15/21 (c) | 181,019 | ||||||
| Virginia Commonwealth Transportation Board, Series A (RB) | ||||||||
| 1,000,000 | 5.00%, 09/15/21 | 1,202,790 | ||||||
| 450,000 | 5.00%, 03/15/23 (c) | 531,045 | ||||||
| Virginia Public Building Authority (RB) | ||||||||
| 475,000 | 3.00%, 08/01/24 (c) | 474,986 | ||||||
| 1,405,000 | 3.00%, 08/01/24 (c) | 1,396,668 | ||||||
| 20,000 | 5.00%, 08/01/21 (c) | 23,974 | ||||||
| Virginia Public Building Authority, Series C | ||||||||
| 400,000 | 4.00% , 08/01/25 | 452,304 | ||||||
| 250,000 | 5.00% , 08/01/23 | 307,600 | ||||||
| Virginia Public School Authority (RB) (SAW) | ||||||||
| 1,000,000 | 4.00%, 08/01/24 (c) | 1,131,690 | ||||||
| 450,000 | 5.00%, 08/01/21 | 542,889 | ||||||
| 1,850,000 | Virginia State Public Building Authority, School Financing, Series A (RB) (SAW) 5.00%, 08/01/22 | 2,250,469 | ||||||
| 1,535,000 | Virginia State Public School Authority, School Financing, Series A (RB) (SAW) 5.00%, 08/01/23 | 1,888,664 | ||||||
| 250,000 | Virginia State, Resources Authority, Clean Water State (RB) 5.00%, 10/01/23 (c) | 308,145 | ||||||
| 27,697,790 | ||||||||
| Washington: 4.2% | ||||||||
| 450,000 | Central Puget Sound Regional Transit Authority (RB) 5.00%, 02/01/22 (c) | 537,867 | ||||||
| 550,000 | Central Puget Sound, Washington Regional Transit Authority, Series S-1 (RB) 5.00%, 11/01/22 (c) | 650,760 | ||||||
| 200,000 | Energy Northwest Generating Station, Series A (RB) 5.00%, 07/01/23 | 246,036 | ||||||
| Principal Amount | Value | |||||||
| Washington: (continued) | ||||||||
| $ | 350,000 | King County, Washington Bellevue School District No. 401 (GO) (SBG) 4.38%, 06/01/21 (c) | $ | 390,891 | ||||
| 15,000 | King County, Washington School District No. 409 Tahoma (GO) (SBG) 5.00%, 12/01/23 (c) | 17,759 | ||||||
| 1,025,000 | King County, Washington Sewer Revenue & Refunding (RB) 5.00%, 01/01/23 (c) | 1,228,862 | ||||||
| 1,300,000 | Northwest Washington, Columbia Generating Electric Station, Series A (RB) 5.00%, 07/01/21 | 1,573,403 | ||||||
| 1,730,000 | Northwest Washington, Columbia Generating Electric Station, Series A (RB) 5.00%, 07/01/21 | 2,076,934 | ||||||
| 20,000 | Port of Seattle, Washington, Series A (RB) 5.00%, 08/01/22 (c) | 23,057 | ||||||
| State of Washington (GO) | ||||||||
| 445,000 | 3.00%, 07/01/23 (c) | 435,708 | ||||||
| 520,000 | 3.13%, 07/01/22 (c) | 520,161 | ||||||
| 295,000 | 4.00%, 07/01/23 (c) | 318,500 | ||||||
| 45,000 | 5.00%, 01/01/20 (c) | 52,907 | ||||||
| 25,000 | 5.00%, 07/01/20 (c) | 29,283 | ||||||
| 50,000 | 5.00%, 06/01/21 (c) | 57,827 | ||||||
| 355,000 | 5.00%, 07/01/23 (c) | 431,694 | ||||||
| 1,500,000 | 5.00%, 02/01/24 (c) | 1,831,125 | ||||||
| 800,000 | 5.00%, 07/01/24 | 990,736 | ||||||
| 1,800,000 | Tobacco Settlement Authority of Washington (RB) 5.00%, 06/01/22 | 2,099,196 | ||||||
| University of Washington General Revenue, Series A (RB) | ||||||||
| 500,000 | 5.00%, 04/01/21 (c) | 590,085 | ||||||
| 1,000,000 | 5.00%, 04/01/21 (c) | 1,174,250 | ||||||
| 1,000,000 | Washington Federal Highway Grant Anticipation, SR 520 Corridor Program, Series F (RB) 5.00%, 09/01/22 | 1,201,770 | ||||||
| 250,000 | Washington Health Care Facilities Authority (RB) 4.00%, 10/01/21 (p) | 279,020 | ||||||
| 800,000 | Washington State Motor Vehicle Fuel Tax, Series E (GO) 5.25%, 02/01/22 | 982,856 | ||||||
| Washington State Various Purpose, Series D (GO) | ||||||||
| 250,000 | 5.00%, 02/01/22 | 302,930 | ||||||
| 535,000 | 5.00%, 02/01/23 | 653,615 | ||||||
| 2,125,000 | Washington State, Motor Vehicle Fuel Tax, Series E (GO) 5.00%, 02/01/22 | 2,574,905 | ||||||
| 2,000,000 | Washington State, Motor Vehicle Fuel Tax, Series R (GO) 5.00%, 07/01/22 (c) | 2,417,580 | ||||||
See Notes to Financial Statements
| 49 |
INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal Amount | Value | |||||||
| Washington: (continued) | ||||||||
| Washington State, Various Purpose, Series A (GO) | ||||||||
| $ | 855,000 | 4.00%, 07/01/22 | $ | 975,803 | ||||
| 1,000,000 | 5.00%, 01/01/21 (c) | 1,169,760 | ||||||
| 1,000,000 | 5.00%, 07/01/22 | 1,215,900 | ||||||
| 300,000 | 5.00%, 08/01/21 (c) | 358,137 | ||||||
| 1,000,000 | 5.00%, 08/01/22 (c) | 1,202,950 | ||||||
| 1,675,000 | Washington State, Various Purpose, Series D (GO) 5.00%, 02/01/23 (c) | 1,998,744 | ||||||
| Washington State, Various Purpose, Series R-A (GO) | ||||||||
| 650,000 | 5.00%, 01/01/21 | 779,889 | ||||||
| 375,000 | 5.00%, 07/01/21 (c) | 446,831 | ||||||
| 625,000 | Washington State, Various Purpose, Series R-C (GO) 5.00%, 07/01/22 (c) | 750,587 | ||||||
| 32,588,318 | ||||||||
| West Virginia: 0.1% | ||||||||
| 875,000 | West Virginia University Board of Governors, University Improvement, Series B (RB) 5.00%, 10/01/21 | 1,050,376 | ||||||
| Wisconsin: 0.9% | ||||||||
| State of Wisconsin (GO) | ||||||||
| 25,000 | 5.00%, 05/01/21 (c) | 29,761 | ||||||
| 25,000 | 5.00%, 11/01/22 (c) | 29,521 | ||||||
| 35,000 | State of Wisconsin Clean Water Fund Leveraged Loan Portfolio (RB) 5.00%, 06/01/20 (c) | 40,852 | ||||||
| 35,000 | Wisconsin Department of Transportation (RB) 5.00%, 07/01/22 (c) | 41,034 | ||||||
| Principal Amount | Value | |||||||
| Wisconsin: (continued) | ||||||||
| $ | 1,000,000 | Wisconsin State Transportation, Series 0 5.00%, 08/01/24(c) | $ | 1,186,620 | ||||
| 800,000 | Wisconsin State Transportation, Series 1 (RB) 5.00%, 07/01/23 (c) | 960,288 | ||||||
| 205,000 | Wisconsin State, Health & Educational Facilities Authority, Aurora Health Care, Inc., Series A (RB) 5.00%, 07/15/21 (c) | 224,867 | ||||||
| Wisconsin State, Series 2 (GO) | ||||||||
| 350,000 | 5.00%, 05/01/21 | 422,349 | ||||||
| 1,300,000 | 5.00%, 11/01/21 | 1,577,745 | ||||||
| 510,000 | Wisconsin State, Series A (GO) 5.25%, 05/01/21 (c) | 613,836 | ||||||
| Wisconsin State, Series C (GO) | ||||||||
| 750,000 | 4.00%, 05/01/21 (c) | 812,790 | ||||||
| 755,000 | 4.00%, 05/01/21 (c) | 808,416 | ||||||
| 6,748,079 | ||||||||
| Total Municipal Bonds (Cost: $745,612,964) | 768,014,144 | |||||||
| Number of | ||||||||
| Shares | ||||||||
| MONEY MARKET FUND: 0.2% (Cost: $1,945,779) | ||||||||
| 1,945,779 | Dreyfus Tax Exempt Cash Management Fund - Class B Shares | 1,945,779 | ||||||
| Total Investments: 99.0% (Cost: $747,558,743) | 769,959,923 | |||||||
| Other assets less liabilities: 1.0% | 7,415,455 | |||||||
| NET ASSETS: 100.0% | $ | 777,375,378 | ||||||
See Notes to Financial Statements
| 50 |
| AGM | Assured Guaranty Municipal Corp. |
| AGO | Assured Guaranty Ltd. |
| CP | Certificate of Participation |
| GO | General Obligation |
| Q-SBLF | Qualified School Board Loan Fund |
| RB | Revenue Bond |
| SAW | State Aid Withholding |
| SBG | School Board Guaranteed |
| ST | Special Tax |
| TA | Tax Allocation |
| (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 | 0.8 | % | $6,521,087 | ||||||
| Bond Bank | 0.4 | 2,852,741 | |||||||
| Development | 1.4 | 10,589,610 | |||||||
| Education | 3.9 | 30,058,918 | |||||||
| Facilities | 3.4 | 26,273,256 | |||||||
| General Obligation | 51.1 | 393,331,057 | |||||||
| Higher Education | 6.6 | 51,100,754 | |||||||
| Medical | 2.8 | 21,790,079 | |||||||
| Pollution | 0.5 | 4,202,145 | |||||||
| Power | 5.0 | 38,365,208 | |||||||
| School District | 3.5 | 26,880,213 | |||||||
| Single Family Housing | 0.3 | 2,323,875 | |||||||
| Student Loan | 0.0 | 338,582 | |||||||
| Tobacco Settlement | 0.4 | 2,966,779 | |||||||
| Transportation | 12.0 | 92,380,413 | |||||||
| Utilities | 3.0 | 22,755,403 | |||||||
| Water | 4.6 | 35,284,024 | |||||||
| Money Market Fund | 0.3 | 1,945,779 | |||||||
| 100.0 | % | $769,959,923 | |||||||
The summary of inputs used to value the Fund’s investments as of October 31, 2014 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
| Municipal Bonds* | $ | — | $ | 768,014,144 | $ | — | $ | 768,014,144 | ||||||||
| Money Market Fund | 1,945,779 | — | — | 1,945,779 | ||||||||||||
| Total | $ | 1,945,779 | $ | 768,014,144 | $ | — | $ | 769,959,923 | ||||||||
| * | See Schedule of Investments for security type and geographic sector breakouts. |
There were no transfers between levels during the period ended October 31, 2014.
See Notes to Financial Statements
| 51 |
SCHEDULE OF INVESTMENTS
October 31, 2014 (unaudited)
| Principal Amount | Value | |||||||
| MUNICIPAL BONDS: 98.1% | ||||||||
| Arizona: 2.0% | ||||||||
| $ | 700,000 | Arizona Board of Regents, Arizona State University Projects, Series A (RB) 5.00%, 07/01/22 (c) | $ | 783,916 | ||||
| 1,000,000 | Arizona Health Facilities Authority, Series A (RB) 3.75%, 01/01/22 (c) | 979,700 | ||||||
| 1,763,616 | ||||||||
| California: 9.4% | ||||||||
| 380,000 | Bay Area Toll Authority, Series S-2 (RB) 5.00%, 10/01/20 (c) | 414,607 | ||||||
| 120,000 | Bay Area Toll Authority, Series S-4 (RB) 5.25%, 04/01/23 (c) | 135,454 | ||||||
| California Health Facilities Financing Authority (RB) | ||||||||
| 250,000 | 4.50%, 11/15/21 (c) | 267,545 | ||||||
| 500,000 | 5.00%, 08/15/23 (c) | 552,255 | ||||||
| 100,000 | California Health Facilities Financing Authority, Series A (RB) 4.00%, 08/15/24 (c) | 103,938 | ||||||
| California State Public Works Board (RB) | ||||||||
| 595,000 | 5.00%, 03/01/23 (c) | 663,473 | ||||||
| 400,000 | 5.50%, 11/01/23 (c) | 485,300 | ||||||
| 305,000 | El Camino Community College District (GO) 4.00%, 08/01/22 (c) | 315,876 | ||||||
| 465,000 | San Jose, California Financing Authority Lease, Series A (RB) 5.00%, 06/01/23 (c) | 529,923 | ||||||
| 750,000 | Santa Clara County, Series B (GO) 3.38%, 08/01/22 (c) | 722,790 | ||||||
| State of California (GO) | ||||||||
| 480,000 | 5.00%, 09/01/22 (c) | 537,235 | ||||||
| 300,000 | 5.00%, 04/01/23 (c) | 336,459 | ||||||
| State of California, Various Purpose (GO) | ||||||||
| 125,000 | 3.50%, 09/01/22 (c) | 126,621 | ||||||
| 750,000 | 5.00%, 04/01/22 (c) | 835,222 | ||||||
| 750,000 | 5.00%, 11/01/23 (c) | 846,607 | ||||||
| 500,000 | 5.50%, 11/01/19 (c) | 579,300 | ||||||
| 475,000 | University of California (RB) 5.00%, 05/15/23 (c) | 553,389 | ||||||
| 400,000 | West Valley-Mission Community College District (GO) 4.00%, 08/01/22 (c) | 415,364 | ||||||
| 8,421,358 | ||||||||
| Colorado: 2.2% | ||||||||
| 500,000 | Colorado Health Facilities Authority, Evangelical Lutheran Good Samaritan Society Project (RB) 5.00%, 06/01/22 (c) | 547,410 | ||||||
| 550,000 | Colorado Health Facilities Authority, Sister of Charity of Leavenworth Health System, Series A (RB) 5.00%, 01/01/20 (c) | 603,812 | ||||||
| 750,000 | University of Colorado Hospital Authority, Series A (RB) 5.00%, 11/15/22 (c) | 822,630 | ||||||
| 1,973,852 | ||||||||
| Principal Amount | Value | |||||||
| Connecticut: 0.6% | ||||||||
| $ | 500,000 | Connecticut State Health & Educational Facility Authority, Series A (RB) 5.00%, 07/01/21 (c) | $ | 541,080 | ||||
| District of Columbia: 1.5% | ||||||||
| 500,000 | District of Columbia, Association of American Medical College Issue, Series B (RB) 5.00%, 10/01/21 (c) | 535,185 | ||||||
| 750,000 | Metropolitan Washington Airports Authority Dulles Toll Road Revenue (RB) 5.00%, 04/01/22 (c) | 785,872 | ||||||
| 1,321,057 | ||||||||
| Florida: 8.2% | ||||||||
| 500,000 | Broward County, Florida, Water & Sewer Utility Revenue (RB) 5.00%, 10/01/22 (c) | 565,395 | ||||||
| 500,000 | City of Orlando, Series A (RB) 5.25%, 05/01/24 (c) | 594,120 | ||||||
| 1,250,000 | City of Tampa, Florida Health System, Series A (RB) 5.00%, 05/15/22 (c) | 1,401,225 | ||||||
| 600,000 | Collier County, Florida, Industrial Development Authority (RB) 6.25%, 04/01/21 (c) | 691,692 | ||||||
| 400,000 | County of Miami-Dade FL Water & Sewer System Revenue (RB) 5.00%, 10/01/22 (c) | 443,736 | ||||||
| 800,000 | Miami-Dade County, Florida Transit System (RB) 5.00%, 07/01/22 (c) | 888,448 | ||||||
| 825,000 | Orange County Health Facilities Authority (RB) 5.00%, 04/01/22 (c) | 886,149 | ||||||
| 500,000 | Orange County, Florida Health Facilities Authority, Hospital Revenue, Orlando Health, Inc., Series A (RB) 4.13%, 04/01/22 (c) | 512,010 | ||||||
| 500,000 | Orlando-Orange County Expressway Authority (RB) 5.00%, 07/01/23 (c) | 568,365 | ||||||
| 750,000 | Tampa-Hillsborough County Expressway Authority (RB) 5.00%, 07/01/22 (c) | 827,595 | ||||||
| 7,378,735 | ||||||||
| Georgia: 2.0% | ||||||||
| 375,000 | Columbus Medical Center Hospital Authority, Regional Healthcare System (RB) (AGM) 5.00%, 08/01/20 (c) | 406,635 | ||||||
| Gainesville City & Hall County, Georgia Hospital Authority, Northeast Georgia Health System, Inc. Project, Series A (RB) | ||||||||
| 450,000 | 5.25%, 02/15/15 (c) | 453,060 | ||||||
| 325,000 | 5.50%, 02/15/20 (c) | 353,282 | ||||||
See Notes to Financial Statements
| 52 |
| Principal Amount | Value | |||||||
| �� | ||||||||
| Georgia: (continued) | ||||||||
| $ | 250,000 | Gainesville City & Hall County, Georgia Hospital Authority, Northeast Georgia Health System, Inc. Project, Series B (RB) 5.25%, 02/15/20 (c) | $ | 269,653 | ||||
| 250,000 | Valdosta & Lowndes County, Georgia Hospital Authority, South Georgia Medical Project, Series B (RB) 5.00%, 10/01/21 (c) | 274,588 | ||||||
| 1,757,218 | ||||||||
| Idaho: 0.3% | ||||||||
| 250,000 | Idaho Health Facilities Authority, Series A (RB) 5.00%, 03/01/22 (c) | 269,338 | ||||||
| Illinois: 8.4% | ||||||||
| Chicago Board of Education (GO) | ||||||||
| 760,000 | 5.00%, 12/01/22 (c) | 780,794 | ||||||
| 800,000 | 5.00%, 12/01/22 (c) | 804,720 | ||||||
| 420,000 | City of Chicago, Sales Tax, Series A (RB) 4.38%, 01/01/22 (c) | 439,547 | ||||||
| Illinois Finance Authority (RB) | ||||||||
| 500,000 | 4.00%, 08/15/22 (c) | 516,665 | ||||||
| 1,000,000 | 4.00%, 06/01/22 (c) | 956,100 | ||||||
| 500,000 | Illinois Finance Authority, Chicago University Medical Center, Series C (RB) 5.50%, 02/15/21 (c) | 556,790 | ||||||
| 500,000 | Illinois Metropolitan Pier & Exposition Authority, McCormick Place Expansion Project, Series B (RB) 4.25%, 06/15/22 (c) | 502,565 | ||||||
| State of Illinois (GO) (AGM) | ||||||||
| 500,000 | 4.13%, 04/01/23 (c) | 499,665 | ||||||
| 735,000 | 4.25%, 04/01/24 (c) | 741,791 | ||||||
| 250,000 | 4.38%, 04/01/24 (c) | 253,750 | ||||||
| 455,000 | 5.00%, 03/01/22 (c) | 482,719 | ||||||
| 600,000 | 5.25%, 02/01/24 (c) | 666,228 | ||||||
| 300,000 | State of Illinois, Series A (GO) 4.50%, 01/01/22 (c) | 304,017 | ||||||
| 7,505,351 | ||||||||
| Indiana: 1.5% | ||||||||
| 500,000 | Indiana Finance Authority, Community Health Network, Series A (RB) 4.00%, 05/01/23 (c) | 498,610 | ||||||
| 275,000 | Indiana Finance Authority, Educational Facilities, Marian University Project (RB) 6.38%, 09/15/21 (c) | 304,618 | ||||||
| 500,000 | Indiana Finance Authority, King’s Daughters’ Hospital & Health Services (RB) 5.50%, 08/15/20 (c) | 537,250 | ||||||
| 1,340,478 | ||||||||
| Kentucky: 0.3% | ||||||||
| 250,000 | Kentucky Public Transportation Infrastructure Authority (RB) 5.75%, 07/01/23 (c) | 283,883 | ||||||
| Principal Amount | Value | |||||||
| Louisiana: 1.5% | ||||||||
| $ | 100,000 | Lafayette, Louisiana Utilities Revenue (RB) 4.75%, 11/01/20 (c) | $ | 108,160 | ||||
| 375,000 | Louisiana Local Government Environmental Facilities & Community Development Authority, East Baton Rouge Commission Project, Series A (RB) 4.00%, 02/01/23 (c) | 378,394 | ||||||
| 500,000 | Louisiana Local Government Environmental Facilities & Community Development Authority, Series A (RB) 5.00%, 02/01/24 (c) | 552,920 | ||||||
| 250,000 | Terrebonne Levee & Conservation District (RB) 4.25%, 07/01/23 (c) | 265,423 | ||||||
| 1,304,897 | ||||||||
| Maine: 0.6% | ||||||||
| 450,000 | Maine Health & Higher Educational Facilities Authority (RB) 5.00%, 07/01/23 (c) | 490,531 | ||||||
| Massachusetts: 3.3% | ||||||||
| 400,000 | Commonwealth of Massachusetts (GO) 4.00%, 12/01/21 (c) | 425,048 | ||||||
| 425,000 | Massachusetts Bay Transportation Authority, Series A (RB) 4.00%, 07/01/22 (c) | 440,882 | ||||||
| 525,000 | Massachusetts Development Finance Agency, Harvard University Issue, Series B (RB) 5.25%, 02/01/21 (c) | 622,561 | ||||||
| Massachusetts School Building Authority, Senior Dedicated Sales Tax Bonds, Series B (RB) | ||||||||
| 300,000 | 5.00%, 10/15/21 (c) | 347,745 | ||||||
| 500,000 | 5.00%, 10/15/21 (c) | 565,270 | ||||||
| 500,000 | Metropolitan Boston Transit Parking Corp., Systemwide Senior Lien Parking (RB) 5.25%, 07/01/21 (c) | 572,260 | ||||||
| 2,973,766 | ||||||||
| Michigan: 2.3% | ||||||||
| 445,000 | Karegnondi Water Authority (RB) 4.50%, 11/01/23 (c) | 474,819 | ||||||
| 500,000 | Lansing, Michigan Board of Water & Light, Utility System, Series A (RB) 5.00%, 07/01/21 (c) | 567,980 | ||||||
| 800,000 | Michigan Finance Authority (RB) 5.00%, 06/01/22 (c) | 822,816 | ||||||
| 150,000 | Michigan Finance Authority Hospital Revenue & Refunding Bonds, Series MI (RB) 5.00%, 12/01/21 (c) | 166,865 | ||||||
| 2,032,480 | ||||||||
See Notes to Financial Statements
| 53 |
LONG MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal Amount | Value | |||||||
| Minnesota: 1.3% | ||||||||
| $ | 500,000 | Minneapolis-St Paul Metropolitan Airports Commission (RB) 5.00%, 01/01/24 (c) | $ | 569,640 | ||||
| 500,000 | State of Minnesota (RB) 5.00%, 06/01/23 (c) | 564,995 | ||||||
| 1,134,635 | ||||||||
| Missouri: 1.0% | ||||||||
| 865,000 | Health & Educational Facilities Authority of the State of Missouri (RB) 4.00%, 06/01/24 (c) | 892,083 | ||||||
| Montana: 0.6% | ||||||||
| 500,000 | Montana Facility Finance Authority, Sisters of Charity of Leavenworth Health System (RB) 4.75%, 01/01/20 (c) | 539,755 | ||||||
| Nebraska: 0.6% | ||||||||
| 500,000 | Central Plains Energy Project, Nebraska Gas Project No. 3 (RB) 5.25%, 09/01/22 (c) | 551,480 | ||||||
| Nevada: 1.1% | ||||||||
| 500,000 | Las Vegas Valley, Nevada Water District, Series B (GO) 4.00%, 06/01/22 (c) | 520,210 | ||||||
| 450,000 | Washoe County, Nevada Highway Revenue (RB) 5.00%, 02/01/19 (c) | 475,627 | ||||||
| 995,837 | ||||||||
| New Jersey: 3.6% | ||||||||
| New Jersey State Transportation Trust Fund Authority, Series A (RB) | ||||||||
| 515,000 | 4.97%, 12/15/31 ^ | 239,290 | ||||||
| 830,000 | 5.43%, 12/15/37 ^ | 271,136 | ||||||
| New Jersey State Transportation Trust Fund Authority, Series B (RB) | ||||||||
| 1,100,000 | 5.00%, 06/15/21 (c) | 1,166,583 | ||||||
| 750,000 | 5.25%, 06/15/21 (c) | 819,435 | ||||||
| 500,000 | New Jersey State Turnpike Authority (RB) 5.00%, 07/01/22 (c) | 551,025 | ||||||
| 150,000 | New Jersey State Turnpike Authority, Series F (RB) 5.00%, 01/01/23 (c) | 170,510 | ||||||
| 3,217,979 | ||||||||
| New York: 18.6% | ||||||||
| 255,000 | City of New York, Series A (GO) 3.50%, 08/01/24 (c) | 258,570 | ||||||
| 650,000 | City of Troy, Capital Resource Corp., Rensselaer Polytechnic Institute Project, Series A (RB) 5.13%, 09/01/20 (c) | 713,420 | ||||||
| 700,000 | Long Island Power Authority, Electric System General Revenue, Series A (RB) 5.00%, 09/01/22 (c) | 762,769 | ||||||
| Metropolitan Transportation Authority (RB) | ||||||||
| 375,000 | 5.00%, 05/15/23 (c) | 428,636 | ||||||
| 550,000 | 5.00%, 11/15/22 (c) | 610,549 | ||||||
| Principal Amount | Value | |||||||
| New York: (continued) | ||||||||
| $ | 220,000 | Metropolitan Transportation Authority, Series B (RB) 4.00%, 11/15/22 (c) | $ | 232,692 | ||||
| Metropolitan Transportation Authority, Series E (RB) | ||||||||
| 1,000,000 | 3.50%, 11/15/22 (c) | 1,008,370 | ||||||
| 750,000 | 5.00%, 11/15/23 (c) | 845,092 | ||||||
| 150,000 | Nassau County, New York General Improvement, Series A (GO) 4.00%, 04/01/22 (c) | 153,278 | ||||||
| 795,000 | New York & New Jersey Port Authority, Series 163 (RB) 4.25%, 07/15/20 (c) | 841,507 | ||||||
| 300,000 | New York City Municipal Water Finance Authority, Water & Sewer System, Series AA (RB) 5.00%, 06/15/21 (c) | 332,127 | ||||||
| 600,000 | New York City Municipal Water Finance Authority, Water & Sewer System, Series CC (RB) 5.00%, 12/15/21 (c) | 664,164 | ||||||
| 500,000 | New York City Transitional Finance Authority, Future Tax Secured, Series D-1 (RB) 5.13%, 02/01/21 (c) | 569,785 | ||||||
| 700,000 | New York City Transitional Finance Authority, Future Tax Secured, Series E-1 (RB) 5.00%, 02/01/22 (c) | 779,849 | ||||||
| 500,000 | New York City Water & Sewer System (RB) 5.00%, 06/15/24 (c) | 565,545 | ||||||
| 1,150,000 | New York Liberty Development Corp (RB) 5.75%, 11/15/21 (c) | 1,336,380 | ||||||
| 700,000 | New York Liberty Development Corp., 4 World Trade Center Project (RB) 5.00%, 11/15/21 (c) | 772,247 | ||||||
| New York Liberty Development Corp., Bank of America Tower at One Bryant Park Project, Second Priority Liberty (RB) | ||||||||
| 500,000 | 5.13%, 01/15/20 (c) | 553,775 | ||||||
| 500,000 | 6.38%, 01/15/20 (c) | 570,510 | ||||||
| 500,000 | New York Liberty Development Corp., Secured by Port Authority Consolidated Bonds (RB) 5.00%, 12/15/21 (c) | 556,820 | ||||||
| New York State Dormitory Authority (RB) | ||||||||
| 550,000 | 5.00%, 04/01/21 (c) | 627,412 | ||||||
| 300,000 | 5.00%, 03/15/23 (c) | 342,162 | ||||||
| New York State Dormitory Authority, Cornell University, Series A (RB) | ||||||||
| 460,000 | 5.00%, 07/01/20 (c) | 532,634 | ||||||
| 350,000 | 5.00%, 07/01/20 (c) | 403,043 | ||||||
| 500,000 | New York State Dormitory Authority, State Personal Income Tax, Series C (RB) 5.00%, 03/15/21 (c) | 559,035 | ||||||
| 300,000 | New York State Thruway Authority (RB) 5.00%, 01/01/22 (c) | 329,847 | ||||||
See Notes to Financial Statements
| 54 |
| Principal Amount | Value | |||||||
| New York: (continued) | ||||||||
| $ | 635,000 | Triborough Bridge & Tunnel Authority (RB) 4.00%, 11/15/22 (c) | $ | 658,400 | ||||
| 600,000 | Triborough Bridge & Tunnel Authority, Series A (RB) 4.00%, 11/15/22 (c) | 650,094 | ||||||
| 16,658,712 | ||||||||
| North Carolina: 1.8% | ||||||||
| 480,000 | Charlotte-Mecklenburg Hospital Authority, Carolina HealthCare System, Series A (RB) 5.25%, 01/15/21 (c) | 525,552 | ||||||
| North Carolina Medical Care Commission, Series B (RB) | ||||||||
| 750,000 | 4.00%, 12/01/22 (c) | 766,087 | ||||||
| 250,000 | 5.00%, 12/01/22 (c) | 277,465 | ||||||
| 1,569,104 | ||||||||
| Ohio: 3.1% | ||||||||
| 500,000 | Akron Bath Copley Joint Township Hospital District (RB) 5.00%, 05/15/23 (c) | 547,545 | ||||||
| 600,000 | Butler County, Ohio Hospital Facilities Revenue (RB) 5.50%, 11/01/20 (c) | 667,752 | ||||||
| 1,000,000 | Ohio Higer Educational Facility Commission (RB) 5.00%, 01/01/22 (c) | 1,111,560 | ||||||
| 450,000 | Ohio State Hospital, University Hospital Health System, Inc., Series A (RB) 5.00%, 01/15/22 (c) | 481,644 | ||||||
| 2,808,501 | ||||||||
| Oregon: 1.9% | ||||||||
| 750,000 | Portland, Oregon Sewer System, Second Lien, Series B (RB) 4.00%, 10/01/24 (c) | 774,157 | ||||||
| 800,000 | State of Oregon (GO) 5.00%, 08/01/23 (c) | 920,832 | ||||||
| 1,694,989 | ||||||||
| Pennsylvania: 3.9% | ||||||||
| Dauphin County, General Authority Health System, Pinnacle Health System Project, Series A (RB) | ||||||||
| 420,000 | 4.00%, 06/01/22 (c) | 422,722 | ||||||
| 250,000 | 5.00%, 06/01/22 (c) | 267,873 | ||||||
| 500,000 | Delaware River Port Authority (RB) 5.00%, 01/01/24 (c) | 561,210 | ||||||
| 325,000 | Delaware River Port Authority, Series D (RB) 5.00%, 01/01/20 (c) | 352,105 | ||||||
| 500,000 | Monoroeville Finance Authority (RB) 5.00%, 08/15/22 (c) | 552,450 | ||||||
| 500,000 | Pennsylvania Higher Educational Facilities Authority (RB) 5.00%, 11/01/22 (c) | 532,145 | ||||||
| 450,000 | Pennsylvania State Turnpike Commission, Series D (RB) 5.30%, 12/01/19 (c) | 496,570 | ||||||
| Principal Amount | Value | |||||||
| Pennsylvania: (continued) | ||||||||
| $ | 250,000 | Westmoreland County, Municipal Authority (RB) 5.00%, 08/15/23 (c) | $ | 280,730 | ||||
| 3,465,805 | ||||||||
| South Carolina: 1.9% | ||||||||
| 500,000 | South Carolina State Public Service Authority (RB) 5.50%, 12/01/23 (c) | 566,750 | ||||||
| South Carolina State Public Service Authority (RB) | ||||||||
| 75,000 | 5.00%, 12/01/21 (c) | 83,986 | ||||||
| 500,000 | 5.00%, 01/01/20 (c) | 550,430 | ||||||
| 500,000 | South Carolina Transportation Infrastructure Bank, Series B (RB) 3.63%, 10/01/22 (c) | 505,650 | ||||||
| 1,706,816 | ||||||||
| Tennessee: 0.5% | ||||||||
| 425,000 | Rutherford County, Tennessee Health & Educational Facilities Board, Ascension Health Senior Credit Group, Series C (RB) 5.00%, 11/15/19 (c) | 468,775 | ||||||
| Texas: 6.9% | ||||||||
| 250,000 | Austin, Texas Water and Wasterwater System (RB) 5.00%, 05/15/24 (c) | 288,033 | ||||||
| 615,000 | Harris County Cultural Education Facilities Finance Corp (RB) 4.00%, 12/01/24 (c) | 636,144 | ||||||
| 625,000 | Houston, Texas Combine Utility System, First Lien, Series D (RB) 5.00%, 11/15/21 (c) | 704,512 | ||||||
| 500,000 | Houston, Texas Higher Education Finance Corp., Rice University Project, Series A (RB) 5.00%, 05/15/20 (c) | 566,920 | ||||||
| Lower Colorado River Authority (RB) | ||||||||
| 505,000 | 4.00%, 05/15/22 (c) | 514,206 | ||||||
| 680,000 | 4.00%, 05/15/22 (c) | 687,936 | ||||||
| 1,000,000 | 5.00%, 05/15/23 (c) | 1,105,100 | ||||||
| 300,000 | Southwest Independent School District (GO) 5.00%, 02/01/22 (c) | 338,352 | ||||||
| 1,250,000 | Texas Transportation Commission, Series A (RB) 5.00%, 08/15/22 (c) | 1,350,112 | ||||||
| 6,191,315 | ||||||||
| Virginia: 1.8% | ||||||||
| 500,000 | Virginia College Building Authority, Liberty University Projects (RB) 5.00%, 03/01/20 (c) | 554,020 | ||||||
| 750,000 | Virginia Commonwealth University Health System Authority (RB) 4.75%, 07/01/21 (c) | 813,540 | ||||||
| 250,000 | Virginia Small Business Financing Authority, Sentara Health Care Facilities (RB) 5.00%, 05/01/20 (c) | 272,225 | ||||||
| 1,639,785 | ||||||||
See Notes to Financial Statements
| 55 |
LONG MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal Amount | Value | |||||||
| Washington: 4.4% | ||||||||
| King County, Washington Sewer Revenue (RB) | ||||||||
| $ | 500,000 | 5.00%, 07/01/20 (c) | $ | 544,045 | ||||
| 575,000 | 5.00%, 01/01/22 (c) | 633,357 | ||||||
| 250,000 | Snohomish County, Washington Limited Tax, Series A (GO) 4.00%, 06/01/20 (c) | 262,738 | ||||||
| 550,000 | State of Washington (GO) 5.00%, 08/01/20 (c) | 634,826 | ||||||
| 700,000 | University of Washington, General Revenue & Refunding Bonds, 2011-A (RB) 5.00%, 04/01/21 (c) | 791,028 | ||||||
| 390,000 | Washington Health Care Facilities Authority, Catholic Health Initiative, Series A (RB) 5.00%, 02/01/21 (c) | 420,697 | ||||||
| 585,000 | Washington Health Care Facilities Authority, Providence Health & Services, Series A (RB) 5.00%, 04/01/20 (c) | 638,691 | ||||||
| 3,925,382 | ||||||||
| Principal Amount | Value | |||||||
| Wisconsin: 1.0% | ||||||||
| $ | 750,000 | University of Wisconsin Hospitals & Clinics Authority, Series A (RB) 4.00%, 04/01/23 (c) | $ | 754,777 | ||||
| 165,000 | Wisconsin Health & Educational Facilities Authority (RB) 4.00%, 08/15/23 (c) | 169,797 | ||||||
| 924,574 | ||||||||
| Total Municipal Bonds (Cost: $83,494,524) | 87,743,167 | |||||||
| Number of Shares | ||||||||
| MONEY MARKET FUND: 0.6% (Cost: $547,865) | ||||||||
| 547,865 | Dreyfus Tax Exempt Cash Management Fund – Class B Shares | 547,865 | ||||||
| Total Investments: 98.7% (Cost: $84,042,389) | 88,291,032 | |||||||
| Other assets less liabilities: 1.3% | 1,174,969 | |||||||
| NET ASSETS: 100.0% | $ | 89,466,001 | ||||||
| AGM | Assured Guaranty Municipal Corp. |
| GO | General Obligation |
| RB | Revenue Bond |
| (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 | 1.5 | % | $ | 1,355,512 | ||||
| Development | 5.7 | 5,006,413 | ||||||
| Education | 1.8 | 1,549,159 | ||||||
| Facilities | 1.9 | 1,721,033 | ||||||
| General Obligation | 18.4 | 16,219,819 | ||||||
| Higher Education | 9.4 | 8,335,737 | ||||||
| Medical | 26.4 | 23,288,048 | ||||||
| Nursing Homes | 0.3 | 269,338 | ||||||
| Power | 2.2 | 1,963,935 | ||||||
| School District | 2.2 | 1,923,866 | ||||||
| Transportation | 19.6 | 17,325,816 | ||||||
| Utilities | 3.5 | 3,077,988 | ||||||
| Water | 6.5 | 5,706,503 | ||||||
| Money Market Fund | 0.6 | 547,865 | ||||||
| 100.0 | % | $ | 88,291,032 | |||||
The summary of inputs used to value the Fund’s investments as of October 31, 2014 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
| Municipal Bonds* | $ | — | $ | 87,743,167 | $ | — | $ | 87,743,167 | ||||||||
| Money Market Fund | 547,865 | — | — | 547,865 | ||||||||||||
| Total | $ | 547,865 | $ | 87,743,167 | $ | — | $ | 88,291,032 | ||||||||
| * | See Schedule of Investments for security type and geographic sector breakouts. |
There were no transfers between levels during the period ended October 31, 2014.
See Notes to Financial Statements
| 56 |
PRE-REFUNDED MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
October 31, 2014 (unaudited)
| Principal Amount | Value | |||||||
| MUNICIPAL BONDS: 97.5% | ||||||||
| California: 7.0% | ||||||||
| $ | 155,000 | California State Public Works Board (RB) 5.00%, 06/01/18 | $ | 178,234 | ||||
| 190,000 | California State Public Works Board, Various University of California Projects, Series E (RB) 5.00%, 04/01/19 (c) | 223,573 | ||||||
| 275,000 | Clovis California Unified School District, Election 2004-Series A (GO) 3.95%, 08/01/19 ^ | 260,824 | ||||||
| 380,000 | Foothill/Eastern Transportation Corridor Agency California, Senior Lien Series A (RB) 3.53%, 01/01/20 ^ | 356,539 | ||||||
| 380,000 | Los Angeles Unified School District/ CA (GO) (FGIC) 5.00%, 07/01/16 (c) | 409,340 | ||||||
| 355,000 | Orange County, California Water District Revenue, Series B (CP) (NATL) 5.00%, 08/15/32 (c) | 466,708 | ||||||
| 1,895,218 | ||||||||
| Colorado: 20.6% | ||||||||
| 340,000 | City & County of Denver, Colorado (GO) 5.00%, 08/01/16 (c) | 367,567 | ||||||
| 1,550,000 | Colorado Department of Corrections (CP) (AMBAC) 5.00%, 03/01/16 (c) | 1,646,487 | ||||||
| Colorado Regional Transportation District, FasTracks Project, Series A (RB) (AMBAC) | ||||||||
| 105,000 | 4.38%, 11/01/16 (c) | 113,325 | ||||||
| 85,000 | 4.50%, 11/01/16 (c) | 91,950 | ||||||
| 775,000 | 5.00%, 11/01/16 (c) | 846,036 | ||||||
| 670,000 | 5.00%, 11/01/16 (c) | 731,412 | ||||||
| 155,000 | Eagle County School District No. Re-50J (GO) (AGM) (SAW) 5.00%, 12/01/16 (c) | 169,564 | ||||||
| 1,550,000 | Regional Transportation District (RB (AMBAC) 5.00%, 11/01/15 (c) | 1,624,725 | ||||||
| 5,591,066 | ||||||||
| Florida: 1.5% | ||||||||
| 215,000 | Hillsborough County, Florida Junior Lien Capital Improvement Program Refunding Revenue (RB) 5.00%, 08/01/16 | 232,237 | ||||||
| 155,000 | Hillsborough County, Industrial Development Authority Revenue (RB) 5.63%, 08/15/18 (c) | 182,520 | ||||||
| 414,757 | ||||||||
| Georgia: 0.9% | ||||||||
| 225,000 | Georgia State, Series G (GO) 5.00%, 12/01/17 (c) | 254,943 | ||||||
| Hawaii: 2.3% | ||||||||
| State of Hawaii (GO) (AGM) | ||||||||
| 380,000 | 5.00%, 03/01/16 (c) | 403,655 | ||||||
| 205,000 | 5.00%, 04/01/17 (c) | 227,134 | ||||||
| 630,789 | ||||||||
| Principal Amount | Value | |||||||
| Illinois: 12.4% | ||||||||
| $ | 380,000 | Chicago, Illinois Metropolitan Water Reclamation District, Greater Chicago (GO) 5.00%, 12/01/16 (c) | $ | 416,119 | ||||
| Illinois Finance Authority (RB) | ||||||||
| 475,000 | 5.50%, 07/01/18 (c) | 555,451 | ||||||
| 145,000 | 5.50%, 07/01/18 (c) | 169,273 | ||||||
| 150,000 | 5.75%, 07/01/18 (c) | 176,754 | ||||||
| 570,000 | Illinois State Toll Highway Authority, Senior Priority Series A-1 (RB) (AGM) 5.00%, 07/01/16 (c) | 613,514 | ||||||
| Illinois State Toll Highway Authority, Senior Priority Series A-2 (RB) (AGM) | ||||||||
| 655,000 | 5.00%, 07/01/16 (c) | 705,003 | ||||||
| 550,000 | 5.00%, 07/01/16 (c) | 591,987 | ||||||
| 135,000 | Metropolitan Water Reclamation District of Greater Chicago (GO) 5.00%, 12/01/16 (c) | 147,832 | ||||||
| 3,375,933 | ||||||||
| Maryland: 4.0% | ||||||||
| County of Baltimore MD (RB) | ||||||||
| 50,000 | 4.50%, 09/01/16 (c) | 53,747 | ||||||
| 50,000 | 5.00%, 09/01/16 (c) | 54,200 | ||||||
| State of Maryland (GO) | ||||||||
| 390,000 | 5.00%, 08/15/19 (c) | 461,397 | ||||||
| 440,000 | 5.00%, 08/01/19 (c) | 519,908 | ||||||
| 1,089,252 | ||||||||
| Massachusetts: 3.7% | ||||||||
| 275,000 | Commonwealth of Massachusetts (GO) (AMBAC) 5.00%, 11/01/16 (c) | 300,206 | ||||||
| 380,000 | Commonwealth of Massachusetts, Series C (GO) (AGM) 5.50%, 11/01/15 | 400,003 | ||||||
| 275,000 | Massachusetts State Water Resources Authority, Series A (RB) 6.50%, 07/15/19 | 312,097 | ||||||
| 1,012,306 | ||||||||
| Michigan: 0.3% | ||||||||
| 55,000 | Royal Oak Hospital Finance Authority (RB) 8.00%, 09/01/18 (c) | 69,781 | ||||||
| Missouri: 1.1% | ||||||||
| 255,000 | University of Missouri (RB) 5.00%, 11/01/17 (c) | 288,349 | ||||||
| Nevada: 0.7% | ||||||||
| 190,000 | Clark County School District, Series C (GO) (AGM) 5.00%, 12/15/15 (c) | 200,051 | ||||||
| New Jersey: 6.2% | ||||||||
| 1,590,000 | New Jersey State Transportation Trust Fund Authority, Series B (RB) 5.25%, 12/15/15 (c) | 1,678,515 | ||||||
| New York: 4.0% | ||||||||
| 225,000 | New York Metropolitan Transportation Authority, Dedicated Tax, Series A (RB) (NATL) 6.00%, 04/01/20 | 266,731 | ||||||
See Notes to Financial Statements
| 57 |
PRE-REFUNDED MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal Amount | Value | |||||||
| New York: (continued) | ||||||||
| Triborough Bridge & Tunnel Authority (RB) | ||||||||
| $ | 20,000 | 4.50%, 05/15/18 (c) | $ | 22,651 | ||||
| 125,000 | 5.00%, 05/15/18 (c) | 143,744 | ||||||
| 525,000 | 5.50%, 01/01/22 (c) | 655,919 | ||||||
| 1,089,045 | ||||||||
| North Carolina: 0.7% | ||||||||
| 170,000 | North Carolina Infrastructure Finance Corp (CP) (AGM) 5.00%, 05/01/17 (c) | 188,765 | ||||||
| Oregon: 1.7% | ||||||||
| 20,000 | Deschutes & Jefferson Counties School District No 2J Redmond/ OR (GO) (SBG) 5.50%, 06/15/18 (c) | 23,308 | ||||||
| 370,000 | State of Oregon Department of Transportation (RB) 5.00%, 05/15/19 (c) | 434,458 | ||||||
| 457,766 | ||||||||
| Pennsylvania: 0.0% | ||||||||
| 10,000 | Central Bucks School District (GO) (SAW) 5.00%, 05/15/18 (c) | 11,488 | ||||||
| Puerto Rico: 3.2% | ||||||||
| 395,000 | Commonwealth of Puerto Rico (GO) 5.25%, 07/01/16 (c) | 426,991 | ||||||
| 395,000 | Puerto Rico Highways & Transportation Authority (RB) 5.50%, 07/01/16 (c) | 428,962 | ||||||
| 855,953 | ||||||||
| South Carolina: 4.1% | ||||||||
| 1,050,000 | Charleston County, South Carolina School District (RB) 5.25%, 12/01/15 (c) | 1,106,994 | ||||||
| Texas: 7.7% | ||||||||
| 70,000 | City of Houston, Taxes (GO) (AGM) 5.00%, 03/01/16 (c) | 74,358 | ||||||
| 380,000 | Harris County Health Facilities Development Corp. (RB) 7.25%, 12/01/18 (c) | 475,574 | ||||||
| 275,000 | Texas Transportation Commission State Highway Fund (RB) 5.00%, 04/01/16 (c) | 293,397 | ||||||
| 70,000 | Texas Transportation Commission, State Highway Fund, First Tier, Series A (RB) 5.00%, 04/01/16 (c) | 74,683 | ||||||
| Principal Amount | Value | |||||||
| Texas: (continued) | ||||||||
| $ | 1,105,000 | Waco Health Facilities Development Corp., FHA Insured Mortgage Revenue, Hillcrest Health System Project (RB) (FHA) (NATL) 4.50%, 08/01/16 (c) | $ | 1,184,019 | ||||
| 2,102,031 | ||||||||
| Utah: 1.3% | ||||||||
| Utah Transit Authority, Sales Tax Revenue Series B (RB) (AGM) | ||||||||
| 160,000 | 4.50%, 12/15/15 (c) | 167,576 | ||||||
| 175,000 | 4.75%, 12/15/15 (c) | 183,773 | ||||||
| 351,349 | ||||||||
| Virginia: 3.5% | ||||||||
| 795,000 | Richmond Metropolitan Authority (RB) 5.25%, 07/15/22 | 942,449 | ||||||
| Washington: 10.6% | ||||||||
| 250,000 | Seattle, Washington Solid Waste Revenue & Refunding (RB) (NATL) 5.00%, 02/01/17 (c) | 275,132 | ||||||
| State of Washington (GO) (AGM) | ||||||||
| 70,000 | 5.00%, 07/01/17 (c) | 78,141 | ||||||
| 50,000 | 5.00%, 01/01/18 (c) | 56,749 | ||||||
| 1,550,000 | Washington Health Care Facilities Authority, Swedish Health Services, Series A (RB) 6.50%, 11/15/15 (c) | 1,649,882 | ||||||
| 775,000 | Washington State, Series D (GO) (AMBAC) 5.00%, 01/01/16 (c) | 817,633 | ||||||
| 2,877,537 | ||||||||
| Total Municipal Bonds (Cost: $26,172,000) | 26,484,337 | |||||||
| Number of Shares | ||||||||
| MONEY MARKET FUND: 0.9% (Cost: $252,067) | ||||||||
| 252,067 | Dreyfus Tax Exempt Cash Management Fund – Class B Shares | 252,067 | ||||||
| Total Investments: 98.4% (Cost: $26,424,067) | 26,736,404 | |||||||
| Other assets less liabilities: 1.6% | 424,151 | |||||||
| NET ASSETS: 100.0% | $ | 27,160,555 | ||||||
See Notes to Financial Statements
| 58 |
| AGM | Assured Guaranty Municipal Corp. |
| 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 | ||||||
| Education | 4.2 | % | $ | 1,106,994 | ||||
| Facilities | 2.2 | 590,572 | ||||||
| General Obligation | 27.3 | 7,298,068 | ||||||
| Higher Education | 1.1 | 288,349 | ||||||
| Medical | 17.1 | 4,571,201 | ||||||
| Pollution | 1.0 | 275,132 | ||||||
| School District | 4.0 | 1,074,575 | ||||||
| Transportation | 41.0 | 10,967,349 | ||||||
| Water | 1.2 | 312,097 | ||||||
| Money Market Fund | 0.9 | 252,067 | ||||||
| 100.0 | % | $ | 26,736,404 | |||||
The summary of inputs used to value the Fund’s investments as of October 31, 2014 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
| Municipal Bonds* | $ | — | $ | 26,484,337 | $ | — | $ | 26,484,337 | ||||||||
| Money Market Fund | 252,067 | — | — | 252,067 | ||||||||||||
| Total | $ | 252,067 | $ | 26,484,337 | $ | — | $ | 26,736,404 | ||||||||
| * | See Schedule of Investments for security type and geographic sector breakouts. |
There were no transfers between levels during the period ended October 31, 2014.
See Notes to Financial Statements
| 59 |
SHORT HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
October 31, 2014 (unaudited)
| Principal | ||||||||
| Amount | Value | |||||||
| MUNICIPAL BONDS: 99.1% | ||||||||
| Alabama: 0.5% | ||||||||
| Alabama Industrial Development Authority, Solid Waste Disposal, Pine City Fiber Company Project (RB) | ||||||||
| $ | 300,000 | 6.45%, 12/05/14 (c) | $ | 303,004 | ||||
| 60,000 | Health Care Authority of Cullman County, Series A (RB) 6.25%, 02/01/19 (c) | 65,627 | ||||||
| 368,631 | ||||||||
| Arizona: 5.4% | ||||||||
| Arizona Health Facilities Authority, Phoenix Children’s Hospital, Series A (RB) | ||||||||
| 1,050,000 | 5.00%, 02/01/20 | 1,221,801 | ||||||
| 250,000 | 5.00%, 02/01/21 | 293,457 | ||||||
| 1,175,000 | Arizona Health Facilities Authority, The Beatitudes Campus Project (RB) 5.10%, 10/01/16 (c) | 1,180,440 | ||||||
| 250,000 | Industrial Development Authority of Phoenix, Great Hearts Academies Project, Series A (RB) 3.75%, 07/01/24 | 250,998 | ||||||
| 800,000 | Industrial Development Authority of the Town of Florence, Inc., Legacy Traditional School Project (RB) 5.00%, 07/01/23 | 845,408 | ||||||
| 50,000 | Salt Verde Financial Corp. (RB) 5.25%, 12/01/23 | 59,931 | ||||||
| 3,852,035 | ||||||||
| California: 7.9% | ||||||||
| Alameda Corridor Transportation Authority, Sub Lien, Series A (RB) (AMBAC) | ||||||||
| 155,000 | 1.88%, 10/01/18 ^ | 144,579 | ||||||
| 160,000 | 1.97%, 10/01/17 ^ | 153,202 | ||||||
| 50,000 | 2.51%, 10/01/20 ^ | 43,455 | ||||||
| 315,000 | California Communities Development Authority, Daughters of Charity Health System, Series G (RB) 5.00%, 07/01/15 (c) | 313,397 | ||||||
| 150,000 | California Housing Finance Agency, Series G (RB) 4.95%, 02/01/17 (c) | 154,212 | ||||||
| 150,000 | California Municipal Finance Authority, Rocketship Education, Series A (RB) 6.00%, 06/01/22 (c) | 162,522 | ||||||
| 250,000 | Foothill Transportation Corridor Agency, Tall Road Revenue, Series B-2 (RB) 5.00%, 07/15/19 (c) (p) | 277,630 | ||||||
| 600,000 | Foothill Transportation Corridor Agency, Tall Road Revenue, Series B-3 (RB) 5.50%, 07/15/22 (c) (p) | 695,652 | ||||||
| 1,000,000 | Foothill-Eastern Transportation Corridor Agency (RB) 5.00%, 07/15/17 (c) (p) | 1,093,730 | ||||||
| Inland Empire Tobacco Securitization Authority, Series A (RB) | ||||||||
| 140,000 | 4.63%, 06/01/17 (c) | 136,168 | ||||||
| 600,000 | 5.00%, 06/01/17 (c)(b) | 596,004 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| California: (continued) | ||||||||
| $ | 100,000 | San Francisco Redevelopment Agency, Community Facilities District No. 6, Series A (ST) 5.00%, 08/01/22 (c) | $ | 114,936 | ||||
| 500,000 | San Joaquin Hills Transportation Corridor Agency, Series A (RB) 5.00%, 01/15/17 | 545,470 | ||||||
| 170,000 | Vernon City, California, Electric System Revenue, Series A (RB) 5.13%, 08/01/19 (c) | 191,520 | ||||||
| 1,000,000 | Western Hills Water District, Diablo Grande Community Facilities District No. 1 (ST) 4.00%, 09/01/21 | 992,290 | ||||||
| 5,614,767 | ||||||||
| Colorado: 0.3% | ||||||||
| 250,000 | Colorado Health Facilities Authority, Health & Residential, Volunteers of America Care Facilities (RB) 5.20%, 12/05/14 (c) | 251,553 | ||||||
| Connecticut: 0.5% | ||||||||
| 150,000 | Connecticut State Resources Recovery Authority, American Refunding Fuel Comp. Project, Series A (RB) 6.45%, 12/05/14 (c) | 150,123 | ||||||
| 200,000 | Harbor Point Infrastructure Improvement District, Harbor Point Project, Series A (TA) 7.00%, 04/01/20 (c) | 230,472 | ||||||
| 380,595 | ||||||||
| Florida: 1.7% | ||||||||
| 200,000 | County of Alachua, Industrial Development, Florida Retirement Village, Inc. Project Series A (RB) 5.63%, 11/15/17 (c) | 207,330 | ||||||
| 25,000 | Escambia County Health Facilities Authority, Baptist Hospital, Inc. Project, Series A (RB) 5.50%, 08/15/20 (c) | 29,245 | ||||||
| 250,000 | Northern Palm Beach County Improvement District, Unit of Development No. 2C (SA) 4.50%, 08/01/24 | 250,573 | ||||||
| 500,000 | Palm Beach County Health Facilities Authority, Sinai Residences of Boca Raton Project, Series C (RB) 6.00%, 06/01/21 (a) | 543,430 | ||||||
| 200,000 | Village Community Development District No. 10 (SA) 4.50%, 05/01/22 (c) | 206,546 | ||||||
| 1,237,124 | ||||||||
| Guam: 0.9% | ||||||||
| Government of Guam, Series A (GO) | ||||||||
| 150,000 | 5.00%, 11/15/17 (c) | 154,365 | ||||||
| 445,000 | 6.00%, 11/15/19 | 489,531 | ||||||
| 643,896 | ||||||||
See Notes to Financial Statements
| 60 |
| Principal | ||||||||
| Amount | Value | |||||||
| Hawaii: 0.2% | ||||||||
| $ | 165,000 | Kuakini, Hawaii Health System, Special Purpose Revenue, Series A (RB) 6.30%, 12/05/14 (c) | $ | 165,672 | ||||
| Idaho: 1.0% | ||||||||
| 500,000 | Idaho Health Facilities Authority, Series B-1 (RB) 6.50%, 10/01/15 (c) | 505,865 | ||||||
| 200,000 | Idaho Health Facilities Authority, Series B-2 (RB) 6.00%, 10/01/15 (c) | 201,808 | ||||||
| 707,673 | ||||||||
| Illinois: 3.6% | ||||||||
| 405,000 | City of Chicago, Series A-2 (GO) (AMBAC) 5.50%, 01/01/18 | 438,947 | ||||||
| 60,000 | Illinois Finance Authority, Institute of technology, Series A (RB) 5.00%, 04/01/16 (c) | 62,294 | ||||||
| 70,000 | Illinois Finance Authority, Park Place of Elmhurst Project, Series A (RB) 8.00%, 05/15/15 (c) | 47,692 | ||||||
| 150,000 | Illinois Finance Authority, Peace Village (RB) 5.25%, 08/15/23 | 155,376 | ||||||
| 150,000 | Illinois Finance Authority, The Admiral At The Lake Project, Series D-1 (RB) 7.00%, 11/25/14 (c) | 150,194 | ||||||
| Illinois Railsplitter Tobacco Settlement Authority (RB) | ||||||||
| 95,000 | 5.00%, 06/01/17 | 104,421 | ||||||
| 450,000 | 5.00%, 06/01/18 | 509,616 | ||||||
| 90,000 | 5.00%, 06/01/19 | 103,225 | ||||||
| 625,000 | 5.25%, 06/01/20 | 730,875 | ||||||
| 40,000 | 5.25%, 06/01/21 | 47,292 | ||||||
| 25,000 | 5.38%, 06/01/21 | 29,748 | ||||||
| 145,000 | 5.50%, 06/01/21 (c) | 170,537 | ||||||
| 2,550,217 | ||||||||
| Indiana: 0.7% | ||||||||
| 10,000 | City of Anderson Economic Development, Anderson University Project (RB) 4.75%, 12/05/14 (c) | 10,004 | ||||||
| 265,000 | Indiana Finance Authority, Environmental Improvement Revenue, United States Steel Corp. Project (RB) 6.00%, 12/01/19 | 293,848 | ||||||
| 145,000 | Indiana Finance Authority, Ohio River Bridges East End Crossing Project, Series B (RB) 5.00%, 01/01/17 (c) | 156,140 | ||||||
| 15,000 | Indianapolis Airport Authority, Federal Express Corp. Project (RB) 5.10%, 01/15/17 | 16,296 | ||||||
| 476,288 | ||||||||
| Iowa: 2.9% | ||||||||
| 410,000 | City of Coralville, Marriott Hotel and Convention Center, Series D (CP) 5.25%, 06/01/16 (c) | 411,697 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Iowa: (continued) | ||||||||
| Iowa Finance Authority, Iowa Fertilizer Company Project (RB) | ||||||||
| $ | 590,000 | 5.00%, 12/01/19 | $ | 631,919 | ||||
| 1,000,000 | 5.50%, 12/01/18 (c) (b) | 1,060,060 | ||||||
| 2,103,676 | ||||||||
| Kansas: 0.0% | ||||||||
| 35,000 | Overland Park Development Corp., Overland Park Convention Center Hotel, Series B (RB) (AMBAC) 5.13%, 01/01/17 (c) | 35,891 | ||||||
| Kentucky: 1.4% | ||||||||
| 925,000 | Kentucky Public Transportation Infrastructure Authority, Series A (RB) 5.00%, 07/01/17 | 1,024,289 | ||||||
| Louisiana: 6.8% | ||||||||
| City of New Orleans, Louisiana Sewerage Service (RB) | ||||||||
| 1,000,000 | 5.00%, 06/01/18 (a) | 1,127,980 | ||||||
| 1,225,000 | 5.00%, 06/01/19 (a) | 1,406,165 | ||||||
| 500,000 | 5.00%, 06/01/20 (a) | 582,155 | ||||||
| 90,000 | Louisiana Public Facilities Authority, Lake Charles Memorial Hospital Project (RB) 6.25%, 12/01/19 | 101,632 | ||||||
| 415,000 | Louisiana Public Facilities Authority, Progressive Healthcare Providers (RB) 6.38%, 12/05/14 (c) (d) | 209,662 | ||||||
| 1,000,000 | Louisiana Public Facilities Authority, Solid Waste Disposal Revenue, Series A (RB) 7.50%, 07/01/23 | 1,020,870 | ||||||
| 340,000 | Parish of St. Charles, Valero Project (RB) 4.00%, 06/01/22 (p) | 369,352 | ||||||
| 4,817,816 | ||||||||
| Maine: 0.1% | ||||||||
| 90,000 | Health and Higher Education Facilities Authority (RB) 5.00%, 07/01/19 | 99,536 | ||||||
| Maryland: 1.5% | ||||||||
| 500,000 | City of Westminster, The Lutheran Village at Millers Grant, Inc. (RB) 4.88%, 07/01/23 | 520,200 | ||||||
| Mayor and City Council of Baltimore, Convention Center Hotel, Series A (RB) (XLCA) | ||||||||
| 100,000 | 5.25%, 09/01/16 (c) | 105,766 | ||||||
| 210,000 | 5.25%, 09/01/16 (c) | 223,003 | ||||||
| 220,000 | 5.25%, 09/01/16 (c) | 236,009 | ||||||
| 1,084,978 | ||||||||
| Michigan: 6.8% | ||||||||
| 250,000 | Michigan Finance Authority, Sewage Disposal System, Series C-6 (RB) 5.00%, 07/01/16 | 265,607 | ||||||
| Michigan Finance Authority, Sewage Disposal System, Series C-8 (RB) | ||||||||
| 250,000 | 5.00%, 07/01/16 | 264,080 | ||||||
| 250,000 | 5.00%, 07/01/17 | 272,485 | ||||||
| 250,000 | 5.00%, 07/01/18 | 278,175 | ||||||
See Notes to Financial Statements
| 61 |
SHORT HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal | ||||||||
| Amount | Value | |||||||
| Michigan: (continued) | ||||||||
| Michigan Finance Authority, Water Supply System, Series D-4 (RB) | ||||||||
| $ | 500,000 | 5.00%, 07/01/16 | $ | 531,215 | ||||
| 1,000,000 | 5.00%, 07/01/17 | 1,099,290 | ||||||
| 1,150,000 | Michigan Solid Waste Disposal, Genesee Power Station Project (RB) 7.50%, 12/05/14 (c) | 1,150,126 | ||||||
| Michigan Tobacco Settlement Finance Authority, Series A (RB) | ||||||||
| 1,050,000 | 5.13%, 06/01/17 (c) (b) | 916,104 | ||||||
| 90,000 | 5.25%, 06/01/17 (c) | 79,168 | ||||||
| 4,856,250 | ||||||||
| Minnesota: 0.2% | ||||||||
| 110,000 | City of International Falls, Pollution Control (RB) 5.65%, 12/05/14 (c) | 111,101 | ||||||
| Mississippi: 0.0% | ||||||||
| 30,000 | Mississippi Business Finance Corporation, System Energy Resources, Inc. (RB) 5.88%, 12/01/14 (c) | 30,016 | ||||||
| Missouri: 0.4% | ||||||||
| 150,000 | Kansas City, Missouri Industrial Development Authority, Missouri Health Care Facilities First Mortgage, Series A (RB) 6.25%, 12/05/14 (c) | 150,962 | ||||||
| 120,000 | St. Louis, Missouri Industrial Development Authority, Confluence Academy Project, Series A (RB) 5.00%, 06/15/15 (c) | 121,375 | ||||||
| 272,337 | ||||||||
| Nebraska: 0.3% | ||||||||
| 200,000 | Public Power Generation Agency, Whelan Energy Center Unit 2, Series A (RB) (AMBAC) 5.00%, 01/01/17 (c) | 215,410 | ||||||
| New Hampshire: 0.0% | ||||||||
| 15,000 | New Hampshire Higher Educational and Health Facilities Authority, Franklin Pierce College (RB) (ACA) 5.25%, 12/05/14 (c) | 13,417 | ||||||
| New Jersey: 9.5% | ||||||||
| 85,000 | City of Atlantic City, Series A (GO) 5.50%, 02/15/18 | 89,141 | ||||||
| New Jersey Economic Development Authority, Cigarette Tax Revenue (RB) | ||||||||
| 1,000,000 | 5.00%, 06/15/17 | 1,101,740 | ||||||
| 600,000 | 5.00%, 06/15/19 | 688,596 | ||||||
| 165,000 | 5.00%, 06/15/22 | 192,057 | ||||||
| 150,000 | 5.00%, 06/15/22 (c) | 172,698 | ||||||
| New Jersey Economic Development Authority, Continental Airlines, Inc. Project (RB) | ||||||||
| 155,000 | 4.88%, 09/15/19 | 164,161 | ||||||
| 225,000 | 5.13%, 08/20/22 (c) | �� | 242,188 | |||||
| 500,000 | New Jersey Economic Development Authority, Long Gate Project (RB) 4.38%, 01/01/24 | 507,330 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| New Jersey: (continued) | ||||||||
| New Jersey Health Care Facilities Financing Authority, Barnabas Health Issue, Series A (RB) | ||||||||
| $ | 775,000 | 5.00%, 07/01/19 | $ | 895,760 | ||||
| 250,000 | 5.00%, 07/01/22 | 295,010 | ||||||
| 650,000 | 5.00%, 07/01/22 (c) | 761,572 | ||||||
| 1,295,000 | Pollution Control Financing Authority, Chambers Project, Series A (RB) 5.00%, 12/01/23 (a) | 1,467,442 | ||||||
| Tobacco Settlement Financing Corp., Senior Series 1A (RB) | ||||||||
| 70,000 | 4.50%, 06/01/17 (c) | 69,605 | ||||||
| 75,000 | 5.00%, 06/01/17 (c) | 81,479 | ||||||
| 40,000 | Tobacco Settlement Financing Corp., Series 1A (RB) 5.00%, 06/01/17 | 44,214 | ||||||
| 6,772,993 | ||||||||
| New Mexico: 1.4% | ||||||||
| 900,000 | County of Otero, Jail Project (RB) 5.75%, 10/01/16 (c) | 864,792 | ||||||
| 150,000 | Otero County, New Mexico Jail Project Revenue (RB) 6.00%, 10/01/16 (c) | 135,537 | ||||||
| 1,000,329 | ||||||||
| New York: 5.8% | ||||||||
| 545,000 | New York City Industrial Development Agency, Civic Facility, Series A (RB) 5.00%, 12/01/16 (c) | 578,474 | ||||||
| 50,000 | New York City Industrial Development Agency, Queens Baseball Stadium Project (RB) (AMBAC) 5.00%, 01/01/17 (c) | 53,864 | ||||||
| 100,000 | New York City Industrial Development Agency, Special Facility, JetBlue Airways Corp. Project (RB) 5.00%, 12/05/14 (c) | 100,160 | ||||||
| 205,000 | New York City Industrial Development Agency, Transportation Infrastructure Properties LLC, Series A (RB) 5.00%, 07/01/22 | 229,133 | ||||||
| New York Dormitory Authority, Pace University, Series A (RB) | ||||||||
| 250,000 | 4.00%, 05/01/22 | 264,762 | ||||||
| 165,000 | 5.00%, 05/01/23 | 186,533 | ||||||
| 150,000 | New York Dormitory Authority, Yeshiva University (RB) 5.00%, 09/01/19 (c) | 158,532 | ||||||
| 500,000 | Onondaga Civic Development Corp., St. Joseph’s Hospital Health Center Project, Series A (RB) 5.00%, 07/01/19 | 537,950 | ||||||
| 30,000 | Suffolk County Economic Development Corp., Catholic Health Services of Long Island (RB) 5.00%, 07/01/18 | 33,915 | ||||||
| Town of Oyster Bay, New York Public Improvement (GO) | ||||||||
| 90,000 | 3.00%, 08/15/16 | 93,439 | ||||||
| 25,000 | 3.00%, 08/15/17 (c) | 25,333 | ||||||
See Notes to Financial Statements
| 62 |
| Principal | ||||||||
| Amount | Value | |||||||
| New York: (continued) | ||||||||
| $ | 50,000 | 3.00%, 08/15/17 (c) | $ | 51,330 | ||||
| 1,105,000 | 3.00%, 08/15/17 (c) | 1,143,797 | ||||||
| 75,000 | TSASC, Inc., Tobacco Settlement, Series 1 (RB) 4.75%, 06/01/16 (c) | 74,856 | ||||||
| 500,000 | Westchester County Healthcare Corp., Senior Lien, Series B (RB) 5.00%, 11/01/19 | 578,600 | ||||||
| 4,110,678 | ||||||||
| Ohio: 8.2% | ||||||||
| 25,000 | Buckeye Tobacco Settlement Financing Authority, Series A-1 (RB) 5.00%, 06/01/17 | 27,372 | ||||||
| 190,000 | Buckeye Tobacco Settlement Financing Authority, Series A-2 (RB) 5.38%, 06/01/17 (c) | 161,601 | ||||||
| 150,000 | City of Cleveland, Airport Special Revenue, Continental Airlines, Inc. Project (RB) 5.70%, 12/05/14 (c) | 150,816 | ||||||
| 315,000 | City of Cleveland, Airport System Revenue, Series A (RB) (AMBAC) 5.00%, 01/01/17 (c) | 339,620 | ||||||
| County of Muskingum, Genesis HealthCare System Obligated Group Project (RB) | ||||||||
| 50,000 | 4.00%, 02/15/23 | 50,419 | ||||||
| 135,000 | 5.00%, 02/15/20 | 145,349 | ||||||
| Ohio Air Quality Development Authority, Series A (RB) | ||||||||
| 935,000 | 3.75%, 12/03/18 (p) | 995,354 | ||||||
| 160,000 | 5.70%, 08/01/20 | 185,168 | ||||||
| 500,000 | Ohio Air Quality Development Authority, Series B (RB) 3.10%, 03/01/19 (p) | 514,485 | ||||||
| 900,000 | Ohio Air Quality Development Authority, Series C (RB) 5.63%, 06/01/18 | 1,007,955 | ||||||
| Ohio State Water Development Authority, Series A (RB) | ||||||||
| 1,000,000 | 3.00%, 05/15/19 | 1,022,140 | ||||||
| 150,000 | 5.88%, 06/01/16 (p) | 160,668 | ||||||
| 1,030,000 | Ohio State Water Development Authority, Series B (RB) 4.00%, 06/03/19 (p) | 1,101,492 | ||||||
| 5,862,439 | ||||||||
| Oregon: 0.4% | ||||||||
| 250,000 | Hospital Facilities Authority of Multnomah County Oregon (RB) 5.00%, 10/01/19 | 268,275 | ||||||
| Pennsylvania: 2.5% | ||||||||
| 750,000 | Beaver County Industrial Development Authority, Pollution Control, Series B (RB) 3.50%, 06/01/20 (p) | 770,655 | ||||||
| 135,000 | Delaware River Port Authority, Port District Project (RB) 5.00%, 01/01/22 | 154,414 | ||||||
| 120,000 | Pennsylvania Economic Development Finance Authority, Colver Project, Series G (RB) 5.13%, 12/01/15 | 121,819 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Pennsylvania: (continued) | ||||||||
| $ | 150,000 | Pennsylvania Economic Development Financing Authority, Health System, Albert Einstein Healthcare, Series A (RB) 6.25%, 10/15/19 (c) | $ | 177,926 | ||||
| 150,000 | Philadelphia Authority for Industrial Development, Series A (RB) 5.88%, 06/15/22 | 157,925 | ||||||
| 370,000 | Philadelphia Hospital and Higher Education Facilities Authority, Series B (RB) 5.00%, 07/01/17 | 395,286 | ||||||
| 1,778,025 | ||||||||
| Puerto Rico: 4.8% | ||||||||
| Commonwealth of Puerto Rico, Public Improvement, Series A (GO) | ||||||||
| 45,000 | 5.00%, 07/01/16 (c) | 38,270 | ||||||
| 35,000 | 5.00%, 07/01/16 (c) | 30,716 | ||||||
| 120,000 | 5.00%, 07/01/17 (c) | 105,311 | ||||||
| 50,000 | 5.00%, 07/01/17 (c) | 38,449 | ||||||
| 25,000 | 5.00%, 07/01/17 (c) | 21,261 | ||||||
| 790,000 | 5.00%, 07/01/18 (c) | 637,672 | ||||||
| 80,000 | 5.25%, 07/01/16 (c) | 62,597 | ||||||
| 75,000 | 5.25%, 07/01/16 (c) | 58,023 | ||||||
| 80,000 | 5.50%, 07/01/17 | 73,008 | ||||||
| 25,000 | 5.50%, 07/01/17 | 23,813 | ||||||
| 65,000 | 5.50%, 07/01/18 | 57,390 | ||||||
| 40,000 | 5.50%, 07/01/19 | 37,078 | ||||||
| 150,000 | 5.50%, 07/01/19 | 129,699 | ||||||
| 10,000 | Commonwealth of Puerto Rico, Public Improvement, Series D (GO) 5.00%, 07/01/16 (c) | 8,504 | ||||||
| Puerto Rico Convention Center District Authority, Series A (RB) (FGIC) | ||||||||
| 100,000 | 4.13%, 07/01/16 (c) | 67,658 | ||||||
| 100,000 | 4.75%, 07/01/16 (c) | 66,063 | ||||||
| 10,000 | 5.00%, 07/01/16 (c) | 10,101 | ||||||
| Puerto Rico Electric Power Authority, Series TT (RB) | ||||||||
| 20,000 | 4.20%, 07/01/17 (c) | 10,004 | ||||||
| 15,000 | 5.00%, 07/01/17 (c) | 7,503 | ||||||
| Puerto Rico Electric Power Authority, Series ZZ (RB) | ||||||||
| 180,000 | 5.00%, 07/01/18 | 90,041 | ||||||
| 50,000 | 5.00%, 07/01/19 | 25,009 | ||||||
| 500,000 | Puerto Rico Government Development, Series B (RB) 5.00%, 12/01/16 | 454,195 | ||||||
| 75,000 | Puerto Rico Highways & Transportation Authority, Series K (RB) 5.00%, 07/01/15 (c) | 47,438 | ||||||
| Puerto Rico Highways & Transportation Authority, Series M (RB) | ||||||||
| 100,000 | 4.00%, 07/01/17 | 58,835 | ||||||
| 10,000 | 4.13%, 07/01/17 (c) | 6,325 | ||||||
| 40,000 | Puerto Rico Highways & Transportation Authority, Series N (RB) 5.50%, 07/01/21 | 24,500 | ||||||
See Notes to Financial Statements
| 63 |
SHORT HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal | ||||||||
| Amount | Value | |||||||
| Puerto Rico: (continued) | ||||||||
| $ | 60,000 | Puerto Rico Highways & Transportation Authority, State Infrastructure Bank (RB) 5.00%, 01/01/15 (c) | $ | 35,550 | ||||
| Puerto Rico Infrastructure Financing Authority, Series C (RB) (AMBAC) | ||||||||
| 50,000 | 5.50%, 07/01/16 | 50,587 | ||||||
| 75,000 | 5.50%, 07/01/20 | 52,584 | ||||||
| 70,000 | Puerto Rico Public Buildings Authority, Series F (RB) (COMWLTH GTD) 5.25%, 07/01/19 | 58,748 | ||||||
| 360,000 | Puerto Rico Public Buildings Authority, Series H (RB) (AMBAC) (COMWLTH GTD) 5.50%, 07/01/18 | 365,321 | ||||||
| Puerto Rico Public Buildings Authority, Series M (RB) (COMWLTH GTD) | ||||||||
| 15,000 | 5.50%, 07/01/19 | 12,677 | ||||||
| 40,000 | 5.75%, 07/01/16 | 36,480 | ||||||
| 10,000 | Puerto Rico Public Buildings Authority, Series N (RB) (COMWLTH GTD) 5.50%, 07/01/17 (c) | 8,451 | ||||||
| 35,000 | Puerto Rico Public Buildings Authority, Series P (RB) (COMWLTH GTD) 5.75%, 07/01/18 | 29,930 | ||||||
| 40,000 | Puerto Rico Public Buildings Authority, Series Q (RB) (COMWLTH GTD) 5.13%, 12/05/14 (c) | 30,936 | ||||||
| 35,000 | Puerto Rico Public Buildings Authority, Series U (RB) (COMWLTH GTD) 5.00%, 07/01/20 | 28,251 | ||||||
| University of Puerto Rico, Series P (RB) | ||||||||
| 70,000 | 5.00%, 06/01/16 (c) | 47,335 | ||||||
| 150,000 | 5.00%, 06/01/16 (c) | 99,831 | ||||||
| 240,000 | 5.00%, 06/01/16 (c) | 172,860 | ||||||
| 40,000 | 5.00%, 06/01/16 (c) | 27,941 | ||||||
| 195,000 | University of Puerto Rico, Series Q (RB) 5.00%, 06/01/16 (c) | 146,833 | ||||||
| 3,393,778 | ||||||||
| South Carolina: 0.5% | ||||||||
| 335,000 | South Carolina Jobs, Economic Development Authority, Palmetto Health (RB) 5.38%, 08/01/19 (c) | 380,181 | ||||||
| South Dakota: 0.4% | ||||||||
| 250,000 | Sioux Falls, South Dakota Health Facilities, Dow Rummel Village Project (RB) 5.00%, 11/15/16 (c) | 257,920 | ||||||
| Tennessee: 0.1% | ||||||||
| Clarksville Natural Gas Acquisition Corp. (RB) | ||||||||
| 25,000 | 5.00%, 12/15/15 | 26,096 | ||||||
| 25,000 | 5.00%, 12/15/17 | 27,634 | ||||||
| 53,730 | ||||||||
| Texas: 9.5% | ||||||||
| City of Houston, Texas Airport System Special Facilities, United Airlines, Inc. (RB) | ||||||||
| 1,000,000 | 4.50%, 07/01/20 (a) | 1,063,000 | ||||||
| 1,000,000 | 4.75%, 07/01/24 | 1,076,980 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Texas: (continued) | ||||||||
| $ | 800,000 | Dallas-Fort Worth International Airport Facilities Improvement Corp., Series A-1 (RB) 6.15%, 12/05/14 (c) | $ | 814,712 | ||||
| 10,000 | Sam Rayburn Municipal Power Agency, Texas Power Supply System (RB) 5.00%, 10/01/15 | 10,412 | ||||||
| 420,000 | Tarrant County Cultural Education Facilities Finance Corp., Series C-1 (RB) 7.50%, 12/05/14 (c) | 416,720 | ||||||
| 25,000 | Texas Municipal Gas Acquisition & Supply Corp I (RB) 5.00%, 12/15/15 | 26,091 | ||||||
| 1,500,000 | Texas Municipal Gas Acquisition & Supply Corp. III (RB) 5.00%, 12/15/21 | 1,740,765 | ||||||
| 365,000 | Texas Municipal Gas Acquisition & Supply Corp., Gas Supply (RB) 5.00%, 12/15/22 | 424,042 | ||||||
| Texas Municipal Gas Acquisition and Supply Corp., Senior Lien Series A (RB) | ||||||||
| 155,000 | 5.25%, 12/15/21 | 180,195 | ||||||
| 80,000 | 5.25%, 12/15/22 | 92,809 | ||||||
| 255,000 | Texas Municipal Gas Acquisition and Supply Corp., Senior Lien, Series D (RB) 5.63%, 12/15/17 | 273,793 | ||||||
| Texas Turnpike Authority, First Tier, Series A (RB) (AMBAC) | ||||||||
| 25,000 | 0.74%, 08/15/16 ^ | 24,731 | ||||||
| 370,000 | 3.60%, 08/15/22 ^ | 294,183 | ||||||
| 250,000 | Travis County, Texas Health Facilities Development Corp., First Mortgage Revenue, Longhorn Village Project, Series A (RB) 6.00%, 01/01/21 (c) | 272,615 | ||||||
| 50,000 | Travis County, Texas Health Facilities Development Corp., First Mortgage Revenue, Longhorn Village Project, Series C (RB) 5.50%, 12/05/14 (c) | 50,080 | ||||||
| 6,761,128 | ||||||||
| Vermont: 1.8% | ||||||||
| 1,000,000 | City of Burlington, Vermont Airport Revenue, Series A (RB) 5.00%, 07/01/22 | 1,122,040 | ||||||
| 150,000 | Vermont Economic Development Authority, Recovery Zone Facility (RB) 5.00%, 12/15/20 | 172,593 | ||||||
| 1,294,633 | ||||||||
| Virgin Islands: 4.0% | ||||||||
| Virgin Islands Public Finance Authority, Series A (RB) | ||||||||
| 1,000,000 | 5.00%, 10/01/20 | 1,142,340 | ||||||
| 100,000 | 6.75%, 10/01/19 | 113,429 | ||||||
| 400,000 | Virgin Islands Public Finance Authority, Series B (RB) 5.00%, 10/01/19 | 452,600 | ||||||
See Notes to Financial Statements
| 64 |
| Principal | ||||||||
| Amount | Value | |||||||
| Virgin Islands: (continued) | ||||||||
| $ | 1,000,000 | Virgin Islands Public Finance Authority, Series C (RB) 5.00%, 10/01/19 (c) | $ | 1,113,250 | ||||
| 2,821,619 | ||||||||
| Virginia: 1.6% | ||||||||
| 25,000 | Chesterfield Economic Development Authority, Brandermill Woods Project (RB) 4.13%, 01/01/22 (c) | 25,238 | ||||||
| 1,070,000 | Industrial Development Authority of Botetourt County, Residential Care Facility, Series A (RB) 4.75%, 07/01/23 (a) | 1,081,674 | ||||||
| 1,106,912 | ||||||||
| Washington: 1.0% | ||||||||
| 450,000 | Washington State Housing Finance Commission, Rockwood Retirement Communities Project, Series B-1 (RB) 5.88%, 01/01/15 (c) | 450,837 | ||||||
| 250,000 | Washington State Housing Finance Commission, Skyline at First Hill Project, Series A (RB) 5.25%, 01/01/17 | 254,722 | ||||||
| 705,559 | ||||||||
| West Virginia: 0.8% | ||||||||
| 500,000 | Mason County Pollution Control, Appalachian Power Co. Project, Series L (RB) 1.63%, 10/01/18 (p) | 502,855 | ||||||
| 65,000 | West Virginia Hospital Finance Authority, Thomas health System, Inc. (RB) 6.25%, 10/01/18 (c) | 69,221 | ||||||
| 572,076 | ||||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Wisconsin: 3.7% | ||||||||
| $ | 935,000 | New York City Industrial Development Agency, Transportation Infrastructure Properties LLC, Series B (RB) 5.00%, 07/01/22 | $ | 1,045,068 | ||||
| 750,000 | Public Finance Authority, Rose Villa Project, Series B-1 (RB) 4.50%, 11/15/15 (c) | 760,912 | ||||||
| 560,000 | Wisconsin Public Finance Authority, Continuing Care Retirement Community, Series A (RB) 7.00%, 06/01/20 | 631,529 | ||||||
| 160,000 | Wisconsin State Health & Educational Facilities Authority, Wheaton Franciscan Health Care System (RB) 5.25%, 08/15/16 (c) | 172,126 | ||||||
| 2,609,635 | ||||||||
| Total Municipal Bonds (Cost: $69,768,024) | 70,663,078 | |||||||
| Number of Shares | ||||||||
| MONEY MARKET FUND: 0.2% (Cost: $143,090) | ||||||||
| 143,090 | Dreyfus Tax Exempt Cash Management Fund – Class B Shares | 143,090 | ||||||
| Total Investments: 99.3% (Cost: $69,911,114) | 70,806,168 | |||||||
| Other assets less liabilities: 0.7% | 463,759 | |||||||
| NET ASSETS: 100.0% | $ | 71,269,927 | ||||||
| ACA | Credit Agricole SA |
| AMBAC | American Municipal Bond Assurance Corp. |
| COMWLTH GTD | Commonwealth Guaranteed |
| CP | Certificate of Participation |
| FGIC | Financial Guaranty Insurance Co. |
| GO | General Obligation |
| RB | Revenue Bond |
| SA | Special Assessment |
| ST | Special Tax |
| TA | Tax Allocation |
| XLCA | Syncora Guarantee, Inc. |
| (a) | When-issued security |
| (b) | Security is segregated as collateral for when issued security |
| (c) | Callable Security – the redemption date shown is when the security may be redeemed by the issuer |
| (d) | Security in default |
| (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 |
See Notes to Financial Statements
| 65 |
SHORT HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Summary of Investments | ||||||||
| by Sector (unaudited) | % of Investments | Value | ||||||
| Airport | 4.3 | % | $ | 3,053,061 | ||||
| Development | 21.0 | 14,876,362 | ||||||
| Education | 2.5 | 1,797,023 | ||||||
| Facilities | 5.4 | 3,791,408 | ||||||
| General Obligation | 11.5 | 8,150,204 | ||||||
| Higher Education | 2.4 | 1,706,522 | ||||||
| Medical | 13.6 | 9,603,239 | ||||||
| Nursing Homes | 7.7 | 5,421,051 | ||||||
| Pollution | 2.5 | 1,744,370 | ||||||
| Power | 0.4 | 315,562 | ||||||
| Single Family Housing | 0.2 | 154,212 | ||||||
| Tobacco Settlement | 5.5 | 3,882,285 | ||||||
| Transportation | 11.2 | 7,901,114 | ||||||
| Utilities | 5.9 | 4,209,779 | ||||||
| Water | 5.7 | 4,056,886 | ||||||
| Money Market Fund | 0.2 | 143,090 | ||||||
| 100.0 | % | $ | 70,806,168 | |||||
The summary of inputs used to value the Fund’s investments as of October 31, 2014 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
| Municipal Bonds* | $ | — | $ | 70,663,078 | $ | — | $ | 70,663,078 | ||||||||
| Money Market Fund | 143,090 | — | — | 143,090 | ||||||||||||
| Total | $ | 143,090 | $ | 70,663,078 | $ | — | $ | 70,806,168 | ||||||||
| * | See Schedule of Investments for security type and geographic sector breakouts. |
There were no transfers between levels during the period ended October 31, 2014.
See Notes to Financial Statements
| 66 |
SCHEDULE OF INVESTMENTS
October 31, 2014 (unaudited)
| Principal | ||||||||
| Amount | Value | |||||||
| MUNICIPAL BONDS: 98.4% | ||||||||
| Alabama: 1.3% | ||||||||
| $ | 1,400,000 | Alabama Federal Aid Highway Finance Authority (RB) 5.00%, 09/01/19 | $ | 1,632,778 | ||||
| 1,825,000 | Alabama Public School & College Authority, Capital Improvement, Series A (RB) 5.00%, 05/01/16 | 1,951,472 | ||||||
| 3,584,250 | ||||||||
| Arizona: 1.0% | ||||||||
| 500,000 | Arizona State Salt River Project Agricultural Improvement & Power District, Series B (RB) 4.00%, 01/01/16 | 521,025 | ||||||
| 455,000 | Arizona Transportation Board, Excise Tax Revenue, Maricopa County, Regional Area Road Fund (RB) 5.00%, 07/01/17 | 507,789 | ||||||
| 865,000 | Arizona Transportation Board, Subordinated Highway Revenue, Series A (RB) 5.00%, 07/01/17 | 964,138 | ||||||
| 590,000 | City of Scottsdale (GO) 3.00%, 07/01/18 | 635,336 | ||||||
| 2,628,288 | ||||||||
| Arkansas: 0.4% | ||||||||
| 1,000,000 | State of Arkansas, Federal Highway Grant (GO) 5.00%, 04/01/18 | 1,142,630 | ||||||
| California: 12.8% | ||||||||
| Bay Area Toll Authority (RB) | ||||||||
| 1,000,000 | 1.50%, 10/01/17 (c) (p) | 1,013,130 | ||||||
| 2,250,000 | 1.87%, 10/01/18 (c) (p) | 2,293,065 | ||||||
| 725,000 | California Health Facilities Financing Authority, St. Joseph Health System, Series C (RB) 5.00%, 10/15/19 (p) | 850,773 | ||||||
| California State Department of Water Resources, Central Valley Project, Series AM (RB) | ||||||||
| 250,000 | 4.00%, 12/01/18 | 282,203 | ||||||
| 250,000 | 5.00%, 12/01/18 | 292,205 | ||||||
| 750,000 | California State Department of Water Resources, Power Supply Revenue, Series L (RB) 5.00%, 05/01/16 | 801,397 | ||||||
| 500,000 | California State Department of Water Resources, Power Supply Revenue, Series N (RB) 5.00%, 05/01/20 | 598,870 | ||||||
| 1,670,000 | California State Department of Water Resources, Series L (RB) 5.00%, 05/01/17 | 1,856,522 | ||||||
| 750,000 | California State Department of Water Resources, Series M (RB) 5.00%, 05/01/16 | 801,397 | ||||||
| 550,000 | California State Economic Recovery, Series A (GO) 5.00%, 07/01/16 | 592,180 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| California: (continued) | ||||||||
| $ | 310,000 | California State Public Works Board, Department of State Hospital, Series E (RB) 5.00%, 06/01/20 | $ | 368,156 | ||||
| 475,000 | California State Public Works Board, Series C (RB) 4.00%, 06/01/16 | 501,695 | ||||||
| 520,000 | California State Public Works Board, Series E (RB) 4.00%, 06/01/17 | 565,198 | ||||||
| 1,000,000 | California State Public Works Board, Series G (RB) 4.00%, 11/01/17 | 1,097,750 | ||||||
| California State Various Purpose (GO) | ||||||||
| 100,000 | 2.00%, 04/01/17 | 103,533 | ||||||
| 200,000 | 3.50%, 03/01/16 | 208,248 | ||||||
| 1,370,000 | 4.00%, 09/01/17 | 1,499,342 | ||||||
| 1,000,000 | 4.00%, 02/01/19 | 1,121,540 | ||||||
| 500,000 | 5.00%, 10/01/15 | 521,985 | ||||||
| 1,500,000 | 5.00%, 12/01/15 | 1,577,415 | ||||||
| 500,000 | 5.00%, 03/01/16 | 530,850 | ||||||
| 1,900,000 | 5.00%, 09/01/16 | 2,058,517 | ||||||
| 430,000 | 5.00%, 02/01/17 | 473,228 | ||||||
| 1,000,000 | 5.00%, 04/01/17 | 1,106,950 | ||||||
| 400,000 | 5.00%, 11/01/17 | 451,420 | ||||||
| 435,000 | 5.00%, 03/01/18 | 494,773 | ||||||
| 1,400,000 | 5.00%, 04/01/18 | 1,596,126 | ||||||
| 3,435,000 | 5.00%, 09/01/18 | 3,960,143 | ||||||
| 250,000 | 5.00%, 10/01/18 | 288,830 | ||||||
| 200,000 | 5.00%, 02/01/20 | 236,798 | ||||||
| 1,000,000 | 5.00%, 04/01/20 | 1,187,350 | ||||||
| 1,000,000 | California Statewide Communities Development Authority, Pollution Control, Series A (RB) 1.37%, 04/02/18 (p) | 1,010,850 | ||||||
| 435,000 | California Water Resources Department Power Supply, Series L (RB) 5.00%, 05/01/18 | 498,710 | ||||||
| 1,750,000 | City of Los Angeles, Series B (GO) 5.00%, 09/01/16 | 1,897,000 | ||||||
| 1,000,000 | Los Angeles, California Unified School District, Series J (GO) 5.00%, 07/01/17 | 1,119,400 | ||||||
| 290,000 | San Diego County Water Authority, Series A (RB) 4.00%, 05/01/18 | 324,098 | ||||||
| 10,000 | Santa Clara County, California Financing Authority Lease, Capital Projects, Series A (RB) 4.00%, 02/01/17 | 10,767 | ||||||
| 34,192,414 | ||||||||
| Colorado: 0.6% | ||||||||
| 1,000,000 | City and County of Denver, Series A (GO) 5.00%, 08/01/17 | 1,119,340 | ||||||
| 175,000 | Metro Wastewater Reclamation District, Series A (RB) 5.00%, 04/01/17 | 193,895 | ||||||
See Notes to Financial Statements
| 67 |
SHORT MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal | ||||||||
| Amount | Value | |||||||
| Colorado: (continued) | ||||||||
| $ | 250,000 | Regional Transportation District, Series A (CP) 5.00%, 06/01/18 | $ | 284,438 | ||||
| 1,597,673 | ||||||||
| Connecticut: 2.2% | ||||||||
| 500,000 | Connecticut State Economic Recovery, Series A (GO) 5.00%, 01/01/16 | 527,205 | ||||||
| 1,670,000 | Connecticut State Health and Educational Facilities Authority, Series A-3 (RB) 0.88%, 02/08/18 (p) | 1,670,267 | ||||||
| 850,000 | Connecticut State Transportation Infrastructure, Series A (RB) 5.00%, 12/01/17 | 960,058 | ||||||
| State of Connecticut, Series C (GO) | ||||||||
| 250,000 | 5.00%, 06/01/16 | 268,128 | ||||||
| 250,000 | 5.00%, 07/15/19 | 293,110 | ||||||
| 500,000 | 5.00%, 06/01/20 | 595,270 | ||||||
| 500,000 | State of Connecticut, Series D (GO) 4.00%, 06/15/18 | 554,570 | ||||||
| 1,000,000 | State of Connecticut, Series E (GO) 5.00%, 11/01/15 | 1,047,910 | ||||||
| 5,916,518 | ||||||||
| Delaware: 0.2% | ||||||||
| State of Delaware, Series B (GO) | ||||||||
| 110,000 | 5.00%, 02/01/16 | 116,459 | ||||||
| 500,000 | 5.00%, 02/01/17 | 550,620 | ||||||
| 667,079 | ||||||||
| District of Columbia: 0.1% | ||||||||
| 320,000 | District of Columbia, Series D (RB) 5.00%, 12/01/16 | 350,275 | ||||||
| Florida: 4.1% | ||||||||
| Citizens Property Insurance Corp., Series A-1 (RB) (AGM) | ||||||||
| 400,000 | 4.00%, 06/01/17 | 431,668 | ||||||
| 250,000 | 5.00%, 06/01/15 | 256,785 | ||||||
| 500,000 | 5.00%, 06/01/19 | 578,005 | ||||||
| 600,000 | City of Jacksonville, Series A (RB) 5.00%, 10/01/16 | 652,218 | ||||||
| City of Jacksonville, Series B (RB) | ||||||||
| 260,000 | 5.00%, 10/01/16 | 282,628 | ||||||
| 475,000 | 5.00%, 10/01/17 | 533,496 | ||||||
| 1,500,000 | City of Jacksonville, Series C (RB) 5.00%, 10/01/18 | 1,722,405 | ||||||
| 60,000 | Florida Hurricane Catastrophe Fund Finance Corp., Series A (RB) 5.00%, 07/01/16 | 64,633 | ||||||
| | 500,000 | JEA Electric System, Series D (RB) 5.00%, 10/01/19 | 586,860 | |||||
| 900,000 | Orange County, Sales Tax, Series C (RB) 5.00%, 01/01/20 | | 1,067,004 | | ||||
| | 400,000 | | Palm Beach County School District, Series A (CP) 5.00%, 08/01/16 (p) | 431,196 | ||||
| 170,000 | State of Florida, Board of Education, Full Faith and Credit, Series C (GO) 5.00%, 06/01/16 | 182,439 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Florida: (continued) | ||||||||
| $ | 260,000 | State of Florida, Board of Education, Lottery Revenue, Series D (RB) 5.00%, 07/01/17 | $ | 289,799 | ||||
| State of Florida, Board of Education, Lottery Revenue, Series E (RB) | ||||||||
| 475,000 | 5.00%, 07/01/16 | 511,015 | ||||||
| 100,000 | 5.00%, 07/01/19 | 117,204 | ||||||
| 900,000 | State of Florida, Board of Education, Public Education Capital Outlay, Series A (GO) 5.00%, 06/01/16 | 965,853 | ||||||
| 440,000 | State of Florida, Board of Education, Public Education Capital Outlay, Series C (GO) 5.00%, 06/01/16 | 472,195 | ||||||
| 500,000 | State of Florida, Department of Environmental Protection, Series B (RB) 5.00%, 07/01/18 | 571,415 | ||||||
| 250,000 | State of Florida, Department of Transportation, Series A (GO) 5.00%, 07/01/15 | 257,958 | ||||||
| 1,000,000 | State of Florida, State Board of Education, Series C (GO) 5.00%, 06/01/16 | 1,073,170 | ||||||
| 11,047,946 | ||||||||
| Georgia: 3.7% | ||||||||
| 400,000 | City of Atlanta, Airport Passenger Facility, Series B (RB) 5.00%, 01/01/17 | 438,180 | ||||||
| 600,000 | City of Atlanta, Department of Aviation, Series A (RB) 5.00%, 01/01/17 | 657,540 | ||||||
| 315,000 | City of Atlanta, Department of Aviation, Series C (RB) 5.00%, 01/01/20 | 372,069 | ||||||
| 280,000 | County Board of Education of Richmond County (GO) (SAW) 5.00%, 10/01/17 | 313,706 | ||||||
| 330,000 | Forsyth County School District (GO) 5.00%, 02/01/19 | 384,945 | ||||||
| 1,200,000 | Fulton County Development Authority, Georgia Tech Athletic Association Project, Series A (RB) 5.00%, 10/01/19 | 1,406,592 | ||||||
| 2,315,000 | Gwinnett County School District, Series A (GO) 4.50%, 10/01/17 | 2,575,368 | ||||||
| Municipal Electric Authority of Georgia, Series A (RB) | ||||||||
| 500,000 | 5.00%, 11/01/17 | 562,215 | ||||||
| 1,000,000 | 5.00%, 01/01/20 | 1,170,830 | ||||||
| 400,000 | State of Georgia, Series A (GO) 5.00%, 07/01/16 | 430,816 | ||||||
| 500,000 | State of Georgia, Series B (GO) 5.00%, 10/01/15 | 521,985 | ||||||
| 500,000 | State of Georgia, Series F (GO) 5.00%, 12/01/16 | 547,745 | ||||||
See Notes to Financial Statements
| 68 |
| Principal | ||||||||
| Amount | Value | |||||||
| Georgia: (continued) | ||||||||
| $ | 410,000 | State of Georgia, Series I (GO) 4.00%, 07/01/19 | $ | 464,411 | ||||
| 9,846,402 | ||||||||
| Hawaii: 0.8% | ||||||||
| 1,000,000 | State of Hawaii, Series DZ (GO) 5.00%, 12/01/19 | 1,183,200 | ||||||
| 500,000 | State of Hawaii, Series EA (GO) 5.00%, 12/01/16 | 547,525 | ||||||
| 235,000 | State of Hawaii, Series EH (GO) 5.00%, 08/01/19 | 276,132 | ||||||
| 2,006,857 | ||||||||
| Illinois: 7.8% | ||||||||
| 480,000 | Chicago, Illinois, O’Hare International Airport Revenue, Series B (RB) 5.00%, 01/01/17 | 525,379 | ||||||
| 250,000 | Chicago, Illinois, O’Hare International Airport, 3rd Lien, Series A (RB) 5.00%, 01/01/17 | 273,635 | ||||||
| City of Chicago, Modern Schools Across Chicago Program, Series A (GO) | ||||||||
| 500,000 | 4.00%, 12/01/17 | 529,340 | ||||||
| 2,250,000 | 5.00%, 12/01/19 | 2,483,617 | ||||||
| 615,000 | County of Cook, Series A (GO) 5.00%, 11/15/19 | 703,781 | ||||||
| State of Illinois (GO) | ||||||||
| 285,000 | 4.00%, 09/01/18 | 308,162 | ||||||
| 1,500,000 | 5.00%, 01/01/16 | 1,572,300 | ||||||
| 400,000 | 5.00%, 01/01/16 | 419,520 | ||||||
| 955,000 | 5.00%, 01/01/17 | 1,032,622 | ||||||
| 700,000 | 5.00%, 01/01/17 | 756,581 | ||||||
| 1,250,000 | 5.00%, 03/01/17 | 1,357,537 | ||||||
| 4,100,000 | 5.00%, 08/01/17 | 4,503,317 | ||||||
| 740,000 | 5.00%, 01/01/18 | 819,276 | ||||||
| 500,000 | 5.00%, 02/01/20 | 562,050 | ||||||
| 1,000,000 | State of Illinois, Department of Employment Security, Series B (RB) 5.00%, 12/15/16 (c) | 1,095,040 | ||||||
| 500,000 | State of Illinois, Sales Tax, Junior Lien (RB) 3.00%, 06/15/16 | 520,445 | ||||||
| 500,000 | State of Illinois, Sales Tax, Junior Obligation (RB) 5.00%, 06/15/18 | 572,670 | ||||||
| State of Illinois, Series A (GO) | ||||||||
| 500,000 | 3.00%, 01/01/18 | 521,135 | ||||||
| 500,000 | 3.50%, 09/01/15 | 511,495 | ||||||
| 250,000 | 3.88%, 09/01/17 | 267,490 | ||||||
| 850,000 | 4.00%, 01/01/17 | 900,668 | ||||||
| 500,000 | 5.00%, 04/01/17 | 544,290 | ||||||
| 20,780,350 | ||||||||
| Indiana: 0.5% | ||||||||
| Indiana Finance Authority, Wastewater Utility, Series A (RB) | ||||||||
| 710,000 | 5.00%, 10/01/19 | 835,556 | ||||||
| 390,000 | 5.00%, 10/01/20 | 467,107 | ||||||
| 1,302,663 | ||||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Kentucky: 1.4% | ||||||||
| Kentucky Infrastructure Authority, Wastewater & Drinking Water Revolving Fund, Series A (RB) | ||||||||
| $ | 500,000 | 5.00%, 02/01/17 | $ | 549,555 | ||||
| 1,710,000 | 5.00%, 02/01/18 | 1,943,278 | ||||||
| 200,000 | Kentucky Public Transportation Infrastructure Authority, Series A (RB) 5.00%, 07/01/17 | 221,468 | ||||||
| 400,000 | Kentucky State Property & Building Commission, Project No. 100, Series A (RB) 5.00%, 08/01/17 | 446,460 | ||||||
| 575,000 | Kentucky Turnpike Authority, Series A (RB) 5.00%, 07/01/16 | 619,097 | ||||||
| 3,779,858 | ||||||||
| Louisiana: 0.4% | ||||||||
| 1,000,000 | State of Louisiana, Series A (GO) 5.00%, 11/15/19 | 1,184,860 | ||||||
| Maryland: 3.9% | ||||||||
| 2,800,000 | Baltimore County Consolidated Public Improvement (GO) 5.00%, 08/01/18 | 3,225,572 | ||||||
| 500,000 | Maryland Department of Transportation (RB) 5.00%, 06/01/18 | 573,045 | ||||||
| 400,000 | Montgomery County, Series A (GO) 5.00%, 07/01/16 | 430,816 | ||||||
| 750,000 | State of Maryland Department of Transportation (RB) 5.00%, 05/01/19 | 878,842 | ||||||
| State of Maryland, First Series B (GO) | ||||||||
| 2,000,000 | 4.50%, 08/01/19 | 2,313,120 | ||||||
| 300,000 | 5.00%, 03/01/19 | 350,634 | ||||||
| 1,780,000 | State of Maryland, First Series C (GO) 5.00%, 08/01/18 | 2,052,678 | ||||||
| 200,000 | State of Maryland, Second Series B (GO) 5.00%, 08/01/18 | 230,638 | ||||||
| 250,000 | State of Maryland, Third Series C (GO) 5.00%, 11/01/17 | 282,458 | ||||||
| 10,337,803 | ||||||||
| Massachusetts: 2.2% | ||||||||
| 750,000 | Commonwealth of Massachusetts, Series B (GO) 5.00%, 08/01/16 | 809,992 | ||||||
| 1,000,000 | Commonwealth of Massachusetts, Series E (GO) 5.00%, 12/01/16 | 1,095,050 | ||||||
| 1,000,000 | Massachusetts Development Finance Agency, Partners Health Care System Issue, Series K (RB) 5.00%, 01/18/18 (p) | 1,127,450 | ||||||
| 750,000 | Massachusetts Development Finance Agency, Series K-4 (RB) 5.00%, 01/14/16 (p) | 791,250 | ||||||
| Massachusetts School Building Authority, Senior Dedicated Sales Tax, Series B (RB) | ||||||||
| 1,100,000 | 5.00%, 08/15/18 | 1,269,345 | ||||||
| 200,000 | 5.00%, 08/15/19 | 236,204 | ||||||
See Notes to Financial Statements
| 69 |
SHORT MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal Amount | Value | |||||||
| Massachusetts: (continued) | ||||||||
| $ | 555,000 | Massachusetts Water Pollution Abatement Trust, Series 16-B (RB) 5.00%, 08/01/18 | $ | 640,464 | ||||
| 5,969,755 | ||||||||
| Michigan: 2.3% | ||||||||
| 1,165,000 | Michigan Finance Authority, Clean Water Revolving Revenue (RB) 5.00%, 10/01/17 | 1,314,225 | ||||||
| Michigan Finance Authority, Unemployment Obligation Assessment, Series A (RB) | ||||||||
| 1,000,000 | 5.00%, 07/01/17 | 1,117,150 | ||||||
| 1,750,000 | 5.00%, 07/01/18 | 2,019,045 | ||||||
| 500,000 | Michigan State Hospital Finance Authority, Ascension Health Senior Credit Group, Series B (RB) 5.00%, 11/15/15 | 524,735 | ||||||
| 500,000 | Michigan State Hospital Finance Authority, Ascension Health Senior Credit Group, Series F-1 (RB) 2.00%, 05/30/18 (p) | 516,420 | ||||||
| 570,000 | Wayne Country Airport Authority, Series A-D (RB) 5.00%, 12/01/18 | 651,185 | ||||||
| 6,142,760 | ||||||||
| Minnesota: 3.0% | ||||||||
| 2,050,000 | City of Rochester, Minnesota Health Care Facilities, Mayo Clinic, Series A (RB) 4.00%, 11/15/18 (p) | 2,282,736 | ||||||
| 2,655,000 | City of Rochester, Minnesota Health Care Facilities, Mayo Clinic, Series B (RB) 4.00%, 11/15/18 (p) | 2,956,422 | ||||||
| 675,000 | Regents of University of Minnesota, Series A (RB) 5.00%, 12/01/18 | 784,525 | ||||||
| 900,000 | State of Minnesota, Series E (GO) 5.00%, 08/01/19 | 1,060,713 | ||||||
| 700,000 | State of Minnesota, Various Purposes, Series D (GO) 5.00%, 08/01/18 | 806,113 | ||||||
| 7,890,509 | ||||||||
| Missouri: 0.6% | ||||||||
| 500,000 | Missouri Highway and Transportation Commission, Series C (RB) 5.00%, 02/01/17 | 550,620 | ||||||
| 900,000 | State of Missouri, Series A (CP) 2.13%, 10/01/18 | 929,925 | ||||||
| 1,480,545 | ||||||||
| Nebraska: 0.4% | ||||||||
| 1,000,000 | Nebraska Public Power District, Series C (RB) 5.00%, 01/01/18 (c) | 1,125,930 | ||||||
| Principal Amount | Value | |||||||
| Nevada: 0.4% | ||||||||
| State of Nevada, Unemployment Compensation (RB) | ||||||||
| $ | 550,000 | 5.00%, 06/01/16 | $ | 590,062 | ||||
| 500,000 | 5.00%, 06/01/17 | 555,525 | ||||||
| 1,145,587 | ||||||||
| New Jersey: 8.3% | ||||||||
| 65,000 | Garden State Preservation Trust, Series A (RB) 4.00%, 11/01/19 | 73,585 | ||||||
| New Jersey Building Authority, Series A (RB) | ||||||||
| 500,000 | 5.00%, 06/15/18 | 559,225 | ||||||
| 575,000 | �� | 5.00%, 06/15/19 | 653,603 | |||||
| 1,610,000 | New Jersey Economic Development Authority, School Facilities Construction, Series D (RB) 5.00%, 12/15/17 | 1,791,028 | ||||||
| 500,000 | New Jersey Economic Development Authority, School Facilities Construction, Series DD (RB) 4.00%, 12/15/16 | 534,185 | ||||||
| 375,000 | New Jersey Economic Development Authority, School Facilities Construction, Series DD-1 (RB) 5.00%, 12/15/18 | 425,366 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction, Series EE (RB) | ||||||||
| 890,000 | 5.00%, 09/01/17 | 981,990 | ||||||
| 490,000 | 5.00%, 09/01/18 | 552,299 | ||||||
| 275,000 | New Jersey Economic Development Authority, School Facilities Construction, Series GG (RB) 5.00%, 09/01/16 | 295,642 | ||||||
| 225,000 | New Jersey Economic Development Authority, School Facilities Construction, Series NN (RB) 5.00%, 03/01/20 | 256,714 | ||||||
| 300,000 | New Jersey Economic Development Authority, School Facilities Construction, Series PP (RB) 5.00%, 06/15/19 | 340,440 | ||||||
| 500,000 | New Jersey Educational Facilities Authority, Series B (RB) 5.00%, 06/01/19 | 564,990 | ||||||
| 1,000,000 | New Jersey Health Care Facilities Financing Authority, Greystone Park Psychiatric Hospital Project, Series B (RB) 5.00%, 09/15/18 | 1,130,400 | ||||||
| 500,000 | New Jersey Higher Education Assistance Authority, Student Loan, Series 1A (RB) 5.00%, 12/01/15 | 524,250 | ||||||
| 1,000,000 | New Jersey Higher Education Assistance Authority, Student Loan, Series 2 (RB) 3.75%, 12/01/18 | 1,083,600 | ||||||
| 1,455,000 | New Jersey State, Series S (GO) 5.00%, 08/15/19 | 1,685,268 | ||||||
See Notes to Financial Statements
| 70 |
| Principal Amount | Value | |||||||
| New Jersey: (continued) | ||||||||
| $ | 1,000,000 | New Jersey Transit Corp., Series A (RB) 5.00%, 09/15/18 | $ | 1,127,190 | ||||
| 1,000,000 | New Jersey Transportation Trust Fund Authority, Series A (RB) 5.00%, 12/15/19 | 1,138,790 | ||||||
| New Jersey Transportation Trust Fund Authority, Series AA (RB) | ||||||||
| 625,000 | 4.00%, 06/15/18 | 679,256 | ||||||
| 250,000 | 5.00%, 06/15/19 | 283,228 | ||||||
| 870,000 | 5.00%, 06/15/20 | 997,907 | ||||||
| 2,345,000 | New Jersey Transportation Trust Fund Authority, Series B (RB) 5.00%, 06/15/18 | 2,630,644 | ||||||
| 2,350,000 | New Jersey Transportation Trust Fund Authority, Series D (RB) 5.00%, 12/15/17 | 2,615,761 | ||||||
| 150,000 | State of New Jersey, Series Q (GO) 5.00%, 08/15/18 | 171,108 | ||||||
| 925,000 | State of New Jersey, Various Purposes (GO) 5.00%, 06/01/18 | 1,049,625 | ||||||
| 22,146,094 | ||||||||
| New Mexico: 0.5% | ||||||||
| 1,075,000 | New Mexico Finance Authority, State Transportation Commission (RB) 4.00%, 06/15/16 | 1,137,801 | ||||||
| 250,000 | New Mexico Finance Authority, Subordinate Lien, Series A-2 (RB) 5.00%, 12/15/16 | 272,873 | ||||||
| 1,410,674 | ||||||||
| New York: 15.9% | ||||||||
| 1,650,000 | City of New York, Series A (GO) 5.00%, 08/01/17 | 1,843,083 | ||||||
| 750,000 | City of New York, Series A-1 (GO) 5.00%, 08/01/18 | 862,200 | ||||||
| City of New York, Series E (GO) | ||||||||
| 250,000 | 4.00%, 08/01/16 | 265,625 | ||||||
| 850,000 | 5.00%, 08/01/17 | 949,467 | ||||||
| 370,000 | City of New York, Series G (GO) 5.00%, 08/01/20 | 438,931 | ||||||
| 225,000 | City of New York, Series I (GO) 5.00%, 08/01/18 | 258,660 | ||||||
| City of New York, Subseries 1 (GO) | ||||||||
| 280,000 | 4.00%, 08/01/16 | 297,500 | ||||||
| 250,000 | 5.00%, 08/01/17 | 279,255 | ||||||
| 1,410,000 | Erie County Industrial Development Agency, City School District, Series A (RB) (SAW) 5.00%, 05/01/19 | 1,639,449 | ||||||
| 500,000 | Long Island Power Authority, Electric System, Series A (RB) 5.00%, 05/01/16 | 530,325 | ||||||
| 200,000 | Metropolitan Transportation Authority, Series C (RB) 5.00%, 11/15/17 | 225,398 | ||||||
| Metropolitan Transportation Authority, Series D (RB) | ||||||||
| 520,000 | 5.00%, 11/15/17 | 586,035 | ||||||
| 400,000 | 5.00%, 11/15/18 | 462,152 | ||||||
| Principal Amount | Value | |||||||
| New York: (continued) | ||||||||
| $ | 280,000 | 5.00%, 11/15/19 | $ | 327,880 | ||||
| 75,000 | New York City Municipal Water Finance Authority, Water and Sewer System, Series BB (RB) 4.00%, 06/15/16 | 79,406 | ||||||
| New York City Transitional Finance Authority, Series D (RB) | ||||||||
| 445,000 | 5.00%, 11/01/15 | 466,227 | ||||||
| 1,000,000 | 5.00%, 11/01/19 | 1,178,700 | ||||||
| New York City Transitional Finance Authority, Subseries F-1 (RB) | ||||||||
| 500,000 | 5.00%, 02/01/17 | 550,030 | ||||||
| 500,000 | 5.00%, 02/01/20 | 591,720 | ||||||
| 150,000 | New York City Transitional Finance Authority, Subseries S-1A (RB) (SAW) 5.00%, 07/15/16 | 161,772 | ||||||
| New York City, Series B (GO) | ||||||||
| 500,000 | 5.00%, 08/01/17 | 558,510 | ||||||
| 325,000 | 5.00%, 08/01/18 | 373,620 | ||||||
| 1,000,000 | 5.00%, 08/01/20 | 1,186,300 | ||||||
| 600,000 | New York City, Series D (GO) 5.00%, 10/01/17 | 674,076 | ||||||
| 375,000 | New York City, Series F-1 (GO) 5.00%, 03/01/16 | 398,138 | ||||||
| 1,000,000 | New York City, Series G (GO) 5.00%, 08/01/19 | 1,170,500 | ||||||
| 1,400,000 | New York City, Series G-3 (GO) 5.00%, 03/01/17 | 1,542,520 | ||||||
| New York City, Series I (GO) | ||||||||
| 550,000 | 5.00%, 08/01/17 | 614,361 | ||||||
| 430,000 | New York City, Subseries A-1 (GO) 5.00%, 10/01/15 | 448,907 | ||||||
| 500,000 | New York State Dormitory Authority, Colombia University, Series A (RB) 5.00%, 10/01/18 | 579,330 | ||||||
| New York State Dormitory Authority, State Personal Income Tax (RB) | ||||||||
| 260,000 | 5.00%, 02/15/18 | 295,347 | ||||||
| 500,000 | 5.00%, 02/15/20 | 592,375 | ||||||
| New York State Dormitory Authority, State Personal Income Tax, Series A (RB) | ||||||||
| 250,000 | 5.00%, 02/15/18 | 283,988 | ||||||
| 300,000 | 5.00%, 02/15/19 | 348,483 | ||||||
| 1,025,000 | 5.00%, 02/15/20 | 1,214,369 | ||||||
| 300,000 | New York State Dormitory Authority, State Personal Income Tax, Series B (RB) 5.00%, 03/15/19 | 349,125 | ||||||
| New York State Dormitory Authority, State Personal Income Tax, Series C (RB) | ||||||||
| 1,400,000 | 4.00%, 03/15/19 | 1,569,862 | ||||||
| 1,000,000 | 5.00%, 03/15/20 | 1,186,430 | ||||||
| New York State Environmental Facilities Corp., Sate Clean Water and Drinking Water, Series A (RB) | ||||||||
| 1,695,000 | 5.00%, 06/15/20 | 2,030,237 | ||||||
See Notes to Financial Statements
| 71 |
SHORT MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal Amount | Value | |||||||
| New York: (continued) | ||||||||
| $ | 325,000 | New York State Environmental Facilities Corp., Sate Clean Water and Drinking Water, Series B (RB) 5.00%, 06/15/19 | $ | 381,674 | ||||
| 1,000,000 | New York State Thruway Authority, Local Highway & Bridge Service Contract Bonds (RB) 5.00%, 04/01/16 | 1,064,410 | ||||||
| 800,000 | New York State Thruway Authority, Second General Highway & Bridge Trust Fund, Series A (RB) 5.00%, 04/01/19 | 931,560 | ||||||
| 2,130,000 | New York State Thruway Authority, Series A (RB) 5.00%, 05/01/19 | 2,466,519 | ||||||
| New York State Thruway Authority, State Personal Income Tax, Series A (RB) | ||||||||
| 300,000 | 5.00%, 03/15/18 | 341,487 | ||||||
| 450,000 | 5.00%, 03/15/19 | 523,688 | ||||||
| New York State Urban Development Corp., State Personal Income Tax, Series C (RB) | ||||||||
| 250,000 | 5.00%, 03/15/17 | 276,248 | ||||||
| 500,000 | 5.00%, 03/15/18 | 569,145 | ||||||
| 1,865,000 | 5.00%, 12/15/18 | 2,165,526 | ||||||
| New York State, Series A (GO) | ||||||||
| 1,200,000 | 3.00%, 02/01/16 | 1,240,644 | ||||||
| 500,000 | 3.00%, 03/01/16 | 517,935 | ||||||
| 275,000 | State of New York Municipal Bond Bank Agency, Special School Purpose, Series A (RB) (SAW) 5.00%, 12/01/19 | 323,898 | ||||||
| Tobacco Settlement Financing Corp. (RB) | ||||||||
| 1,000,000 | 5.00%, 06/01/17 | 1,112,140 | ||||||
| 2,000,000 | 5.00%, 06/01/18 | 2,287,620 | ||||||
| 400,000 | Town of Oyster Bay, New York Public Improvement (GO) 3.00%, 08/15/17 | 417,928 | ||||||
| 500,000 | Town of Oyster Bay, New York Public Improvement, Series A (GO) (AGM) 3.00%, 03/01/18 | 524,210 | ||||||
| 42,554,925 | ||||||||
| North Carolina: 3.6% | ||||||||
| 500,000 | County of Guilford, Series A (GO) 5.00%, 03/01/16 | 531,190 | ||||||
| 250,000 | County of Mecklenburg, Series A (GO) 5.00%, 12/01/17 | 282,943 | ||||||
| North Carolina Eastern Municipal Power Agency, Series B (RB) | ||||||||
| 250,000 | 5.00%, 01/01/16 | 263,005 | ||||||
| 1,000,000 | 5.00%, 01/01/17 | 1,087,990 | ||||||
| 1,000,000 | North Carolina State, Capital Improvement Limited Obligation Bonds, Series B (RB) 5.00%, 11/01/18 | 1,158,160 | ||||||
| 1,000,000 | North Carolina State, Grant Anticipation Revenue (RB) 5.00%, 03/01/19 | 1,159,570 | ||||||
| Principal Amount | Value | |||||||
| North Carolina: (continued) | ||||||||
| North Carolina State, Series A (GO) | ||||||||
| $ | 300,000 | 5.00%, 03/01/17 | $ | 331,422 | ||||
| 275,000 | 5.00%, 03/01/19 | 321,797 | ||||||
| 2,800,000 | North Carolina State, Series B (GO) 5.00%, 06/01/18 | 3,215,464 | ||||||
| 500,000 | North Carolina State, Series C (GO) 3.50%, 05/01/16 | 523,520 | ||||||
| 260,000 | North Carolina State, Series E (GO) 5.00%, 05/01/16 | 278,140 | ||||||
| 300,000 | North Carolina Turnpike Authority, Monroe Connector System (RB) 5.00%, 07/01/18 | 343,314 | ||||||
| 200,000 | State of North Carolina, Series C (GO) 5.00%, 05/01/20 | 239,902 | ||||||
| 9,736,417 | ||||||||
| Ohio: 1.9% | ||||||||
| 750,000 | Ohio Air Quality Development Authority, Series A (RB) 3.75%, 12/03/18 (p) | 798,412 | ||||||
| 1,000,000 | Ohio State Water Development Authority, Series B (RB) 4.00%, 06/03/19 (p) | 1,069,410 | ||||||
| 450,000 | State of Ohio, Higher Education, Series B (GO) 5.00%, 08/01/16 | 485,996 | ||||||
| 1,000,000 | State of Ohio, Higher Education, Series C (GO) 5.00%, 08/01/16 | 1,079,990 | ||||||
| 50,000 | State of Ohio, Highway Capital Improvement, Series Q (GO) 5.00%, 05/01/18 | 57,174 | ||||||
| 400,000 | State of Ohio, Major New State Infrastructure Project, Series 3 (RB) 5.00%, 12/15/15 | 421,300 | ||||||
| 985,000 | State of Ohio, Third Frontier Research and Development, Series A (GO) 3.00%, 05/01/20 | 1,067,986 | ||||||
| 4,980,268 | ||||||||
| Pennsylvania: 3.6% | ||||||||
| 650,000 | City of Philadelphia, Water and Wastewater Revenue, Series A (RB) (AGM) 5.00%, 06/15/18 | 740,740 | ||||||
| Commonwealth of Pennsylvania, First Refunding Series (GO) | ||||||||
| 1,000,000 | 5.00%, 07/01/17 | 1,114,610 | ||||||
| 900,000 | 5.00%, 06/15/18 | 1,029,771 | ||||||
| 1,000,000 | 5.00%, 07/01/18 | 1,145,160 | ||||||
| Commonwealth of Pennsylvania, First Series (GO) | ||||||||
| 1,105,000 | 5.00%, 11/15/18 | 1,278,109 | ||||||
| 1,000,000 | 5.00%, 04/01/19 | 1,163,980 | ||||||
| 300,000 | 5.00%, 06/01/19 | 350,424 | ||||||
| 200,000 | Commonwealth of Pennsylvania, Second Series (GO) 5.00%, 10/15/15 | 209,210 | ||||||
| 300,000 | Commonwealth of Pennsylvania, Third Series C (GO) 5.00%, 07/15/16 | 323,067 | ||||||
See Notes to Financial Statements
| 72 |
| Principal Amount | Value | |||||||
| Pennsylvania: (continued) | ||||||||
| Pennsylvania Economic Development, Unemployment Compensation, Series A (RB) | ||||||||
| $ | 200,000 | 5.00%, 07/01/15 | $ | 206,394 | ||||
| 550,000 | 5.00%, 07/01/17 | 614,119 | ||||||
| 1,250,000 | 5.00%, 07/01/18 | 1,436,312 | ||||||
| 9,611,896 | ||||||||
| South Carolina: 1.3% | ||||||||
| 1,000,000 | Piedmont Municipal Power Agency, Series A (RB) 5.00%, 01/01/17 | 1,090,020 | ||||||
| South Carolina Public Service Authority, Series B (RB) | ||||||||
| 1,160,000 | 5.00%, 12/01/15 | 1,219,218 | ||||||
| 1,000,000 | 5.00%, 12/01/18 | 1,155,320 | ||||||
| 3,464,558 | ||||||||
| Tennessee: 0.4% | ||||||||
| 485,000 | City of Memphis, Electric System Revenue (RB) 5.00%, 12/01/16 | 530,251 | ||||||
| 400,000 | Metropolitan Government of Nashville and Davidson County, Series A (GO) 5.00%, 07/01/18 | 459,464 | ||||||
| 989,715 | ||||||||
| Texas: 6.5% | ||||||||
| 550,000 | City of Dallas, Fort Worth International Airport, Series B (RB) 5.00%, 11/01/18 | 634,183 | ||||||
| 500,000 | City of Dallas, Texas (GO) 5.00%, 02/15/18 | 568,320 | ||||||
| 750,000 | City of Houston, Combined Utility System, Series C (RB) 5.00%, 11/15/15 | 786,547 | ||||||
| City of Houston, Series A (GO) | ||||||||
| 460,000 | 5.00%, 03/01/18 | 523,535 | ||||||
| 1,190,000 | 5.00%, 03/01/20 | 1,410,293 | ||||||
| 300,000 | City of San Antonio, Series D (RB) 5.00%, 02/01/17 | 329,874 | ||||||
| 795,000 | City of San Antonio, Water System Revenue (RB) 5.00%, 05/15/20 | 946,726 | ||||||
| 1,000,000 | Clear Creek Independent School District, Series B (GO) 3.00%, 08/14/19 (p) | 1,075,560 | ||||||
| 500,000 | Dallas Independent School District (GO) 4.00%, 08/15/16 | 532,130 | ||||||
| 250,000 | Harris County, Texas Metropolitan Transit Authority, Series B (RB) 5.00%, 11/01/16 | 272,603 | ||||||
| 375,000 | Harris County, Texas Permanent Improvement, Series B (GO) 5.00%, 10/01/19 | 442,883 | ||||||
| 265,000 | Houston Independent School District, Series C (GO) 5.00%, 02/15/19 | 309,276 | ||||||
| Lower Colorado River Authority (RB) | ||||||||
| 935,000 | 4.00%, 05/15/18 | 1,032,333 | ||||||
| 630,000 | 5.00%, 05/15/16 | 673,092 | ||||||
| Principal Amount | Value | |||||||
| Texas: (continued) | ||||||||
| $ | 300,000 | Lower Colorado River Authority, LCRA Transmission Service Corp. Project, Series A (RB) 5.00%, 05/15/17 | $ | 331,149 | ||||
| 1,500,000 | Lower Colorado River Authority, Series B (RB) 5.00%, 05/15/19 | 1,746,135 | ||||||
| 500,000 | Northside Independent School District (GO) 2.00%, 08/01/19 (p) | 512,315 | ||||||
| 500,000 | Northside Independent School District, Series A (GO) 2.00%, 06/01/19 (p) | 511,230 | ||||||
| 1,410,000 | Texas Public Finance Authority (GO) 5.00%, 10/01/18 | 1,630,186 | ||||||
| 815,000 | Texas Public Finance Authority, Series A (GO) 4.00%, 10/01/19 | 924,226 | ||||||
| 850,000 | Texas Public Finance Authority, Unemployment Compensation, Series A (RB) 5.00%, 07/01/16 | 915,484 | ||||||
| 50,000 | Texas Public Finance Authority, Unemployment Compensation, Series B (RB) 5.00%, 07/01/15 (c) | 51,599 | ||||||
| 250,000 | Texas State University System, Board of Regents (RB) 5.00%, 03/15/18 | 284,660 | ||||||
| 500,000 | Texas Transportation Commission, Highway Improvement, Series A (GO) 5.00%, 04/01/19 | 584,100 | ||||||
| 210,000 | Texas Transportation Commission, Series A (RB) 5.00%, 04/01/17 | 232,621 | ||||||
| 17,261,060 | ||||||||
| Utah: 0.7% | ||||||||
| 125,000 | State of Utah, Series A (GO) 5.00%, 07/01/16 | 134,413 | ||||||
| 650,000 | State of Utah, Series C (GO) 5.00%, 07/01/18 | 747,896 | ||||||
| 825,000 | Utah State Board of Regents, Series EE-2 (RB) 4.50%, 11/01/17 | 915,956 | ||||||
| 1,798,265 | ||||||||
| Virginia: 0.6% | ||||||||
| 500,000 | City of Norfolk, Water Revenue (RB) 5.00%, 11/01/19 | 590,410 | ||||||
| 500,000 | Virginia College Building Authority, 21st Century College & Equipment Programs Educational Facilities, Series A (RB) 5.00%, 02/01/19 | 580,760 | ||||||
| 500,000 | Virginia College Building Authority, Public Higher Education Financing Program, Series A-1 (RB) 5.00%, 09/01/17 | 560,570 | ||||||
| 1,731,740 | ||||||||
See Notes to Financial Statements
| 73 |
SHORT MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal Amount | Value | |||||||
| Washington: 4.1% | ||||||||
| City of Seattle, Municipal Light and Power, Series B (RB) | ||||||||
| $ | 400,000 | 5.00%, 02/01/17 | $ | 439,172 | ||||
| 555,000 | 5.00%, 06/01/19 | 647,208 | ||||||
| 1,650,000 | Energy Northwest, Columbia Generating Station Electric, Series A (RB) 5.00%, 07/01/19 | 1,940,416 | ||||||
| 265,000 | Port of Seattle, Passenger Facility Charge Revenue, Series A (RB) 5.00%, 12/01/17 | 299,659 | ||||||
| 100,000 | Renton School District No. 403 (GO) (SBG) 5.00%, 12/01/18 | 116,139 | ||||||
| Washington State Federal Highway Grant Anticipation, Series C (RB) | ||||||||
| 1,765,000 | 5.00%, 09/01/18 | 2,028,373 | ||||||
| 1,000,000 | 5.00%, 09/01/19 | 1,171,360 | ||||||
| 475,000 | Washington State, Motor Vehicle Fuel Tax, Series C (GO) 5.00%, 07/01/17 | 530,243 | ||||||
| 500,000 | Washington State, Motor Vehicle Fuel Tax, Series R-C (GO) 5.00%, 07/01/19 | 586,765 | ||||||
| 500,000 | Washington State, Various Purpose, Series B (GO) 5.00%, 07/01/17 | 558,150 | ||||||
| Washington State, Various Purpose, Series R-A (GO) | ||||||||
| 540,000 | 5.00%, 01/01/18 | 612,338 | ||||||
| 1,000,000 | 5.00%, 01/01/19 | 1,161,080 | ||||||
| Principal Amount | Value | |||||||
| Washington: (continued) | ||||||||
| $ | 250,000 | Washington State, Various Purpose, Series R-C (GO) 5.00%, 07/01/19 | $ | 293,383 | ||||
| 675,000 | Washington State, Various Purpose, Series R-D (GO) 5.00%, 07/01/15 | 696,485 | ||||||
| 11,080,771 | ||||||||
| Wisconsin: 0.9% | ||||||||
| 250,000 | City of Milwaukee, Series N2 (GO) 5.00%, 05/01/19 | 291,873 | ||||||
| 1,380,000 | State of Wisconsin, Series 1 (GO) 5.00%, 05/01/17 | 1,530,862 | ||||||
| State of Wisconsin, Series 2 (GO) | ||||||||
| 305,000 | 5.00%, 11/01/18 | 353,239 | ||||||
| 150,000 | 5.00%, 05/01/19 | 175,482 | ||||||
| 2,351,456 | ||||||||
| Total Municipal Bonds (Cost: $261,494,733) | 263,238,791 | |||||||
| Number | ||||||||
| of Shares | ||||||||
| MONEY MARKET FUND: 0.3% (Cost: $768,066) | ||||||||
| 768,066 | Dreyfus Tax Exempt Cash Management Fund – Class B Shares | 768,066 | ||||||
| Total Investments: 98.7% (Cost: $262,262,799) | 264,006,857 | |||||||
| Other assets less liabilities: 1.3% | 3,356,247 | |||||||
| NET ASSETS: 100.0% | $ | 267,363,104 | ||||||
| AGM | Assured Guaranty Municipal Corp. |
| CP | Certificate of Participation |
| GO | General Obligation |
| 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 |
| (p) | Puttable Security – the redemption date shown is when the security may be redeemed by the investor |
| Summary of Investments by Sector (unaudited) | % of Investments | Value | ||||||
| Airport | 1.5 | % | $ | 3,851,830 | ||||
| Bond Bank | 0.1 | 323,898 | ||||||
| Development | 3.0 | 8,013,490 | ||||||
| Education | 4.0 | 10,479,994 | ||||||
| Facilities | 3.2 | 8,351,676 | ||||||
| General Obligation | 50.9 | 134,349,236 | ||||||
| Higher Education | 4.6 | 12,209,256 | ||||||
| Medical | 3.8 | 9,931,753 | ||||||
| Pollution | 1.3 | 3,422,761 | ||||||
| Power | 8.1 | 21,539,264 | ||||||
| School District | 2.7 | 7,136,363 | ||||||
| Student Loan | 0.3 | 915,956 | ||||||
| Transportation | 12.7 | 33,469,709 | ||||||
| Water | 3.5 | 9,243,605 | ||||||
| Money Market Fund | 0.3 | 768,066 | ||||||
| 100.0 | % | $ | 264,006,857 | |||||
See Notes to Financial Statements
| 74 |
The summary of inputs used to value the Fund’s investments as of October 31, 2014 is as follows:
| Level 2 | Level 3 | |||||||||||||||
| Level 1 | Significant | Significant | ||||||||||||||
| Quoted | Observable | Unobservable | ||||||||||||||
| Prices | Inputs | Inputs | Value | |||||||||||||
| Municipal Bonds* | $ | — | $ | 263,238,791 | $ | — | $ | 263,238,791 | ||||||||
| Money Market Fund | 768,066 | — | — | 768,066 | ||||||||||||
| Total | $ | 768,066 | $ | 263,238,791 | $ | — | $ | 264,006,857 | ||||||||
| * | See Schedule of Investments for security type and geographic sector breakouts. |
There were no transfers between levels during the period ended October 31, 2014.
See Notes to Financial Statements
| 75 |
MARKET VECTORS ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
October 31, 2014 (unaudited)
| CEF | High-Yield | Intermediate | |||||||||||||
| Municipal Income | Municipal Index | Municipal Index | |||||||||||||
| ETF | ETF | ETF | |||||||||||||
| Assets: | |||||||||||||||
| Investments, at value (1) | $ | 37,772,273 | $ | 1,296,746,801 | $ | 769,959,923 | |||||||||
| Cash | — | — | 484,341 | ||||||||||||
| Receivables: | |||||||||||||||
| Investment securities sold | — | 2,251,417 | — | ||||||||||||
| Shares sold | — | 3,091,927 | 2,392,773 | ||||||||||||
| Dividends and interest | 131,155 | 22,882,501 | 9,276,434 | ||||||||||||
| Prepaid expenses | 409 | — | — | ||||||||||||
| Total assets | 37,903,837 | 1,324,972,646 | 782,113,471 | ||||||||||||
| Liabilities: | |||||||||||||||
| Payables: | |||||||||||||||
| Investment securities purchased | — | 11,426,393 | 4,579,839 | ||||||||||||
| Due to Adviser | 5,951 | 379,925 | 155,254 | ||||||||||||
| Deferred Trustee fees | 1,527 | 3,184 | 3,000 | ||||||||||||
| Accrued expenses | 69,866 | — | — | ||||||||||||
| Total liabilities | 77,344 | 11,809,502 | 4,738,093 | ||||||||||||
| NET ASSETS | $ | 37,826,493 | $ | 1,313,163,144 | $ | 777,375,378 | |||||||||
| Shares outstanding | 1,450,000 | 42,600,000 | 33,000,000 | ||||||||||||
| Net asset value, redemption and offering price per share | $ | 26.09 | $ | 30.83 | $ | 23.56 | |||||||||
| Net assets consist of: | |||||||||||||||
| Aggregate paid in capital | $ | 40,127,602 | $ | 1,299,556,967 | $ | 752,243,375 | |||||||||
| Net unrealized appreciation (depreciation) | (1,439,859 | ) | 29,474,577 | 22,401,180 | |||||||||||
| Undistributed (accumulated) net investment income (loss) | 178,059 | 8,429,314 | 1,581,130 | ||||||||||||
| Accumulated net realized gain (loss) | (1,039,309 | ) | (24,297,714 | ) | 1,149,693 | ||||||||||
| $ | 37,826,493 | $ | 1,313,163,144 | $ | 777,375,378 | ||||||||||
| (1) Cost of investments | $ | 39,212,132 | $ | 1,267,272,224 | $ | 747,558,743 | |||||||||
See Notes to Financial Statements
| 76 |
| Long | Pre-Refunded | Short High-Yield | Short | ||||||||||||||||||
| Municipal Index | Municipal Index | Municipal Index | Municipal Index | ||||||||||||||||||
| ETF | ETF | ETF | ETF | ||||||||||||||||||
| $ | 88,291,032 | $ | 26,736,404 | $ | 70,806,168 | $ | 264,006,857 | ||||||||||||||
| — | — | — | — | ||||||||||||||||||
| — | — | 235,105 | — | ||||||||||||||||||
| — | — | — | — | ||||||||||||||||||
| 1,194,556 | 430,895 | 1,044,494 | 3,403,108 | ||||||||||||||||||
| — | — | — | — | ||||||||||||||||||
| 89,485,588 | 27,167,299 | 72,085,767 | 267,409,965 | ||||||||||||||||||
| — | — | 794,362 | — | ||||||||||||||||||
| 18,070 | 5,879 | 21,151 | 45,246 | ||||||||||||||||||
| 1,517 | 865 | — | 1,600 | ||||||||||||||||||
| — | — | 327 | 15 | ||||||||||||||||||
| 19,587 | 6,744 | 815,840 | 46,861 | ||||||||||||||||||
| $ | 89,466,001 | $ | 27,160,555 | $ | 71,269,927 | $ | 267,363,104 | ||||||||||||||
| 4,550,000 | 1,100,000 | 2,800,000 | 15,150,000 | ||||||||||||||||||
| $ | 19.66 | $ | 24.69 | $ | 25.45 | $ | 17.65 | ||||||||||||||
| $ | 87,980,461 | $ | 27,273,403 | $ | 70,732,825 | $ | 265,333,442 | ||||||||||||||
| 4,248,642 | 312,336 | 895,054 | 1,744,058 | ||||||||||||||||||
| 292,888 | (28,642 | ) | 293,907 | 262,639 | |||||||||||||||||
| (3,055,990 | ) | (396,542 | ) | (651,859 | ) | 22,965 | |||||||||||||||
| $ | 89,466,001 | $ | 27,160,555 | $ | 71,269,927 | $ | 267,363,104 | ||||||||||||||
| $ | 84,042,389 | $ | 26,424,067 | $ | 69,911,114 | $ | 262,262,799 | ||||||||||||||
See Notes to Financial Statements
| 77 |
MARKET VECTORS ETF TRUST
For the Six Months Ended October 31, 2014 (unaudited)
| CEF Municipal Income ETF | High-Yield Municipal Index ETF | Intermediate Municipal Index ETF | |||||||||||||||
| Income: | |||||||||||||||||
| Dividends | $ | 1,044,323 | $ | — | $ | — | |||||||||||
| Interest | — | 32,299,514 | 9,585,438 | ||||||||||||||
| Total income | 1,044,323 | 32,299,514 | 9,585,438 | ||||||||||||||
| Expenses: | |||||||||||||||||
| Management fees | 70,133 | 1,988,820 | 837,471 | ||||||||||||||
| Professional fees | 17,050 | — | — | ||||||||||||||
| Insurance | 285 | — | — | ||||||||||||||
| Trustees’ fees and expenses | 1,856 | — | — | ||||||||||||||
| Reports to shareholders | 5,590 | — | — | ||||||||||||||
| Indicative optimized portfolio value fee | 3,049 | — | — | ||||||||||||||
| Custodian fees | 434 | — | — | ||||||||||||||
| Registration fees | 3,781 | — | — | ||||||||||||||
| Transfer agent fees | 1,239 | — | — | ||||||||||||||
| Fund accounting fees | 1,871 | — | — | ||||||||||||||
| Interest | 52 | 607 | 116 | ||||||||||||||
| Other | 555 | — | — | ||||||||||||||
| Total expenses | 105,895 | 1,989,427 | 837,587 | ||||||||||||||
| Waiver of management fees | (35,709 | ) | — | — | |||||||||||||
| Net expenses | 70,186 | 1,989,427 | 837,587 | ||||||||||||||
| Net investment income | 974,137 | 30,310,087 | 8,747,851 | ||||||||||||||
| Net realized gain (loss) on: | |||||||||||||||||
| Investments | (146,632 | ) | (5,385,756 | ) | 166,224 | ||||||||||||
| In-kind redemptions | 13,171 | 1,227,550 | 2,774,407 | ||||||||||||||
| Net realized gain (loss) | (133,461 | ) | (4,158,206 | ) | 2,940,631 | ||||||||||||
| Net change in unrealized appreciation (depreciation) on: | |||||||||||||||||
| Investments | 853,150 | 34,355,218 | 11,342,893 | ||||||||||||||
| Net change in unrealized appreciation (depreciation) | 853,150 | 34,355,218 | 11,342,893 | ||||||||||||||
| Net Increase in Net Assets Resulting from Operations | $ | 1,693,826 | $ | 60,507,099 | $ | 23,031,375 | |||||||||||
See Notes to Financial Statements
| 78 |
| Long | Pre-Refunded | Short High-Yield | Short | ||||||||||||||||||
| Municipal Index | Municipal Index | Municipal Index | Municipal Index | ||||||||||||||||||
| ETF | ETF | ETF | ETF | ||||||||||||||||||
| $ | — | $ | — | $ | — | $ | — | ||||||||||||||
| 1,687,503 | 177,625 | 1,145,554 | 1,719,931 | ||||||||||||||||||
| 1,687,503 | 177,625 | 1,145,554 | 1,719,931 | ||||||||||||||||||
| 99,386 | 39,111 | 100,518 | 251,847 | ||||||||||||||||||
| — | — | — | — | ||||||||||||||||||
| — | — | — | — | ||||||||||||||||||
| — | — | — | — | ||||||||||||||||||
| — | — | — | — | ||||||||||||||||||
| — | — | — | — | ||||||||||||||||||
| — | — | — | — | ||||||||||||||||||
| — | — | — | — | ||||||||||||||||||
| — | — | — | — | ||||||||||||||||||
| — | — | — | — | ||||||||||||||||||
| — | 95 | 574 | 34 | ||||||||||||||||||
| — | — | — | — | ||||||||||||||||||
| 99,386 | 39,206 | 101,092 | 251,881 | ||||||||||||||||||
| — | — | — | — | ||||||||||||||||||
| 99,386 | 39,206 | 101,092 | 251,881 | ||||||||||||||||||
| 1,588,117 | 138,419 | 1,044,462 | 1,468,050 | ||||||||||||||||||
| (489,006 | ) | 59,063 | (571,250 | ) | (70,127 | ) | |||||||||||||||
| 60,425 | 134,069 | 11,827 | 204,509 | ||||||||||||||||||
| (428,581 | ) | 193,132 | (559,423 | ) | 134,382 | ||||||||||||||||
| 3,341,535 | (170,065 | ) | 767,357 | 394,518 | |||||||||||||||||
| 3,341,535 | (170,065 | ) | 767,357 | 394,518 | |||||||||||||||||
| $ | 4,501,071 | $ | 161,486 | $ | 1,252,396 | $ | 1,996,950 | ||||||||||||||
See Notes to Financial Statements
| 79 |
MARKET VECTORS ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| CEF Municipal Income ETF | High-Yield Municipal Index ETF | ||||||||||||||||||||||
| For the | For the | ||||||||||||||||||||||
| Six Months | For the Year | Six Months | For the Year | ||||||||||||||||||||
| Ended | Ended | Ended | Ended | ||||||||||||||||||||
| October 31, | April 30, | October 31, | April 30, | ||||||||||||||||||||
| 2014 | 2014 | 2014 | 2014 | ||||||||||||||||||||
| (unaudited) | (unaudited) | ||||||||||||||||||||||
| Operations: | |||||||||||||||||||||||
| Net investment income | $ | 974,137 | $ | 1,533,787 | $ | 30,310,087 | $ | 48,971,641 | |||||||||||||||
| Net realized gain (loss) | (133,461 | ) | (831,361 | ) | (4,158,206 | ) | (35,842,202 | ) | |||||||||||||||
| Net change in unrealized appreciation (depreciation) | 853,150 | (1,577,011 | ) | 34,355,218 | (66,371,174 | ) | |||||||||||||||||
| Net increase (decrease) in net assets resulting from operations | 1,693,826 | (874,585 | ) | 60,507,099 | (53,241,735 | ) | |||||||||||||||||
| Dividends and Distributions to shareholders: | |||||||||||||||||||||||
| Dividends from net investment income | (959,275 | ) | (1,492,015 | ) | (27,242,050 | ) | (49,806,400 | ) | |||||||||||||||
| Distributions from net realized capital gains | — | — | — | (2,773,260 | ) | ||||||||||||||||||
| Total Dividends and Distributions | (959,275 | ) | (1,492,015 | ) | (27,242,050 | ) | (52,579,660 | ) | |||||||||||||||
| Share transactions:** | |||||||||||||||||||||||
| Proceeds from sale of shares | 7,725,642 | 18,440,829 | 341,346,712 | 241,356,929 | |||||||||||||||||||
| Cost of shares redeemed | (2,575,709 | ) | (9,594,941 | ) | (39,261,698 | ) | (288,263,858 | ) | |||||||||||||||
| Increase (Decrease) in net assets resulting from share transactions | 5,149,933 | 8,845,888 | 302,085,014 | (46,906,929 | ) | ||||||||||||||||||
| Total increase (decrease) in net assets | 5,884,484 | 6,479,288 | 335,350,063 | (152,728,324 | ) | ||||||||||||||||||
| Net Assets, beginning of period | 31,942,009 | 25,462,721 | 977,813,081 | 1,130,541,405 | |||||||||||||||||||
| Net Assets, end of period† | $ | 37,826,493 | $ | 31,942,009 | $ | 1,313,163,144 | $ | 977,813,081 | |||||||||||||||
| † Including undistributed (accumulated) net investment income (loss) | $ | 178,059 | $ | 163,197 | $ | 8,429,314 | $ | 5,361,277 | |||||||||||||||
| ** Shares of Common Stock Issued (no par value) | |||||||||||||||||||||||
| Shares sold | 300,000 | 750,000 | 11,200,000 | 8,200,000 | |||||||||||||||||||
| Shares redeemed | (100,000 | ) | (400,000 | ) | (1,300,000 | ) | (9,500,000 | ) | |||||||||||||||
| Net increase (decrease) | 200,000 | 350,000 | 9,900,000 | (1,300,000 | ) | ||||||||||||||||||
See Notes to Financial Statements
| 80 |
| Intermediate Municipal Index ETF | Long Municipal Index ETF | Pre-Refunded Municipal Index ETF | |||||||||||||||||||||
| For the | For the | For the | |||||||||||||||||||||
| Six Months | For the Year | Six Months | For the Year | Six Months | For the Year | ||||||||||||||||||
| Ended | Ended | Ended | Ended | Ended | Ended | ||||||||||||||||||
| October 31, | April 30, | October 31, | April 30, | October 31, | April 30, | ||||||||||||||||||
| 2014 | 2014 | 2014 | 2014 | 2014 | 2014 | ||||||||||||||||||
| (unaudited) | (unaudited) | (unaudited) | |||||||||||||||||||||
| $ | 8,747,851 | $ | 15,916,385 | $ | 1,588,117 | $ | 3,558,597 | $ | 138,419 | $ | 340,280 | ||||||||||||
| 2,940,631 | (6,117,289 | ) | (428,581 | ) | (3,733,903 | ) | 193,132 | (460,182 | ) | ||||||||||||||
| 11,342,893 | (21,643,793 | ) | 3,341,535 | (5,921,217 | ) | (170,065 | ) | (401,973 | ) | ||||||||||||||
| 23,031,375 | (11,844,697 | ) | 4,501,071 | (6,096,523 | ) | 161,486 | (521,875 | ) | |||||||||||||||
| (8,459,030 | ) | (16,144,350 | ) | (1,575,925 | ) | (3,686,580 | ) | (169,220 | ) | (382,660 | ) | ||||||||||||
| — | — | — | — | — | — | ||||||||||||||||||
| (8,459,030 | ) | (16,144,350 | ) | (1,575,925 | ) | (3,686,580 | ) | (169,220 | ) | (382,660 | ) | ||||||||||||
| 251,584,666 | 252,701,369 | 21,331,439 | 35,141,472 | 4,932,965 | 2,463,763 | ||||||||||||||||||
| (113,900,068 | ) | (346,169,158 | ) | (11,587,505 | ) | (69,466,413 | ) | (12,343,639 | ) | — | |||||||||||||
| 137,684,598 | (93,467,789 | ) | 9,743,934 | (34,324,941 | ) | (7,410,674 | ) | 2,463,763 | |||||||||||||||
| 152,256,943 | (121,456,836 | ) | 12,669,080 | (44,108,044 | ) | (7,418,408 | ) | 1,559,228 | |||||||||||||||
| 625,118,435 | 746,575,271 | 76,796,921 | 120,904,965 | 34,578,963 | 33,019,735 | ||||||||||||||||||
| $ | 777,375,378 | $ | 625,118,435 | $ | 89,466,001 | $ | 76,796,921 | $ | 27,160,555 | $ | 34,578,963 | ||||||||||||
| $ | 1,581,130 | $ | 1,292,309 | $ | 292,888 | $ | 280,696 | $ | (28,642 | ) | $ | 2,159 | |||||||||||
| 10,800,000 | 11,200,000 | 1,100,000 | 1,900,000 | 200,000 | 100,000 | ||||||||||||||||||
| (4,900,000 | ) | (15,500,000 | ) | (600,000 | ) | (3,800,000 | ) | (500,000 | ) | — | |||||||||||||
| 5,900,000 | (4,300,000 | ) | 500,000 | (1,900,000 | ) | (300,000 | ) | 100,000 | |||||||||||||||
See Notes to Financial Statements
| 81 |
MARKET VECTORS ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
(continued)
| Short High-Yield Municipal Index ETF | Short Municipal Index ETF | |||||||||||||||
| For the | For the Period | For the | ||||||||||||||
| Six Months | January 13, | Six Months | For the Year | |||||||||||||
| Ended | 2014* through | Ended | Ended | |||||||||||||
| October 31, | April 30, | October 31, | April 30, | |||||||||||||
| 2014 | 2014 | 2014 | 2014 | |||||||||||||
| (unaudited) | (unaudited) | |||||||||||||||
| Operations: | ||||||||||||||||
| Net investment income | $ | 1,044,462 | $ | 167,458 | $ | 1,468,050 | $ | 3,092,421 | ||||||||
| Net realized gain (loss) | (559,423 | ) | (77,244 | ) | 134,382 | (535,016 | ) | |||||||||
| Net change in unrealized appreciation (depreciation) | 767,357 | 127,697 | 394,518 | (1,654,584 | ) | |||||||||||
| Net increase in net assets resulting from operations | 1,252,396 | 217,911 | 1,996,950 | 902,821 | ||||||||||||
| Dividends to shareholders: | ||||||||||||||||
| Dividends from net investment income | (843,100 | ) | (75,000 | ) | (1,455,770 | ) | (3,085,320 | ) | ||||||||
| Share transactions:** | ||||||||||||||||
| Proceeds from sale of shares | 48,137,254 | 30,156,740 | 63,490,793 | 121,412,008 | ||||||||||||
| Cost of shares redeemed | (5,044,346 | ) | (2,531,928 | ) | (38,800,142 | ) | (82,603,960 | ) | ||||||||
| Increase in net assets resulting from share transactions | 43,092,908 | 27,624,812 | 24,690,651 | 38,808,048 | ||||||||||||
| Total increase in net assets | 43,502,204 | 27,767,723 | 25,231,831 | 36,625,549 | ||||||||||||
| Net Assets, beginning of period | 27,767,723 | — | 242,131,273 | 205,505,724 | ||||||||||||
| Net Assets, end of period† | $ | 71,269,927 | $ | 27,767,723 | $ | 267,363,104 | $ | 242,131,273 | ||||||||
| † Including undistributed net investment income | $ | 293,907 | $ | 92,545 | $ | 262,639 | $ | 250,359 | ||||||||
| ** Shares of Common Stock Issued (no par value) | ||||||||||||||||
| Shares sold | 1,900,000 | 1,200,000 | 3,600,000 | 6,900,000 | ||||||||||||
| Shares redeemed | (200,000 | ) | (100,000 | ) | (2,200,000 | ) | (4,700,000 | ) | ||||||||
| Net increase | 1,700,000 | 1,100,000 | 1,400,000 | 2,200,000 | ||||||||||||
| * | Commencement of operations |
See Notes to Financial Statements
| 82 |
For a share outstanding throughout the period:
| (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 at the net asset value 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
| 83 |
MARKET VECTORS ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout the period:
| (a) | Amount represents less than $0.005 per share. |
| (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 at the net asset value 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
| 84 |
FINANCIAL HIGHLIGHTS
For a share outstanding throughout the period:
| (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 at the net asset value 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
| 85 |
MARKET VECTORS ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout the period:
| (a) | Amount represents less than $0.005 per share. |
| (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 at the net asset value 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
| 86 |
MARKET VECTORS ETF TRUST
October 31, 2014 (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, 2014, offers fifty nine investment portfolios, each of which represents a separate series of the Trust.
These financial statements relate only to the following investment portfolios: 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”), Short High-Yield Municipal Index ETF (“Short High-Yield”) 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 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. CEF Municipal seeks to achieve its objectives through a portfolio of securities in substantially the same weighting as its index.
The Funds’ commencement of operations dates and their respective Indices are presented below:
| Fund | Commencement of Operations | Index | ||
| CEF Municipal | July 12, 2011 | S-Network Municipal Bond Closed-End Fund IndexSM | ||
| High-Yield | February 4, 2009 | Barclays Municipal Custom High Yield Composite Index | ||
| Intermediate | December 4, 2007 | Barclays AMT-Free Intermediate Continuous Municipal Index | ||
| Long | January 2, 2008 | Barclays AMT-Free Long Continuous Municipal Index | ||
| Pre-Refunded | February 2, 2009 | Barclays Municipal Pre-Refunded-Treasury-Escrowed Index | ||
| Short High-Yield | January 13, 2014 | Barclays Municipal High Yield Short Duration Index | ||
| Short | February 22, 2008 | Barclays 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 Funds are investment companies and are following accounting and reporting requirements of Accounting Standard Codification (“ASC”) 946 Financial Services - Investment Companies.
The following is a summary of significant accounting policies followed by the Funds.
| A. | Security Valuation–The Funds value their investments in securities and other assets and liabilities carried at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. 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). 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 and/or (ii) quotations from bond dealers to determine current value and are categorized as Level 2 in the fair value hierarchy. Money market fund investments are valued at net asset value and are categorized as Level 1 in the fair value hierarchy. Short-term obligations with more than sixty days remaining to maturity are valued at market value. Short-term obligations with sixty days or less to maturity |
| 87 |
MARKET VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
| 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 the Pricing Committee of the Adviser appointed by the Board of Trustees. The Pricing Committee provides oversight of the Funds’ valuation policies and procedures, which are approved by the Funds’ Board of Trustees. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments for which market prices are not readily available. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, transactional back-testing and disposition analysis. | |
| Certain factors such as economic conditions, political events, market trends, the nature of and duration of any restrictions on disposition, trading in similar securities of the issuer or comparable issuers and other security specific information are used to determine the fair value of these securities. Depending on the relative significance of valuation inputs, these securities may be classified either as Level 2 or Level 3 in the fair value hierarchy. The price which the Funds may realize upon sale of an investment may differ materially from the value presented in the Schedules of Investments. | |
| The Funds utilize various methods to measure the fair value of its investments on a recurring basis which includes a hierarchy that prioritizes inputs to valuation methods used to measure fair value. The fair value 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 transfers between levels of the fair value hierarchy assume the financial instruments were transferred at the beginning of the reporting period. The three levels of the fair value hierarchy are described below: | |
| Level 1 – Quoted prices in active markets for identical securities. | |
| 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). | |
| A summary of the inputs, the levels used to value the Funds’ investments, and transfers between levels are located in the Schedules of Investments. Additionally, tables that reconcile the valuation of the Funds’ Level 3 investments and that present additional information about valuation methodologies and unobservable inputs, if applicable, are located in the Schedules 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. 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. | 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, if any, is included at the end of each Fund’s Schedule of Investments. |
| E. | 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 |
| 88 |
| 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 derivative instruments also involves the risk of loss if the investment adviser is incorrect in its expectation of the timing or level of fluctuations 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 instruments. The Funds held no derivative instruments during the period ended October 31, 2014. | |
| F. | 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. Dividend income is recorded on the ex-dividend date. The Funds record distributions received in excess of income from underlying investments as a reduction of cost of investments and/or an increase in realized gain. Such amounts are based upon estimates if actual amounts are not available, and actual amounts of income, realized gain and return of capital may differ from estimated amounts. 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. |
| 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 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, Short High-Yield 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. For CEF Municipal, the Adviser voluntarily waived its fees and assumed certain fund expenses during this period to limit total annual operating expenses to the expense limitation listed below.
The current management fee rate, expense limitation and the amounts waived/assumed by the Adviser for the period ended October 31, 2014 are as follows:
| Fund | Expense Limitation | Management Fee Rate | Waiver of Management Fees | |||
| CEF Municipal* | 0.40% | 0.40% | $35,709 |
| * | The Adviser has agreed, at least until September 1, 2015, to voluntarily waive or limit its fees and to assume as its own expense certain expenses otherwise payable by the Fund so that the Fund’s total annual operating expenses do not exceed the expense limitation, excluding acquired fund fees and expenses, interest expense, offering cost, trading expenses, taxes and extraordinary expenses. |
| Fund | Unitary Management Fee Rate | |||
| High-Yield | 0.35 | % | ||
| Intermediate | 0.24 | |||
| Long | 0.24 | |||
| Pre-Refunded | 0.24 | |||
| Short High-Yield | 0.35 | |||
| Short | 0.20 | |||
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.
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MARKET VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
Note 4–Investments–For the period ended October 31, 2014, 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 Purchased | Proceeds from Investments Sold | ||||||
| CEF Municipal | $ | 1,017,840 | $ | 1,026,443 | ||||
| High-Yield | 379,495,134 | 47,838,919 | ||||||
| Intermediate | 147,108,089 | 6,877,150 | ||||||
| Long | 11,925,109 | 2,329,912 | ||||||
| Pre-Refunded | 6,361,732 | 6,295,229 | ||||||
| Short High-Yield | 54,343,100 | 9,574,607 | ||||||
| Short | 30,477,005 | 2,770,200 | ||||||
Note 5–Income Taxes–As of October 31, 2014, 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 Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||||||||||
| CEF Municipal | $ | 39,207,563 | $ | 108,073 | $ | (1,543,363 | ) | $ | (1,435,290 | ) | ||||||
| High-Yield | 1,265,302,791 | 60,480,040 | (29,036,030 | ) | 31,444,010 | |||||||||||
| Intermediate | 747,519,426 | 23,456,555 | (1,016,058 | ) | 22,440,497 | |||||||||||
| Long | 84,035,697 | 4,477,465 | (222,130 | ) | 4,255,335 | |||||||||||
| Pre-Refunded | 26,424,024 | 355,698 | (43,318 | ) | 312,380 | |||||||||||
| Short High-Yield | 69,905,500 | 1,283,556 | (382,888 | ) | 900,668 | |||||||||||
| Short | 262,262,172 | 2,122,523 | (377,838 | ) | 1,744,685 | |||||||||||
The tax character of dividends paid to shareholders during the year ended April 30, 2014 was as follows:
| Fund | Tax-Exempt Dividends April 30, 2014 | Ordinary Income April 30, 2014 | Long-Term Capital Gains April 30, 2014 | |||||||||
| CEF Municipal | $ | 1,478,186 | $ | 13,829 | $ | — | ||||||
| High-Yield | 48,957,547 | 850,630 | 2,771,483 | |||||||||
| Intermediate | 16,046,500 | 97,850 | — | |||||||||
| Long | 3,656,495 | 30,085 | — | |||||||||
| Pre-Refunded | 382,660 | — | — | |||||||||
| Short High-Yield | 74,410 | 590 | — | |||||||||
| Short | 3,032,010 | 53,310 | — | |||||||||
The tax character of current year distributions will be determined at the end of the current fiscal year.
At April 30, 2014, the Funds had capital loss carryforwards available to offset future capital gains, as follows:
| No Expiration Short-Term | No Expiration Long-Term | Amount Expiring in the Year Ended December 31 | ||||||||||||||||||
| Fund | Capital Losses | Capital Losses | April 2019 | April 2018 | April 2017 | |||||||||||||||
| CEF Municipal | $ | 637,819 | $ | 6,218 | $ | — | $ | — | $ | — | ||||||||||
| High-Yield | 1,213,722 | — | — | — | — | |||||||||||||||
| Intermediate | 209 | — | — | — | — | |||||||||||||||
| Long | 310,787 | — | 78,825 | 1,554,202 | 603,978 | |||||||||||||||
| Pre-Refunded | 244,986 | 344,688 | — | — | — | |||||||||||||||
| Short High-Yield | 92,436 | — | — | — | — | |||||||||||||||
| Short | 32,634 | 20,219 | — | — | — | |||||||||||||||
During the year ended April 30, 2014 Short utilized $1,523 of prior year capital loss carryforwards.
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
| 90 |
on return filings for open tax years (tax years ended April 30, 2011 - 2014), 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 ended October 31, 2014, the Funds did not incur any interest or penalties.
Note 6–Capital Share Transactions–As of October 31, 2014, 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 CEF Municipal, which has Creation Units consisting of 50,000 shares, 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, 2014, the Funds had in-kind contributions and redemptions as follows:
| Fund | In-Kind Contributions | In-Kind Redemptions | ||||||
| CEF Municipal | $ | 5,423,936 | $ | 258,107 | ||||
| High-Yield | 17,990,216 | 38,842,745 | ||||||
| Intermediate | 114,050,283 | 113,503,890 | ||||||
| Long | 10,076,505 | 9,935,636 | ||||||
| Pre-Refunded | 4,903,113 | 12,147,463 | ||||||
| Short High-Yield | 4,783,730 | 4,945,293 | ||||||
| Short | 38,656,997 | 38,635,091 | ||||||
The in-kind contributions and in-kind redemptions in this table represent the accumulation of each Fund’s daily net shareholder transactions including rebalancing activity, while the Statements of Changes in Net Assets reflect gross shareholder transactions including any cash component of the transactions.
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 (except CEF Municipal) 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 and Short High-Yield invest 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 and Short 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.
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.
Note 8–Trustee Deferred Compensation Plan–The Trust has a Deferred Compensation Plan (the “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.
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MARKET VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
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 Plan for these Funds and for Short High-Yield are included in “Management fees”. The liability for the 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 CEF Municipal, the expense for the Plan is included in “Trustees’ fees and expenses” in the Statements of Operations. The liability for the Plan is shown as “Deferred Trustee fees” in the Statements of Assets and Liabilities.
Note 9–Bank Line of Credit–The Funds may participate in a $200 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 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, 2014, the following Funds borrowed under this facility:
| Fund | Days Outstanding | Average Daily Loan Balance | Average Interest Rate | |||||||||
| High-Yield | 7 | 2,094,106 | 1.49 | |||||||||
| Intermediate | 5 | 858,192 | 1.48 | |||||||||
| Pre-Refunded | 32 | 72,383 | 1.49 | |||||||||
| Short High-Yield | 33 | 374,288 | 1.49 | |||||||||
| Short | 5 | 151,965 | 1.49 | |||||||||
As of October 31, 2014, the Funds had no outstanding loan balances.
Note 10–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, 2014, there were no offsets to the custodian fees.
Note 11–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, 2014:
| Fund | Ex-Date | Record Date | Payable Date | Per Share | ||||
| CEF Municipal | 11/3/14 | 11/5/14 | 11/7/14 | $0.1150 | ||||
| High-Yield | 11/3/14 | 11/5/14 | 11/7/14 | $0.1200 | ||||
| Intermediate | 11/3/14 | 11/5/14 | 11/7/14 | $0.0475 | ||||
| Long | 11/3/14 | 11/5/14 | 11/7/14 | $0.0608 | ||||
| Pre-Refunded | 11/3/14 | 11/5/14 | 11/7/14 | $0.0164 | ||||
| Short High-Yield | 11/3/14 | 11/5/14 | 11/7/14 | $0.0686 | ||||
| Short | 11/3/14 | 11/5/14 | 11/7/14 | $0.0171 | ||||
| CEF Municipal | 12/1/14 | 12/3/14 | 12/5/14 | $0.1200 | ||||
| High-Yield | 12/1/14 | 12/3/14 | 12/5/14 | $0.1109 | ||||
| Intermediate | 12/1/14 | 12/3/14 | 12/5/14 | $0.0467 | ||||
| Long | 12/1/14 | 12/3/14 | 12/5/14 | $0.0556 | ||||
| Pre-Refunded | 12/1/14 | 12/3/14 | 12/5/14 | $0.0136 | ||||
| Short High-Yield | 12/1/14 | 12/3/14 | 12/5/14 | $0.0622 | ||||
| Short | 12/1/14 | 12/3/14 | 12/5/14 | $0.0160 |
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APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS
(unaudited)
At a meeting held on June 6, 2014 (the “Renewal Meeting”), the Board of Trustees (the “Board”) of Market Vectors ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), approved (i) the continuation of the investment management agreements (the “Municipal Investment Management Agreements”) between the Trust and Van Eck Associates Corporation (the “Adviser”) 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 Municipal Index ETF, New York Long Municipal Index ETF, Ohio Municipal Index ETF, Pennsylvania Municipal Index ETF, Pre-Refunded Municipal Index ETF, Puerto Rico Municipal Index ETF, Short High-Yield Municipal Index ETF and Short Municipal Index ETF (the “Municipal Funds”) and (ii) the continuation of the investment management agreement between the Trust and the Adviser (the “CEF Investment Management Agreement”) with respect to Market Vectors CEF Municipal Income ETF (the “CEF Muni Fund” and together with the Municipal Funds, the “Funds”). The Municipal Investment Management Agreements and the CEF Investment Management Agreement 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 9, 2014. 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 (other index-based exchange-traded funds (“ETFs”)), 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. In reviewing performance and expense information for certain of the Funds against their peer groups, the Trustees considered that some of the Funds generally invest in a different group of issuers than some or all of the other funds in a Fund’s designated peer group. They also considered the fact that Market Vectors Short High-Yield Municipal Index ETF had only recently commenced operations and therefore had no meaningful operational history that could be used for comparative purposes, since the expense information prepared by Lipper was based on estimated amounts and the performance comparisons provided by Lipper covered approximately a one-month period (January 13, 2014 (the date operations commenced for the Fund) through February 28, 2014). For these and other reasons, the Trustees noted that the peer group information did not necessarily provide meaningful direct comparisons to the Funds.
The Independent Trustees’ consideration of the Investment Management Agreements was based, in part, on their review of information obtained through discussions with the Adviser at the Renewal Meeting and the May 9, 2014 meeting and information obtained at other meetings of the Trustees 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 in the management and administration of the Funds. The Trustees also considered the terms of, and scope of services that the Adviser provides under, the Investment Management Agreements, including, with respect to the CEF Muni Fund, the Adviser’s commitment to waive certain fees and/or pay expenses of the CEF Muni Fund to the extent necessary to prevent the operating expenses of the CEF Muni Fund 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. In evaluating the performance over relevant periods of each of the Funds that had commenced operations prior to the date of the Renewal Meeting (the “Operating Funds”), the Trustees reviewed various performance metrics but relied principally on a comparison of the “gross” performance of each Operating Fund (i.e., measured without regard to the impact of fees and expenses) to the performance of its benchmark index, in each case incorporating any fair value adjustments to the underlying securities. Based on the foregoing, the Trustees concluded that the investment performance of the Operating Funds was satisfactory.
The Trustees also considered information relating to the financial condition of the Adviser and the current status, as they understood it, of the Adviser’s compliance environment.
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MARKET VECTORS ETF TRUST
APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS
(unaudited) (continued)
As noted above, the Trustees were also provided various data from Lipper comparing the Operating Funds’ expenses and performance to that of other ETFs. The Trustees noted that the information provided showed that each Operating Fund, except the CEF Muni Fund, had a total expense ratio (after the effect of any applicable expense limitation) below the average and the median of its respective 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 performance of the Operating Funds and 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 and, as noted above, the very limited operating history of Market Vectors Short High-Yield Municipal Index ETF.
The Trustees also considered any other benefits received by the Adviser from serving as adviser to the Funds and from providing certain administrative services to the Funds, and from an affiliate of the Adviser serving as distributor for the Funds.
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 certain 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 of any economies of scale which may exist with shareholders. 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 California Long Municipal Index ETF, Massachusetts Municipal Index ETF, New Jersey Municipal Index ETF, New York Long Municipal Index ETF, Ohio Municipal Index ETF, Pennsylvania Municipal Index ETF and Puerto Rico Municipal Index ETF because the Funds had not yet commenced operations at the time of the Renewal Meeting. The Trustees could not consider the historical performance or the quality of services previously provided to each of these 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.
The Independent Trustees were advised by and met in executive session with their independent counsel at the Renewal Meeting and at their May 9, 2014 meeting, as part of their consideration of the Investment Management Agreements.
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, 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 best interest of each Fund and such Fund’s shareholders.
| 94 |
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.
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.
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.
Investment Adviser: Van Eck Associates Corporation
Distributor: Van Eck Securities Corporation 335 Madison Avenue New York, NY 10017 vaneck.com
Account Assistance: 1.888.MKT.VCTR |
MUNISAR
 | |
| SEMI-ANNUAL REPORT O C T O B E R 3 1 , 2 0 1 4 ( u n a u d i t e d ) | |
| MARKET VECTORS | ||
| CORPORATE BOND ETFs | ||
| Fallen Angel High Yield Bond ETF | ANGL® | |
| Investment Grade Floating Rate ETF | FLTR® | |
| Treasury-Hedged High Yield Bond ETF | THHY® | |
| MARKET VECTORS | ||
| EQUITY INCOME ETFs | ||
| BDC Income ETF | BIZD® | |
| Mortgage REIT Income ETF | MORT® | |
| Preferred Securities ex Financials ETF | PFXF® | |
| MARKET VECTORS | ||
| INTERNATIONAL BOND ETFs | ||
| Emerging Markets Aggregate Bond ETF | EMAG® | |
| Emerging Markets High Yield Bond ETF | HYEM® | |
| Emerging Markets Local Currency Bond ETF | EMLC® | |
| International High Yield Bond ETF | IHY® | |
| Renminbi Bond ETF | CHLC® |
888.MKT.VCTR
marketvectorsetfs.com
The information contained in the management discussion represents the opinions of Market Vectors ETFs and may differ from other persons. This information is not intended to be a forecast of future events, a guarantee of future results or investment advice. The information contained herein regarding each index has been provided by the relevant index provider. Also, unless otherwise specifically noted, any discussion of the Funds’ holdings and the Funds’ performance, and the views of Market Vectors ETFs are as of October 31, 2014, and are subject to change.
(unaudited)
Emerging markets bonds, as an asset class, have evolved significantly over the past 20 years, growing in size, diversity, and liquidity. We believe that while these bonds deserve a permanent place in investor portfolios, many investors are just not aware of the full breadth of choices they have.
Improved economic policies, financial positions (especially growing reserves), and credit profiles have helped usher in “new worlds” within the asset class. This has created a diverse mix of hard and local currency bonds issued by both sovereigns and corporations.
The market is approximately six times as large as it was in 2004, and roughly twice the size of the U.S. high yield market. It offers investors more income, capital appreciation, and diversification potential through a variety of country, credit and maturity exposures: 60 countries, 20 currencies, and over 600 corporate issuers.
U.S. dollar-denominated sovereign debt tends to be how many investors get exposure to emerging markets bonds, but these bonds actually account for less than 20% of the total emerging markets bond universe.
Emerging Markets Bond Markets Continue to Grow
Source: EM Local Sov — J.P. Morgan GBI-EM Global Diversified Index, EM USD Sov — J.P. Morgan EMBI Global Diversified Index; EM USD Corp — J.P. Morgan CEMBI Broad Index. Data as of September 30, 2014. Not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue.
Market Vectors Emerging Markets Aggregate Bond ETF (NYSE Arca: EMAG), together with the other emerging markets debt-focused offerings in our ETF family, Market Vectors Emerging Markets High Yield Bond ETF (NYSE Arca: HYEM) and Market Vectors Emerging Markets Local Currency Bond ETF (NYSE Arca: EMLC), are all there to help give investors flexibility in tailoring their approach to emerging markets debt exposure.
EMAG in particular provides an efficient means for investors to gain access to a broad exposure of emerging markets bonds in a single ETF, while offering two key benefits: currency and credit quality diversification. In these uncertain times, the former may help reduce volatility, the latter may help reduce risk.
Going forward, we will, as always, continue to seek out and evaluate the most attractive opportunities for you as a shareholder, and we encourage you stay in touch with us through the videos and email subscriptions available on our website (http://www.vaneck.com). Should you have any questions, please contact us at 1.888.MKT.VCTR or visit www.marketvectorsetfs.com.
| 1 |
MARKET VECTORS INCOME ETFs
(unaudited)
Thank you for participating in the Market Vectors ETF Trust. You will find the performance comparison of each of the funds for the six months ended October 31, 2014 on the following pages. You will also find their respective financial statements. We value your continuing 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
November 13, 2014
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.
All indices are unmanaged and include the reinvestment of all dividends, but do not reflect the payment of transaction costs, advisory fees or expenses that are associated with an investment in the Fund. An index’s performance is not illustrative of the Fund’s performance. Indices are not securities in which investments can be made. Bonds and bond funds will decrease in value as interest rates rise.
EM Local Sov: J.P. Morgan GBI-EM Global Diversified Index is composed of local currency-denominated debt issued by emerging markets governments.
EM USD Sov: J.P. Morgan EMBI Global Diversified Index is composed of U.S. dollar-denominated debt issued by emerging markets governments.
EM USD Corp: J.P. Morgan CEMBI Broad Index is composed of U.S. dollar-denominated debt issued by emerging markets corporations.
| 2 |
Management Discussion (unaudited)
The suite of Market Vectors Income ETFs can most accurately be divided into three groups: equity income, international bonds, and corporate bonds. Over the six months ended October 31, 2014, the performances of individual funds were mostly positive, with only three funds posting negative returns. All three equity income ETFs posted positive total returns, two out of the three ETFs in the corporate bond group posted positive returns, and three out of the five ETFs in the international bond group posted positive total returns, as shown below.
Source: Van Eck Global. Returns based on NAV. The performance data quoted represents past performance. Past performance is not a guarantee of future results. Bonds and bond funds will decrease in value as interest rates rise. Performance information for the Funds reflects temporary waivers of expenses and/or fees. Had the Funds incurred all expenses, investment returns would have been reduced. Investment return and value of the shares of the Funds will fluctuate so that an investor’s shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than performance data quoted.
EQUITY INCOME
Business Development Companies (BDCs)
BDCs typically lend to, and invest in, small privately held companies. An improving economy and increased lending benefit the industry, as do active buy-out and IPO markets.1 Having been hit particularly hard in September, BDCs continued to fall through the middle of October, but recovered somewhat to end the month higher than they began. While giving back nearly all gains made in the first four months of the six-month period, they ended the half year on October 31, 2014 posting a positive performance of 1.49%. They underperformed relative to the broader market as measured by the S&P 500® Index, which posted a return of 8.22%.‡ (A continuing driver of this underperformance was the decision, at the end of February 2014, by S&P to exclude BDCs from its U.S. indices,2 a decision Russell Indices also took, at the beginning of March, negatively impacting the industry thereafter.3) The industry ended the period offering a dividend yield of 8.76% as measured by the Market Vectors US Business Development Index4.
| 3 |
MARKET VECTORS INCOME ETFs
(unaudited)
Mortgage REITs
Since December 2013, when the Federal Reserve Bank (the “Fed”) announced the start of its “taper” program with a reduction of $10 billion in its monthly bond purchases, there have been six further such reductions of $10 billion. In mid-September the Fed announced that it planned to end, in October, its bond-buying program, after a final purchase of $15 billion.5 The end of its bond buying was confirmed at the Fed’s meeting on October 29, 2014.6 In the meantime, however, the Fed continues to signal its commitment to low interest rates.7 The six months ended October 31, 2014 continued to be an unsettled time for mortgage REITS. September, in particular, was challenging, as, during the month, they gave back gains made in the previous four months. October, however, saw mortgage REITS clawing their way back and posting a positive performance for the six-month period under review. Mortgage REITs ended the period offering a dividend yield of 10.45% as measured by the Market Vectors Global Mortgage REITs Index.8
Preferred Securities ex Financials
Preferred securities are considered hybrid securities because they have features of both debt and equity securities. Historically, a company’s preferred securities have offered higher yields than its common stock and senior debt. The Wells Fargo® Hybrid and Preferred Securities ex Financials Index excludes traditional financial companies which have been more volatile than other sectors historically.9 For the six-month period ended October 31, 2014 the Fund posted a positive performance. All economic sectors except two – industrials and materials – contributed positive returns, with performance driven primarily by REITs. The industry ended the period offering a dividend yield of 6.27% as measured by the Wells Fargo Hybrid and Preferred Securities ex Financials Index.
INTERNATIONAL BOND
Emerging Markets Local Currency Bonds
Despite the Fed continuing to taper its bond buying program throughout the six months under review, from the beginning of May to just before the last week of July, local currency bonds recorded modest gains. However, on the back of concerns about prospects of lower emerging markets economic growth and a strengthening U.S. dollar, the period from the last week in July through the months of August and September saw these bonds shed all those gains, and more. While October was a choppy month (and marked the end of the U.S. governments bond buying program), and local currency bonds ended the month slightly higher than they started it, the Fund posted a negative return for the entire six-month period ended October 31, 2014.
In terms of local currency, bonds denominated in Brazilian Real and Thai Baht contributed most to the Fund’s total return, while the bonds denominated in Russian Ruble and Polish Zloty were the greatest detractors from performance.
Emerging Markets Aggregate Bonds
Both sovereign and corporate bonds denominated in hard currency contributed positively to performance, with corporates performing better than sovereigns, local currency corporates and sovereigns both detracted from performance, with local currency sovereigns detracting the most from returns. The Fund’s U.S. dollar allocation contributed most to returns, and Russian bonds were the largest detractor from performance.
Emerging Markets High Yield Bonds
Overall, emerging markets corporate bonds continue to be a fast growing asset class. Emerging markets corporate debt is now nearly as large as the U.S. high yield corporate debt market.
While Chinese and Russian bonds were the greatest contributors to the Fund’s total return, Venezuelan bonds were by far the greatest detractors. On a sector level, financial bonds were the greatest contributors to total return and, among all the other sectors, only energy sector bonds detracted from performance.
International High Yield Bonds
Non-U.S. high-yield bonds have continued to provide an opportunity to diversify not only geographically, but also in terms of currency, with bonds denominated, for example, in Euros, Sterling and Canadian dollars. Europe accounts for around 60% of global ex-U.S. high-yield corporate bond market value, and emerging markets represent about 30%.
Technology was the single sector to contribute positively to overall Fund performance, with the financial sector detracting most from performance. Only U.S. dollar-denominated bonds contributed positively to Fund total return. And while both Sterling- and Canadian dollar-denominated bonds detracted from Fund performance, Euro-denominated bonds performed far worse than bonds in either of these two currencies.
| 4 |
Renminbi Bonds
Chinese Renminbi-denominated bonds, both issued and traded outside China, constitute what is known as the “dim sum bond market”. Dim sum bonds provide an alternative way of gaining exposure to China’s currency and market, rather than non-deliverable forward contacts and/or QFII (Qualified Foreign Institutional Investor), which may not be practical. Investors in this market not only receive bond interest payments, but also gain exposure to China’s currency.
All sectors contributed positively to performance. While financial and utilities bonds were the best performers during the six-month period ended October 31, 2014, energy and communications bonds contributed the least to returns.
CORPORATE BOND
Fallen Angel Bonds
“Fallen angels” are high-yield corporate bonds that were once investment grade, but have been downgraded to noninvestment grade. They warrant distinction for an embedded value proposition that is not common to all of high yield: fallen angels tend to have a higher rate of ascension to investment grade than original issue high yield bonds. The default rate in this segment has averaged 3.71% historically, below the 4.60% average for all U.S. high yield.10
Communications and energy were the two best performing sectors during the period under review. While all sectors performed positively, the industrial and technology sectors contributed least to the Fund’s total return. Over the six-month period, fallen angel bonds outperformed broad market high-yield bonds by more than double.
El Paso Energy 7.75% 01/15/32 bond (2.3% of Fund net assets†) and Embarq 8.00% 06/01/36 bond (2.5% of Fund net assets†) were the top two performing bonds, while Avon Products 4.60% 03/15/23 bond (1.4% of Fund net assets†) and Cliffs Natural Resources 4.88% 10/01/20 bond (1.0% of Fund net assets†) were the bottom two performing bonds.
Investment Grade Floating Rate Notes
Floating rate notes (FRNs) are investment grade-rated corporate debt issues with variable coupons that reset to current interest rates, based on a particular benchmark. The coupons on these securities fluctuate with that benchmark. The combination of low average years to maturity, typically in the 1-5 year range, and floating interest rates creates the potential for relatively low price fluctuations. In addition, as short-term interest rates rise, portfolio securities reset to higher yields.
The top two performing notes were AA- rated General Electric Capital Corp. FRN 0.62% 05/05/26 (1.0% of Fund net assets†) and BBB+ rated Citigroup, Inc. FRN 1.93% 05/15/18 (1.9% of Fund net assets†). The bottom two performing notes were both A rated and from American Express Credit Corp.: FRN 0.50% 06/05/17 (1.3% of Fund net assets†) and FRN 0.78% 03/18/19 (1.2% of Fund net assets†).11
Treasury-Hedged High Yield Bonds
The Treasury-Hedged High Yield Bond ETF tracks an index that combines the more liquid portion of the high-yield universe with short positions in 5-year U.S. Treasury notes. The Fund uses futures on such notes to help hedge against the risk of rising interest rates. Together, the long high-yield bond and short comparable U.S. Treasury portfolios offer a combination of income generation and protection against rising interest rates.
The main drivers of returns in this strategy are interest rates and credit spreads. Rising interest rates and narrowing credit spreads positively contribute to performance, while declining interest rates and widening credit spreads detract from the Fund’s returns.
The Fund underperformed unhedged high yield bond strategies as interest rates declined, negatively contributing to the short portfolio of futures contracts on 5-year U.S. Treasuries. The top performing bonds were El Paso Energy Corp. 7.75% 01/15/32 bond (1.3% of Fund net assets†) and Ally Financial Inc. 8.00% 11/01/31 bond (2.5% of Fund net assets†). The bottom performing bonds were both Caesars Entertainment Operating Co., Inc.: 11.25% 12/05/14 bond (0.8% of Fund net assets†) and 10.0% 12/05/14 bond (0.1% of Fund net assets†).
| † | All Fund assets referenced are Total Net Assets as of October 31, 2014. |
| All indices listed are unmanaged indices and include the reinvestment of all dividends, but do not reflect the payment of transaction costs, advisory fees or expenses that are associated with an investment in the Fund. An index’s performance is not illustrative of the Fund’s performance. Indices are not securities in which investments can be made. | |
| ‡ | Standard & Poor’s (S&P) 500® Index, calculated with dividends reinvested, consists of 500 widely held common stocks covering the industrial, utility, financial, and transportation sectors. |
| 5 |
MARKET VECTORS INCOME ETFs
(unaudited)
| 1 | Investopedia: Little Known Stocks And ETFs To Buy As Interest Rates Rise, http://www.investopedia.com/stock-analysis/040314/little-known-stocks-and-etfs-buy-interest-rates-rise-bizd-acas-htgc-hrzn.aspx |
| 2 | Barron’s: BDCs Fall After S&P Gives the Boot - Now Watch Russell, http://blogs.barrons.com/focusonfunds/2014/02/26/bdcs-fall-after-sp-gives-the-boot-now-watch-russell/ |
| 3 | Russell Indexes: Reconstitution - 2014 Schedule, http://www.russell.com/documents/indexes/reconstitution-schedule.pdf |
| 4 | Market Vectors® US Business Development Companies Index (MVBIZDTG) includes companies which are treated as Business Development Companies. To be eligible for the Index and qualify as a BDC, a company must be organized under the laws of, and have its principal place of business in the U.S., be registered with the Securities Exchange Commission and have elected to be regulated as a BDC under the Investment Company Act of 1940. As of October 31, 2014, the 30-day SEC yield for Market Vectors BDC Income ETF was 8.66%. 30-Day SEC Yield is calculated as of the most recent month end, and is a standard yield calculation developed by the Securities and Exchange Commission that allows for fairer comparisons primarily among bond funds. It is based on the most recent 30-day period. This yield figure reflects the interest and dividends earned during the period after deducting the Fund’s expenses for the period. It does not reflect the yield an investor would have received if they had held the Fund over the last twelve months assuming the most recent NAV. In the absence of temporary expense waivers or reimbursements, the 30-Day SEC Yield for Market Vectors BDC Income ETF would have been 8.31% on October 31, 2014. |
| 5 | Bloomberg QuickTake: The Fed Eases Off, http://www.bloombergview.com/quicktake/federal-reserve-quantitative-easing-tape |
| 6 | The Wall Street Journal: Fed Closes Chapter on Easy Money, http://online.wsj.com/articles/fed-ends-bond-buys-sticks-to-0-rate-for-considerable-time-1414605953 |
| 7 | Washington Examiner: Federal Reserve keeps commitment to low rates, http://washingtonexaminer.com/federal-reserve-keeps-commitment-to-low-rates/article/2553551#null and Ibid. |
| 8 | Market Vectors® Global Mortgage REITs Index (MVMORTTR) 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. As of October 31, 2014, the 30-day SEC yield for Market Vectors Mortgage REIT Income ETF was 10.50%. 30-Day SEC Yield is calculated as of the most recent month end, and is a standard yield calculation developed by the Securities and Exchange Commission that allows for fairer comparisons primarily among bond funds. It is based on the most recent 30-day period. This yield figure reflects the interest and dividends earned during the period after deducting the Fund’s expenses for the period. It does not reflect the yield an investor would have received if they had held the Fund over the last twelve months assuming the most recent NAV. In the absence of temporary expense waivers or reimbursements, the 30-Day SEC Yield for Market Vectors Mortgage REIT Income ETF would have been 10.25% on October 31, 2014. |
| 9 | Wells Fargo® Hybrid and Preferred Securities ex Financials Index (WHPSL) is a rules-based index designed to track the performance of convertible or exchangeable and non-convertible preferred securities, issued by U.S. or foreign issuers that are not financial services companies or banks and that are listed on U.S. national securities exchanges. As of October 31, 2014, the 30-day SEC yield for Market Vectors Preferred Securities ex Financials ETF was 5.97%. 30 Day SEC Yield is calculated as of the most recent month end, and is a standard yield calculation developed by the Securities and Exchange Commission that allows for fairer comparisons primarily among bond funds. It is based on the most recent 30-day period. This yield figure reflects the interest and dividends earned during the period after deducting the Fund’s expenses for the period. It does not reflect the yield an investor would have received if they had held the Fund over the last six months assuming the most recent NAV. In the absence of temporary expense waivers or reimbursements, the 30-Day SEC Yield for Market Vectors Preferred Securities ex Financials ETF would have been 5.78% on October 31, 2014. |
| 10 | Altman, Edward I. and Brenda J. Kuehne. “Defaults and Returns in the High-Yield Bond and Distressed Debt Market: The Year 2013 in Review and Outlook”. Feb 2014. NYU Salomon Center. |
| 11 | Bloomberg Composite Rating: An evenly weighted blend of a security’s Moody’s, S&P, Fitch and DBRS ratings. This composite is not intended to be a credit opinion. |
| 6 |
October 31, 2014 (unaudited)
| Total Return | Share Price1 | NAV | MVBIZDTG2 | |||||||||
| Six Months | 1.37 | % | 1.41 | % | 1.49 | % | ||||||
| One Year | 1.46 | % | 1.66 | % | 1.91 | % | ||||||
| Life* (annualized) | 4.85 | % | 4.77 | % | 5.09 | % | ||||||
| Life* (cumulative) | 8.48 | % | 8.33 | % | 8.90 | % | ||||||
| *since 2/11/13 | ||||||||||||
Commencement date for the Market Vectors BDC Income ETF (BIZD) was 2/11/13.
| 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 (2/11/13) to the first day of secondary market trading in shares of the Fund (2/12/13), 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. 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.
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 marketvectorsetfs.com.
Gross Expense Ratio 0.59% / Net Expense Ratio 0.41%
Van Eck Associates Corporation (the “Adviser”) has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses) from exceeding 0.40% of the Fund’s average daily net assets per year until at least September 1, 2015. 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.
Fund shares are not individually redeemable and will be issued and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called “creation units” and otherwise can be bought and sold only through exchange trading. Creation units are issued and redeemed principally in kind. Shares may trade at a premium or discount to their NAV in the secondary market.
The “Net Asset Value” (NAV) of a Market Vectors exchange-traded fund (ETF) is determined at the close of each business day, and represents the dollar value of one share of the fund; it is calculated by taking the total assets of the fund, subtracting total liabilities, and dividing by the total number of shares outstanding. The NAV is not necessarily the same as the ETF’s intraday trading value. Market Vectors ETF investors should not expect to buy or sell shares at NAV.
Market Vectors US Business Development Companies Index (MVBIZDTG) (the “Index”) is the exclusive property of Market Vectors Index Solutions GmbH (a wholly owned subsidiary of the Adviser), which has contracted with Solactive AG to maintain and calculate the Index. Solactive AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards Market Vectors Index Solutions GmbH, Solactive AG has no obligation to point out errors in the Index to third parties. Market Vectors BDC Income 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.
| 2 | Market Vectors® US Business Development Companies Index (MVBIZDTG) (the “Index”) includes companies which are treated as Business Development Companies. To be eligible for the Index and qualify as a BDC, a company must be organized under the laws of, and have its principal place of business in the U.S., be registered with the Securities Exchange Commission and have elected to be regulated as a BDC under the Investment Company Act of 1940. |
| 7 |
EMERGING MARKETS AGGREGATE BOND ETF
PERFORMANCE COMPARISON
October 31, 2014 (unaudited)
| Total Return | Share Price1 | NAV | MVEMAG2 | |||||||||
| Six Months | 0.91 | % | 0.43 | % | 1.03 | % | ||||||
| One Year | 1.91 | % | 1.66 | % | 2.51 | % | ||||||
| Life* (annualized) | 2.98 | % | 2.98 | % | 4.73 | % | ||||||
| Life* (cumulative) | 10.75 | % | 10.73 | % | 17.43 | % | ||||||
| *since 5/11/11 | ||||||||||||
Effective December 10, 2013, Market Vectors® LatAm Aggregate Bond ETF (BONO) changed its name to Market Vectors Emerging Markets Aggregate Bond ETF (EMAG). The Fund’s investment objective changed to seeking to replicate as closely as possible, before fees and expenses, the price and yield performance of the Market Vectors® EM Aggregate Bond Index (MVEMAG), from seeking to replicate as closely as possible, before fees and expenses, the price and yield performance of the BofA Merrill Lynch Broad Latin America Bond Index (LATS). Performance data prior to December 9, 2013, reflects that of BONO and LATS. Performance data from December 10, 2013, and on, reflects that of EMAG and MVEMAG. All Index history reflects a blend of the performance of the aforementioned Indexes (MVEMAG and LATS) AND IS NOT INTENDED FOR ANY THIRD PARTY USE. LATS is a trademark of Merrill Lynch, Pierce, Fenner & Smith Incorporation, which neither sponsors nor endorses EMAG and makes no warranty or representation as to the accuracy and/or completeness of this Index.
Commencement date for the Market Vectors Emerging Markets Aggregate Bond ETF (EMAG) was 5/11/11.
| 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. 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.
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 marketvectorsetfs.com.
Gross Expense Ratio 1.06% / Net Expense Ratio 0.50%
Van Eck Associates Corporation (the “Adviser”) has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses) from exceeding 0.49% of the Fund’s average daily net assets per year until at least September 1, 2015. 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.
Fund shares are not individually redeemable and will be issued and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called “creation units” and otherwise can be bought and sold only through exchange trading. Creation units are issued and redeemed principally in kind. Shares may trade at a premium or discount to their NAV in the secondary market.
The “Net Asset Value” (NAV) of a Market Vectors exchange-traded fund (ETF) is determined at the close of each business day, and represents the dollar value of one share of the fund; it is calculated by taking the total assets of the fund, subtracting total liabilities, and dividing by the total number of shares outstanding. The NAV is not necessarily the same as the ETF’s intraday trading value. Market Vectors ETF investors should not expect to buy or sell shares at NAV.
Market Vectors EM Aggregate 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 Solactive AG to maintain and calculate the Index. Solactive AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards Market Vectors Index Solutions GmbH, Solactive AG has no obligation to point out errors in the Index to third parties. Market Vectors Emerging Markets Aggregate 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.
| 2 | The Market Vectors EM Aggregate Bond Index (MVEMAG) is comprised of sovereign bonds and corporate bonds denominated in U.S. dollars, Euros, or local emerging market currencies and includes both investment grade and below investment grade rated securities. |
| 8 |
EMERGING MARKETS HIGH YIELD BOND ETF
PERFORMANCE COMPARISON
October 31, 2014 (unaudited)
| Total Return | Share Price1 | NAV | EMHY2 | |||||||||
| Six Months | 1.46 | % | 2.13 | % | 2.59 | % | ||||||
| One Year | 4.82 | % | 4.82 | % | 5.52 | % | ||||||
| Life* (annualized) | 6.62 | % | 6.69 | % | 7.38 | % | ||||||
| Life* (cumulative) | 17.25 | % | 17.44 | % | 19.34 | % | ||||||
| *since 5/8/12 | ||||||||||||
Commencement date for the Market Vectors Emerging Markets High Yield Bond ETF (HYEM) was 5/8/12.
| 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 (5/8/12) to the first day of secondary market trading in shares of the Fund (5/9/12), 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. 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.
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 marketvectorsetfs.com.
Gross Expense Ratio 0.48% / Net Expense Ratio 0.40%
Van Eck Associates Corporation (the “Adviser”) has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses) from exceeding 0.40% of the Fund’s average daily net assets per year until at least September 1, 2015. 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.
Fund shares are not individually redeemable and will be issued and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called “creation units” and otherwise can be bought and sold only through exchange trading. Creation units are issued and redeemed principally in kind. Shares may trade at a premium or discount to their NAV in the secondary market.
The “Net Asset Value” (NAV) of a Market Vectors exchange-traded fund (ETF) is determined at the close of each business day, and represents the dollar value of one share of the fund; it is calculated by taking the total assets of the fund, subtracting total liabilities, and dividing by the total number of shares outstanding. The NAV is not necessarily the same as the ETF’s intraday trading value. Market Vectors ETF investors should not expect to buy or sell shares at NAV.
Merrill Lynch, Pierce, Fenner & Smith Incorporated and its affiliates (“BofA Merrill Lynch”) indices and related information, the name “BofA 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.
| 2 | The BofA Merrill Lynch High Yield US Emerging Markets Liquid Corporate Plus Index (EMHY) is comprised of U.S. dollar denominated bonds issued by non-sovereign emerging market issuers that are rated BB1 or lower (based on an average of Moody’s, S&P and Fitch) and that are issued in the major domestic and Eurobond markets. |
| 9 |
EMERGING MARKETS LOCAL CURRENCY BOND ETF
PERFORMANCE COMPARISON
October 31, 2014 (unaudited)
| Total Return | Share Price1 | NAV | GBIEMCOR2 | |||||||||
| Six Months | (0.92 | )% | (1.13 | )% | (0.80 | )% | ||||||
| One Year | (2.24 | )% | (2.88 | )% | (2.20 | )% | ||||||
| Life* (annualized) | 2.64 | % | 2.63 | % | 3.51 | % | ||||||
| Life* (cumulative) | 11.79 | % | 11.76 | % | 15.90 | % | ||||||
| *since 7/22/10 | ||||||||||||
Commencement date for the Market Vectors Emerging Markets Local Currency Bond ETF (EMLC) was 7/22/10.
| 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. 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.
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 marketvectorsetfs.com.
Gross Expense Ratio 0.48% / Net Expense Ratio 0.47%
Van Eck Associates Corporation (the “Adviser”) has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses) from exceeding 0.47% of the Fund’s average daily net assets per year until at least September 1, 2015. 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.
Fund shares are not individually redeemable and will be issued and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called “creation units” and otherwise can be bought and sold only through exchange trading. Creation units are issued and redeemed principally in kind. Shares may trade at a premium or discount to their NAV in the secondary market.
The “Net Asset Value” (NAV) of a Market Vectors exchange-traded fund (ETF) is determined at the close of each business day, and represents the dollar value of one share of the fund; it is calculated by taking the total assets of the fund, subtracting total liabilities, and dividing by the total number of shares outstanding. The NAV is not necessarily the same as the ETF’s intraday trading value. Market Vectors ETF investors should not expect to buy or sell shares at NAV.
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.© 2014. 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.
| 2 | 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. |
| 10 |
FALLEN ANGEL HIGH YIELD BOND ETF
PERFORMANCE COMPARISON
October 31, 2014 (unaudited)
| Total Return | Share Price1 | NAV | HOFA2 | |||||||||
| Six Months | 2.33 | % | 2.52 | % | 2.97 | % | ||||||
| One Year | 8.35 | % | 8.90 | % | 9.86 | % | ||||||
| Life* (annualized) | 10.25 | % | 10.49 | % | 12.44 | % | ||||||
| Life* (cumulative) | 28.36 | % | 29.08 | % | 34.98 | % | ||||||
| *since 4/10/12 | ||||||||||||
Commencement date for the Market Vectors Fallen Angel High Yield Bond ETF (ANGL) was 4/10/12.
| 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 (4/10/12) to the first day of secondary market trading in shares of the Fund (4/11/12), 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. 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.
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 marketvectorsetfs.com.
Gross Expense Ratio 0.97% / Net Expense Ratio 0.40%
Van Eck Associates Corporation (the “Adviser”) has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses) from exceeding 0.40% of the Fund’s average daily net assets per year until at least September 1, 2015. 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.
Fund shares are not individually redeemable and will be issued and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called “creation units” and otherwise can be bought and sold only through exchange trading. Creation units are issued and redeemed principally in kind. Shares may trade at a premium or discount to their NAV in the secondary market.
The “Net Asset Value” (NAV) of a Market Vectors exchange-traded fund (ETF) is determined at the close of each business day, and represents the dollar value of one share of the fund; it is calculated by taking the total assets of the fund, subtracting total liabilities, and dividing by the total number of shares outstanding. The NAV is not necessarily the same as the ETF’s intraday trading value. Market Vectors ETF investors should not expect to buy or sell shares at NAV.
Merrill Lynch, Pierce, Fenner & Smith Incorporated and its affiliates (“BofA Merrill Lynch”) indices and related information, the name “BofA 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.
| 2 | The BofA Merrill Lynch US Fallen Angel High Yield Index (H0FA) is comprised of below investment grade corporate bonds denominated in U.S. dollars that were rated investment grade at the time of issuance. |
| 11 |
INTERNATIONAL HIGH YIELD BOND ETF
PERFORMANCE COMPARISON
October 31, 2014 (unaudited)
| Total Return | Share Price1 | NAV | HXUS2 | |||||||||
| Six Months | (2.67 | )% | (2.75 | )% | (2.92 | )% | ||||||
| One Year | 3.14 | % | 2.46 | % | 2.87 | % | ||||||
| Life* (annualized) | 8.06 | % | 7.93 | % | 8.77 | % | ||||||
| Life* (cumulative) | 22.14 | % | 21.76 | % | 24.23 | % | ||||||
| *since 4/2/12 | ||||||||||||
Commencement date for the Market Vectors International High Yield Bond ETF (IHY) was 4/2/12.
| 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 (4/2/12) to the first day of secondary market trading in shares of the Fund (4/3/12), 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. 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.
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 marketvectorsetfs.com.
Gross Expense Ratio 0.54%/ Net Expense Ratio 0.40%
Van Eck Associates Corporation (the “Adviser”) has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses) from exceeding 0.40% of the Fund’s average daily net assets per year until at least September 1, 2015. 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.
Fund shares are not individually redeemable and will be issued and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called “creation units” and otherwise can be bought and sold only through exchange trading. Creation units are issued and redeemed principally in kind. Shares may trade at a premium or discount to their NAV in the secondary market.
The “Net Asset Value” (NAV) of a Market Vectors exchange-traded fund (ETF) is determined at the close of each business day, and represents the dollar value of one share of the fund; it is calculated by taking the total assets of the fund, subtracting total liabilities, and dividing by the total number of shares outstanding. The NAV is not necessarily the same as the ETF’s intraday trading value. Market Vectors ETF investors should not expect to buy or sell shares at NAV.
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.
| 2 | The BofA Merrill Lynch Global Ex-US Issuers High Yield Constrained Index (HXUS) tracks the performance of below investment grade debt issued by non-U.S. corporations denominated in Euros, U.S. dollars, Canadian dollars or pound sterling issued in the major domestic or eurobond markets. |
| 12 |
INVESTMENT GRADE FLOATING RATE ETF
PERFORMANCE COMPARISON
October 31, 2014 (unaudited)
| Total Return | Share Price1 | NAV | MVFLTR2 | |||||||||
| Six Months | 0.35 | % | 0.35 | % | 0.51 | % | ||||||
| One Year | 0.72 | % | 0.92 | % | 1.29 | % | ||||||
| Life* (annualized) | 1.02 | % | 1.02 | % | 1.50 | % | ||||||
| Life* (cumulative) | 3.64 | % | 3.63 | % | 5.39 | % | ||||||
| *since 4/25/11 | ||||||||||||
Commencement date for the Market Vectors Investment Grade Floating Rate ETF (FLTR) was 4/25/11.
| 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. 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.
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 marketvectorsetfs.com.
Gross Expense Ratio 0.49% / Net Expense Ratio 0.19%
Van Eck Associates Corporation (the “Adviser”) has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses) from exceeding 0.19% of the Fund’s average daily net assets per year until at least September 1, 2015. 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.
Fund shares are not individually redeemable and will be issued and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called “creation units” and otherwise can be bought and sold only through exchange trading. Creation units are issued and redeemed principally in kind. Shares may trade at a premium or discount to their NAV in the secondary market.
The “Net Asset Value” (NAV) of a Market Vectors exchange-traded fund (ETF) is determined at the close of each business day, and represents the dollar value of one share of the fund; it is calculated by taking the total assets of the fund, subtracting total liabilities, and dividing by the total number of shares outstanding. The NAV is not necessarily the same as the ETF’s intraday trading value. Market Vectors ETF investors should not expect to buy or sell shares at NAV.
Market Vectors Investment Grade Floating Rate ETF (the “Fund”) is not sponsored, issued or advised by Wells Fargo & Company, Wells Fargo Securities, LLC or any of their affiliates (together, “Wells Fargo”). The Market Vectors US Investment Grade Floating Rate Index (the “Index”) is the exclusive property of Market Vectors Index Solutions GmbH (the “Index Provider”), which has contracted with Wells Fargo to create and maintain and with Interactive Data Pricing and Reference Data, Inc. (the “Index Calculator”) 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 Fund 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 the Fund, 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 Fund is not sponsored, endorsed, sold or promoted by Market Vectors Index Solutions GmbH.
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.
| 2 | Market Vectors® US Investment Grade Floating Rate Index (MVFLTR) is comprised of U.S. dollar-denominated floating rate notes issued by corporate issuers or similar commercial entities that are public reporting companies in the U.S. and rated investment grade by at least one of three rating services: Moody’s Investors Service, Inc. (“Moody’s”), Standard & Poor’s Rating Services (“S&P”) or Fitch International Rating Agency (“Fitch”). Investment grade securities are those rated Baa3 or higher by Moody’s or rated BBB- or higher by S&P or Fitch. |
| 13 |
PERFORMANCE COMPARISON
October 31, 2014 (unaudited)
| Total Return | Share Price1 | NAV | MVMORTTR2 | |||||||||
| Six Months | 4.40 | % | 4.40 | % | 2.97 | % | ||||||
| One Year | 17.90 | % | 18.06 | % | 14.87 | % | ||||||
| Life* (annualized) | 11.48 | % | 11.49 | % | 8.01 | % | ||||||
| Life* (cumulative) | 41.71 | % | 41.77 | % | 28.06 | % | ||||||
| *since 8/16/11 | ||||||||||||
Commencement date for the Market Vectors Mortgage REIT Income ETF (MORT) was 8/16/11.
| 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. 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.
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 marketvectorsetfs.com.
Gross Expense Ratio 0.53% / Net Expense Ratio 0.41%
Van Eck Associates Corporation (the “Adviser”) has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses) from exceeding 0.40% of the Fund’s average daily net assets per year until at least September 1, 2015. 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.
Fund shares are not individually redeemable and will be issued and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called “creation units” and otherwise can be bought and sold only through exchange trading. Creation units are issued and redeemed principally in kind. Shares may trade at a premium or discount to their NAV in the secondary market.
The “Net Asset Value” (NAV) of a Market Vectors exchange-traded fund (ETF) is determined at the close of each business day, and represents the dollar value of one share of the fund; it is calculated by taking the total assets of the fund, subtracting total liabilities, and dividing by the total number of shares outstanding. The NAV is not necessarily the same as the ETF’s intraday trading value. Market Vectors ETF investors should not expect to buy or sell shares at NAV.
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 Solactive AG to maintain and calculate the Index. Solactive AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards Market Vectors Index Solutions GmbH, Solactive AG has no obligation to point out errors in the Index to third parties. Market Vectors Mortgage REIT Income 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.
| 2 | Market Vectors® Global Mortgage REITs Index (MVMORTTR) 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. |
| 14 |
PREFERRED SECURITIES EX FINANCIALS ETF
PERFORMANCE COMPARISON
October 31, 2014 (unaudited)
| Total Return | Share Price1 | NAV | WHPSL2 | |||||||||
| Six Months | 2.25 | % | 2.35 | % | 2.23 | % | ||||||
| One Year | 12.35 | % | 12.64 | % | 12.29 | % | ||||||
| Life* (annualized) | 7.19 | % | 7.15 | % | 7.15 | % | ||||||
| Life* (cumulative) | 17.27 | % | 17.15 | % | 17.15 | % | ||||||
| *since 7/16/12 | ||||||||||||
Commencement date for the Market Vectors Preferred Securities ex Financials ETF (PFXF) was 7/16/12.
| 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 (7/16/12) to the first day of secondary market trading in shares of the Fund (7/17/12), 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. 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.
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 marketvectorsetfs.com.
Gross Expense Ratio 0.49% / Net Expense Ratio 0.40%
Van Eck Associates Corporation (the “Adviser”) has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses) from exceeding 0.40% of the Fund’s average daily net assets per year until at least September 1, 2015. 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.
Fund shares are not individually redeemable and will be issued and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called “creation units” and otherwise can be bought and sold only through exchange trading. Creation units are issued and redeemed principally in kind. Shares may trade at a premium or discount to their NAV in the secondary market.
The “Net Asset Value” (NAV) of a Market Vectors exchange-traded fund (ETF) is determined at the close of each business day, and represents the dollar value of one share of the fund; it is calculated by taking the total assets of the fund, subtracting total liabilities, and dividing by the total number of shares outstanding. The NAV is not necessarily the same as the ETF’s intraday trading value. Market Vectors ETF investors should not expect to buy or sell shares at NAV.
The Fund is not issued, sponsored, endorsed or advised by Wells Fargo & Company, Wells Fargo Securities, LLC or their subsidiaries and affiliates (collectively, “Wells Fargo”). Wells Fargo makes no representation or warranty, express or implied, to the Fund’s investors or any member of the public regarding the advisability of investing in securities generally or in the Fund particularly or the ability of any data supplied by Wells Fargo or the Index to track financial instruments comprising the Index or any trading market. Wells Fargo’s only relationship to the Adviser is the licensing of certain trademarks and trade names of Wells Fargo and of the data supplied by Wells Fargo that is determined, composed and calculated by Wells Fargo or a third party index calculator, without regard to the Fund or its shareholders. Wells Fargo has no obligation to take the needs of the Fund or the Fund’s shareholders into consideration when determining, composing or calculating the data. Wells Fargo has no obligation or liability in connection with the administration, marketing or trading of 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.
| 2 | Wells Fargo® Hybrid and Preferred Securities ex Financials Index (WHPSL) is designed to track the performance of convertible or exchangeable and non-convertible preferred securities listed on U.S. exchanges. |
| 15 |
PERFORMANCE COMPARISON
October 31, 2014 (unaudited)
| Total Return | Share Price1 | NAV | MVCHLC2 | |||||||||
| Six Months | 5.70 | % | 3.33 | % | 3.49 | % | ||||||
| One Year | 5.07 | % | 1.92 | % | 2.52 | % | ||||||
| Life* (annualized) | 4.78 | % | 4.13 | % | 4.39 | % | ||||||
| Life* (cumulative) | 15.31 | % | 13.16 | % | 14.05 | % | ||||||
| *since 10/11/11 | ||||||||||||
Commencement date for the Market Vectors Renminbi Bond ETF (CHLC) was 10/11/11.
| 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. 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.
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 marketvectorsetfs.com.
Gross Expense Ratio 2.16% / Net Expense Ratio 0.39%
Van Eck Associates Corporation (the “Adviser”) has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses) from exceeding 0.39% of the Fund’s average daily net assets per year until at least September 1, 2015. 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.
Fund shares are not individually redeemable and will be issued and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called “creation units” and otherwise can be bought and sold only through exchange trading. Creation units are issued and redeemed principally in kind. Shares may trade at a premium or discount to their NAV in the secondary market.
The “Net Asset Value” (NAV) of a Market Vectors exchange-traded fund (ETF) is determined at the close of each business day, and represents the dollar value of one share of the fund; it is calculated by taking the total assets of the fund, subtracting total liabilities, and dividing by the total number of shares outstanding. The NAV is not necessarily the same as the ETF’s intraday trading value. Market Vectors ETF investors should not expect to buy or sell shares at NAV.
Market Vectors Renminbi Bond Index is the exclusive property of Market Vectors Index Solutions GmbH (a wholly owned subsidiary of the Adviser), which has contracted with Solactive AG to maintain and calculate the Index. Solactive AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards Market Vectors Index Solutions GmbH, Solactive 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.
| 2 | Market Vectors® Renminbi Bond Index (MVCHLC) is designed to track the performance of fixed-rate, Chinese Renminbi (“RMB”)-denominated bonds with an investment grade rating from at least one rating agency 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”). |
| 16 |
TREASURY-HEDGED HIGH YIELD BOND ETF
PERFORMANCE COMPARISON
October 31, 2014 (unaudited)
| Total Return | Share Price1 | NAV | MVTHHY2 | |||||||||
| Six Months | (0.85 | )% | (0.22 | )% | (0.12 | )% | ||||||
| One Year | 5.79 | % | 3.79 | % | 4.37 | % | ||||||
| Life* (annualized) | 4.00 | % | 4.13 | % | 4.90 | % | ||||||
| Life* (cumulative) | 6.53 | % | 6.75 | % | 8.03 | % | ||||||
| *since 3/21/13 | ||||||||||||
Commencement date for the Market Vectors Treasury-Hedged High Yield Bond ETF (THHY) was 3/21/13.
| 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 (3/21/13) to the first day of secondary market trading in shares of the Fund (3/22/13), 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. 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.
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 marketvectorsetfs.com.
Gross Expense Ratio 1.57% / Net Expense Ratio 0.50%
Van Eck Associates Corporation (the “Adviser”) has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses) from exceeding 0.50% of the Fund’s average daily net assets per year until at least September 1, 2015. 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.
Fund shares are not individually redeemable and will be issued and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called “creation units” and otherwise can be bought and sold only through exchange trading. Creation units are issued and redeemed principally in kind. Shares may trade at a premium or discount to their NAV in the secondary market.
The “Net Asset Value” (NAV) of a Market Vectors exchange-traded fund (ETF) is determined at the close of each business day, and represents the dollar value of one share of the fund; it is calculated by taking the total assets of the fund, subtracting total liabilities, and dividing by the total number of shares outstanding. The NAV is not necessarily the same as the ETF’s intraday trading value. Market Vectors ETF investors should not expect to buy or sell shares at NAV.
Market Vectors US Treasury-Hedged High Yield Bond Index (the “Index”) is the exclusive property of Market Vectors Index Solutions GmbH (the “Index Provider”), which has contracted with Interactive Data Pricing and Reference Data, LLC. (the “Calculation Agent “) to calculate the Index. The Calculation Agent is not an adviser for or a fiduciary to any account, fund or ETF managed by Van Eck Associates Corporation. The Calculation Agent is not responsible for any direct, indirect, or consequential damages associated with indicative optimized portfolio values and/or indicative intraday values. Market Vectors Treasury-Hedged High Yield Bond ETF (the “Fund”) is not sponsored, endorsed, sold or promoted by the Index Provider, which 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.
| 2 | Market Vectors® US Treasury-Hedged High Yield Bond Index (MVTHHY) is comprised of long positions in below-investment grade corporate bonds, denominated in U.S. dollars, and an equivalent amount of short positions in Treasury notes and bonds. |
| 17 |
MARKET VECTORS ETF TRUST
(unaudited)
As a shareholder of a Fund, you incur operating expenses, including management fees and other Fund expenses. This disclosure is intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The disclosure is based on an investment of $1,000 invested at the beginning of the period and held for the period, May 1, 2014 to October 31, 2014.
Actual Expenses
The first line in the table below provides information about account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period.”
Hypothetical Example for Comparison Purposes
The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as fees on purchase payments. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Beginning Account Value May 1, 2014 | Ending Account Value October 31, 2014 | Annualized Expense Ratio During Period | Expenses Paid During the Period* May 1, 2014- October 31, 2014 | |||||||||
| BDC Income ETF | ||||||||||||
| Actual | $1,000.00 | $1,014.10 | 0.41 | % | $2.08 | |||||||
| Hypothetical** | $1,000.00 | $1,023.14 | 0.41 | % | $2.09 | |||||||
| Emerging Markets Aggregate Bond ETF | ||||||||||||
| Actual | $1,000.00 | $1,004.30 | 0.50 | % | $2.53 | |||||||
| Hypothetical** | $1,000.00 | $1,022.68 | 0.50 | % | $2.55 | |||||||
| Emerging Markets High Yield Bond ETF | ||||||||||||
| Actual | $1,000.00 | $1,021.30 | 0.40 | % | $2.04 | |||||||
| Hypothetical** | $1,000.00 | $1,023.19 | 0.40 | % | $2.04 | |||||||
| Emerging Markets Local Currency Bond ETF | ||||||||||||
| Actual | $1,000.00 | $ 988.70 | 0.47 | % | $2.36 | |||||||
| Hypothetical** | $1,000.00 | $1,022.84 | 0.47 | % | $2.40 | |||||||
| Fallen Angel High Yield Bond ETF | ||||||||||||
| Actual | $1,000.00 | $1,025.20 | 0.40 | % | $2.04 | |||||||
| Hypothetical** | $1,000.00 | $1,023.19 | 0.40 | % | $2.04 | |||||||
| International High Yield Bond ETF | ||||||||||||
| Actual | $1,000.00 | $ 972.50 | 0.40 | % | $1.99 | |||||||
| Hypothetical** | $1,000.00 | $1,023.19 | 0.40 | % | $2.04 | |||||||
| Investment Grade Floating Rate ETF | ||||||||||||
| Actual | $1,000.00 | $1,003.50 | 0.19 | % | $0.96 | |||||||
| Hypothetical** | $1,000.00 | $1,024.25 | 0.19 | % | $0.97 | |||||||
| Mortgage REIT Income ETF | ||||||||||||
| Actual | $1,000.00 | $1,044.00 | 0.41 | % | $2.11 | |||||||
| Hypothetical** | $1,000.00 | $1,023.14 | 0.41 | % | $2.09 | |||||||
| 18 |
| Beginning Account Value May 1, 2014 | Ending Account Value October 31, 2014 | Annualized Expense Ratio During Period | Expenses Paid During the Period* May 1, 2014- October 31, 2014 | |||||||||
| Preferred Securities ex Financials ETF | ||||||||||||
| Actual | $1,000.00 | $1,023.50 | 0.40 | % | $2.04 | |||||||
| Hypothetical** | $1,000.00 | $1,023.19 | 0.40 | % | $2.04 | |||||||
| Renminbi Bond ETF | ||||||||||||
| Actual | $1,000.00 | $1,033.30 | 0.39 | % | $2.00 | |||||||
| Hypothetical** | $1,000.00 | $1,023.24 | 0.39 | % | $1.99 | |||||||
| Treasury-Hedged High Yield Bond ETF | ||||||||||||
| Actual | $1,000.00 | $ 997.80 | 0.50 | % | $2.52 | |||||||
| Hypothetical** | $1,000.00 | $1,022.68 | 0.50 | % | $2.55 | |||||||
| * | Expenses are equal to the Fund’s annualized expense ratio (for the six months ended October 31, 2014) multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year divided by the number of days in the fiscal year (to reflect the one-half year period). |
| ** | Assumes annual return of 5% before expenses |
| 19 |
October 31, 2014 (unaudited)
| Number of Shares | Value | |||||||
| COMMON STOCKS: 100.2% | ||||||||
| Investment Companies: 96.4% | ||||||||
| 262,376 | American Capital Ltd. * | $ | 3,891,036 | |||||
| 272,962 | Apollo Investment Corp. | 2,251,937 | ||||||
| 360,971 | Ares Capital Corp. | 5,771,926 | ||||||
| 178,729 | BlackRock Kelso Capital Corp. | 1,576,390 | ||||||
| 243,094 | Fifth Street Finance Corp. | 2,163,537 | ||||||
| 247,694 | FS Investment Corp. † | 2,625,556 | ||||||
| 50,876 | Gladstone Capital Corp. † | 467,550 | ||||||
| 61,442 | Gladstone Investment Corp. | 451,599 | ||||||
| 120,024 | Golub Capital BDC, Inc. | 2,080,016 | ||||||
| 70,121 | Harris & Harris Group, Inc. * | 204,052 | ||||||
| 141,045 | Hercules Technology Growth Capital, Inc. † | 2,222,869 | ||||||
| 21,348 | Horizon Technology Finance Corp. † | 300,793 | ||||||
| 76,535 | KCAP Financial, Inc. | 583,962 | ||||||
| 73,758 | Main Street Capital Corp. | 2,344,029 | ||||||
| 107,301 | MCG Capital Corp. | 384,138 | ||||||
| 53,259 | Medallion Financial Corp. | 615,141 | ||||||
| 51,528 | MVC Capital, Inc. | 580,721 | ||||||
| 118,163 | New Mountain Finance Corp. † | 1,734,633 | ||||||
| 52,276 | OHA Investment Corp. † | 339,271 | ||||||
| 186,316 | PennantPark Investment Corp. | 2,027,118 | ||||||
| 394,007 | Prospect Capital Corp. † | 3,774,587 | ||||||
| 77,971 | Solar Capital Ltd. | 1,449,481 | ||||||
| 6,470 | Solar Senior Capital Ltd. † | 97,826 | ||||||
| 99,722 | TCP Capital Corp. † | 1,684,305 | ||||||
| 86,464 | THL Credit, Inc. † | 1,111,927 | ||||||
| 153,692 | TICC Capital Corp. † | 1,347,879 | ||||||
| 71,252 | Triangle Capital Corp. | 1,806,951 | ||||||
| 43,889,230 | ||||||||
| Investment Management / Advisory Services: 3.8% | ||||||||
| 147,997 | Medley Capital Corp. † | 1,719,725 | ||||||
| Total Common Stocks (Cost: $48,087,112) | 45,608,955 | |||||||
| Number of Shares | Value | |||||||
| MONEY MARKET FUND: 0.1% (Cost: $37,257) | ||||||||
| 37,257 | Dreyfus Government Cash Management Fund | $ | 37,257 | |||||
| Total Investments Before Collateral for Securities Loaned: 100.3% (Cost: $48,124,369) | 45,646,212 | |||||||
| SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 18.5% (Cost: $8,419,421) | ||||||||
| 8,419,421 | Bank of New York Overnight Government Fund | 8,419,421 | ||||||
| Total Investments: 118.8% (Cost: $56,543,790) | 54,065,633 | |||||||
| Liabilities in excess of other assets: (18.8)% | (8,543,557 | ) | ||||||
| NET ASSETS: 100.0% | $ | 45,522,076 | ||||||
| * | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $8,181,588. |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited) | % of Investments | Value | ||||||
| Financial | 99.9 | % | $ | 45,608,955 | ||||
| Money Market Fund | 0.1 | 37,257 | ||||||
| 100.0 | % | $ | 45,646,212 | |||||
The summary of inputs used to value the Fund’s investments as of October 31, 2014 is as follows:
| Level 2 | Level 3 | |||||||||||||||||
| Level 1 | Significant | Significant | ||||||||||||||||
| Quoted | Observable | Unobservable | ||||||||||||||||
| Prices | Inputs | Inputs | Value | |||||||||||||||
| Common Stocks* | $ | 45,608,955 | $ | — | $ | — | $ | 45,608,955 | ||||||||||
| Money Market Funds | 8,456,678 | — | — | 8,456,678 | ||||||||||||||
| Total | $ | 54,065,633 | $ | — | $ | — | $ | 54,065,633 | ||||||||||
| * | See Schedule of Investments for security type and industry sector breakouts. |
There were no transfers between levels during the period ended October 31, 2014.
See Notes to Financial Statements
| 20 |
EMERGING MARKETS AGGREGATE BOND ETF
SCHEDULE OF INVESTMENTS
October 31, 2014 (unaudited)
| Principal Amount | Value | |||||||
| CORPORATE BONDS: 36.6% | ||||||||
| Argentina: 0.2% | ||||||||
| USD | 30,000 | Pan American Energy, LLC 7.88%, 05/07/21 Reg S | $ | 32,175 | ||||
| Austria: 0.4% | ||||||||
| 64,000 | ESAL GmbH 6.25%, 02/05/18 (c) Reg S | 65,600 | ||||||
| Bermuda: 1.1% | ||||||||
| 100,000 | Digicel Group Ltd. 7.13%, 04/01/17 (c) 144A | 100,750 | ||||||
| 100,000 | Qtel International Finance Ltd. 3.25%, 02/21/23 Reg S | 98,125 | ||||||
| 198,875 | ||||||||
| Brazil: 2.3% | ||||||||
| 150,000 | Banco do Brasil SA 5.88%, 01/26/22 Reg S | 155,017 | ||||||
| 102,000 | Itau Unibanco Holding SA 6.20%, 04/15/20 144A | 111,945 | ||||||
| EUR | 100,000 | Vale SA 4.38%, 03/24/18 | 139,116 | |||||
| 406,078 | ||||||||
| British Virgin Islands: 2.7% | ||||||||
| USD | 257,000 | CNOOC Finance Ltd. 3.88%, 05/02/22 Reg S | 263,218 | |||||
| 100,000 | CNPC General Capital Ltd. 3.95%, 04/19/22 144A | 102,402 | ||||||
| 100,000 | Sinopec Group Overseas Development 4.38%, 10/17/23 Reg S | 104,839 | ||||||
| 470,459 | ||||||||
| Cayman Islands: 4.2% | ||||||||
| 100,000 | Swire Pacific MTN Financing Ltd. 5.50%, 08/19/19 Reg S | 112,529 | ||||||
| 100,000 | China Overseas Finance Cayman VI Ltd. 4.25%, 05/08/19 Reg S | 102,476 | ||||||
| 100,000 | Country Garden Holdings Co., Ltd. 7.50%, 01/10/18 (c) Reg S | 98,250 | ||||||
| 192,000 | Hutchison Whampoa Ltd. 7.63%, 04/09/19 Reg S | 234,001 | ||||||
| 100,000 | QNB Finance Ltd. 2.75%, 10/31/18 Reg S | 101,750 | ||||||
| 100,000 | Saudi Electricity Global Sukuk Co. 2 3.47%, 04/08/23 144A | 101,375 | ||||||
| 750,381 | ||||||||
| Chile: 1.4% | ||||||||
| 100,000 | Banco Santander Chile 3.88%, 09/20/22 144A | 100,349 | ||||||
| 119,600 | Corp. Nacional del Cobre de Chile 7.50%, 01/15/19 † 144A | 144,440 | ||||||
| 244,789 | ||||||||
| Principal Amount | Value | |||||||
| China / Hong Kong: 1.4% | ||||||||
| USD | 128,000 | Bank of China Ltd. 5.55%, 02/11/20 Reg S | $ | 139,494 | ||||
| 100,000 | CITIC Pacific Ltd. 6.63%, 04/15/21 Reg S | 114,169 | ||||||
| 253,663 | ||||||||
| Colombia: 1.5% | ||||||||
| 102,000 | Bancolombia SA 5.13%, 09/11/22 | 104,550 | ||||||
| 90,000 | Ecopetrol SA 5.88%, 09/18/23 | 100,575 | ||||||
| COP | 110,857,000 | Empresas Publicas de Medellin ESP 8.38%, 02/01/21 Reg S | 57,695 | |||||
| 262,820 | ||||||||
| Curacao: 0.5% | ||||||||
| USD | 100,000 | Teva Pharmaceutical 2.95%, 12/18/22 | 97,141 | |||||
| Czech Republic: 0.4% | ||||||||
| EUR | 50,000 | CEZ AS 4.50%, 06/29/20 Reg S | 75,025 | |||||
| India: 0.2% | ||||||||
| USD | 28,000 | ICICI Bank Ltd. 5.75%, 11/16/20 Reg S | 31,191 | |||||
| Indonesia: 0.4% | ||||||||
| 70,000 | Pertamina Persero Pt 4.30%, 05/20/23 144A | 68,425 | ||||||
| Ireland: 0.9% | ||||||||
| 100,000 | Vimpel Communications 9.13%, 04/30/18 Reg S | 108,875 | ||||||
| EUR | 50,000 | Vnesheconombank Via VEB Finance Plc 3.04%, 02/21/18 Reg S | 59,502 | |||||
| 168,377 | ||||||||
| Kazakhstan: 0.6% | ||||||||
| USD | 100,000 | KazMunayGas National Co. 7.00%, 05/05/20 Reg S | 113,150 | |||||
| Luxembourg: 4.1% | ||||||||
| 100,000 | EVRAZ Group SA 9.50%, 04/24/18 Reg S | 102,875 | ||||||
| 100,000 | Gaz Capital SA 6.51%, 03/07/22 Reg S | 104,875 | ||||||
| Petrobras International Finance Co. | ||||||||
| 128,000 | 3.50%, 02/06/17 | 130,341 | ||||||
| 77,000 | 6.75%, 01/27/41 | 79,675 | ||||||
| 100,000 | SB Cap SA 5.40%, 03/24/17 Reg S | 101,711 | ||||||
| 100,000 | VTB Bank 6.25%, 06/30/15 (p) Reg S | 101,250 | ||||||
| 100,000 | Yapi ve Kredi Bankasi 5.19%, 10/13/15 Reg S | 102,460 | ||||||
| 723,187 | ||||||||
| Malaysia: 0.7% | ||||||||
| 100,000 | Petronas Capital Ltd. 7.88%, 05/22/22 Reg S | 131,438 | ||||||
See Notes to Financial Statements
| 21 |
EMERGING MARKETS AGGREGATE BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal Amount | Value | |||||||
| Mexico: 4.0% | ||||||||
| America Movil SAB de CV | ||||||||
| EUR | 100,000 | 4.13%, 10/25/19 | $ | 145,136 | ||||
| USD | 25,000 | 5.00%, 03/30/20 | 27,684 | |||||
| 100,000 | BBVA Bancomer SA 6.75%, 09/30/22 144A | 113,500 | ||||||
| 100,000 | Cemex SAB de CV 9.00%, 01/11/15 (c) Reg S | 105,969 | ||||||
| 64,000 | Pemex Project Funding Master Trust 6.63%, 06/15/38 | 74,656 | ||||||
| Petróleos Mexicanos | ||||||||
| 150,000 | 5.50%, 01/21/21 | 166,582 | ||||||
| EUR | 50,000 | 5.50%, 02/24/25 Reg S | 78,474 | |||||
| 712,001 | ||||||||
| Netherlands: 2.1% | ||||||||
| USD | 100,000 | Bharti Airtel International Netherlands BV 5.13%, 03/11/23 144A | 106,128 | |||||
| 100,000 | Lukoil International Finance BV 7.25%, 11/05/19 Reg S | 107,875 | ||||||
| 128,000 | Majapahit Holding BV 7.75%, 01/20/20 Reg S | 149,600 | ||||||
| 363,603 | ||||||||
| Peru: 0.7% | ||||||||
| 108,000 | Banco de Credito del Peru 5.38%, 09/16/20 Reg S | 118,260 | ||||||
| Qatar: 0.6% | ||||||||
| 100,000 | Qatari Diar Finance QSC 5.00%, 07/21/20 Reg S | 113,000 | ||||||
| Thailand: 0.8% | ||||||||
| 128,000 | Bangkok Bank 4.80%, 10/18/20 Reg S | 139,050 | ||||||
| Turkey: 0.6% | ||||||||
| 100,000 | Turkiye Is Bankasi 5.50%, 04/21/19 144A | 104,250 | ||||||
| United Arab Emirates: 2.7% | ||||||||
| 100,000 | Abu Dhabi National Energy Co. 6.25%, 09/16/19 Reg S | 117,688 | ||||||
| 100,000 | Dolphin Energy Ltd. 5.50%, 12/15/21 144A | 114,375 | ||||||
| 100,000 | DP World Ltd. 6.85%, 07/02/37 Reg S | 115,250 | ||||||
| 100,000 | Dubai Electricity & Water Authority 7.38%, 10/21/20 Reg S | 123,000 | ||||||
| 470,313 | ||||||||
| United Kingdom: 1.2% | ||||||||
| 55,000 | AngloGold Ashanti Holdings Plc 8.50%, 07/30/16 (c) † | 59,331 | ||||||
| 128,000 | Vedanta Resources Plc 9.50%, 07/18/18 Reg S | 146,240 | ||||||
| 205,571 | ||||||||
| Principal Amount | Value | |||||||
| Venezuela: 0.9% | ||||||||
| Petróleos de Venezuela SA | ||||||||
| USD | 132,700 | 5.38%, 04/12/27 Reg S | $ | 63,696 | ||||
| 102,000 | 8.50%, 11/02/17 Reg S | 77,510 | ||||||
| 30,000 | 9.00%, 11/17/21 Reg S | 19,163 | ||||||
| 160,369 | ||||||||
| Total Corporate Bonds (Cost: $6,380,782) | 6,479,191 | |||||||
| GOVERNMENT OBLIGATIONS: 61.4% | ||||||||
| Argentina: 0.2% | ||||||||
| EUR | 60,000 | Provincia de Buenos Aires 4.00%, 05/15/35 (s) Reg S | 43,601 | |||||
| Bahrain: 0.4% | ||||||||
| USD | 64,000 | Bahrain Government International Bonds 6.13%, 08/01/23 144A | 72,480 | |||||
| Brazil: 5.6% | ||||||||
| 28,000 | Banco Nacional de Desenvolvimento Economico e Social 6.50%, 06/10/19 Reg S | 31,276 | ||||||
| Brazil Notas do Tesouro Nacional, Series F | ||||||||
| BRL | 396,000 | 10.00%, 01/01/17 | 154,644 | |||||
| 102,000 | 10.00%, 01/01/19 | 38,636 | ||||||
| 245,000 | 10.00%, 01/01/21 | 91,404 | ||||||
| 425,000 | 10.00%, 01/01/23 | 155,337 | ||||||
| Brazilian Government International Bonds | ||||||||
| USD | 128,000 | 4.88%, 01/22/21 | 138,560 | |||||
| 63,000 | 6.00%, 01/17/17 | 69,143 | ||||||
| Letra do Tesouro Nacional | ||||||||
| BRL | 90,000 | 11.23%, 07/01/15 ^ | 34,080 | |||||
| 800,000 | 11.72%, 01/01/16 ^ | 285,191 | ||||||
| 998,271 | ||||||||
| Cayman Islands: 0.8% | ||||||||
| EUR | 100,000 | IPIC GMTN Ltd. 4.88%, 05/14/16 Reg S | 133,220 | |||||
| Chile: 0.1% | ||||||||
| CLP | 9,000,000 | Chilean Government International Bonds 5.50%, 08/05/20 | 16,457 | |||||
| China / Hong Kong: 0.5% | ||||||||
| CNY | 500,000 | Chinese Government Bonds 2.87%, 06/27/16 Reg S | 81,774 | |||||
| Colombia: 3.5% | ||||||||
| Colombian Government International Bonds | ||||||||
| USD | 128,000 | 7.38%, 03/18/19 | 154,112 | |||||
| COP | 607,000,000 | 7.75%, 04/14/21 | 322,771 | |||||
| 261,000,000 | 12.00%, 10/22/15 | 134,790 | ||||||
| 611,673 | ||||||||
| Croatia: 0.6% | ||||||||
| USD | 100,000 | Croatia Government International Bonds 6.75%, 11/05/19 Reg S | 111,375 | |||||
See Notes to Financial Statements
| 22 |
| Principal Amount | Value | |||||||
| Czech Republic: 1.8% | ||||||||
| Czech Republic Government Bonds | ||||||||
| EUR | 35,000 | 3.88%, 05/24/22 Reg S | $ | 52,804 | ||||
| CZK | 2,700,000 | 4.00%, 04/11/17 | 133,062 | |||||
| 2,150,000 | 5.70%, 05/25/24 | 139,334 | ||||||
| 325,200 | ||||||||
| Dominican Republic: 0.1% | ||||||||
| USD | 21,200 | Dominican Republic International Bonds 7.50%, 05/06/21 Reg S | 24,221 | |||||
| El Salvador: 0.4% | ||||||||
| 64,000 | El Salvador Government International Bonds 7.65%, 06/15/35 Reg S | 70,080 | ||||||
| Hungary: 2.0% | ||||||||
| Hungarian Government Bonds | ||||||||
| HUF | 24,040,000 | 5.50%, 02/12/16 | 102,528 | |||||
| USD | 100,000 | 6.38%, 03/29/21 | 113,988 | |||||
| HUF | 26,920,000 | 7.50%, 11/12/20 | 133,690 | |||||
| 350,206 | ||||||||
| India: 0.6% | ||||||||
| USD | 100,000 | State Bank of India 4.50%, 07/27/15 | 102,436 | |||||
| Indonesia: 3.8% | ||||||||
| USD | 192,000 | Indonesia Government International Bonds 5.88%, 03/13/20 Reg S | 215,760 | |||||
| Indonesian Treasury Bonds | ||||||||
| IDR | 1,743,000,000 | 8.38%, 09/15/26 | 144,648 | |||||
| 1,479,000,000 | 10.50%, 08/15/30 | 143,811 | ||||||
| 1,833,000,000 | 11.00%, 11/15/20 | 173,546 | ||||||
| 677,765 | ||||||||
| Israel: 2.3% | ||||||||
| Israel Government Bonds | ||||||||
| ILS | 565,000 | 4.25%, 03/31/23 | 175,062 | |||||
| 385,000 | 5.00%, 01/31/20 | 121,246 | ||||||
| 385,000 | 5.50%, 02/28/17 | 113,757 | ||||||
| 410,065 | ||||||||
| Lebanon: 0.9% | ||||||||
| USD | 140,000 | Lebanon Government International Bonds 8.25%, 04/12/21 Reg S | 161,175 | |||||
| Lithuania: 0.3% | ||||||||
| 50,000 | Lithuania Government International Bonds 7.38%, 02/11/20 Reg S | 60,750 | ||||||
| Malaysia: 3.5% | ||||||||
| Malaysian Government Bonds | ||||||||
| MYR | 680,000 | 3.20%, 10/15/15 | 206,410 | |||||
| 670,000 | 3.89%, 03/15/27 | 199,176 | ||||||
| 670,000 | 5.73%, 07/30/19 | 222,203 | ||||||
| 627,789 | ||||||||
| Principal Amount | Value | |||||||
| Mexico: 6.6% | ||||||||
| Mexican Government International Bonds | ||||||||
| USD | 77,000 | 4.00%, 10/02/23 | $ | 80,484 | ||||
| 123,000 | 5.63%, 01/15/17 | 134,992 | ||||||
| MXN | 1,041,400 | 6.00%, 06/18/15 | 78,767 | |||||
| USD | 102,000 | 6.05%, 01/11/40 | 123,675 | |||||
| MXN | 400,000 | 7.25%, 12/15/16 | 31,792 | |||||
| 1,460,100 | 7.50%, 06/03/27 | 119,926 | ||||||
| 1,880,600 | 8.00%, 12/17/15 | 146,745 | ||||||
| 5,294,900 | 8.00%, 06/11/20 | 446,844 | ||||||
| 1,163,225 | ||||||||
| Nigeria: 0.7% | ||||||||
| NGN | 16,970,000 | Nigerian Government Bonds 16.39%, 01/27/22 | 121,090 | |||||
| Panama: 0.5% | ||||||||
| USD | 69,400 | Panamanian Government International Bonds 7.13%, 01/29/26 | 89,526 | |||||
| Peru: 0.9% | ||||||||
| Peruvian Government International Bonds | ||||||||
| 62,000 | 7.35%, 07/21/25 | 82,305 | ||||||
| PEN | 200,000 | 7.84%, 08/12/20 | 79,404 | |||||
| 161,709 | ||||||||
| Philippines: 0.9% | ||||||||
| USD | 142,000 | Philippine Government International Bonds 5.00%, 01/13/37 | 163,300 | |||||
| Poland: 4.7% | ||||||||
| Poland Government International Bonds | ||||||||
| PLN | 760,000 | 2.50%, 07/25/18 | 230,952 | |||||
| 750,000 | 5.50%, 04/25/15 | 227,061 | ||||||
| 640,000 | 5.75%, 04/25/29 | 258,866 | ||||||
| USD | 100,000 | 6.38%, 07/15/19 | 118,895 | |||||
| 835,774 | ||||||||
| Qatar: 0.6% | ||||||||
| 100,000 | Qatar Government International Bonds 5.25%, 01/20/20 Reg S | 114,000 | ||||||
| Romania: 1.2% | ||||||||
| Romanian Government International Bonds | ||||||||
| EUR | 50,000 | 4.63%, 09/18/20 Reg S | 71,378 | |||||
| RON | 450,000 | 5.90%, 07/26/17 | 140,051 | |||||
| 211,429 | ||||||||
| Russia: 3.7% | ||||||||
| Russian Federal Bonds | ||||||||
| RUB | 8,750,000 | 7.35%, 01/20/16 | 198,802 | |||||
| 3,550,000 | 7.50%, 03/15/18 | 77,023 | ||||||
| 10,080,000 | 8.15%, 02/03/27 | 207,912 | ||||||
| USD | 130,000 | 11.00%, 07/24/18 Reg S | 162,175 | |||||
| 645,912 | ||||||||
| Serbia: 0.3% | ||||||||
| 50,000 | Republic of Serbia 4.88%, 02/25/20 144A | 50,875 | ||||||
See Notes to Financial Statements
| 23 |
EMERGING MARKETS AGGREGATE BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal Amount | Value | |||||||
| South Africa: 4.0% | ||||||||
| South Africa Government International Bonds | ||||||||
| USD | 78,000 | 5.50%, 03/09/20 | $ | 85,898 | ||||
| ZAR | 2,044,300 | 7.75%, 02/28/23 | 185,946 | |||||
| 2,531,400 | 8.25%, 09/15/17 | 238,212 | ||||||
| 2,070,000 | 8.75%, 02/28/48 | 189,405 | ||||||
| 699,461 | ||||||||
| Thailand: 3.4% | ||||||||
| Thailand Government Bonds | ||||||||
| THB | 6,680,000 | 3.25%, 06/16/17 | 209,803 | |||||
| 7,720,000 | 3.63%, 06/16/23 | 246,752 | ||||||
| 4,100,000 | 4.88%, 06/22/29 | 144,374 | ||||||
| 600,929 | ||||||||
| Turkey: 4.7% | ||||||||
| Turkey Government International Bonds | ||||||||
| TRY | 347,100 | 5.00%, 05/13/15 | 154,055 | |||||
| 488,600 | 7.10%, 03/08/23 | 201,914 | ||||||
| USD | 110,000 | 7.25%, 03/15/15 | 112,458 | |||||
| 160,000 | 7.38%, 02/05/25 | 198,152 | ||||||
| TRY | 347,100 | 9.00%, 03/08/17 | 159,464 | |||||
| 826,043 | ||||||||
| Ukraine: 0.5% | ||||||||
| USD | 100,000 | Ukraine Government International Bonds 7.75%, 09/23/20 Reg S | 88,625 | |||||
| Uruguay: 0.5% | ||||||||
| 77,000 | Uruguay Government International Bonds 4.50%, 08/14/24 | 81,428 | ||||||
| Venezuela: 0.8% | ||||||||
| Venezuelan Government International Bonds | ||||||||
| 93,000 | 5.75%, 02/26/16 Reg S | 79,283 | ||||||
| 100,000 | 9.25%, 05/07/28 Reg S | 64,000 | ||||||
| 143,283 | ||||||||
| Total Government Obligations (Cost: $11,453,435) | 10,875,147 | |||||||
| Number of Shares | Value | |||||||
| MONEY MARKET FUND: 0.5% (Cost: $84,337) | ||||||||
| 84,337 | Dreyfus Government Cash Management Fund | $ | 84,337 | |||||
| Total Investments Before Collateral for Securities Loaned: 98.5% (Cost: $17,918,554) | 17,438,675 | |||||||
| SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 1.2% (Cost: $213,396) | ||||||||
| 213,396 | Bank of New York Overnight Government Fund | 213,396 | ||||||
| Total Investments: 99.7% (Cost: $18,131,950) | 17,652,071 | |||||||
| Other assets less liabilities: 0.3% | 44,749 | |||||||
| NET ASSETS: 100.0% | $ | 17,696,820 | ||||||
See Notes to Financial Statements
| 24 |
| BRL | Brazilian Real |
| CLP | Chilean Peso |
| CNY | Chinese Yuan |
| COP | Colombian Peso |
| CZK | Czech Koruna |
| EUR | Euro |
| HUF | Hungarian Forint |
| IDR | Indonesian Rupiah |
| ILS | Israeli Sheqel |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| NGN | Nigerian Naira |
| PEN | Peruvian Nuevo Sol |
| PLN | Polish Zloty |
| RON | Romanian Leu |
| RUB | Russian Ruble |
| THB | Thai Baht |
| TRY | Turkish Lira |
| USD | United States Dollar |
| ZAR | South African Rand |
| (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 |
| (s) | Step Bond – coupon increases periodically based upon a predetermined schedule. The rate shown reflects the rate in effect at the end of the reporting period |
| ^ | 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 $203,771. |
| Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted to $1,291,294, or 7.3% of net assets. |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited) | % of Investments | Value | ||||||
| Basic Materials | 4.0 | % | $ | 706,171 | ||||
| Communications | 3.3 | 586,698 | ||||||
| Consumer, Non-cyclical | 1.6 | 277,991 | ||||||
| Diversified | 2.0 | 346,530 | ||||||
| Energy | 11.1 | 1,933,444 | ||||||
| Financial | 11.5 | 2,000,441 | ||||||
| Government | 61.8 | 10,772,711 | ||||||
| Industrial | 0.6 | 105,969 | ||||||
| Utilities | 3.6 | 624,383 | ||||||
| Money Market Fund | 0.5 | 84,337 | ||||||
| 100.0 | % | $ | 17,438,675 | |||||
The summary of inputs used to value the Fund’s investments as of October 31, 2014 is as follows:
| Level 2 | Level 3 | ||||||||||||||||
| Level 1 | Significant | Significant | |||||||||||||||
| Quoted | Observable | Unobservable | |||||||||||||||
| Prices | Inputs | Inputs | Value | ||||||||||||||
| Corporate Bonds* | $ | — | $ | 6,479,191 | $ | — | $ | 6,479,191 | |||||||||
| Government Obligations* | — | 10,875,147 | — | 10,875,147 | |||||||||||||
| Money Market Funds | 297,733 | — | — | 297,733 | |||||||||||||
| Total | $ | 297,733 | $ | 17,354,338 | $ | — | $ | 17,652,071 | |||||||||
| * | See Schedule of Investments for security type and geographic sector breakouts. |
There were no transfers between levels during the period ended October 31, 2014.
See Notes to Financial Statements
| 25 |
EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
October 31, 2014 (unaudited)
| Principal Amount | Value | |||||||
| CORPORATE BONDS: 92.3% | ||||||||
| Argentina: 1.1% | ||||||||
| $ | 400,000 | Banco de Galicia y Buenos Aires SA 8.75%, 05/14/15 (c) 144A | $ | 396,000 | ||||
| Pan American Energy LLC | ||||||||
| 200,000 | 7.88%, 05/07/21 Reg S | 214,500 | ||||||
| 710,000 | 7.88%, 05/07/21 144A | 761,475 | ||||||
| 57,320 | Transportadora de Gas del Sur SA 9.63%, 05/14/18 (c) 144A | 57,607 | ||||||
| YPF SA | ||||||||
| 1,560,000 | 8.75%, 04/04/24 144A | 1,616,550 | ||||||
| 1,475,000 | 8.88%, 12/19/18 † 144A | 1,548,750 | ||||||
| 4,594,882 | ||||||||
| Austria: 1.6% | ||||||||
| 2,500,000 | JBS Investments GmbH 7.75%, 10/28/17 (c) 144A | 2,751,575 | ||||||
| 1,950,000 | OAS Investments GmbH 8.25%, 10/19/16 (c) Reg S | 1,901,250 | ||||||
| 2,000,000 | Sappi Papier Holding GmbH 8.38%, 06/15/15 (c) 144A | 2,180,000 | ||||||
| 6,832,825 | ||||||||
| Azerbaijan: 0.3% | ||||||||
| 1,300,000 | International Bank of Azerbaijan OJSC 5.63%, 06/11/19 Reg S | 1,294,800 | ||||||
| Bahrain: 0.2% | ||||||||
| 900,000 | Batelco International Finance No. 1 Ltd. 4.25%, 05/01/20 Reg S | 905,310 | ||||||
| Bangladesh: 0.1% | ||||||||
| 600,000 | Banglalink Digital Communications Ltd. 8.63%, 05/06/17 (c) 144A | 631,500 | ||||||
| Barbados: 0.7% | ||||||||
| 2,850,000 | Columbus International, Inc. 7.38%, 03/30/18 (c) 144A | 3,031,687 | ||||||
| Bermuda: 3.4% | ||||||||
| 450,000 | China Oil & Gas Group Ltd. 5.25%, 04/25/16 (c) † 144A | 460,844 | ||||||
| Digicel Group Ltd. | ||||||||
| 2,600,000 | 7.13%, 04/01/17 (c) 144A | 2,619,500 | ||||||
| 2,550,000 | 8.25%, 09/30/16 (c) 144A | 2,677,500 | ||||||
| Digicel Ltd. | ||||||||
| 2,475,000 | 6.00%, 04/15/16 (c) 144A | 2,505,937 | ||||||
| 2,535,000 | 8.25%, 12/05/14 (c) 144A | 2,607,881 | ||||||
| 400,000 | GCX Ltd. 7.00%, 08/01/16 (c) 144A | 412,285 | ||||||
| 750,000 | GeoPark Latin America Ltd., Agencia en Chile 7.50%, 02/11/17 (c) Reg S | 798,750 | ||||||
| Hopson Development Holdings Ltd. | ||||||||
| 400,000 | 9.88%, 01/16/16 (c) † Reg S | 369,507 | ||||||
| 420,000 | 11.75%, 12/03/14 (c) † Reg S | 430,500 | ||||||
| Inkia Energy Ltd. | ||||||||
| 550,000 | 8.38%, 04/04/16 (c) 144A | 600,050 | ||||||
| 500,000 | 8.38%, 04/04/16 (c) Reg S | 545,500 | ||||||
| 900,000 | Pacnet Ltd. 9.00%, 12/12/16 (c) 144A | 929,250 | ||||||
| 14,957,504 | ||||||||
| Principal Amount | Value | |||||||
| Brazil: 3.4% | ||||||||
| $ | 300,000 | Banco ABC Brasil SA 7.88%, 04/08/20 144A | $ | 320,088 | ||||
| 650,000 | Banco BMG SA 9.95%, 11/05/19 144A | 699,888 | ||||||
| Banco BTG Pactual SA | ||||||||
| 850,000 | 5.75%, 09/28/22 Reg S | 826,625 | ||||||
| 75,000 | 5.75%, 09/28/22 144A | 72,938 | ||||||
| 2,800,000 | Banco do Brasil SA 8.50%, 10/20/20 (c) 144A | 3,239,040 | ||||||
| Banco do Estado do Rio Grande do Sul SA | ||||||||
| 800,000 | 7.38%, 02/02/22 Reg S | 841,656 | ||||||
| 50,000 | 7.38%, 02/02/22 144A | 52,604 | ||||||
| 900,000 | Banco Industrial e Comercial SA 8.50%, 04/27/20 Reg S | 1,035,000 | ||||||
| 800,000 | Banco Pan SA 8.50%, 04/23/20 144A | 875,840 | ||||||
| 1,900,000 | Brasil Telecom Celular SA 5.75%, 02/10/22 † 144A | 1,814,500 | ||||||
| Centrais Eletricas Brasileiras SA | ||||||||
| 1,500,000 | 5.75%, 10/27/21 144A | 1,531,875 | ||||||
| 1,400,000 | 6.88%, 07/30/19 144A | 1,536,500 | ||||||
| 300,000 | Hypermarcas SA 6.50%, 04/20/16 (c) 144A | 325,950 | ||||||
| 1,600,000 | Telemar Norte Leste SA 5.50%, 10/23/20 † 144A | 1,576,000 | ||||||
| 14,748,504 | ||||||||
| British Virgin Islands: 2.1% | ||||||||
| 964,000 | Arcos Dorados Holdings, Inc. 6.63%, 09/27/23 † 144A | 959,180 | ||||||
| 850,000 | China Resources Power East Foundation Co. Ltd. 7.25%, 05/09/16 (c) | 885,063 | ||||||
| 1,950,000 | Gold Fields Orogen Holding BVI Ltd. 4.88%, 10/07/20 144A | 1,745,250 | ||||||
| 450,000 | Road King 2012 Ltd. 9.88%, 09/18/15 (c) Reg S | 483,750 | ||||||
| 850,000 | Sparkle Assets Ltd. 6.88%, 01/30/17 (c) Reg S | 864,365 | ||||||
| 900,000 | Star Energy Geothermal Wayang Windu Ltd. 6.13%, 03/28/17 (c) 144A | 924,750 | ||||||
| 750,000 | Studio City Finance Ltd. 8.50%, 12/01/15 (c) † 144A | 817,500 | ||||||
| 2,300,000 | Trillion Chance Ltd. 8.50%, 01/10/17 (c) † Reg S | 2,270,493 | ||||||
| 400,000 | Yingde Gases Investment Ltd. 8.13%, 04/22/16 (c) Reg S | 418,000 | ||||||
| 9,368,351 | ||||||||
| Canada: 1.9% | ||||||||
| Pacific Rubiales Energy Corp. | ||||||||
| 2,875,000 | 5.13%, 03/28/18 (c) † 144A | 2,767,187 | ||||||
| 2,650,000 | 5.38%, 01/26/17 (c) † 144A | 2,663,250 | ||||||
| 2,828,000 | 5.63%, 01/19/20 (c) † 144A | 2,696,357 | ||||||
| 8,126,794 | ||||||||
See Notes to Financial Statements
| 26 |
| Principal Amount | Value | |||||||
| Cayman Islands: 13.6% | ||||||||
| Agile Property Holdings Ltd. | ||||||||
| $ | 1,750,000 | 8.88%, 12/04/14 (c) Reg S | $ | 1,680,000 | ||||
| 850,000 | 8.88%, 12/05/14 (c) † 144A | 816,000 | ||||||
| 600,000 | Agromercantil Senior Trust 6.25%, 04/10/19 144A | 623,400 | ||||||
| 1,100,000 | Alpha Star Holding Ltd. 4.97%, 04/09/19 Reg S | 1,048,119 | ||||||
| 700,000 | Cementos Progreso Trust 7.13%, 05/06/18 (c) † 144A | 754,250 | ||||||
| 400,000 | Central China Real Estate Ltd. 6.50%, 06/04/16 (c) † Reg S | 389,503 | ||||||
| 400,000 | China SCE Property Holdings Ltd. 11.50%, 11/14/15 (c) Reg S | 417,000 | ||||||
| 950,000 | China Shanshui Cement Group Ltd. 10.50%, 04/27/15 (c) 144A | 1,027,188 | ||||||
| 1,900,000 | Comcel Trust 6.88%, 02/06/19 (c) † 144A | 2,037,750 | ||||||
| Country Garden Holdings Co. Ltd. | ||||||||
| 800,000 | 7.50%, 01/10/18 (c) 144A | 786,000 | ||||||
| 2,150,000 | 11.13%, 02/23/15 (c) Reg S | 2,308,562 | ||||||
| 950,000 | 11.13%, 02/23/15 (c) † 144A | 1,020,063 | ||||||
| Dar Al-Arkan International Sukuk Co. II | ||||||||
| 100,000 | 10.75%, 02/18/15 Reg S | 101,125 | ||||||
| 600,000 | 10.75%, 02/18/15 144A | 606,750 | ||||||
| 1,675,000 | Dar Al-Arkan Sukuk Co. Ltd. 5.75%, 05/24/18 Reg S | 1,666,625 | ||||||
| 600,000 | DIP Sukuk Ltd. 4.29%, 02/20/19 Reg S | 612,000 | ||||||
| 2,400,000 | Emaar Sukuk Ltd. 6.40%, 07/18/19 Reg S | 2,745,000 | ||||||
| Evergrande Real Estate Group Ltd. | ||||||||
| 400,000 | 8.75%, 10/30/16 (c) 144A | 375,540 | ||||||
| 1,325,000 | 13.00%, 01/27/15 † Reg S | 1,338,250 | ||||||
| 700,000 | Fibria Overseas Finance Ltd. 5.25%, 05/12/24 | 715,540 | ||||||
| 300,000 | Fufeng Group Ltd. 7.63%, 12/04/14 (c) Reg S | 309,750 | ||||||
| 2,050,000 | Global A&T Electronics Ltd. 10.00%, 02/01/16 (c) † 144A | 1,827,062 | ||||||
| 200,000 | Glorious Property Holdings Ltd. 13.25%, 03/04/16 (c) Reg S | 132,000 | ||||||
| 1,100,000 | Greenland Hong Kong Holdings Ltd. 4.75%, 10/18/16 † Reg S | 1,109,680 | ||||||
| 1,100,000 | Greentown China Holdings Ltd. 8.50%, 02/04/16 (c) † Reg S | 1,105,500 | ||||||
| 850,000 | Guanay Finance Ltd. 6.00%, 12/15/20 144A | 896,750 | ||||||
| 950,000 | Industrial Senior Trust 5.50%, 11/01/22 144A | 947,625 | ||||||
| 1,900,000 | Jafz Sukuk Ltd. 7.00%, 06/19/19 Reg S | 2,188,895 | ||||||
| 2,125,000 | JBS Finance II Ltd. 8.25%, 01/29/15 (c) 144A | 2,257,812 | ||||||
| 2,000,000 | Kaisa Group Holdings Ltd. 10.25%, 01/08/17 (c) † Reg S | 2,099,000 | ||||||
| 2,000,000 | KWG Property Holdings Ltd. 8.98%, 01/14/17 (c) Reg S | 2,000,000 | ||||||
| 1,450,000 | Longfor Properties Co. Ltd. 6.75%, 01/29/18 (c) † Reg S | 1,421,661 | ||||||
| Principal Amount | Value | |||||||
| Cayman Islands: (continued) | ||||||||
| $ | 1,000,000 | MAF Global Securities Ltd. 7.13%, 10/29/18 (c) Reg S | $ | 1,103,500 | ||||
| 2,350,000 | Marfrig Overseas Ltd. 9.50%, 05/04/15 (c) 144A | 2,505,687 | ||||||
| 600,000 | MBPS Finance Co. 11.25%, 12/04/14 (c) Reg S | 603,673 | ||||||
| 3,060,000 | MCE Finance Ltd. 5.00%, 02/15/16 (c) 144A | 3,029,400 | ||||||
| 1,000,000 | MIE Holdings Corp. 7.50%, 04/25/17 (c) 144A | 982,500 | ||||||
| 200,000 | Mongolian Mining Corp. 8.88%, 03/29/15 (c) † Reg S | 125,000 | ||||||
| 500,000 | Parkson Retail Group Ltd. 4.50%, 05/03/18 † Reg S | 473,375 | ||||||
| 900,000 | Shelf Drilling Holdings Ltd. 8.63%, 05/01/15 (c) † 144A | 893,250 | ||||||
| 2,575,000 | Shimao Property Holdings Ltd. 6.63%, 01/14/17 (c) † Reg S | 2,575,000 | ||||||
| SOHO China Ltd. | ||||||||
| 200,000 | 5.75%, 11/07/15 (c) † Reg S | 204,500 | ||||||
| 1,000,000 | 7.13%, 11/07/17 (c) Reg S | 997,998 | ||||||
| 1,600,000 | Sukuk Funding No. 3 Ltd. 4.35%, 12/03/18 Reg S | 1,669,363 | ||||||
| 1,200,000 | Sunac China Holdings Ltd. 12.50%, 10/16/15 (c) † Reg S | 1,338,000 | ||||||
| 700,000 | Suzano Trading Ltd. 5.88%, 01/23/21 144A | 738,500 | ||||||
| 950,000 | TAM Capital 3, Inc. 8.38%, 06/03/16 (c) 144A | 1,026,000 | ||||||
| 400,000 | Telemovil Finance Co. Ltd. 8.00%, 12/04/14 (c) Reg S | 417,000 | ||||||
| 2,800,000 | Wynn Macau Ltd. 5.25%, 10/15/16 (c) 144A | 2,814,000 | ||||||
| 400,000 | Yuzhou Properties Co., Ltd. 8.63%, 01/24/17 (c) Reg S | 400,000 | ||||||
| 59,261,146 | ||||||||
| Chile: 0.8% | ||||||||
| AES Gener SA | ||||||||
| 300,000 | 8.38%, 06/18/19 (c) Reg S | 337,125 | ||||||
| 600,000 | 8.38%, 06/18/19 (c) 144A | 674,250 | ||||||
| 750,000 | Automotores Gildemeister SA 8.25%, 05/24/16 (c) † 144A | 517,500 | ||||||
| 500,000 | CFR International SpA 5.13%, 12/06/17 (c) 144A | 542,630 | ||||||
| 950,000 | CorpGroup Banking SA 6.75%, 03/15/18 (c) † 144A | 952,965 | ||||||
| 500,000 | Masisa SA 9.50%, 05/05/17 (c) † 144A | 527,500 | ||||||
| 3,551,970 | ||||||||
| China / Hong Kong: 1.7% | ||||||||
| 1,100,000 | Bank of East Asia Ltd. 8.50%, 11/05/19 (c) † | 1,283,811 | ||||||
| 400,000 | Chalieco Hong Kong Corp. Ltd. 6.88%, 02/28/17 (c) Reg S | 414,500 | ||||||
| 2,100,000 | China CITIC Bank International Ltd. 6.88%, 06/24/20 † Reg S | 2,349,312 | ||||||
| 700,000 | MCC Holding Hong Kong Corp. Ltd. 4.88%, 07/29/16 Reg S | 713,692 | ||||||
See Notes to Financial Statements
| 27 |
EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal Amount | Value | |||||||
| China / Hong Kong: (continued) | ||||||||
| Yancoal International Resources Development Co. Ltd. | ||||||||
| $ | 1,150,000 | 5.73%, 05/16/22 Reg S | $ | 1,057,919 | ||||
| 1,050,000 | 5.73%, 05/16/22 144A | 965,927 | ||||||
| Zoomlion HK SPV Co. Ltd. | ||||||||
| 250,000 | 6.13%, 12/20/22 Reg S | 237,500 | ||||||
| 600,000 | 6.13%, 12/20/22 † 144A | 570,000 | ||||||
| 7,592,661 | ||||||||
| Colombia: 1.7% | ||||||||
| 1,175,000 | Banco Davivienda SA 5.88%, 07/09/22 144A | 1,198,500 | ||||||
| 600,000 | Banco GNB Sudameris SA 3.88%, 05/02/18 144A | 594,720 | ||||||
| Bancolombia SA | ||||||||
| 2,375,000 | 5.13%, 09/11/22 † | 2,434,375 | ||||||
| 1,650,000 | 6.13%, 07/26/20 † | 1,800,150 | ||||||
| 1,530,000 | Colombia Telecomunicaciones SA ESP 5.38%, 09/27/17 (c) 144A | 1,556,775 | ||||||
| 7,584,520 | ||||||||
| Croatia: 0.5% | ||||||||
| Agrokor D.D. | ||||||||
| 750,000 | 8.88%, 02/01/16 (c) Reg S | 821,250 | ||||||
| 50,000 | 8.88%, 02/01/16 (c) 144A | 54,750 | ||||||
| Hrvatska Elektroprivreda | ||||||||
| 500,000 | 6.00%, 11/09/17 Reg S | 526,500 | ||||||
| 600,000 | 6.00%, 11/09/17 144A | 631,800 | ||||||
| 2,034,300 | ||||||||
| Dominican Republic: 0.3% | ||||||||
| Aeropuertos Dominicanos Siglo XXI SA | ||||||||
| 600,000 | 9.75%, 11/13/15 (c) (s) Reg S | 576,000 | ||||||
| 275,000 | 9.75%, 11/13/15 (c) (s) † 144A | 264,000 | ||||||
| 400,000 | Banco de Reservas de la Republica Dominicana 7.00%, 02/01/23 144A | 408,000 | ||||||
| 1,248,000 | ||||||||
| Georgia: 0.5% | ||||||||
| Bank of Georgia JSC | ||||||||
| 450,000 | 7.75%, 07/05/17 Reg S | 480,722 | ||||||
| 500,000 | 7.75%, 07/05/17 144A | 534,135 | ||||||
| 920,000 | Georgian Railway JSC 7.75%, 07/11/22 144A | 1,035,184 | ||||||
| 2,050,041 | ||||||||
| Hungary: 0.5% | ||||||||
| 600,000 | Magyar Export-Import Bank Zrt 4.00%, 01/30/20 144A | 598,500 | ||||||
| 1,500,000 | MFB Magyar Fejlesztesi Bank Zrt 6.25%, 10/21/20 144A | 1,661,250 | ||||||
| 2,259,750 | ||||||||
| India: 0.7% | ||||||||
| 600,000 | Bank of Baroda 6.63%, 05/25/17 (c) Reg S | 622,147 | ||||||
| ICICI Bank Ltd. | ||||||||
| 700,000 | 6.38%, 04/30/17 (c) Reg S | 727,160 | ||||||
| 1,450,000 | 6.38%, 04/30/17 (c) 144A | 1,506,260 | ||||||
| 2,855,567 | ||||||||
| Principal Amount | Value | |||||||
| Indonesia: 1.3% | ||||||||
| $ | 1,300,000 | Bank Negara Indonesia Persero Tbk PT 4.13%, 04/27/17 † Reg S | $ | 1,352,000 | ||||
| Gajah Tunggal Tbk PT | ||||||||
| 250,000 | 7.75%, 02/06/16 (c) 144A | 252,500 | ||||||
| 600,000 | 7.75%, 02/06/16 (c) Reg S | 606,000 | ||||||
| Perusahaan Listrik Negara PT | ||||||||
| 2,500,000 | 5.50%, 11/22/21 Reg S | 2,668,750 | ||||||
| 900,000 | 5.50%, 11/22/21 144A | 960,750 | ||||||
| 5,840,000 | ||||||||
| Ireland: 5.4% | ||||||||
| Alfa Bank OJSC | ||||||||
| 800,000 | 7.75%, 04/28/21 144A | 817,000 | ||||||
| 2,350,000 | 7.88%, 09/25/17 † Reg S | 2,460,450 | ||||||
| 1,200,000 | 7.88%, 09/25/17 144A | 1,256,400 | ||||||
| 700,000 | Brunswick Rail Finance Ltd. 6.50%, 11/01/17 Reg S | 628,250 | ||||||
| Credit Bank of Moscow | ||||||||
| 800,000 | 7.70%, 02/01/18 Reg S | 784,000 | ||||||
| 550,000 | 8.70%, 11/13/18 Reg S | 492,146 | ||||||
| 800,000 | EDC Finance Ltd. 4.88%, 04/17/20 144A | 728,000 | ||||||
| EuroChem Mineral & Chemical Co. OJSC | ||||||||
| 200,000 | 5.13%, 12/12/17 Reg S | 196,500 | ||||||
| 700,000 | 5.13%, 12/12/17 144A | 687,750 | ||||||
| 1,700,000 | Gazprombank OJSC 7.25%, 05/03/19 Reg S | 1,721,250 | ||||||
| 300,000 | Koks OAO Via Koks Finance Ltd. 7.75%, 06/23/16 144A | 268,929 | ||||||
| Metalloinvest Finance Ltd. | ||||||||
| 300,000 | 5.63%, 04/17/20 Reg S | 273,375 | ||||||
| 2,250,000 | 5.63%, 04/17/20 144A | 2,050,312 | ||||||
| Nomos Bank | ||||||||
| 200,000 | 7.25%, 04/25/18 144A | 191,500 | ||||||
| 950,000 | 8.75%, 10/21/15 Reg S | 948,813 | ||||||
| 1,100,000 | 10.00%, 04/26/19 144A | 1,071,070 | ||||||
| 950,000 | Phosagro OAO 4.20%, 02/13/18 144A | 919,125 | ||||||
| 450,000 | Raspadskaya OJSC 7.75%, 04/27/17 144A | 402,750 | ||||||
| SCF Capital Ltd. | ||||||||
| 200,000 | 5.38%, 10/27/17 Reg S | 191,000 | ||||||
| 1,000,000 | 5.38%, 10/27/17 144A | 955,000 | ||||||
| 1,375,000 | Sibur Securities Ltd. 3.91%, 01/31/18 144A | 1,283,906 | ||||||
| Vimpel Communications | ||||||||
| 200,000 | 7.75%, 02/02/21 Reg S | 205,500 | ||||||
| 1,300,000 | 7.75%, 02/02/21 144A | 1,335,750 | ||||||
| 3,550,000 | 9.13%, 04/30/18 144A | 3,865,062 | ||||||
| 23,733,838 | ||||||||
| Israel: 0.5% | ||||||||
| 1,875,000 | B Communications Ltd. 7.38%, 02/15/17 (c) 144A | 2,006,437 | ||||||
| Kazakhstan: 1.8% | ||||||||
| 700,000 | ATF Bank JSC 9.00%, 05/11/16 Reg S | 699,706 | ||||||
| Halyk Savings Bank of Kazakhstan JSC | ||||||||
| 100,000 | 7.25%, 05/03/17 Reg S | 106,620 | ||||||
| 2,175,000 | 7.25%, 05/03/17 144A | 2,318,985 | ||||||
See Notes to Financial Statements
| 28 |
| Principal Amount | Value | |||||||
| Kazakhstan: (continued) | ||||||||
| Kazkommertsbank JSC | ||||||||
| $ | 550,000 | 7.50%, 11/29/16 Reg S | $ | 551,375 | ||||
| 750,000 | 7.50%, 11/29/16 144A | 751,875 | ||||||
| 1,400,000 | Samruk-Energy JSC 3.75%, 12/20/17 Reg S | 1,414,000 | ||||||
| 1,900,000 | Zhaikmunai International BV 7.13%, 11/13/16 (c) 144A | 1,985,500 | ||||||
| 7,828,061 | ||||||||
| Luxembourg: 10.0% | ||||||||
| 1,500,000 | ALROSA Finance SA 7.75%, 11/03/20 144A | 1,569,375 | ||||||
| Altice Financing SA | ||||||||
| 2,450,000 | 6.50%, 12/15/16 (c) 144A | 2,523,500 | ||||||
| 1,850,000 | 7.88%, 12/15/15 (c) 144A | 1,979,500 | ||||||
| 200,000 | Altice Finco SA 8.13%, 12/15/18 (c) 144A | 211,500 | ||||||
| 500,000 | Andrade Gutierrez International SA 4.00%, 04/30/18 144A | 481,250 | ||||||
| 1,000,000 | Consolidated Energy Finance SA 6.75%, 10/15/16 (c) 144A | 1,020,000 | ||||||
| 600,000 | Cosan Luxembourg SA 5.00%, 03/14/18 (c) Reg S | 579,000 | ||||||
| 3,050,000 | CSN Resources SA 6.50%, 07/21/20 † 144A | 3,133,875 | ||||||
| Evraz Group SA | ||||||||
| 250,000 | 6.75%, 04/27/18 Reg S | 236,344 | ||||||
| 2,250,000 | 6.75%, 04/27/18 144A | 2,127,096 | ||||||
| 1,975,000 | 7.40%, 04/24/17 144A | 1,970,260 | ||||||
| 1,050,000 | 8.25%, 11/10/15 144A | 1,069,110 | ||||||
| 975,000 | Far East Capital Ltd. SA 8.00%, 05/02/16 (c) 144A | 521,625 | ||||||
| 700,000 | Home Credit & Finance Bank 9.38%, 04/24/18 (c) 144A | 602,000 | ||||||
| MHP SA | ||||||||
| 200,000 | 8.25%, 04/02/20 Reg S | 177,040 | ||||||
| 1,325,000 | 8.25%, 04/02/20 144A | 1,172,890 | ||||||
| 1,200,000 | Minerva Luxembourg SA 7.75%, 01/31/18 (c) 144A | 1,257,000 | ||||||
| 800,000 | MOL Group Finance SA 6.25%, 09/26/19 † Reg S | 875,000 | ||||||
| Offshore Drilling Holding SA | ||||||||
| 1,150,000 | 8.63%, 09/20/17 (c) † 144A | 1,213,480 | ||||||
| 700,000 | 8.63%, 09/20/17 (c) Reg S | 738,640 | ||||||
| 200,000 | OJSC Promsvyazbank 8.50%, 04/25/17 Reg S | 202,500 | ||||||
| Promsvyazbank OJSC | ||||||||
| 1,400,000 | 8.50%, 04/25/17 144A | 1,417,500 | ||||||
| 500,000 | 10.20%, 11/06/19 144A | 462,500 | ||||||
| 1,200,000 | QGOG Constellation SA 6.25%, 11/09/16 (c) Reg S | 1,185,000 | ||||||
| Russian Agricultural Bank OJSC | ||||||||
| 2,000,000 | 5.10%, 07/25/18 144A | 1,935,100 | ||||||
| 1,000,000 | 5.30%, 12/27/17 144A | 977,500 | ||||||
| 800,000 | 6.00%, 06/03/16 (c) 144A | 742,000 | ||||||
| 300,000 | 6.00%, 06/03/16 (c) Reg S | 278,250 | ||||||
| 1,200,000 | Russian Standard Bank 9.25%, 07/11/15 (p) † Reg S | 1,162,500 | ||||||
| Principal Amount | Value | |||||||
| Luxembourg: (continued) | ||||||||
| Severstal OAO | ||||||||
| $ | 200,000 | 4.45%, 03/19/18 144A | $ | 194,520 | ||||
| 2,750,000 | 5.90%, 10/17/22 144A | 2,632,437 | ||||||
| 1,300,000 | 6.70%, 10/25/17 144A | 1,350,050 | ||||||
| 900,000 | Sistema JSFC 6.95%, 05/17/19 144A | 706,500 | ||||||
| 1,350,000 | TMK OAO 7.75%, 01/27/18 Reg S | 1,361,812 | ||||||
| 700,000 | Topaz Marine SA 8.63%, 11/01/16 (c) 144A | 715,750 | ||||||
| 1,800,000 | Vimpel Communications OJSC 8.25%, 05/23/16 144A | 1,894,500 | ||||||
| 600,000 | Virgolino de Oliveira Finance Ltd. 10.50%, 01/28/15 (c) 144A | 153,000 | ||||||
| 2,050,000 | VTB Bank SA 6.95%, 10/17/22 144A | 1,961,850 | ||||||
| 900,000 | Yapi ve Kredi Bankasi 5.19%, 10/13/15 Reg S | 922,140 | ||||||
| 43,713,894 | ||||||||
| Malaysia: 0.1% | ||||||||
| 550,000 | MMI International Ltd. 8.00%, 03/01/15 (c) 144A | 554,125 | ||||||
| Marshall Islands: 0.2% | ||||||||
| 950,000 | Navios South American Logistics, Inc. 7.25%, 05/01/17 (c) 144A | 959,500 | ||||||
| Mexico: 5.9% | ||||||||
| 930,000 | Axtel SAB de CV 8.00%, 01/31/16 (c) (s) 144A | 939,300 | ||||||
| BBVA Bancomer SA | ||||||||
| 450,000 | 6.01%, 05/17/17 (c) Reg S | 471,938 | ||||||
| 150,000 | 6.01%, 05/17/17 (c) 144A | 157,313 | ||||||
| 2,400,000 | 7.25%, 04/22/20 † 144A | 2,743,440 | ||||||
| Cemex SAB de CV | ||||||||
| 2,720,000 | 5.88%, 03/25/16 (c) 144A | 2,825,400 | ||||||
| 2,575,000 | 6.50%, 12/10/17 (c) 144A | 2,764,906 | ||||||
| 2,000,000 | 7.25%, 01/15/18 (c) 144A | 2,162,500 | ||||||
| 600,000 | 9.00%, 01/11/15 (c) 144A | 635,814 | ||||||
| 900,000 | Controladora Mabe SA de CV 7.88%, 10/28/19 Reg S | 1,033,425 | ||||||
| 850,000 | Credito Real SAB de CV 7.50%, 03/13/17 (c) 144A | 898,875 | ||||||
| Empresas ICA SAB de CV | ||||||||
| 1,250,000 | 8.88%, 05/29/19 (c) 144A | 1,271,875 | ||||||
| 1,290,000 | 8.90%, 02/04/16 (c) † Reg S | 1,370,625 | ||||||
| 1,000,000 | Grupo Elektra SAB de CV 7.25%, 08/06/15 (c) Reg S | 1,051,250 | ||||||
| 500,000 | Grupo Idesa SA de CV 7.88%, 12/18/17 (c) 144A | 540,000 | ||||||
| 600,000 | Grupo KUO SAB de CV 6.25%, 12/04/17 (c) 144A | 618,522 | ||||||
| 800,000 | Grupo Papelero Scribe SAB de CV 8.88%, 04/07/15 (c) 144A | 788,000 | ||||||
| 500,000 | Grupo Posadas SAB de CV 7.88%, 11/30/15 (c) Reg S | 476,250 | ||||||
| 500,000 | Metalsa SA de CV 4.90%, 04/24/23 144A | 482,500 | ||||||
| 800,000 | Office Depot de Mexico SA de CV 6.88%, 09/20/17 (c) 144A | 858,000 | ||||||
See Notes to Financial Statements
| 29 |
EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal Amount | Value | |||||||
| Mexico: (continued) | ||||||||
| $ | 600,000 | Servicios Corporativos Javer SAPI de CV 9.88%, 04/06/16 (c) 144A | $ | 655,500 | ||||
| 1,150,000 | Tenedora Nemak SA 5.50%, 02/28/18 (c) 144A | 1,201,405 | ||||||
| 1,000,000 | TV Azteca SAB de CV 7.63%, 09/18/17 (c) Reg S | 1,052,500 | ||||||
| 600,000 | Unifin Financiera SAPI de CV SOFOM ENR 6.25%, 07/22/17 (c) 144A | 588,000 | ||||||
| 25,587,338 | ||||||||
| Morocco: 0.1% | ||||||||
| 500,000 | BMCE Bank 6.25%, 11/27/18 Reg S | 521,190 | ||||||
| Netherlands: 7.5% | ||||||||
| Access Finance BV | ||||||||
| 200,000 | 7.25%, 07/25/17 Reg S | 200,834 | ||||||
| 1,450,000 | 7.25%, 07/25/17 144A | 1,456,046 | ||||||
| 675,000 | Ajecorp BV 6.50%, 05/14/17 (c) † 144A | 624,375 | ||||||
| 750,000 | CIMPOR Financial Operations BV 5.75%, 07/17/19 (c) 144A | 723,000 | ||||||
| 700,000 | Credit Europe Bank NV 8.00%, 01/24/18 (c) Reg S | 725,795 | ||||||
| FBN Finance Co. BV | ||||||||
| 1,100,000 | 8.00%, 07/23/19 (c) † 144A | 1,075,250 | ||||||
| 400,000 | 8.25%, 08/07/18 (c) 144A | 402,000 | ||||||
| 930,000 | Greenko Dutch BV 8.00%, 08/01/17 (c) 144A | 923,025 | ||||||
| GTB Finance BV | ||||||||
| 450,000 | 7.50%, 05/19/16 Reg S | 465,750 | ||||||
| 1,050,000 | 7.50%, 05/19/16 144A | 1,092,525 | ||||||
| 1,925,000 | Indo Energy Finance II BV 6.38%, 01/24/18 (c) † 144A | 1,564,062 | ||||||
| Intergas Finance BV | ||||||||
| 650,000 | 6.38%, 05/14/17 Reg S | 694,688 | ||||||
| 550,000 | 6.38%, 05/14/17 144A | 587,813 | ||||||
| 1,100,000 | Listrindo Capital BV 6.95%, 02/21/16 (c) † Reg S | 1,177,000 | ||||||
| Majapahit Holding BV | ||||||||
| 575,000 | 7.75%, 01/20/20 Reg S | 672,031 | ||||||
| 4,105,000 | 7.75%, 01/20/20 144A | 4,797,719 | ||||||
| 2,375,000 | 8.00%, 08/07/19 144A | 2,796,562 | ||||||
| 1,000,000 | Marfrig Holding Europe BV 6.88%, 06/24/17 (c) 144A | 1,017,500 | ||||||
| Metinvest BV | ||||||||
| 1,550,000 | 8.75%, 02/14/18 144A | 1,105,398 | ||||||
| 200,000 | 10.25%, 05/20/15 144A | 162,040 | ||||||
| 3,200,000 | Myriad International Holdings BV 6.00%, 07/18/20 144A | 3,488,000 | ||||||
| VimpelCom Holdings BV | ||||||||
| 600,000 | 5.95%, 02/13/23 144A | 555,798 | ||||||
| 1,200,000 | 7.50%, 03/01/22 Reg S | 1,203,000 | ||||||
| 1,750,000 | 7.50%, 03/01/22 144A | 1,754,375 | ||||||
| 3,085,000 | VTR Finance BV 6.88%, 01/15/19 (c) 144A | 3,246,962 | ||||||
| WPE International Cooperatief UA | ||||||||
| 500,000 | 10.38%, 09/30/15 (c) (d) Reg S | 120,650 | ||||||
| 200,000 | 10.38%, 09/30/15 (c) (d) 144A | 48,260 | ||||||
| 32,680,458 | ||||||||
| Principal Amount | Value | |||||||
| Nigeria: 0.3% | ||||||||
| $ | 500,000 | Fidelity Bank Plc 6.88%, 05/09/18 144A | $ | 467,500 | ||||
| 1,000,000 | Zenith Bank Plc 6.25%, 04/22/19 144A | 988,750 | ||||||
| 1,456,250 | ||||||||
| Panama: 0.4% | ||||||||
| 600,000 | AES El Salvador Trust II 6.75%, 03/28/18 (c) 144A | 576,000 | ||||||
| 1,250,000 | Avianca Holdings SA 8.38%, 05/10/17 (c) 144A | 1,315,625 | ||||||
| 1,891,625 | ||||||||
| Paraguay: 0.3% | ||||||||
| 800,000 | Banco Regional SAECA 8.13%, 01/24/19 144A | 872,000 | ||||||
| 600,000 | Telefonica Celular del Paraguay SA 6.75%, 12/13/17 (c) 144A | 633,000 | ||||||
| 1,505,000 | ||||||||
| Peru: 0.8% | ||||||||
| 500,000 | Cementos Pacasmayo SAA 4.50%, 02/08/23 144A | 478,750 | ||||||
| 675,000 | Cia Minera Ares SAC 7.75%, 01/23/18 (c) 144A | 718,875 | ||||||
| 850,000 | Corp Azucarera del Peru SA 6.38%, 08/02/17 (c) † Reg S | 816,850 | ||||||
| 625,000 | Corp Lindley SA 4.63%, 04/12/23 144A | 612,500 | ||||||
| 400,000 | Ferreycorp SAA 4.88%, 04/26/17 (c) 144A | 397,000 | ||||||
| 400,000 | InRetail Shopping Malls 6.50%, 07/09/18 (c) 144A | 428,000 | ||||||
| 3,451,975 | ||||||||
| Philippines: 0.3% | ||||||||
| 1,150,000 | BDO Unibank, Inc. 4.50%, 02/16/17 † Reg S | 1,206,925 | ||||||
| Russia: 0.1% | ||||||||
| Mriya Agro Holding Plc | ||||||||
| 400,000 | 9.45%, 04/19/18 (d) † Reg S | 90,000 | ||||||
| 25,000 | 9.45%, 04/19/18 (d) 144A | 5,625 | ||||||
| Ukrlandfarming Plc | ||||||||
| 400,000 | 10.88%, 03/26/18 Reg S | 258,000 | ||||||
| 225,000 | 10.88%, 03/26/18 144A | 145,125 | ||||||
| 498,750 | ||||||||
| Singapore: 1.8% | ||||||||
| ABJA Investment Co. Pte Ltd. | ||||||||
| 700,000 | 4.85%, 01/31/20 † Reg S | 722,757 | ||||||
| 2,400,000 | 5.95%, 07/31/24 Reg S | 2,442,900 | ||||||
| 111,000 | Bakrie Telecom Pte. Ltd. 8.50%, 12/04/14 (c) (d) Reg S * | 12,776 | ||||||
| Berau Capital Resources Pte Ltd. | ||||||||
| 700,000 | 12.50%, 11/10/14 (c) 144A | 542,500 | ||||||
| 200,000 | 12.50%, 11/10/14 (c) Reg S | 155,000 | ||||||
| Bumi Investment Pte Ltd. | ||||||||
| 300,000 | 10.75%, 12/16/14 (c) (d) Reg S | 116,250 | ||||||
| 1,600,000 | 10.75%, 12/19/14 (c) (d) 144A | 620,000 | ||||||
| 1,168,000 | STATS ChipPAC Ltd. 4.50%, 03/20/16 (c) 144A | 1,170,920 | ||||||
| 400,000 | TBG Global Pte Ltd. 4.63%, 04/03/16 (c) 144A | 403,000 | ||||||
See Notes to Financial Statements
| 30 |
| Principal Amount | Value | |||||||
| Singapore: (continued) | ||||||||
| $ | 900,000 | Theta Capital Pte Ltd. 6.13%, 11/14/16 (c) † Reg S | $ | 927,431 | ||||
| Yanlord Land Group Ltd. | ||||||||
| 500,000 | 10.63%, 03/29/15 (c) Reg S | 537,500 | ||||||
| 200,000 | 10.63%, 03/29/15 (c) 144A | 215,000 | ||||||
| 7,866,034 | ||||||||
| South Africa: 0.2% | ||||||||
| 1,300,000 | African Bank Ltd. 6.00%, 06/15/16 (d) † Reg S | 1,022,307 | ||||||
| South Korea: 1.0% | ||||||||
| Woori Bank Co. Ltd. | ||||||||
| 2,800,000 | 4.75%, 04/30/24 144A | 2,908,721 | ||||||
| 1,350,000 | 6.21%, 05/02/17 (c) 144A | 1,463,089 | ||||||
| 4,371,810 | ||||||||
| Spain: 0.5% | ||||||||
| 2,075,000 | Cemex Espana Luxembourg 9.88%, 04/30/16 (c) 144A | 2,324,415 | ||||||
| Sri Lanka: 0.9% | ||||||||
| Bank of Ceylon | ||||||||
| 600,000 | 5.33%, 04/16/18 † Reg S | 615,000 | ||||||
| 1,250,000 | 6.88%, 05/03/17 Reg S | 1,325,000 | ||||||
| 75,000 | 6.88%, 05/03/17 144A | 79,500 | ||||||
| 1,550,000 | National Savings Bank 8.88%, 09/18/18 144A | 1,765,140 | ||||||
| 3,784,640 | ||||||||
| Sweden: 0.3% | ||||||||
| 1,150,000 | Eileme 2 AB 11.63%, 01/31/16 (c) Reg S | 1,322,500 | ||||||
| Turkey: 2.8% | ||||||||
| 500,000 | Albaraka Turk Katilim Bankasi AS 6.25%, 06/30/19 Reg S | 506,875 | ||||||
| 1,150,000 | Arcelik AS 5.00%, 04/03/23 144A | 1,092,500 | ||||||
| Finansbank AS | ||||||||
| 1,100,000 | 5.15%, 11/01/17 Reg S | 1,135,750 | ||||||
| 650,000 | 5.15%, 11/01/17 144A | 671,125 | ||||||
| 900,000 | 6.25%, 04/30/19 144A | 944,280 | ||||||
| 1,300,000 | Tupras Turkiye Petrol Rafinerileri AS 4.13%, 05/02/18 144A | 1,295,450 | ||||||
| Turkiye Is Bankasi SA | ||||||||
| 500,000 | 6.00%, 10/24/22 † Reg S | 500,625 | ||||||
| 2,350,000 | 6.00%, 10/24/22 † 144A | 2,352,937 | ||||||
| Turkiye Sise ve Cam Fabrikalari AS | ||||||||
| 400,000 | 4.25%, 05/09/20 † Reg S | 394,696 | ||||||
| 600,000 | 4.25%, 05/09/20 144A | 592,044 | ||||||
| Turkiye Vakiflar Bankasi Tao | ||||||||
| 1,000,000 | 6.00%, 11/01/22 Reg S | 982,540 | ||||||
| 840,000 | 6.00%, 11/01/22 144A | 825,334 | ||||||
| 1,050,000 | Yapi ve Kredi Bankasi AS 5.50%, 12/06/22 144A | 1,004,027 | ||||||
| 12,298,183 | ||||||||
| United Kingdom: 5.1% | ||||||||
| AngloGold Ashanti Holdings Plc | ||||||||
| 2,375,000 | 5.13%, 08/01/22 † | 2,253,965 | ||||||
| 900,000 | 5.38%, 04/15/20 | 893,891 | ||||||
| 550,000 | 6.50%, 04/15/40 | 519,155 | ||||||
| 2,150,000 | 8.50%, 07/30/16 (c) † | 2,319,312 | ||||||
| Principal Amount | Value | |||||||
| United Kingdom: (continued) | ||||||||
| DTEK Finance Plc | ||||||||
| $ | 300,000 | 7.88%, 04/04/18 Reg S | $ | 195,000 | ||||
| 1,750,000 | 7.88%, 04/04/18 144A | 1,137,500 | ||||||
| Ferrexpo Finance Plc | ||||||||
| 200,000 | 7.88%, 04/07/16 Reg S | 191,040 | ||||||
| 925,000 | 7.88%, 04/07/16 144A | 883,560 | ||||||
| 2,300,000 | Oschadbank 8.25%, 03/10/16 Reg S | 1,883,677 | ||||||
| 1,025,000 | Polyus Gold International Ltd. 5.63%, 04/29/20 144A | 980,156 | ||||||
| 700,000 | Ukraine Railways via Shortline Plc 9.50%, 05/21/18 144A | 514,640 | ||||||
| Ukreximbank | ||||||||
| 1,000,000 | 8.38%, 04/27/15 Reg S | 900,200 | ||||||
| 500,000 | 8.75%, 01/22/18 Reg S | 403,850 | ||||||
| Vedanta Resources Plc | ||||||||
| 1,350,000 | 6.00%, 01/31/19 144A | 1,383,750 | ||||||
| 1,300,000 | 6.00%, 01/31/19 † Reg S | 1,332,500 | ||||||
| 200,000 | 6.75%, 06/07/16 † 144A | 210,300 | ||||||
| 2,375,000 | 8.25%, 06/07/21 144A | 2,599,141 | ||||||
| 2,950,000 | 9.50%, 07/18/18 144A | 3,370,375 | ||||||
| 400,000 | West China Cement Ltd. 6.50%, 09/11/17 (c) Reg S | 390,252 | ||||||
| 22,362,264 | ||||||||
| United States: 2.3% | ||||||||
| Cemex Finance LLC | ||||||||
| 2,750,000 | 6.00%, 04/01/19 (c) 144A | 2,811,050 | ||||||
| 2,240,000 | 9.38%, 10/12/17 (c) 144A | 2,592,800 | ||||||
| 1,300,000 | 9.38%, 10/12/17 (c) Reg S | 1,504,750 | ||||||
| 2,275,000 | JBS USA, LLC 7.25%, 06/01/15 (c) 144A | 2,434,250 | ||||||
| 610,000 | Rolta Americas LLC 8.88%, 07/24/17 (c) † 144A | 613,050 | ||||||
| 9,955,900 | ||||||||
| Venezuela: 7.3% | ||||||||
| 1,350,000 | CA La Electricidad de Caracas 8.50%, 04/10/18 Reg S | 843,750 | ||||||
| Petroleos de Venezuela SA | ||||||||
| 2,835,000 | 5.00%, 10/28/15 † | 2,523,150 | ||||||
| 3,875,000 | 5.25%, 04/12/17 Reg S | 2,588,500 | ||||||
| 8,070,000 | 5.38%, 04/12/27 Reg S | 3,873,600 | ||||||
| 7,050,000 | 5.50%, 04/12/37 Reg S | 3,313,500 | ||||||
| 4,550,000 | 6.00%, 05/16/24 144A | 2,354,625 | ||||||
| 3,600,000 | 6.00%, 11/15/26 144A | 1,778,400 | ||||||
| 2,800,000 | 8.50%, 11/02/17 Reg S | 2,127,720 | ||||||
| 6,740,000 | 8.50%, 11/02/17 † 144A | 5,121,726 | ||||||
| 1,050,000 | 9.00%, 11/17/21 Reg S | 670,688 | ||||||
| 4,575,000 | 9.00%, 11/17/21 144A | 2,922,281 | ||||||
| 3,100,000 | 9.75%, 05/17/35 144A | 1,900,300 | ||||||
| 1,345,000 | 12.75%, 02/17/22 † 144A | 1,070,956 | ||||||
| 1,110,000 | 12.75%, 02/17/22 † Reg S | 883,838 | ||||||
| 31,973,034 | ||||||||
| Total Corporate Bonds (Cost: $414,283,797) | 403,646,565 | |||||||
See Notes to Financial Statements
| 31 |
EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal Amount | Value | |||||||
| GOVERNMENT OBLIGATIONS: 5.3% | ||||||||
| Argentina: 1.5% | ||||||||
| City of Buenos Aires, Argentina | ||||||||
| $ | 500,000 | 9.95%, 03/01/17 144A | $ | 510,000 | ||||
| 375,000 | 12.50%, 04/06/15 Reg S | 380,625 | ||||||
| Provincia de Buenos Aires | ||||||||
| 100,000 | 9.38%, 09/14/18 Reg S | 89,600 | ||||||
| 2,150,000 | 9.38%, 09/14/18 144A | 1,926,400 | ||||||
| 225,000 | 10.88%, 01/26/21 Reg S | 205,313 | ||||||
| 1,765,000 | 10.88%, 01/26/21 144A | 1,610,562 | ||||||
| 675,000 | 11.75%, 10/05/15 Reg S | 649,688 | ||||||
| Provincia de Cordoba | ||||||||
| 500,000 | 12.38%, 08/17/17 Reg S | 465,000 | ||||||
| 600,000 | 12.38%, 08/17/17 144A | 558,000 | ||||||
| 6,395,188 | ||||||||
| Azerbaijan: 0.7% | ||||||||
| State Oil Co. of the Azerbaijan Republic | ||||||||
| 2,000,000 | 4.75%, 03/13/23 Reg S | 1,996,200 | ||||||
| 900,000 | 5.45%, 02/09/17 Reg S | 945,000 | ||||||
| 2,941,200 | ||||||||
| Costa Rica: 1.1% | ||||||||
| 900,000 | Banco de Costa Rica 5.25%, 08/12/18 144A | 927,810 | ||||||
| 1,900,000 | Banco Nacional de Costa Rica 6.25%, 11/01/23 144A | 1,952,060 | ||||||
| 1,700,000 | Instituto Costarricense de Electricidad 6.95%, 11/10/21 144A | 1,806,250 | ||||||
| 4,686,120 | ||||||||
| Hungary: 0.3% | ||||||||
| 1,300,000 | Magyar Export-Import Bank Zrt 5.50%, 02/12/18 Reg S | 1,378,780 | ||||||
| India: 0.2% | ||||||||
| 1,000,000 | State Bank of India 6.44%, 05/15/17 (c) Reg S | 997,908 | ||||||
| Mongolia: 0.2% | ||||||||
| 1,100,000 | Development Bank of Mongolia, LLC 5.75%, 03/21/17 Reg S | 1,078,000 | ||||||
| Turkey: 0.6% | ||||||||
| Export Credit Bank of Turkey | ||||||||
| 450,000 | 5.88%, 04/24/19 Reg S | 480,173 | ||||||
| 1,900,000 | 5.88%, 04/24/19 144A | 2,027,395 | ||||||
| 2,507,568 | ||||||||
| Ukraine: 0.7% | ||||||||
| Financing of Infrastructural Projects State Enterprise | ||||||||
| 100,000 | 7.40%, 04/20/18 Reg S | 83,020 | ||||||
| 275,000 | 7.40%, 04/20/18 144A | 228,305 | ||||||
| 2,800,000 | 8.38%, 11/03/17 144A | 2,338,000 | ||||||
| 700,000 | 9.00%, 12/07/17 144A | 609,000 | ||||||
| 3,258,325 | ||||||||
| Total Government Obligations (Cost: $23,301,135) | 23,243,089 | |||||||
| Number of Shares | Value | |||||||
| MONEY MARKET FUND: 1.4% | ||||||||
| (Cost: $6,153,801) | ||||||||
| 6,153,801 | Dreyfus Government Cash Management Fund | $ | 6,153,801 | |||||
| Total Investments Before Collateral for Securities Loaned: 99.0% (Cost: $443,738,733) | 433,043,455 | |||||||
| Principal Amount | ||||||||
| SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 13.8% | ||||||||
| Repurchase Agreements: 13.8% | ||||||||
| $ | 14,294,792 | Repurchase agreement dated 10/31/14 with Citigroup Global Markets, Inc., 0.12% due 11/3/14, proceeds $14,294,840; (collateralized by various U.S. government and agency obligations, 0.25% to 5.50%, due 11/30/14 to 11/1/44, valued at $14,580,688 including accrued interest) | 14,294,792 | |||||
| 3,009,258 | Repurchase agreement dated 10/31/14 with Credit Agricole CIB, 0.10% due 11/3/14, proceeds $3,009,266; (collateralized by various U.S. government and agency obligations, 2.58% to 5.50%, due 4/1/26 to 10/20/62, valued at $3,069,443 including accrued interest) | 3,009,258 | ||||||
| 14,294,792 | Repurchase agreement dated 10/31/14 with Daiwa Capital Markets America, 0.15% due 11/3/14, proceeds $14,294,852; (collateralized by various U.S. government and agency obligations, 0.00% to 8.00%, due 9/24/15 to 3/1/48, valued at $14,580,692 including accrued interest) | 14,294,792 | ||||||
| 14,294,792 | Repurchase agreement dated 10/31/14 with HSBC Securities USA, Inc., 0.09% due 11/3/14, proceeds $14,294,828; (collateralized by various U.S. government and agency obligations, 0.00% to 9.38%, due 1/15/15 to 7/15/36, valued at $14,580,689 including accrued interest) | 14,294,792 | ||||||
See Notes to Financial Statements
| 32 |
| Principal Amount | Value | |||||||
| $ | 14,294,792 | Repurchase agreement dated 10/31/14 with Nomura Securities International, Inc., 0.11% due 11/3/14, proceeds $14,294,836; (collateralized by various U.S. government and agency obligations, 0.00% to 7.25%, due 11/3/14 to 11/1/44, valued at $14,580,688 including accrued interest) | $ | 14,294,792 | ||||
| Total Short-Term Investments Held As Collateral For Securities Loaned (Cost: $60,188,426) | 60,188,426 | |||||||
| Total Investments: 112.8% (Cost: $503,927,159) | 493,231,881 | |||||||
| Liabilities in excess of other assets: (12.8)% | (55,908,762 | ) | ||||||
| NET ASSETS: 100.0% | $ | 437,323,119 | ||||||
| (c) | Callable Security – the redemption date shown is when the security may be redeemed by the issuer |
| (d) | Security in default |
| (p) | Puttable Security – the redemption date shown is when the security may be redeemed by the investor |
| (s) | Step Bond – coupon increases periodically based upon a predetermined schedule. The rate shown reflects the rate in effect at the end of the reporting period |
| * | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $58,062,007. |
| Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted to $277,418,589, or 63.4% of net assets. |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited) | % of Investments | Value | ||||||
| Basic Materials | 11.2 | % | $ | 48,420,963 | ||||
| Communications | 12.1 | 52,355,835 | ||||||
| Consumer, Cyclical | 4.0 | 17,413,820 | ||||||
| Consumer, Non-cyclical | 5.0 | 21,773,046 | ||||||
| Diversified | 0.5 | 2,247,927 | ||||||
| Energy | 15.1 | 65,451,742 | ||||||
| Financial | 31.7 | 137,086,692 | ||||||
| Government | 4.2 | 18,326,661 | ||||||
| Industrial | 8.2 | 35,631,553 | ||||||
| Technology | 0.6 | 2,338,095 | ||||||
| Utilities | 6.0 | 25,843,320 | ||||||
| Money Market Fund | 1.4 | 6,153,801 | ||||||
| 100.0 | % | $ | 433,043,455 | |||||
The summary of inputs used to value the Fund’s investments as of October 31, 2014 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
| Corporate Bonds* | $ | — | $ | 403,646,565 | $ | — | $ | 403,646,565 | ||||||||
| Government Obligations* | — | 23,243,089 | — | 23,243,089 | ||||||||||||
| Money Market Fund | 6,153,801 | — | — | 6,153,801 | ||||||||||||
| Repurchase Agreements | — | 60,188,426 | — | 60,188,426 | ||||||||||||
| Total | $ | 6,153,801 | $ | 487,078,080 | $ | — | $ | 493,231,881 | ||||||||
| * | See Schedule of Investments for security type and geographic sector breakouts. |
There were no transfers between levels during the period ended October 31, 2014.
See Notes to Financial Statements
| 33 |
EMERGING MARKETS LOCAL CURRENCY BOND ETF
SCHEDULE OF INVESTMENTS
October 31, 2014 (unaudited)
| Principal | ||||||||
| Amount | Value | |||||||
| CORPORATE BONDS: 11.6% | ||||||||
| Brazil: 4.0% | ||||||||
| BRL | 31,984,000 | Banco do Brasil SA 9.75%, 07/18/17 † Reg S | $ | 12,514,883 | ||||
| 2,969,000 | Banco Safra Cayman Islands Ltd. 10.88%, 04/03/17 Reg S | 1,176,854 | ||||||
| 9,736,000 | Banco Safra SA 10.25%, 08/08/16 Reg S | 3,819,479 | ||||||
| 19,470,000 | Cia Energetica de Sao Paulo (TIPS) 14.88%, 01/15/15 Reg S | 12,024,737 | ||||||
| 17,727,000 | Concessionaria Ecovias dos Imigrantes SA (TIPS) 4.59%, 04/15/24 | 7,376,873 | ||||||
| 36,912,826 | ||||||||
| Finland: 0.0% | ||||||||
| MXN | 450,000 | Municipality Finance Plc 5.70%, 03/30/15 | 33,654 | |||||
| Germany: 0.6% | ||||||||
| Landwirtschaftliche Rentenbank | ||||||||
| BRL | 2,000,000 | 6.25%, 09/12/16 Reg S | 763,741 | |||||
| MXN | 63,839,000 | 8.50%, 02/22/16 | 5,091,344 | |||||
| 5,855,085 | ||||||||
| Ireland: 2.4% | ||||||||
| RUB | 1,003,600,000 | RusHydro JSC 7.88%, 10/28/15 Reg S | 22,492,194 | |||||
| Netherlands: 0.3% | ||||||||
| Cooperatieve Centrale Raiffeisen-Boerenleenbank BA | ||||||||
| MXN | 24,360,000 | 6.69%, 10/05/15 ^ | 1,767,166 | |||||
| 14,730,000 | 9.20%, 09/28/15 | 1,156,417 | ||||||
| 2,923,583 | ||||||||
| Russia: 0.3% | ||||||||
| RUB | 105,260,000 | Federal Hydrogenerating Co. JSC 8.00%, 04/18/16 (p) | 2,363,371 | |||||
| South Africa: 4.0% | ||||||||
| Eskom Holdings Ltd. | ||||||||
| ZAR | 5,350,000 | 7.85%, 04/02/26 | 456,553 | |||||
| 224,000,000 | 9.25%, 04/20/18 | 21,643,769 | ||||||
| 77,330,000 | 9.50%, 08/18/27 ^ | 1,877,424 | ||||||
| Transnet Ltd. | ||||||||
| 21,000,000 | 9.50%, 08/19/25 | 1,893,829 | ||||||
| 4,500,000 | 10.50%, 09/17/20 | 433,302 | ||||||
| 105,900,000 | 10.80%, 11/06/23 | 10,423,716 | ||||||
| 5,000,000 | 13.50%, 04/18/28 | 559,586 | ||||||
| 37,288,179 | ||||||||
| Total Corporate Bonds (Cost: $145,729,385) | 107,868,892 | |||||||
| GOVERNMENT OBLIGATIONS: 85.1% | ||||||||
| Brazil: 4.9% | ||||||||
| Brazilian Government International Bonds | ||||||||
| BRL | 2,590,000 | 8.50%, 01/05/24 † | 1,016,069 | |||||
| 4,560,000 | 10.25%, 01/10/28 | 1,928,305 | ||||||
| 2,860,000 | 12.50%, 01/05/22 † | 1,342,310 | ||||||
| Letra do Tesouro Nacional | ||||||||
| 23,200,000 | 7.63%, 01/01/16 ^ | 8,270,526 | ||||||
| 9,100,000 | 7.67%, 04/01/15 ^ | 3,544,154 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Brazil: (continued) | ||||||||
| BRL | 7,900,000 | 8.25%, 07/01/16 ^ | $ | 2,657,243 | ||||
| 2,000,000 | 11.33%, 07/01/15 ^ | 757,330 | ||||||
| 5,600,000 | 11.48%, 01/01/17 ^ | 1,777,043 | ||||||
| 11,900,000 | 11.79%, 07/01/18 ^ | 3,167,565 | ||||||
| 9,600,000 | 11.87%, 01/01/18 ^ | 2,710,722 | ||||||
| 3,900,000 | 12.45%, 07/01/17 ^ | 1,168,092 | ||||||
| Nota do Tesouro Nacional, Series F | ||||||||
| 14,400,000 | 10.00%, 01/01/17 | 5,623,406 | ||||||
| 3,100,000 | 10.00%, 01/01/18 | 1,191,616 | ||||||
| 20,700,000 | 10.00%, 01/01/21 | 7,722,682 | ||||||
| 8,600,000 | 10.00%, 01/01/25 | 3,103,832 | ||||||
| 45,980,895 | ||||||||
| Chile: 3.0% | ||||||||
| CLP | 15,481,000,000 | Chilean Government International Bonds | ||||||
| 5.50%, 08/05/20 | 28,307,472 | |||||||
| Colombia: 6.3% | ||||||||
| Colombian Government International Bonds | ||||||||
| COP | 9,732,000,000 | 4.38%, 12/21/22 (c) | 4,191,265 | |||||
| 13,530,000,000 | 7.75%, 04/14/21 | 7,194,552 | ||||||
| 3,039,000,000 | 12.00%, 10/22/15 | 1,569,456 | ||||||
| 2,116,000,000 | Republic of Colombia 9.85%, 06/28/27 | 1,319,144 | ||||||
| Titulos de Tesoreria | ||||||||
| 6,571,700,000 | 5.00%, 11/21/18 | 3,165,992 | ||||||
| 10,047,500,000 | 6.00%, 04/28/28 | 4,462,928 | ||||||
| 8,731,700,000 | 7.00%, 09/11/19 | 4,492,943 | ||||||
| 9,917,200,000 | 7.00%, 05/04/22 | 4,977,777 | ||||||
| 12,418,100,000 | 7.25%, 06/15/16 | 6,253,612 | ||||||
| 13,751,500,000 | 8.00%, 10/28/15 | 6,880,254 | ||||||
| 17,870,800,000 | 10.00%, 07/24/24 | 10,772,084 | ||||||
| 6,000,000,000 | 11.00%, 07/24/20 | 3,623,991 | ||||||
| 58,903,998 | ||||||||
| Hungary: 4.3% | ||||||||
| Hungarian Government Bonds | ||||||||
| HUF | 28,720,000 | 5.50%, 02/12/16 | 122,487 | |||||
| 368,420,000 | 5.50%, 12/20/18 | 1,640,539 | ||||||
| 551,610,000 | 5.50%, 06/24/25 | 2,552,016 | ||||||
| 1,017,570,000 | 6.00%, 11/24/23 † | 4,812,341 | ||||||
| 1,423,560,000 | 6.50%, 06/24/19 | 6,643,273 | ||||||
| 857,470,000 | 6.75%, 02/24/17 | 3,817,044 | ||||||
| 816,250,000 | 6.75%, 11/24/17 | 3,725,711 | ||||||
| 856,580,000 | 7.00%, 06/24/22 | 4,236,404 | ||||||
| 1,228,700,000 | 7.50%, 11/12/20 | 6,101,973 | ||||||
| 864,710,000 | 7.75%, 08/24/15 | 3,678,965 | ||||||
| 641,690,000 | 8.00%, 02/12/15 | 2,649,084 | ||||||
| 39,979,837 | ||||||||
| Indonesia: 6.4% | ||||||||
| Indonesian Treasury Bonds | ||||||||
| IDR | 9,240,000,000 | 5.63%, 05/15/23 | 656,902 | |||||
| 15,516,000,000 | 6.13%, 05/15/28 | 1,045,117 | ||||||
| 3,000,000,000 | 6.38%, 04/15/42 | 187,683 | ||||||
| 42,533,000,000 | 6.63%, 05/15/33 | 2,887,053 | ||||||
| 8,762,000,000 | 7.00%, 05/15/22 | 686,268 | ||||||
| 28,621,000,000 | 7.00%, 05/15/27 | 2,145,801 | ||||||
| 4,814,000,000 | 7.38%, 09/15/16 | 397,349 | ||||||
| 33,791,000,000 | 7.88%, 04/15/19 | 2,805,897 | ||||||
See Notes to Financial Statements
| 34 |
| Principal | ||||||||
| Amount | Value | |||||||
| Indonesia: (continued) | ||||||||
| IDR | 10,468,000,000 | 8.25%, 07/15/21 | $ | 879,930 | ||||
| 13,559,000,000 | 8.25%, 06/15/32 | 1,089,746 | ||||||
| 48,093,000,000 | 8.38%, 03/15/24 | 4,080,045 | ||||||
| 4,822,000,000 | 8.38%, 09/15/26 | 400,169 | ||||||
| 11,376,000,000 | 8.38%, 03/15/34 | 939,186 | ||||||
| 23,085,000,000 | 9.00%, 03/15/29 | 2,013,713 | ||||||
| 9,381,000,000 | 9.50%, 07/15/23 | 841,593 | ||||||
| 34,711,000,000 | 9.50%, 07/15/31 | 3,130,740 | ||||||
| 6,552,000,000 | 9.50%, 05/15/41 | 587,078 | ||||||
| 23,692,000,000 | 9.75%, 05/15/37 | 2,170,501 | ||||||
| 6,104,000,000 | 10.00%, 07/15/17 | 534,121 | ||||||
| 17,562,000,000 | 10.00%, 09/15/24 | 1,629,772 | ||||||
| 37,084,000,000 | 10.00%, 02/15/28 | 3,439,520 | ||||||
| 21,927,000,000 | 10.25%, 07/15/22 | 2,034,530 | ||||||
| 48,038,000,000 | 10.25%, 07/15/27 | 4,545,309 | ||||||
| 49,242,000,000 | 10.50%, 08/15/30 | 4,788,058 | ||||||
| 11,812,000,000 | 10.50%, 07/15/38 | 1,150,744 | ||||||
| 6,701,000,000 | 10.75%, 05/15/16 | 581,208 | ||||||
| 9,781,000,000 | 11.00%, 11/15/20 | 926,051 | ||||||
| 70,589,000,000 | 11.00%, 09/15/25 | 6,975,315 | ||||||
| 9,856,000,000 | 11.50%, 09/15/19 | 932,254 | ||||||
| 30,750,000,000 | 11.60%, 08/15/18 | 2,855,249 | ||||||
| 19,894,000,000 | 12.80%, 06/15/21 | 2,052,575 | ||||||
| 59,389,477 | ||||||||
| Malaysia: 8.1% | ||||||||
| Malaysian Government Bonds | ||||||||
| MYR | 4,624,000 | 3.17%, 07/15/16 | 1,398,764 | |||||
| 2,960,000 | 3.20%, 10/15/15 | 898,492 | ||||||
| 2,990,000 | 3.26%, 03/01/18 | 899,556 | ||||||
| 13,450,000 | 3.31%, 10/31/17 | 4,056,292 | ||||||
| 1,840,000 | 3.39%, 03/15/17 | 557,812 | ||||||
| 14,420,000 | 3.42%, 08/15/22 | 4,267,820 | ||||||
| 6,940,000 | 3.48%, 03/15/23 | 2,064,752 | ||||||
| 4,830,000 | 3.49%, 03/31/20 | 1,455,797 | ||||||
| 12,430,000 | 3.58%, 09/28/18 | 3,776,162 | ||||||
| 2,522,000 | 3.73%, 06/15/28 | 731,356 | ||||||
| 5,877,000 | 3.74%, 02/27/15 | 1,789,049 | ||||||
| 4,067,000 | 3.81%, 02/15/17 | 1,244,172 | ||||||
| 520,000 | 3.84%, 08/12/15 | 158,692 | ||||||
| 16,079,000 | 3.89%, 07/31/20 | 4,935,301 | ||||||
| 7,700,000 | 3.89%, 03/15/27 | 2,289,041 | ||||||
| 14,030,000 | 4.01%, 09/15/17 | 4,315,827 | ||||||
| 4,510,000 | 4.13%, 04/15/32 | 1,341,652 | ||||||
| 19,120,000 | 4.16%, 07/15/21 | 5,948,100 | ||||||
| 8,299,000 | 4.23%, 06/30/31 | 2,528,873 | ||||||
| 17,255,000 | 4.24%, 02/07/18 | 5,347,867 | ||||||
| 18,304,000 | 4.26%, 09/15/16 | 5,642,056 | ||||||
| 16,198,000 | 4.38%, 11/29/19 | 5,080,846 | ||||||
| 29,771,000 | 4.39%, 04/15/26 | 9,338,387 | ||||||
| 15,844,000 | 5.73%, 07/30/19 | 5,254,601 | ||||||
| 75,321,267 | ||||||||
| Mexico: 6.0% | ||||||||
| Mexican Government International Bonds | ||||||||
| MXN | 5,880,000 | 4.75%, 06/14/18 | 437,779 | |||||
| 499,000 | 5.00%, 06/15/17 | 37,963 | ||||||
| 5,319,000 | 6.50%, 06/10/21 | 416,686 | ||||||
| 50,000,000 | 6.50%, 06/09/22 | 3,891,221 | ||||||
| 73,390,300 | 7.50%, 06/03/27 | 6,027,940 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Mexico: (continued) | ||||||||
| MXN | 79,973,000 | 7.75%, 05/29/31 | $ | 6,624,747 | ||||
| 4,800,000 | 7.75%, 11/23/34 | 398,625 | ||||||
| 53,060,000 | 7.75%, 11/13/42 | 4,411,352 | ||||||
| 1,010,000 | 8.00%, 12/17/15 | 78,811 | ||||||
| 57,483,900 | 8.00%, 06/11/20 | 4,851,143 | ||||||
| 20,280,000 | 8.00%, 12/07/23 | 1,729,013 | ||||||
| 7,489,700 | 8.50%, 12/13/18 | 631,728 | ||||||
| 51,628,000 | 8.50%, 05/31/29 | 4,564,645 | ||||||
| 65,513,900 | 8.50%, 11/18/38 | 5,874,103 | ||||||
| 73,368,000 | 10.00%, 11/20/36 | 7,478,237 | ||||||
| 89,297,000 | 10.00%, 12/05/24 | 8,674,285 | ||||||
| 56,128,278 | ||||||||
| Nigeria: 2.8% | ||||||||
| Nigerian Government Bonds | ||||||||
| NGN | 552,200,000 | 4.00%, 04/23/15 | 3,243,862 | |||||
| 1,133,490,000 | 7.00%, 10/23/19 | 5,478,934 | ||||||
| 165,790,000 | 13.05%, 08/16/16 | 1,019,861 | ||||||
| 232,030,000 | 14.20%, 03/14/24 | 1,528,891 | ||||||
| 902,670,000 | 15.10%, 04/27/17 | 5,787,115 | ||||||
| 35,200,000 | 16.00%, 06/29/19 | 238,527 | ||||||
| 1,278,060,000 | 16.39%, 01/27/22 | 9,119,631 | ||||||
| 26,416,821 | ||||||||
| Peru: 3.0% | ||||||||
| Peruvian Government Bonds | ||||||||
| PEN | 9,010,000 | 5.20%, 09/12/23 | 3,047,528 | |||||
| 11,278,000 | 6.90%, 08/12/37 | 4,070,187 | ||||||
| 12,190,000 | 6.95%, 08/12/31 | 4,455,532 | ||||||
| 22,453,000 | 7.84%, 08/12/20 | 8,914,306 | ||||||
| 12,135,000 | 8.20%, 08/12/26 | 5,096,202 | ||||||
| 4,900,000 | 8.60%, 08/12/17 | 1,900,734 | ||||||
| 370,000 | 9.91%, 05/05/15 | 131,009 | ||||||
| 27,615,498 | ||||||||
| Philippines: 2.9% | ||||||||
| Philippine Government International Bonds | ||||||||
| PHP | 274,000,000 | 3.90%, 11/26/22 | 5,968,468 | |||||
| 405,500,000 | 4.95%, 01/15/21 | 9,402,178 | ||||||
| 489,000,000 | 6.25%, 01/14/36 | 11,970,284 | ||||||
| 27,340,930 | ||||||||
| Poland: 9.5% | ||||||||
| Polish Government Bonds | ||||||||
| PLN | 13,720,000 | 2.50%, 07/25/18 | 4,169,295 | |||||
| 8,850,000 | 2.89%, 01/25/16 ^ | 2,579,659 | ||||||
| 550,000 | 3.25%, 07/25/25 | 174,593 | ||||||
| 11,864,000 | 3.75%, 04/25/18 | 3,749,869 | ||||||
| 1,730,000 | 4.00%, 10/25/23 | 578,153 | ||||||
| 9,080,000 | 4.75%, 10/25/16 | 2,859,887 | ||||||
| 18,466,000 | 4.75%, 04/25/17 | 5,885,287 | ||||||
| 17,581,000 | 5.00%, 04/25/16 | 5,479,107 | ||||||
| 12,401,000 | 5.25%, 10/25/17 | 4,052,884 | ||||||
| 28,575,000 | 5.25%, 10/25/20 | 9,998,089 | ||||||
| 30,244,000 | 5.50%, 04/25/15 | 9,156,325 | ||||||
| 22,971,000 | 5.50%, 10/25/19 | 7,955,586 | ||||||
| 26,911,000 | 5.75%, 10/25/21 | 9,810,022 | ||||||
| 50,602,000 | 5.75%, 09/23/22 | 18,708,609 | ||||||
| 12,457,000 | 6.25%, 10/24/15 | 3,867,571 | ||||||
| 89,024,936 | ||||||||
See Notes to Financial Statements
| 35 |
EMERGING MARKETS LOCAL CURRENCY BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal | ||||||||
| Amount | Value | |||||||
| Romania: 2.9% | ||||||||
| Romanian Government Bonds | ||||||||
| RON | 13,470,000 | 5.60%, 11/28/18 | $ | 4,264,939 | ||||
| 15,100,000 | 5.75%, 01/27/16 | 4,507,447 | ||||||
| 19,200,000 | 5.80%, 10/26/15 | 5,674,353 | ||||||
| 9,640,000 | 5.85%, 04/26/23 † | 3,169,665 | ||||||
| 26,280,000 | 5.90%, 07/26/17 | 8,178,977 | ||||||
| 3,920,000 | 5.95%, 06/11/21 | 1,275,920 | ||||||
| 27,071,301 | ||||||||
| Russia: 2.7% | ||||||||
| Russian Federal Bonds | ||||||||
| RUB | 22,840,000 | 6.80%, 12/11/19 | 470,306 | |||||
| 135,178,000 | 7.00%, 01/25/23 | 2,662,405 | ||||||
| 177,181,000 | 7.00%, 08/16/23 | 3,499,984 | ||||||
| 151,880,000 | 7.05%, 01/19/28 | 2,832,339 | ||||||
| 6,313,000 | 7.35%, 01/20/16 | 143,433 | ||||||
| 12,442,000 | 7.40%, 06/14/17 | 273,132 | ||||||
| 141,246,000 | 7.50%, 03/15/18 | 3,064,546 | ||||||
| 105,099,000 | 7.50%, 02/27/19 | 2,246,047 | ||||||
| 127,700,000 | 7.60%, 04/14/21 | 2,668,139 | ||||||
| 220,555,000 | 7.60%, 07/20/22 | 4,531,258 | ||||||
| 5,000,000 | 7.85%, 03/10/18 Reg S | 109,530 | ||||||
| 133,730,000 | 8.15%, 02/03/27 | 2,758,346 | ||||||
| 479,000 | 11.20%, 12/17/14 | 11,208 | ||||||
| 25,270,673 | ||||||||
| South Africa: 4.5% | ||||||||
| South African Government Bonds | ||||||||
| ZAR | 62,784,000 | 6.25%, 03/31/36 | 4,438,017 | |||||
| 64,524,000 | 6.50%, 02/28/41 | 4,553,828 | ||||||
| 24,944,804 | 6.75%, 03/31/21 | 2,181,341 | ||||||
| 73,610,000 | 7.00%, 02/28/31 | 5,874,567 | ||||||
| 58,407,000 | 7.25%, 01/15/20 | 5,285,355 | ||||||
| 38,640,000 | 7.75%, 02/28/23 | 3,514,631 | ||||||
| 22,899,000 | 8.00%, 12/21/18 | 2,144,863 | ||||||
| 7,240,000 | 8.00%, 01/31/30 | 640,209 | ||||||
| 49,350,000 | 8.75%, 02/28/48 | 4,515,523 | ||||||
| 83,790,000 | 10.50%, 12/21/26 | 9,115,278 | ||||||
| 266 | 13.50%, 09/15/15 | 26 | ||||||
| 267 | 13.50%, 09/15/16 | 27 | ||||||
| 42,263,665 | ||||||||
| Supranational: 3.3% | ||||||||
| IDR | 1,000,000,000 | African Development Bank 7.00%, 03/06/17 | 82,110 | |||||
| MXN | 11,960,000 | Asian Development Bank 6.55%, 01/28/15 | 897,251 | |||||
| European Investment Bank | ||||||||
| 6,730,000 | 5.33%, 09/01/15 ^ | 488,519 | ||||||
| HUF | 549,600,000 | 6.50%, 01/05/15 | 2,257,645 | |||||
| ZAR | 7,995,000 | 8.50%, 11/04/14 | 723,852 | |||||
| TRY | 1,800,000 | 8.50%, 07/25/19 | 824,845 | |||||
| ZAR | 2,890,000 | 9.00%, 12/21/18 Reg S | 277,261 | |||||
| BRL | 9,570,000 | 9.65%, 10/22/19 ^ | 2,374,726 | |||||
| MXN | 168,510,000 | Inter-American Development Bank 8.00%, 01/26/16 | 13,349,170 | |||||
| Principal | ||||||||
| Amount | Value | |||||||
| Supranational: (continued) | ||||||||
| BRL | 1,300,000 | International Bank for Reconstruction & Development 9.50%, 03/02/17 | $ | 523,190 | ||||
| MXN | 117,060,000 | International Finance Corp. 6.00%, 01/28/16 | 9,051,185 | |||||
| 30,849,754 | ||||||||
| Thailand: 5.9% | ||||||||
| Thailand Government Bonds | ||||||||
| THB | 68,518,000 | 2.80%, 10/10/17 | 2,124,588 | |||||
| 96,619,000 | 3.13%, 12/11/15 | 2,998,936 | ||||||
| 167,032,000 | 3.25%, 06/16/17 | 5,246,082 | ||||||
| 127,090,000 | 3.45%, 03/08/19 | 4,011,123 | ||||||
| 54,670,000 | 3.58%, 12/17/27 | 1,709,074 | ||||||
| 9,484,000 | 3.63%, 05/22/15 | 293,637 | ||||||
| 145,749,000 | 3.63%, 06/16/23 | 4,658,540 | ||||||
| 160,447,000 | 3.65%, 12/17/21 | 5,141,038 | ||||||
| 118,430,000 | 3.85%, 12/12/25 | 3,826,173 | ||||||
| 230,772,000 | 3.88%, 06/13/19 | 7,458,003 | ||||||
| 102,644,000 | 4.13%, 11/18/16 | 3,268,242 | ||||||
| 140,366,000 | 4.75%, 12/20/24 | 4,864,460 | ||||||
| 49,415,000 | 4.88%, 06/22/29 | 1,740,057 | ||||||
| 93,718,000 | 5.13%, 03/13/18 | 3,106,802 | ||||||
| 30,186,000 | 5.40%, 07/27/16 | 975,869 | ||||||
| 30,977,000 | 5.50%, 03/13/23 | 1,120,119 | ||||||
| 23,507,000 | 5.63%, 01/12/19 | 801,509 | ||||||
| 52,214,000 | 5.85%, 03/31/21 | 1,879,085 | ||||||
| 55,223,337 | ||||||||
| Turkey: 8.6% | ||||||||
| Turkish Government Bonds | ||||||||
| TRY | 880,000 | 5.00%, 05/13/15 | 390,574 | |||||
| 14,000,000 | 6.30%, 02/14/18 | 5,980,993 | ||||||
| 4,610,000 | 6.50%, 01/07/15 | 2,074,313 | ||||||
| 21,010,000 | 7.10%, 03/08/23 | 8,682,405 | ||||||
| 2,440,000 | 8.30%, 10/07/15 | 1,101,473 | ||||||
| 2,640,000 | 8.30%, 06/20/18 | 1,192,055 | ||||||
| 14,260,000 | 8.50%, 09/14/22 | 6,429,268 | ||||||
| 13,693,000 | 8.80%, 11/14/18 | 6,300,063 | ||||||
| 14,384,000 | 8.80%, 09/27/23 | 6,592,073 | ||||||
| 11,560,000 | 9.00%, 01/27/16 | 5,258,024 | ||||||
| 12,440,000 | 9.00%, 03/08/17 | 5,715,161 | ||||||
| 15,288,000 | 9.50%, 01/12/22 | 7,268,032 | ||||||
| 7,534,000 | 10.00%, 06/17/15 | 3,429,867 | ||||||
| 4,240,000 | 10.40%, 03/27/19 | 2,065,381 | ||||||
| 8,750,000 | 10.40%, 03/20/24 | 4,412,046 | ||||||
| 16,425,000 | 10.50%, 01/15/20 | 8,108,188 | ||||||
| 10,400,000 | 10.70%, 02/24/16 | 4,829,475 | ||||||
| 79,829,391 | ||||||||
| Total Government Obligations (Cost: $881,229,666) | 794,917,530 | |||||||
See Notes to Financial Statements
| 36 |
| Number | ||||||||
| of Shares | Value | |||||||
| MONEY MARKET FUND: 0.4% (Cost: $3,900,978) | ||||||||
| 3,900,978 | Dreyfus Government Cash Management Fund | $ | 3,900,978 | |||||
| Total Investments Before Collateral for Securities Loaned: 97.1% (Cost: $1,030,860,029) | 906,687,400 | |||||||
| Principal | ||||||||
| Amount | ||||||||
| SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 1.4% | ||||||||
| Repurchase Agreements: 1.4% | ||||||||
| USD | 3,175,146 | Repurchase agreement dated 10/31/14 with Citigroup Global Markets, Inc., 0.12% due 11/3/14, proceeds $3,175,157; (collateralized by various U.S. government and agency obligations, 0.25% to 5.50%, due 11/30/14 to 11/1/44, valued at $3,238,649 including accrued interest) | 3,175,146 | |||||
| 668,415 | Repurchase agreement dated 10/31/14 with Credit Agricole CIB, 0.10% due 11/3/14, proceeds $668,417; (collateralized by various U.S. government and agency obligations, 2.58% to 5.50%, due 4/1/26 to 10/20/62, valued at $681,783 including accrued interest) | 668,415 | ||||||
| 3,175,146 | Repurchase agreement dated 10/31/14 with Daiwa Capital Markets America, 0.15% due 11/3/14, proceeds $3,175,159; (collateralized by various U.S. government and agency obligations, 0.00% to 8.00%, due 9/24/15 to 3/1/48, valued at $3,238,650 including accrued interest) | 3,175,146 | ||||||
| 3,175,146 | Repurchase agreement dated 10/31/14 with HSBC Securities USA, Inc., 0.09% due 11/3/14, proceeds $3,175,154; (collateralized by various U.S. government and agency obligations, 0.00% to 9.38%, due 1/15/15 to 7/15/36, valued at $3,238,649 including accrued interest) | 3,175,146 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Repurchase Agreements: (continued) | ||||||||
| USD | 3,175,146 | Repurchase agreement dated 10/31/14 with Nomura Securities International, Inc., 0.11% due 11/3/14, proceeds $3,175,156; (collateralized by various U.S. government and agency obligations, 0.00% to 7.25%, due 11/3/14 to 11/1/44, valued at $3,238,649 including accrued interest) | $ | 3,175,146 | ||||
| Total Short-Term Investment Held As Collateral For Securities Loaned (Cost: $13,368,999) | 13,368,999 | |||||||
| Total Investments: 98.5% (Cost: $1,044,229,028) | 920,056,399 | |||||||
| Other assets less liabilities: 1.5% | 14,284,117 | |||||||
| NET ASSETS: 100.0% | $ | 934,340,516 | ||||||
See Notes to Financial Statements
| 37 |
EMERGING MARKETS LOCAL CURRENCY BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| BRL | Brazilian Real |
| CLP | Chilean Peso |
| COP | Colombian Peso |
| HUF | Hungarian Forint |
| IDR | Indonesian Rupiah |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| NGN | Nigerian Naira |
| PEN | Peruvian Nuevo Sol |
| PHP | Philippine Peso |
| PLN | Polish Zloty |
| RON | Romanian Leu |
| RUB | Russian Ruble |
| THB | Thai Baht |
| TRY | Turkish Lira |
| ZAR | South African Rand |
| (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 |
| † | Security fully or partially on loan. Total market value of securities on loan is $12,089,204. |
| Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
| TIPS | Treasury Inflation Protected Securities |
| Summary of Investments by Sector Excluding | % of | |||||||
| Collateral for Securities Loaned (unaudited) | Investments | Value | ||||||
| Consumer, Non-cyclical | 0.8 | % | $ | 7,376,873 | ||||
| Financial | 2.9 | 26,289,884 | ||||||
| Government | 87.7 | 794,951,184 | ||||||
| Industrial | 1.5 | 13,310,433 | ||||||
| Utilities | 6.7 | 60,858,048 | ||||||
| Money Market Fund | 0.4 | 3,900,978 | ||||||
| 100.0 | % | $ | 906,687,400 | |||||
The summary of inputs used to value the Fund’s investments as of October 31, 2014 is as follows:
| Level 2 | Level 3 | ||||||||||||||||
| Level 1 | Significant | Significant | |||||||||||||||
| Quoted | Observable | Unobservable | |||||||||||||||
| Prices | Inputs | Inputs | Value | ||||||||||||||
| Corporate Bonds* | $ | — | $ | 107,868,892 | $ | — | $ | 107,868,892 | |||||||||
| Government Obligations* | — | 794,917,530 | — | 794,917,530 | |||||||||||||
| Money Market Fund | 3,900,978 | — | — | 3,900,978 | |||||||||||||
| Repurchase Agreements | — | 13,368,999 | — | 13,368,999 | |||||||||||||
| Total | $ | 3,900,978 | $ | 916,155,421 | $ | — | $ | 920,056,399 | |||||||||
| * | See Schedule of Investments for security type and geographic sector breakouts. |
There were no transfers between levels during the period ended October 31, 2014.
See Notes to Financial Statements
| 38 |
FALLEN ANGEL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
October 31, 2014 (unaudited)
| Principal Amount | Value | |||||||
| CORPORATE BONDS: 98.1% | ||||||||
| Cayman Islands: 0.7% | ||||||||
| $ | 100,000 | Mizuho Capital Investment 1 Ltd. 6.69%, 06/30/16 (c) Reg S | $ | 107,750 | ||||
| Finland: 2.0% | ||||||||
| 150,000 | Nokia OYJ 5.38%, 05/15/19 | 162,000 | ||||||
| 150,000 | UPM-Kymmene OYJ 7.45%, 11/26/27 144A | 169,500 | ||||||
| 331,500 | ||||||||
| France: 4.4% | ||||||||
| 60,000 | Banque PSA Finance 5.75%, 04/04/21 144A | 63,750 | ||||||
| 100,000 | BPCE SA 12.50%, 09/30/19 (c) 144A | 137,000 | ||||||
| 200,000 | Credit Agricole SA 6.64%, 05/31/17 (c) Reg S | 213,125 | ||||||
| 200,000 | Lafarge SA 6.20%, 07/09/15 144A | 207,125 | ||||||
| 100,000 | Societe Generale 5.92%, 04/05/17 (c) Reg S | 106,000 | ||||||
| 727,000 | ||||||||
| Japan: 1.2% | ||||||||
| 200,000 | SoftBank Corp. 4.50%, 04/15/20 144A | 203,250 | ||||||
| Liberia: 0.3% | ||||||||
| 50,000 | Royal Caribbean Cruises 7.25%, 03/15/18 | 56,375 | ||||||
| Luxembourg: 12.3% | ||||||||
| ArcelorMittal | ||||||||
| 100,000 | 5.75%, 08/05/20 | 106,500 | ||||||
| 450,000 | 6.00%, 03/01/21 | 484,312 | ||||||
| 300,000 | 6.13%, 06/01/18 | 321,750 | ||||||
| 250,000 | 7.25%, 03/01/41 | 259,375 | ||||||
| 50,000 | 10.35%, 06/01/19 | 61,938 | ||||||
| Telecom Italia Capital | ||||||||
| 50,000 | 6.00%, 09/30/34 | 49,500 | ||||||
| 250,000 | 6.38%, 11/15/33 | 253,750 | ||||||
| 250,000 | 7.00%, 06/04/18 | 280,937 | ||||||
| 100,000 | 7.20%, 07/18/36 | 107,750 | ||||||
| 100,000 | 7.72%, 06/04/38 | 113,500 | ||||||
| 2,039,312 | ||||||||
| Netherlands: 1.6% | ||||||||
| 250,000 | EDP Finance BV 6.00%, 02/02/18 Reg S | 269,497 | ||||||
| Norway: 2.9% | ||||||||
| Eksportfinans ASA | ||||||||
| 255,000 | 2.00%, 09/15/15 | 255,571 | ||||||
| 85,000 | 2.38%, 05/25/16 | 85,170 | ||||||
| 125,000 | 5.50%, 06/26/17 | 133,774 | ||||||
| 474,515 | ||||||||
| Spain: 0.3% | ||||||||
| 50,000 | BBVA International Preferred SAU 5.92%, 04/18/17 (c) | 51,250 | ||||||
| Principal Amount | Value | |||||||
| United Kingdom: 4.3% | ||||||||
| $ | 100,000 | Hanson Ltd. 6.13%, 08/15/16 | $ | 107,750 | ||||
| 125,000 | HBOS Plc 6.75%, 05/21/18 144A | 140,610 | ||||||
| Royal Bank of Scotland Group Plc | ||||||||
| 150,000 | 5.05%, 01/08/15 | 151,149 | ||||||
| 300,000 | 7.64%, 09/30/17 (c) | 318,750 | ||||||
| 718,259 | ||||||||
| United States: 68.1% | ||||||||
| 300,000 | ADT Corp. 3.50%, 07/15/22 | 269,250 | ||||||
| Alcatel-Lucent USA, Inc. | ||||||||
| 100,000 | 6.45%, 03/15/29 | 96,750 | ||||||
| 75,000 | 6.50%, 01/15/28 | 72,563 | ||||||
| Alcoa, Inc. | ||||||||
| 225,000 | 5.40%, 01/15/21 (c) | 246,682 | ||||||
| 75,000 | 5.55%, 02/01/17 | 80,588 | ||||||
| 150,000 | 5.90%, 02/01/27 | 159,941 | ||||||
| 75,000 | 5.95%, 02/01/37 | 78,059 | ||||||
| 150,000 | 6.15%, 08/15/20 | 169,294 | ||||||
| 75,000 | 6.75%, 07/15/18 | 85,117 | ||||||
| 78,000 | Ally Financial, Inc. 8.00%, 11/01/31 | 99,548 | ||||||
| 100,000 | Ameren Energy Generating Co. 7.95%, 06/01/32 | 98,500 | ||||||
| 250,000 | Avon Products, Inc. 4.60%, 03/15/20 † | 234,204 | ||||||
| 100,000 | Bank of America Corp. 8.13%, 05/15/18 (c) | 109,000 | ||||||
| 100,000 | Best Buy Co., Inc. 5.50%, 12/15/20 (c) | 103,250 | ||||||
| CenturyLink, Inc. | ||||||||
| 125,000 | 6.88%, 01/15/28 | 126,250 | ||||||
| 100,000 | 7.60%, 09/15/39 | 101,500 | ||||||
| 50,000 | Clear Channel Communications, Inc. 7.25%, 10/15/27 | 41,750 | ||||||
| Cliffs Natural Resources, Inc. | ||||||||
| 200,000 | 4.88%, 01/01/21 (c) † | 165,000 | ||||||
| 100,000 | 6.25%, 10/01/40 † | 74,500 | ||||||
| 100,000 | Commercial Metals Co. 6.50%, 07/15/17 | 108,000 | ||||||
| Dell, Inc. | ||||||||
| 150,000 | 4.63%, 04/01/21 | 144,375 | ||||||
| 100,000 | 5.88%, 06/15/19 | 106,375 | ||||||
| 100,000 | 6.50%, 04/15/38 | 95,500 | ||||||
| 75,000 | Deutsche Bank Capital Funding Trust VII 5.63%, 01/19/16 (c) † 144A | 76,875 | ||||||
| 75,000 | DR Horton, Inc. 6.50%, 04/15/16 | 79,875 | ||||||
| 100,000 | Dresdner Funding Trust I 8.15%, 06/30/29 (c) 144A | 117,250 | ||||||
| 300,000 | El Paso Corp. 7.75%, 01/15/32 | 376,500 | ||||||
| 375,000 | Embarq Corp. 8.00%, 06/01/36 | 417,187 | ||||||
See Notes to Financial Statements
| 39 |
FALLEN ANGEL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal Amount | Value | |||||||
| United States: (continued) | ||||||||
| $ | 100,000 | Energen Corp. 4.63%, 06/01/21 (c) | $ | 99,066 | ||||
| 50,000 | First Tennessee Capital II 6.30%, 12/05/14 (c) | 48,750 | ||||||
| FirstEnergy Corp. | ||||||||
| 200,000 | 4.25%, 12/15/22 (c) | 200,902 | ||||||
| 150,000 | 7.38%, 11/15/31 | 178,692 | ||||||
| 150,000 | Frontier Communications Corp. 9.00%, 08/15/31 | 163,500 | ||||||
| 65,000 | Gannett Co., Inc. 10.00%, 04/01/16 | 72,313 | ||||||
| 60,000 | Genworth Financial, Inc. 6.15%, 11/15/16 (c) | 51,450 | ||||||
| 200,000 | H. J. Heinz Finance Co. 7.13%, 08/01/39 144A | 222,000 | ||||||
| 100,000 | Harsco Corp. 5.75%, 05/15/18 | 107,500 | ||||||
| 100,000 | Hartford Financial Services Group, Inc. 8.13%, 06/15/18 (c) | 116,375 | ||||||
| 100,000 | HCA, Inc. 7.50%, 11/15/95 | 97,000 | ||||||
| 100,000 | Hospira, Inc. 6.05%, 03/30/17 | 109,210 | ||||||
| 100,000 | iStar Financial, Inc. 5.88%, 03/15/16 | 105,000 | ||||||
| 200,000 | JC Penney Corp., Inc. 7.40%, 04/01/37 (p) | 155,500 | ||||||
| 75,000 | Knight Ridder, Inc. 5.75%, 09/01/17 | 82,125 | ||||||
| 200,000 | Ltd Brands, Inc. 6.90%, 07/15/17 | 224,000 | ||||||
| 250,000 | Masco Corp. 6.13%, 10/03/16 | 268,750 | ||||||
| 100,000 | Meccanica Holdings USA, Inc. 6.25%, 07/15/19 144A | 107,750 | ||||||
| 100,000 | Mirant Americas 9.13%, 05/01/31 † | 94,000 | ||||||
| 150,000 | New Albertsons, Inc. 8.00%, 05/01/31 | 144,375 | ||||||
| 250,000 | NGPL Pipeco LLC 7.12%, 12/15/17 144A | 251,875 | ||||||
| 100,000 | NuStar Logistics, L.P. 4.80%, 09/01/20 | 100,750 | ||||||
| 100,000 | ONEOK, Inc. 4.25%, 11/02/21 (c) | 98,921 | ||||||
| 150,000 | PPL Energy Supply LLC 4.60%, 09/15/21 (c) † | 141,618 | ||||||
| 56,942 | PPL Ironwood LLC 8.86%, 11/30/25 | 65,199 | ||||||
| 175,000 | PulteGroup, Inc. 7.63%, 10/15/17 | 198,625 | ||||||
| 50,000 | QEP Resources, Inc. 6.80%, 03/01/20 | 53,000 | ||||||
| Principal Amount | Value | |||||||
| United States: (continued) | ||||||||
| $ | 200,000 | Regions Bank 6.45%, 06/26/37 | $ | 242,405 | ||||
| 100,000 | Reynolds Group Issuer, Inc. 9.00%, 12/05/14 (c) | 105,000 | ||||||
| 50,000 | Rite Aid Corp. 7.70%, 02/15/27 | 55,750 | ||||||
| Rockies Express Pipeline | ||||||||
| 150,000 | 6.85%, 07/15/18 144A | 161,250 | ||||||
| 50,000 | 6.88%, 04/15/40 144A | 55,875 | ||||||
| RR Donnelley & Sons Co. | ||||||||
| 18,000 | 6.13%, 01/15/17 | 19,350 | ||||||
| 92,000 | 7.63%, 06/15/20 | 103,040 | ||||||
| 60,000 | Sabre Holdings Corp. 8.35%, 03/15/16 | 64,575 | ||||||
| SLM Corp. | ||||||||
| 100,000 | 5.63%, 08/01/33 | 84,500 | ||||||
| 150,000 | 6.00%, 01/25/17 | 158,625 | ||||||
| 200,000 | 6.25%, 01/25/16 | 208,500 | ||||||
| 150,000 | 8.00%, 03/25/20 | 172,500 | ||||||
| 350,000 | 8.45%, 06/15/18 | 400,750 | ||||||
| Springleaf Finance Corp. | ||||||||
| 100,000 | 5.40%, 12/01/15 | 103,500 | ||||||
| 300,000 | 6.90%, 12/15/17 | 327,750 | ||||||
| Sprint Capital Corp. | ||||||||
| 300,000 | 6.88%, 11/15/28 | 293,250 | ||||||
| 300,000 | 6.90%, 05/01/19 | 319,500 | ||||||
| 200,000 | 8.75%, 03/15/32 | 224,500 | ||||||
| 125,000 | Sprint Nextel Corp. 6.00%, 12/01/16 | 132,578 | ||||||
| 60,000 | Synovus Financial Corp. 5.13%, 06/15/17 | 61,800 | ||||||
| 60,000 | Tenet Healthcare Corp. 6.88%, 11/15/31 | 59,100 | ||||||
| 70,000 | Toll Brothers Finance Corp. 6.75%, 11/01/19 | 79,143 | ||||||
| 50,000 | Toys R Us, Inc. 7.38%, 10/15/18 | 30,625 | ||||||
| 60,000 | United States Cellular Corp. 6.70%, 12/15/33 | 60,540 | ||||||
| 100,000 | United States Steel Corp. 7.50%, 03/15/17 (c) † | 110,250 | ||||||
| 100,000 | Universal Health Services, Inc. 7.13%, 06/30/16 | 109,375 | ||||||
| 100,000 | Vulcan Materials Co. 7.00%, 06/15/18 | 111,750 | ||||||
| 11,347,710 | ||||||||
| Total Corporate Bonds (Cost: $15,264,234) | 16,326,418 | |||||||
See Notes to Financial Statements
| 40 |
| Number of Shares | Value | |||||||
| MONEY MARKET FUND: 0.5% (Cost: $83,968) | ||||||||
| 83,968 | Dreyfus Government Cash Management Fund | $ | 83,968 | |||||
| Total Investments Before Collateral for Securities Loaned: 98.6% (Cost: $15,348,202) | 16,410,386 | |||||||
| SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 5.2% (Cost: $870,560) | ||||||||
| 870,560 | Bank of New York Overnight Government Fund | 870,560 | ||||||
| Total Investments: 103.8% (Cost: $16,218,762) | 17,280,946 | |||||||
| Liabilities in excess of other assets: (3.8)% | (626,757 | ) | ||||||
| NET ASSETS: 100.0% | $ | 16,654,189 | ||||||
| (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 |
| † | Security fully or partially on loan. Total market value of securities on loan is $854,553. |
| Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted to $1,914,110, or 11.5% of net assets. |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited) | % of Investments | Value | ||||||
| Basic Materials | 16.3 | % | $ | 2,680,806 | ||||
| Communications | 20.6 | 3,374,993 | ||||||
| Consumer, Cyclical | 7.7 | 1,255,843 | ||||||
| Consumer, Non-cyclical | 7.4 | 1,222,529 | ||||||
| Energy | 7.3 | 1,197,237 | ||||||
| Financial | 25.5 | 4,184,727 | ||||||
| Industrial | 6.2 | 1,015,625 | ||||||
| Technology | 2.1 | 346,250 | ||||||
| Utilities | 6.4 | 1,048,408 | ||||||
| Money Market Fund | 0.5 | 83,968 | ||||||
| 100.0 | % | $ | 16,410,386 | |||||
The summary of inputs used to value the Fund’s investments as of October 31, 2014 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
| Corporate Bonds* | $ | — | $ | 16,326,418 | $ | — | $ | 16,326,418 | ||||||||
| Money Market Funds | 954,528 | — | — | 954,528 | ||||||||||||
| Total | $ | 954,528 | $ | 16,326,418 | $ | — | $ | 17,280,946 | ||||||||
| * | See Schedule of Investments for security type and geographic sector breakouts. |
There were no transfers between levels during the period ended October 31, 2014.
See Notes to Financial Statements
| 41 |
INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
October 31, 2014 (unaudited)
| Principal | ||||||||
| Amount | Value | |||||||
| CORPORATE BONDS: 96.7% | ||||||||
| Argentina: 0.5% | ||||||||
| USD | 89,250 | Aeropuertos Argentinia 2000 SA 10.75%, 12/22/15 (c) Reg S | $ | 95,319 | ||||
| 100,000 | Arcor SAIC 7.25%, 12/05/14 (c) 144A | 105,950 | ||||||
| 200,000 | Inversiones y Representaciones SA 11.50%, 07/20/20 Reg S | 217,600 | ||||||
| Pan American Energy LLC | ||||||||
| 150,000 | 7.88%, 05/07/21 Reg S | 160,875 | ||||||
| 25,000 | 7.88%, 05/07/21 144A | 26,813 | ||||||
| 325,000 | YPF SA 8.88%, 12/19/18 † 144A | 341,250 | ||||||
| 947,807 | ||||||||
| Australia: 0.8% | ||||||||
| 100,000 | Barminco Finance Pty Ltd. 9.00%, 06/01/18 144A | 86,500 | ||||||
| FMG Resources August 2006 Pty Ltd. | ||||||||
| 815,000 | 6.88%, 04/01/17 (c) † 144A | 844,544 | ||||||
| 280,000 | 8.25%, 11/01/15 (c) † 144A | 291,550 | ||||||
| EUR | 300,000 | Origin Energy Finance Ltd. 7.88%, 06/16/18 (c) Reg S | 419,565 | |||||
| 1,642,159 | ||||||||
| Austria: 1.1% | ||||||||
| 800,000 | Hypo Alpe-Adria-Bank International AG 4.38%, 01/24/17 | 840,696 | ||||||
| USD | 100,000 | JBS Investments GmbH 7.25%, 04/03/19 (c) 144A | 106,500 | |||||
| 400,000 | OAS Investments GmbH 8.25%, 10/19/16 (c) Reg S | 390,000 | ||||||
| 400,000 | Sappi Papier Holding GmbH 7.75%, 04/15/17 (c) 144A | 432,000 | ||||||
| EUR | 150,000 | Telekom Austria AG 5.63%, 02/01/18 (c) Reg S | 201,803 | |||||
| 200,000 | Wienerberger AG 6.50%, 02/09/21 (c) | 253,587 | ||||||
| 2,224,586 | ||||||||
| Barbados: 0.1% | ||||||||
| USD | 250,000 | Columbus International, Inc. 7.38%, 03/30/18 (c) 144A | 265,937 | |||||
| Belgium: 0.1% | ||||||||
| EUR | 200,000 | Barry Callebaut Services NV 5.63%, 06/15/21 Reg S | 293,870 | |||||
| Bermuda: 1.0% | ||||||||
| USD | 200,000 | China Oil & Gas Group Ltd. 5.25%, 04/25/16 (c) † 144A | 204,819 | |||||
| 195,000 | China Oriental Group Company Ltd. 7.00%, 12/04/14 (c) Reg S | 180,619 | ||||||
| Digicel Group Ltd. | ||||||||
| 750,000 | 7.13%, 04/01/17 (c) 144A | 755,625 | ||||||
| 300,000 | 8.25%, 09/30/16 (c) 144A | 315,000 | ||||||
| 400,000 | Digicel Ltd. 6.00%, 04/15/16 (c) 144A | 405,000 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Bermuda: (continued) | ||||||||
| USD | 200,000 | Inkia Energy Ltd. 8.38%, 04/04/16 (c) 144A | $ | 218,200 | ||||
| 2,079,263 | ||||||||
| Brazil: 1.9% | ||||||||
| 225,000 | Banco BMG SA 9.95%, 11/05/19 Reg S | 242,269 | ||||||
| 300,000 | Banco BTG Pactual SA 5.75%, 09/28/22 Reg S | 291,750 | ||||||
| 900,000 | Banco do Brasil SA 5.88%, 01/19/23 144A | 939,330 | ||||||
| 300,000 | Banco do Estado do Rio Grande do Sul SA 7.38%, 02/02/22 Reg S | 315,621 | ||||||
| 200,000 | Banco Industrial e Comercial SA 8.50%, 04/27/20 Reg S | 230,000 | ||||||
| 500,000 | Brasil Telecom Celular SA 5.75%, 02/10/22 † 144A | 477,500 | ||||||
| 675,000 | Cent Elet Brasileiras SA 6.88%, 07/30/19 144A | 740,812 | ||||||
| Telemar Norte Leste SA | ||||||||
| EUR | 200,000 | 5.13%, 12/15/17 Reg S | 264,610 | |||||
| USD | 400,000 | 5.50%, 10/23/20 144A | 394,000 | |||||
| 3,895,892 | ||||||||
| British Virgin Islands: 1.3% | ||||||||
| 100,000 | Arcos Dorados Holdings, Inc. 6.63%, 09/27/23 † 144A | 99,500 | ||||||
| 200,000 | China Resources Power East Foundation Co. Ltd. 7.25%, 05/09/16 (c) | 208,250 | ||||||
| 300,000 | Gold Fields Orogen Holding BVI Ltd. 4.88%, 10/07/20 144A | 268,500 | ||||||
| 400,000 | Road King 2012 Ltd. 9.88%, 09/18/15 (c) Reg S | 430,000 | ||||||
| 200,000 | Sparkle Assets Ltd. 6.88%, 01/30/17 (c) Reg S | 203,380 | ||||||
| 200,000 | Star Energy Geothermal Wayang Windu Ltd. 6.13%, 03/28/17 (c) Reg S | 205,500 | ||||||
| 650,000 | Studio City Finance Ltd. 8.50%, 12/01/15 (c) † 144A | 708,500 | ||||||
| 400,000 | Trillion Chance Ltd. 8.50%, 01/10/17 (c) Reg S | 394,868 | ||||||
| 200,000 | Yingde Gases Investment Ltd. 8.13%, 04/22/16 (c) † 144A | 209,000 | ||||||
| 2,727,498 | ||||||||
| Canada: 5.2% | ||||||||
| Air Canada | ||||||||
| CAD | 200,000 | 7.63%, 10/01/16 (c) 144A | 187,370 | |||||
| USD | 200,000 | 8.75%, 04/01/17 (c) 144A | 220,500 | |||||
| 400,000 | Baytex Energy Corp. 5.63%, 06/01/19 (c) 144A | 387,500 | ||||||
| Bombardier, Inc. | ||||||||
| 400,000 | 5.75%, 03/15/22 † 144A | 412,000 | ||||||
| EUR | 200,000 | 6.13%, 05/15/21 † Reg S | 280,023 | |||||
| USD | 570,000 | 6.13%, 01/15/23 † 144A | 588,525 | |||||
| CAD | 529,000 | 7.35%, 12/22/26 144A | 492,660 | |||||
See Notes to Financial Statements
| 42 |
| Principal | ||||||||
| Amount | Value | |||||||
| Canada: (continued) | ||||||||
| USD | 250,000 | Brookfield Residential 6.50%, 12/15/15 (c) 144A | $ | 267,500 | ||||
| Cascades, Inc. | ||||||||
| 100,000 | 5.50%, 07/15/17 (c) 144A | 99,125 | ||||||
| 182,000 | 7.88%, 01/15/15 (c) | 191,100 | ||||||
| CAD | 400,000 | Corus Entertainment, Inc. 4.25%, 02/11/20 Reg S | 344,139 | |||||
| USD | 200,000 | Eldorado Gold Corp. 6.13%, 12/15/16 (c) 144A | 199,000 | |||||
| First Quantum Minerals Ltd. | ||||||||
| 341,000 | 6.75%, 02/15/17 (c) 144A | 331,622 | ||||||
| 461,000 | 7.00%, 02/15/18 (c) 144A | 454,661 | ||||||
| 200,000 | Gibson Energy, Inc. 6.75%, 07/15/16 (c) 144A | 213,500 | ||||||
| CAD | 250,000 | Great Canadian Gaming Corp. 6.63%, 07/25/17 (c) 144A | 233,935 | |||||
| USD | 200,000 | Hudbay Minerals, Inc. 9.50%, 10/01/16 (c) | 211,000 | |||||
| 200,000 | Iamgold Corp. 6.75%, 10/01/16 (c) 144A | 166,000 | ||||||
| 250,000 | Jupiter Resources, Inc. 8.50%, 10/01/17 (c) 144A | 221,875 | ||||||
| 650,000 | MEG Energy Corp. 6.38%, 07/30/17 (c) 144A | 646,750 | ||||||
| 200,000 | New Gold, Inc. 6.25%, 11/15/17 (c) 144A | 196,500 | ||||||
| 100,000 | Northern Blizzard Resources, Inc. 7.25%, 02/01/17 (c) 144A | 95,500 | ||||||
| 250,000 | NOVA Chemicals Corp. 5.25%, 08/01/18 (c) 144A | 262,187 | ||||||
| Pacific Rubiales Energy Corp. | ||||||||
| 420,000 | 5.13%, 03/28/18 (c) † 144A | 404,250 | ||||||
| 500,000 | 5.38%, 01/26/17 (c) † 144A | 502,500 | ||||||
| 226,000 | 5.63%, 01/19/20 (c) † 144A | 215,480 | ||||||
| CAD | 200,000 | Paramount Resources Ltd. 8.25%, 12/04/14 (c) | 183,600 | |||||
| USD | 256,000 | PetroBakken Energy Ltd. 8.63%, 02/01/16 (c) 144A | 236,800 | |||||
| Precision Drilling Corp. | ||||||||
| 400,000 | 6.50%, 12/15/16 (c) | 412,000 | ||||||
| 100,000 | 6.63%, 11/15/15 (c) | 103,500 | ||||||
| Quebecor Media, Inc. | ||||||||
| 60,000 | 5.75%, 01/15/23 | 62,100 | ||||||
| CAD | 595,000 | 6.63%, 01/15/23 144A | 544,891 | |||||
| USD | 200,000 | Seven Generations Energy Ltd. 8.25%, 05/15/16 (c) 144A | 211,000 | |||||
| 200,000 | Telesat Canada / Telesat, LLC 6.00%, 12/05/14 (c) 144A | 206,200 | ||||||
| 600,000 | Tervita Corp. 9.75%, 11/01/15 (c) 144A | 519,000 | ||||||
| CAD | 385,000 | Videotron Ltee 7.13%, 01/15/15 (c) | 359,833 | |||||
| 10,664,126 | ||||||||
| Cayman Islands: 6.1% | ||||||||
| USD | 530,000 | Agile Property Holdings Ltd. 8.88%, 12/04/14 (c) Reg S | 508,800 | |||||
| 200,000 | Alpha Star Holding Ltd. 4.97%, 04/09/19 Reg S | 190,567 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Cayman Islands: (continued) | ||||||||
| USD | 200,000 | BR Malls International Finance Ltd. 8.50%, 01/21/16 (c) Reg S | $ | 207,500 | ||||
| GBP | 100,000 | Brakes Capital 7.13%, 12/15/15 (c) Reg S | 157,185 | |||||
| USD | 200,000 | Central China Real Estate 8.00%, 01/28/17 (c) Reg S | 196,606 | |||||
| 200,000 | China Shanshui Cement Group Ltd. 8.50%, 12/05/14 (c) 144A | 208,000 | ||||||
| Country Garden Holdings Co. Ltd. | ||||||||
| 65,000 | 11.13%, 02/23/15 (c) Reg S | 69,794 | ||||||
| 800,000 | 11.13%, 02/23/15 (c) 144A | 859,000 | ||||||
| 600,000 | Dar Al-Arkan Sukuk Co. Ltd. 5.75%, 05/24/18 Reg S | 597,000 | ||||||
| 300,000 | Emaar Sukuk Ltd. 6.40%, 07/18/19 Reg S | 343,125 | ||||||
| 420,000 | Evergrande Real Estate Group Ltd. 13.00%, 01/27/15 Reg S | 424,200 | ||||||
| 200,000 | Fibria Overseas Finance Ltd. 5.25%, 05/12/24 | 204,440 | ||||||
| 200,000 | General Shopping Finance 10.00%, 11/09/15 (c) Reg S | 194,087 | ||||||
| 150,000 | Global A&T Electronics Ltd. 10.00%, 02/01/16 (c) † 144A | 133,688 | ||||||
| 300,000 | Greenland Hong Kong Holdings Ltd. 4.38%, 08/07/17 Reg S | 299,100 | ||||||
| 200,000 | Greentown China Holdings Ltd. 8.50%, 02/04/16 (c) † Reg S | 201,000 | ||||||
| 200,000 | Industrial Senior Trust 5.50%, 11/01/22 Reg S | 199,500 | ||||||
| 200,000 | Jafz Sukuk Ltd. 7.00%, 06/19/19 Reg S | 230,410 | ||||||
| 250,000 | JBS Finance II Ltd. 8.25%, 01/29/15 (c) Reg S | 265,625 | ||||||
| Kaisa Group Holdings Ltd. | ||||||||
| 300,000 | 8.88%, 03/19/16 (c) Reg S | 304,500 | ||||||
| 200,000 | 8.88%, 03/19/16 (c) 144A | 203,000 | ||||||
| 600,000 | KWG Property Holdings Ltd. 8.98%, 01/14/17 (c) Reg S | 600,000 | ||||||
| 300,000 | Longfor Properties 6.88%, 10/18/16 (c) † Reg S | 308,250 | ||||||
| 300,000 | MIE Holdings Corp. 7.50%, 04/25/17 (c) 144A | 294,750 | ||||||
| Mizuho Capital Investment 1 Ltd. | ||||||||
| 90,000 | 6.69%, 06/30/16 (c) Reg S | 96,975 | ||||||
| 50,000 | 6.69%, 06/30/16 (c) 144A | 53,875 | ||||||
| 200,000 | Mongolian Mining Corp. 8.88%, 03/29/15 (c) † Reg S | 125,000 | ||||||
| 300,000 | Sable International Finance Ltd. 8.75%, 02/01/16 (c) Reg S | 328,500 | ||||||
| 400,000 | Shimao Property Holdings Ltd. 11.00%, 03/08/15 (c) † Reg S | 430,000 | ||||||
See Notes to Financial Statements
| 43 |
INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal Amount | Value | |||||||
| Cayman Islands: (continued) | ||||||||
| USD | 100,000 | SMFG Preferred Capital USD 1 Ltd. 6.08%, 01/25/17 (c) 144A | $ | 108,000 | ||||
| 300,000 | SMFG Preferred Capital USD 3 Ltd. 9.50%, 07/25/18 (c) 144A | 367,125 | ||||||
| 500,000 | SOHO China Ltd. 7.13%, 11/07/17 (c) † Reg S | 498,999 | ||||||
| 200,000 | Sukuk Funding No. 3 Ltd. 4.35%, 12/03/18 Reg S | 208,670 | ||||||
| 200,000 | Sunac China Holdings Ltd. 9.38%, 04/05/16 (c) Reg S | 209,500 | ||||||
| 200,000 | Suzano Trading Ltd. 5.88%, 01/23/21 144A | 211,000 | ||||||
| 400,000 | TAM Capital 3, Inc. 8.38%, 06/03/16 (c) 144A | 432,000 | ||||||
| 200,000 | Texhong Textile Group Ltd. 6.50%, 01/18/17 (c) † Reg S | 199,500 | ||||||
| EUR | 325,000 | UPCB Finance II Ltd. 6.38%, 07/01/15 (c) Reg S | 429,079 | |||||
| USD | 500,000 | UPCB Finance III Ltd. 6.63%, 07/01/15 (c) 144A | 528,750 | |||||
| 50,000 | UPCB Finance V Ltd. 7.25%, 11/15/16 (c) 144A | 55,250 | ||||||
| EUR | 272,000 | Viridian Group FundCo II Ltd. 11.13%, 04/01/15 (c) Reg S | 366,348 | |||||
| USD | 400,000 | Wynn Macau Ltd. 5.25%, 10/15/16 (c) 144A | 402,000 | |||||
| 200,000 | Yuzhou Properties Co., Ltd. 8.63%, 01/24/17 (c) Reg S | 200,000 | ||||||
| 12,450,698 | ||||||||
| China / Hong Kong: 0.2% | ||||||||
| 200,000 | China CITIC Bank International Ltd. 6.88%, 06/24/20 † Reg S | 223,744 | ||||||
| 300,000 | Yancoal International Resources Development Co. Ltd. 5.73%, 05/16/22 144A | 275,979 | ||||||
| 499,723 | ||||||||
| Colombia: 0.9% | ||||||||
| 250,000 | Banco Davivienda SA 5.88%, 07/09/22 Reg S | 255,000 | ||||||
| Banco GNB Sudameris SA | ||||||||
| 80,000 | 7.50%, 07/30/22 Reg S | 87,276 | ||||||
| 50,000 | 7.50%, 07/30/22 144A | 54,548 | ||||||
| Bancolombia SA | ||||||||
| 400,000 | 5.13%, 09/11/22 | 410,000 | ||||||
| 200,000 | 6.13%, 07/26/20 | 218,200 | ||||||
| 800,000 | Colombia Telecomunicaciones SA, ESP 5.38%, 09/27/17 (c) Reg S | 814,000 | ||||||
| 1,839,024 | ||||||||
| Principal Amount | Value | |||||||
| Croatia: 0.4% | ||||||||
| Agrokor D.D. | ||||||||
| USD | 200,000 | 8.88%, 02/01/16 (c) Reg S | $ | 219,000 | ||||
| 300,000 | 8.88%, 02/01/16 (c) 144A | 328,500 | ||||||
| 200,000 | Hrvatska Elektroprivreda 6.00%, 11/09/17 Reg S | 210,600 | ||||||
| 758,100 | ||||||||
| Denmark: 0.3% | ||||||||
| GBP | 250,000 | Danske Bank A/S 5.68%, 02/15/17 (c) | 412,161 | |||||
| USD | 220,000 | Welltec A/S 8.00%, 02/01/15 (c) 144A | 232,650 | |||||
| 644,811 | ||||||||
| Dominican Republic: 0.0% | ||||||||
| 100,000 | Aeropuertos Dominicanos Siglo XXI SA 9.75%, 11/13/15 (c) (s) Reg S | 96,000 | ||||||
| Finland: 0.7% | ||||||||
| 534,000 | Nokia OYJ 5.38%, 05/15/19 | 576,720 | ||||||
| Stora Enso OYJ | ||||||||
| EUR | 100,000 | 5.50%, 03/07/19 Reg S | 140,212 | |||||
| USD | 250,000 | 6.40%, 04/15/16 144A | 266,875 | |||||
| 400,000 | UPM-Kymmene OYJ 7.45%, 11/26/27 144A | 452,000 | ||||||
| 1,435,807 | ||||||||
| France: 8.4% | ||||||||
| EUR | 200,000 | Accor SA 4.13%, 06/30/20 (c) Reg S | 245,782 | |||||
| 100,000 | Banque PSA Finance SA 4.25%, 02/25/16 Reg S | 130,389 | ||||||
| 605,000 | BPCE SA 4.63%, 07/30/15 (c) | 765,585 | ||||||
| 200,000 | Casino Guichard Perrachon 4.87%, 01/31/19 (c) Reg S | 258,724 | ||||||
| USD | 450,000 | Cie Generale de Geophysique - Veritas 6.50%, 06/01/16 (c) | 362,250 | |||||
| 250,000 | CMA CGM 8.50%, 12/05/14 (c) † 144A | 252,500 | ||||||
| EUR | 1,200,000 | Credit Agricole SA 4.13%, 11/09/15 (c) † Reg S | 1,522,349 | |||||
| 200,000 | Crown European Holdings SA 4.00%, 04/15/22 (c) Reg S | 256,895 | ||||||
| 450,000 | Europcar Groupe SA 11.50%, 05/15/17 † Reg S | 635,690 | ||||||
| 200,000 | Faurecia 9.38%, 12/15/16 Reg S | 289,671 | ||||||
| 550,000 | Groupama SA 7.88%, 10/27/19 (c) | 766,722 | ||||||
| 267,000 | Italcementi Finance SA 6.63%, 03/19/20 (s) Reg S | 380,585 | ||||||
| 150,000 | Labco SAS 8.50%, 12/03/14 (c) Reg S | 197,097 | ||||||
See Notes to Financial Statements
| 44 |
| Principal Amount | Value | |||||||
| France: (continued) | ||||||||
| Lafarge SA | ||||||||
| EUR | 300,000 | 4.75%, 09/30/20 Reg S | $ | 438,481 | ||||
| USD | 200,000 | 6.50%, 07/15/16 | 215,000 | |||||
| EUR | 1,075,000 | 6.63%, 11/29/18 Reg S | 1,575,421 | |||||
| 311,000 | 8.88%, 11/24/16 Reg S | 449,951 | ||||||
| 300,000 | Loxam SAS 4.88%, 07/23/17 (c) 144A | 370,232 | ||||||
| 100,000 | Médi-Partenaires SAS 7.00%, 05/15/16 (c) Reg S | 131,555 | ||||||
| USD | 200,000 | Natixis SA 10.00%, 04/30/18 (c) 144A | 236,250 | |||||
| EUR | 200,000 | Nexans SA 4.25%, 03/19/18 | 259,162 | |||||
| Numericable Group SA | ||||||||
| 925,000 | 5.63%, 05/15/19 (c) 144A | 1,203,842 | ||||||
| USD | 1,200,000 | 6.00%, 05/15/17 (c) 144A | 1,228,500 | |||||
| EUR | 1,000,000 | Peugeot SA 7.38%, 03/06/18 Reg S | 1,443,301 | |||||
| Renault SA | ||||||||
| 300,000 | 3.13%, 03/05/21 Reg S | 400,145 | ||||||
| 560,000 | 4.63%, 05/25/16 Reg S | 738,962 | ||||||
| USD | 650,000 | Rexel SA 6.13%, 12/15/15 (c) 144A | 674,375 | |||||
| EUR | 700,000 | Societe Generale SA 9.38%, 09/04/19 (c) Reg S | 1,066,907 | |||||
| 200,000 | SPCM SA 5.50%, 06/15/16 (c) Reg S | 268,121 | ||||||
| 400,000 | Veolia Environnement 4.45%, 04/16/18 (c) † Reg S | 518,596 | ||||||
| 17,283,040 | ||||||||
| Germany: 3.5% | ||||||||
| 250,000 | Bayerische Landesbank 5.75%, 10/23/17 | 350,677 | ||||||
| 1,000,000 | Commerzbank AG 7.75%, 03/16/21 | 1,535,430 | ||||||
| 334,000 | Deutsche Lufthansa AG 6.50%, 07/07/16 † | 459,928 | ||||||
| 150,000 | Franz Haniel & Cie. GmbH 5.88%, 02/01/17 | 208,136 | ||||||
| 200,000 | Hapag-Lloyd AG 7.75%, 10/01/15 (c) Reg S | 254,785 | ||||||
| 150,000 | KM Germany Holdings GmbH 8.75%, 12/15/15 (c) 144A | 204,782 | ||||||
| 300,000 | Techem GmbH 6.13%, 10/01/15 (c) Reg S | 404,324 | ||||||
| ThyssenKrupp AG | ||||||||
| 100,000 | 3.13%, 07/25/19 (c) Reg S | 130,853 | ||||||
| 1,025,000 | 4.00%, 08/27/18 | 1,377,329 | ||||||
| 42,000 | 4.38%, 02/28/17 | 55,858 | ||||||
| 300,000 | Trionista HoldCo GmbH 5.00%, 04/30/16 (c) Reg S | 389,890 | ||||||
| 400,000 | Unitymedia Hessen / NRW 5.50%, 09/15/17 (c) Reg S | 539,183 | ||||||
| 834,000 | Unitymedia KabelBW GmbH 9.50%, 03/15/16 (c) Reg S | 1,176,840 | ||||||
| 7,088,015 | ||||||||
| Principal Amount | Value | |||||||
| Hungary: 0.2% | ||||||||
| EUR | 300,000 | OTP Bank Plc 5.27%, 09/19/16 | $ | 390,905 | ||||
| India: 0.2% | ||||||||
| ICICI Bank Ltd. | ||||||||
| USD | 110,000 | 6.38%, 04/30/17 (c) Reg S | 114,268 | |||||
| 200,000 | 6.38%, 04/30/17 (c) 144A | 207,760 | ||||||
| 322,028 | ||||||||
| Indonesia: 0.1% | ||||||||
| 200,000 | Gajah Tunggal Tbk PT 7.75%, 02/06/16 (c) 144A | 202,000 | ||||||
| Ireland: 3.2% | ||||||||
| 750,000 | Aercap Ireland Capital Ltd. 4.50%, 05/15/21 144A | 758,437 | ||||||
| EUR | 100,000 | AG Spring Finance Ltd. 7.50%, 06/01/15 (c) Reg S | 117,804 | |||||
| USD | 600,000 | Alfa Bank 7.75%, 04/28/21 Reg S | 612,750 | |||||
| Allied Irish Banks Plc | ||||||||
| EUR | 100,000 | 2.75%, 04/16/19 Reg S | 129,404 | |||||
| 150,000 | 5.63%, 11/12/14 Reg S | 188,142 | ||||||
| 880,000 | Ardagh Glass Finance Plc 8.75%, 02/01/15 (c) Reg S | 1,152,167 | ||||||
| Bank of Ireland | ||||||||
| 500,000 | 2.75%, 06/05/16 | 640,880 | ||||||
| 200,000 | 4.25%, 06/11/19 (c) Reg S | 247,448 | ||||||
| USD | 200,000 | Credit Bank of Moscow 7.70%, 02/01/18 Reg S | 196,000 | |||||
| 200,000 | EuroChem Mineral & Chemical Co. OJSC 5.13%, 12/12/17 144A | 196,500 | ||||||
| 200,000 | Gazprombank OJSC 7.25%, 05/03/19 Reg S | 202,500 | ||||||
| 300,000 | Grifols Worldwide Operations Ltd. 5.25%, 04/01/17 (c) 144A | 308,250 | ||||||
| 510,000 | Metalloinvest Finance Ltd. 5.63%, 04/17/20 144A | 464,737 | ||||||
| 300,000 | Nomos Bank Via Nomos Capital Plc 8.75%, 10/21/15 Reg S | 299,625 | ||||||
| 200,000 | SCF Capital Ltd. 5.38%, 10/27/17 144A | 191,000 | ||||||
| 200,000 | Sibur Securities Ltd. 3.91%, 01/31/18 144A | 186,750 | ||||||
| EUR | 506,000 | Smurfit Kappa Acquisitions 5.13%, 06/15/18 (c) Reg S | 691,817 | |||||
| 6,584,211 | ||||||||
| Israel: 0.2% | ||||||||
| USD | 300,000 | B Communications Ltd. 7.38%, 02/15/17 (c) 144A | 321,030 | |||||
| Italy: 6.8% | ||||||||
| EUR | 100,000 | Astaldi SpA 7.13%, 12/01/16 (c) Reg S | 131,759 | |||||
| Banca Monte dei Paschi di Siena SpA | ||||||||
| 300,000 | 3.63%, 04/01/19 Reg S | 376,020 | ||||||
| GBP | 200,000 | 5.75%, 09/30/16 | 310,115 | |||||
See Notes to Financial Statements
| 45 |
INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal Amount | Value | |||||||
| Italy: (continued) | ||||||||
| Banca Popolare di Milano | ||||||||
| EUR | 200,000 | 4.00%, 01/22/16 Reg S | $ | 256,504 | ||||
| 200,000 | 7.13%, 03/01/21 Reg S | 285,043 | ||||||
| 200,000 | Banca Popolare Di Vicenza 5.00%, 10/25/18 Reg S | 265,430 | ||||||
| Banco Popolare SC | ||||||||
| 400,000 | 3.50%, 03/14/19 Reg S | 520,510 | ||||||
| 425,000 | 3.75%, 01/28/16 Reg S | 546,851 | ||||||
| 400,000 | 6.00%, 11/05/20 † Reg S | 535,576 | ||||||
| 175,000 | Buzzi Unicem SpA 6.25%, 09/28/18 Reg S | 248,890 | ||||||
| Enel SpA | ||||||||
| 200,000 | 6.50%, 01/10/19 (c) Reg S | 277,183 | ||||||
| USD | 1,150,000 | 8.75%, 09/24/23 (c) 144A | 1,348,375 | |||||
| EUR | 317,000 | Finmeccanica SpA 4.88%, 03/24/25 | 422,277 | |||||
| 200,000 | GTECH SpA 8.25%, 03/31/16 (c) Reg S | 262,796 | ||||||
| Intesa Sanpaolo SpA | ||||||||
| 200,000 | 8.38%, 10/14/19 (c) Reg S | 295,685 | ||||||
| 350,000 | 8.47%, 06/20/18 (c) | 496,070 | ||||||
| Telecom Italia SpA | ||||||||
| 2,000,000 | 5.25%, 02/10/22 Reg S | 2,805,675 | ||||||
| 1,100,000 | 5.38%, 01/29/19 Reg S | 1,530,153 | ||||||
| GBP | 300,000 | 6.38%, 06/24/19 | 520,280 | |||||
| UniCredit SpA | ||||||||
| EUR | 300,000 | 6.70%, 06/05/18 | 425,357 | |||||
| 600,000 | 6.95%, 10/31/22 Reg S | 884,824 | ||||||
| 300,000 | Unipol Gruppo Finanziario SpA 5.00%, 01/11/17 Reg S | 398,132 | ||||||
| 200,000 | UnipolSai SpA 5.75%, 06/18/24 (c) Reg S | 247,297 | ||||||
| 500,000 | Veneto Banca SCPA 4.00%, 01/20/17 Reg S | 638,447 | ||||||
| 14,029,249 | ||||||||
| Japan: 0.5% | ||||||||
| USD | 1,000,000 | SoftBank Corp. 4.50%, 04/15/20 144A | 1,016,250 | |||||
| Kazakhstan: 0.5% | ||||||||
| 200,000 | Halyk Savings Bank of Kazakhstan JSC 7.25%, 05/03/17 Reg S | 213,240 | ||||||
| EUR | 264,000 | Kazkommertsbank JSC 6.88%, 02/13/17 | 332,420 | |||||
| USD | 400,000 | Zhaikmunai International BV 7.13%, 11/13/16 (c) 144A | 418,000 | |||||
| 963,660 | ||||||||
| Luxembourg: 15.6% | ||||||||
| 200,000 | Accudyne Industries LLC 7.75%, 12/15/15 (c) 144A | 209,000 | ||||||
| 200,000 | Aguila 3 SA 7.88%, 12/05/14 (c) 144A | 201,000 | ||||||
| 200,000 | Albea Beauty Holdings SA 8.38%, 11/01/15 (c) 144A | 214,000 | ||||||
| 220,000 | Alrosa Finance SA 7.75%, 11/03/20 144A | 230,175 | ||||||
| 750,000 | Altice Financing SA 9.88%, 12/15/16 (c) 144A | 840,000 | ||||||
| Principal Amount | Value | |||||||
| Luxembourg: (continued) | ||||||||
| USD | 1,400,000 | Altice SA 7.75%, 05/15/17 (c) 144A | $ | 1,473,500 | ||||
| ArcelorMittal | ||||||||
| 225,000 | 5.00%, 02/25/17 | 235,688 | ||||||
| 240,000 | 6.13%, 06/01/18 | 257,400 | ||||||
| 1,425,000 | 6.75%, 02/25/22 † | 1,589,017 | ||||||
| 725,000 | 7.25%, 03/01/41 | 752,187 | ||||||
| 250,000 | 7.50%, 10/15/39 | 268,125 | ||||||
| 800,000 | 10.35%, 06/01/19 | 991,000 | ||||||
| 200,000 | Ardagh Finance Holdings SA 8.63%, 06/15/16 (c) † 144A | 205,502 | ||||||
| GBP | 100,000 | Cabot Financial Luxembourg SA 6.50%, 04/01/17 (c) Reg S | 154,065 | |||||
| USD | 360,000 | CHC Helikopter SA 9.25%, 10/15/15 (c) | 387,000 | |||||
| EUR | 225,000 | Cirsa Funding Luxembourg SA 8.75%, 12/03/14 (c) Reg S | 289,331 | |||||
| 100,000 | Clariant Finance Luxembourg SA 5.63%, 01/24/17 | 138,254 | ||||||
| USD | 600,000 | Convatec Healthcare E SA 10.50%, 12/15/14 (c) 144A | 636,750 | |||||
| 200,000 | Cosan Luxembourg SA 5.00%, 03/14/18 (c) 144A | 193,000 | ||||||
| CSN Resources SA | ||||||||
| 250,000 | 6.50%, 07/21/20 † Reg S | 256,875 | ||||||
| 450,000 | 6.50%, 07/21/20 † 144A | 462,375 | ||||||
| EUR | 175,000 | Dufry Finance SCA 4.50%, 07/15/17 (c) Reg S | 229,179 | |||||
| Evraz Group SA | ||||||||
| USD | 700,000 | 6.50%, 04/22/20 Reg S | 629,279 | |||||
| 300,000 | 6.50%, 04/22/20 144A | 269,691 | ||||||
| Fiat Finance & Trade SA | ||||||||
| EUR | 585,000 | 6.88%, 02/13/15 | 745,590 | |||||
| 1,570,000 | 7.00%, 03/23/17 Reg S | 2,162,284 | ||||||
| 450,000 | Fiat Industrial Finance Europe SA | |||||||
| 6.25%, 03/09/18 Reg S | 632,118 | |||||||
| 200,000 | Findus Bondco SA 9.13%, 07/01/15 (c) Reg S | 265,615 | ||||||
| Finmeccanica Finance SA | ||||||||
| 100,000 | 4.38%, 12/05/17 | 134,006 | ||||||
| 311,000 | 5.25%, 01/21/22 † | 428,652 | ||||||
| GBP | 300,000 | 8.00%, 12/16/19 | 553,859 | |||||
| USD | 490,000 | Fuerstenberg Capital International SAR.L.& Cie SECS 10.25%, 06/30/15 (c) † | 506,807 | |||||
| EUR | 100,000 | Galapagos SA 5.38%, 06/15/17 (c) 144A | 122,659 | |||||
| | 100,000 | | | Gategroup Finance Luxembourg SA 6.75%, 03/01/15 (c) Reg S | | | 129,725 | |
| 100,000 | Geo Debt Finance SCA 7.50%, 02/01/15 (c) Reg S | 99,606 | ||||||
| USD | 250,000 | | | Gestamp Funding Luxembourg SA 5.63%, 05/31/16 (c) 144A | | | 251,250 | |
| EUR | 1,554,000 | HeidelbergCement Finance BV 8.00%, 01/31/17 Reg S | 2,222,996 | |||||
See Notes to Financial Statements
| 46 |
| Principal Amount | Value | |||||||
| Luxembourg: (continued) | ||||||||
| USD | 300,000 | Home Credit & Finance Bank 9.38%, 04/24/18 (c) Reg S | $ | 258,000 | ||||
| EUR | 400,000 | Ineos Group Holdings SA 5.75%, 02/15/16 (c) 144A | 501,371 | |||||
| USD | 95,000 | International Automotive Components Group SA 9.13%, 06/01/15 (c) 144A | 99,513 | |||||
| EUR | 150,000 | Intralot Capital Luxembourg SA 6.00%, 05/15/17 (c) Reg S | 173,812 | |||||
| 250,000 | KION Finance SA 6.75%, 02/15/16 (c) Reg S | 337,343 | ||||||
| 150,000 | Lecta SA 8.88%, 05/15/15 (c) Reg S | 199,211 | ||||||
| 100,000 | Matterhorn Financing & CY SCA 9.00%, 12/03/14 (c) Reg S | 127,169 | ||||||
| USD | 135,000 | MHP SA 10.25%, 04/29/15 Reg S | 135,000 | |||||
| 600,000 | Millicom International Cellular 6.63%, 10/15/17 (c) 144A | 645,000 | ||||||
| Minerva Luxembourg SA | ||||||||
| 300,000 | 7.75%, 01/31/18 (c) 144A | 314,250 | ||||||
| 200,000 | 12.25%, 02/10/17 (c) Reg S | 232,000 | ||||||
| 530,000 | MOL Group Finance SA 6.25%, 09/26/19 † Reg S | 579,687 | ||||||
| 400,000 | OAO TMK 6.75%, 04/03/20 Reg S | 364,500 | ||||||
| 200,000 | Offshore Drilling Holding SA 8.63%, 09/20/17 (c) † 144A | 211,040 | ||||||
| 300,000 | OJSC Promsvyazbank 8.50%, 04/25/17 † Reg S | 303,750 | ||||||
| EUR | 525,000 | Olivetti Finance 7.75%, 01/24/33 | 854,710 | |||||
| Ontex IV SA | ||||||||
| 100,000 | 7.50%, 12/03/14 (c) Reg S | 130,145 | ||||||
| 150,000 | 9.00%, 04/15/15 (c) Reg S | 200,151 | ||||||
| 300,000 | Play Finance 2 SA 5.25%, 02/01/16 (c) Reg S | 388,725 | ||||||
| USD | 300,000 | Puma International Financing SA 6.75%, 02/01/17 (c) Reg S | 309,750 | |||||
| 200,000 | Russian Agricultural Bank OJSC 6.00%, 06/03/16 (c) 144A | 185,500 | ||||||
| 200,000 | Russian Standard Bank 9.25%, 07/11/15 (p) † Reg S | 193,750 | ||||||
| 650,000 | Severstal OAO 6.70%, 10/25/17 144A | 675,025 | ||||||
| EUR | 292,000 | Sunrise Communications Holdings SA 8.50%, 12/31/14 (c) Reg S | 384,139 | |||||
| 100,000 | Takko Luxembourg 2 SCA 9.88%, 04/15/16 (c) Reg S | 89,896 | ||||||
| USD | 400,000 | Telecom Italia Capital 6.38%, 11/15/33 | 406,000 | |||||
| EUR | 400,000 | Telenet Finance Luxembourg SCA 6.38%, 11/15/15 (c) Reg S | 532,483 | |||||
| USD | 100,000 | Tonon Luxembourg SA 10.50%, 05/14/17 (c) 144A | 93,750 | |||||
| 200,000 | Topaz Marine SA 8.63%, 11/01/16 (c) 144A | 204,500 | ||||||
| Principal Amount | Value | |||||||
| Luxembourg: (continued) | ||||||||
| EUR | 480,000 | UniCredit International Bank Luxembourg SA 8.13%, 12/10/19 (c) Reg S | $ | 702,125 | ||||
| USD | 300,000 | Virgolino de Oliveira Finance Ltd. 11.75%, 02/09/17 (c) Reg S | 77,400 | |||||
| 300,000 | VTB Bank SA 6.95%, 10/17/22 144A | 287,100 | ||||||
| Wind Acquisition Finance SA | ||||||||
| EUR | 100,000 | 4.00%, 07/15/16 (c) Reg S | 123,881 | |||||
| 300,000 | 4.00%, 07/15/16 (c) 144A | 371,642 | ||||||
| USD | 400,000 | 6.50%, 04/30/16 (c) 144A | 417,500 | |||||
| 1,500,000 | 7.38%, 04/23/17 (c) 144A | 1,470,000 | ||||||
| 31,947,378 | ||||||||
| Marshall Islands: 0.2% | ||||||||
| 390,000 | Drill Rigs Holdings, Inc. 6.50%, 10/01/15 (c) 144A | 368,550 | ||||||
| 100,000 | Teekay Corp. 8.50%, 01/15/20 | 111,500 | ||||||
| 480,050 | ||||||||
| Mexico: 1.3% | ||||||||
| 125,000 | Axtel SAB de CV 8.00%, 01/31/16 (c) (s) 144A | 126,250 | ||||||
| 300,000 | BBVA Bancomer SA 7.25%, 04/22/20 144A | 342,930 | ||||||
| 228,000 | Cemex SAB de CV 9.50%, 06/15/16 (c) 144A | 255,816 | ||||||
| 465,000 | Empresas ICA SAB de CV 8.90%, 02/04/16 (c) Reg S | 494,062 | ||||||
| 350,000 | Grupo Elektra SAB de CV 7.25%, 08/06/15 (c) Reg S | 367,937 | ||||||
| 200,000 | Grupo KUO SAB de CV 6.25%, 12/04/17 (c) † Reg S | 206,174 | ||||||
| 100,000 | Grupo Papelero Scribe SAB de CV 8.88%, 04/07/15 (c) 144A | 98,500 | ||||||
| 200,000 | Servicios Corporativos Javer SAPI de CV 9.88%, 04/06/16 (c) Reg S | 218,500 | ||||||
| 250,000 | Tenedora Nemak SA 5.50%, 02/28/18 (c) 144A | 261,175 | ||||||
| 200,000 | TV Azteca SAB de CV 7.63%, 09/18/17 (c) Reg S | 210,500 | ||||||
| 2,581,844 | ||||||||
| Netherlands: 9.7% | ||||||||
| EUR | 282,000 | ABN Amro Bank NV 4.31%, 03/10/16 (c) | 359,501 | |||||
| USD | 200,000 | Access Finance BV 7.25%, 07/25/17 144A | 200,834 | |||||
| 200,000 | Carlson Wagonlit BV 6.88%, 06/15/15 (c) 144A | 208,000 | ||||||
| 200,000 | Cimpor Financial Operations BV 5.75%, 07/17/19 (c) 144A | 192,800 | ||||||
| EUR | 150,000 | Constellium NV 4.63%, 05/15/17 (c) Reg S | 187,136 | |||||
| 200,000 | Deutsche Annington Finance BV 4.63%, 04/08/19 (c) Reg S | 256,970 | ||||||
| USD | 200,000 | DTEK Finance BV 9.50%, 04/28/15 † Reg S | 176,500 | |||||
See Notes to Financial Statements
| 47 |
INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal Amount | Value | |||||||
| Netherlands: (continued) | ||||||||
| EDP Finance BV | ||||||||
| EUR | 900,000 | 4.13%, 06/29/20 | $ | 1,240,935 | ||||
| 873,000 | 4.75%, 09/26/16 Reg S | 1,163,784 | ||||||
| 300,000 | 5.75%, 09/21/17 Reg S | 420,975 | ||||||
| USD | 200,000 | FBN Finance Co. BV 8.00%, 07/23/19 (c) † 144A | 195,500 | |||||
| Fresenius Finance BV | ||||||||
| EUR | 411,000 | 2.88%, 07/15/20 144A | 543,908 | |||||
| 350,000 | 4.00%, 02/01/24 144A | 483,165 | ||||||
| 200,000 | GRP Isolux Corsan Finance BV 6.63%, 04/15/17 (c) Reg S | 241,497 | ||||||
| USD | 200,000 | GTB Finance BV 6.00%, 11/08/18 144A | 198,500 | |||||
| | 300,000 | | | Indo Energy Finance II BV 6.38%, 01/24/18 (c) † 144A | | | 243,750 | |
| | 425,000 | | | ING Groep NV 5.78%, 12/08/15 (c) | | | 435,625 | |
| | 410,000 | | | InterGen NV 7.00%, 06/30/18 (c) 144A | | | 394,625 | |
| GBP | 449,000 | Koninklijke KPN NV 6.88%, 03/14/20 (c) Reg S | 744,803 | |||||
| USD | 200,000 | Listrindo Capital BV 6.95%, 02/21/16 (c) 144A | 214,000 | |||||
| Majapahit Holding BV | ||||||||
| 80,000 | 7.25%, 06/28/17 Reg S | 89,200 | ||||||
| 1,145,000 | 7.75%, 01/20/20 144A | 1,338,219 | ||||||
| Marfrig Holdings Europe BV | ||||||||
| 600,000 | 8.38%, 05/09/18 Reg S | 634,500 | ||||||
| 200,000 | 11.25%, 09/20/17 (c) 144A | 226,200 | ||||||
| 250,000 | Metinvest BV 10.25%, 05/20/15 Reg S | 202,550 | ||||||
| | 400,000 | | | Myriad International Holdings BV 6.00%, 07/18/20 144A | | | 436,000 | |
| | 500,000 | | | NXP BV / NXP Funding LLC 5.75%, 03/15/18 (c) 144A | | | 530,000 | |
| EUR | 200,000 | OI European Group BV 6.75%, 09/15/20 Reg S | 294,557 | |||||
| Portugal Telecom International Finance BV | ||||||||
| 700,000 | 4.63%, 05/08/20 Reg S | 892,378 | ||||||
| 200,000 | 5.88%, 04/17/18 Reg S | 270,940 | ||||||
| 292,000 | Refresco Group BV | |||||||
| 7.38%, 12/03/14 (c) Reg S | 384,999 | |||||||
| Schaeffler Finance BV | ||||||||
| 850,000 | 3.50%, 05/15/17 (c) 144A | 1,064,752 | ||||||
| 592,000 | 6.88%, 12/03/14 (c) Reg S | 780,657 | ||||||
| USD | 200,000 | 6.88%, 12/05/14 (c) 144A | 210,500 | |||||
| | 250,000 | | | Sensata Technologies BV 4.88%, 10/15/23 144A | | | 248,125 | |
| EUR | 400,000 | | | SNS Bank NV 11.25%, 11/27/19 (c) (d) * Reg S | | | 25,058 | |
| | 600,000 | | | Telefonica Europe BV 6.50%, 09/18/18 (c) † Reg S | | | 830,203 | |
| 20,000 | ThyssenKrupp Finance Nederland BV 8.50%, 02/25/16 | 27,469 | ||||||
| Principal Amount | Value | |||||||
| Netherlands: (continued) | ||||||||
| EUR | 450,000 | UPC Holding BV 6.38%, 09/15/17 (c) Reg S | $ | 611,323 | ||||
| VimpelCom Holdings BV | ||||||||
| USD | 50,000 | 6.25%, 03/01/17 Reg S | 50,690 | |||||
| 1,600,000 | 6.25%, 03/01/17 144A | 1,622,080 | ||||||
| 400,000 | VTR Finance BV 6.88%, 01/15/19 (c) 144A | 421,000 | ||||||
| Ziggo Bond Company BV | ||||||||
| EUR | 250,000 | 8.00%, 11/13/14 (c) Reg S | 326,929 | |||||
| 250,000 | 8.00%, 12/03/14 (c) 144A | 340,397 | ||||||
| 19,961,534 | ||||||||
| Norway: 0.8% | ||||||||
| Eksportfinans ASA | ||||||||
| USD | 75,000 | 2.00%, 09/15/15 | 75,168 | |||||
| 156,000 | 2.38%, 05/25/16 | 156,312 | ||||||
| 6,000 | 3.00%, 11/17/14 | 6,006 | ||||||
| 785,000 | 5.50%, 06/26/17 | 840,099 | ||||||
| EUR | 200,000 | Lock AS 7.00%, 08/15/17 (c) Reg S | 257,784 | |||||
| | 250,000 | | | Norske Skogindustrier ASA 11.75%, 06/15/16 Reg S | | | 232,256 | |
| 1,567,625 | ||||||||
| Peru: 0.4% | ||||||||
| USD | 200,000 | | | Cia Minera Ares SAC 7.75%, 01/23/18 (c) † 144A | | | 213,000 | |
| | 97,000 | | | Corp. Azucarera del Peru SA 6.38%, 08/02/17 (c) 144A | | | 93,217 | |
| | 200,000 | | | Corp. Lindley SA 4.63%, 04/12/23 144A | | | 196,000 | |
| | 215,000 | | | Maestro Peru SA 6.75%, 09/26/16 (c) † 144A | | | 234,350 | |
| 736,567 | ||||||||
| Philippines: 0.1% | ||||||||
| | 200,000 | | | BDO Unibank, Inc. 4.50%, 02/16/17 † Reg S | | | 209,900 | |
| Portugal: 0.4% | ||||||||
| EUR | 600,000 | Banco Espirito Santo SA 5.88%, 11/09/15 † Reg S | 732,571 | |||||
| | 150,000 | | | Caixa Geral de Depósitos SA 8.00%, 09/28/15 Reg S | | | 200,621 | |
| 933,192 | ||||||||
| Russia: 0.1% | ||||||||
| USD | 200,000 | Ukrlandfarming Plc 10.88%, 03/26/18 144A | 129,000 | |||||
| Singapore: 0.6% | ||||||||
| 350,000 | ABJA Investment Co. Pte Ltd. 5.95%, 07/31/24 Reg S | 356,256 | ||||||
| 150,000 | Bakrie Telecom Pte Ltd. 11.50%, 12/04/14 (c) (d) * Reg S | 17,265 | ||||||
| 250,000 | Berau Capital Resources Pte Ltd. 12.50%, 11/10/14 (c) 144A | 193,750 | ||||||
| 200,000 | Bumi Investment Pte Ltd. 10.75%, 12/16/14 (c) (d) Reg S | 77,500 | ||||||
See Notes to Financial Statements
| 48 |
| Principal Amount | Value | |||||||
| Singapore: (continued) | ||||||||
| USD | 425,000 | STATS ChipPAC Ltd. 4.50%, 03/20/16 (c) 144A | $ | 426,062 | ||||
| 200,000 | Theta Capital Pte Ltd. 6.13%, 11/14/16 (c) † Reg S | 206,096 | ||||||
| 1,276,929 | ||||||||
| South Africa: 0.1% | ||||||||
| EUR | 300,000 | Edcon Pty Ltd. 9.50%, 12/03/14 (c) † Reg S | 312,912 | |||||
| South Korea: 0.3% | ||||||||
| Woori Bank Co. Ltd. | ||||||||
| USD | 200,000 | 4.75%, 04/30/24 144A | 207,766 | |||||
| 330,000 | 6.21%, 05/02/17 (c) 144A | 357,644 | ||||||
| 565,410 | ||||||||
| Spain: 2.0% | ||||||||
| 400,000 | Abengoa Finance SAU 8.88%, 11/01/17 † Reg S | 438,500 | ||||||
| Abengoa SA | ||||||||
| EUR | 100,000 | 8.50%, 03/31/16 | 133,710 | |||||
| 250,000 | 9.63%, 02/25/15 Reg S | 319,490 | ||||||
| 200,000 | Banco de Sabadell SA 2.50%, 12/05/16 | 258,388 | ||||||
| 700,000 | Bankia SA 3.50%, 01/17/19 Reg S | 949,359 | ||||||
| 200,000 | Bankinter SA 1.75%, 06/10/19 Reg S | 257,985 | ||||||
| USD | 295,000 | BBVA International Preferred SAU 5.92%, 04/18/17 (c) | 302,375 | |||||
| EUR | 300,000 | BPE Financiaciones SA 4.00%, 07/17/15 Reg S | 383,986 | |||||
| 200,000 | CaixaBank SA 5.00%, 11/14/18 (c) Reg S | 271,944 | ||||||
| Mapfre SA | ||||||||
| 200,000 | 5.13%, 11/16/15 | 262,726 | ||||||
| 150,000 | 5.92%, 07/24/17 (c) | 200,502 | ||||||
| 300,000 | Obrascon Huarte Lain SA 8.75%, 03/15/15 (c) Reg S | 401,786 | ||||||
| 4,180,751 | ||||||||
| Sri Lanka: 0.3% | ||||||||
| USD | 400,000 | Bank of Ceylon 5.33%, 04/16/18 † Reg S | 410,000 | |||||
| 200,000 | National Savings Bank 8.88%, 09/18/18 144A | 227,760 | ||||||
| 637,760 | ||||||||
| Sweden: 1.1% | ||||||||
| Eileme 2 AB | ||||||||
| 100,000 | 11.63%, 01/31/16 (c) Reg S | 115,000 | ||||||
| 250,000 | 11.63%, 01/31/16 (c) 144A | 287,500 | ||||||
| EUR | 25,000 | 11.75%, 01/31/16 (c) Reg S | 36,217 | |||||
| Perstorp Holding AB | ||||||||
| USD | 200,000 | 8.75%, 05/15/15 (c) 144A | 204,000 | |||||
| EUR | 250,000 | 9.00%, 05/15/15 (c) 144A | 322,634 | |||||
| 300,000 | Stena AB 6.13%, 02/01/17 Reg S | 397,678 | ||||||
| 200,000 | TVN Finance Corporation III AB 7.38%, 12/15/16 (c) Reg S | 275,638 | ||||||
| Principal Amount | Value | |||||||
| Sweden: (continued) | ||||||||
| EUR | 150,000 | Unilabs Subholding AB 8.50%, 07/15/15 (c) Reg S | $ | 189,157 | ||||
| 300,000 | Verisure Holding AB 8.75%, 12/03/14 (c) Reg S | 401,617 | ||||||
| 2,229,441 | ||||||||
| Turkey: 0.9% | ||||||||
| USD | 200,000 | Arcelik AS 5.00%, 04/03/23 144A | 190,000 | |||||
| 400,000 | Finansbank AS 5.15%, 11/01/17 † Reg S | 413,000 | ||||||
| 200,000 | Tupras Turkiye Petrol Rafinerileri AS 4.13%, 05/02/18 144A | 199,300 | ||||||
| 325,000 | Turkiye Is Bankasi SA 6.00%, 10/24/22 † 144A | 325,406 | ||||||
| 200,000 | Turkiye Vakiflar Bankasi T.A.O. 6.00%, 11/01/22 144A | 196,508 | ||||||
| 500,000 | Yapi ve Kredi Bankasi A/S 5.50%, 12/06/22 144A | 478,108 | ||||||
| 1,802,322 | ||||||||
| United Kingdom: 12.3% | ||||||||
| 200,000 | Afren Plc 6.63%, 12/09/16 (c) 144A | 189,540 | ||||||
| Algeco Scotsman Global Finance Plc | ||||||||
| 100,000 | 8.50%, 10/15/15 (c) 144A | 104,500 | ||||||
| 500,000 | 10.75%, 10/15/16 (c) 144A | 495,000 | ||||||
| AngloGold Ashanti Holdings Plc | ||||||||
| 275,000 | 5.13%, 08/01/22 † | 260,985 | ||||||
| 550,000 | 8.50%, 07/30/16 (c) † | 593,312 | ||||||
| GBP | 100,000 | Arqiva Broadcast Finance Plc 9.50%, 03/31/16 (c) Reg S | 175,783 | |||||
| 100,000 | Bakkavor Finance 2 Plc 8.25%, 02/15/15 (c) Reg S | 163,185 | ||||||
| Barclays Bank Plc | ||||||||
| EUR | 300,000 | 4.88%, 12/15/14 (c) Reg S | 368,353 | |||||
| GBP | 700,000 | 14.00%, 06/15/19 (c) | 1,461,462 | |||||
| 200,000 | Boparan Finance Plc 5.50%, 07/15/17 (c) Reg S | 291,173 | ||||||
| USD | 300,000 | CEVA Group Plc 7.00%, 03/01/17 (c) 144A | 293,250 | |||||
| GBP | 200,000 | Co-Operative Bank Plc 5.13%, 09/20/17 | 313,358 | |||||
| 349,000 | Co-operative Group Holdings Ltd. 6.88%, 07/08/20 (s) Reg S | 582,775 | ||||||
| 250,000 | Crown Newco 3 Plc 8.88%, 02/15/15 (c) Reg S | 419,960 | ||||||
| 100,000 | Elli Finance UK Plc 8.75%, 06/15/15 (c) Reg S | 163,988 | ||||||
| USD | 200,000 | EnQuest Plc 7.00%, 04/15/17 (c) 144A | 180,000 | |||||
| GBP | 295,000 | Enterprise Inns 6.50%, 12/06/18 | 506,172 | |||||
| USD | 100,000 | Ferrexpo Finance Plc 7.88%, 04/07/16 144A | 95,520 | |||||
| GBP | 315,000 | Gala Group Finance Plc 8.88%, 12/03/14 (c) Reg S | 528,142 | |||||
See Notes to Financial Statements
| 49 |
INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal | ||||||||
| Amount | Value | |||||||
| United Kingdom: (continued) | ||||||||
| GBP | 610,000 | HBOS Capital Funding LP 6.46%, 11/30/18 (c) Reg S | $ | 1,021,044 | ||||
| 200,000 | Heathrow Finance Plc 7.13%, 03/01/17 Reg S | 342,756 | ||||||
| USD | 600,000 | Ineos Finance Plc 8.38%, 02/15/15 (c) 144A | 645,750 | |||||
| 300,000 | Inmarsat Finance Plc 4.88%, 05/15/17 (c) 144A | 300,750 | ||||||
| EUR | 150,000 | International Personal Finance Plc 5.75%, 04/07/21 Reg S | 187,935 | |||||
| GBP | 200,000 | Investec Bank Plc 9.63%, 02/17/22 Reg S | 374,051 | |||||
| Jaguar Land Rover Plc | ||||||||
| 200,000 | 5.00%, 02/15/22 144A | 333,569 | ||||||
| 200,000 | 8.25%, 03/15/16 (c) Reg S | 352,767 | ||||||
| USD | 300,000 | KCA Deutag Finance Plc 7.25%, 05/15/17 (c) 144A | 268,500 | |||||
| EUR | 225,000 | Kerling Plc 10.63%, 12/03/14 (c) Reg S | 289,655 | |||||
| GBP | 100,000 | Ladbrokes Group Finance Plc 5.13%, 09/16/22 Reg S | 158,385 | |||||
| Lloyds TSB Bank Plc | ||||||||
| 139,000 | 10.75%, 12/16/16 (c) Reg S | 257,550 | ||||||
| USD | 350,000 | 12.00%, 12/16/24 (c) 144A | 510,125 | |||||
| GBP | 100,000 | Lowell Group Financing Plc 5.88%, 04/01/16 (c) Reg S | 151,986 | |||||
| Lynx I Corp. | ||||||||
| 141,000 | 6.00%, 04/15/17 (c) 144A | 236,880 | ||||||
| 1,000,000 | 6.00%, 04/15/17 (c) Reg S | 1,680,001 | ||||||
| 200,000 | Lynx II Corp. 7.00%, 04/15/18 (c) 144A | 342,368 | ||||||
| 100,000 | Matalan Finance Plc 6.88%, 05/30/16 (c) 144A | 153,825 | ||||||
| 670,000 | National Westminster Bank Plc 7.88%, 09/09/15 | 1,127,060 | ||||||
| EUR | 150,000 | NBG Finance Plc 4.38%, 04/30/19 Reg S | 168,437 | |||||
| GBP | 200,000 | New Look Bondco I Plc 8.75%, 05/14/15 (c) Reg S | 334,768 | |||||
| 100,000 | Odeon & UCI Finco Plc 9.00%, 11/13/14 (c) Reg S | 144,786 | ||||||
| EUR | 300,000 | Old Mutual Plc 5.00%, 11/04/15 (c) | 378,174 | |||||
| USD | 200,000 | Oschadbank 8.88%, 03/20/18 Reg S | 160,540 | |||||
| EUR | 500,000 | OTE Plc 4.63%, 05/20/16 | 643,772 | |||||
| USD | 200,000 | Polyus Gold International Ltd. 5.63%, 04/29/20 144A | 191,250 | |||||
| EUR | 200,000 | PPC Finance Plc 5.50%, 05/01/16 (c) Reg S | 234,292 | |||||
| 167,000 | ProSecure Funding LP 4.67%, 06/30/16 | 219,068 | ||||||
| GBP | 120,000 | R&R Ice Cream Plc 5.50%, 05/15/16 (c) Reg S | 187,182 | |||||
| EUR | 282,000 | Rexam Plc 6.75%, 06/29/17 (c) Reg S | 373,192 | |||||
| Principal | ||||||||
| Amount | Value | |||||||
| United Kingdom: (continued) | ||||||||
| Royal Bank of Scotland Group Plc | ||||||||
| EUR | 506,000 | 4.63%, 09/22/16 (c) | $ | 647,322 | ||||
| USD | 300,000 | 5.05%, 01/08/15 | 302,299 | |||||
| 900,000 | 6.13%, 12/15/22 | 975,832 | ||||||
| EUR | 650,000 | 6.93%, 04/09/18 | 931,629 | |||||
| GBP | 100,000 | Stretford 79 Plc 6.75%, 07/15/19 (c) Reg S | 135,587 | |||||
| 100,000 | Thames Water Kemble Finance Plc 7.75%, 04/01/19 Reg S | 173,584 | ||||||
| EUR | 350,000 | Thomas Cook Group Plc 6.75%, 06/22/15 | 447,784 | |||||
| GBP | 100,000 | Towergate Finance Plc 10.50%, 02/15/15 (c) Reg S | 105,590 | |||||
| USD | 350,000 | Tullow Oil Plc 6.00%, 11/01/16 (c) 144A | 329,000 | |||||
| GBP | 200,000 | Twinkle Pizza Plc 6.63%, 08/01/17 (c) Reg S | 319,570 | |||||
| USD | 250,000 | Ukreximbank 8.38%, 04/27/15 Reg S | 225,050 | |||||
| 1,050,000 | Vedanta Resources Plc 6.00%, 01/31/19 † 144A | 1,076,250 | ||||||
| 50,000 | Virgin Media Finance Plc 4.88%, 02/15/22 | 47,500 | ||||||
| GBP | 100,000 | Voyage Care Bondco Plc 6.50%, 02/01/15 (c) Reg S | 163,385 | |||||
| 250,000 | William Hill Plc 4.25%, 06/05/20 Reg S | 391,963 | ||||||
| 25,229,221 | ||||||||
| United States: 3.9% | ||||||||
| USD | 1,090,000 | Alcatel-Lucent USA, Inc. 6.45%, 03/15/29 | 1,054,575 | |||||
| 200,000 | Ashtead Capital, Inc. 6.50%, 07/15/17 (c) 144A | 217,000 | ||||||
| 235,000 | Calfrac Holdings LP 7.50%, 12/01/15 (c) 144A | 240,875 | ||||||
| 60,547 | CEDC Finance Corporation International, Inc. 10.00%, 12/05/14 (c) | 48,740 | ||||||
| Cemex Finance LLC | �� | |||||||
| 1,200,000 | 6.00%, 04/01/19 (c) 144A | 1,226,640 | ||||||
| 800,000 | 9.38%, 10/12/17 (c) 144A | 926,000 | ||||||
| 400,000 | Deutsche Bank Capital Funding Trust 5.63%, 01/19/16 (c) † Reg S | 410,000 | ||||||
| 1,125,000 | Fresenius Medical Care US Finance, Inc. 5.75%, 02/15/21 144A | 1,213,594 | ||||||
| 1,285,000 | JBS USA LLC / JBS USA Finance, Inc. 7.25%, 06/01/15 (c) 144A | 1,374,950 | ||||||
| 805,000 | RBS Capital Trust II 6.43%, 01/03/34 (c) | 844,244 | ||||||
| 400,000 | UBS Preferred Funding Trust 6.24%, 05/15/16 (c) | 416,720 | ||||||
| 7,973,338 | ||||||||
See Notes to Financial Statements
| 50 |
| Principal | ||||||||
| Amount | Value | |||||||
| Venezuela: 2.4% | ||||||||
| USD | 370,000 | C.A. La Electricidad De Caracas 8.50%, 04/10/18 Reg S | $ | 231,250 | ||||
| Petroleos de Venezuela SA | ||||||||
| 2,530,000 | 5.38%, 04/12/27 Reg S | 1,214,400 | ||||||
| 345,000 | 5.50%, 04/12/37 Reg S | 162,150 | ||||||
| 400,000 | 6.00%, 05/16/24 144A | 207,760 | ||||||
| 2,125,000 | 8.50%, 11/02/17 Reg S | 1,614,787 | ||||||
| 390,000 | 8.50%, 11/02/17 144A | 296,361 | ||||||
| 90,000 | 9.00%, 11/17/21 Reg S | 57,488 | ||||||
| 825,000 | 9.00%, 11/17/21 † 144A | 526,969 | ||||||
| 700,000 | 9.75%, 05/17/35 144A | 429,100 | ||||||
| 180,000 | 12.75%, 02/17/22 † 144A | 143,325 | ||||||
| 4,883,590 | ||||||||
| Total Corporate Bonds (Cost: $203,460,363) | 198,304,453 | |||||||
| GOVERNMENT OBLIGATIONS: 0.7% | ||||||||
| Azerbaijan: 0.2% | ||||||||
| 400,000 | State Oil Company of the Azerbaijan Republic 4.75%, 03/13/23 Reg S | 399,240 | ||||||
| Costa Rica: 0.2% | ||||||||
| 300,000 | Instituto Costarricense de Electricidad 6.95%, 11/10/21 Reg S | 318,750 | ||||||
| India: 0.1% | ||||||||
| 200,000 | State Bank of India 6.44%, 05/15/17 (c) Reg S | 199,582 | ||||||
| Turkey: 0.2% | ||||||||
| 400,000 | Export Credit Bank of Turkey 5.88%, 04/24/19 Reg S | 426,820 | ||||||
| Total Government Obligations (Cost: $1,347,884) | 1,344,392 | |||||||
| Number of Shares | ||||||||
| MONEY MARKET FUND: 0.9% (Cost: $1,775,567) | | | | | ||||
| 1,775,567 | Dreyfus Government Cash Management Fund | 1,775,567 | ||||||
| Total Investments Before Collateral for Securities Loaned: 98.3% (Cost: $206,583,814) | 201,424,412 | |||||||
| Principal Amount | ||||||||
| SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 10.1% | ||||||||
| Repurchase Agreements: 10.1% | ||||||||
| USD | 4,908,943 | Repurchase agreement dated 10/31/14 with Citigroup Global Markets, Inc., 0.12% due 11/3/14, proceeds $4,908,959; (collateralized by various U.S. government and agency obligations, 0.25% to 5.50%, due 11/30/14 to 11/1/44, valued at $5,007,122 including accrued interest) | 4,908,943 | |||||
| Principal Amount | Value | |||||||
| Repurchase Agreements: (continued) | ||||||||
| USD | 1,031,851 | Repurchase agreement dated 10/31/14 with Credit Agricole CIB, 0.10% due 11/3/14, proceeds $1,031,854; (collateralized by various U.S. government and agency obligations, 2.58% to 5.50%, due 4/1/26 to 10/20/62, valued at $1,052,488 including accrued interest) | $ | 1,031,851 | ||||
| 4,908,943 | Repurchase agreement dated 10/31/14 with Daiwa Capital Markets America, 0.15% due 11/3/14, proceeds $4,908,963; (collateralized by various U.S. government and agency obligations, 0.00% to 8.00%, due 9/24/15 to 3/1/48, valued at $5,007,123 including accrued interest) | 4,908,943 | ||||||
| 4,908,943 | Repurchase agreement dated 10/31/14 with HSBC Securities USA, Inc., 0.09% due 11/3/14, proceeds $4,908,955; (collateralized by various U.S. government and agency obligations, 0.00% to 9.38%, due 1/15/15 to 7/15/36, valued at $5,007,122 including accrued interest) | 4,908,943 | ||||||
| 4,908,943 | Repurchase agreement dated 10/31/14 with Mizuho Securities USA, Inc., 0.14% due 11/3/14, proceeds $4,908,962; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 1/30/15 to 11/1/44, valued at $5,007,122 including accrued interest) | 4,908,943 | ||||||
| Total Short-Term Investments Held As Collateral For Securities Loaned (Cost: $20,667,623) | 20,667,623 | |||||||
| Total Investments: 108.4% (Cost: $227,251,437) | 222,092,035 | |||||||
| Liabilities in excess of other assets: (8.4)% | (17,134,873 | ) | ||||||
| NET ASSETS: 100.0% | $ | 204,957,162 | ||||||
See Notes to Financial Statements
| 51 |
INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| CAD | Canadian Dollar | |
| EUR | Euro | |
| GBP | British Pound | |
| USD | United States Dollar | |
| (c) | Callable Security – the redemption date shown is when the security may be redeemed by the issuer | |
| (d) | Security in default | |
| (p) | Puttable Security – the redemption date shown is when the security may be redeemed by the investor | |
| (s) | Step Bond – coupon increases periodically based upon a predetermined schedule. The rate shown reflects the rate in effect at the end of the reporting period | |
| * | Non-income producing | |
| † | Security fully or partially on loan. Total market value of securities on loan is $19,614,511. | |
| Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. | |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted to $70,591,546, or 34.4% of net assets. |
| Summary of Investments by Sector Excluding | % of | ||||||||
| Collateral for Securities Loaned (unaudited) | Investments | Value | |||||||
| Basic Materials | 10.6 | % | $ | 21,335,846 | |||||
| Communications | 18.7 | 37,802,181 | |||||||
| Consumer, Cyclical | 10.0 | 20,142,365 | |||||||
| Consumer, Non-cyclical | 6.7 | 13,507,249 | |||||||
| Diversified | 1.0 | 2,005,506 | |||||||
| Energy | 7.2 | 14,478,654 | |||||||
| Financial | 27.5 | 55,476,864 | |||||||
| Government | 0.7 | 1,344,392 | |||||||
| Industrial | 11.0 | 22,132,489 | |||||||
| Technology | 0.6 | 1,204,187 | |||||||
| Utilities | 5.1 | 10,219,112 | |||||||
| Money Market Fund | 0.9 | 1,775,567 | |||||||
| 100.0 | % | $ | 201,424,412 | ||||||
The summary of inputs used to value the Fund’s investments as of October 31, 2014 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | ||||||||||||||
| Corporate Bonds* | $ | — | $ | 198,304,453 | $ | — | $ | 198,304,453 | |||||||||
| Government Obligations* | — | 1,344,392 | — | 1,344,392 | |||||||||||||
| Money Market Fund | 1,775,567 | — | — | 1,775,567 | |||||||||||||
| Repurchase Agreements | — | 20,667,623 | — | 20,667,623 | |||||||||||||
| Total | $ | 1,775,567 | $ | 220,316,468 | $ | — | $ | 222,092,035 | |||||||||
| * | See Schedule of Investments for security type and geographic sector breakouts. |
There were no transfers between levels during the period ended October 31, 2014.
See Notes to Financial Statements
| 52 |
INVESTMENT GRADE FLOATING RATE ETF
SCHEDULE OF INVESTMENTS
October 31, 2014 (unaudited)
| Principal Amount | Value | |||||||
| FLOATING RATE NOTES: 99.4% | ||||||||
| Australia: 7.6% | ||||||||
| Australia & New Zealand Banking Group Ltd. | ||||||||
| $ | 475,000 | 0.44%, 05/07/15 Reg S | $ | 475,497 | ||||
| 675,000 | 0.44%, 05/07/15 144A | 675,706 | ||||||
| 130,000 | BHP Billiton Finance USA Ltd. 0.48%, 09/30/16 | 130,238 | ||||||
| Commonwealth Bank of Australia | ||||||||
| 325,000 | 0.51%, 01/29/15 144A | 325,275 | ||||||
| 1,700,000 | 0.73%, 09/20/16 144A | 1,710,989 | ||||||
| 600,000 | Macquarie Bank Ltd. 1.03%, 03/24/17 144A | 603,754 | ||||||
| National Australia Bank Ltd. | ||||||||
| 400,000 | 0.53%, 01/22/15 Reg S | 400,310 | ||||||
| 250,000 | 0.53%, 01/22/15 144A | 250,210 | ||||||
| 675,000 | 0.78%, 07/25/16 | 679,267 | ||||||
| Westpac Banking Corp. | ||||||||
| 50,000 | 0.56%, 05/19/17 | 50,019 | ||||||
| 500,000 | 0.66%, 11/25/16 | 502,403 | ||||||
| 900,000 | 0.97%, 07/30/18 | 911,516 | ||||||
| 100,000 | 0.99%, 09/25/15 | 100,672 | ||||||
| 200,000 | 1.03%, 07/17/15 144A | 201,086 | ||||||
| 7,016,942 | ||||||||
| British Virgin Islands: 2.2% | ||||||||
| 600,000 | CNPC General Capital Ltd. 1.13%, 05/14/17 144A | 601,417 | ||||||
| Sinopec Group Overseas Development 2014 Ltd. | ||||||||
| 800,000 | 1.01%, 04/10/17 144A | 801,629 | ||||||
| 600,000 | 1.15%, 04/10/19 144A | 601,163 | ||||||
| 2,004,209 | ||||||||
| Canada: 8.7% | ||||||||
| Bank of Montreal | ||||||||
| 70,000 | 0.70%, 09/11/15 | 70,282 | ||||||
| 750,000 | 0.75%, 07/15/16 | 754,550 | ||||||
| Bank of Nova Scotia | ||||||||
| 100,000 | 0.63%, 03/15/16 | 100,351 | ||||||
| 885,000 | 0.67%, 09/11/15 | 888,022 | ||||||
| 575,000 | 0.75%, 07/15/16 | 578,294 | ||||||
| 150,000 | 1.27%, 01/12/15 | 150,297 | ||||||
| 450,000 | Canadian Imperial Bank of Commerce 0.75%, 07/18/16 | 452,744 | ||||||
| 150,000 | Enbridge, Inc. 0.68%, 06/02/17 | 150,134 | ||||||
| Royal Bank of Canada | ||||||||
| 150,000 | 0.44%, 04/29/15 | 150,176 | ||||||
| 735,000 | 0.60%, 03/08/16 | 737,414 | ||||||
| 950,000 | 0.69%, 09/09/16 | 954,999 | ||||||
| Toronto-Dominion Bank | ||||||||
| 150,000 | 0.48%, 05/02/17 | 150,019 | ||||||
| 1,071,000 | 0.69%, 09/09/16 | 1,076,833 | ||||||
| 1,490,000 | 0.78%, 04/30/18 | 1,499,672 | ||||||
| 310,000 | TransCanada PipeLines Ltd. 0.91%, 06/30/16 | 311,982 | ||||||
| 8,025,769 | ||||||||
| Principal Amount | Value | |||||||
| France: 3.7% | ||||||||
| Banque Federative du Credit Mutuel SA | ||||||||
| $ | 250,000 | 1.08%, 01/20/17 144A | $ | 252,112 | ||||
| 600,000 | 1.08%, 10/28/16 144A | 605,499 | ||||||
| BPCE SA | ||||||||
| 500,000 | 0.86%, 06/17/17 | 500,710 | ||||||
| 375,000 | 1.48%, 04/25/16 | 380,309 | ||||||
| Credit Agricole SA | ||||||||
| 300,000 | 0.78%, 06/12/17 144A | 300,542 | ||||||
| 500,000 | 1.03%, 04/15/19 144A | 503,430 | ||||||
| 300,000 | Electricite de France SA 0.69%, 01/20/17 144A | 301,211 | ||||||
| 550,000 | Total Capital International SA 0.80%, 08/10/18 | 555,843 | ||||||
| 3,399,656 | ||||||||
| Germany: 0.6% | ||||||||
| 530,000 | Deutsche Bank AG 0.84%, 02/13/17 | 532,329 | ||||||
| Japan: 2.1% | ||||||||
| Sumitomo Mitsui Banking Corp. | ||||||||
| 650,000 | 0.55%, 07/11/17 | 649,046 | ||||||
| 175,000 | 0.66%, 01/10/17 | 175,249 | ||||||
| 250,000 | Sumitomo Mitsui Trust Bank Ltd. 1.01%, 09/16/16 144A | 251,602 | ||||||
| 900,000 | The Bank of Tokyo-Mitsubishi UFJ Ltd. 0.68%, 02/26/16 144A | 901,960 | ||||||
| 1,977,857 | ||||||||
| Mexico: 0.2% | ||||||||
| 150,000 | America Movil SAB de CV 1.23%, 09/12/16 | 151,532 | ||||||
| Netherlands: 7.5% | ||||||||
| 500,000 | ABN AMRO Bank NV 1.03%, 10/28/16 Reg S | 504,322 | ||||||
| 600,000 | Bank Nederlandse Gemeenten 0.40%, 07/18/16 Reg S | 601,520 | ||||||
| 750,000 | Cooperatieve Centrale Raiffeisen-Boerenleenbank BA 0.71%, 03/18/16 | 753,654 | ||||||
| ING Bank NV | ||||||||
| 200,000 | 1.18%, 03/07/16 144A | 201,701 | ||||||
| 275,000 | 1.87%, 09/25/15 144A | 278,675 | ||||||
| Nederlandse Waterschapsbank NV | ||||||||
| 950,000 | 0.43%, 10/18/16 144A | 953,253 | ||||||
| 200,000 | 0.51%, 05/23/15 144A | 200,316 | ||||||
| Petrobras Global Finance BV | ||||||||
| 500,000 | 1.85%, 05/20/16 | 501,250 | ||||||
| 750,000 | 2.37%, 01/15/19 | 750,262 | ||||||
| 850,000 | 2.59%, 03/17/17 | 855,100 | ||||||
| 300,000 | 3.11%, 03/17/20 | 303,450 | ||||||
| 632,000 | Shell International Finance BV 0.44%, 11/15/16 | 633,725 | ||||||
| Volkswagen International Finance NV | ||||||||
| 200,000 | 0.67%, 11/18/16 † 144A | 200,993 | ||||||
| 250,000 | 0.83%, 11/20/14 Reg S | 250,077 | ||||||
| 6,988,298 | ||||||||
| Norway: 1.1% | ||||||||
| 1,071,000 | Statoil ASA 0.52%, 05/15/18 | 1,070,828 | ||||||
See Notes to Financial Statements
| 53 |
INVESTMENT GRADE FLOATING RATE ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal Amount | Value | |||||||
| South Korea: 1.1% | ||||||||
| Export-Import Bank of Korea | ||||||||
| $ | 50,000 | 0.98%, 01/14/17 | $ | 50,289 | ||||
| 50,000 | 1.08%, 09/17/16 | 50,350 | ||||||
| 50,000 | Hyundai Capital Services, Inc. 1.03%, 03/18/17 144A | 50,099 | ||||||
| Kookmin Bank | ||||||||
| 200,000 | 1.11%, 01/27/17 144A | 201,551 | ||||||
| 50,000 | 1.48%, 10/11/16 144A | 50,648 | ||||||
| 250,000 | Korea Development Bank 0.86%, 01/22/17 | 250,720 | ||||||
| 400,000 | Shinhan Bank 0.88%, 04/08/17 144A | 401,295 | ||||||
| 1,054,952 | ||||||||
| Sweden: 1.0% | ||||||||
| 300,000 | Nordea Bank AB 0.69%, 05/13/16 144A | 301,346 | ||||||
| 625,000 | Svenska Handelsbanken AB 0.68%, 03/21/16 | 627,829 | ||||||
| 929,175 | ||||||||
| Switzerland: 1.5% | ||||||||
| 1,350,000 | Credit Suisse 0.72%, 05/26/17 | 1,353,937 | ||||||
| United Kingdom: 2.0% | ||||||||
| 800,000 | BP Capital Markets Plc 0.87%, 09/26/18 | 805,700 | ||||||
| 400,000 | HSBC Bank Plc 0.87%, 05/15/18 144A | 403,701 | ||||||
| 350,000 | Rio Tinto Finance USA Plc 1.07%, 06/17/16 | 352,915 | ||||||
| 325,000 | Vodafone Group Plc 0.62%, 02/19/16 | 325,760 | ||||||
| 1,888,076 | ||||||||
| United States: 60.1% | ||||||||
| 150,000 | AbbVie, Inc. 1.00%, 11/06/15 | 150,878 | ||||||
| American Express Credit Corp. | ||||||||
| 1,200,000 | 0.50%, 06/05/17 | 1,199,232 | ||||||
| 1,100,000 | 0.78%, 03/18/19 | 1,104,017 | ||||||
| American Honda Finance Corp. | ||||||||
| 590,000 | 0.61%, 05/26/16 144A | 592,675 | ||||||
| 200,000 | 0.73%, 10/07/16 | 201,477 | ||||||
| 150,000 | Amgen, Inc. 0.61%, 05/22/17 | 150,360 | ||||||
| Apple, Inc. | ||||||||
| 1,050,000 | 0.29%, 05/03/16 | 1,050,392 | ||||||
| 300,000 | 0.31%, 05/05/17 | 300,037 | ||||||
| 1,100,000 | 0.49%, 05/03/18 | 1,102,479 | ||||||
| 750,000 | 0.54%, 05/06/19 | 751,502 | ||||||
| 600,000 | AT&T, Inc. 0.62%, 02/12/16 | 601,450 | ||||||
| Bank of America Corp. | ||||||||
| 1,200,000 | 0.49%, 10/14/16 | 1,196,266 | ||||||
| 220,000 | 1.05%, 03/22/16 | 221,207 | ||||||
| 1,350,000 | 1.27%, 01/15/19 | 1,368,044 | ||||||
| 1,250,000 | 1.30%, 03/22/18 | 1,269,011 | ||||||
| 350,000 | Bank of America NA 0.51%, 06/15/16 | 348,746 | ||||||
| Principal Amount | Value | |||||||
| United States: (continued) | ||||||||
| $ | 165,000 | Berkshire Hathaway Finance Corp. 0.38%, 01/10/17 | $ | 165,092 | ||||
| 950,000 | Cisco Systems, Inc. 0.51%, 03/03/17 | 951,647 | ||||||
| Citigroup, Inc. | ||||||||
| 1,512,000 | 0.50%, 06/09/16 | 1,499,769 | ||||||
| 1,400,000 | 1.19%, 07/25/16 | 1,414,108 | ||||||
| 1,666,000 | 1.93%, 05/15/18 | 1,733,491 | ||||||
| Daimler Finance North America LLC | ||||||||
| 300,000 | 0.58%, 03/10/17 144A | 300,454 | ||||||
| 200,000 | 0.92%, 08/01/16 144A | 201,680 | ||||||
| Exxon Mobil Corp. | ||||||||
| 400,000 | 0.27%, 03/15/17 | 400,328 | ||||||
| 500,000 | 0.38%, 03/15/19 | 501,189 | ||||||
| 600,000 | Ford Motor Credit Co. LLC 1.01%, 01/17/17 | 603,861 | ||||||
| General Electric Capital Corp. | ||||||||
| 525,000 | 0.40%, 02/15/17 | 524,730 | ||||||
| 932,000 | 0.62%, 05/05/26 | 892,070 | ||||||
| 160,000 | 0.74%, 01/14/19 | 160,630 | ||||||
| 945,000 | 1.23%, 03/15/23 | 956,707 | ||||||
| Goldman Sachs Group, Inc. | ||||||||
| 200,000 | 0.62%, 07/22/15 | 200,054 | ||||||
| 2,524,000 | 0.68%, 03/22/16 | 2,522,266 | ||||||
| 300,000 | 0.86%, 06/04/17 | 300,766 | ||||||
| 1,000,000 | 1.33%, 11/15/18 | 1,011,228 | ||||||
| 331,000 | 1.83%, 11/29/23 | 342,383 | ||||||
| 500,000 | Hewlett-Packard Co. 1.17%, 01/14/19 | 498,682 | ||||||
| 622,000 | HSBC Finance Corp. 0.66%, 06/01/16 | 621,977 | ||||||
| International Business Machines Corp. | ||||||||
| 550,000 | 0.22%, 02/04/15 | 549,969 | ||||||
| 400,000 | 0.61%, 02/12/19 | 402,620 | ||||||
| John Deere Capital Corp. | ||||||||
| 200,000 | 0.30%, 01/12/15 | 200,049 | ||||||
| 350,000 | 0.35%, 06/15/15 | 350,332 | ||||||
| 200,000 | Johnson & Johnson 0.31%, 11/28/16 | 200,393 | ||||||
| JPMorgan Chase Bank | ||||||||
| 400,000 | 0.56%, 06/13/16 | 399,031 | ||||||
| 1,049,000 | 0.85%, 02/26/16 | 1,052,792 | ||||||
| 2,900,000 | 1.34%, 01/25/18 | 2,939,666 | ||||||
| Merck & Co., Inc. | ||||||||
| 250,000 | 0.42%, 05/18/16 | 250,626 | ||||||
| 750,000 | 0.59%, 05/18/18 | 753,561 | ||||||
| 800,000 | Metropolitan Life Global Funding I 0.61%, 04/10/17 144A | 803,962 | ||||||
| Morgan Stanley | ||||||||
| 1,200,000 | 0.68%, 10/18/16 | 1,202,561 | ||||||
| 300,000 | 0.97%, 07/23/19 | 299,378 | ||||||
| 1,200,000 | 1.51%, 04/25/18 | 1,227,818 | ||||||
| 500,000 | National City Bank 0.60%, 06/07/17 | 496,388 | ||||||
| 730,000 | NBCUniversal Enterprise, Inc. 0.92%, 04/15/18 144A | 737,505 | ||||||
| 175,000 | New York Life Global Funding 0.58%, 05/23/16 144A | 175,890 | ||||||
See Notes to Financial Statements
| 54 |
| Principal Amount | Value | |||||||
| United States: (continued) | ||||||||
| $ | 200,000 | Nissan Motor Acceptance Corp. 0.94%, 09/26/16 144A | $ | 201,372 | ||||
| Oracle Corp. | ||||||||
| 1,090,000 | 0.43%, 07/07/17 | 1,090,719 | ||||||
| 550,000 | 0.81%, 01/15/19 | 554,936 | ||||||
| 415,000 | PepsiCo., Inc. 0.44%, 02/26/16 | 415,305 | ||||||
| Pfizer, Inc. | ||||||||
| 260,000 | 0.38%, 05/15/17 | 259,901 | ||||||
| 450,000 | 0.53%, 06/15/18 † | 451,386 | ||||||
| 250,000 | PNC Bank NA 0.55%, 04/29/15 (c) | 250,194 | ||||||
| 150,000 | Procter & Gamble Co. 0.32%, 11/04/16 | 150,134 | ||||||
| The Bank of New York Mellon Corp. | ||||||||
| 385,000 | 0.80%, 08/01/18 | 387,488 | ||||||
| 80,000 | 1.08%, 11/24/14 | 80,052 | ||||||
| 1,800,000 | The Bear Stearns Cos, LLC 0.62%, 11/21/16 | 1,802,381 | ||||||
| 250,000 | The Coca-Cola Co. 0.34%, 11/01/16 | 250,273 | ||||||
| 1,650,000 | The Goldman Sachs Group, Inc. 1.43%, 04/30/18 | 1,676,441 | ||||||
| Toyota Motor Credit Corp. | ||||||||
| 350,000 | 0.38%, 03/10/15 | 350,121 | ||||||
| 250,000 | 0.52%, 05/17/16 | 250,671 | ||||||
| 150,000 | United Technologies Corp. 0.73%, 06/01/15 | 150,433 | ||||||
| Verizon Communications, Inc. | ||||||||
| 150,000 | 0.43%, 03/06/15 144A | 150,053 | ||||||
| 2,550,000 | 0.63%, 06/09/17 | 2,552,290 | ||||||
| 500,000 | 1.98%, 09/14/18 | 523,669 | ||||||
| Wachovia Corp. | ||||||||
| 2,600,000 | 0.50%, 06/15/17 | 2,593,071 | ||||||
| 2,045,000 | 0.60%, 10/15/16 | 2,043,900 | ||||||
| 55,638,216 | ||||||||
| Total Floating Rate Notes | ||||||||
| (Cost: $91,682,988) | 92,031,776 | |||||||
| Number of Shares | Value | |||||||
| MONEY MARKET FUND: 0.6% | ||||||||
| (Cost: $525,390) | ||||||||
| 525,390 | Dreyfus Government Cash Management Fund | $ | 525,390 | |||||
| Total Investments Before Collateral for Securities Loaned: 100.0% | ||||||||
| (Cost: $92,208,378) | 92,557,166 | |||||||
| SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 0.3% (Cost: $309,000) | ||||||||
| 309,000 | Bank of New York Overnight Government Fund | 309,000 | ||||||
| Total Investments: 100.3% | ||||||||
| (Cost: $92,517,378) | 92,866,166 | |||||||
| Liabilities in excess of other assets: (0.3)% | (250,542 | ) | ||||||
| NET ASSETS: 100.0% | $ | 92,615,624 | ||||||
See Notes to Financial Statements
| 55 |
INVESTMENT GRADE FLOATING RATE ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| (c) | Callable Security – the redemption date shown is when the security may be redeemed by the issuer | |
| † | Security fully or partially on loan. Total market value of securities on loan is $301,301. | |
| Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. | |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted to $15,294,754, or 16.5% of net assets. |
| Summary of Investments by Sector Excluding | % of | |||||||||
| Collateral for Securities Loaned (unaudited) | Investments | Value | ||||||||
| Basic Materials | 0.5 | % | $ | 483,153 | ||||||
| Communications | 6.5 | 5,993,906 | ||||||||
| Consumer, Cyclical | 2.7 | 2,549,520 | ||||||||
| Consumer, Non-cyclical | 3.3 | 3,032,817 | ||||||||
| Energy | 9.6 | 8,844,000 | ||||||||
| Financial | 68.8 | 63,724,380 | ||||||||
| Government | 0.1 | 100,639 | ||||||||
| Industrial | 0.8 | 700,814 | ||||||||
| Technology | 6.8 | 6,301,336 | ||||||||
| Utilities | 0.3 | 301,211 | ||||||||
| Money Market Fund | 0.6 | 525,390 | ||||||||
| 100.0 | % | $ | 92,557,166 | |||||||
The summary of inputs used to value the Fund’s investments as of October 31, 2014 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | ||||||||||||||
| Floating Rate Notes* | $ | — | $ | 92,031,776 | $ | — | $ | 92,031,776 | |||||||||
| Money Market Funds | 834,390 | — | — | 834,390 | |||||||||||||
| Total | $ | 834,390 | $ | 92,031,776 | $ | — | $ | 92,866,166 | |||||||||
| * | See Schedule of Investments for security type and geographic sector breakouts. |
There were no transfers between levels during the period ended October 31, 2014
See Notes to Financial Statements
| 56 |
SCHEDULE OF INVESTMENTS
October 31, 2014 (unaudited)
| Number | ||||||||
| of Shares | Value | |||||||
| REAL ESTATE INVESTMENT TRUSTS: 100.3% | ||||||||
| United States: 100.3% | ||||||||
| 674,836 | American Capital Agency Corp. | $ | 15,345,771 | |||||
| 118,499 | American Capital Mortgage Investment Corp. | 2,321,395 | ||||||
| 1,832,024 | Annaly Capital Management, Inc. | 20,903,394 | ||||||
| 262,061 | Anworth Mortgage Asset Corp. | 1,360,097 | ||||||
| 95,930 | Apollo Commercial Real Estate Finance, Inc. | 1,577,089 | ||||||
| 827,639 | ARMOUR Residential REIT, Inc. | 3,277,450 | ||||||
| 133,911 | Blackstone Mortgage Trust, Inc. | 3,738,795 | ||||||
| 216,817 | Capstead Mortgage Corp. | 2,755,744 | ||||||
| 1,706,135 | Chimera Investment Corp. | 5,323,141 | ||||||
| 244,800 | Colony Financial, Inc. | 5,454,144 | ||||||
| 375,445 | CYS Investments, Inc. | 3,352,724 | ||||||
| 126,818 | Dynex Capital, Inc. | 1,067,808 | ||||||
| 174,228 | Hatteras Financial Corp. | 3,317,301 | ||||||
| 255,383 | Invesco Mortgage Capital, Inc. | 4,224,035 | ||||||
| 614,510 | MFA Financial, Inc. | 5,149,594 | ||||||
| 357,367 | New Residential Investment Corp. | 4,424,204 | ||||||
| 198,269 | Newcastle Investment Corp. | 4,788,196 | ||||||
| 451,333 | NorthStar Realty Finance Corp. | 8,385,767 | ||||||
| 177,780 | PennyMac Mortgage Investment Trust | 3,838,270 | ||||||
| 171,172 | RAIT Financial Trust | 1,254,691 | ||||||
| 109,733 | Redwood Trust, Inc. | 2,061,883 | ||||||
| 283,874 | Resource Capital Corp. | 1,501,693 | ||||||
| 421,228 | Starwood Property Trust, Inc. | 9,502,904 | ||||||
| 670,216 | Two Harbors Investment Corp. | 6,789,288 | ||||||
| Total Real Estate Investment Trusts (Cost: $131,986,859) | 121,715,378 | |||||||
| Number | ||||||||
| of Shares | Value | |||||||
| MONEY MARKET FUND: 0.8% (Cost: $986,407) | ||||||||
| 986,407 | Dreyfus Government Cash Management Fund | $ | 986,407 | |||||
| Total Investments: 101.1% (Cost: $132,973,266) | 122,701,785 | |||||||
| Liabilities in excess of other assets: (1.1)% | (1,285,659 | ) | ||||||
| NET ASSETS: 100.0% | $ | 121,416,126 | ||||||
| Summary of Investments | ||||||||
| by Sector (unaudited) | % of Investments | Value | ||||||
| Financial | 99.2 | % | $ | 121,715,378 | ||||
| Money Market Fund | 0.8 | 986,407 | ||||||
| 100.0 | % | $ | 122,701,785 | |||||
The summary of inputs used to value the Fund’s investments as of October 31, 2014 is as follows:
| Level 2 | Level 3 | |||||||||||||||||
| Level 1 | Significant | Significant | ||||||||||||||||
| Quoted | Observable | Unobservable | ||||||||||||||||
| Prices | Inputs | Inputs | Value | |||||||||||||||
| Real Estate Investment Trusts* | $ | 121,715,378 | $ | — | $ | — | $ | 121,715,378 | ||||||||||
| Money Market Fund | 986,407 | — | — | 986,407 | ||||||||||||||
| Total | $ | 122,701,785 | $ | — | $ | — | $ | 122,701,785 | ||||||||||
| * | See Schedule of Investments for security type and geographic sector breakouts. |
There were no transfers between levels during the period ended October 31, 2014.
See Notes to Financial Statements
| 57 |
PREFERRED SECURITIES EX FINANCIALS ETF
SCHEDULE OF INVESTMENTS
October 31, 2014 (unaudited)
| Number of Shares | Value | |||||||
| PREFERRED SECURITIES: 97.2% | ||||||||
| Basic Materials: 6.1% | ||||||||
| 36,333 | Alcoa, Inc. 5.38%, 10/01/17 | $ | 1,892,949 | |||||
| 382,908 | ArcelorMittal 6.00%, 01/15/16 | 7,849,614 | ||||||
| 124,445 | Cliffs Natural Resources, Inc. 7.00%, 02/01/16 † | 1,306,673 | ||||||
| 11,049,236 | ||||||||
| Communications: 10.9% | ||||||||
| 48,927 | Comcast Corp. 5.00%, 12/15/17 (c) | 1,244,214 | ||||||
| Qwest Corp. | ||||||||
| 131,891 | 6.13%, 06/01/18 (c) | 3,104,714 | ||||||
| 31,709 | 6.88%, 10/01/19 (c) | 810,799 | ||||||
| 89,345 | 7.00%, 04/01/17 (c) | 2,291,699 | ||||||
| 68,073 | 7.00%, 07/01/17 (c) † | 1,751,518 | ||||||
| 112,532 | 7.38%, 06/01/16 (c) | 2,968,594 | ||||||
| 97,854 | 7.50%, 09/15/16 (c) † | 2,612,702 | ||||||
| 51,054 | Telephone & Data Systems, Inc. 7.00%, 03/15/16 (c) | 1,301,877 | ||||||
| 58,202 | United States Cellular Corp. 6.95%, 05/15/16 (c) | 1,488,225 | ||||||
| 85,091 | Verizon Communications, Inc. 5.90%, 02/15/19 (c) | 2,203,857 | ||||||
| 19,778,199 | ||||||||
| Consumer, Non-cyclical: 7.8% | ||||||||
| CHS, Inc. | ||||||||
| 83,814 | 6.75%, 09/30/24 (c) | 2,110,437 | ||||||
| 71,476 | 7.10%, 03/31/24 (c) | 1,919,845 | ||||||
| 48,158 | 7.88%, 09/26/23 (c) † | 1,371,058 | ||||||
| 52,212 | 8.00%, 07/18/23 (c) † | 1,572,103 | ||||||
| 46,112 | National Healthcare Corp. 0.80%, 11/01/15 (c) | 707,819 | ||||||
| | 127,636 | | | Tyson Foods, Inc. 4.75%, 07/15/17 | | | 6,514,541 | |
| 14,195,803 | ||||||||
| Energy: 1.0% | ||||||||
| 68,498 | NuStar Logistics LP 7.63%, 01/15/18 (c) | 1,824,787 | ||||||
| Government: 1.3% | ||||||||
| Tennessee Valley Authority | ||||||||
| 55,083 | 3.83%, 06/01/15 (p) | 1,347,881 | ||||||
| 45,922 | 3.96%, 05/01/15 (p) † | 1,126,007 | ||||||
| 2,473,888 | ||||||||
| Industrial: 6.5% | ||||||||
| Seaspan Corp. | ||||||||
| 58,713 | 6.38%, 04/30/19 | 1,497,181 | ||||||
| 59,564 | 9.50%, 01/30/16 (c) | 1,579,637 | ||||||
| 127,636 | Stanley Black & Decker, Inc. 5.75%, 07/25/17 (c) | 3,225,362 | ||||||
| 93,600 | United Technologies Corp. 7.50%, 08/01/15 † | 5,463,432 | ||||||
| 11,765,612 | ||||||||
| Real Estate Investment Trusts: 33.7% | ||||||||
| 182,832 | American Realty Capital Properties, Inc. 6.70%, 01/03/19 (c) | 4,025,961 | ||||||
| Number of Shares | Value | |||||||
| Real Estate Investment Trusts: (continued) | ||||||||
| Annaly Capital Management, Inc. | ||||||||
| 78,283 | 7.50%, 09/13/17 (c) | $ | 1,922,630 | |||||
| 51,054 | 7.63%, 05/16/17 (c) | 1,258,481 | ||||||
| 77,220 | CBL & Associates Properties, Inc. 7.38%, 12/04/14 (c) | 1,955,210 | ||||||
| 42,886 | Colony Financial, Inc. 8.50%, 03/20/17 (c) | 1,133,048 | ||||||
| Digital Realty Trust, Inc. | ||||||||
| 42,545 | 5.88%, 04/09/18 (c) † | 974,281 | ||||||
| 48,927 | 7.00%, 09/15/16 (c) | 1,266,720 | ||||||
| 62,116 | 7.38%, 03/26/19 (c) † | 1,659,118 | ||||||
| 46,800 | Equity Commonwealth 7.25%, 05/15/16 (c) | 1,186,848 | ||||||
| 54,800 | FelCor Lodging Trust, Inc. 1.95%, 12/31/49 ^ | 1,376,576 | ||||||
| 42,545 | General Growth Properties, Inc. 6.38%, 02/13/18 (c) | 1,055,541 | ||||||
| 48,927 | Hatteras Financial Corp. 7.63%, 08/27/17 (c) | 1,141,956 | ||||||
| Health Care REIT, Inc. | ||||||||
| 48,927 | 6.50%, 03/07/17 (c) | 1,272,591 | ||||||
| 61,159 | 6.50%, 12/31/49 ^ | 3,793,081 | ||||||
| 49,353 | Hospitality Properties Trust 7.13%, 01/15/17 (c) | 1,301,439 | ||||||
| 68,073 | Kimco Realty Corp. 6.00%, 03/20/17 (c) | 1,733,819 | ||||||
| National Retail Properties, Inc. | ||||||||
| 48,927 | 5.70%, 05/30/18 (c) | 1,188,926 | ||||||
| 48,927 | 6.63%, 02/23/17 (c) | 1,270,634 | ||||||
| NorthStar Realty Finance Corp. | ||||||||
| 59,559 | 8.25%, 12/04/14 (c) † | 1,493,144 | ||||||
| 42,545 | 8.75%, 05/15/19 (c) | 1,085,323 | ||||||
| 59,564 | PS Business Parks, Inc. 6.00%, 05/14/17 (c) † | 1,492,078 | ||||||
| Public Storage | ||||||||
| 85,091 | 5.20%, 01/16/18 (c) † | 1,955,391 | ||||||
| 84,240 | 5.38%, 09/20/17 (c) † | 1,963,634 | ||||||
| 48,927 | 5.63%, 06/15/17 (c) | 1,189,905 | ||||||
| 78,709 | 5.75%, 03/13/17 (c) | 1,963,790 | ||||||
| 78,283 | 5.90%, 01/12/17 (c) | 1,966,469 | ||||||
| 48,927 | 6.00%, 06/04/19 (c) | 1,233,450 | ||||||
| 82,963 | 6.35%, 07/26/16 (c) | 2,150,401 | ||||||
| 48,502 | 6.38%, 03/17/19 (c) | 1,253,777 | ||||||
| 63,818 | 6.50%, 04/14/16 (c) | 1,675,222 | ||||||
| 69,562 | Realty Income Corp. 6.63%, 02/15/17 (c) † | 1,876,087 | ||||||
| 42,545 | Regency Centers Corp. 6.63%, 02/16/17 (c) | 1,095,534 | ||||||
| 59,564 | Senior Housing Properties Trust 5.63%, 08/01/17 (c) | 1,401,541 | ||||||
| 44,034 | Ventas Realty LP 5.45%, 03/07/18 (c) | 1,084,557 | ||||||
| Vornado Realty Trust | ||||||||
| 51,054 | 5.40%, 01/25/18 (c) | 1,212,533 | ||||||
| 51,054 | 5.70%, 07/18/17 (c) | 1,255,418 | ||||||
| 45,949 | 6.63%, 12/04/14 (c) | 1,187,782 | ||||||
| 58,713 | Weyerhaeuser Co. 6.38%, 07/01/16 | 3,287,928 | ||||||
| 61,340,824 | ||||||||
See Notes to Financial Statements
| 58 |
| Number of Shares | Value | |||||||
| Reinsurance: 4.8% | ||||||||
| 46,800 | Aspen Insurance Holdings Ltd. 5.95%, 07/01/23 (c) | $ | 1,210,716 | |||||
| 68,073 | Axis Capital Holdings Ltd. 6.88%, 04/15/17 (c) † | 1,814,145 | ||||||
| PartnerRe Ltd. | ||||||||
| 42,545 | 5.88%, 03/01/18 (c) | 1,061,498 | ||||||
| 63,605 | 7.25%, 06/01/16 (c) | 1,741,505 | ||||||
| 68,073 | Reinsurance Group of America, Inc. 6.20%, 09/15/22 (c) | 1,901,279 | ||||||
| 46,800 | RenaissanceRe Holdings Ltd. 5.38%, 06/01/18 (c) | 1,075,932 | ||||||
| 8,805,075 | ||||||||
| Technology: 1.0% | ||||||||
| 72,327 | Pitney Bowes, Inc. 6.70%, 03/07/18 (c) | 1,923,175 | ||||||
| Utilities: 24.1% | ||||||||
| 44,034 | AES Trust III 6.75%, 12/02/14 (c) | 2,218,433 | ||||||
| 42,545 | BGE Capital Trust II 6.20%, 12/04/14 (c) † | 1,087,025 | ||||||
| Dominion Resources, Inc. | ||||||||
| 46,800 | 6.00%, 07/01/16 | 2,669,940 | ||||||
| 46,800 | 6.13%, 04/01/16 | 2,661,984 | ||||||
| 85,091 | 6.38%, 07/01/17 | 4,284,332 | ||||||
| 47,651 | DTE Energy Co. 6.50%, 12/01/16 (c) † | 1,279,429 | ||||||
| 85,091 | Duke Energy Corp. 5.13%, 01/15/18 (c) † | 2,065,159 | ||||||
| 97,854 | Exelon Corp. 6.50%, 06/01/17 | 5,154,949 | ||||||
| 51,054 | FPL Group Capital Trust I 5.88%, 12/04/14 (c) † | 1,324,851 | ||||||
| 68,073 | Integrys Energy Group, Inc. 6.00%, 08/01/23 (c) | 1,778,067 | ||||||
| NextEra Energy Capital Holdings, Inc. | ||||||||
| 76,582 | 5.00%, 01/15/18 (c) † | 1,707,013 | ||||||
| 85,091 | 5.13%, 11/15/17 (c) | 1,929,013 | ||||||
| 59,564 | 5.63%, 06/15/17 (c) | 1,487,313 | ||||||
| 68,073 | 5.70%, 03/01/17 (c) | 1,714,759 | ||||||
| NextEra Energy, Inc. | ||||||||
| 42,545 | 5.80%, 09/01/16 | 2,359,120 | ||||||
| 55,309 | 5.89%, 09/01/15 | 3,500,507 | ||||||
| 76,582 | PPL Capital Funding, Inc. 5.90%, 04/30/18 (c) | 1,864,772 | ||||||
| 80,836 | SCE Trust I 5.63%, 06/15/17 (c) | 1,977,249 | ||||||
| 68,073 | SCE Trust II 5.10%, 03/15/18 (c) | 1,515,986 | ||||||
| 46,800 | SCE Trust III 5.75%, 03/15/24 (c) | 1,265,472 | ||||||
| 43,845,373 | ||||||||
| Total Preferred Securities (Cost: $179,239,860) | | 177,001,972 | ||||||
| Number of Shares | Value | |||||||
| MONEY MARKET FUND: 0.1% (Cost: $117,209) | | | | | ||||
| 117,209 | Dreyfus Government Cash Management Fund | $ | 117,209 | |||||
| Total Investments Before Collateral for Securities Loaned: 97.3% (Cost: $179,357,069) | 177,119,181 | | ||||||
| Principal Amount | ||||||||
| SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 4.3% | ||||||||
| Repurchase Agreements: 4.3% | ||||||||
| $ | 1,853,687 | Repurchase agreement dated 10/31/14 with Citigroup Global Markets, Inc., 0.12% due 11/3/14, proceeds $1,853,693; (collateralized by various U.S. government and agency obligations, 0.25% to 5.50%, due 11/30/14 to 11/1/44, valued at $1,890,761 including accrued interest) | 1,853,687 | |||||
| 390,230 | Repurchase agreement dated 10/31/14 with Credit Agricole CIB, 0.10% due 11/3/14, proceeds $390,231; (collateralized by various U.S. government and agency obligations, 2.58% to 5.50%, due 4/1/26 to 10/20/62, valued at $398,035 including accrued interest) | 390,230 | ||||||
| 1,853,687 | Repurchase agreement dated 10/31/14 with Daiwa Capital Markets America, 0.15% due 11/3/14, proceeds $1,853,695; (collateralized by various U.S. government and agency obligations, 0.00% to 8.00%, due 9/24/15 to 3/1/48, valued at $1,890,761 including accrued interest) | 1,853,687 | ||||||
| 1,853,687 | Repurchase agreement dated 10/31/14 with HSBC Securities USA, Inc., 0.09% due 11/3/14, proceeds $1,853,692; (collateralized by various U.S. government and agency obligations, 0.00% to 9.38%, due 1/15/15 to 7/15/36, valued at $1,890,761 including accrued interest) | 1,853,687 | ||||||
See Notes to Financial Statements
| 59 |
PREFERRED SECURITIES EX FINANCIALS ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal | ||||||||
| Amount | Value | |||||||
| $ | 1,853,687 | Repurchase agreement dated 10/31/14 with Nomura Securities International, Inc., 0.11% due 11/3/14, proceeds $1,853,693; (collateralized by various U.S. government and agency obligations, 0.00% to 7.25%, due 11/3/14 to 11/1/44, valued at $1,890,761 including accrued interest) | $ | 1,853,687 | ||||
| Total Short-Term Investments Held As Collateral For Securities Loaned (Cost: $7,804,978) | 7,804,978 | |||||||
| Total Investments: 101.6% (Cost: $187,162,047) | 184,924,159 | |||||||
| Liabilities in excess of other assets: (1.6)% | (2,888,420 | ) | ||||||
| NET ASSETS: 100.0% | $ | 182,035,739 | ||||||
| ^ | Securities is convertible into common stock through date shown. | |
| (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 | |
| † | Security fully or partially on loan. Total market value of securities on loan is $7,635,874. |
| Summary of Investments by Sector Excluding | % of | ||||||||
| Collateral for Securities Loaned (unaudited) | Investments | Value | |||||||
| Basic Materials | 6.2 | % | $ | 11,049,236 | |||||
| Communications | 11.2 | 19,778,199 | |||||||
| Consumer, Non-cyclical | 8.0 | 14,195,803 | |||||||
| Energy | 1.0 | 1,824,787 | |||||||
| Financial | 6.1 | 10,760,285 | |||||||
| Government | 1.4 | 2,473,888 | |||||||
| Industrial | 6.6 | 11,765,612 | |||||||
| Real Estate Investment Trusts | 33.5 | 59,385,614 | |||||||
| Technology | 1.1 | 1,923,175 | |||||||
| Utilities | 24.8 | 43,845,373 | |||||||
| Money Market Fund | 0.1 | 117,209 | |||||||
| 100.0 | % | $ | 177,119,181 | ||||||
The summary of inputs used to value the Fund’s investments as of October 31, 2014 is as follows:
| Level 2 | Level 3 | |||||||||||||||||
| Level 1 | Significant | Significant | ||||||||||||||||
| Quoted | Observable | Unobservable | ||||||||||||||||
| Prices | Inputs | Inputs | Value | |||||||||||||||
| Preferred Securities* | $ | 177,001,972 | $ | — | $ | — | $ | 177,001,972 | ||||||||||
| Money Market Fund | 117,209 | — | — | 117,209 | ||||||||||||||
| Repurchase Agreements | — | 7,804,978 | — | 7,804,978 | ||||||||||||||
| Total | $ | 177,119,181 | $ | 7,804,978 | $ | — | $ | 184,924,159 | ||||||||||
| * | See Schedule of Investments for security type and industry sector breakouts. |
There were no transfers between levels during the period ended October 31, 2014.
See Notes to Financial Statements
| 60 |
SCHEDULE OF INVESTMENTS
October 31, 2014 (unaudited)
| Principal Amount | Value | |||||||
| CORPORATE BONDS: 82.2% | ||||||||
| British Virgin Islands: 7.0% | ||||||||
| CNY | 1,200,000 | Starway Assets Enterprises, Inc. 4.10%, 01/22/17 Reg S | $ | 196,937 | ||||
| 1,000,000 | Value Success International Ltd. 4.75%, 11/04/18 Reg S | 166,069 | ||||||
| 363,006 | ||||||||
| China / Hong Kong: 53.2% | ||||||||
| 1,000,000 | Agricultural Bank of China Ltd. 3.25%, 05/16/16 Reg S | 162,443 | ||||||
| 1,000,000 | Agricultural Development Bank of China 3.08%, 01/16/16 Reg S | 163,059 | ||||||
| 1,200,000 | Bank of China Ltd. 3.45%, 01/16/17 Reg S | 195,385 | ||||||
| 1,400,000 | China Construction Bank Asia Corp. Ltd. 3.25%, 03/13/16 Reg S | 227,612 | ||||||
| 1,000,000 | China Development Bank Corp. 3.30%, 10/20/20 | 158,000 | ||||||
| 1,500,000 | China General Nuclear Power Holding Corp. 3.75%, 11/01/15 Reg S | 245,266 | ||||||
| 1,750,000 | China Power International Development Ltd. 3.20%, 12/23/15 | 283,058 | ||||||
| 1,000,000 | Eastern Air Overseas Hong Kong Corp. Ltd. 4.80%, 03/13/17 Reg S | 164,785 | ||||||
| 1,000,000 | Export-Import Bank of China 3.25%, 01/21/17 Reg S | 163,426 | ||||||
| 3,000,000 | HKCG Finance Ltd. 1.40%, 04/11/16 | 477,050 | ||||||
| Industrial & Commercial Bank of China Asia Ltd. | ||||||||
| 1,000,000 | 3.20%, 04/24/16 Reg S | 194,988 | ||||||
| 1,200,000 | 6.00%, 11/05/16 (c) Reg S | 169,346 | ||||||
| 1,000,000 | Shanghai Baosteel Group Corp. 3.50%, 12/01/14 Reg S | 163,248 | ||||||
| 2,767,666 | ||||||||
| Czech Republic: 3.2% | ||||||||
| 1,000,000 | BP Capital Markets Plc 3.95%, 10/08/18 Reg S | 166,759 | ||||||
| Principal Amount | Value | |||||||
| France: 3.1% | ||||||||
| CNY | 1,000,000 | Air Liquide Finance SA 3.00%, 09/19/16 Reg S | $ | 162,819 | ||||
| Netherlands: 6.2% | ||||||||
| 2,000,000 | Volkswagen International Finance NV 2.15%, 05/23/16 | 322,851 | ||||||
| Singapore: 3.1% | ||||||||
| 1,000,000 | Global Logistic Properties Ltd. 3.38%, 05/11/16 Reg S | 162,579 | ||||||
| United Kingdom: 3.2% | ||||||||
| 1,000,000 | HSBC Bank Plc 2.88%, 04/30/15 Reg S | 163,215 | ||||||
| United States: 3.2% | ||||||||
| 1,000,000 | Caterpillar Financial Services Corp. 3.25%, 06/26/15 Reg S | 163,427 | ||||||
| Total Corporate Bonds (Cost: $4,205,676) | 4,272,322 | |||||||
| GOVERNMENT OBLIGATIONS: 15.3% | ||||||||
| China / Hong Kong: 15.3% | ||||||||
| China Government Bonds | ||||||||
| 1,000,000 | 1.80%, 12/01/15 | 161,828 | ||||||
| 1,000,000 | 2.36%, 08/18/21 Reg S | 151,579 | ||||||
| 500,000 | 2.48%, 12/01/20 | 77,464 | ||||||
| 2,500,000 | 2.56%, 06/29/17 Reg S | 406,918 | ||||||
| 797,789 | ||||||||
| Number of Shares | ||||||||
| MONEY MARKET FUND: 0.2% (Cost: $8,630) | ||||||||
| 8,630 | Dreyfus Government Cash Management Fund | 8,630 | ||||||
| Total Investments: 97.7% (Cost: $5,007,035) | 5,078,741 | |||||||
| Other assets less liabilities: 2.3% | 120,380 | |||||||
| NET ASSETS: 100.0% | $ | 5,199,121 | ||||||
See Notes to Financial Statements
| 61 |
RENMINBI BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| CNY | Chinese Yuan |
| (c) | Callable Security – the redemption date shown is when the security may be redeemed by the issuer |
| Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
| Summary of Investments by Sector (unaudited) | % of Investments | Value | ||||||
| Basic Materials | 6.4 | % | $ | 326,067 | ||||
| Consumer, Cyclical | 9.6 | 487,636 | ||||||
| Energy | 3.3 | 166,759 | ||||||
| Financial | 41.8 | 2,123,059 | ||||||
| Government | 15.7 | 797,789 | ||||||
| Industrial | 3.2 | 163,427 | ||||||
| Utilities | 19.8 | 1,005,374 | ||||||
| Money Market Fund | 0.2 | 8,630 | ||||||
| 100.0 | % | $ | 5,078,741 | |||||
The summary of inputs used to value the Fund’s investments as of October 31, 2014 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||||
| Corporate Bonds* | $ | — | $ | 4,272,322 | $ | — | $ | 4,272,322 | ||||||||||
| Government Obligations* | — | 797,789 | — | 797,789 | ||||||||||||||
| Money Market Fund | 8,630 | — | — | 8,630 | ||||||||||||||
| Total | $ | 8,630 | $ | 5,070,111 | $ | — | $ | 5,078,741 | ||||||||||
| * | See Schedule of Investments for security type and geographic sector breakouts. |
There were no transfers between levels during the period ended October 31, 2014.
See Notes to Financial Statements
| 62 |
TREASURY-HEDGED HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
October 31, 2014 (unaudited)
| Principal Amount | Value | |||||||
| CORPORATE BONDS: 96.7% | ||||||||
| Basic Materials: 1.8% | ||||||||
| $ | 100,000 | Alcoa, Inc. 5.90%, 02/01/27 | $ | 106,627 | ||||
| 75,000 | Hexion US Finance Corp. 6.63%, 04/15/15 (c) | 75,375 | ||||||
| 182,002 | ||||||||
| Communications: 22.4% | ||||||||
| 75,000 | Alcatel-Lucent USA, Inc. 6.45%, 03/15/29 | 72,563 | ||||||
| 100,000 | Cablevision Systems Corp. 8.63%, 09/15/17 | 113,250 | ||||||
| 150,000 | CCO Holdings LLC 5.75%, 07/15/18 (c) | 153,937 | ||||||
| 100,000 | CenturyLink, Inc. 5.80%, 03/15/22 | 106,500 | ||||||
| 100,000 | Cequel Communications Holdings I LLC 6.38%, 09/15/15 (c) 144A | 104,750 | ||||||
| 100,000 | Clear Channel Communications, Inc. 9.00%, 07/15/15 (c) | 101,437 | ||||||
| 100,000 | Clear Channel Worldwide Holdings, Inc. 6.50%, 11/15/17 (c) | 104,000 | ||||||
| 200,000 | DISH DBS Corp. 5.88%, 07/15/22 | 212,500 | ||||||
| 150,000 | Frontier Communications Corp. 8.25%, 04/15/17 | 168,937 | ||||||
| 100,000 | Level 3 Financing, Inc. 8.13%, 07/01/15 (c) | 107,500 | ||||||
| 50,000 | Nielsen Finance LLC / Nielsen Finance Co. 4.50%, 10/01/16 (c) | 50,260 | ||||||
| 100,000 | Sirius XM Radio, Inc. 4.63%, 05/15/18 (c) 144A | 97,000 | ||||||
| Sprint Nextel Corp. | ||||||||
| 200,000 | 8.38%, 08/15/17 | 226,500 | ||||||
| 200,000 | 9.13%, 03/01/17 | 226,500 | ||||||
| 160,000 | T-Mobile USA, Inc. 6.63%, 04/01/18 (c) | 169,600 | ||||||
| 100,000 | Univision Communications, Inc. 8.50%, 11/15/15 (c) 144A | 108,750 | ||||||
| 100,000 | Windstream Corp. 7.88%, 11/01/17 | 111,695 | ||||||
| 2,235,679 | ||||||||
| Consumer, Cyclical: 11.4% | ||||||||
| Caesars Entertainment Operating Co., Inc. | ||||||||
| 100,000 | 10.00%, 12/05/14 (c) | 14,750 | ||||||
| 100,000 | 11.25%, 12/05/14 (c) | 75,500 | ||||||
| 100,000 | Chrysler Group LLC 8.25%, 06/15/16 (c) | 112,250 | ||||||
| General Motors Co. | ||||||||
| 100,000 | 4.88%, 10/02/23 | 107,625 | ||||||
| 50,000 | 6.25%, 10/02/43 | 59,750 | ||||||
| 200,000 | HD Supply, Inc. 7.50%, 10/15/16 (c) | 214,000 | ||||||
| 100,000 | Ltd Brands, Inc. 6.63%, 04/01/21 | 113,750 | ||||||
| 200,000 | MGM Resorts International 6.63%, 07/15/15 | 205,740 | ||||||
| 75,000 | Rite Aid Corp. 6.75%, 06/15/16 (c) † | 80,438 | ||||||
| Principal Amount | Value | |||||||
| Consumer, Cyclical: (continued) | ||||||||
| $ | 100,000 | The Goodyear Tire & Rubber Co. 6.50%, 03/01/16 (c) | $ | 107,500 | ||||
| 50,000 | Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. 4.25%, 02/28/23 (c) 144A | 50,375 | ||||||
| 1,141,678 | ||||||||
| Consumer, Non-cyclical: 16.3% | ||||||||
| 70,000 | ADT Corp. 3.50%, 07/15/22 | 62,825 | ||||||
| 100,000 | Biomet, Inc. 6.50%, 08/01/15 (c) | 107,250 | ||||||
| 100,000 | Community Health Systems, Inc. 8.00%, 11/15/15 (c) | 108,250 | ||||||
| 50,000 | Constellation Brands, Inc. 4.25%, 05/01/23 | 50,375 | ||||||
| 100,000 | DaVita HealthCare Partners, Inc. 6.63%, 11/01/14 (c) | 104,937 | ||||||
| 100,000 | Fresenius Medical Care US Finance II, Inc. 5.63%, 07/31/19 144A | 107,625 | ||||||
| 250,000 | HCA, Inc. 6.50%, 02/15/20 | 279,687 | ||||||
| 100,000 | HJ Heinz Co. 4.25%, 04/15/15 (c) | 101,230 | ||||||
| 50,000 | JBS USA LLC / JBS USA Finance, Inc. 8.25%, 02/01/15 (c) 144A | 53,750 | ||||||
| 75,000 | Post Holdings, Inc. 6.75%, 12/01/17 (c) 144A | 75,094 | ||||||
| 200,000 | Tenet Healthcare Corp. 4.75%, 06/01/20 | 205,500 | ||||||
| 100,000 | The Hertz Corp. 7.38%, 01/15/16 (c) | 106,250 | ||||||
| 150,000 | United Rentals North America, Inc. 8.38%, 09/15/15 (c) † | 163,125 | ||||||
| 100,000 | Valeant Pharmaceuticals International 6.38%, 10/15/16 (c) 144A | 103,000 | ||||||
| 1,628,898 | ||||||||
| Energy: 16.7% | ||||||||
| 50,000 | Access Midstream Partners LP 4.88%, 12/15/17 (c) | 52,500 | ||||||
| 80,000 | California Resources Corp. 6.00%, 08/15/24 (c) 144A | 81,800 | ||||||
| 125,000 | Chesapeake Energy Corp. 5.75%, 03/15/23 † | 137,500 | ||||||
| 50,000 | Concho Resources, Inc. 5.50%, 10/01/17 (c) | 53,125 | ||||||
| 60,000 | CONSOL Energy, Inc. 5.88%, 04/15/17 (c) 144A | 61,125 | ||||||
| 50,000 | Denbury Resources, Inc. 5.50%, 05/01/17 (c) | 49,313 | ||||||
| 100,000 | El Paso Corp. 7.75%, 01/15/32 | 125,500 | ||||||
| 30,000 | Energy Transfer Equity LP 7.50%, 10/15/20 | 34,650 | ||||||
| 100,000 | EP Energy LLC 6.88%, 05/01/15 (c) | 104,500 | ||||||
| 50,000 | Halcon Resources Corp. 8.88%, 11/15/16 (c) | 41,250 | ||||||
| 125,000 | Linn Energy LLC 8.63%, 04/15/15 (c) | 125,937 | ||||||
See Notes to Financial Statements
| 63 |
TREASURY-HEDGED HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal Amount | Value | |||||||
| Energy: (continued) | ||||||||
| $ | 110,000 | Newfield Exploration Co. 5.63%, 07/01/24 | $ | 118,800 | ||||
| 100,000 | Peabody Energy Corp. 6.00%, 11/15/18 | 97,250 | ||||||
| 60,000 | Range Resources Corp. 5.00%, 02/15/17 (c) | 63,225 | ||||||
| 75,000 | Regency Energy Partners LP 4.50%, 08/01/23 (c) | 74,813 | ||||||
| 60,000 | Rockies Express Pipeline 6.88%, 04/15/40 144A | 67,050 | ||||||
| 200,000 | Sabine Pass Liquefaction LLC 5.63%, 11/01/20 (c) | 210,500 | ||||||
| 100,000 | SandRidge Energy, Inc. 8.13%, 04/15/17 (c) | 91,000 | ||||||
| 75,000 | Whiting Petroleum Corp. 5.00%, 12/15/18 (c) | 78,000 | ||||||
| 1,667,838 | ||||||||
| Financial: 14.9% | ||||||||
| 200,000 | Ally Financial, Inc. 8.00%, 11/01/31 | 255,000 | ||||||
| 25,000 | BAC Capital Trust XI 6.63%, 05/23/36 | 29,637 | ||||||
| Bank of America Corp. | ||||||||
| 50,000 | 5.20%, 06/01/23 (c) | 46,625 | ||||||
| 100,000 | 8.00%, 01/30/18 (c) | 108,125 | ||||||
| 150,000 | CIT Group, Inc. 5.50%, 02/15/19 144A | 160,500 | ||||||
| 75,000 | Citigroup, Inc. 6.30%, 05/15/24 (c) | 74,719 | ||||||
| 100,000 | Crown Castle International Corp. 5.25%, 01/15/23 | 102,875 | ||||||
| 125,000 | Icahn Enterprises LP / Icahn Enterprises Finance Corp. 6.00%, 02/01/17 (c) | 131,875 | ||||||
| 200,000 | International Lease Finance Corp. 8.75%, 03/15/17 | 225,500 | ||||||
| SLM Corp. | ||||||||
| 100,000 | 5.50%, 01/25/23 † | 100,250 | ||||||
| 100,000 | 6.25%, 01/25/16 | 104,250 | ||||||
| 150,000 | Springleaf Finance Corp. 5.40%, 12/01/15 | 155,250 | ||||||
| 1,494,606 | ||||||||
| Industrial: 7.6% | ||||||||
| 100,000 | Ball Corp. 5.00%, 03/15/22 | 105,250 | ||||||
| 100,000 | Case New Holland, Inc. 7.88%, 12/01/17 | 112,750 | ||||||
| 100,000 | Cemex Finance LLC 9.38%, 10/12/17 (c) 144A | 115,750 | ||||||
| Reynolds Group Issuer, Inc. | ||||||||
| 100,000 | 5.75%, 10/15/15 (c) | 104,500 | ||||||
| 100,000 | 9.00%, 12/05/14 (c) | 105,000 | ||||||
| 100,000 | Sealed Air Corp. 8.38%, 09/15/16 (c) 144A | 113,750 | ||||||
| 100,000 | TransDigm, Inc. 5.50%, 10/15/15 (c) | 100,500 | ||||||
| 757,500 | ||||||||
| Principal Amount | Value | |||||||
| Technology: 2.9% | ||||||||
| $ | 25,000 | BMC Software Finance, Inc. 8.13%, 07/15/16 (c) 144A | $ | 24,063 | ||||
| 36,000 | CDW LLC / CDW Finance Corp. 8.50%, 04/01/15 (c) | 38,340 | ||||||
| 175,000 | First Data Corp. 12.63%, 01/15/16 (c) | 211,750 | ||||||
| 16,000 | Freescale Semiconductor, Inc. 8.05%, 06/01/15 (c) | 16,920 | ||||||
| 291,073 | ||||||||
| Utilities: 2.7% | ||||||||
| AES Corp. | ||||||||
| 50,000 | 7.38%, 06/01/21 (c) | 57,297 | ||||||
| 19,000 | 8.00%, 10/15/17 | 21,613 | ||||||
| 75,000 | Calpine Corp. 6.00%, 11/01/16 (c) 144A | 81,187 | ||||||
| 100,000 | NRG Energy, Inc. 7.63%, 01/15/18 | 112,500 | ||||||
| 272,597 | ||||||||
| Total Corporate Bonds (Cost: $9,615,880) | 9,671,871 | |||||||
| Number of | ||||||||
| Shares | ||||||||
| MONEY MARKET FUND: 1.3% (Cost: $132,618) | ||||||||
| 132,618 | Dreyfus Government Cash Management Fund | 132,618 | ||||||
| Total Investments Before Collateral for Securities Loaned: 98.0% (Cost: $9,748,498) | 9,804,489 | |||||||
| SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 3.7% (Cost: $366,931) | ||||||||
| Money Market Fund: 3.7% | ||||||||
| 366,931 | Bank of New York Overnight Government Fund | 366,931 | ||||||
| Total Investments: 101.7% (Cost: $10,115,429) | 10,171,420 | |||||||
| Liabilities in excess of other assets: (1.7)% | (168,657 | ) | ||||||
| NET ASSETS: 100.0% | $ | 10,002,763 | ||||||
See Notes to Financial Statements
| 64 |
| (c) | Callable Security – the redemption date shown is when the security may be redeemed by the issuer |
| † | Security fully or partially on loan. Total market value of securities on loan is $355,183. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted to $1,405,569, or 14.1% of net assets. |
At October 31, 2014, the Fund held the following open futures contracts:
| Number of Contracts | Expiration Date | Cost | Market Value | Unrealized Depreciation | |||||||||||||||
| Contracts to Sell: | |||||||||||||||||||
| U.S. Treasury 5 Year Note | 81 | December 2014 | $(9,621,008) | $(9,673,804) | $(52,796) | ||||||||||||||
| Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited) | % of Investments | Value | ||||||
| Basic Materials | 1.9 | % | $ | 182,002 | ||||
| Communications | 22.8 | 2,235,679 | ||||||
| Consumer, Cyclical | 11.6 | 1,141,678 | ||||||
| Consumer, Non-cyclical | 16.6 | 1,628,898 | ||||||
| Energy | 17.0 | 1,667,838 | ||||||
| Financial | 15.2 | 1,494,606 | ||||||
| Industrial | 7.7 | 757,500 | ||||||
| Technology | 3.0 | 291,073 | ||||||
| Utilities | 2.8 | 272,597 | ||||||
| Money Market Fund | 1.4 | 132,618 | ||||||
| 100.0 | % | $ | 9,804,489 | |||||
The summary of inputs used to value the Fund’s investments as of October 31, 2014 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
| Corporate Bonds* | $ | — | $ | 9,671,871 | $ | — | $ | 9,671,871 | ||||||||
| Money Market Funds | 499,549 | — | — | 499,549 | ||||||||||||
| Total | $ | 499,549 | $ | 9,671,871 | $ | — | $ | 10,171,420 | ||||||||
| Other Financial Instruments: | ||||||||||||||||
| Futures Contracts | $ | (52,796 | ) | $ | — | $ | — | $ | (52,796 | ) | ||||||
| * | See Schedule of Investments for security type and industry sector breakouts. |
There were no transfers between levels during the period ended October 31, 2014.
See Notes to Financial Statements
| 65 |
MARKET VECTORS ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
October 31, 2014 (unaudited)
| BDC Income ETF | Emerging Markets Aggregate Bond ETF | Emerging Markets High Yield Bond ETF | Emerging Markets Local Currency Bond ETF | |||||||||||||||||
| Assets: | ||||||||||||||||||||
| Investments, at value (1) (2) | $ | 45,646,212 | $ | 17,438,675 | $ | 433,043,455 | $ | 906,687,400 | ||||||||||||
| Short-term investments held as collateral for securities loaned (3) | 8,419,421 | 213,396 | 60,188,426 | 13,368,999 | ||||||||||||||||
| Cash | — | 8,997 | 102,854 | 319 | ||||||||||||||||
| Cash denominated in foreign currency, at value (4) | — | 45,067 | — | 3,167,581 | ||||||||||||||||
| Receivables: | ||||||||||||||||||||
| Investment securities sold | — | — | 2,056,966 | 16,521,161 | ||||||||||||||||
| Shares sold | — | — | 780,038 | — | ||||||||||||||||
| Due from Adviser | — | 4,654 | — | — | ||||||||||||||||
| Dividends and interest | 109,433 | 291,940 | 7,532,374 | 16,510,175 | ||||||||||||||||
| Prepaid expenses | 459 | 229 | 4,701 | 10,096 | ||||||||||||||||
| Total assets | 54,175,525 | 18,002,958 | 503,708,814 | 956,265,731 | ||||||||||||||||
| Liabilities: | ||||||||||||||||||||
| Payables: | ||||||||||||||||||||
| Investment securities purchased | — | — | 5,988,583 | 7,948,982 | ||||||||||||||||
| Collateral for securities loaned | 8,419,421 | 213,396 | 60,188,426 | 13,368,999 | ||||||||||||||||
| Line of credit | 151,662 | — | — | — | ||||||||||||||||
| Due to Adviser | 6,191 | — | 110,790 | 230,217 | ||||||||||||||||
| Due to custodian | 37,257 | — | — | — | ||||||||||||||||
| Variation margin on futures contracts | — | — | — | — | ||||||||||||||||
| Deferred Trustee fees | 1,154 | 936 | 13,849 | 73,518 | ||||||||||||||||
| Accrued expenses | 37,764 | 91,806 | 84,047 | 303,499 | ||||||||||||||||
| Total liabilities | 8,653,449 | 306,138 | 66,385,695 | 21,925,215 | ||||||||||||||||
| NET ASSETS | $ | 45,522,076 | $ | 17,696,820 | $ | 437,323,119 | $ | 934,340,516 | ||||||||||||
| Shares outstanding | 2,350,000 | 750,000 | 17,200,000 | 40,800,000 | ||||||||||||||||
| Net asset value, redemption and offering price per share | $ | 19.37 | $ | 23.60 | $ | 25.43 | $ | 22.90 | ||||||||||||
| Net assets consist of: | ||||||||||||||||||||
| Aggregate paid in capital | $ | 48,134,162 | $ | 19,895,883 | $ | 448,886,659 | $ | 1,078,923,977 | ||||||||||||
| Net unrealized appreciation (depreciation) | (2,478,157 | ) | (490,288 | ) | (10,695,277 | ) | (124,781,434 | ) | ||||||||||||
| Undistributed net investment income | 174,582 | 67,087 | 2,339,221 | 3,579,235 | ||||||||||||||||
| Accumulated net realized gain (loss) | (308,511 | ) | (1,775,862 | ) | (3,207,484 | ) | (23,381,262 | ) | ||||||||||||
| $ | 45,522,076 | $ | 17,696,820 | $ | 437,323,119 | $ | 934,340,516 | |||||||||||||
| (1) Value of securities on loan | $ | 8,181,588 | $ | 203,771 | $ | 58,062,007 | $ | 12,089,204 | ||||||||||||
| (2) Cost of investments | $ | 48,124,369 | $ | 17,918,554 | $ | 443,738,733 | $ | 1,030,860,029 | ||||||||||||
| (3) Cost of short-term investments held as collateral for securities loaned | $ | 8,419,421 | $ | 213,396 | $ | 60,188,426 | $ | 13,368,999 | ||||||||||||
| (4) Cost of cash denominated in foreign currency | $ | — | $ | 46,444 | $ | — | $ | 3,190,789 | ||||||||||||
(a) Represents cash collateral held at broker for futures contracts
See Notes to Financial Statements
| 66 |
| Fallen Angel High Yield Bond ETF | International High Yield Bond ETF | Investment Grade Floating Rate ETF | Mortgage REIT Income ETF | Preferred Securities ex Financials ETF | Renminbi Bond ETF | Treasury-Hedged High Yield Bond ETF | |||||||||||||||||||||||||||
| $ | 16,410,386 | $ | 201,424,412 | $ | 92,557,166 | $ | 122,701,785 | $ | 177,119,181 | $ | 5,078,741 | $ | 9,804,488 | ||||||||||||||||||||
| 870,560 | 20,667,623 | 309,000 | — | 7,804,978 | — | 366,931 | |||||||||||||||||||||||||||
| — | 3,027 | — | — | — | — | 152,470 | (a) | ||||||||||||||||||||||||||
| — | 533,576 | — | — | — | 153,115 | — | |||||||||||||||||||||||||||
| 420,718 | 4,811,829 | 2,216,500 | — | 2,066,365 | — | — | |||||||||||||||||||||||||||
| 2,518 | 99,284 | 2,115 | — | 5,327,710 | — | — | |||||||||||||||||||||||||||
| 2,964 | — | — | — | — | 6,709 | 5,953 | |||||||||||||||||||||||||||
| 277,964 | 4,045,455 | 82,480 | 148,466 | 306,781 | 46,224 | 157,843 | |||||||||||||||||||||||||||
| 197 | 2,223 | 1,045 | 1,383 | 1,964 | 59 | 122 | |||||||||||||||||||||||||||
| 17,985,307 | 231,587,429 | 95,168,306 | 122,851,634 | 192,626,979 | 5,284,848 | 10,487,807 | |||||||||||||||||||||||||||
| 396,488 | 5,817,344 | 2,153,942 | — | 2,694,362 | — | — | |||||||||||||||||||||||||||
| 870,560 | 20,667,623 | 309,000 | — | 7,804,978 | — | 366,931 | |||||||||||||||||||||||||||
| — | — | — | 346,472 | — | — | — | |||||||||||||||||||||||||||
| — | 37,704 | 2,919 | 25,014 | 42,974 | — | — | |||||||||||||||||||||||||||
| — | — | — | 986,407 | — | — | — | |||||||||||||||||||||||||||
| — | — | — | — | — | — | 52,796 | |||||||||||||||||||||||||||
| 934 | 15,675 | 3,636 | 6,114 | 8,448 | 358 | 553 | |||||||||||||||||||||||||||
| 63,136 | 91,921 | 83,185 | 71,501 | 40,478 | 85,369 | 64,764 | |||||||||||||||||||||||||||
| 1,331,118 | 26,630,267 | 2,552,682 | 1,435,508 | 10,591,240 | 85,727 | 485,044 | |||||||||||||||||||||||||||
| $ | 16,654,189 | $ | 204,957,162 | $ | 92,615,624 | $ | 121,416,126 | $ | 182,035,739 | $ | 5,199,121 | $ | 10,002,763 | ||||||||||||||||||||
| 600,000 | 7,800,000 | 3,700,000 | 4,950,000 | 8,850,000 | 200,000 | 400,000 | |||||||||||||||||||||||||||
| $ | 27.76 | $ | 26.28 | $ | 25.03 | $ | 24.53 | $ | 20.57 | $ | 26.00 | $ | 25.01 | ||||||||||||||||||||
| $ | 15,296,592 | $ | 210,059,051 | $ | 92,116,276 | $ | 136,324,993 | $ | 188,127,587 | $ | 5,062,679 | $ | 10,003,834 | ||||||||||||||||||||
| 1,062,184 | (5,279,941 | ) | 348,787 | (10,271,480 | ) | (2,237,888 | ) | 73,698 | 3,194 | ||||||||||||||||||||||||
| 83,574 | 1,055,993 | 48,747 | 2,380,473 | 476,607 | 43,211 | 42,003 | |||||||||||||||||||||||||||
| 211,839 | (877,941 | ) | 101,814 | (7,017,860 | ) | (4,330,567 | ) | 19,533 | (46,268 | ) | |||||||||||||||||||||||
| $ | 16,654,189 | $ | 204,957,162 | $ | 92,615,624 | $ | 121,416,126 | $ | 182,035,739 | $ | 5,199,121 | $ | 10,002,763 | ||||||||||||||||||||
| $ | 854,553 | $ | 19,614,511 | $ | 301,301 | $ | — | $ | 7,635,874 | $ | — | $ | 355,183 | ||||||||||||||||||||
| $ | 15,348,202 | $ | 206,583,814 | $ | 92,208,378 | $ | 132,973,266 | $ | 179,357,069 | $ | 5,007,035 | $ | 9,748,498 | ||||||||||||||||||||
| $ | 870,560 | $ | 20,667,623 | $ | 309,000 | $ | — | $ | 7,804,978 | $ | — | $ | 366,931 | ||||||||||||||||||||
| $ | — | $ | 535,640 | $ | — | $ | — | $ | — | $ | 151,432 | $ | — | ||||||||||||||||||||
See Notes to Financial Statements
| 67 |
MARKET VECTORS ETF TRUST
For the Six Months Ended October 31, 2014 (unaudited)
| BDC Income ETF | Emerging Markets Aggregate Bond ETF | Emerging Markets High Yield Bond ETF | Emerging Markets Local Currency Bond ETF | |||||||||||||||||
| Income: | ||||||||||||||||||||
| Dividends | $ | 1,824,015 | $ | — | $ | — | $ | — | ||||||||||||
| Interest | — | 483,903 | 13,633,721 | 26,806,329 | ||||||||||||||||
| Securities lending income | 56,837 | 236 | 119,555 | 25,982 | ||||||||||||||||
| Foreign taxes withheld | — | (4,235 | ) | (1,815 | ) | (490,373 | ) | |||||||||||||
| Total income | 1,880,852 | 479,904 | 13,751,461 | 26,341,938 | ||||||||||||||||
| Expenses: | ||||||||||||||||||||
| Management fees | 87,709 | 34,259 | 827,875 | 1,541,560 | ||||||||||||||||
| Professional fees | 20,067 | 25,445 | 26,276 | 72,179 | ||||||||||||||||
| Insurance | 286 | 260 | 3,165 | 9,606 | ||||||||||||||||
| Trustees’ fees and expenses | 1,768 | 992 | 11,056 | 43,229 | ||||||||||||||||
| Reports to shareholders | 5,903 | 6,106 | 27,546 | 85,366 | ||||||||||||||||
| Indicative optimized portfolio value fee | 3,094 | 12,176 | 11,596 | 13,548 | ||||||||||||||||
| Custodian fees | 1,131 | 13,189 | 55,510 | 250,067 | ||||||||||||||||
| Registration fees | 3,314 | 5,269 | 19,340 | 55,590 | ||||||||||||||||
| Transfer agent fees | 741 | 1,239 | 1,240 | 1,240 | ||||||||||||||||
| Fund accounting fees | 3,930 | 1,917 | 7,249 | 26,539 | ||||||||||||||||
| Interest | 1,508 | 452 | 105 | 6,737 | ||||||||||||||||
| Other | 183 | 2,107 | 9,451 | 13,032 | ||||||||||||||||
| Total expenses | 129,634 | 103,411 | 1,000,409 | 2,118,693 | ||||||||||||||||
| Waiver of management fees | (40,417 | ) | (34,259 | ) | (172,428 | ) | (41,931 | ) | ||||||||||||
| Expenses assumed by the Adviser | — | (20,738 | ) | — | — | |||||||||||||||
| Net expenses | 89,217 | 48,414 | 827,981 | 2,076,762 | ||||||||||||||||
| Net investment income | 1,791,635 | 431,490 | 12,923,480 | 24,265,176 | ||||||||||||||||
| Net realized gain (loss) on: | ||||||||||||||||||||
| Investments | (402,002 | ) | 19,272 | (201,879 | ) | (13,362,586 | ) | |||||||||||||
| Futures contracts | — | — | — | — | ||||||||||||||||
| In-kind redemptions | 317,992 | — | 11,827 | (281,606 | ) | |||||||||||||||
| Foreign currency transactions and foreign denominated assets and liabilities | — | (8,896 | ) | — | (704,745 | ) | ||||||||||||||
| Net realized gain (loss) | (84,010 | ) | 10,376 | (190,052 | ) | (14,348,937 | ) | |||||||||||||
| Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||
| Investments | (1,190,533 | ) | (294,371 | ) | (6,331,393 | ) | (21,317,448 | ) | ||||||||||||
| Futures contracts | — | — | — | — | ||||||||||||||||
| Foreign currency transactions and foreign denominated assets and liabilities | — | (14,242 | ) | — | (682,665 | ) | ||||||||||||||
| Net change in unrealized appreciation (depreciation) | (1,190,533 | ) | (308,613 | ) | (6,331,393 | ) | (22,000,113 | ) | ||||||||||||
| Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 517,092 | $ | 133,253 | $ | 6,402,035 | $ | (12,083,874 | ) | |||||||||||
See Notes to Financial Statements
| 68 |
| Fallen Angel High Yield Bond ETF | International High Yield Bond ETF | Investment Grade Floating Rate ETF | Mortgage REIT Income ETF | Preferred Securities ex Financials ETF | Renminbi Bond ETF | Treasury-Hedged High Yield Bond ETF | |||||||||||||||||||||||||||
| $ | — | $ | — | $ | — | $ | 4,994,422 | $ | 5,496,920 | $ | — | $ | — | ||||||||||||||||||||
| 479,670 | 5,351,664 | 366,712 | — | — | 79,452 | 251,736 | |||||||||||||||||||||||||||
| 6,910 | 41,863 | 196 | 1,791 | 102,800 | — | 713 | |||||||||||||||||||||||||||
| — | (5,862 | ) | — | — | — | (152 | ) | — | |||||||||||||||||||||||||
| 486,580 | 5,387,665 | 366,908 | 4,996,213 | 5,599,720 | 79,300 | 252,449 | |||||||||||||||||||||||||||
| 33,748 | 398,778 | 160,053 | 237,581 | 344,752 | 9,097 | 22,956 | |||||||||||||||||||||||||||
| 19,850 | 23,373 | 18,748 | 24,522 | 21,382 | 22,027 | 25,359 | |||||||||||||||||||||||||||
| 137 | 2,028 | 615 | 1,064 | 1,548 | 48 | 94 | |||||||||||||||||||||||||||
| 1,460 | 11,349 | 3,490 | 3,816 | 7,264 | 1,053 | 1,222 | |||||||||||||||||||||||||||
| 3,560 | 19,308 | 6,095 | 11,688 | 13,200 | 2,795 | 11,693 | |||||||||||||||||||||||||||
| 11,607 | 11,599 | 12,176 | 9,134 | 3,049 | 12,176 | 8,267 | |||||||||||||||||||||||||||
| 4,812 | 41,753 | 11,910 | 2,709 | 4,801 | 2,825 | 4,030 | |||||||||||||||||||||||||||
| 3,125 | 19,380 | 3,227 | 8,452 | 13,752 | 2,856 | 3,271 | |||||||||||||||||||||||||||
| 1,240 | 1,239 | 1,239 | 1,240 | 1,170 | 1,240 | 1,216 | |||||||||||||||||||||||||||
| 1,901 | 4,910 | 3,599 | 3,873 | 4,311 | 1,642 | 1,487 | |||||||||||||||||||||||||||
| 149 | 37 | 33 | 8,130 | 2,612 | — | 41 | |||||||||||||||||||||||||||
| 520 | 9,529 | 655 | 961 | 1,642 | 504 | 245 | |||||||||||||||||||||||||||
| 82,109 | 543,283 | 221,840 | 313,170 | 419,483 | 56,263 | 79,881 | |||||||||||||||||||||||||||
| (33,748 | ) | (144,469 | ) | (134,923 | ) | (67,459 | ) | (72,118 | ) | (9,097 | ) | (22,956 | ) | ||||||||||||||||||||
| (14,463 | ) | — | — | — | — | (37,029 | ) | (31,379 | ) | ||||||||||||||||||||||||
| 33,898 | 398,814 | 86,917 | 245,711 | 347,365 | 10,137 | 25,546 | |||||||||||||||||||||||||||
| 452,682 | 4,988,851 | 279,991 | 4,750,502 | 5,252,355 | 69,163 | 226,903 | |||||||||||||||||||||||||||
| 119,543 | 187,260 | 36,357 | (2,839,918 | ) | (1,719,422 | ) | 17,758 | 4,729 | |||||||||||||||||||||||||
| — | — | — | — | — | — | (51,251 | ) | ||||||||||||||||||||||||||
| — | — | 66,637 | 2,019,226 | 690,352 | — | — | |||||||||||||||||||||||||||
| — | (81,979 | ) | — | — | — | 1,815 | — | ||||||||||||||||||||||||||
| 119,543 | 105,281 | 102,994 | (820,692 | ) | (1,029,070 | ) | 19,573 | (46,522 | ) | ||||||||||||||||||||||||
| (159,552 | ) | (11,338,530 | ) | (74,429 | ) | 863,510 | (175,477 | ) | 77,452 | (120,283 | ) | ||||||||||||||||||||||
| — | — | — | — | — | — | (81,976 | ) | ||||||||||||||||||||||||||
| — | (81,729 | ) | — | — | — | 2,687 | — | ||||||||||||||||||||||||||
| (159,552 | ) | (11,420,259 | ) | (74,429 | ) | 863,510 | (175,477 | ) | 80,139 | (202,259 | ) | ||||||||||||||||||||||
| $ | 412,673 | $ | (6,326,127 | ) | $ | 308,556 | $ | 4,793,320 | $ | 4,047,808 | $ | 168,875 | $ | (21,878 | ) | ||||||||||||||||||
See Notes to Financial Statements
| 69 |
MARKET VECTORS ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| BDC Income ETF | Emerging Markets Aggregate Bond ETF | |||||||||||||||||||
| For the Six Months Ended October 31, 2014 | For the Year Ended April 30, 2014 | For the Six Months Ended April 30, 2014 | For the Year Ended April 30, 2014 | |||||||||||||||||
| (unaudited) | (unaudited) | |||||||||||||||||||
| Operations: | ||||||||||||||||||||
| Net investment income | $ | 1,791,635 | $ | 1,727,541 | $ | 431,490 | $ | 938,588 | ||||||||||||
| Net realized gain (loss) | (84,010 | ) | 214,137 | 10,376 | (3,690,202 | ) | ||||||||||||||
| Net change in unrealized appreciation (depreciation) | (1,190,533 | ) | (1,597,176 | ) | (308,613 | ) | (809,513 | ) | ||||||||||||
| Net increase (decrease) in net assets resulting from operations | 517,092 | 344,502 | 133,253 | (3,561,127 | ) | |||||||||||||||
| Dividends and Distributions to shareholders: | ||||||||||||||||||||
| Dividends from net investment income | (1,757,250 | ) | (1,559,010 | ) | (363,500 | ) | (510,630 | ) | ||||||||||||
| Distributions from net realized capital gains | — | — | — | — | ||||||||||||||||
| Return of capital | — | — | — | (472,970 | ) | |||||||||||||||
| Total Dividends and Distributions | (1,757,250 | ) | (1,559,010 | ) | (363,500 | ) | (983,600 | ) | ||||||||||||
| Share transactions:** | ||||||||||||||||||||
| Proceeds from sale of shares | 19,139,158 | 32,709,913 | — | 14,184,621 | ||||||||||||||||
| Cost of shares redeemed | (6,104,601 | ) | (9,165,938 | ) | (3,628,462 | ) | (35,655,670 | ) | ||||||||||||
| Increase (Decrease) in net assets resulting from share transactions | 13,034,557 | 23,543,975 | (3,628,462 | ) | (21,471,049 | ) | ||||||||||||||
| Total increase (decrease) in net assets | 11,794,399 | 22,329,467 | (3,858,709 | ) | (26,015,776 | ) | ||||||||||||||
| Net Assets, beginning of period | 33,727,677 | 11,398,210 | 21,555,529 | 47,571,305 | ||||||||||||||||
| Net Assets, end of period† | $ | 45,522,076 | $ | 33,727,677 | $ | 17,696,820 | $ | 21,555,529 | ||||||||||||
| † Including undistributed (accumulated) net investment income (loss) | $ | 174,582 | $ | 140,197 | $ | 67,087 | $ | (903 | ) | |||||||||||
| ** Shares of Common Stock Issued (no par value) | ||||||||||||||||||||
| Shares sold | 950,000 | 1,600,000 | — | 600,000 | ||||||||||||||||
| Shares redeemed | (300,000 | ) | (450,000 | ) | (150,000 | ) | (1,500,000 | ) | ||||||||||||
| Net increase (decrease) | 650,000 | 1,150,000 | (150,000 | ) | (900,000 | ) | ||||||||||||||
See Notes to Financial Statements
| 70 |
| Emerging Markets High Yield Bond ETF | Emerging Markets Local Currency Bond ETF | Fallen Angel High Yield Bond ETF | ||||||||||||||||||||||||||
| For the Six Months Ended October 31, 2014 | For the Year Ended April 30, 2014 | For the Six Months Ended October 31, 2014 | For the Year Ended April 30, 2014 | For the Six Months Ended October 31, 2014 | For the Year Ended April 30, 2014 | |||||||||||||||||||||||
| (unaudited) | (unaudited) | (unaudited) | ||||||||||||||||||||||||||
| $ | 12,923,480 | $ | 14,564,215 | $ | 24,265,176 | $ | 57,695,550 | $ | 452,682 | $ | 844,617 | |||||||||||||||||
| (190,052 | ) | (4,997,534 | ) | (14,348,937 | ) | (60,619,507 | ) | 119,543 | 138,100 | |||||||||||||||||||
| (6,331,393 | ) | (5,092,059 | ) | (22,000,113 | ) | (145,686,574 | ) | (159,552 | ) | 272,361 | ||||||||||||||||||
| 6,402,035 | 4,474,622 | (12,083,874 | ) | (148,610,531 | ) | 412,673 | 1,255,078 | |||||||||||||||||||||
| (12,348,800 | ) | (13,759,920 | ) | (19,699,300 | ) | (38,448,228 | ) | (453,000 | ) | (823,240 | ) | |||||||||||||||||
| — | — | — | — | — | (45,240 | ) | ||||||||||||||||||||||
| — | — | — | (15,121,732 | ) | — | — | ||||||||||||||||||||||
| (12,348,800 | ) | (13,759,920 | ) | (19,699,300 | ) | (53,569,960 | ) | (453,000 | ) | (868,480 | ) | |||||||||||||||||
| 109,486,153 | 162,275,358 | 189,654,137 | 34,626,333 | — | 5,290,667 | |||||||||||||||||||||||
| (5,237,676 | ) | (61,048,427 | ) | (33,899,085 | ) | (527,074,783 | ) | — | — | |||||||||||||||||||
| 104,248,477 | 101,226,931 | 155,755,052 | (492,448,450 | ) | — | 5,290,667 | ||||||||||||||||||||||
| 98,301,712 | 91,941,633 | 123,971,878 | (694,628,941 | ) | (40,327 | ) | 5,677,265 | |||||||||||||||||||||
| 339,021,407 | 247,079,774 | 810,368,638 | 1,504,997,579 | 16,694,516 | 11,017,251 | |||||||||||||||||||||||
| $ | 437,323,119 | $ | 339,021,407 | $ | 934,340,516 | $ | 810,368,638 | $ | 16,654,189 | $ | 16,694,516 | |||||||||||||||||
| $ | 2,339,221 | $ | 1,764,541 | $ | 3,579,235 | $ | (986,641 | ) | $ | 83,574 | $ | 83,892 | ||||||||||||||||
| 4,200,000 | 6,400,000 | 8,000,000 | 1,400,000 | — | 200,000 | |||||||||||||||||||||||
| (200,000 | ) | (2,400,000 | ) | (1,400,000 | ) | (21,800,000 | ) | — | — | |||||||||||||||||||
| 4,000,000 | 4,000,000 | 6,600,000 | (20,400,000 | ) | — | 200,000 | ||||||||||||||||||||||
See Notes to Financial Statements
| 71 |
MARKET VECTORS ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
(continued)
| International | Investment | |||||||||||||||||||
| High Yield Bond ETF | Grade Floating Rate ETF | |||||||||||||||||||
| For the Six Months Ended October 31, 2014 | For the Year Ended April 30, 2014 | For the Six Months Ended October 31, 2014 | For the Year Ended April 30, 2014 | |||||||||||||||||
| (unaudited) | (unaudited) | |||||||||||||||||||
| Operations: | ||||||||||||||||||||
| Net investment income | $ | 4,988,851 | $ | 11,258,798 | $ | 279,991 | $ | 437,700 | ||||||||||||
| Net realized gain (loss) | 105,281 | 6,954,449 | 102,994 | 9,373 | ||||||||||||||||
| Net change in unrealized appreciation (depreciation) | (11,420,259 | ) | (3,333,654 | ) | (74,429 | ) | 333,329 | |||||||||||||
| Net increase (decrease) in net assets resulting from operations | (6,326,127 | ) | 14,879,593 | 308,556 | 780,402 | |||||||||||||||
| Dividends and Distributions to shareholders: | ||||||||||||||||||||
| Dividends from net investment income | (5,000,400 | ) | (11,928,640 | ) | (280,250 | ) | (398,830 | ) | ||||||||||||
| Distributions from net realized capital gains | — | (218,400 | ) | — | — | |||||||||||||||
| Return of capital | — | — | — | — | ||||||||||||||||
| Total Dividends and Distributions | (5,000,400 | ) | (12,147,040 | ) | (280,250 | ) | (398,830 | ) | ||||||||||||
| Share transactions:** | ||||||||||||||||||||
| Proceeds from sale of shares | 55,430,652 | 65,018,264 | 10,023,426 | 82,240,442 | ||||||||||||||||
| Cost of shares redeemed | — | (180,633,439 | ) | (15,020,384 | ) | (2,499,468 | ) | |||||||||||||
| Increase (Decrease) in net assets resulting from share transactions | 55,430,652 | (115,615,175 | ) | (4,996,958 | ) | 79,740,974 | ||||||||||||||
| Total increase (decrease) in net assets | 44,104,125 | (112,882,622 | ) | (4,968,652 | ) | 80,122,546 | ||||||||||||||
| Net Assets, beginning of period | 160,853,037 | 273,735,659 | 97,584,276 | 17,461,730 | ||||||||||||||||
| Net Assets, end of period† | $ | 204,957,162 | $ | 160,853,037 | $ | 92,615,624 | $ | 97,584,276 | ||||||||||||
| † Including undistributed net investment income | $ | 1,055,993 | $ | 1,067,542 | $ | 48,747 | $ | 49,006 | ||||||||||||
| ** Shares of Common Stock Issued (no par value) | ||||||||||||||||||||
| Shares sold | 2,000,000 | 2,400,000 | 400,000 | 3,300,000 | ||||||||||||||||
| Shares redeemed | — | (6,600,000 | ) | (600,000 | ) | (100,000 | ) | |||||||||||||
| Net increase (decrease) | 2,000,000 | (4,200,000 | ) | (200,000 | ) | 3,200,000 | ||||||||||||||
See Notes to Financial Statements
| 72 |
| Preferred Securities | ||||||||||||||||||||||||||||
| Mortgage REIT Income ETF | ex Financials ETF | Renminbi Bond ETF | ||||||||||||||||||||||||||
| For the Six Months Ended October 31, 2014 | For the Year Ended April 30, 2014 | For the Six Months Ended October 31, 2014 | For the Year Ended April 30,2014 | For the Six Months Ended October 31, 2014 | For the Year Ended April 30, 2014 | |||||||||||||||||||||||
| (unaudited) | (unaudited) | (unaudited) | ||||||||||||||||||||||||||
| $ | 4,750,502 | $ | 12,441,753 | $ | 5,252,355 | $ | 9,270,496 | $ | 69,163 | $ | 132,021 | |||||||||||||||||
| (820,692 | ) | (4,112,151 | ) | (1,029,070 | ) | 1,173,817 | 19,573 | 63,218 | ||||||||||||||||||||
| 863,510 | (18,809,590 | ) | (175,477 | ) | (3,355,067 | ) | 80,139 | (188,631 | ) | |||||||||||||||||||
| 4,793,320 | (10,479,988 | ) | 4,047,808 | 7,089,246 | 168,875 | 6,608 | ||||||||||||||||||||||
| (4,509,000 | ) | (10,623,350 | ) | (5,019,130 | ) | (9,173,790 | ) | (77,000 | ) | (192,600 | ) | |||||||||||||||||
| — | — | — | — | — | — | |||||||||||||||||||||||
| — | (2,500,000 | ) | — | — | — | — | ||||||||||||||||||||||
| (4,509,000 | ) | (13,123,350 | ) | (5,019,130 | ) | (9,173,790 | ) | (77,000 | ) | (192,600 | ) | |||||||||||||||||
| 21,176,637 | 64,250,712 | 25,627,467 | 48,465,833 | — | — | |||||||||||||||||||||||
| (6,184,335 | ) | (65,391,766 | ) | (5,139,033 | ) | (47,333,828 | ) | — | — | |||||||||||||||||||
| 14,992,302 | (1,141,054 | ) | 20,488,434 | 1,132,005 | — | — | ||||||||||||||||||||||
| 15,276,622 | (24,744,392 | ) | 19,517,112 | (952,539 | ) | 91,875 | (185,992 | ) | ||||||||||||||||||||
| 106,139,504 | 130,883,896 | 162,518,627 | 163,471,166 | 5,107,246 | 5,293,238 | |||||||||||||||||||||||
| $ | 121,416,126 | $ | 106,139,504 | $ | 182,035,739 | $ | 162,518,627 | $ | 5,199,121 | $ | 5,107,246 | |||||||||||||||||
| $ | 2,380,473 | $ | 2,138,971 | $ | 476,607 | $ | 243,382 | $ | 43,211 | $ | 51,048 | |||||||||||||||||
| 850,000 | 2,700,000 | 1,250,000 | 2,400,000 | — | — | |||||||||||||||||||||||
| (250,000 | ) | (2,800,000 | ) | (250,000 | ) | (2,450,000 | ) | — | — | |||||||||||||||||||
| 600,000 | (100,000 | ) | 1,000,000 | (50,000 | ) | — | — | |||||||||||||||||||||
See Notes to Financial Statements
| 73 |
MARKET VECTORS ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
(continued)
| Treasury-Hedged High Yield Bond ETF | ||||||||||
| For the | ||||||||||
| Six Months | For the | |||||||||
| Ended | Year Ended | |||||||||
| October 31, 2014 | April 30, 2014 | |||||||||
| (unaudited) | ||||||||||
| Operations: | ||||||||||
| Net investment income | $ | 226,903 | $ | 356,526 | ||||||
| Net realized gain (loss) | (46,522 | ) | 102,514 | |||||||
| Net change in unrealized appreciation (depreciation) | (202,259 | ) | 87,928 | |||||||
| Net increase (decrease) in net assets resulting from operations | (21,878 | ) | 546,968 | |||||||
| Dividends and Distributions to shareholders: | ||||||||||
| Dividends from net investment income | (226,000 | ) | (340,240 | ) | ||||||
| Distributions from net realized capital gains | — | (92,160 | ) | |||||||
| Total Dividends and Distributions | (226,000 | ) | (432,400 | ) | ||||||
| Share transactions:** | ||||||||||
| Proceeds from sale of shares | 5,117,095 | 5,085,275 | ||||||||
| Cost of shares redeemed | (5,117,095 | ) | (5,085,275 | ) | ||||||
| Increase (Decrease) in net assets resulting from share transactions | — | — | ||||||||
| Total increase (decrease) in net assets | (247,878 | ) | 114,568 | |||||||
| Net Assets, beginning of period | 10,250,641 | 10,136,073 | ||||||||
| Net Assets, end of period† | $ | 10,002,763 | $ | 10,250,641 | ||||||
| † Including undistributed net investment income | $ | 42,003 | $ | 41,100 | ||||||
| ** Shares of Common Stock Issued (no par value) | ||||||||||
| Shares sold | 200,000 | 200,000 | ||||||||
| Shares redeemed | (200,000 | ) | (200,000 | ) | ||||||
| Net increase (decrease) | — | — | ||||||||
See Notes to Financial Statements
| 74 |
MARKET VECTORS ETF TRUST
For a share outstanding throughout the period:
| (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 at the net asset value 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) | Annualized |
| (d) | Not Annualized |
See Notes to Financial Statements
| 75 |
MARKET VECTORS ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout the period:
| (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 at the net asset value 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) | Annualized |
| (d) | Not Annualized |
See Notes to Financial Statements
| 76 |
FINANCIAL HIGHLIGHTS
For a share outstanding throughout the period:
| (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 at the net asset value 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) | Annualized |
| (d) | Not Annualized |
See Notes to Financial Statements
| 77 |
MARKET VECTORS ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout the period:
| (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 at the net asset value 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) | Annualized |
| (d) | Not Annualized |
| (e) | Amount represents less than $0.005 per share |
See Notes to Financial Statements
| 78 |
FINANCIAL HIGHLIGHTS
For a share outstanding throughout the period:
| (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 at the net asset value 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) | Annualized |
| (d) | Not Annualized |
| (e) | Amount represents less than $0.005 per share |
See Notes to Financial Statements
| 79 |
MARKET VECTORS ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout the period:
| (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 at the net asset value 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) | Annualized |
| (d) | Not Annualized |
See Notes to Financial Statements
| 80 |
MARKET VECTORS ETF TRUST
October 31, 2014 (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, 2014, offers fifty-nine investment portfolios, each of which represents a separate series of the Trust.
These financial statements relate only to the following investment portfolios: BDC Income ETF (“BDC Income”), Emerging Markets Aggregate Bond ETF (“Emerging Markets Aggregate”), Emerging Markets High Yield Bond ETF (“Emerging Markets High Yield”), Emerging Markets Local Currency Bond ETF (“Emerging Markets Local Currency”), Fallen Angel High Yield Bond ETF (“Fallen Angel”), International High Yield Bond ETF (“International High Yield”), Investment Grade Floating Rate ETF (“Investment Grade”), Mortgage REIT Income ETF (“Mortgage REIT”), Preferred Securities ex Financials ETF (“Preferred Securities”), Renminbi Bond ETF (“Renminbi”) and Treasury-Hedged High Yield Bond ETF (“Treasury-Hedged”), 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 BDC Income, Mortgage REIT and Preferred Securities) 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. BDC Income, Mortgage REIT and Preferred Securities seek to achieve their investment objective through a portfolio of securities in substantially the same weighting as their index.
The Funds’ commencement of operations dates and their respective indices are presented below:
Fund | Commencement of Operations | Index | ||
| BDC Income | February 11, 2013 | Market Vectors® U.S. Business Development Companies Index* | ||
| Emerging Markets Aggregate | May 11, 2011 | Market Vectors® EM Aggregate Bond Index* | ||
| Emerging Markets High Yield | May 8, 2012 | The BofA Merrill Lynch High Yield US Emerging Markets Liquid Corporate Plus Index | ||
| Emerging Markets Local Currency | July 22, 2010 | JP Morgan Government Bond Index-Emerging Markets Global Core | ||
| Fallen Angel | April 10, 2012 | The BofA Merrill Lynch US Fallen Angel High Yield Index | ||
| International High Yield | April 2, 2012 | The BofA Merrill Lynch Global Ex-US Issuers High Yield Constrained Index | ||
| Investment Grade | April 25, 2011 | Market Vectors® US Investment Grade Floating Rate Index* | ||
| Mortgage REIT | August 16, 2011 | Market Vectors® Global Mortgage REITs Index* | ||
| Preferred Securities | July 16, 2012 | Wells Fargo® Hybrid & Preferred Securities ex Financials Index | ||
| Renminbi | October 11, 2011 | Market Vectors® Renminbi Bond Index* | ||
| Treasury-Hedged | March 21, 2013 | Market Vectors® US Treasury-Hedged High Yield Bond Index* |
| * | Owned by Market Vectors Index Solutions GmbH, an indirect, wholly owned subsidiary of the Adviser. |
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 Funds are investment companies and are following accounting and reporting requirements of Accounting Standard Codification (“ASC”) 946 Financial Services – Investment Companies.
| 81 |
MARKET VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
The following is a summary of significant accounting policies followed by the Funds.
| A. | Security Valuation–The Funds value their investments in securities and other assets and liabilities carried at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. 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). 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 and/or (ii) quotations from bond dealers to determine current value and are categorized as Level 2 in the fair value hierarchy. Money market fund investments are valued at net asset value and are categorized as Level 1 in the fair value hierarchy. Short-term obligations with more than sixty days remaining to maturity are valued at market value. Short-term obligations 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 the Pricing Committee of the Adviser appointed by the Board of Trustees. The Pricing Committee provides oversight of the Funds’ valuation policies and procedures, which are approved by the Funds’ Board of Trustees. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments for which market prices are not readily available. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, transactional back-testing and disposition analysis. |
| Certain factors such as economic conditions, political events, market trends, the nature of and duration of any restrictions on disposition, trading in similar securities of the issuer or comparable issuers and other security specific information are used to determine the fair value of these securities. Depending on the relative significance of valuation inputs, these securities may be classified either as Level 2 or Level 3 in the fair value hierarchy. The price which the Funds may realize upon sale of an investment may differ materially from the value presented in the Schedules of Investments. |
| The Funds utilize various methods to measure the fair value of its investments on a recurring basis which includes a hierarchy that prioritizes inputs to valuation methods used to measure fair value. The fair value 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 transfers between levels of the fair value hierarchy assume the financial instruments were transferred at the beginning of the reporting period. The three levels of the fair value hierarchy are described below: |
| Level 1 – Quoted prices in active markets for identical securities. |
| 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). |
| A summary of the inputs, the levels used to value the Funds’ investments, and transfers between levels are located in the Schedules of Investments. Additionally, tables that reconcile the valuation of the Funds’ Level 3 investments and that present additional information about valuation methodologies and unobservable inputs, if applicable, are located in the Schedules 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. |
| 82 |
| 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 BDC Income and Mortgage REIT which are 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. | Securities Sold Short–Treasury-Hedged may invest in securities sold short. A short sale occurs when a Fund sells a security, which it does not own, by borrowing it from a broker. Proceeds from securities sold short are reported as liabilities in the Statements of Assets and Liabilities and are marked to market daily in accordance with the fair value methodology described in Note 2A. Gains and losses are classified as realized when short positions are closed. In the event that the value of the security which the Fund sold short declines, the Fund will gain as it repurchases the security in the market at the lower price. If the price of the security increases, the Fund will suffer a loss, as it will have to repurchase the security at the higher price. Short sales may incur higher transaction costs than regular securities transactions. Interest on securities sold short is recorded as an expense by the Fund on the interest payment date. Cash as collected is deposited in a segregated account with brokers, maintained by the Fund, for its open short sales. Until the Fund replaces the borrowed security, the Fund maintains securities or permissible liquid assets in a segregated account with a broker or custodian sufficient to cover its short positions. At October 31, 2014, Treasury-Hedged held no securities sold short. |
| E. | Currency Translation–Assets and liabilities denominated in foreign currencies and commitments under foreign currency contracts are translated into U.S. dollars at the closing prices of such currencies each business day. Purchases and sales of 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 in the financial statements. Recognized gains or losses attributable to foreign currency fluctuations on foreign currency denominated assets, other than investments, and liabilities are recorded as net realized gain (loss) on foreign currency transactions and foreign denominated assets and liabilities in the Statements of Operations. |
| F. | 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, if any, is included at the end of each Fund’s Schedule of Investments. |
| G. | Repurchase Agreements–The Funds may enter into repurchase agreements with financial institutions, deemed to be creditworthy by the Adviser, to generate income from their excess cash balances and to invest securities lending cash collateral. A repurchase agreement is an agreement under which a Fund acquires securities from a seller, subject to resale to the seller at an agreed upon price and date. A Fund, through its custodian/securities lending agent, takes possession of securities collateralizing the repurchase agreement. Pursuant to the terms of the repurchase agreement, such securities must have an aggregate market value greater than or equal to the terms of the repurchase price plus accrued interest at all times. If the value of the underlying securities falls below the value of the repurchase price plus accrued interest, the Funds will require the seller to deposit additional collateral by the next business day. If the request for additional collateral is not met, or the seller defaults on its repurchase obligation, the Funds maintain their right to sell the underlying securities at market value and may claim any resulting loss against the seller. Repurchase agreements held as of October 31, 2014 are reflected in the Schedules of Investments. |
| H. | 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 |
| 83 |
MARKET VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
| of financial risk. The use of derivative instruments also involves the risk of loss if the investment adviser is incorrect in its expectation of the timing or level of fluctuations 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 instruments. | ||
| Futures Contracts–The Funds may purchase or sell futures contracts to gain exposure or to hedge against interest rate movement. Using futures contracts involves various market risks, including interest rate and equity risk as well as the risks that there may be an illiquid market or that a change in the value of the contract may not correlate with changes in the value of the underlying securities. | ||
| Upon entering into a futures contract, a Fund is required to deliver to a broker an amount of cash and/or government securities equal to a certain percentage of the contract amount. This amount is known as the “initial margin”. Subsequent payments, known as “variation margin”, generally are made or received by the Portfolio each day depending on the fluctuations in the value of the underlying futures contracts, except that in the case of certain futures contracts payments may be made or received at settlement. Such variation margin is recorded for financial statement purposes on a daily basis as an unrealized gain or loss on futures until the futures contract is closed or expires, at which time the net gain or loss is reclassified to realized gain or loss on futures. Treasury-Hedged held futures contracts for six months during the period ended October 31, 2014 of which the average market value of the futures contracts for that six month period was $9,696,883. Futures contracts held by Treasury-Hedged at October 31, 2014 are reflected in the Schedule of Investments. | ||
| At October 31, 2014, Treasury-Hedged held the following derivatives instruments: | ||
| Liability Derivatives Interest Rate Risk | ||
| Futures contracts1 | $52,796 |
1 Statements of Assets and Liabilities location: Variation margin on futures contracts
For Treasury-Hedged, the impact of transactions in derivative instruments during the period ended October 31, 2014, was as follows:
| Interest Rate Risk | ||
| Net change in unrealized appreciation (depreciation): | ||
| Futures contracts2 | $(81,976) | |
| Realized gain (loss): | ||
| Futures contracts3 | $(51,251) |
2 Statements of Operations location: Net change in unrealized appreciation (depreciation) on futures contracts
3 Statements of Operations location: Net realized gain (loss) on futures contracts
| I. | Offsetting Assets and Liabilities–In the ordinary course of business, the Funds enter into transactions subject to enforceable master netting or other similar agreements. Generally, the right of setoff in those agreements allows the Funds to set off any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. The Funds may pledge or receive cash and/or securities as collateral for derivative instruments, securities lending and repurchase agreements. For financial reporting purposes, the Funds do not offset securities lending or repurchase agreement assets and liabilities subject to enforceable master netting agreements or other similar agreements in the Statements of Assets and Liabilities. |
| The table below presents both gross and net information about the derivative instruments eligible for offset in the Statements of Assets and Liabilities, subject to master netting or similar agreements, as well as financial collateral received or pledged (including cash collateral and margin) as of October 31, 2014. Collateral is disclosed up to 100% of the net amount of unrealized gain/loss or market value of the respective financial instruments. In general, collateral received or pledged exceeds the net amount of the unrealized gain/loss or market value of financial instruments. Refer to the Schedules of Investments and Statements of Assets and Liabilities for collateral received or pledged as of October 31, 2014. |
| 84 |
| Fund | Description | Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Statement of Assets and Liabilities | Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities | Financial Instruments and Cash Collateral Pledged* | Net Amount | ||||||||
| Treasury-Hedged | Futures Contracts | $52,796 | $ — | $52,796 | $(52,796) | $ | — | |||||||
*Gross amounts not offset in the Statements of Assets and Liabilities
| J. | 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. Dividend income is recorded on the ex-dividend date. The Funds record distributions received in excess of income from underlying investments as a reduction of cost of investments and/or an increase in realized gain. Such amounts are based upon estimates if actual amounts are not available, and actual amounts of income, realized gain and return of capital may differ from estimated amounts. 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. |
| 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 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 Adviser has agreed, at least until September 1, 2015, for the Funds 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 limitation (excluding acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses) listed in the table below.
The current management fee rate/expense limitation and the amounts waived/assumed by the Adviser for the period ended October 31, 2014 are as follows:
| Fund | Expense Limitation | Management Fee Rate | Waiver of Management Fees | Expenses Assumed by the Adviser | ||||||||||||
| BDC Income | 0.40 | % | 0.40 | % | $ | 40,417 | $ | — | ||||||||
| Emerging Markets Aggregate | 0.49 | 0.35 | 34,259 | 20,738 | ||||||||||||
| Emerging Markets High Yield | 0.40 | 0.40 | 172,428 | — | ||||||||||||
| Emerging Markets Local Currency | 0.47 | 0.35 | 41,931 | — | ||||||||||||
| Fallen Angel | 0.40 | 0.40 | 33,748 | 14,463 | ||||||||||||
| International High Yield | 0.40 | 0.40 | 144,469 | — | ||||||||||||
| Investment Grade | 0.19 | 0.35 | 134,923 | — | ||||||||||||
| Mortgage REIT | 0.40 | 0.40 | 67,459 | — | ||||||||||||
| Preferred Securities | 0.40 | 0.40 | 72,118 | — | ||||||||||||
| Renminbi | 0.39 | 0.35 | 9,097 | 37,029 | ||||||||||||
| Treasury-Hedged | 0.50 | 0.45 | 22,956 | 31,379 | ||||||||||||
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.
| 85 |
MARKET VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
Note 4–Investments–For the period ended October 31, 2014, 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 Purchased | Proceeds from Investments Sold | ||||||||||||||
| BDC Income | $ | 6,575,311 | $ | 4,250,972 | ||||||||||||
| Emerging Markets Aggregate | 2,272,363 | 5,372,252 | ||||||||||||||
| Emerging Markets High Yield | 73,448,990 | 50,902,694 | ||||||||||||||
| Emerging Markets Local Currency | 183,250,360 | 109,018,098 | ||||||||||||||
| Fallen Angel | 3,586,285 | 3,545,044 | ||||||||||||||
| International High Yield | 51,614,105 | 34,095,016 | ||||||||||||||
| Investment Grade | 18,057,457 | 13,085,454 | ||||||||||||||
| Mortgage REIT | 32,941,953 | 7,469,607 | ||||||||||||||
| Preferred Securities | 19,206,090 | 21,049,416 | ||||||||||||||
| Renminbi | 386,223 | 808,932 | ||||||||||||||
| Treasury-Hedged | 2,119,451 | 2,270,953 | ||||||||||||||
Note 5–Income Taxes–As of October 31, 2014, 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 Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||||||||||
| BDC Income | $ | 56,560,337 | $ | 317,005 | $ | (2,811,709 | ) | $ | (2,494,704 | ) | ||||||
| Emerging Markets Aggregate | 18,136,066 | 363,235 | (847,230 | ) | (483,995 | ) | ||||||||||
| Emerging Markets High Yield | 504,022,276 | 5,282,892 | (16,073,287 | ) | (10,790,395 | ) | ||||||||||
| Emerging Markets Local Currency | 1,046,097,106 | 3,908,544 | (129,949,251 | ) | (126,040,707 | ) | ||||||||||
| Fallen Angel | 16,218,762 | 1,146,250 | (84,066 | ) | 1,062,184 | |||||||||||
| International High Yield | 227,282,352 | 2,784,277 | (7,974,594 | ) | (5,190,317 | ) | ||||||||||
| Investment Grade | 92,517,378 | 389,971 | (41,183 | ) | 348,788 | |||||||||||
| Mortgage REIT | 132,107,918 | 4,974,725 | (14,380,858 | ) | (9,406,133 | ) | ||||||||||
| Preferred Securities | 187,042,255 | 2,458,132 | (4,576,228 | ) | (2,118,096 | ) | ||||||||||
| Renminbi | 5,007,035 | 84,110 | (12,404 | ) | 71,706 | |||||||||||
| Treasury-Hedged | 10,115,429 | 214,381 | (158,390 | ) | 55,991 | |||||||||||
The tax character of dividends paid to shareholders during the year ended April 30, 2014 was as follows:
| Ordinary Income | Long-Term Capital Gains | Return of Capital | ||||||||||
| Fund | April 30, 2014 | April 30, 2014 | April 30, 2014 | |||||||||
| BDC Income | $ | 1,559,010 | $ | — | $ | — | ||||||
| Emerging Markets Aggregate | 507,063 | 3,567 | 472,970 | |||||||||
| Emerging Markets High Yield | 13,759,920 | — | — | |||||||||
| Emerging Markets Local Currency | 38,448,228 | — | 15,121,732 | |||||||||
| Fallen Angel | 823,240 | 45,240 | — | |||||||||
| International High Yield | 12,147,040 | — | — | |||||||||
| Investment Grade | 398,830 | — | — | |||||||||
| Mortgage REIT | 10,623,350 | — | 2,500,000 | |||||||||
| Preferred Securities | 9,173,790 | — | — | |||||||||
| Renminbi | 192,600 | — | — | |||||||||
| Treasury-Hedged | 432,400 | — | — | |||||||||
The tax character of current year distributions will be determined at the end of the fiscal year.
| 86 |
At April 30, 2014, the Funds had capital loss carryforwards available to offset future capital gains, as follows:
| Fund | No Expiration Short-Term Capital Losses | No Expiration Long-Term Capital Losses | ||||||||
| BDC Income | $ | 101,590 | $ | — | ||||||
| Emerging Markets Aggregate | 1,403,942 | 155,658 | ||||||||
| Emerging Markets High Yield | 833,054 | 393,421 | ||||||||
| Emerging Markets Local Currency | 3,391,602 | — | ||||||||
| International High Yield | 240,924 | 5,140 | ||||||||
| Investment Grade | — | 1,180 | ||||||||
| Mortgage REIT | 941,991 | |||||||||
| Preferred Securities | 2,091,234 | 417,398 | ||||||||
| Renminbi | 39 | — | ||||||||
During the year ended April 30, 2014, Investment Grade, Renminbi and Treasury-Hedged utilized $2,913, $843 and $10,100 of prior year capital carryforwards, respectively.
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 April 30, 2011-2014), or expected to be taken in the Funds’ current tax year. The Funds do not have exposure for additional years that might still be open in certain foreign jurisdictions. 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 ended October 31, 2014, the Funds did not incur any interest or penalties.
Note 6–Capital Share Transactions–As of October 31, 2014, 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, or multiple thereof, as follows:
| Fund | Creation Units | ||||
| BDC Income | 50,000 | ||||
| Emerging Markets Aggregate | 200,000 | ||||
| Emerging Markets High Yield | 200,000 | ||||
| Emerging Markets Local Currency | 200,000 | ||||
| Fallen Angel | 200,000 | ||||
| International High Yield | 200,000 | ||||
| Investment Grade | 100,000 | ||||
| Mortgage REIT | 50,000 | ||||
| Preferred Securities | 50,000 | ||||
| Renminbi | 100,000 | ||||
| Treasury-Hedged | 200,000 | ||||
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, 2014, the Funds had in-kind contributions and redemptions as follows:
| Fund | In-Kind Contributions | In-Kind Redemptions | ||||||||
| BDC Income | $ | 15,097,780 | $ | 4,145,492 | ||||||
| Emerging Markets High Yield | 85,502,902 | 4,280,510 | ||||||||
| Emerging Markets Local Currency | 88,657,412 | 13,588,859 | ||||||||
| International High Yield | 37,242,129 | — | ||||||||
| Investment Grade | 4,249,806 | 14,365,526 | ||||||||
| Mortgage REIT | — | 7,809,726 | ||||||||
| Preferred Securities | 27,748,352 | 9,972,088 | ||||||||
| 87 |
MARKET VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
The in-kind contributions and in-kind redemptions in this table represent the accumulation of each Fund’s daily net shareholder transactions including rebalancing activity, while the Statements of Changes in Net Assets reflect gross shareholder transactions including any cash component of the transactions.
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 (except BDC Income, Mortgage REIT, and Preferred Securities) 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 the Funds involve risks similar to those of investing in any bond fund, such as market fluctuations caused by factors such as economic and political developments, changes in interest rates and perceived trends in security prices.
The Funds (except Investment Grade, Mortgage REIT, Preferred Securities and Renminbi) may directly or indirectly invest 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. These Funds may not be able to sell bonds at desired prices and large purchases or sales of certain high-yield bond issues may cause substantial fluctuations in share price, yield and total return.
BDC Income invests in business development companies which generally invest in less mature private companies or thinly traded U.S. public companies which involve greater risk than well-established publicly-traded companies.
Emerging Markets Aggregate, Emerging Markets High Yield, Emerging Markets Local Currency, Fallen Angel, International High Yield, Investment Grade 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 the Funds may have significant investments in foreign debt securities, they may be subject to greater credit and interest risks and greater currency fluctuations than portfolios with significant investments in domestic debt securities.
Mortgage REIT invests directly in mortgage REITs and is exposed to the risks specific to the real estate market as well as the risks that relate specifically to the way in which mortgage REITs are organized and operated. Mortgage REITs receive principal and interest payments from the owners of the mortgaged properties. Accordingly, mortgage REITs 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.
Mortgage REIT may invest in mortgage REITs that may trade at a discount or premium to their net asset value.
Preferred Securities invests in preferred securities which are essentially contractual obligations that declare distributions but permit the issuer to defer or suspend distributions. This may require the Fund to account for the distribution that has been deferred or suspended for tax purposes, even though it may not have received this income. Additionally, preferred securities are subject to credit risk. Credit risk refers to the possibility that the issuer of a security will be unable and/or unwilling to make timely distributions of dividends. In addition, preferred securities are subject to interest rate risk. Preferred securities interest rates may move in an inverse direction to that of general interest rates.
Treasury-Hedged invests directly in securities sold short and futures contracts which are designed to hedge against the price sensitivity of the below investment grade corporate bonds. A risk of hedging is the imperfect correlation between price movement of the securities sold short and the price movement of the Fund’s investments.
Certain Funds may invest directly in the Russian local market. As a result of recent events involving Ukraine and the Russian Federation, the United States and the European Union have imposed sanctions on certain Russian individuals
| 88 |
and companies. These sanctions do not currently impact any of the Funds. Additional economic sanctions may be imposed or other actions may be taken that may adversely affect the value and liquidity of the Russian-related issuers’ held, if any, by the Funds.
At October 31, 2014, the Adviser owned approximately 53% of Emerging Markets Aggregate as well as 50% of Renminbi.
Note 8–Trustee Deferred Compensation Plan–The Trust has a Deferred Compensation Plan (the “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.
For each Fund, the expense for the Plan is included in “Trustees’ fees and expenses” in the Statements of Operations. The liability for the 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 Mellon, the securities lending agent and also the Funds’ custodian. Each Fund 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 equal 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. Such fees and interest are shared with the securities lending agent under the terms of the securities lending agreement. The Funds may pay reasonable finders’, administrative and custodial fees in connection with a loan of its securities and shares the interest earned on the collateral and borrowing fees received with the securities lending agent. Securities lending income is disclosed as such in the Statements of Operations. The collateral for securities loaned is recognized in the Schedules of Investments and the Statements of Assets and Liabilities. The cash collateral is maintained on the Funds’ behalf by the lending agent and is invested in the Bank of New York Overnight Government Fund, the Bank of New York Institutional Cash Reserve, or repurchase agreements collateralized by obligations of the U.S. Treasury and/or Government Agencies. 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 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 value of loaned securities and related collateral outstanding at October 31, 2014 are presented on a gross basis in the Schedules of Investments and Statements of Assets and Liabilities.
Note 10–Bank Line of Credit–The Funds may participate in a $200 million committed credit facility (the “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 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, 2014, the following Funds borrowed under this Facility:
| Outstanding Loan | |||||||||||||||||
| Days | Average Daily | Average | Balance as of | ||||||||||||||
| Fund | Outstanding | Loan Balance | Interest Rate | October 31, 2014 | |||||||||||||
| BDC Income | 145 | $ | 244,726 | 1.49 | % | $151,662 | |||||||||||
| Emerging Markets Aggregate | 18 | 155,219 | 1.49 | — | |||||||||||||
| Emerging Markets High Yield | 5 | 504,947 | 1.49 | — | |||||||||||||
| Emerging Markets Local Currency | 57 | 2,224,230 | 1.49 | — | |||||||||||||
| Fallen Angel | 19 | 184,356 | 1.49 | — | |||||||||||||
| International High Yield | 2 | 444,870 | 1.49 | — | |||||||||||||
| Investment Grade | 2 | 403,711 | 1.49 | — | |||||||||||||
| Mortgage REIT | 151 | 1,252,263 | 1.49 | 346,472 | |||||||||||||
| Preferred Securities | 136 | 474,933 | 1.49 | — | |||||||||||||
| Treasury-Hedged | 6 | 150,806 | 1.49 | — | |||||||||||||
| 89 |
MARKET VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
Note 11–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, 2014, there were no offsets to the custodian fees.
Note 12–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, 2014:
| Fund | Ex-Date | Record Date | Payable Date | Per Share | ||||
| Emerging Markets Aggregate | 11/3/14 | 11/5/14 | 11/7/14 | $0.0900 | ||||
| Emerging Markets High Yield | 11/3/14 | 11/5/14 | 11/7/14 | $0.1360 | ||||
| Emerging Markets Local Currency | 11/3/14 | 11/5/14 | 11/7/14 | $0.1000 | ||||
| Fallen Angel | 11/3/14 | 11/5/14 | 11/7/14 | $0.1300 | ||||
| International High Yield | 11/3/14 | 11/5/14 | 11/7/14 | $0.1160 | ||||
| Investment Grade | 11/3/14 | 11/5/14 | 11/7/14 | $0.0129 | ||||
| Preferred Securities | 11/3/14 | 11/5/14 | 11/7/14 | $0.0600 | ||||
| Renminbi | 11/3/14 | 11/5/14 | 11/7/14 | $0.1000 | ||||
| Treasury-Hedged | 11/3/14 | 11/5/14 | 11/7/14 | $0.1000 | ||||
| Emerging Markets Aggregate | 12/1/14 | 12/3/14 | 12/5/14 | $0.0850 | ||||
| Emerging Markets High Yield | 12/1/14 | 12/3/14 | 12/5/14 | $0.1280 | ||||
| Emerging Markets Local Currency | 12/1/14 | 12/3/14 | 12/5/14 | $0.1012 | ||||
| Fallen Angel | 12/1/14 | 12/3/14 | 12/5/14 | $0.1050 | ||||
| International High Yield | 12/1/14 | 12/3/14 | 12/5/14 | $0.1100 | ||||
| Investment Grade | 12/1/14 | 12/3/14 | 12/5/14 | $0.0134 | ||||
| Preferred Securities | 12/1/14 | 12/3/14 | 12/5/14 | $0.0700 | ||||
| Renminbi | 12/1/14 | 12/3/14 | 12/5/14 | $0.1000 | ||||
| Treasury-Hedged | 12/1/14 | 12/3/14 | 12/5/14 | $0.0930 | ||||
| Renminbi | 12/9/14 | 12/11/14 | 12/15/14 | $0.6043 |
The following distribution from long-term capital gains was declared and paid subsequent to October 31, 2014:
| Fund | Ex-Date | Record Date | Payable Date | Per Share | ||||
| Renminbi | 12/9/14 | 12/11/14 | 12/15/14 | $0.0120 |
Effective November 5, 2014, the expense limitation for Investment Grade was reduced from 0.19% to 0.14%. Additionally, effective December 12, 2014, shares are now issued and redeemed by Treasury-Hedged in Creation Units of 100,000 or multiples thereof.
The Board of Trustees of Market Vectors ETF Trust approved the liquidation and dissolution of Renminbi. A final distribution will be paid out to shareholders of record on December 22, 2014, payable on December 23, 2014.
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MARKET VECTORS ETF TRUST
APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS
(unaudited)
At a meeting held on June 6, 2014 (the “Meeting”), the Board of Trustees (the “Board”) of Market Vectors ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), considered and approved a sub-advisory agreement (the “Sub-Advisory Agreement”) between Van Eck Associates Corporation (the “Adviser”) and China Asset Management (Hong Kong) Limited (the “Sub-Adviser”) with respect to Market Vectors Renminbi Bond ETF (the “Fund”).
The Board’s approval of the Sub-Advisory 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 the Meeting, the Trustees received materials from the Adviser and the Sub-Adviser, as discussed below. Information provided to the Trustees from the Adviser and the Sub-Adviser included various aspects of the proposed changes to the Fund’s investment strategies, the rationale for retaining a sub-adviser that has been granted a quota under the Renminbi Qualified Institutional Investors Scheme (“RQFII quota”) and the RQFII program generally. The Independent Trustees’ consideration of the Sub-Advisory Agreement was based, in part, on information obtained through discussions with the Adviser and the Sub-Adviser at the Meeting regarding the management of the Fund and/or based on their review of the materials provided by the Adviser and the Sub-Adviser, including the background and experience of the portfolio managers, the Sub-Adviser’s affiliate, China Asset Management Co., Ltd. and others involved or proposed to be involved on behalf of the Sub-Adviser in the management of the Fund. The Trustees noted that the Sub-Adviser is a wholly-owned subsidiary of China Asset Management Co., China’s largest asset management company measured by fund assets under management. The Trustees took into account the Sub-Adviser’s experience and investment management process with respect to RQFII funds, including Market Vectors ChinaAMC A-Share ETF, currently managed by the Sub-Adviser and the experience of its affiliate, China Asset Management Co., Ltd. The Trustees also considered the terms of, and scope of services that the Sub-Adviser would provide under, the Sub-Advisory Agreement and information with respect to the Sub-Adviser’s compliance program.
In addition, the Trustees were given information regarding the expected benefits to the Fund that could be achieved by investing directly in renminbi-denominated bonds issued in mainland China via the Sub-Adviser’s RQFII quota. The Trustees took into account the unique legal and operational aspects of the Fund and the RQFII program. The Trustees also considered materials relating to the sub-advisory fees to be paid to the Sub-Adviser by the Adviser, the advisory fees to be retained by the Adviser and information provided by the Sub-Adviser with respect to the tracking error of other RQFII funds that it manages and the fees it charges those funds. The Trustees concluded that the nature, quality and extent of the services to be provided by the Sub-Adviser were appropriate.
The Independent Trustees were advised by and met in executive session with their independent counsel at the Meeting as part of their consideration of the Sub-Advisory Agreement.
In voting to approve the Sub-Advisory Agreement, the Trustees, including the Independent Trustees, concluded that the terms of the Sub-Advisory Agreement are reasonable and fair in light of the services to be performed, expenses to be incurred and such other matters as the Trustees considered relevant in the exercise of their reasonable judgment. The Trustees also concluded that the sub-advisory fees were reasonable in light of the services to be provided. The Trustees further concluded that Sub-Advisory Agreement is in the best interest of the Fund and the Fund’s shareholders.
* * *
At a meeting held on June 6, 2014 (the “Renewal Meeting”), the Board of Trustees (the “Board”) of Market Vectors ETF Trust (the “Trust”), including all of Trustees that are not interested persons of the Trust (the “Independent Trustees”), approved the continuation of the investment management agreements between the Trust and Van Eck Associates Corporation (the “Adviser”) (the “Investment Management Agreements”) with respect to the Market Vectors Asia ex-Japan Aggregate Bond ETF, BDC Income ETF, Business Development Company/Specialty Finance ETF, Defaulted & Distressed Bond ETF, Emerging Markets Aggregate Bond ETF, Emerging Markets High Yield Bond ETF, Emerging Markets Local Currency Bond ETF, Emerging Markets Short-Term Corporate Bond ETF, European High Yield Bond ETF, European Sovereign Bond ETF, Fallen Angel High Yield Bond ETF, Fixed Income I ETF, Fixed Income II ETF, Global Fallen Angel Bond ETF, Global High Yield Bond ETF, Global High Yield US$ Bond ETF, Greater China Corporate Bond ETF, Greater China High Yield Bond ETF, International High Yield Bond ETF, International US$ High Yield Bond ETF,
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MARKET VECTORS ETF TRUST
APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS
(unaudited) (continued)
Investment Grade Floating Rate ETF, Japanese Bond ETF, Mortgage REIT Income ETF, MV Emerging Markets Aggregate Bond ETF, Non-Agency RMBS ETF, Preferred Securities ex Financials ETF, Renminbi Bond ETF, Treasury-Hedged High Yield Bond ETF and USD Emerging Markets Aggregate Bond ETF (collectively, the “Funds”).
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 9, 2014. 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 (other index-based exchange-traded funds (“ETFs”)), 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. In reviewing performance and expense information for certain of the Funds against their peer groups, the Trustees considered that some of the Funds generally invest in a different group of issuers than some or all of the other funds in a Fund’s designated peer group. For these and other reasons, the Trustees noted that the peer group information did not necessarily provide meaningful direct comparisons to the Funds.
The Independent Trustees’ consideration of the Investment Management Agreements was based, in part, on their review of information obtained through discussions with the Adviser at the Renewal Meeting and the May 9, 2014 meeting and information obtained at other meetings of the Trustees 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 in the management and administration of the Funds. The Trustees also considered the terms of, and scope of services that the Adviser provides under, the Investment Management Agreements, including, where applicable, 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 time.
The Trustees concluded that the Adviser and its personnel have the requisite expertise and skill to manage the Funds’ portfolios. In evaluating the performance over relevant periods of each of the Funds that had commenced operations prior to the date of the Renewal Meeting (the “Operating Funds”), the Trustees reviewed various performance metrics but relied principally on a comparison of the “gross” performance of each Operating Fund (i.e., measured without regard to the impact of fees and expenses) to the performance of its benchmark index, in each case incorporating any fair value adjustments to the underlying securities. Based on discussions with the Adviser, the Trustees concluded that the investment performance of the Funds was satisfactory.
The Trustees also considered information relating to the financial condition of the Adviser and the current status, as they understood it, of the Adviser’s compliance environment.
As noted above, the Trustees were also provided various data from Lipper comparing the Operating Funds’ expenses and performance to that of other ETFs. The Trustees noted that the information provided showed that each Operating Fund had a total expense ratio (after the effect of any applicable expense limitation) below or equal to the average and/or median of its respective peer group of funds, except for each of Market Vectors BDC Income ETF, Mortgage REIT Income ETF and Treasury-Hedged High Yield Bond ETF which had a total expense ratio (after the effect of any applicable expense limitation) greater than the average and median of its 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 performance of the Operating Funds and 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 certain administrative services to the Funds, and from an affiliate of the Adviser serving as distributor for the Funds.
| 92 |
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 certain 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 noted that the Adviser has capped expenses on each Operating Fund since its inception. 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 of any economies of scale which may exist with shareholders. 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, Defaulted & Distressed Bond ETF, Emerging Markets Aggregate Bond ETF, Emerging Markets Short-Term Corporate Bond ETF, European High Yield Bond ETF, European Sovereign Bond ETF, Fixed Income I ETF, Fixed Income II ETF, Global High Yield Bond ETF, Greater China Corporate Bond ETF, Greater China High Yield Bond ETF and Non-Agency RMBS ETF because the Funds had not yet commenced operations at the time of the Renewal Meeting. The Trustees could not consider the historical performance or the quality of services previously provided to each of these 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.
The Independent Trustees were advised by and met in executive session with their independent counsel at the Renewal Meeting and at their May 9, 2014 meeting as part of their consideration of the Investment Management Agreements.
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, 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 best interest of each Fund and such Fund’s shareholders.
* * *
At a meeting (the “Meeting”) held on September 4, 2014, the Board of Trustees (the “Board”) of Market Vectors ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), considered and approved an investment management agreement (the “Investment Management Agreement”) between the Trust and Van Eck Associates Corporation (the “Adviser”) and a sub-advisory agreement (the “Sub-Advisory Agreement”) between the Adviser and China Asset Management (Hong Kong) Limited (the “Sub-Adviser”) with respect to Market Vectors China Bond ETF (the “Fund”). The Investment Management Agreement and Sub-Advisory Agreement are together referred to as the “Agreements.”
The Board’s approval of each 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 the Meeting, the Trustees received materials from the Adviser and the Sub-Adviser as discussed below. Information provided to the Trustees from the Adviser and the Sub-Adviser included various aspects of the Fund’s proposed investment program, fee arrangements and service provider arrangements as well as the rationale for retaining a sub-adviser that has been granted a quota under the Renminbi Qualified Institutional Investors Scheme (“RQFII quota”) and the RQFII program generally. The Independent Trustees’ consideration of each Agreement was based, in part, on information obtained through discussions with the Adviser at the Meeting regarding the management of the Fund, information obtained at other meetings of the Trustees respecting the Adviser and the Sub-Adviser and/or based on their review of the materials provided by the Adviser and the Sub-Adviser, including the background and experience of the portfolio managers, the Sub-Adviser’s affiliate, China Asset Management Co., Ltd. and others involved or proposed to
| 93 |
MARKET VECTORS ETF TRUST
APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS
(unaudited) (continued)
be involved on behalf of the Adviser and the Sub-Adviser in the management of the Fund. The Trustees also considered the terms of, and scope of services that the Adviser and the Sub-Adviser would provide under each Agreement, including the Adviser’s commitment to waive certain fees and/or pay expenses of the Fund to the extent necessary to prevent the operating expenses of the Fund from exceeding agreed upon limits for a period of at least one year following the effective date of the Fund’s respective registration statement. The Trustees noted that the Sub-Adviser is a wholly-owned subsidiary of China Asset Management Co., China’s largest asset management company measured by fund assets under management. The Trustees took into account the Sub-Adviser’s experience and investment management process with respect to RQFII funds, including Market Vectors ChinaAMC A-Share ETF and Market Vectors ChinaAMC SME-ChiNext ETF, currently managed by the Sub-Adviser and the experience of its affiliate, China Asset Management Co., Ltd. The Trustees also considered information with respect to the overall business of the Adviser and the Sub-Adviser, and the Adviser’s views of the proposed service providers.
In addition, the Trustees were given data on the exchange-traded fund (“ETF”) market with the Adviser noting that, at the time of the Meeting, there were no U.S.-listed ETFs that provided exposure to bonds issued in mainland China. The Trustees took into account the unique legal and operational aspects of the Fund and the RQFII program. The Trustees considered the sub-advisory fees to be paid to the Sub-Adviser by the Adviser, and the advisory fees to be retained by the Adviser. The Trustees considered the benefits, other than the fees under the Investment Management Agreement, that the Adviser would receive from serving as adviser to the Fund, including any it may receive from providing administrative services to the Fund and from an affiliate of the Adviser serving as distributor to the Fund. The Trustees did not consider historical information about the cost of the services provided by the Adviser and the Sub-Adviser or the profitability of the Fund to the Adviser and the Sub-Adviser because the Fund had not yet commenced operations. However, the Adviser agreed to provide the Trustees with profitability information in connection with future proposed continuances of the 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 Fund has not yet commenced operations, the Trustees could not consider the historical performance or the quality of services previously provided to the Fund by the Adviser and the Sub-Adviser, although they concluded that the nature, quality and extent of the services to be provided by the Adviser and the Sub-Adviser were appropriate based on the Trustees’ knowledge of the Adviser and the Sub-Adviser and their personnel and the operations of the other series of the Trust (in the case of the Sub-Adviser, Market Vectors ChinaAMC A-Share ETF and Market Vectors ChinaAMC SME-ChiNext ETF as having served in such capacity since January 2014 and July 2014, respectively).
The Independent Trustees were advised by and met in executive session with their independent counsel at the Meeting as part of their consideration of the Agreements.
In voting to approve the Agreements, the Trustees, including the Independent Trustees, concluded that the terms of the Agreements are reasonable and fair in light of the services to be performed, the fees paid by other funds, expenses to be incurred and such other matters as the Trustees considered relevant in the exercise of their reasonable judgment. The Trustees also concluded that the advisory and sub-advisory fees were reasonable in light of the services to be provided. The Trustees further concluded that each Agreement is in the best interest of the Fund and the Fund’s shareholders.
| 94 |
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 and Summary 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 and summary prospectus contains this and other information about the investment company. Please read the prospectus and summary prospectus carefully before investing.
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 marketvectorsetfs.com, or on the Securities and Exchange Commission’s website at http://www.sec.gov.
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 marketvectorsetfs.com.
Investment Adviser:
Van Eck Associates Corporation
Distributor:
Van Eck Securities Corporation
335 Madison Avenue
New York, NY 10017
vaneck.com
Account Assistance:
1.888.MKT.VCTR
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.
Not applicable.
Item 11. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive and principal financial officers, or
persons performing similar functions, have concluded that the registrant's
disclosure controls and procedures (as defined in Rule 30a-3(c) under the
Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR
270.30a-3(c)) are effective, as of a date within 90 days of the filing
date of the report that includes the disclosure required by this paragraph,
based on their evaluation of these controls and procedures required
by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules
13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934,
as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).
(b) There were no changes in the registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR
270.30a-3(d)) that occurred during the second fiscal quarter of the period
covered by this report that has materially affected, or is reasonably
likely to materially affect, the registrant's internal control over
financial reporting.
Item 12. EXHIBITS.
(a)(1) 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(a)) 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/ John J. Crimmins, Treasurer & Chief Financial Officer
---------------------------------------------------------
Date January 8, 2015
---------------
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, Chief Executive Officer
--------------------------------------------
Date January 8, 2015
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By (Signature and Title) /s/ John J. Crimmins, Treasurer & Chief Financial Officer
-----------------------------------------------------------
Date January 8, 2015
---------------