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: APRIL 30, 2015
Item 1. Report to Shareholders
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ANNUAL REPORT A P R I L 3 0 , 2 0 1 5 |
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| 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 April 30, 2015, and are subject to change.
MARKET VECTORS MUNICIPAL INCOME ETFs
(unaudited)
On April 30 of this year, assets under management in the Market Vectors Municipal Income ETFs were at a record level of $3.2 billion. In this letter, we discuss one of these funds: Market Vectors Intermediate Municipal Index ETF (ITM).
Intermediates: the sweet spot on the municipal yield curve
One of the attractions of ITM, in particular, lies in the position of intermediates on the current municipal (muni) yield curve. Situated between the curve’s short and long ends, ITM offers both advantages and possibilities, in terms of potential yield, that is not available to either short- or long-dated municipal bonds. ITM’s underlying index, Barclays AMT-Free Intermediate Continuous Municipal Index (LMT2TR), focuses on bonds with six to 17 year maturities, potentially capturing a significant portion of the yield available in the entire yield curve.
In a normal interest rate environment, when short-term interest rates are lower than long-term rates, the muni yield curve has tended to be steepest in maturities below 17 years. This has typically provided an embedded boost to performance, derived from what is known as the roll down effect. Roll down refers to the price appreciation a bond experiences as it “rolls down” the curve towards final maturity. For example, as a bond goes from nine to eight years until maturity, its yield decreases, while its price increases. This effect is particularly attractive where the yield differential between maturities is greatest (the curve is steepest).
Long-term munis (those above 17 years) have often provided little extra yield in exchange for their generally longer duration or higher sensitivity to rising interest rates. Short-term munis (those with less than six years until maturity) have been generally less interest rate sensitive. However, typically, in terms of yield, little reward has been available in this part of the curve.
Source: Thompson Reuters Municipal Market Data, as of 4/30/2015. Historical performance is not indicative of future results; current data may differ from data quoted. Fund performance current to the most recent month end is available by visiting www.marketvectorsetfs.com or calling 1.888.MKT.VCTR.
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.
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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 12-month period ending April 30, 2015. 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
May 25, 2015
Represents the opinions of the investment adviser. Past performance is no guarantee of future results. Not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue.
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Management Discussion (unaudited)
During the 12-month period ended April 30, 2015, the municipal bond market (munis) continued to experience inflows. Building on their positive performances in the six months to October 31, 2014, all the Market Vectors Municipal Income ETFs performed positively for the full 12-month period under review. The performances of Long Municipal Index ETF, High-Yield Municipal Index ETF, and CEF Municipal Income ETF were particularly notable.
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 sectors, except for pre-refunded, contributed positive performance. In terms of state/U.S. territory, New York and California contributed the most to the total return of the Fund, while New Jersey and Puerto Rico were the only two detractors 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, munis from New Jersey detracted the most from performance, but even then only minimally.
Intermediate Municipal Index ETF
Munis from New York and California contributed the most to the total return of the Fund, while when grouped by state/U.S. territory, those from Puerto Rico detracted the most from performance, but even then, nominally. 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. Three sectors detracted from performance, and only minimally: pre-refunded, local general, and resource recovery.
Long Municipal Index ETF
All sectors, except taxable, contributed positively to the Fund’s total return, with the hospital and transportation sectors being the greatest contributors. Municipal bonds issued by New York contributed by far the most to performance. Grouped by state/U.S. territory, municipal bonds issued by three states were detractors from performance: Maryland, Puerto Rico, and Utah.
| 3 |
MARKET VECTORS MUNICIPAL INCOME ETFs
(unaudited)
Short High-Yield Municipal Index ETF/High-Yield Municipal Index ETF
While the hospital and the industrial development revenue/pollution control revenue (IDR/PCR) sectors contributed most to performance of the Short High-Yield Municipal ETF, the electric sector was the one detractor from performance. Every single state/U.S. territory represented in the Fund contributed positively to the Fund’s total return, except for six: Arkansas, Georgia, New Hampshire, Louisiana, Puerto Rico, and Rhode Island. Munis from Texas and New Jersey contributed the most to performance.
In the High-Yield Municipal Index ETF, every sector except two – electric and pre-refunded – contributed to overall performance. While the hospital and IDR/PCR sectors contributed by far the most to total return, the housing and resource recovery sectors contributed the least. Munis from New York made the greatest contribution to performance while those from Nevada and Puerto Rico detracted most from performance.
CEF Municipal Income ETF
Over the 12 months under review, the average discount at which municipal closed-end funds (CEFs) traded first widened and then narrowed back nearly to its value at the beginning of the period. From a starting point of approximately -5.9% on May 1, 2014, the average discount had, by April 30, 2015, the end of the period, only widened to approximately -6.0%. Since many municipal CEFs use leverage, and short-term rates remained low during the period under review, the cost of leverage, remained relatively low. This was beneficial to the municipal closed-end fund market and the Fund returned a commendable 10.02% for the 12-month period.
| 4 |
MARKET VECTORS CEF MUNICIPAL INCOME ETF
April 30, 2015 (unaudited)
| Hypothetical Growth of $10,000 (Since Inception) | |||
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark. |  |
| Total Return | Share Price1 | NAV | CEFMXTR2 | |||
| One Year | 10.55% | 10.02% | 10.49% | |||
| Life* (annualized) | 7.58% | 7.41% | 7.85% | |||
| Life* (cumulative) | 32.05% | 31.24% | 33.27% | |||
| * since 7/12/11 |
Commencement date for the Market Vectors CEF Municipal Income ETF 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 0.57% / 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.
| 5 |
MARKET VECTORS CEF MUNICIPAL INCOME ETF
PERFORMANCE COMPARISON
April 30, 2015 (unaudited)
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. |
FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS
(unaudited)
CEF Municipal
Income ETF (XMPT)
Closing Price vs. NAV
The following Frequency Distribution of Premiums and Discounts chart is provided to show the frequency at which the closing price for XMPT is at a premium or discount to its daily net asset value (NAV). The chart is for comparative purposes only and represents the period noted.
| July 13, 2011* through April 30, 2015 | ||||||||||||
| Premium/Discount Range | Number of Days | Percentage of Total Days | ||||||||||
| Greater than or Equal to 5.0% | 0 | 0.0 | % | |||||||||
| Greater than or Equal to 4.5% And Less Than 5.0% | 0 | 0.0 | % | |||||||||
| Greater than or Equal to 4.0% And Less Than 4.5% | 0 | 0.0 | % | |||||||||
| Greater than or Equal to 3.5% And Less Than 4.0% | 0 | 0.0 | % | |||||||||
| Greater than or Equal to 3.0% And Less Than 3.5% | 1 | 0.1 | % | |||||||||
| Greater than or Equal to 2.5% And Less Than 3.0% | 0 | 0.0 | % | |||||||||
| Greater than or Equal to 2.0% And Less Than 2.5% | 2 | 0.2 | % | |||||||||
| Greater than or Equal to 1.5% And Less Than 2.0% | 1 | 0.1 | % | |||||||||
| Greater than or Equal to 1.0% And Less Than 1.5% | 3 | 0.3 | % | |||||||||
| Greater than or Equal to 0.5% And Less Than 1.0% | 24 | 2.5 | % | |||||||||
| Greater than or Equal to 0.0% And Less Than 0.5% | 631 | 66.0 | % | |||||||||
| Greater than or Equal to -0.5% And Less Than 0.0% | 284 | 29.8 | % | |||||||||
| Greater than or Equal to -1.0% And Less Than -0.5% | 8 | 0.8 | % | |||||||||
| Greater than or Equal to -1.5% And Less Than -1.0% | 1 | 0.1 | % | |||||||||
| Greater than or Equal to -2.0% And Less Than -1.5% | 0 | 0.0 | % | |||||||||
| Greater than or Equal to -2.5% And Less Than -2.0% | 0 | 0.0 | % | |||||||||
| Greater than or Equal to -3.0% And Less Than -2.5% | 0 | 0.0 | % | |||||||||
| Greater than or Equal to -3.5% And Less Than -3.0% | 1 | 0.1 | % | |||||||||
| Greater than or Equal to -4.0% And Less Than -3.5% | 0 | 0.0 | % | |||||||||
| Greater than or Equal to -4.5% And Less Than -4.0% | 0 | 0.0 | % | |||||||||
| Greater than or Equal to -5.0% And Less Than -4.5% | 0 | 0.0 | % | |||||||||
| Less Than -5.0% | 0 | 0.0 | % | |||||||||
| 956 | 100.0 | % | ||||||||||
* First day of secondary market trading.
| 6 |
MARKET VECTORS HIGH-YIELD MUNICIPAL INDEX ETF
PERFORMANCE COMPARISON
April 30, 2015 (unaudited)
| Hypothetical Growth of $10,000 (Since Inception) | |||
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark. |  |
| Total Return | Share Price1 | NAV | LMEHTR2 | |||
| One Year | 9.01% | 9.08% | 9.65% | |||
| Five Year | 6.08% | 6.14% | 7.42% | |||
| Life* (annualized) | 9.40% | 9.38% | 10.65% | |||
| Life* (cumulative) | 75.04% | 74.90% | 87.92% | |||
| * since 2/4/2009 |
Commencement date for the Market Vectors High-Yield Municipal Index ETF 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.
| 7 |
MARKET VECTORS HIGH-YIELD MUNICIPAL INDEX ETF
PERFORMANCE COMPARISON
April 30, 2015 (unaudited)
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 a market size weighted index composed of publicly traded municipal bonds that cover the U.S. dollar denominated high yield long-term tax-exempt bond market. The majority of the High Yield Index’s constituents are from the revenue sector, with some constituents being from the general obligation sector. The revenue sector is divided into industry sectors that consist of but may not be limited to electric, health care, transportation, education, water & sewer, resource recovery, leasing, and special tax. |
FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS
(unaudited)
High-Yield
Municipal Index ETF (HYD)
Closing Price vs. NAV
The following Frequency Distribution of Premiums and Discounts chart is provided to show the frequency at which the closing price for HYD is at a premium or discount to its daily net asset value (NAV). The chart is for comparative purposes only and represents the period noted.
| April 30, 2010 through April 30, 2015 | ||||||||||||
| Premium/Discount Range | Number of Days | Percentage of Total Days | ||||||||||
| Greater than or Equal to 5.0% | 0 | 0.0 | % | |||||||||
| Greater than or Equal to 4.5% And Less Than 5.0% | 0 | 0.0 | % | |||||||||
| Greater than or Equal to 4.0% And Less Than 4.5% | 0 | 0.0 | % | |||||||||
| Greater than or Equal to 3.5% And Less Than 4.0% | 0 | 0.0 | % | |||||||||
| Greater than or Equal to 3.0% And Less Than 3.5% | 0 | 0.0 | % | |||||||||
| Greater than or Equal to 2.5% And Less Than 3.0% | 0 | 0.0 | % | |||||||||
| Greater than or Equal to 2.0% And Less Than 2.5% | 0 | 0.0 | % | |||||||||
| Greater than or Equal to 1.5% And Less Than 2.0% | 2 | 0.2 | % | |||||||||
| Greater than or Equal to 1.0% And Less Than 1.5% | 8 | 0.6 | % | |||||||||
| Greater than or Equal to 0.5% And Less Than 1.0% | 211 | 16.8 | % | |||||||||
| Greater than or Equal to 0.0% And Less Than 0.5% | 546 | 43.3 | % | |||||||||
| Greater than or Equal to -0.5% And Less Than 0.0% | 248 | 19.7 | % | |||||||||
| Greater than or Equal to -1.0% And Less Than -0.5% | 105 | 8.3 | % | |||||||||
| Greater than or Equal to -1.5% And Less Than -1.0% | 65 | 5.2 | % | |||||||||
| Greater than or Equal to -2.0% And Less Than -1.5% | 16 | 1.3 | % | |||||||||
| Greater than or Equal to -2.5% And Less Than -2.0% | 23 | 1.8 | % | |||||||||
| Greater than or Equal to -3.0% And Less Than -2.5% | 19 | 1.5 | % | |||||||||
| Greater than or Equal to -3.5% And Less Than -3.0% | 7 | 0.6 | % | |||||||||
| Greater than or Equal to -4.0% And Less Than -3.5% | 3 | 0.2 | % | |||||||||
| Greater than or Equal to -4.5% And Less Than -4.0% | 2 | 0.2 | % | |||||||||
| Greater than or Equal to -5.0% And Less Than -4.5% | 1 | 0.1 | % | |||||||||
| Less Than -5.0% | 3 | 0.2 | % | |||||||||
| 1259 | 100.0 | % | ||||||||||
| 8 |
MARKET VECTORS INTERMEDIATE MUNICIPAL INDEX ETF
PERFORMANCE COMPARISON
April 30, 2015 (unaudited)
| Hypothetical Growth of $10,000 (Since Inception) | |||
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark. |  |
| Total Return | Share Price1 | NAV | LMT2TR2 | |||||||||
| One Year | 4.53 | % | 4.32 | % | 5.25 | % | ||||||
| Five Year | 4.78 | % | 4.73 | % | 5.49 | % | ||||||
| Life* (annualized) | 4.87 | % | 4.82 | % | 5.67 | % | ||||||
| Life* (cumulative) | 42.21 | % | 41.70 | % | 50.40 | % | ||||||
| * since 12/4/2007 |
Commencement date for the Market Vectors Intermediate Municipal Index ETF 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
| 9 |
MARKET VECTORS INTERMEDIATE MUNICIPAL INDEX ETF
PERFORMANCE COMPARISON
April 30, 2015 (unaudited)
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 a market size weighted index comprised of publicly traded municipal bonds that cover the U.S. dollar denominated intermediate term tax-exempt bond market. It is a total return benchmark designed for high quality and tax efficient investments. The Intermediate Index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds, and pre-refunded bonds. |
FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS
(unaudited)
Intermediate
Municipal Index ETF (ITM)
Closing Price vs. NAV
The following Frequency Distribution of Premiums and Discounts chart is provided to show the frequency at which the closing price for ITM is at a premium or discount to its daily net asset value (NAV). The chart is for comparative purposes only and represents the period noted.
| April 30, 2010 through April 30, 2015 | ||||||||||||
| Premium/Discount Range | Number of Days | Percentage of Total Days | ||||||||||
| Greater than or Equal to 5.0% | 0 | 0.0 | % | |||||||||
| Greater than or Equal to 4.5% And Less Than 5.0% | 0 | 0.0 | % | |||||||||
| Greater than or Equal to 4.0% And Less Than 4.5% | 0 | 0.0 | % | |||||||||
| Greater than or Equal to 3.5% And Less Than 4.0% | 0 | 0.0 | % | |||||||||
| Greater than or Equal to 3.0% And Less Than 3.5% | 0 | 0.0 | % | |||||||||
| Greater than or Equal to 2.5% And Less Than 3.0% | 0 | 0.0 | % | |||||||||
| Greater than or Equal to 2.0% And Less Than 2.5% | 0 | 0.0 | % | |||||||||
| Greater than or Equal to 1.5% And Less Than 2.0% | 0 | 0.0 | % | |||||||||
| Greater than or Equal to 1.0% And Less Than 1.5% | 0 | 0.0 | % | |||||||||
| Greater than or Equal to 0.5% And Less Than 1.0% | 2 | 0.2 | % | |||||||||
| Greater than or Equal to 0.0% And Less Than 0.5% | 846 | 67.2 | % | |||||||||
| Greater than or Equal to -0.5% And Less Than 0.0% | 255 | 20.2 | % | |||||||||
| Greater than or Equal to -1.0% And Less Than -0.5% | 75 | 6.0 | % | |||||||||
| Greater than or Equal to -1.5% And Less Than -1.0% | 42 | 3.3 | % | |||||||||
| Greater than or Equal to -2.0% And Less Than -1.5% | 29 | 2.3 | % | |||||||||
| Greater than or Equal to -2.5% And Less Than -2.0% | 9 | 0.7 | % | |||||||||
| Greater than or Equal to -3.0% And Less Than -2.5% | 0 | 0.0 | % | |||||||||
| Greater than or Equal to -3.5% And Less Than -3.0% | 0 | 0.0 | % | |||||||||
| Greater than or Equal to -4.0% And Less Than -3.5% | 1 | 0.1 | % | |||||||||
| Greater than or Equal to -4.5% And Less Than -4.0% | 0 | 0.0 | % | |||||||||
| Greater than or Equal to -5.0% And Less Than -4.5% | 0 | 0.0 | % | |||||||||
| Less Than -5.0% | 0 | 0.0 | % | |||||||||
| 1259 | 100.0 | % | ||||||||||
| 10 |
MARKET VECTORS LONG MUNICIPAL INDEX ETF
PERFORMANCE COMPARISON
April 30, 2015 (unaudited)
| Hypothetical Growth of $10,000 (Since Inception) | |||
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark. |  |
| Total Return | Share Price1 | NAV | LMT3TR2 | |||
| One Year | 7.30% | 7.25% | 8.16% | |||
| Five Year | 5.46% | 5.48% | 6.37% | |||
| Life* (annualized) | 4.09% | 4.08% | 5.65% | |||
| Life* (cumulative) | 34.12% | 34.03% | 49.54% |
| * since 1/2/2008 |
Commencement date for the Market Vectors Long Municipal Index ETF 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.
| 11 |
MARKET VECTORS LONG MUNICIPAL INDEX ETF
PERFORMANCE COMPARISON
April 30, 2015 (unaudited)
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 a market size weighted index comprised of publicly traded municipal bonds that cover the U.S. dollar denominated long-term tax-exempt bond market. It is a total return benchmark designed for high quality and tax efficient investments. The Long Index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds, and pre-refunded bonds. |
FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS
(unaudited)
Long Municipal
Index ETF (MLN)
Closing Price vs. NAV
The following Frequency Distribution of Premiums and Discounts chart is provided to show the frequency at which the closing price for MLN is at a premium or discount to its daily net asset value (NAV). The chart is for comparative purposes only and represents the period noted.
| April 30, 2010 through April 30, 2015 | ||||||||||||
| Premium/Discount Range | Number of Days | Percentage of Total Days | ||||||||||
| Greater than or Equal to 5.0% | 0 | 0.0 | % | |||||||||
| Greater than or Equal to 4.5% And Less Than 5.0% | 0 | 0.0 | % | |||||||||
| Greater than or Equal to 4.0% And Less Than 4.5% | 0 | 0.0 | % | |||||||||
| Greater than or Equal to 3.5% And Less Than 4.0% | 0 | 0.0 | % | |||||||||
| Greater than or Equal to 3.0% And Less Than 3.5% | 0 | 0.0 | % | |||||||||
| Greater than or Equal to 2.5% And Less Than 3.0% | 0 | 0.0 | % | |||||||||
| Greater than or Equal to 2.0% And Less Than 2.5% | 0 | 0.0 | % | |||||||||
| Greater than or Equal to 1.5% And Less Than 2.0% | 1 | 0.1 | % | |||||||||
| Greater than or Equal to 1.0% And Less Than 1.5% | 0 | 0.0 | % | |||||||||
| Greater than or Equal to 0.5% And Less Than 1.0% | 7 | 0.6 | % | |||||||||
| Greater than or Equal to 0.0% And Less Than 0.5% | 567 | 45.0 | % | |||||||||
| Greater than or Equal to -0.5% And Less Than 0.0% | 346 | 27.5 | % | |||||||||
| Greater than or Equal to -1.0% And Less Than -0.5% | 147 | 11.7 | % | |||||||||
| Greater than or Equal to -1.5% And Less Than -1.0% | 76 | 6.0 | % | |||||||||
| Greater than or Equal to -2.0% And Less Than -1.5% | 65 | 5.1 | % | |||||||||
| Greater than or Equal to -2.5% And Less Than -2.0% | 30 | 2.4 | % | |||||||||
| Greater than or Equal to -3.0% And Less Than -2.5% | 9 | 0.7 | % | |||||||||
| Greater than or Equal to -3.5% And Less Than -3.0% | 9 | 0.7 | % | |||||||||
| Greater than or Equal to -4.0% And Less Than -3.5% | 1 | 0.1 | % | |||||||||
| Greater than or Equal to -4.5% And Less Than -4.0% | 1 | 0.1 | % | |||||||||
| Greater than or Equal to -5.0% And Less Than -4.5% | 0 | 0.0 | % | |||||||||
| Less Than -5.0% | 0 | 0.0 | % | |||||||||
| 1259 | 100.0 | % | ||||||||||
| 12 |
MARKET VECTORS PRE-REFUNDED MUNICIPAL INDEX ETF
PERFORMANCE COMPARISON
April 30, 2015 (unaudited)
| Hypothetical Growth of $10,000 (Since Inception) | |||
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark. |  |
| Total Return | Share Price1 | NAV | LMPETR2 | |||
| One Year | (0.50)% | 0.43% | 0.80% | |||
| Five Year | 0.78% | 0.99% | 1.51% | |||
| Life* (annualized) | 1.02% | 1.18% | 1.70% | |||
| Life* (cumulative) | 6.51% | 7.59% | 11.10% | |||
| * since 2/2/2009 |
Commencement date for the Market Vectors Pre-Refunded Municipal Index ETF 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
| 13 |
MARKET VECTORS PRE-REFUNDED MUNICIPAL INDEX ETF
PERFORMANCE COMPARISON
April 30, 2015 (unaudited)
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 a market size weighted index comprised of publicly traded municipal bonds that cover the U.S. dollar denominated tax-exempt bond market. It is a total return benchmark designed for high quality and tax efficient investments. The Pre-Refunded Index is comprised of pre- refunded and/or escrowed-to-maturity municipal bonds, provided that the collateral in the escrow account is comprised strictly of obligations of, and carry the full faith and credit of, the U.S. Treasury. To be included in the Pre-Refunded Index, bonds must have an explicit or implicit credit rating of AAA. |
FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS
(unaudited)
Pre-Refunded Municipal Index ETF (PRB)
Closing Price vs. NAV
The following Frequency Distribution of Premiums and Discounts chart is provided to show the frequency at which the closing price for PRB is at a premium or discount to its daily net asset value (NAV). The chart is for comparative purposes only and represents the period noted.
| April 30, 2010 through April 30, 2015 | ||||||||||||
| Premium/Discount Range | Number of Days | Percentage of Total Days | ||||||||||
| Greater than or Equal to 5.0% | 0 | 0.0 | % | |||||||||
| Greater than or Equal to 4.5% And Less Than 5.0% | 0 | 0.0 | % | |||||||||
| Greater than or Equal to 4.0% And Less Than 4.5% | 0 | 0.0 | % | |||||||||
| Greater than or Equal to 3.5% And Less Than 4.0% | 0 | 0.0 | % | |||||||||
| Greater than or Equal to 3.0% And Less Than 3.5% | 0 | 0.0 | % | |||||||||
| Greater than or Equal to 2.5% And Less Than 3.0% | 0 | 0.0 | % | |||||||||
| Greater than or Equal to 2.0% And Less Than 2.5% | 0 | 0.0 | % | |||||||||
| Greater than or Equal to 1.5% And Less Than 2.0% | 0 | 0.0 | % | |||||||||
| Greater than or Equal to 1.0% And Less Than 1.5% | 0 | 0.0 | % | |||||||||
| Greater than or Equal to 0.5% And Less Than 1.0% | 4 | 0.3 | % | |||||||||
| Greater than or Equal to 0.0% And Less Than 0.5% | 189 | 15.0 | % | |||||||||
| Greater than or Equal to -0.5% And Less Than 0.0% | 681 | 54.0 | % | |||||||||
| Greater than or Equal to -1.0% And Less Than -0.5% | 298 | 23.7 | % | |||||||||
| Greater than or Equal to -1.5% And Less Than -1.0% | 84 | 6.7 | % | |||||||||
| Greater than or Equal to -2.0% And Less Than -1.5% | 1 | 0.1 | % | |||||||||
| Greater than or Equal to -2.5% And Less Than -2.0% | 2 | 0.2 | % | |||||||||
| Greater than or Equal to -3.0% And Less Than -2.5% | 0 | 0.0 | % | |||||||||
| Greater than or Equal to -3.5% And Less Than -3.0% | 0 | 0.0 | % | |||||||||
| Greater than or Equal to -4.0% And Less Than -3.5% | 0 | 0.0 | % | |||||||||
| Greater than or Equal to -4.5% And Less Than -4.0% | 0 | 0.0 | % | |||||||||
| Greater than or Equal to -5.0% And Less Than -4.5% | 0 | 0.0 | % | |||||||||
| Less Than -5.0% | 0 | 0.0 | % | |||||||||
| 1259 | 100.0 | % | ||||||||||
| 14 |
MARKET VECTORS SHORT HIGH-YIELD MUNICIPAL INDEX ETF
PERFORMANCE COMPARISON
April 30, 2015 (unaudited)
| Hypothetical Growth of $10,000 (Since Inception) | |||
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark. |  | ||
| Total Return | Share Price1 | NAV | BMHYTR2 | |||
| One Year | 3.91% | 3.91% | 6.55% | |||
| Life* (annualized) | 4.58% | 4.46% | 7.38% | |||
| Life* (cumulative) | 5.97% | 5.81% | 9.64% | |||
| * since 1/13/2014 |
Commencement date for the Market Vectors Short High-Yield Municipal Index ETF 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.
| 15 |
MARKET VECTORS SHORT HIGH-YIELD MUNICIPAL INDEX ETF
PERFORMANCE COMPARISON
April 30, 2015 (unaudited)
| 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 BMHYTR’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. |
FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS
(unaudited)
Short High-Yield Municipal Index ETF (SHYD)
Closing Price vs. NAV
The following Frequency Distribution of Premiums and Discounts chart is provided to show the frequency at which the closing price for SHYD is at a premium or discount to its daily net asset value (NAV). The chart is for comparative purposes only and represents the period noted.
| January 14, 2014* through April 30, 2015 | ||||||||||||
| Premium/Discount Range | Number of Days | Percentage of Total Days | ||||||||||
| Greater than or Equal to 5.0% | 0 | 0.0 | % | |||||||||
| Greater than or Equal to 4.5% And Less Than 5.0% | 0 | 0.0 | % | |||||||||
| Greater than or Equal to 4.0% And Less Than 4.5% | 0 | 0.0 | % | |||||||||
| Greater than or Equal to 3.5% And Less Than 4.0% | 0 | 0.0 | % | |||||||||
| Greater than or Equal to 3.0% And Less Than 3.5% | 0 | 0.0 | % | |||||||||
| Greater than or Equal to 2.5% And Less Than 3.0% | 0 | 0.0 | % | |||||||||
| Greater than or Equal to 2.0% And Less Than 2.5% | 0 | 0.0 | % | |||||||||
| Greater than or Equal to 1.5% And Less Than 2.0% | 0 | 0.0 | % | |||||||||
| Greater than or Equal to 1.0% And Less Than 1.5% | 2 | 0.6 | % | |||||||||
| Greater than or Equal to 0.5% And Less Than 1.0% | 53 | 16.3 | % | |||||||||
| Greater than or Equal to 0.0% And Less Than 0.5% | 195 | 59.8 | % | |||||||||
| Greater than or Equal to -0.5% And Less Than 0.0% | 74 | 22.7 | % | |||||||||
| Greater than or Equal to -1.0% And Less Than -0.5% | 2 | 0.6 | % | |||||||||
| Greater than or Equal to -1.5% And Less Than -1.0% | 0 | 0.0 | % | |||||||||
| Greater than or Equal to -2.0% And Less Than -1.5% | 0 | 0.0 | % | |||||||||
| Greater than or Equal to -2.5% And Less Than -2.0% | 0 | 0.0 | % | |||||||||
| Greater than or Equal to -3.0% And Less Than -2.5% | 0 | 0.0 | % | |||||||||
| Greater than or Equal to -3.5% And Less Than -3.0% | 0 | 0.0 | % | |||||||||
| Greater than or Equal to -4.0% And Less Than -3.5% | 0 | 0.0 | % | |||||||||
| Greater than or Equal to -4.5% And Less Than -4.0% | 0 | 0.0 | % | |||||||||
| Greater than or Equal to -5.0% And Less Than -4.5% | 0 | 0.0 | % | |||||||||
| Less Than -5.0% | 0 | 0.0 | % | |||||||||
| 326 | 100.0 | % | ||||||||||
* First day of secondary market trading.
| 16 |
MARKET VECTORS SHORT MUNICIPAL INDEX ETF
PERFORMANCE COMPARISON
April 30, 2015 (unaudited)
| Hypothetical Growth of $10,000 (Since Inception) | |||
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark. |  |
| Total Return | Share Price1 | NAV | LMT1TR2 | |||
| One Year | 0.64% | 0.75% | 1.45% | |||
| Five Year | 1.83% | 1.93% | 2.53% | |||
| Life* (annualized) | 2.70% | 2.75% | 3.35% | |||
| Life* (cumulative) | 21.10% | 21.54% | 26.72% | |||
| * since 2/22/2008 |
Commencement date for the Market Vectors Short Municipal Index ETF 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.
| 17 |
MARKET VECTORS SHORT MUNICIPAL INDEX ETF
PERFORMANCE COMPARISON
April 30, 2015 (unaudited)
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 a market size weighted index comprised of publicly traded municipal bonds that cover the U.S. dollar denominated short-term tax-exempt bond market. It is a total return benchmark designed for high quality and tax efficient investments. The LMT1TR has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds, and pre-refunded bonds. |
FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS
(unaudited)
Short Municipal Index ETF (SMB)
Closing Price vs. NAV
The following Frequency Distribution of Premiums and Discounts chart is provided to show the frequency at which the closing price for SMB is at a premium or discount to its daily net asset value (NAV). The chart is for comparative purposes only and represents the period noted.
| April 30, 2010 through April 30, 2015 | ||||||||||||
| Premium/Discount Range | Number of Days | Percentage of Total Days | ||||||||||
| Greater than or Equal to 5.0% | 0 | 0.0 | % | |||||||||
| Greater than or Equal to 4.5% And Less Than 5.0% | 0 | 0.0 | % | |||||||||
| Greater than or Equal to 4.0% And Less Than 4.5% | 0 | 0.0 | % | |||||||||
| Greater than or Equal to 3.5% And Less Than 4.0% | 0 | 0.0 | % | |||||||||
| Greater than or Equal to 3.0% And Less Than 3.5% | 0 | 0.0 | % | |||||||||
| Greater than or Equal to 2.5% And Less Than 3.0% | 0 | 0.0 | % | |||||||||
| Greater than or Equal to 2.0% And Less Than 2.5% | 0 | 0.0 | % | |||||||||
| Greater than or Equal to 1.5% And Less Than 2.0% | 0 | 0.0 | % | |||||||||
| Greater than or Equal to 1.0% And Less Than 1.5% | 0 | 0.0 | % | |||||||||
| Greater than or Equal to 0.5% And Less Than 1.0% | 8 | 0.6 | % | |||||||||
| Greater than or Equal to 0.0% And Less Than 0.5% | 750 | 59.6 | % | |||||||||
| Greater than or Equal to -0.5% And Less Than 0.0% | 402 | 31.9 | % | |||||||||
| Greater than or Equal to -1.0% And Less Than -0.5% | 70 | 5.6 | % | |||||||||
| Greater than or Equal to -1.5% And Less Than -1.0% | 26 | 2.1 | % | |||||||||
| Greater than or Equal to -2.0% And Less Than -1.5% | 3 | 0.2 | % | |||||||||
| Greater than or Equal to -2.5% And Less Than -2.0% | 0 | 0.0 | % | |||||||||
| Greater than or Equal to -3.0% And Less Than -2.5% | 0 | 0.0 | % | |||||||||
| Greater than or Equal to -3.5% And Less Than -3.0% | 0 | 0.0 | % | |||||||||
| Greater than or Equal to -4.0% And Less Than -3.5% | 0 | 0.0 | % | |||||||||
| Greater than or Equal to -4.5% And Less Than -4.0% | 0 | 0.0 | % | |||||||||
| Greater than or Equal to -5.0% And Less Than -4.5% | 0 | 0.0 | % | |||||||||
| Less Than -5.0% | 0 | 0.0 | % | |||||||||
| 1259 | 100.0 | % | ||||||||||
| 18 |
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 entire period, November 1, 2014 to April 30, 2015.
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 the 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 your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of 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 | November 1, 2014- | |||||
| November 1, 2014 | April 30, 2015 | During Period | April 30, 2015 | |||||
| CEF Municipal Income ETF | ||||||||
| Actual | $1,000.00 | $1,047.80 | 0.40% | $2.03 | ||||
| Hypothetical** | $1,000.00 | $1,022.81 | 0.40% | $2.01 | ||||
| High-Yield Municipal Index ETF | ||||||||
| Actual | $1,000.00 | $1,032.20 | 0.35% | $1.76 | ||||
| Hypothetical** | $1,000.00 | $1,023.06 | 0.35% | $1.76 | ||||
| Intermediate Municipal Index ETF | ||||||||
| Actual | $1,000.00 | $1,008.90 | 0.24% | $1.20 | ||||
| Hypothetical** | $1,000.00 | $1,023.60 | 0.24% | $1.20 | ||||
| Long Municipal Index ETF | ||||||||
| Actual | $1,000.00 | $1,014.40 | 0.24% | $1.20 | ||||
| Hypothetical** | $1,000.00 | $1,023.60 | 0.24% | $1.20 | ||||
| Pre-Refunded Municipal Index ETF | ||||||||
| Actual | $1,000.00 | $ 999.60 | 0.24% | $1.19 | ||||
| Hypothetical** | $1,000.00 | $1,023.60 | 0.24% | $1.20 | ||||
| Short High-Yield Municipal Index ETF | ||||||||
| Actual | $1,000.00 | $1,014.80 | 0.35% | $1.75 | ||||
| Hypothetical** | $1,000.00 | $1,023.06 | 0.35% | $1.76 | ||||
| Short Municipal Index ETF | ||||||||
| Actual | $1,000.00 | $ 999.30 | 0.20% | $0.99 | ||||
| Hypothetical** | $1,000.00 | $1,023.80 | 0.20% | $1.00 |
| * | Expenses are equal to the Fund’s annualized expense ratio (for the six months ended April 30, 2015) 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 |
April 30, 2015
| Number of Shares | Value | |||||||
| CLOSED-END FUNDS: 99.8% | ||||||||
| 35,914 | Alliance Bernstein National Municipal Income Fund, Inc. | $ | 483,402 | |||||
| 14,709 | BlackRock Investment Quality Municipal Trust, Inc. | 229,460 | ||||||
| 18,380 | BlackRock Long-Term Municipal Advantage Trust | 209,716 | ||||||
| 52,666 | BlackRock Muni Intermediate Duration Fund, Inc. | 762,077 | ||||||
| 30,064 | BlackRock MuniAssets Fund, Inc. | 427,510 | ||||||
| 11,355 | BlackRock Municipal 2018 Term Trust | 178,614 | ||||||
| 16,614 | BlackRock Municipal 2020 Term Trust | 269,978 | ||||||
| 10,082 | BlackRock Municipal Bond Trust | 166,857 | ||||||
| 12,049 | BlackRock Municipal Income Investment Quality Trust | 177,723 | ||||||
| 33,107 | BlackRock Municipal Income Quality Trust | 478,396 | ||||||
| 43,947 | BlackRock Municipal Income Trust | 629,321 | ||||||
| 20,240 | BlackRock Municipal Income Trust II | 304,005 | ||||||
| 97,725 | BlackRock Municipal Target Term Trust | 2,032,680 | ||||||
| 36,276 | BlackRock MuniEnhanced Fund, Inc. | 423,341 | ||||||
| 11,225 | BlackRock MuniHoldings Fund II, Inc. | 171,518 | ||||||
| 13,439 | BlackRock MuniHoldings Fund, Inc. | 231,823 | ||||||
| 47,262 | BlackRock MuniHoldings Investment Quality Fund | 677,264 | ||||||
| 28,017 | BlackRock MuniHoldings Quality Fund II, Inc. | 384,954 | ||||||
| 18,002 | BlackRock MuniHoldings Quality Fund, Inc. | 239,787 | ||||||
| 17,412 | BlackRock MuniVest Fund II, Inc. | 283,119 | ||||||
| 53,749 | BlackRock MuniVest Fund, Inc. | 548,777 | ||||||
| 45,186 | BlackRock MuniYield Fund, Inc. | 673,723 | ||||||
| 11,692 | BlackRock MuniYield Investment Fund | 183,447 | ||||||
| 27,754 | BlackRock MuniYield Quality Fund II, Inc. | 373,014 | ||||||
| 83,526 | BlackRock MuniYield Quality Fund III, Inc. | 1,207,786 | ||||||
| 30,523 | BlackRock MuniYield Quality Fund, Inc. | 473,717 | ||||||
| 32,868 | Deutsche Municipal Income Trust | 451,935 | ||||||
| 24,690 | Dreyfus Municipal Bond Infrastructure Fund, Inc. | 305,909 | ||||||
| 17,424 | Dreyfus Municipal Income, Inc. | 169,187 | ||||||
| 60,488 | Dreyfus Strategic Municipal Bond Fund, Inc. | 488,138 | ||||||
| 75,283 | Dreyfus Strategic Municipals, Inc. | 625,602 | ||||||
| 93,602 | Eaton Vance Municipal Bond Fund | 1,189,681 | ||||||
| 12,380 | Eaton Vance Municipal Bond Fund II | 158,464 | ||||||
| 15,313 | Eaton Vance Municipal Income 2028 Term Trust | 269,968 | ||||||
| 16,552 | Eaton Vance Municipal Income Trust | 225,107 | ||||||
| 18,715 | Eaton Vance National Municipal Opportunities Trust | 396,009 | ||||||
| 55,321 | Invesco Advantage Municipal Income Trust II | 646,703 | ||||||
| 58,098 | Invesco Municipal Income Opportunities Trust | 413,658 | ||||||
| 92,530 | Invesco Municipal Opportunity Trust | 1,196,413 | ||||||
| 76,375 | Invesco Municipal Trust | 966,908 | ||||||
| 73,357 | Invesco Quality Municipal Income Trust | 914,028 | ||||||
| 74,353 | Invesco Trust for Investment Grade Municipals | 989,638 | ||||||
| 40,483 | Invesco Value Municipal Income Trust | 650,157 | ||||||
| Number of Shares | Value | |||||||
| 27,322 | MainStay Defined Term Municipal Opportunities Fund | $ | 513,927 | |||||
| 43,703 | MFS High Income Municipal Trust | 212,834 | ||||||
| 56,719 | MFS Municipal Income Trust | 380,584 | ||||||
| 18,218 | Neuberger Berman Intermediate Municipal Fund, Inc. | 284,383 | ||||||
| 98,684 | Nuveen AMT-Free Municipal Income Fund | 1,381,576 | ||||||
| 9,621 | Nuveen AMT-Free Municipal Value Fund | 168,175 | ||||||
| 53,809 | Nuveen Dividend Advantage Municipal Fund | 771,621 | ||||||
| 41,406 | Nuveen Dividend Advantage Municipal Fund 2 | 584,239 | ||||||
| 55,605 | Nuveen Dividend Advantage Municipal Fund 3 | 784,031 | ||||||
| 40,720 | Nuveen Dividend Advantage Municipal Income Fund | 585,146 | ||||||
| 17,440 | Nuveen Enhanced Municipal Value Fund | 273,285 | ||||||
| 120,030 | Nuveen Insured Municipal Opportunity Fund, Inc. | 1,750,037 | ||||||
| 58,959 | Nuveen Insured Quality Municipal Fund, Inc. | 780,617 | ||||||
| 57,404 | Nuveen Intermediate Duration Municipal Term Fund | 743,956 | ||||||
| 16,056 | Nuveen Intermediate Duration Quality Municipal Term Fund | 206,320 | ||||||
| 40,763 | Nuveen Investment Quality Municipal Fund, Inc. | 639,571 | ||||||
| 55,049 | Nuveen Municipal Advantage Fund, Inc. | 758,025 | ||||||
| 41,513 | Nuveen Municipal High Income Opportunity Fund | 572,879 | ||||||
| 64,390 | Nuveen Municipal Market Opportunity Fund, Inc. | 876,992 | ||||||
| 197,678 | Nuveen Municipal Value Fund, Inc. | 1,951,082 | ||||||
| 83,512 | Nuveen Performance Plus Municipal Fund, Inc. | 1,247,669 | ||||||
| 27,566 | Nuveen Premier Municipal Income Fund, Inc. | 378,481 | ||||||
| 97,734 | Nuveen Premium Income Municipal Fund 2, Inc. | 1,369,253 | ||||||
| 54,602 | Nuveen Premium Income Municipal Fund 4, Inc. | 737,673 | ||||||
| 89,326 | Nuveen Premium Income Municipal Fund, Inc. | 1,236,272 | ||||||
| 68,952 | Nuveen Quality Income Municipal Fund, Inc. | 956,364 | ||||||
| 49,354 | Nuveen Select Quality Municipal Fund, Inc. | 693,424 | ||||||
| 17,164 | Nuveen Select Tax-Free Income 2 Portfolio | 239,266 | ||||||
| 12,621 | Nuveen Select Tax-Free Income 3 Portfolio | 185,529 | ||||||
| 16,030 | Nuveen Select Tax-Free Income Portfolio | 230,832 | ||||||
| 16,003 | PIMCO Municipal Income Fund | 246,126 | ||||||
| 50,444 | PIMCO Municipal Income Fund II | 637,108 | ||||||
| 23,169 | PIMCO Municipal Income Fund III | 264,822 | ||||||
| 14,120 | Pioneer Municipal High Income Advantage Trust | 217,448 | ||||||
| 15,196 | Pioneer Municipal High Income Trust | 223,533 | ||||||
See Notes to Financial Statements
| 20 |
| Number of Shares | Value | |||||||
| 79,102 | Putnam Managed Municipal Income Trust | $ | 580,609 | |||||
| 56,236 | Putnam Municipal Opportunities Trust | 680,456 | ||||||
| 41,747 | Western Asset Managed Municipals Fund, Inc. | 596,147 | ||||||
| 8,321 | Western Asset Municipal Defined Opportunity Trust, Inc. | 200,120 | ||||||
| 25,740 | Western Asset Municipal High Income Fund, Inc. | 202,574 | ||||||
| 12,213 | Western Asset Municipal Partners Fund, Inc. | 191,622 | ||||||
| Total Closed-End Funds (Cost: $48,723,246) | 47,814,122 | |||||||
| Number of Shares | Value | |||||||
| MONEY MARKET FUND: 0.0% (Cost: $22,971) | ||||||||
| Money Market Fund: 0.0% | ||||||||
| 22,971 | Dreyfus Tax Exempt Cash Management Fund — Class B Shares | $ | 22,971 | |||||
| Total Investments: 99.8% (Cost: $48,746,217) | 47,837,093 | |||||||
| Other assets less liabilities: 0.2% | 84,252 | |||||||
| NET ASSETS: 100.0% | $ | 47,921,345 | ||||||
| Summary of Investments by Sector (unaudited) | % of Investments | Value | ||||||||
| Financial | 100.0 | % | $ | 47,814,122 | ||||||
| Money Market Fund | 0.0 | 22,971 | ||||||||
| 100.0 | % | $ | 47,837,093 | |||||||
The summary of inputs used to value the Fund’s investments as of April 30, 2015 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||||
| Closed-End Funds | $ | 47,814,122 | $ | — | $ | — | $ | 47,814,122 | ||||||||||
| Money Market Fund | 22,971 | — | — | 22,971 | ||||||||||||||
| Total | $ | 47,837,093 | $ | — | $ | — | $ | 47,837,093 | ||||||||||
There were no transfers between levels during the year ended April 30, 2015.
See Notes to Financial Statements
| 21 |
HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
April 30, 2015
| Principal Amount | Value | |||||||
| MUNICIPAL BONDS: 98.4% | ||||||||
| Alabama: 1.7% | ||||||||
| Alabama Industrial Development Authority, Solid Waste Disposal, Pine City Fiber Company Project (RB) | ||||||||
| $ | 1,995,000 | 6.45%, 06/04/15 (c) | $ | 2,002,960 | ||||
| 2,250,000 | 6.45%, 06/04/15 (c) | 2,258,977 | ||||||
| Alabama State University (RB) (XLCA) | ||||||||
| 1,540,000 | 4.63%, 08/01/16 (c) | 1,434,325 | ||||||
| 20,000 | 5.00%, 08/01/16 (c) | 20,338 | ||||||
| 485,000 | 5.25%, 08/01/16 (c) | 494,050 | ||||||
| 665,000 | Birmingham-Baptist Medical Centers Special Care Facilities Financing Authority (RB) 5.00%, 11/15/15 (c) | 677,043 | ||||||
| 30,000 | Butler County Public Education Cooperative District (RB) (XLCA) 4.63%, 07/01/17 (c) | 32,528 | ||||||
| County of Jefferson, Alabama Sewer Revenue, Series D (RB) | ||||||||
| 5,070,000 | 6.00%, 10/01/23 (c) | 5,698,426 | ||||||
| 11,750,000 | 6.50%, 10/01/23 (c) | 13,673,945 | ||||||
| 1,145,000 | Huntsville-Redstone Village Special Care Facilities Financing Authority (RB) 5.50%, 01/01/17 (c) | 1,155,534 | ||||||
| 100,000 | Montgomery Medical Clinic Board (RB) 5.25%, 03/01/16 (c) | 102,485 | ||||||
| 27,550,611 | ||||||||
| Alaska: 0.6% | ||||||||
| Northern Tobacco Securitization Corp., Series A (RB) | ||||||||
| 25,000 | 4.63%, 05/20/15 (c) | 25,097 | ||||||
| 7,245,000 | 5.00%, 05/20/15 (c) | 5,682,471 | ||||||
| 4,670,000 | 5.00%, 05/20/15 (c) | 4,053,560 | ||||||
| 9,761,128 | ||||||||
| Arizona: 3.1% | ||||||||
| 1,235,000 | Apache County Industrial Development Authority (RB) 4.50%, 03/01/22 (c) | 1,330,293 | ||||||
| 950,000 | Arizona Health Facilities Authority (RB) 4.00%, 02/01/17 | 1,001,025 | ||||||
| Arizona Health Facilities Authority, Phoenix Children’s Hospital, Series A (RB) | ||||||||
| 200,000 | 5.00%, 02/01/20 | 229,432 | ||||||
| 350,000 | 5.00%, 02/01/21 | 407,890 | ||||||
| 2,165,000 | 5.00%, 02/01/22 (c) | 2,380,158 | ||||||
| 730,000 | 5.00%, 02/01/22 (c) | 794,736 | ||||||
| 1,010,000 | 5.00%, 02/01/22 (c) | 1,083,892 | ||||||
| Arizona Health Facilities Authority, The Beatitudes Campus Project (RB) | ||||||||
| 410,000 | 5.10%, 10/01/16 (c) | 416,650 | ||||||
| 3,210,000 | 5.20%, 10/01/16 (c) | 3,142,076 | ||||||
| 230,000 | City of Glendale, Arizona Municipal Property Corp., Series C (RB) 4.00%, 01/01/23 (c) | 230,292 | ||||||
| Principal Amount | Value | |||||||
| Arizona: (continued) | ||||||||
| Downtown Phoenix Hotel Corp., Series A (RB) (FGIC) | ||||||||
| $ | 5,150,000 | 5.00%, 01/01/16 (c) | $ | 5,165,141 | ||||
| 3,750,000 | 5.00%, 01/01/16 (c) | 3,770,700 | ||||||
| Industrial Development Authority of Phoenix (RB) | ||||||||
| 380,000 | 3.00%, 07/01/20 | 379,992 | ||||||
| 675,000 | 5.00%, 07/01/25 (c) | 670,795 | ||||||
| Industrial Development Authority of Phoenix, Great Hearts Academies Project, Series A (RB) | ||||||||
| 750,000 | 3.75%, 07/01/24 | 758,685 | ||||||
| 500,000 | 5.00%, 07/01/24 (c) | 514,775 | ||||||
| 1,000,000 | 5.00%, 07/01/24 (c) | 1,056,340 | ||||||
| 500,000 | Industrial Development Authority of the City of Phoenix/The (RB) 5.00%, 07/01/25 (c) | 502,735 | ||||||
| 295,000 | Industrial Development Authority of the County of Pima/The (RB) 6.00%, 07/01/20 (c) | 297,702 | ||||||
| 35,000 | Mohave County Industrial Development Authority, Correctional Facilities Contract Revenue (RB) 7.50%, 05/01/19 | 39,932 | ||||||
| 400,000 | Peoria Industrial Development Authority (RB) 5.00%, 11/15/24 | 409,912 | ||||||
| Pima County, Arizona Industrial Development Authority, Charter School Projects, Series A (RB) | ||||||||
| 5,490,000 | 5.50%, 07/01/17 (c) | 5,439,986 | ||||||
| 2,720,000 | 5.63%, 07/01/17 (c) | 2,599,558 | ||||||
| 1,400,000 | Pima County, Arizona Industrial Development Authority, Tucson Electric Power Company Project, Series A (RB) 5.25%, 10/01/20 (c) | 1,559,768 | ||||||
| 115,000 | Salt Verde Financial Corp (RB) 5.25%, 12/01/25 | 138,871 | ||||||
| Salt Verde Financial Corp. (RB) | ||||||||
| 5,835,000 | 5.00%, 12/01/32 | 6,645,773 | ||||||
| 5,155,000 | 5.00%, 12/01/37 | 5,899,794 | ||||||
| 30,000 | 5.25%, 12/01/23 | 36,047 | ||||||
| 20,000 | 5.25%, 12/01/24 | 24,201 | ||||||
| 50,000 | 5.25%, 12/01/27 | 60,137 | ||||||
| 260,000 | 5.50%, 12/01/29 | 315,957 | ||||||
| 1,000,000 | Tempe, Arizona Industrial Development Authority, Friendship Village of Tempe, Series A (RB) 6.25%, 12/01/21 (c) | 1,085,550 | ||||||
| 1,000,000 | The Industrial Development Authority of the County of Pima, Edkey Charter Schools Project (RB) 6.00%, 07/01/20 (c) | 951,720 | ||||||
| 49,340,515 | ||||||||
| Arkansas: 0.0% | ||||||||
| 35,000 | County of Howard, Arkansas (RB) (AGO) 4.50%, 06/01/17 (c) | 35,609 | ||||||
See Notes to Financial Statements
| 22 |
| Principal Amount | Value | |||||||
| California: 8.9% | ||||||||
| $ | 200,000 | Alameda Corridor Transportation Authority (RB) (AMBAC) 5.40%, 10/01/17 (c) | $ | 217,960 | ||||
| 70,000 | Alameda Corridor Transportation Authority, Sub Lien, Series A (RB) (AMBAC) 1.57%, 10/01/17 ^ | 66,665 | ||||||
| California County Tobacco Securitization Agency (RB) | ||||||||
| 100,000 | 5.00%, 06/04/15 (c) | 99,075 | ||||||
| 105,000 | 5.25%, 05/20/15 (c) | 83,270 | ||||||
| 30,000 | 5.88%, 06/04/15 (c) | 30,004 | ||||||
| California County Tobacco Securitization Agency, Golden Gate Tobacco Funding Corp., Series A (RB) | ||||||||
| 4,115,000 | 5.00%, 06/01/17 (c) | 3,192,376 | ||||||
| 15,000 | 5.00%, 06/01/17 (c) | 12,497 | ||||||
| California County Tobacco Securitization Agency, Series A (RB) | ||||||||
| 1,000,000 | 5.45%, 12/01/18 (c) | 971,750 | ||||||
| 2,945,000 | 5.60%, 12/01/18 (c) | 2,719,060 | ||||||
| 2,500,000 | 5.70%, 12/01/18 (c) | 2,213,225 | ||||||
| 94,500,000 | California County Tobacco Securitization Agency, Series D (RB) 11.80%, 06/01/16 (c) ^ | 927,990 | ||||||
| California County Tobacco Securitization Agency, Sonoma County Securitization Corp. (RB) | ||||||||
| 500,000 | 5.13%, 06/04/15 (c) | 424,180 | ||||||
| 2,000,000 | 5.25%, 06/04/15 (c) | 1,676,040 | ||||||
| 150,000 | California Housing Finance Agency, Series G (RB) 4.95%, 02/01/17 (c) | 154,862 | ||||||
| California Municipal Finance Authority (RB) | ||||||||
| 25,000 | 5.50%, 02/01/19 (c) | 27,954 | ||||||
| 1,000,000 | 5.63%, 03/01/25 (c) | 999,190 | ||||||
| 1,000,000 | California Municipal Finance Authority Revenue, Eisenhower Medical Center, Series A (RB) 5.75%, 07/01/20 (c) | 1,102,270 | ||||||
| California Municipal Finance Authority, Rocketship Education, Series A (RB) | ||||||||
| 850,000 | 6.00%, 06/01/22 (c) | 921,706 | ||||||
| 930,000 | 7.00%, 06/01/22 (c) | 1,053,923 | ||||||
| 1,500,000 | California Municipal Finance Authority, Santa Rosa Academy Project, Series A (RB) 6.00%, 07/01/22 (c) | 1,582,725 | ||||||
| California Statewide Communities Development Authority (RB) | ||||||||
| 110,000 | 5.00%, 08/15/17 (c) | 115,649 | ||||||
| 45,000 | 5.25%, 07/01/15 (c) | 40,303 | ||||||
| 6,160,000 | 5.25%, 12/01/24 (c) | 6,721,114 | ||||||
| 2,750,000 | 5.25%, 12/01/24 (c) | 3,051,097 | ||||||
| 4,170,000 | 5.50%, 12/01/24 (c) | 4,600,427 | ||||||
| Principal Amount | Value | |||||||
| California: (continued) | ||||||||
| $ | 1,005,000 | California Statewide Communities Development Authority, GNMA Collateralized-740 S. Olive St. Apartments, Series L (RB) 4.90%, 07/20/19 (c) | $ | 1,046,939 | ||||
| 1,000,000 | California Statewide Communities Development Authority, The Terraces at San Joaquin Gardens Project, Series A (RB) 6.00%, 10/01/22 (c) | 1,074,000 | ||||||
| 3,000,000 | California Statewide Communities Development Authority, Valleycare Health System, Series A (RB) 5.13%, 07/15/17 (c) | 2,920,920 | ||||||
| California Statewide Community Development Authority, Daughters of Charity Health System, Series A (RB) | ||||||||
| 1,845,000 | 5.00%, 07/01/15 (c) | 1,608,969 | ||||||
| 2,410,000 | 5.25%, 07/01/15 (c) | 2,153,769 | ||||||
| 3,210,000 | 5.25%, 07/01/15 (c) | 2,824,639 | ||||||
| California Statewide Community Development Authority, Educational Facilities - Huntington Park Charter School Project-A (RB) | ||||||||
| 750,000 | 5.15%, 07/01/17 (c) | 756,030 | ||||||
| 500,000 | 5.25%, 07/01/17 (c) | 499,965 | ||||||
| California Statewide Financing Authority, Pooled Tobacco Securitization Program, Series A (RB) | ||||||||
| 900,000 | 6.00%, 06/04/15 (c) | 900,027 | ||||||
| 10,000,000 | 7.10%, 06/01/16 (c) ^ | 1,107,100 | ||||||
| 3,175,000 | California Statewide Financing Authority, Pooled Tobacco Securitization Program, Series B (RB) 6.00%, 06/04/15 (c) | 3,175,095 | ||||||
| 204,500,000 | California Statewide Financing Authority, Pooled Tobacco Securitization Program, Series D (RB) 12.31%, 06/01/16 (c) ^ | 1,826,185 | ||||||
| 120,000 | Cathedral City, California Public Financing Authority (AMBAC) (TA) 4.50%, 08/01/17 (c) | 120,420 | ||||||
| 280,000 | Foothill Transportation Corridor Agency, Tall Road Revenue, Series B-2 (RB) 5.00%, 07/15/19 (c) (p) | 312,312 | ||||||
| 8,225,000 | Foothill Transportation Corridor Agency, Tall Road Revenue, Series B-3 (RB) 5.50%, 07/15/22 (c) (p) | 9,557,861 | ||||||
| Foothill-Eastern Transportation Corridor Agency (RB) | ||||||||
| 1,000,000 | 5.75%, 01/15/24 (c) | 1,169,810 | ||||||
| 1,000,000 | 6.00%, 01/15/24 (c) | 1,177,740 | ||||||
| 2,500,000 | 6.00%, 01/15/24 (c) | 2,950,500 | ||||||
| 1,000,000 | 6.50%, 01/15/24 (c) | 1,191,720 | ||||||
See Notes to Financial Statements
| 23 |
HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| California: (continued) | ||||||||
| $ | 310,000 | Foothill-Eastern Transportation Corridor Agency, Series B (RB) 5.00%, 07/15/17 (c) (p) | $ | 333,889 | ||||
| 26,920,000 | Golden State Tobacco Securitization Corp. (RB) 7.92%, 06/01/17 (c) ^ | 2,222,515 | ||||||
| Golden State Tobacco Securitization Corp., California Tobacco Settlement, Series A-1 (RB) | ||||||||
| 5,640,000 | 4.50%, 06/01/17 (c) | 5,481,121 | ||||||
| 3,495,000 | 5.00%, 06/01/17 (c) | 2,935,590 | ||||||
| 4,850,000 | 5.13%, 06/01/17 (c) | 3,863,316 | ||||||
| 5,220,000 | 5.75%, 06/01/17 (c) | 4,508,044 | ||||||
| 2,000,000 | Golden State Tobacco Securitization Corp., California Tobacco Settlement, Series A-2 (RB) 5.30%, 06/01/22 (c) | 1,659,540 | ||||||
| Hesperia Public Financing Authority, Redevelopment and Housing Projects, Series A (TA) (XLCA) | ||||||||
| 50,000 | 5.00%, 09/01/17 (c) | 51,521 | ||||||
| 465,000 | 5.50%, 09/01/17 (c) | 483,223 | ||||||
| 25,000,000 | Inland Empire Tobacco Securitization Authority (RB) 7.63%, 06/01/17 (c) ^ | 5,025,750 | ||||||
| 5,400,000 | Inland Empire Tobacco Securitization Authority, Inland Empire Tobacco Securitization Corp., Series A (RB) 4.63%, 06/01/17 (c) | 5,339,358 | ||||||
| 655,000 | Inland Empire Tobacco Securitization Authority, Inland Empire Tobacco Securitization Corp., Series B (RB) 5.75%, 06/01/21 (c) | 663,325 | ||||||
| 94,500,000 | Inland Empire Tobacco Securitization Authority, Inland Empire Tobacco Securitization Corp., Series E (RB) 11.09%, 06/01/17 (c) ^ | 817,425 | ||||||
| 500,000 | Lake Elsinore Public Financing Authority (ST) 5.00%, 09/01/25 (c) | 541,915 | ||||||
| 165,000 | Palomar Pomerado Health Certificates (CP) 6.00%, 11/01/20 (c) | 173,077 | ||||||
| 1,000,000 | Perris Union High School District (ST) 5.00%, 03/01/25 (c) | 1,114,040 | ||||||
| 750,000 | Poway Unified School District Public Financing Authority (ST) 5.00%, 09/01/25 (c) | 843,953 | ||||||
| 1,000,000 | River Islands Public Financing Authority (ST) 5.50%, 09/01/22 (c) | 1,033,810 | ||||||
| 3,600,000 | San Buenaventura, California Community Memorial Health System (RB) 7.50%, 12/01/21 (c) | 4,436,388 | ||||||
| 20,000 | San Francisco City & County Redevelopment Agency (TA) 6.25%, 02/01/21 (c) | 24,368 | ||||||
| Principal Amount | Value | |||||||
| California: (continued) | ||||||||
| San Joaquin Hills Transportation Corridor Agency (RB) | ||||||||
| $ | 1,750,000 | 5.00%, 01/15/25 (c) | $ | 1,926,330 | ||||
| 5,460,000 | 5.00%, 01/15/25 (c) | 5,945,285 | ||||||
| 500,000 | 5.00%, 01/15/25 (c) | 566,460 | ||||||
| 3,300,000 | 5.00%, 01/15/25 (c) | 3,660,822 | ||||||
| 75,000 | San Jose Redevelopment Agency (AMBAC) (TA) 5.00%, 08/01/17 (c) | 81,415 | ||||||
| 10,000,000 | Silicon Valley, California Tobacco Securitization Authority, Series A (RB) 7.40%, 06/01/17 (c) ^ | 2,158,400 | ||||||
| 94,500,000 | Silicon Valley, California Tobacco Securitization Authority, Series D (RB) 11.32%, 06/01/17 (c) ^ | 936,495 | ||||||
| 1,000,000 | Thousand Oaks, California Community Facilities Special Tax, District No. 1994-1 (ST) 5.38%, 09/01/22 (c) | 1,062,980 | ||||||
| Tobacco Securitization Authority of Northern California (RB) | ||||||||
| 40,000 | 5.38%, 06/01/15 (c) | 34,066 | ||||||
| 5,010,000 | 5.50%, 06/01/15 (c) | 4,152,589 | ||||||
| Tobacco Securitization Authority of Southern California (RB) | ||||||||
| 3,175,000 | 5.00%, 05/20/15 (c) | 2,723,420 | ||||||
| 5,760,000 | 5.13%, 05/20/15 (c) | 4,801,075 | ||||||
| 750,000 | Val Verde Unified School District (ST) 5.00%, 03/01/25 (c) | 821,235 | ||||||
| 1,160,000 | Vernon City, California, Electric System Revenue, Series A (RB) 5.13%, 08/01/19 (c) | 1,282,194 | ||||||
| 2,365,000 | Western Hills Water District, Diablo Grande Community Facilities District No. 1 (ST) 4.00%, 09/01/21 | 2,371,693 | ||||||
| 143,455,940 | ||||||||
| Colorado: 1.7% | ||||||||
| 1,500,000 | City of Lakewood, Plaza Metropolitan District No. 1 (TA) 5.00%, 12/01/22 (c) | 1,572,345 | ||||||
| Colorado Health Facilities Authority (RB) | ||||||||
| 2,060,000 | 5.00%, 06/01/22 (c) | 2,189,656 | ||||||
| 350,000 | 5.00%, 12/01/22 (c) | 383,919 | ||||||
| 35,000 | 5.25%, 12/01/15 (c) | 36,004 | ||||||
| 1,670,000 | Colorado Health Facilities Authority, Covenant Retirement Communities, Inc. (RB) 4.00%, 12/01/22 (c) | 1,709,445 | ||||||
| 1,700,000 | Colorado Health Facilities Authority, Health & Residential, Volunteers of America Care Facilities (RB) 5.30%, 06/04/15 (c) | 1,652,094 | ||||||
See Notes to Financial Statements
| 24 |
| Principal Amount | Value | |||||||
| Colorado: (continued) | ||||||||
| $ | 950,000 | Colorado Health Facilities Authority, Health and Residential, Volunteers of America Care Facilities (RB) 5.20%, 06/04/15 (c) | $ | 951,463 | ||||
| Colorado Health Facilities Authority, Senior Residences Project (RB) | ||||||||
| 1,000,000 | 6.75%, 06/01/22 (c) | 1,027,020 | ||||||
| 1,500,000 | 7.00%, 06/01/22 (c) | 1,545,300 | ||||||
| Denver Convention Center Hotel Authority (RB) (XLCA) | ||||||||
| 25,000 | 5.00%, 11/01/16 (c) | 25,686 | ||||||
| 2,000,000 | 5.25%, 11/01/16 (c) | 2,117,340 | ||||||
| 25,000 | Denver Health & Hospital Authority (RB) 4.75%, 12/01/16 (c) | 26,094 | ||||||
| Denver, Colorado Special Facilities Airport Revenue, United Air Lines Project, Series A (RB) | ||||||||
| 3,650,000 | 5.25%, 10/01/17 (c) | 3,830,456 | ||||||
| 2,000,000 | 5.75%, 10/01/17 (c) | 2,130,980 | ||||||
| E-470 Public Highway Authority (RB) | ||||||||
| 25,000 | 5.25%, 09/01/20 (c) | 28,674 | ||||||
| 9,000,000 | 5.38%, 09/01/40 ^ | 3,172,860 | ||||||
| 5,145,000 | 5.82%, 09/01/26 (c) ^ | 1,828,276 | ||||||
| 2,500,000 | Salida Hospital District (RB) 5.25%, 10/01/16 (c) | 2,519,050 | ||||||
| 26,746,662 | ||||||||
| Connecticut: 0.7% | ||||||||
| 1,330,000 | Connecticut State Resources Recovery Authority, American Refunding Fuel Comp. Project, Series A (RB) 6.45%, 06/04/15 (c) | 1,331,197 | ||||||
| Harbor Point Infrastructure Improvement District, Harbor Point Project, Series A (TA) | ||||||||
| 705,000 | 7.00%, 04/01/20 (c) | 797,418 | ||||||
| 1,500,000 | 7.88%, 04/01/20 (c) | 1,776,300 | ||||||
| 2,000,000 | Mohegan Tribal Finance Authority (RB) 7.00%, 02/01/23 (c) | 1,960,520 | ||||||
| Town of Hamden, Connecticut, Series A (RB) | ||||||||
| 1,490,000 | 7.63%, 01/01/20 (c) | 1,576,390 | ||||||
| 3,000,000 | 7.75%, 01/01/20 (c) | 3,139,620 | ||||||
| 10,581,445 | ||||||||
| Delaware: 0.2% | ||||||||
| 2,360,000 | Delaware Economic Development Authority, Exempt Facility (RB) 5.38%, 10/01/20 (c) | 2,585,876 | ||||||
| District of Columbia: 1.9% | ||||||||
| District of Columbia Provident Group-Howard Properties, LLC (RB) | ||||||||
| 4,175,000 | 5.00%, 10/01/22 (c) | 4,260,253 | ||||||
| 305,000 | 5.00%, 10/01/22 (c) | 316,251 | ||||||
| 2,065,000 | 5.00%, 10/01/22 (c) | 2,158,441 | ||||||
| 19,000 | District of Columbia Tobacco Settlement Financing Corp (RB) 6.50%, 05/15/33 | 23,903 | ||||||
| Principal Amount | Value | |||||||
| District of Columbia: (continued) | ||||||||
| District of Columbia, The Howard University Issue, Series A (RB) | ||||||||
| $ | 1,725,000 | 6.25%, 04/01/21 (c) | $ | 1,973,072 | ||||
| 2,560,000 | 6.50%, 04/01/21 (c) | 2,953,165 | ||||||
| 2,485,000 | 6.50%, 04/01/21 (c) | 2,870,920 | ||||||
| Metropolitan Washington Airports Authority, Dulles Toll Road, Second Senior Lien, Series A (RB) | ||||||||
| 13,355,000 | 5.00%, 04/01/22 (c) | 14,178,202 | ||||||
| 205,000 | 5.04%, 10/01/37 ^ | 74,159 | ||||||
| 1,595,000 | Metropolitan Washington Airports Authority, Dulles Toll Road, Second Senior Lien, Series B (RB) 6.00%, 10/01/28 (c) | 1,717,703 | ||||||
| 30,526,069 | ||||||||
| Florida: 5.5% | ||||||||
| 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) | 1,870,069 | ||||||
| Alachua County, Florida Health Facilities Authority, Terraces at Bonita Springs Project, Series A (RB) | ||||||||
| 1,530,000 | 8.00%, 11/15/21 (c) | 1,782,940 | ||||||
| 1,000,000 | 8.13%, 11/15/21 (c) | 1,165,550 | ||||||
| 2,000,000 | Callaway, Florida Capital Improvement Revenue, Special Capital Extension Project (RB) (ACA) 5.25%, 08/01/17 (c) | 2,005,060 | ||||||
| Capital Trust Agency, Inc. (RB) | ||||||||
| 500,000 | 6.50%, 12/01/22 (c) | 502,625 | ||||||
| 485,000 | 6.75%, 12/01/22 (c) | 491,096 | ||||||
| 615,000 | 6.75%, 12/01/22 (c) | 618,358 | ||||||
| 2,000,000 | 7.75%, 01/01/21 (c) | 1,907,980 | ||||||
| County of Alachua, Industrial Development, Florida Retirement Village, Inc. Project, Series A (RB) | ||||||||
| 350,000 | 5.63%, 11/15/17 (c) | 361,585 | ||||||
| 1,660,000 | 5.88%, 11/15/17 (c) | 1,662,855 | ||||||
| 1,640,000 | 5.88%, 11/15/17 (c) | 1,646,626 | ||||||
| 55,000 | County of Brevard, Florida (RB) 6.75%, 11/01/19 (c) | 60,683 | ||||||
| County of Miami-Dade, Florida Seaport Department, Series A (RB) | ||||||||
| 120,000 | 5.00%, 10/01/23 (c) | 135,053 | ||||||
| 175,000 | 6.00%, 10/01/23 (c) | 209,858 | ||||||
| 3,850,000 | County of Miami-Dade, Florida Seaport Department, Series B (RB) 6.00%, 10/01/23 (c) | 4,542,461 | ||||||
| Escambia County Health Facilities Authority, Baptist Hospital, Inc. Project, Series A (RB) | ||||||||
| 505,000 | 5.50%, 08/15/20 (c) | 587,047 | ||||||
| 70,000 | 6.00%, 08/15/20 (c) | 81,589 | ||||||
| Florida Development Finance Corp. (RB) | ||||||||
| 1,000,000 | 7.00%, 06/01/22 (c) | 1,023,850 | ||||||
| 1,000,000 | 7.00%, 06/01/22 (c) | 1,029,020 | ||||||
See Notes to Financial Statements
| 25 |
HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| Florida: (continued) | ||||||||
| Florida Development Finance Corp., Miami Arts Charter School Project, Series A (RB) | ||||||||
| $ | 360,000 | 5.63%, 06/15/24 (c) | $ | 361,886 | ||||
| 450,000 | 5.88%, 06/15/24 (c) | 452,331 | ||||||
| 695,000 | 6.00%, 06/15/24 (c) | 699,789 | ||||||
| Florida Development Finance Corp., Renaissance Charter School, Inc. Projects, Series A (RB) | ||||||||
| 1,000,000 | 5.75%, 06/15/24 (c) | 1,011,510 | ||||||
| 2,850,000 | 7.63%, 06/15/21 (c) | 3,135,684 | ||||||
| Halifax Hospital Medical Center (RB) | ||||||||
| 145,000 | 5.00%, 06/01/16 (c) | 148,918 | ||||||
| 110,000 | 5.25%, 06/01/16 (c) | 113,974 | ||||||
| 2,590,000 | Lake County, Florida Industrial Development, Crane’s View Lodge Project, Series A (RB) 7.13%, 11/01/17 (c) | 2,343,432 | ||||||
| Lee County, Florida Industrial Development Authority Health Care Facilities, Shell Point/Alliance Obligation Group (RB) | ||||||||
| 130,000 | 5.00%, 05/15/17 (c) | 137,099 | ||||||
| 335,000 | 5.13%, 11/15/16 (c) | 350,001 | ||||||
| Lee County, Florida Industrial Development Authority, Industrial Development, Community Charter Schools, LLC Projects, Series A (RB) | ||||||||
| 3,750,000 | 5.25%, 06/15/17 (c) | 3,827,812 | ||||||
| 3,500,000 | 5.38%, 06/15/17 (c) | 3,565,065 | ||||||
| 2,825,000 | 5.75%, 06/15/22 (c) | 2,950,317 | ||||||
| Martin County, Florida Health Facilities Authority (RB) | ||||||||
| 100,000 | 5.13%, 11/15/21 (c) | 108,498 | ||||||
| 800,000 | 5.50%, 11/15/21 (c) | 901,592 | ||||||
| 2,000,000 | 5.50%, 11/15/21 (c) | 2,211,940 | ||||||
| Miami Beach Health Facilities Authority (RB) | ||||||||
| 1,950,000 | 4.25%, 11/15/19 (c) | 1,982,916 | ||||||
| 1,550,000 | 5.00%, 11/15/24 (c) | 1,683,548 | ||||||
| 4,910,000 | 5.00%, 11/15/24 (c) | 5,353,471 | ||||||
| 1,000,000 | Midtown Miami Community Development District, Infrastructure Project, Series B (SA) 4.25%, 05/01/23 (c) | 1,067,680 | ||||||
| Midtown Miami Community Development District, Parking Garage Project, Series A (SA) | ||||||||
| 3,000,000 | 4.25%, 05/01/23 (c) | 3,203,040 | ||||||
| 1,000,000 | 5.00%, 05/01/23 (c) | 1,055,900 | ||||||
| 500,000 | Orange County Industrial Development Authority/FL (RB) 8.00%, 07/01/24 (c) | 506,050 | ||||||
| Orange County, Florida Health Facilities Authority, Orlando Lutheran Towers, Inc. (RB) | ||||||||
| 2,750,000 | 5.50%, 07/01/17 (c) | 2,780,937 | ||||||
| 1,200,000 | 5.50%, 07/01/17 (c) | 1,216,920 | ||||||
| 1,100,000 | 5.70%, 07/01/15 (c) | 1,103,663 | ||||||
| Principal Amount | Value | |||||||
| Florida: (continued) | ||||||||
| Orlando, Florida Aviation Authority, JetBlue Airways Corp. Project (RB) | ||||||||
| $ | 3,440,000 | 5.00%, 05/15/23 (c) | $ | 3,492,219 | ||||
| 1,500,000 | 5.00%, 05/15/23 (c) | 1,562,355 | ||||||
| 2,000,000 | Palm Beach County Health Facilities Authority, Sinai Residences of Boca Raton Project, Series A (RB) 7.50%, 06/01/22 (c) | 2,280,400 | ||||||
| 500,000 | Palm Beach County Health Facilities Authority, Sinai Residences of Boca Raton Project, Series C (RB) 6.00%, 06/01/21 | 543,315 | ||||||
| Sarasota County, Florida Health Facilities Authority (RB) | ||||||||
| 4,555,000 | 5.75%, 07/01/17 (c) | 4,600,504 | ||||||
| 1,785,000 | 5.75%, 07/01/17 (c) | 1,810,079 | ||||||
| 4,595,000 | Stuart, Florida Capital Trust Agency, Stuart Lodge Project, Series B (RB) 7.38%, 01/01/18 (c) | 4,716,722 | ||||||
| 425,000 | Sumter County, Florida Village Community Development District No. 8, Phase II (SA) 6.13%, 05/01/20 (c) | 497,488 | ||||||
| 935,000 | Sumter County, Florida Village Community Development District No. 9, Special Assessment Revenue (SA) 5.50%, 05/01/22 (c) | 1,081,384 | ||||||
| 2,945,000 | Tavares, Florida Osprey Lodge at Lakeview Crest, Series A (RB) 8.75%, 07/01/16 (c) | 2,363,598 | ||||||
| 1,315,000 | Town of Davie, Florida Nova Southeastern University Project, Series A (RB) 6.00%, 04/01/23 (c) | 1,524,532 | ||||||
| 88,430,874 | ||||||||
| Georgia: 0.8% | ||||||||
| 15,000 | Albany-Dougherty Inner City Authority (RB) (XLCA) 4.50%, 07/01/15 (c) | 14,885 | ||||||
| DeKalb County, Georgia Hospital Authority, DeKalb Medical Center, Inc. Project (RB) | ||||||||
| 200,000 | 6.00%, 09/01/20 (c) | 223,562 | ||||||
| 2,100,000 | 6.13%, 09/01/20 (c) | 2,308,719 | ||||||
| 100,000 | Gainesville, Georgia Redevelopment Authority (RB) 5.13%, 03/01/17 (c) | 100,450 | ||||||
| 79,000 | Georgia Local Government, Series A (CP) (NATL) 4.75%, 06/01/28 | 83,661 | ||||||
| Private Colleges & Universities Authority, The Savannah College of Art & Design Project (RB) | ||||||||
| 5,000,000 | 4.13%, 04/01/24 (c) | 4,920,000 | ||||||
| 5,000,000 | 5.00%, 04/01/24 (c) | 5,390,750 | ||||||
| 13,042,027 | ||||||||
See Notes to Financial Statements
| 26 |
| Principal Amount | Value | |||||||
| Guam: 1.8% | ||||||||
| $ | 1,000,000 | A. B. Won Pat International Airport Authority, Series C (RB) 5.00%, 10/01/21 | $ | 1,142,140 | ||||
| 60,000 | Government of Guam, Series A (GO) 5.00%, 11/15/17 (c) | 62,803 | ||||||
| 1,950,000 | Guam Government Department of Education, John F. Kennedy Project, Series A (CP) 6.88%, 12/01/20 (c) | 2,158,435 | ||||||
| 2,250,000 | Guam Government General Obligation, Series A (GO) 6.75%, 11/15/19 (c) | 2,689,425 | ||||||
| 1,200,000 | Guam Government Limited Obligation, Series A (RB) 5.63%, 12/01/19 (c) | 1,358,556 | ||||||
| Guam Government Waterworks Authority (RB) | ||||||||
| 3,950,000 | 5.00%, 07/01/24 (c) | 4,381,419 | ||||||
| 355,000 | 5.50%, 07/01/20 (c) | 396,950 | ||||||
| 3,435,000 | 5.50%, 07/01/23 (c) | 3,957,807 | ||||||
| 155,000 | 5.63%, 07/01/20 (c) | 172,992 | ||||||
| Guam Power Authority, Series A (RB) | ||||||||
| 1,300,000 | 5.00%, 10/01/22 (c) | 1,414,764 | ||||||
| 250,000 | 5.50%, 10/01/20 (c) | 277,905 | ||||||
| Territory of Guam (RB) | ||||||||
| 1,250,000 | 5.00%, 01/01/22 (c) | 1,386,637 | ||||||
| 1,275,000 | 6.50%, 05/01/21 (c) | 1,533,838 | ||||||
| Territory of Guam, Series A (GO) | ||||||||
| 1,000,000 | 5.25%, 11/15/17 (c) | 1,047,900 | ||||||
| 5,170,000 | 7.00%, 11/15/19 (c) | 6,220,906 | ||||||
| 28,202,477 | ||||||||
| Hawaii: 0.2% | ||||||||
| 2,285,000 | Kuakini, Hawaii Health System, Special Purpose Revenue, Series A (RB) 6.30%, 06/04/15 (c) | 2,294,506 | ||||||
| Illinois: 4.4% | ||||||||
| Chicago Board of Education (GO) | ||||||||
| 1,000,000 | 5.00%, 12/01/18 | 1,040,040 | ||||||
| 2,500,000 | 5.00%, 12/01/22 (c) | 2,316,875 | ||||||
| 1,000,000 | Chicago Board of Education, Series F (GO) 5.00%, 12/01/19 | 1,044,350 | ||||||
| 400,000 | Chicago O’Hare International Airport (RB) 5.50%, 01/01/23 (c) | 467,632 | ||||||
| 1,000,000 | Chicago, Illinois Board of Education, Series F (GO) 5.00%, 12/01/20 | 1,046,430 | ||||||
| Chicago, Illinois, Series A (GO) | ||||||||
| 1,000,000 | 5.00%, 01/01/24 (c) | 965,940 | ||||||
| 2,750,000 | 5.25%, 01/01/24 (c) | 2,818,997 | ||||||
| 465,000 | City of Harvey, Illinois, Series A (GO) 5.50%, 12/01/17 (c) | 377,645 | ||||||
| 2,000,000 | Cook County, Illinois Recovery Zone Facility, Navistar International Corp. Project (RB) 6.50%, 10/15/20 (c) | 2,160,140 | ||||||
| Principal Amount | Value | |||||||
| Illinois: (continued) | ||||||||
| $ | 3,600,000 | Harvey, Illinois, Series A (GO) 5.63%, 12/01/17 (c) | $ | 2,761,200 | ||||
| Illinois Finance Authority (RB) | ||||||||
| 2,025,000 | 4.75%, 05/15/23 (c) | 2,041,119 | ||||||
| 500,000 | 5.00%, 08/15/25 (c) | 547,955 | ||||||
| 1,125,000 | 5.00%, 08/15/25 (c) | 1,220,951 | ||||||
| 500,000 | 5.50%, 05/15/22 (c) | 541,090 | ||||||
| 425,000 | 5.63%, 06/04/15 (c) | 425,017 | ||||||
| 25,000 | 5.75%, 05/15/17 (c) | 25,314 | ||||||
| 15,000 | 6.13%, 05/15/19 (c) | 17,890 | ||||||
| 560,000 | 6.13%, 05/15/19 (c) | 641,015 | ||||||
| 1,000,000 | 7.75%, 09/15/20 (c) | 1,162,190 | ||||||
| Illinois Finance Authority, Centegra Health System, Series A (RB) | ||||||||
| 535,000 | 4.63%, 09/01/24 (c) | 544,502 | ||||||
| 2,000,000 | 5.00%, 09/01/24 (c) | 2,138,180 | ||||||
| 20,000 | Illinois Finance Authority, Elmhurst Memorial Healthcare, Series A (RB) 5.63%, 01/01/18 (c) | 21,671 | ||||||
| Illinois Finance Authority, Franciscan Communities, Inc., Series A (RB) | ||||||||
| 4,800,000 | 5.13%, 05/15/23 (c) | 4,912,464 | ||||||
| 1,500,000 | 5.25%, 05/15/23 (c) | 1,542,495 | ||||||
| Illinois Finance Authority, Greenfields of Geneva Project, Series A (RB) | ||||||||
| 1,000,000 | 8.13%, 02/15/20 (c) | 1,063,150 | ||||||
| 3,000,000 | 8.25%, 02/15/20 (c) | 3,189,480 | ||||||
| Illinois Finance Authority, Illinois Institute of Technology, Series A (RB) | ||||||||
| 1,000,000 | 5.00%, 04/01/16 (c) | 1,000,830 | ||||||
| 3,000,000 | 5.00%, 04/01/16 (c) | 3,010,650 | ||||||
| 1,000,000 | Illinois Finance Authority, Lutheran Home and Services Group (RB) 5.75%, 05/15/22 (c) | 1,047,590 | ||||||
| 2,175,000 | Illinois Finance Authority, Navistar International Corp. Project (RB) 6.50%, 10/15/20 (c) | 2,351,327 | ||||||
| Illinois Finance Authority, Park Place of Elmhurst Project, Series A (RB) | ||||||||
| 300,000 | 8.00%, 05/26/15 (c) | 180,099 | ||||||
| 610,000 | 8.00%, 05/15/20 (c) | 365,579 | ||||||
| 1,625,000 | 8.13%, 05/15/20 (c) | 973,651 | ||||||
| 720,000 | Illinois Finance Authority, Peace Village (RB) 5.25%, 08/15/23 | 756,612 | ||||||
| Illinois Finance Authority, Roosevelt University Project (RB) | ||||||||
| 1,000,000 | 6.25%, 10/01/19 (c) | 1,080,790 | ||||||
| 2,000,000 | 6.50%, 10/01/19 (c) | 2,149,060 | ||||||
| Illinois Finance Authority, Swedish Covenant Hospital, Series A (RB) | ||||||||
| 655,000 | 5.75%, 02/15/20 (c) | 736,449 | ||||||
| 2,070,000 | 6.00%, 02/15/20 (c) | 2,302,482 | ||||||
| Illinois Finance Authority, The Admiral At The Lake Project, Series A (RB) | ||||||||
| 7,000,000 | 8.00%, 05/15/20 (c) | 7,949,900 | ||||||
| 1,565,000 | 8.00%, 05/15/20 (c) | 1,784,836 | ||||||
See Notes to Financial Statements
| 27 |
HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| Illinois: (continued) | ||||||||
| $ | 150,000 | Illinois Finance Authority, The Admiral At The Lake Project, Series B (RB) 7.38%, 05/26/15 (c) | $ | 150,323 | ||||
| 600,000 | Illinois Finance Authority, The Admiral At The Lake Project, Series D-1 (RB) 7.00%, 05/26/15 (c) | 601,194 | ||||||
| Illinois Railsplitter Tobacco Settlement Authority (RB) | ||||||||
| 350,000 | 5.25%, 06/01/20 | 405,885 | ||||||
| 200,000 | 5.38%, 06/01/21 | 236,404 | ||||||
| 1,635,000 | 5.50%, 06/01/21 (c) | 1,934,990 | ||||||
| 670,000 | Metropolitan Pier & Exposition Authority (RB) 1.47%, 06/15/18 ^ | 638,972 | ||||||
| 30,000 | Metropolitan Pier and Exposition Authority, Dedicated State Tax Revenue (RB) 1.22%, 06/15/17 ^ | 29,270 | ||||||
| Railsplitter Tobacco Settlement Authority (RB) | ||||||||
| 1,030,000 | 5.00%, 06/01/18 | 1,138,160 | ||||||
| 500,000 | 5.00%, 06/01/19 | 564,015 | ||||||
| 4,000,000 | Southwestern Illinois Development Authority, United States Steel Corp. Project (RB) 5.75%, 08/01/22 (c) | 4,099,440 | ||||||
| 100,000 | Village of Hillside, Illinois (TA) 7.00%, 01/01/18 (c) | 109,001 | ||||||
| 70,631,241 | ||||||||
| Indiana: 3.2% | ||||||||
| Carmel, Indiana, The Barrington of Carmel Project, Series A (RB) | ||||||||
| 1,500,000 | 7.13%, 11/15/22 (c) | 1,665,135 | ||||||
| 3,000,000 | 7.13%, 11/15/22 (c) | 3,320,490 | ||||||
| 55,000 | City of Anderson Economic Development, Anderson University Project (RB) 4.75%, 06/04/15 (c) | 55,023 | ||||||
| City of Anderson, Indiana, Anderson University Project (RB) | ||||||||
| 175,000 | 5.00%, 04/01/17 (c) | 174,790 | ||||||
| 525,000 | 5.00%, 04/01/17 (c) | 526,964 | ||||||
| 795,000 | 5.00%, 04/01/17 (c) | 803,594 | ||||||
| 1,000,000 | City of Rockport, Indiana, Series A (RB) 7.00%, 02/01/22 (c) | 1,049,000 | ||||||
| 1,900,000 | Indiana Finance Authority, Environmental Improvement Revenue, United States Steel Corp. Project (RB) 6.00%, 12/01/19 | 2,121,996 | ||||||
| Indiana Finance Authority, I-69 Section 5 Project (RB) | ||||||||
| 5,265,000 | 5.00%, 09/01/24 (c) | 5,637,183 | ||||||
| 1,250,000 | 5.25%, 09/01/24 (c) | 1,384,887 | ||||||
| Principal Amount | Value | |||||||
| Indiana: (continued) | ||||||||
| Indiana Finance Authority, King’s Daughters’ Hospital & Health Services (RB) | ||||||||
| $ | 1,475,000 | 5.13%, 08/15/20 (c) | $ | 1,644,404 | ||||
| 1,200,000 | 5.50%, 08/15/20 (c) | 1,309,836 | ||||||
| 2,500,000 | 5.50%, 08/15/20 (c) | 2,763,000 | ||||||
| Indiana Finance Authority, Ohio River Bridges East End Crossing Project, Series A (RB) | ||||||||
| 1,100,000 | 5.00%, 07/01/23 (c) | 1,180,597 | ||||||
| 3,000,000 | 5.00%, 07/01/23 (c) | 3,202,560 | ||||||
| 7,400,000 | 5.25%, 07/01/23 (c) | 8,005,764 | ||||||
| Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series A (RB) | ||||||||
| 5,200,000 | 5.00%, 06/01/22 (c) | 5,540,496 | ||||||
| 2,570,000 | 5.00%, 06/01/22 (c) | 2,757,970 | ||||||
| Indiana Finance Authority, United States Steel Corp. Project (RB) | ||||||||
| 1,040,000 | 5.75%, 08/01/22 (c) | 1,065,854 | ||||||
| 350,000 | 6.00%, 06/01/20 (c) | 384,871 | ||||||
| 20,000 | Indianapolis Airport Authority, Federal Express Corp. Project (RB) 5.10%, 01/15/17 | 21,355 | ||||||
| Vigo County, Indiana Hospital Authority, Union Hospital, Inc. (RB) | ||||||||
| 2,000,000 | 5.70%, 09/01/17 (c) | 2,027,120 | ||||||
| 3,000,000 | 5.75%, 09/01/17 (c) | 3,038,010 | ||||||
| 1,160,000 | 5.80%, 09/01/17 (c) | 1,175,451 | ||||||
| 50,856,350 | ||||||||
| Iowa: 2.4% | ||||||||
| 3,000,000 | City of Coralville, Iowa, Series D (CP) 5.25%, 06/01/16 (c) | 3,014,460 | ||||||
| Iowa Finance Authority (RB) | ||||||||
| 163,200 | 2.00%, 06/04/15 (c) § | 816 | ||||||
| 870,000 | 2.70%, 11/15/24 (c) § | 354,699 | ||||||
| 5,645,000 | Iowa Finance Authority, Alcoa, Inc. Project (RB) 4.75%, 08/01/22 (c) | 5,883,275 | ||||||
| Iowa Finance Authority, Iowa Fertilizer Company Project (RB) | ||||||||
| 3,840,000 | 5.00%, 12/01/19 | 4,160,640 | ||||||
| 3,525,000 | 5.25%, 12/01/23 (c) | 3,956,143 | ||||||
| 2,700,000 | 5.50%, 12/01/18 (c) | 2,886,327 | ||||||
| 1,500,000 | Iowa Higher Education Loan Authority (RB) 5.00%, 10/01/25 (c) | 1,503,555 | ||||||
| Iowa Higher Education Loan Authority, Upper Iowa University Project (RB) | ||||||||
| 20,000 | 4.00%, 09/01/23 (c) | 19,082 | ||||||
| 2,065,000 | 5.00%, 09/01/23 (c) | 2,014,056 | ||||||
| 2,750,000 | 5.00%, 09/01/23 (c) | 2,579,775 | ||||||
| 620,000 | 5.75%, 09/01/20 (c) | 662,017 | ||||||
| 1,345,000 | 6.00%, 09/01/20 (c) | 1,428,982 | ||||||
| 10,000,000 | Iowa Tobacco Settlement Authority (RB) 7.15%, 06/04/15 (c) ^ | 1,120,400 | ||||||
See Notes to Financial Statements
| 28 |
| Principal Amount | Value | |||||||
| Iowa: (continued) | ||||||||
| Iowa Tobacco Settlement Authority, Series C (RB) | ||||||||
| $ | 3,000,000 | 5.38%, 06/04/15 (c) | $ | 2,705,010 | ||||
| 7,290,000 | 5.50%, 06/04/15 (c) | 6,597,669 | ||||||
| 160,000 | Tobacco Settlement Authority, Series C (RB) 5.63%, 06/04/15 (c) | 146,558 | ||||||
| 39,033,464 | ||||||||
| Kansas: 1.3% | ||||||||
| 2,255,000 | Arkansas City Public Building Commission (RB) 6.25%, 09/01/19 (c) | 2,458,153 | ||||||
| Manhattan, Kansas Health Care Facility Revenue, Meadowlark Hills Retirement Community, Series A (RB) | ||||||||
| 2,000,000 | 5.00%, 05/15/17 (c) | 2,004,940 | ||||||
| 1,000,000 | 5.00%, 05/15/17 (c) | 1,006,680 | ||||||
| Overland Park, Kansas Development Corp. (RB) (AMBAC) | ||||||||
| 11,550,000 | 5.13%, 01/01/17 (c) | 11,584,650 | ||||||
| 100,000 | 5.13%, 01/01/17 (c) | 100,300 | ||||||
| 1,000,000 | 5.25%, 01/01/17 (c) | 1,004,960 | ||||||
| 2,550,000 | Overland Park, Kansas, Prairiefire At Lionsgate Project (RB) 6.00lo%, 12/15/22 (c) | 2,568,360 | ||||||
| 20,728,043 | ||||||||
| Kentucky: 1.4% | ||||||||
| 4,750,000 | County of Ohio, Kentucky Pollution Control, Big Rivers Electric Corp. Project, Series A (RB) 6.00%, 07/15/20 (c) | 4,874,972 | ||||||
| Kentucky Economic Development Finance Authority, Masonic Homes of Kentucky, Inc. (RB) | ||||||||
| 2,000,000 | 5.38%, 11/15/22 (c) | 2,074,460 | ||||||
| 1,000,000 | 5.50%, 11/15/22 (c) | 1,027,240 | ||||||
| Kentucky Economic Development Finance Authority, Owensboro Medical Health System, Inc., Series A (RB) | ||||||||
| 490,000 | 5.75%, 06/01/20 (c) | 561,388 | ||||||
| 2,100,000 | 6.00%, 06/01/20 (c) | 2,402,820 | ||||||
| 1,325,000 | 6.38%, 06/01/20 (c) | 1,523,829 | ||||||
| 2,000,000 | Kentucky Economic Development Finance Authority, Owensboro Medical Health System, Inc., Series B (RB) 6.38%, 06/01/20 (c) | 2,300,120 | ||||||
| Kentucky Public Transportation Infrastructure Authority, Downtown Cross Project, Series A (RB) | ||||||||
| 1,375,000 | 5.00%, 07/01/17 | 1,492,287 | ||||||
| 4,885,000 | 5.75%, 07/01/23 (c) | 5,602,704 | ||||||
| 21,859,820 | ||||||||
| Principal Amount | Value | |||||||
| Louisiana: 2.5% | ||||||||
| City of New Orleans, Louisiana (RB) | ||||||||
| $ | 200,000 | 5.00%, 06/01/21 | $ | 231,418 | ||||
| 1,850,000 | 5.00%, 06/01/24 (c) | 2,013,040 | ||||||
| 500,000 | 5.00%, 12/01/24 (c) | 550,285 | ||||||
| 1,135,000 | 5.00%, 12/01/24 (c) | 1,268,521 | ||||||
| Jefferson Parish Hospital Service District No. 2 (RB) | ||||||||
| 245,000 | 6.25%, 07/01/21 (c) | 287,035 | ||||||
| 625,000 | 6.38%, 07/01/21 (c) | 731,619 | ||||||
| 1,000,000 | Juban Crossing Economic Development District (RB) 7.00%, 03/15/25 (c) | 1,012,470 | ||||||
| 4,250,000 | Lakeshore Village Master Community Development District (SA) 5.25%, 07/01/17 (d) * § | 1,487,500 | ||||||
| 500,000 | Louisiana Environmental Facilities & Community Development Authority, Westlake Chemical Corp. Project (RB) 6.75%, 11/01/17 (c) | 558,160 | ||||||
| Louisiana Local Government Environmental Facilities & Community Development Auth (RB) | ||||||||
| 1,000,000 | 6.25%, 11/15/25 (c) | 1,003,030 | ||||||
| 2,000,000 | 6.50%, 11/01/20 (c) | 2,403,380 | ||||||
| Louisiana Local Government Environmental Facilities & Community Development Authority, Westlake Chemical Corp. Project, Series A (RB) | ||||||||
| 1,065,000 | 6.50%, 08/01/20 (c) | 1,278,703 | ||||||
| 2,300,000 | 6.50%, 11/01/20 (c) | 2,763,887 | ||||||
| 575,000 | Louisiana Public Facilities Authority, Black & Gold Facilities Project, Series A (RB) (CIFG) 4.50%, 07/01/16 (c) | 510,629 | ||||||
| 1,450,000 | Louisiana Public Facilities Authority, Lake Charles Memorial Hospital Project (RB) 6.38%, 12/01/19 (c) | 1,589,881 | ||||||
| 2,000,000 | Louisiana Public Facilities Authority, Louisiana Pellets, Inc. Project, Series A (RB) 8.38%, 07/01/24 (c) | 2,062,060 | ||||||
| 15,000 | Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project (RB) 6.38%, 05/15/21 (c) | 17,709 | ||||||
| Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project, Series A (RB) | ||||||||
| 1,525,000 | 5.25%, 05/15/17 (c) | 1,593,228 | ||||||
| 1,050,000 | 5.38%, 05/15/17 (c) | 1,096,168 | ||||||
| 3,250,000 | Louisiana Public Facilities Authority, Solid Waste Disposal Revenue, Series A (RB) 7.50%, 07/01/23 | 3,339,082 | ||||||
| 2,025,000 | Parish of St. Charles, Valero Project (RB) 4.00%, 06/01/22 (p) | 2,177,199 | ||||||
See Notes to Financial Statements
| 29 |
HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| Louisiana: (continued) | ||||||||
| $ | 1,730,000 | Saint John, Louisiana Marathon Oil Corp. Project, Series A (RB) 5.13%, 06/01/17 (c) | $ | 1,827,589 | ||||
| Tobacco Settlement Financing Corp. (RB) | ||||||||
| 2,750,000 | 5.00%, 05/15/20 | 3,188,405 | ||||||
| 2,160,000 | 5.00%, 05/15/23 | 2,552,278 | ||||||
| 4,000,000 | 5.25%, 05/15/23 (c) | 4,465,440 | ||||||
| 40,008,716 | ||||||||
| Maine: 0.5% | ||||||||
| 2,000,000 | Maine Health & Higher Educational Facilities Authority, Eastern Maine Medical Center Obligated Group Issue (RB) 5.00%, 07/01/23 (c) | 2,193,320 | ||||||
| Maine Health & Higher Educational Facilities Authority, General Medical Center (RB) | ||||||||
| 1,165,000 | 6.00%, 07/01/21 (c) | 1,321,518 | ||||||
| 2,220,000 | 6.75%, 07/01/21 (c) | 2,492,128 | ||||||
| 50,000 | 6.95%, 07/01/21 (c) | 56,662 | ||||||
| 2,000,000 | Rumford, Maine Solid Waste Disposal, Boise Cascade Corp. (RB) 6.88%, 06/04/15 (c) | 2,008,000 | ||||||
| 8,071,628 | ||||||||
| Maryland: 1.4% | ||||||||
| 1,000,000 | Anne Arundel County Consolidated Special Taxing District (ST) 5.25%, 07/01/24 (c) | 1,024,830 | ||||||
| 2,445,000 | Baltimore, Maryland, Convention Center Hotel Revenue, Series A (RB) (XLCA) 5.25%, 09/01/16 (c) | 2,501,602 | ||||||
| City of Baltimore, Maryland (RB) (XLCA) | ||||||||
| 15,000 | 4.60%, 09/01/16 (c) | 15,244 | ||||||
| 45,000 | 5.00%, 09/01/16 (c) | 46,074 | ||||||
| 25,000 | 5.25%, 09/01/16 (c) | 25,875 | ||||||
| County of Howard, Maryland (RB) | ||||||||
| 60,000 | 5.25%, 04/01/17 (c) | 58,241 | ||||||
| 2,990,000 | 5.25%, 04/01/17 (c) | 2,967,216 | ||||||
| 2,000,000 | 5.25%, 04/01/17 (c) | 2,012,280 | ||||||
| 2,955,000 | Frederick County, Maryland Urbana Community Development Authority, Series B (ST) 5.50%, 07/01/20 (c) | 3,099,115 | ||||||
| 2,000,000 | Maryland Economic Development Corp., Chesapeake Bay Conference Center Project, Series A (RB) 5.00%, 12/01/16 (c) (d) § | 1,100,000 | ||||||
| 4,265,000 | Maryland Economic Development Corp., CNX Marine Terminal, Inc. Port of Baltimore Facility (RB) 5.75%, 09/01/20 (c) | 4,724,895 | ||||||
| Maryland Health & Higher Educational Facilities Authority (RB) | ||||||||
| 1,000,000 | 5.00%, 07/01/19 | 1,134,420 | ||||||
| 20,000 | 5.75%, 01/01/18 (c) | 21,520 | ||||||
| Principal Amount |
Value | |||||||
| Maryland: (continued) | ||||||||
| $ | 545,000 | Maryland Health & Higher Educational Facilities Authority, Washington County Hospital Issue (RB) 5.75%, 01/01/18 (c) | $ | 587,156 | ||||
| 3,000,000 | Maryland Health and Higher Educational Facilities Authority (RB) 5.00%, 07/01/24 | 3,545,610 | ||||||
| 45,000 | Mayor and City Council of Baltimore, Convention Center Hotel, Series A (RB) (XLCA) 5.25%, 09/01/16 (c) | 46,874 | ||||||
| 22,910,952 | ||||||||
| Massachusetts: 0.6% | ||||||||
| Massachusetts Development Finance Agency (RB) | ||||||||
| 500,000 | 4.00%, 07/01/25 (c) | 484,800 | ||||||
| 3,325,000 | 5.00%, 07/01/25 (c) | 3,571,349 | ||||||
| 2,675,000 | Massachusetts Development Finance Agency, Covanta Energy
Project, Series B (RB) 4.88%, 11/01/17 (c) | 2,715,981 | ||||||
| 280,000 | Massachusetts Development Finance Agency, Orchard Cove (RB) 5.25%, 06/04/15 (c) | 282,881 | ||||||
| Massachusetts Development Finance Agency, Series H (RB) | ||||||||
| 50,000 | 5.00%, 07/01/16 | 52,032 | ||||||
| 320,000 | 5.50%, 07/01/21 (c) | 352,544 | ||||||
| Massachusetts Health & Educational Facilities Authority (RB) | ||||||||
| 70,000 | 5.00%, 07/01/15 (c) | 70,452 | ||||||
| 45,000 | 5.00%, 07/01/18 (c) | 47,786 | ||||||
| 5,000 | 5.00%, 07/01/18 (c) | 5,618 | ||||||
| 100,000 | 5.00%, 07/01/20 (c) | 111,814 | ||||||
| 25,000 | 5.00%, 07/01/20 (c) | 28,031 | ||||||
| 465,000 | Massachusetts Health & Educational Facilities Authority, Jordan Hospital Issue, Series D (RB) 5.38%, 06/04/15 (c) | 465,195 | ||||||
| 2,000,000 | Massachusetts Health & Educational Facilities Authority, Milton Hospital Issue, Series D (RB) 5.50%, 07/01/15 (c) | 2,002,260 | ||||||
| Massachusetts Health & Educational Facilities Authority, Suffolk University Issue, Series A (RB) | ||||||||
| 20,000 | 6.00%, 07/01/19 (c) | 23,157 | ||||||
| 75,000 | 6.25%, 07/01/19 (c) | 87,289 | ||||||
| 10,301,189 | ||||||||
| Michigan: 2.4% | ||||||||
| City of Detroit, Michigan Sewage Disposal System Revenue, Series A (RB) | ||||||||
| 265,000 | 5.00%, 07/01/20 | 294,142 | ||||||
| 165,000 | 5.00%, 07/01/21 | 184,892 | ||||||
| 750,000 | 5.50%, 07/01/17 (c) | 803,775 | ||||||
See Notes to Financial Statements
| 30 |
| Principal Amount | Value | |||||||
| Michigan: (continued) | ||||||||
| City of Detroit, Michigan Water Supply System Revenue, Series A (RB) | ||||||||
| $ | 25,000 | 5.00%, 07/01/21 (c) | $ | 25,786 | ||||
| 65,000 | 5.25%, 07/01/21 (c) | 67,911 | ||||||
| 25,000 | 5.25%, 07/01/21 (c) | 27,345 | ||||||
| 25,000 | City of Detroit, Sewage Disposal System, Series A (RB) 5.00%, 07/01/22 | 28,283 | ||||||
| 345,000 | Detroit Local Development Finance Authority (TA) 5.50%, 06/04/15 (c) | 344,476 | ||||||
| Flint, Michigan Hospital Building Authority, Hurley Medical Center (RB) | ||||||||
| 2,000,000 | 4.75%, 07/01/23 (c) | 1,878,560 | ||||||
| 990,000 | 7.38%, 07/01/20 (c) | 1,135,758 | ||||||
| Kent Hospital Finance Authority, Metropolitan Hospital Project, Series A (RB) | ||||||||
| 2,510,000 | 5.25%, 07/01/15 (c) | 2,524,633 | ||||||
| 1,000,000 | 5.75%, 07/01/15 (c) | 1,006,720 | ||||||
| 1,450,000 | 6.00%, 07/01/15 (c) | 1,459,874 | ||||||
| 1,500,000 | Kentwood, Michigan Economic Development Corp., Holland Home Obligated Group (RB) 5.63%, 05/15/22 (c) | 1,573,965 | ||||||
| 1,000,000 | Michigan Finance Authority (RB) 6.75%, 07/01/24 (c) | 1,067,380 | ||||||
| Michigan Finance Authority, Public Lighting Authority Local Project, Series B (RB) | ||||||||
| 520,000 | 5.00%, 07/01/24 (c) | 554,991 | ||||||
| 100,000 | 5.00%, 07/01/24 (c) | 107,837 | ||||||
| 650,000 | 5.00%, 07/01/24 (c) | 704,574 | ||||||
| 500,000 | Michigan Finance Authority, Series C (RB) 5.00%, 07/01/22 (c) | 526,050 | ||||||
| 250,000 | Michigan Finance Authority, Water Supply System, Series D-4 (RB) 5.00%, 07/01/17 | 270,710 | ||||||
| 1,000,000 | Michigan Municipal Bond Authority, Series C (RB) (AMBAC) 4.75%, 05/01/17 (c) | 1,002,440 | ||||||
| 4,400,000 | Michigan Solid Waste Disposal, Genesee Power Station Project (RB) 7.50%, 06/04/15 (c) | 4,400,880 | ||||||
| 1,500,000 | Michigan Strategic Fund, Series A (TA) 4.12%, 07/01/18 (c) (p) | 1,525,920 | ||||||
| Michigan Tobacco Settlement Finance Authority, Series A (RB) | ||||||||
| 2,190,000 | 5.13%, 06/01/17 (c) | 1,967,255 | ||||||
| 1,175,000 | 6.00%, 06/01/17 (c) | 990,278 | ||||||
| 6,625,000 | 6.00%, 06/01/17 (c) | 5,894,726 | ||||||
| 6,000,000 | 6.88%, 06/01/18 (c) | 5,901,900 | ||||||
| 100,000,000 | Michigan Tobacco Settlement Finance Authority, Series B (RB) 11.24%, 06/01/17 (c) ^ | 2,251,000 | ||||||
| 38,522,061 | ||||||||
| Principal Amount | Value | |||||||
| Minnesota: 0.9% | ||||||||
| $ | 2,100,000 | City of Victoria, Minnesota Private School Facility, Holy Family Catholic High School Project (RB) 5.00%, 09/01/22 (c) | $ | 2,113,923 | ||||
| 3,500,000 | Saint Paul Housing & Redevelopment Authority, Episcopal Homes Project (RB) 5.00%, 05/01/23 (c) | 3,573,920 | ||||||
| Saint Paul, Minnesota Housing & Redevelopment Authority, Carondelet Village Project, Series A (RB) | ||||||||
| 500,000 | 6.00%, 08/01/17 (c) | 508,940 | ||||||
| 500,000 | 6.00%, 08/01/17 (c) | 510,635 | ||||||
| 2,500,000 | Saint Paul, Minnesota Housing & Redevelopment Authority, HealthEast Project (RB) 6.00%, 11/15/15 (c) | 2,565,625 | ||||||
| Wayzata, Minnesota Folkestone Senior Living Community, Series A (RB) | ||||||||
| 2,200,000 | 5.75%, 05/01/19 (c) | 2,387,572 | ||||||
| 2,500,000 | 6.00%, 05/01/19 (c) | 2,728,250 | ||||||
| 14,388,865 | ||||||||
| Mississippi: 0.0% | ||||||||
| 280,000 | Mississippi Development Bank, Series A (RB) (XLCA) 5.00%, 03/01/16 (c) | 284,640 | ||||||
| 55,000 | Mississippi Hospital Equipment & Facilities Authority (RB) 5.00%, 08/15/17 (c) | 58,637 | ||||||
| 80,000 | Parkway East Public Improvement District (AGO) (SA) 4.63%, 05/01/16 (c) | 81,563 | ||||||
| 424,840 | ||||||||
| Missouri: 0.5% | ||||||||
| 1,000,000 | Citizens Memorial Hospital District of Polk County, Missouri Hospital (RB) 5.00%, 08/01/19 (c) | 1,019,030 | ||||||
| 30,000 | City of Nevada, Missouri (RB) (ACA) 4.30%, 06/04/15 (c) | 24,878 | ||||||
| Kansas City, Missouri Industrial Development Authority, Missouri Health Care Facilities First Mortgage, Series A (RB) | ||||||||
| 2,170,000 | 6.25%, 06/04/15 (c) | 2,176,662 | ||||||
| 2,500,000 | 6.50%, 06/04/15 (c) | 2,503,450 | ||||||
| St. Louis, Missouri Industrial Development Authority, Confluence Academy Project, Series A (RB) | ||||||||
| 580,000 | 5.00%, 06/15/15 (c) | 588,137 | ||||||
| 1,150,000 | 5.25%, 06/15/15 (c) | 1,149,931 | ||||||
| 570,000 | 5.35%, 06/15/15 (c) | 557,471 | ||||||
| 8,019,559 | ||||||||
| Nebraska: 0.0% | ||||||||
| 20,000 | Public Power Generation Agency (RB) (AMBAC) 5.00%, 01/01/17 (c) | 20,855 | ||||||
See Notes to Financial Statements
| 31 |
HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| Nevada: 0.2% | ||||||||
| City of North Las Vegas, Nevada (GO) | ||||||||
| $ | 735,000 | 5.00%, 06/01/21 (c) | $ | 612,358 | ||||
| 1,485,000 | 5.00%, 06/01/21 (c) | 1,271,234 | ||||||
| State of Nevada Department of Business & Industry (RB) | ||||||||
| 1,000,000 | 5.00%, 12/15/25 (c) | 1,001,580 | ||||||
| 1,000,000 | 5.13%, 12/15/25 (c) | 997,640 | ||||||
| 3,882,812 | ||||||||
| New Jersey: 5.6% | ||||||||
| 1,000,000 | Burlington, Vermont Bridge Commission, Burlington County, New Jersey, The Evergreens Project (RB) 5.63%, 01/01/18 (c) | 1,033,770 | ||||||
| Camden County Improvement Authority (RB) | ||||||||
| 1,000,000 | 5.00%, 02/15/24 (c) | 1,104,510 | ||||||
| 1,000,000 | 5.00%, 02/15/24 (c) | 1,096,620 | ||||||
| 340,000 | 5.00%, 02/15/24 (c) | 393,258 | ||||||
| 1,000,000 | 5.00%, 02/15/24 (c) | 1,130,220 | ||||||
| 2,500,000 | Camden County, New Jersey Improvement Authority, Series A (RB) 5.00%, 02/15/24 (c) | 2,799,225 | ||||||
| Casino Reinvestment Development Authority (RB) | ||||||||
| 7,000,000 | 5.25%, 11/01/24 (c) | 7,519,260 | ||||||
| 2,500,000 | 5.25%, 11/01/24 (c) | 2,697,600 | ||||||
| 235,000 | City of Atlantic City, Series A (GO) 5.50%, 02/15/18 | 205,296 | ||||||
| 3,745,000 | Gloucester County, New Jersey Pollution Control Financing Authority, Series A (RB) 5.00%, 12/01/24 | 4,234,284 | ||||||
| New Jersey Economic Development Authority (RB) | ||||||||
| 100,000 | 4.00%, 06/15/19 | 108,142 | ||||||
| 175,000 | 5.00%, 06/15/22 (c) | 195,949 | ||||||
| 135,000 | 5.00%, 06/15/22 (c) | 148,269 | ||||||
| 60,000 | 5.50%, 06/20/23 (c) | 67,110 | ||||||
| 15,000 | 5.75%, 04/01/31 | 17,429 | ||||||
| 4,000,000 | New Jersey Economic Development Authority, ACR Energy Partners, LLC, Series A (RB) 10.50%, 06/01/16 (c) (d) § | 1,160,000 | ||||||
| New Jersey Economic Development Authority, Cigarette Tax Revenue (RB) | ||||||||
| 495,000 | 4.25%, 06/15/22 (c) | 524,898 | ||||||
| 1,150,000 | 5.00%, 06/15/17 | 1,235,813 | ||||||
| 200,000 | 5.00%, 06/15/19 | 224,150 | ||||||
| 50,000 | 5.00%, 06/15/22 | 57,499 | ||||||
| 840,000 | 5.00%, 06/15/22 (c) | 956,063 | ||||||
| 500,000 | 5.00%, 06/15/22 (c) | 552,135 | ||||||
| Principal Amount |
Value | |||||||
| New Jersey: (continued) | ||||||||
| New Jersey Economic Development Authority, Continental Airlines, Inc. Project (RB) | ||||||||
| $ | 3,220,000 | 4.88%, 09/15/19 | $ | 3,401,511 | ||||
| 2,150,000 | 5.25%, 08/20/22 (c) | 2,364,570 | ||||||
| 2,215,000 | 5.50%, 06/04/15 (c) | 2,222,022 | ||||||
| 350,000 | 5.63%, 03/05/24 (c) | 401,744 | ||||||
| 235,000 | 5.63%, 03/05/24 (c) | 269,742 | ||||||
| 2,935,000 | 5.75%, 09/15/22 (c) | 3,293,334 | ||||||
| 8,120,000 | New Jersey Economic Development Authority, Gloucester Marine Project A (RB) 6.63%, 01/01/16 (c) | 8,204,367 | ||||||
| New Jersey Economic Development Authority, The Goethals Bridge Replacement Project (RB) | ||||||||
| 1,350,000 | 5.13%, 01/01/24 (c) | 1,490,251 | ||||||
| 150,000 | 5.38%, 01/01/24 (c) | 166,113 | ||||||
| New Jersey Health Care Facilities Financing Authority (RB) | ||||||||
| 100,000 | 5.00%, 07/01/21 | 110,392 | ||||||
| 170,000 | 6.00%, 07/01/21 (c) | 191,439 | ||||||
| New Jersey Health Care Facilities Financing Authority, Barnabas Health Issue, Series A (RB) | ||||||||
| 250,000 | 5.00%, 07/01/19 | 283,820 | ||||||
| 125,000 | 5.00%, 07/01/21 | 147,328 | ||||||
| 2,050,000 | New Jersey Health Care Facilities Financing Authority, Saint Peter’s University System (RB) 6.25%, 07/01/21 (c) | 2,262,872 | ||||||
| 2,000,000 | New Jersey Health Care Facilities Financing Authority, St. Joseph’s Healthcare System (RB) 6.63%, 07/01/18 (c) | 2,239,060 | ||||||
| New Jersey Tobacco Settlement Financing Corp., Series A (RB) | ||||||||
| 12,985,000 | 5.00%, 06/01/17 (c) | 10,122,197 | ||||||
| 8,700,000 | 5.00%, 06/01/17 (c) | 7,479,216 | ||||||
| 5,400,000 | Pollution Control Financing Authority, Chambers Project, Series A (RB) 5.00%, 12/01/23 | 6,121,818 | ||||||
| 360,000 | Tobacco Settlement Financing Corp. (RB) 5.00%, 06/01/16 | 376,308 | ||||||
| Tobacco Settlement Financing Corp., Senior Series 1A (RB) | ||||||||
| 3,535,000 | 4.50%, 06/01/17 (c) | 3,550,165 | ||||||
| 25,000 | 5.00%, 06/01/17 (c) | 26,546 | ||||||
| 1,245,000 | Tobacco Settlement Financing Corp., Senior Series A-1 (RB) 4.75%, 06/01/17 (c) | 965,585 | ||||||
| 400,000 | Tobacco Settlement Financing Corp., Senior Series B-1 (RB) 7.74%, 06/01/17 (c) ^ | 97,000 | ||||||
| 6,800,000 | Tobacco Settlement Financing Corp., Series A (RB) 4.63%, 06/01/17 (c) | 6,562,544 | ||||||
| 89,811,444 | ||||||||
See Notes to Financial Statements
| 32 |
| Principal Amount | Value | |||||||
| New Mexico: 0.6% | ||||||||
| $ | 1,060,000 | County of Otero, New Mexico Jail Project (RB) 5.75%, 10/01/16 (c) | $ | 1,054,350 | ||||
| 1,910,000 | Farmington, New Mexico Pollution Control, San Juan Project, Series F (RB) 6.25%, 06/01/20 (c) | 2,124,913 | ||||||
| 2,850,000 | Otero County, New Mexico Jail Project Revenue (RB) 6.00%, 10/01/16 (c) | 2,682,249 | ||||||
| 4,750,000 | Otero County, New Mexico Jail Project Revenue (RB) 6.00%, 10/01/16 (c) | 4,145,610 | ||||||
| 10,007,122 | ||||||||
| New York: 9.7% | ||||||||
| Brooklyn Arena Local Development Corp. (RB) | ||||||||
| 15,000 | 4.39%, 07/15/32 ^ | 6,938 | ||||||
| 75,000 | 4.44%, 07/15/33 ^ | 33,050 | ||||||
| 10,000 | 6.00%, 01/15/20 (c) | 11,637 | ||||||
| 1,625,000 | 6.25%, 01/15/20 (c) | 1,901,120 | ||||||
| 8,470,000 | 6.38%, 01/15/20 (c) | 9,935,395 | ||||||
| 2,400,000 | Build NYC Resource Corp (RB) 5.25%, 11/01/24 (c) | 2,572,248 | ||||||
| Build NYC Resource Corp. (RB) | ||||||||
| 5,000,000 | 5.00%, 11/01/24 (c) | 5,144,600 | ||||||
| 1,000,000 | 5.50%, 11/01/24 (c) | 1,066,980 | ||||||
| Build NYC Resource Corp., Pratt Paper, Inc. Project (RB) | ||||||||
| 325,000 | 3.75%, 01/01/20 | 339,102 | ||||||
| 1,050,000 | 4.50%, 01/01/25 | 1,137,150 | ||||||
| 600,000 | 5.00%, 01/01/25 (c) | 644,652 | ||||||
| 3,810,000 | Chautaugua County, New York Industrial Development, NRG Dunkirk Power Project (RB) 5.88%, 02/01/20 (c) | 4,315,511 | ||||||
| Dutchess County Industrial Development Agency (RB) | ||||||||
| 2,525,000 | 4.50%, 08/01/17 (c) | 2,424,656 | ||||||
| 15,000 | 4.50%, 08/01/17 (c) | 15,161 | ||||||
| 1,465,000 | Erie County, New York Industrial Development Agency, Orchard Park CCRC, Inc. Project, Series A (RB) 6.00%, 11/15/16 (c) | 1,487,986 | ||||||
| Erie County, New York Tobacco Asset Securitization Corp., Series A (RB) | ||||||||
| 225,000 | 5.00%, 06/04/15 (c) | 203,951 | ||||||
| 80,000 | 5.00%, 06/04/15 (c) | 76,618 | ||||||
| 500,000 | Jefferson County Industrial Development Agency (RB) 5.25%, 01/01/24 | 501,515 | ||||||
| 1,655,000 | Long Island Power Authority, Series C (RB) (CIFG) 5.25%, 09/01/29 | 2,008,111 | ||||||
| 30,000 | Nassau County Local Economic Assistance Corp (RB) 4.25%, 07/01/22 (c) | 30,574 | ||||||
| Principal Amount |
Value | |||||||
| New York: (continued) | ||||||||
| Nassau County Local Economic Assistance Corp., Winthrop- University Hospital Association Project (RB) | ||||||||
| $ | 915,000 | 5.00%, 07/01/22 (c) | $ | 987,349 | ||||
| 1,000,000 | 5.00%, 07/01/22 (c) | 1,107,520 | ||||||
| 5,000,000 | Nassau County Tobacco Settlement Corp (RB) 5.25%, 06/01/16 (c) | 4,968,900 | ||||||
| Nassau County Tobacco Settlement Corp., Series A (RB) | ||||||||
| 5,290,000 | 5.00%, 06/01/16 (c) | 4,438,310 | ||||||
| 2,335,000 | 5.13%, 06/01/16 (c) | 1,872,110 | ||||||
| New Rochelle Industrial Development Agency (RB) | ||||||||
| 1,000,000 | 5.25%, 07/01/15 (c) | 999,990 | ||||||
| 350,000 | 5.50%, 07/01/15 (c) | 351,057 | ||||||
| New York City Industrial Development Agency (RB) (FGIC) | ||||||||
| 290,000 | 5.00%, 09/01/16 (c) | 298,903 | ||||||
| 35,000 | 5.75%, 06/04/15 (c) | 27,095 | ||||||
| New York City Industrial Development Agency, British Airways Plc Project (RB) | ||||||||
| 8,530,000 | 5.25%, 06/04/15 (c) | 8,558,405 | ||||||
| 3,750,000 | 7.63%, 06/04/15 (c) | 3,768,900 | ||||||
| 2,000,000 | New York City Industrial Development Agency, Bronx Parking Development Company, LLC Project (RB) 5.88%, 10/01/17 (c) (d) § | 720,000 | ||||||
| 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) | 2,068,740 | ||||||
| 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) | 1,027,830 | ||||||
| 380,000 | 5.25%, 12/01/16 (c) | 389,667 | ||||||
| New York City Industrial Development Agency, Queens Baseball Stadium Project (RB) (AMBAC) | ||||||||
| 1,970,000 | 4.75%, 01/01/17 (c) | 2,001,559 | ||||||
| 815,000 | 5.00%, 01/01/17 (c) | 837,910 | ||||||
| 1,000,000 | 5.00%, 01/01/17 (c) | 1,033,830 | ||||||
| 530,000 | New York City Industrial Development Agency, Special Facility, JetBlue Airways Corp. Project (RB) 5.00%, 06/04/15 (c) | 531,140 | ||||||
| 2,000,000 | New York City Industrial Development Agency, Transportation Infrastructure Properties, LLC, Series A (RB) 5.00%, 07/01/22 (c) | 2,202,980 | ||||||
| 1,700,000 | New York City Industrial Development Agency, Yankee Stadium Project (RB) (FGIC) 4.50%, 09/01/16 (c) | 1,719,074 | ||||||
See Notes to Financial Statements
| 33 |
HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal | ||||||||
| Amount | Value | |||||||
| New York: (continued) | ||||||||
| New York Counties Tobacco Trust IV, Series A (RB) | ||||||||
| $ | 115,000 | 5.00%, 06/01/15 (c) | $ | 94,277 | ||||
| 360,000 | 5.00%, 06/01/15 (c) | 301,590 | ||||||
| New York Dormitory Authority, Pace University, Series A (RB) | ||||||||
| 1,020,000 | 4.00%, 05/01/22 | 1,079,252 | ||||||
| 115,000 | 5.00%, 05/01/23 | 130,010 | ||||||
| 2,070,000 | New York Dormitory Authority, Yeshiva University (RB) 5.00%, 09/01/19 (c) | 2,205,419 | ||||||
| 2,500,000 | New York Liberty Development Corp. (RB) 5.15%, 11/15/24 (c) | 2,715,575 | ||||||
| New York Liberty Development Corp., 3 World Trade Center Project (RB) | ||||||||
| 13,500,000 | 5.00%, 11/15/24 (c) | 14,049,990 | ||||||
| 1,000,000 | 5.38%, 11/15/24 (c) | 1,098,060 | ||||||
| 1,000,000 | 7.25%, 11/15/24 (c) | 1,206,850 | ||||||
| 2,000,000 | New York Liberty Development Corp., 7 World Trade Center Project (RB) 5.00%, 03/15/22 (c) | 2,126,280 | ||||||
| New York State Dormitory Authority (RB) | ||||||||
| 40,000 | 3.50%, 09/01/16 | 40,937 | ||||||
| 1,555,000 | 4.00%, 09/01/19 (c) | 1,588,386 | ||||||
| 20,000 | 4.75%, 06/02/15 (c) | 20,069 | ||||||
| 125,000 | 5.00%, 07/01/17 (c) | 133,363 | ||||||
| 100,000 | 5.00%, 09/01/17 | 106,960 | ||||||
| 100,000 | 5.00%, 09/01/19 (c) | 101,702 | ||||||
| 75,000 | 5.00%, 11/01/21 (c) | 76,204 | ||||||
| 140,000 | 5.00%, 05/01/23 (c) | 157,851 | ||||||
| 1,000,000 | 5.00%, 06/01/25 (c) | 1,046,630 | ||||||
| 2,170,000 | New York State Dormitory Authority, Manhattan College, Series A (RB) (AGO) 5.00%, 07/01/17 (c) | 2,210,232 | ||||||
| 2,870,000 | New York State Dormitory Authority, Orange Regional Medical Center (RB) 6.13%, 12/01/18 (c) | 3,152,178 | ||||||
| 365,000 | New York State Dormitory Authority, Pace University, Series A (RB) 5.00%, 05/01/19 | 404,562 | ||||||
| 100,000 | New York State Dormitory Authority, Yeshiva University (RB) 5.00%, 09/01/19 (c) | 103,686 | ||||||
| 2,250,000 | New York State Environmental Facilities Corp. (RB) 3.75%, 12/02/19 (p) | 2,259,180 | ||||||
| 4,125,000 | Niagara Area Development Corp., Covanta Energy Project, Series A (RB) 5.25%, 11/01/17 (c) | 4,271,685 | ||||||
| Onondaga Civic Development Corp., St. Joseph’s Hospital Health Center Project (RB) | ||||||||
| 5,965,000 | 4.50%, 07/01/22 (c) | 5,873,557 | ||||||
| 3,140,000 | 5.00%, 07/01/22 (c) | 3,221,420 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| New York: (continued) | ||||||||
| Onondaga Civic Development Corp., St. Joseph’s Hospital Health Center Project, Series A (RB) | ||||||||
| $ | 1,000,000 | 4.63%, 07/01/19 (c) | $ | 1,067,850 | ||||
| 200,000 | 5.00%, 07/01/19 | 219,986 | ||||||
| 1,250,000 | 5.13%, 07/01/19 (c) | 1,353,000 | ||||||
| 110,000 | Port Authority of New York & New Jersey (RB) 6.00%, 12/01/20 (c) | 129,657 | ||||||
| 30,000 | Suffolk County Economic Development Corp., Catholic Health Services of Long Island (RB) 5.00%, 07/01/18 | 33,509 | ||||||
| 795,000 | Suffolk County Industrial Development Agency, Dowling College Civic Facility, Series A (RB) (ACA) 4.75%, 06/01/16 (c) | 794,292 | ||||||
| Suffolk Tobacco Asset Securitization Corp. (RB) | ||||||||
| 65,000 | 5.38%, 06/01/18 (c) | 65,098 | ||||||
| 10,000 | 6.00%, 06/01/18 (c) | 9,110 | ||||||
| 5,500,000 | 6.63%, 06/01/22 (c) | 5,535,035 | ||||||
| 1,000,000 | Syracuse Industrial Development Agency (RB) (XLCA) 5.00%, 01/01/17 (c) | 1,019,350 | ||||||
| 705,000 | Town of Oyster Bay, New York (GO) 3.25%, 08/15/17 (c) | 710,534 | ||||||
| 50,000 | Town of Oyster Bay, New York Public Improvement (GO) 3.00%, 08/15/17 (c) | 50,516 | ||||||
| 1,100,000 | Tsasc, Inc., New York City Tobacco Settlement, Series 0 (RB) 5.00%, 06/01/16 (c) | 1,107,150 | ||||||
| Tsasc, Inc., New York City Tobacco Settlement, Series 1 (RB) | ||||||||
| 5,540,000 | 5.00%, 06/01/16 (c) | 5,026,497 | ||||||
| 6,720,000 | 5.13%, 06/01/16 (c) | 5,824,896 | ||||||
| 745,000 | Westchester County Healthcare Corp. (RB) 6.13%, 11/01/20 (c) | 860,788 | ||||||
| 500,000 | Westchester County Local Development Corp (RB) 5.00%, 05/01/24 (c) | 560,690 | ||||||
| 1,290,000 | Westchester County Local Development Corp. (RB) 5.50%, 05/01/24 (c) | 1,478,933 | ||||||
| Westchester, New York Tobacco Asset Securitization Corp. (RB) | ||||||||
| 5,115,000 | 5.13%, 06/04/15 (c) | 4,728,459 | ||||||
| 1,500,000 | 5.13%, 06/04/15 (c) | 1,482,930 | ||||||
| 155,602,409 | ||||||||
| North Carolina: 0.4% | ||||||||
| 3,000,000 | Gaston County, North Carolina Industrial Facilities & Pollution Control Financing Authority (RB) 5.75%, 08/01/15 (c) | 2,999,970 | ||||||
See Notes to Financial Statements
| 34 |
| 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) | $ | 252,468 | ||||
| 1,330,000 | 5.00%, 03/01/22 (c) | 1,366,256 | ||||||
| 820,000 | 5.00%, 03/01/22 (c) | 849,651 | ||||||
| 1,395,000 | North Carolina Medical Care
Commission, Retirement Facilities, Galloway Ridge Project (RB) 6.00%, 01/01/20 (c) | 1,532,240 | ||||||
| 7,000,585 | ||||||||
| North Dakota: 0.0% | ||||||||
| City of Grand Forks, North Dakota, Altru Health System Obligated Group (RB) | ||||||||
| 25,000 | 4.00%, 12/01/21 (c) | 25,669 | ||||||
| 500,000 | 5.00%, 12/01/21 (c) | 539,415 | ||||||
| 565,084 | ||||||||
| Ohio: 6.5% | ||||||||
| 75,500,000 | Buckeye Tobacco Settlement Financing Authority (RB) 8.91%, 06/01/17 (c) ^ | 3,963,750 | ||||||
| Buckeye, Ohio Tobacco Settlement Finance Authority, Asset-Backed-Senior-Turbo, Series A-2 (RB) | ||||||||
| 7,800,000 | 5.75%, 06/01/17 (c) | 6,325,020 | ||||||
| 15,645,000 | 5.88%, 06/01/17 (c) | 12,863,475 | ||||||
| 13,505,000 | 5.88%, 06/01/17 (c) | 11,391,873 | ||||||
| 1,310,000 | 6.50%, 06/01/17 (c) | 1,164,629 | ||||||
| 102,650,000 | Buckeye, Ohio Tobacco Settlement Financing Authority (RB) 11.76%, 06/01/17 (c) ^ | 1,186,634 | ||||||
| Buckeye, Ohio Tobacco Settlement Financing Authority, Series A-2 (RB) | ||||||||
| 11,750,000 | 5.13%, 06/01/17 (c) | 9,977,747 | ||||||
| 2,170,000 | 5.38%, 06/01/17 (c) | 1,871,582 | ||||||
| 4,965,000 | 6.00%, 06/01/17 (c) | 4,156,698 | ||||||
| 540,000 | Buckeye, Ohio Tobacco Settlement Financing Authority, Series A-3 (RB) 6.25%, 06/01/22 (c) | 472,921 | ||||||
| 40,000 | City of Cleveland OH Airport System Revenue (RB) (AMBAC) 5.25%, 01/01/19 | 44,800 | ||||||
| 90,000 | City of Cleveland, Airport System Revenue, Series A (RB) (AMBAC) 5.00%, 01/01/17 (c) | 95,009 | ||||||
| 650,000 | City of Cleveland, Ohio Airport Special Revenue, Continental Airlines, Inc. Project (RB) 5.70%, 06/04/15 (c) | 652,152 | ||||||
| 250,000 | City of Cleveland, Ohio Airport System Revenue, Series A (RB) 5.00%, 01/01/22 (c) | 281,238 | ||||||
| 1,080,000 | Cleveland, Ohio Airport Special Revenue, Continental Airlines, Inc. Project (RB) 5.38%, 06/04/15 (c) | 1,084,806 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Ohio: (continued) | ||||||||
| $ | 1,635,000 | Cleveland, Ohio Airport System Revenue (RB) 5.00%, 01/01/22 (c) | $ | 1,826,720 | ||||
| County of Hamilton, Ohio (RB) | ||||||||
| 65,000 | 5.00%, 06/01/20 | 74,903 | ||||||
| 4,000,000 | 5.25%, 06/01/22 (c) | 4,575,080 | ||||||
| 1,500,000 | 5.25%, 06/01/22 (c) | 1,731,150 | ||||||
| 5,750,000 | County of Hamilton, Ohio The Christ Hospital Project (RB) 5.00%, 06/01/22 (c) | 6,155,835 | ||||||
| County of Lucas, Ohio Lutheran Homes Society, Inc. Obligated Group Project (RB) | ||||||||
| 2,300,000 | 6.63%, 11/01/20 (c) | 2,518,983 | ||||||
| 500,000 | 7.00%, 11/01/20 (c) | 551,510 | ||||||
| 2,000,000 | County of Muskingum, Ohio, Genesis HealthCare System Obligated Group Project (RB) 5.00%, 02/15/23 (c) | 2,109,180 | ||||||
| 2,000,000 | Franklin, Ohio, First Community Village Obligated Group (RB) 5.63%, 07/01/20 (c) | 1,927,940 | ||||||
| 2,920,000 | Lorain County, Ohio Port Authority, United States Steel Corp. Project (RB) 6.75%, 12/01/20 (c) | 3,267,947 | ||||||
| 3,000,000 | Muskingum County, Ohio Hospital Facilities, Genesis HealthCare System Obligated Group Project (RB) 5.00%, 02/15/23 (c) | 3,099,300 | ||||||
| 1,000,000 | Ohio Air Quality Development Authority, AK Steel Corp. Project, Series A (RB) 6.75%, 02/01/22 (c) | 1,041,510 | ||||||
| 1,000,000 | Ohio Air Quality Development Authority, FirstEnergy Generation Project, Series A (RB) 3.75%, 12/03/18 (p) | 1,058,340 | ||||||
| 615,000 | Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project, Series E (RB) 5.63%, 10/01/19 | 695,233 | ||||||
| 35,000 | Ohio Air Quality Development Authority, Series A (RB) 5.70%, 08/01/20 | 40,059 | ||||||
| 4,490,000 | Ohio State Higher Educational Facility Commission, Ashland University Project (RB) 6.25%, 09/01/20 (c) | 4,444,202 | ||||||
| 3,750,000 | Ohio State Solid Waste Disposal, USG Corp. Project (RB) 5.60%, 06/04/15 (c) | 3,771,825 | ||||||
| 125,000 | Ohio State Water Development Authority, FirstEnergy Nuclear Generation Project, Series B (RB) 4.00%, 06/03/19 (p) | 132,374 | ||||||
| 850,000 | Ohio State Water Development Authority, Series A (RB) 5.88%, 06/01/16 (p) | 892,951 | ||||||
See Notes to Financial Statements
| 35 |
HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal | ||||||||
| Amount | Value | |||||||
| Ohio: (continued) | ||||||||
| $ | 530,000 | Ohio State Water Development Authority, Series C (RB) 3.95%, 05/01/20 (p) | $ | 552,668 | ||||
| Southeastern Ohio Port Authority (RB) | ||||||||
| 250,000 | 5.00%, 12/01/24 (c) | 254,178 | ||||||
| 245,000 | 5.00%, 12/01/24 (c) | 251,556 | ||||||
| 70,000 | 5.50%, 12/01/24 (c) | 73,723 | ||||||
| Southeastern Ohio Port Authority, Hospital Facilities Revenue, Memorial Health System Obligated Group Project (RB) | ||||||||
| 3,400,000 | 5.75%, 12/01/22 (c) | 3,672,306 | ||||||
| 2,850,000 | 6.00%, 12/01/22 (c) | 3,104,476 | ||||||
| 1,000,000 | State of Ohio (RB) 5.00%, 06/30/25 (c) | 1,084,460 | ||||||
| 40,000 | Toledo-Lucas County Port Authority (SA) 5.38%, 06/04/15 (c) | 40,268 | ||||||
| 104,481,011 | ||||||||
| Oklahoma: 0.3% | ||||||||
| 2,010,254 | Kingfisher, Oklahoma Hospital Authority (RB) 6.50%, 06/04/15 (c) § | 2,011,721 | ||||||
| 1,000,000 | Oklahoma Development Finance Authority, Great Plains Regional Medical Center Project (RB) 5.13%, 12/01/17 (c) | 1,002,460 | ||||||
| Oklahoma Development Finance Authority, Inverness Village Community (RB) | ||||||||
| 275,000 | 5.25%, 01/01/19 (c) | 279,455 | ||||||
| 1,000,000 | 6.00%, 01/01/22 (c) | 1,048,450 | ||||||
| 4,342,086 | ||||||||
| Oregon: 0.1% | ||||||||
| 400,000 | Hospital Facilities Authority of Multnomah County Oregon (RB) 5.00%, 10/01/19 | 441,812 | ||||||
| Oregon State Facilities Authority, Concordia University Project, Series A (RB) | ||||||||
| 650,000 | 6.13%, 09/01/20 (c) | 697,541 | ||||||
| 750,000 | 6.38%, 09/01/20 (c) | 806,663 | ||||||
| 1,946,016 | ||||||||
| Pennsylvania: 4.4% | ||||||||
| 250,000 | Allegheny County Industrial Development Authority, Environmental Improvement (RB) 6.75%, 11/01/19 (c) | 286,160 | ||||||
| Allegheny County, Pennsylvania Industrial Development Authority, United States Steel Corp. Project (RB) | ||||||||
| 1,345,000 | 5.75%, 08/01/22 (c) | 1,378,437 | ||||||
| 1,000,000 | 6.75%, 12/01/21 (c) | 1,160,020 | ||||||
| 1,000,000 | 6.88%, 11/01/19 (c) | 1,137,740 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Pennsylvania: (continued) | ||||||||
| Allentown Neighborhood Improvement Zone Development Authority (RB) | ||||||||
| $ | 1,815,000 | 5.00%, 05/01/22 (c) | $ | 1,944,119 | ||||
| 150,000 | 5.00%, 05/01/22 (c) | 161,721 | ||||||
| 3,980,000 | 5.00%, 05/01/22 (c) | 4,280,848 | ||||||
| 5,490,000 | Beaver County Industrial Development Authority, Pollution Control, Series B (RB) 3.50%, 06/01/20 (p) | 5,691,538 | ||||||
| 400,000 | Cumberland County, Pennsylvania Municipal Authority (RB) 5.25%, 01/01/22 (c) | 420,824 | ||||||
| 9,390,000 | Delaware County Authority (RB) 5.00%, 12/15/16 (c) | 9,642,591 | ||||||
| Delaware River Port Authority (RB) | ||||||||
| 2,445,000 | 5.00%, 01/01/23 (c) | 2,773,584 | ||||||
| 2,715,000 | 5.00%, 01/01/23 (c) | 3,083,860 | ||||||
| 6,300,000 | Harrisburg, Philadelphia University Revenue, Series B (RB) 6.00%, 09/01/17 (c) (d) § | 5,052,474 | ||||||
| 1,500,000 | Lancaster County Hospital Authority, Brethren Village Project, Series A (RB) 6.50%, 07/01/17 (c) | 1,558,980 | ||||||
| 1,250,000 | Lehigh County, Pennsylvania General Purpose Authority, Bibles Fellowship Church Homes, Inc. Project (RB) 5.25%, 07/01/22 (c) | 1,276,812 | ||||||
| 80,000 | Lycoming County Authority (RB) 5.50%, 07/01/19 (c) | 89,079 | ||||||
| Montgomery County Industrial Development Authority/PA (RB) | ||||||||
| 250,000 | 5.00%, 01/01/25 (c) | 254,585 | ||||||
| 250,000 | 5.25%, 01/01/25 (c) | 253,575 | ||||||
| 940,000 | 5.38%, 01/01/25 (c) | 955,153 | ||||||
| 300,000 | Pennsylvania Economic Development Finance Authority, Colver Project, Series G (RB) 5.13%, 12/01/15 | 307,233 | ||||||
| Pennsylvania Economic Development Financing Authority (RB) | ||||||||
| 1,190,000 | 4.13%, 06/30/26 (c) | 1,128,703 | ||||||
| 85,000 | 4.63%, 12/01/15 (c) | 86,768 | ||||||
| 450,000 | 5.00%, 12/31/24 | 520,857 | ||||||
| 3,380,000 | 5.00%, 06/30/26 (c) | 3,656,214 | ||||||
| 1,135,000 | 5.00%, 06/30/26 (c) | 1,296,681 | ||||||
| 1,000,000 | 5.00%, 06/30/26 (c) | 1,084,520 | ||||||
| 500,000 | 5.00%, 06/30/26 (c) | 539,000 | ||||||
| 1,000,000 | 5.00%, 06/30/26 | 1,146,440 | ||||||
| 1,800,000 | Pennsylvania Economic Development Financing Authority, Solid Waste Disposal, USG Corp. Project (RB) 6.00%, 06/04/15 (c) | 1,803,024 | ||||||
| 2,170,000 | Pennsylvania Higher Educational Facilities Authority (RB) 6.00%, 07/01/20 (c) | 2,299,701 | ||||||
See Notes to Financial Statements
| 36 |
| Principal | ||||||||
| Amount | Value | |||||||
| Pennsylvania: (continued) | ||||||||
| Philadelphia Authority for Industrial Development, First Philadelphia Preparatory Charter School Project, Series A (RB) | ||||||||
| $ | 350,000 | 5.88%, 06/15/22 | $ | 368,760 | ||||
| 1,000,000 | 7.25%, 06/15/24 (c) | 1,070,010 | ||||||
| 2,130,000 | Philadelphia Authority for Industrial Development. Esperanza Charter School Project (RB) 8.20%, 01/01/23 (c) | 2,329,283 | ||||||
| 345,000 | Philadelphia Gas Works Co (RB) (AMBAC) 5.00%, 10/01/17 (c) | 369,519 | ||||||
| Philadelphia Gas Works Co. (RB) (AMBAC) | ||||||||
| 135,000 | 5.00%, 10/01/17 (c) | 144,991 | ||||||
| 150,000 | 5.00%, 10/01/17 | 164,867 | ||||||
| Philadelphia Hospitals & Higher Education Facilities Authority, Temple University Health System Obligated Group, Series A (RB) | ||||||||
| 520,000 | 5.00%, 07/01/17 (c) | 526,802 | ||||||
| 1,990,000 | 5.50%, 07/01/17 (c) | 2,057,182 | ||||||
| 1,415,000 | 5.63%, 07/01/22 (c) | 1,521,224 | ||||||
| 4,175,000 | 5.63%, 07/01/22 (c) | 4,451,468 | ||||||
| Susquehanna Area Regional Airport Authority (RB) | ||||||||
| 650,000 | 5.00%, 01/01/23 (c) | 717,711 | ||||||
| 1,500,000 | 5.00%, 01/01/23 | 1,690,665 | ||||||
| 70,683,723 | ||||||||
| Puerto Rico: 3.0% | ||||||||
| 235,000 | Children’s Trust Fund (RB) 5.63%, 06/04/15 (c) | 232,542 | ||||||
| Commonwealth of Puerto Rico (GO) | ||||||||
| 100,000 | 4.25%, 07/01/16 (c) | 76,610 | ||||||
| 110,000 | 4.75%, 07/01/22 (c) | 72,879 | ||||||
| 20,000 | 5.00%, 07/01/16 (c) | 14,686 | ||||||
| 20,000 | 5.00%, 07/01/17 (c) | 14,526 | ||||||
| 140,000 | 5.00%, 07/01/18 (c) | 104,170 | ||||||
| 330,000 | 5.13%, 06/04/15 (c) | 221,526 | ||||||
| 25,000 | 5.25%, 07/01/18 | 20,687 | ||||||
| 270,000 | 5.38%, 07/01/21 (c) | 184,283 | ||||||
| 100,000 | 5.50%, 07/01/16 | 96,339 | ||||||
| 255,000 | 5.50%, 07/01/21 (c) | 173,408 | ||||||
| 85,000 | 5.63%, 07/01/16 (c) | 58,015 | ||||||
| 450,000 | 6.50%, 07/01/21 (c) | 315,009 | ||||||
| Commonwealth of Puerto Rico, Public Improvement, Series A (GO) | ||||||||
| 420,000 | 4.50%, 07/01/22 (c) | 295,596 | ||||||
| 105,000 | 5.00%, 07/01/17 (c) | 77,104 | ||||||
| 275,000 | 5.00%, 07/01/22 | 201,938 | ||||||
| 250,000 | 5.25%, 06/04/15 (c) | 186,635 | ||||||
| 20,000 | 5.25%, 06/04/15 (c) | 14,761 | ||||||
| 85,000 | 5.25%, 07/01/16 (c) | 62,735 | ||||||
| 90,000 | 5.25%, 07/01/16 | 85,217 | ||||||
| 70,000 | 5.25%, 07/01/18 (c) | 49,703 | ||||||
| 100,000 | 5.25%, 07/01/22 (c) | 72,505 | ||||||
| 220,000 | 5.50%, 07/01/17 | 199,384 | ||||||
| 65,000 | 5.50%, 07/01/18 (c) | 44,202 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Puerto Rico: (continued) | ||||||||
| $ | 500,000 | 5.50%, 07/01/18 | $ | 414,960 | ||||
| 150,000 | 5.50%, 07/01/18 | 124,488 | ||||||
| 100,000 | 5.50%, 07/01/19 | 78,092 | ||||||
| 7,960,000 | 8.00%, 07/01/20 (c) | 6,208,800 | ||||||
| Commonwealth of Puerto Rico, Public Improvement, Series B (GO) | ||||||||
| 45,000 | 5.00%, 07/01/16 (c) | 29,364 | ||||||
| 840,000 | 5.75%, 07/01/19 (c) | 569,159 | ||||||
| 30,000 | Commonwealth of Puerto Rico, Public Improvement, Series C (GO) 6.00%, 07/01/19 (c) | 20,626 | ||||||
| 10,000 | Commonwealth of Puerto Rico, Public Improvement, Series D (GO) 5.00%, 07/01/16 (c) | 7,760 | ||||||
| 30,000 | Puerto Rico Commonwealth Aqueduct & Sewer Authority (RB) 5.25%, 07/01/22 (c) | 22,275 | ||||||
| Puerto Rico Commonwealth Aqueduct and Sewer Authority, Series A (RB) | ||||||||
| 1,040,000 | 5.00%, 07/01/22 (c) | 685,100 | ||||||
| 1,740,000 | 5.25%, 07/01/22 (c) | 1,131,000 | ||||||
| 700,000 | 5.75%, 07/01/22 (c) | 467,257 | ||||||
| 265,000 | 6.00%, 07/01/18 (c) | 182,190 | ||||||
| 1,500,000 | 6.00%, 07/01/18 (c) | 1,027,500 | ||||||
| 3,455,000 | 6.00%, 07/01/22 (c) | 2,362,356 | ||||||
| 13,000,000 | Puerto Rico Commonwealth Children’s Trust Tobacco Settlement Asset-Backed Bond, Series A (RB) 7.05%, 06/04/15 (c) ^ | 1,076,530 | ||||||
| 1,000,000 | Puerto Rico Commonwealth Highways and Transportation Authority, Series N (RB) 5.50%, 07/01/23 | 623,870 | ||||||
| 3,000,000 | Puerto Rico Commonwealth Infrastructure Financing Authority, Series B (RB) 5.00%, 07/01/16 (c) | 1,598,370 | ||||||
| Puerto Rico Commonwealth Public Improvement, Series A (GO) | ||||||||
| 100,000 | 5.75%, 07/01/21 (c) | 67,003 | ||||||
| 305,000 | 6.00%, 07/01/21 (c) | 209,315 | ||||||
| 655,000 | Puerto Rico Commonwealth Public Improvement, Series A (GO) 5.00%, 07/01/22 (c) | 424,119 | ||||||
| 460,000 | Puerto Rico Commonwealth, Government Development, Series B (RB) 5.00%, 12/01/15 | 365,166 | ||||||
| Puerto Rico Convention Center District Authority (RB) (FGIC) | ||||||||
| 125,000 | 5.00%, 07/01/16 (c) | 89,614 | ||||||
| 65,000 | 5.00%, 07/01/16 (c) | 48,651 | ||||||
| Puerto Rico Convention Center District Authority, Series A (RB) (FGIC) | ||||||||
| 115,000 | 4.13%, 07/01/16 (c) | 83,499 | ||||||
| 25,000 | 4.50%, 07/01/16 (c) | 21,067 | ||||||
| 220,000 | 4.75%, 07/01/16 (c) | 160,791 | ||||||
| 500,000 | 5.00%, 07/01/16 (c) | 356,540 | ||||||
See Notes to Financial Statements
| 37 |
HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal | ||||||||
| Amount | Value | |||||||
| Puerto Rico: (continued) | ||||||||
| Puerto Rico Electric Power Authority, Series A (RB) | ||||||||
| $ | 890,000 | 4.80%, 07/01/22 (c) | $ | 536,421 | ||||
| 350,000 | 7.00%, 07/01/23 (c) | 210,896 | ||||||
| Puerto Rico Electric Power Authority, Series AAA (RB) | ||||||||
| 90,000 | 5.25%, 07/01/20 (c) | 54,275 | ||||||
| 325,000 | 5.25%, 07/01/20 (c) | 196,030 | ||||||
| Puerto Rico Electric Power Authority, Series CCC (RB) | ||||||||
| 25,000 | 4.80%, 07/01/20 (c) | 15,069 | ||||||
| 40,000 | 5.00%, 07/01/15 (c) | 24,114 | ||||||
| 125,000 | 5.00%, 07/01/20 (c) | 75,383 | ||||||
| Puerto Rico Electric Power Authority, Series DDD (RB) | ||||||||
| 165,000 | 5.00%, 07/01/20 (c) | 99,505 | ||||||
| 975,000 | 5.00%, 07/01/20 (c) | 588,091 | ||||||
| 525,000 | 5.00%, 07/01/20 | 316,759 | ||||||
| Puerto Rico Electric Power Authority, Series TT (RB) | ||||||||
| 25,000 | 5.00%, 07/01/17 (c) | 15,073 | ||||||
| 925,000 | 5.00%, 07/01/17 (c) | 557,562 | ||||||
| 375,000 | 5.00%, 07/01/17 | 226,763 | ||||||
| 260,000 | 5.00%, 07/01/17 (c) | 156,824 | ||||||
| Puerto Rico Electric Power Authority, Series WW (RB) | ||||||||
| 85,000 | 5.38%, 07/01/18 (c) | 51,259 | ||||||
| 45,000 | 5.50%, 07/01/18 (c) | 27,142 | ||||||
| Puerto Rico Electric Power Authority, Series ZZ (RB) | ||||||||
| 500,000 | 4.00%, 07/01/16 | 304,620 | ||||||
| 115,000 | 4.25%, 07/01/20 | 69,389 | ||||||
| 500,000 | 5.00%, 07/01/16 | 304,605 | ||||||
| 25,000 | 5.00%, 07/01/17 | 15,118 | ||||||
| 385,000 | 5.00%, 07/01/18 | 232,525 | ||||||
| 500,000 | 5.25%, 07/01/20 (c) | 301,450 | ||||||
| 50,000 | 5.25%, 07/01/20 | 30,167 | ||||||
| 25,000 | 5.25%, 07/01/20 (c) | 15,076 | ||||||
| 175,000 | 5.25%, 07/01/20 (c) | 105,520 | ||||||
| 290,000 | Puerto Rico Government Development, Series B (RB) 5.00%, 12/01/16 | 206,570 | ||||||
| Puerto Rico Highways & Transportation Authority (RB) (FGIC) | ||||||||
| 185,000 | 5.00%, 06/04/15 (c) | 144,576 | ||||||
| 890,000 | 5.00%, 06/04/15 (c) | 530,743 | ||||||
| 10,000 | 5.00%, 06/04/15 (c) | 7,658 | ||||||
| 115,000 | 5.00%, 07/01/15 (c) | 81,264 | ||||||
| 500,000 | 5.00%, 07/01/15 (c) | 369,625 | ||||||
| 50,000 | 5.00%, 07/01/15 (c) | 33,054 | ||||||
| 400,000 | 5.00%, 07/01/15 (c) | 240,104 | ||||||
| 125,000 | 5.00%, 07/01/15 (c) | 74,543 | ||||||
| 1,020,000 | 5.00%, 07/01/17 (c) | 605,237 | ||||||
| 200,000 | 5.00%, 07/01/17 (c) | 118,554 | ||||||
| 1,500,000 | 5.00%, 07/01/17 (c) | 914,595 | ||||||
| 390,000 | 5.25%, 06/04/15 (c) | 305,893 | ||||||
| 1,055,000 | 5.50%, 07/01/22 | 667,826 | ||||||
| 2,000,000 | 5.50%, 07/01/24 | 1,239,540 | ||||||
| 1,500,000 | 5.50%, 07/01/25 | 934,860 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Puerto Rico: (continued) | ||||||||
| $ | 1,500,000 | 5.50%, 07/01/26 | $ | 917,430 | ||||
| 845,000 | 5.75%, 06/04/15 (c) | 659,886 | ||||||
| 155,000 | Puerto Rico Highways and Transportation Authority, Series K (RB) 5.00%, 07/01/15 (c) | 105,797 | ||||||
| 385,000 | Puerto Rico Highways and Transportation Authority, Series N (RB) 5.50%, 07/01/21 | 251,574 | ||||||
| 100,000 | Puerto Rico Highways and Transportation Authority, State Infrastructure Bank (RB) 5.00%, 07/01/15 (c) | 63,086 | ||||||
| Puerto Rico Infrastructure Financing Authority (RB) | ||||||||
| 290,000 | 5.00%, 07/01/15 (c) | 155,263 | ||||||
| 55,000 | 5.00%, 07/01/16 (c) | 33,069 | ||||||
| 265,000 | 5.00%, 07/01/16 (c) | 163,306 | ||||||
| 1,065,000 | 5.00%, 07/01/16 (c) | 666,956 | ||||||
| 1,000,000 | 5.00%, 12/15/21 (c) | 672,780 | ||||||
| 860,000 | 5.25%, 12/15/21 (c) | 533,200 | ||||||
| Puerto Rico Public Buildings Authority (RB) (COMWLTH GTD) | ||||||||
| 250,000 | 5.00%, 07/01/17 (c) | 152,505 | ||||||
| 1,500,000 | 5.50%, 07/01/17 (c) (p) | 1,538,820 | ||||||
| 180,000 | 5.63%, 07/01/19 (c) | 113,852 | ||||||
| 40,000 | 7.00%, 06/04/15 (c) | 30,036 | ||||||
| Puerto Rico Public Buildings Authority, Series D (RB) (COMWLTH GTD) | ||||||||
| 325,000 | 5.25%, 06/04/15 (c) | 205,569 | ||||||
| 35,000 | 5.25%, 06/04/15 (c) | 23,050 | ||||||
| Puerto Rico Public Buildings Authority, Series I (RB) (COMWLTH GTD) | ||||||||
| 705,000 | 5.00%, 06/04/15 (c) | 438,877 | ||||||
| 1,570,000 | 5.25%, 06/04/15 (c) | 993,056 | ||||||
| Puerto Rico Public Buildings Authority, Series N (RB) (COMWLTH GTD) | ||||||||
| 1,485,000 | 5.00%, 07/01/17 (c) | 920,923 | ||||||
| 25,000 | 5.50%, 07/01/17 (c) | 20,420 | ||||||
| Puerto Rico Public Buildings Authority, Series P (RB) (COMWLTH GTD) | ||||||||
| 35,000 | 6.00%, 07/01/19 (c) | 26,465 | ||||||
| 20,000 | 6.00%, 07/01/19 | 15,575 | ||||||
| 1,165,000 | 6.75%, 07/01/19 (c) | 789,322 | ||||||
| 745,000 | Puerto Rico Public Buildings Authority, Series Q (RB) (COMWLTH GTD) 5.50%, 06/04/15 (c) | 471,227 | ||||||
| Puerto Rico Public Buildings Authority, Series S (RB) (COMWLTH GTD) | ||||||||
| 170,000 | 5.50%, 07/01/16 (c) | 120,817 | ||||||
| 505,000 | 5.75%, 07/01/16 (c) | 367,150 | ||||||
| 1,655,000 | 6.00%, 07/01/21 (c) | 1,067,492 | ||||||
| Puerto Rico Public Buildings Authority, Series U (RB) (COMWLTH GTD) | ||||||||
| 110,000 | 5.00%, 07/01/20 | 82,084 | ||||||
| 200,000 | 5.25%, 07/01/22 (c) | 123,002 | ||||||
See Notes to Financial Statements
| 38 |
| Principal | ||||||||
| Amount | Value | |||||||
| Puerto Rico: (continued) | ||||||||
| $ | 1,865,000 | Puerto Rico Public Financing Corp., Commonwealth Appropriation, Series B (RB) 5.50%, 08/01/21 (c) | $ | 953,854 | ||||
| Puerto Rico Sales Tax Financing Corp (RB) | ||||||||
| 150,000 | 5.00%, 08/01/19 (c) | 97,841 | ||||||
| 680,000 | 7.89%, 08/01/34 ^ | 140,100 | ||||||
| 100,000 | 8.69%, 08/01/35 ^ | 12,897 | ||||||
| 50,000 | 8.70%, 08/01/34 ^ | 7,136 | ||||||
| Puerto Rico Sales Tax Financing Corp. (RB) | ||||||||
| 730,000 | 5.25%, 08/01/21 (c) | 392,579 | ||||||
| 125,000 | 5.25%, 08/01/21 (c) | 85,939 | ||||||
| 190,000 | 5.50%, 08/01/19 (c) | 117,116 | ||||||
| 500,000 | 5.50%, 02/01/20 (c) | 281,655 | ||||||
| 855,000 | 6.00%, 08/01/19 (c) | 490,018 | ||||||
| 265,000 | 6.00%, 08/01/20 (c) | 153,263 | ||||||
| 150,000 | Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue, Series C (RB) 5.25%, 08/01/20 (c) | 82,091 | ||||||
| University of Puerto Rico (RB) | ||||||||
| 115,000 | 5.00%, 06/01/16 (c) | 65,944 | ||||||
| 135,000 | 5.00%, 06/01/16 (c) | 77,788 | ||||||
| University of Puerto Rico, Series P (RB) | ||||||||
| 90,000 | 5.00%, 06/01/16 (c) | 52,102 | ||||||
| 445,000 | 5.00%, 06/01/16 (c) | 261,215 | ||||||
| 500,000 | 5.00%, 06/01/16 (c) | 300,790 | ||||||
| 47,629,117 | ||||||||
| Rhode Island: 0.4% | ||||||||
| 3,000,000 | Rhode Island Health And Educational Building Corp., Tockwotton Home (RB) 8.38%, 01/01/21 (c) | 3,432,810 | ||||||
| Tobacco Settlement Financing Corp. (RB) | ||||||||
| 2,000,000 | 4.50%, 06/01/25 (c) | 1,967,540 | ||||||
| 1,000,000 | 5.00%, 06/01/25 (c) | 1,061,750 | ||||||
| 200,000 | 6.46%, 06/01/17 (c) ^ | 18,416 | ||||||
| 6,480,516 | ||||||||
| South Carolina: 1.3% | ||||||||
| 75,000 | South Carolina Jobs-Economic Development Authority (RB) 5.00%, 08/01/23 (c) | 86,288 | ||||||
| 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) | 3,542,011 | ||||||
| 3,100,000 | 5.63%, 05/01/17 (c) | 3,131,558 | ||||||
| 9,685,000 | South Carolina Jobs-Economic Development Authority, Hospital Improvement, Hampton Regional Medical Center Project (RB) 5.25%, 11/01/16 (c) | 9,012,861 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| South Carolina: (continued) | ||||||||
| $ | 600,000 | South Carolina Jobs-Economic Development Authority, Palmetto Health (RB) 5.38%, 08/01/19 (c) | $ | 677,712 | ||||
| 4,370,000 | South Carolina Jobs-Economic Development Authority, Palmetto Health, Series A (RB) 5.25%, 08/01/23 (c) | 5,051,764 | ||||||
| 21,502,194 | ||||||||
| South Dakota: 0.4% | ||||||||
| Sioux Falls, South Dakota Health Facilities, Dow Rummel Village Project (RB) | ||||||||
| 5,175,000 | 5.00%, 11/15/16 (c) | 5,206,619 | ||||||
| 1,250,000 | 5.00%, 11/15/16 (c) | 1,281,962 | ||||||
| 6,488,581 | ||||||||
| Tennessee: 1.2% | ||||||||
| Chattanooga-Hamilton County Hospital Authority (RB) | ||||||||
| 500,000 | 5.00%, 10/01/24 (c) | 544,995 | ||||||
| 5,000,000 | 5.00%, 10/01/24 (c) | 5,400,750 | ||||||
| 975,000 | 5.00%, 10/01/24 (c) | 1,070,813 | ||||||
| 110,000 | County of Claiborne, Tennessee (GO) 4.13%, 04/01/20 (c) | 117,939 | ||||||
| Johnson City Health & Educational Facilities Board (RB) | ||||||||
| 100,000 | 5.38%, 07/01/20 (c) | 112,996 | ||||||
| 185,000 | 5.50%, 07/01/16 (c) | 194,143 | ||||||
| 1,000,000 | Shelby County Health Educational & Housing Facilities Board (RB) 5.63%, 09/01/16 (c) | 1,022,220 | ||||||
| Shelby County, Tennessee Health, Educational and Housing Facility Board, The Village at Germantown (RB) | ||||||||
| 2,000,000 | 5.25%, 12/01/22 (c) | 2,062,900 | ||||||
| 2,500,000 | 5.38%, 12/01/22 (c) | 2,590,275 | ||||||
| Shelby County, Tennessee Health, Educational and Housing Facility Board, Trezevant Manor Project, Series A (RB) | ||||||||
| 1,150,000 | 5.38%, 09/01/23 (c) | 1,161,040 | ||||||
| 3,000,000 | 5.50%, 09/01/23 (c) | 3,007,680 | ||||||
| 990,000 | Sullivan County Health Educational & Housing Facilities Board (RB) 5.00%, 09/01/16 (c) | 1,049,311 | ||||||
| 395,000 | Sullivan County, Tennessee Health, Educational & Housing Facilities Board, Series C (RB) 5.25%, 09/01/16 (c) | 414,951 | ||||||
| 70,000 | Tennessee Energy Acquisition Corp. (RB) 5.63%, 09/01/26 | 82,795 | ||||||
| 18,832,808 | ||||||||
| Texas: 8.4% | ||||||||
| 5,000 | Beaumont Independent School District (GO) (AGO) 5.00%, 02/15/17 (c) | 5,239 | ||||||
See Notes to Financial Statements
| 39 |
HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal | ||||||||
| Amount | Value | |||||||
| Texas: (continued) | ||||||||
| $ | 2,500,000 | Brazoria County, Texas Health Facilities Development Corp. (RB) 5.25%, 07/01/22 (c) | $ | 2,552,100 | ||||
| Central Texas Regional Mobility Authority (RB) | ||||||||
| 350,000 | 5.00%, 01/01/23 (c) | 376,453 | ||||||
| 400,000 | 5.00%, 01/01/23 (c) | 435,488 | ||||||
| 1,205,000 | 5.00%, 01/01/23 (c) | 1,313,583 | ||||||
| 1,260,000 | 5.00%, 01/01/23 (c) | 1,393,938 | ||||||
| 10,000 | 6.00%, 01/01/21 (c) | 11,881 | ||||||
| 2,255,000 | Central Texas Regional Mobility Authority, Senior Lien Revenue (RB) 6.25%, 01/01/21 (c) | 2,672,175 | ||||||
| Central Texas Turnpike System (RB) | ||||||||
| 420,000 | 4.00%, 08/15/22 (c) | 415,582 | ||||||
| 6,000,000 | 5.00%, 08/15/24 (c) | 6,460,860 | ||||||
| 4,000,000 | 5.00%, 08/15/24 (c) | 4,368,840 | ||||||
| 500,000 | 5.00%, 08/15/24 (c) | 549,800 | ||||||
| City of Houston TX Airport System Revenue (RB) | ||||||||
| 2,900,000 | 5.00%, 07/15/20 | 3,099,143 | ||||||
| 2,500,000 | 5.00%, 07/15/25 (c) | 2,664,325 | ||||||
| 1,000,000 | 5.00%, 07/15/25 (c) | 1,058,070 | ||||||
| City of Houston, Texas Airport System Special Facilities, United Airlines, Inc. (RB) | ||||||||
| 7,885,000 | 4.75%, 07/01/24 | 8,486,152 | ||||||
| 3,150,000 | 5.00%, 07/01/24 (c) | 3,442,383 | ||||||
| 1,000,000 | City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Series B-2 (RB) 5.00%, 07/15/20 | 1,085,470 | ||||||
| 580,000 | Grand Parkway Transportation Corp. (RB) 5.50%, 10/01/23 (c) | 648,144 | ||||||
| Gregg County Health Facilities Development Corp., Series C (RB) | ||||||||
| 95,000 | 5.00%, 07/01/22 (c) | 83,257 | ||||||
| 4,600,000 | 5.00%, 07/01/22 (c) | 4,175,190 | ||||||
| 3,000,000 | Gulf Coast Industrial Development Authority, CITGO Petroleum Corp. Project (RB) 4.88%, 10/01/22 (c) | 3,151,020 | ||||||
| 1,000,000 | Harris County, Texas Cultural Education Facilities, Brazos Presbyterian Homes, Inc. Project, Series A (RB) 5.13%, 01/01/23 (c) | 1,010,970 | ||||||
| 2,050,000 | Houston, Texas Airport System Special Facilities Revenue, Continental Airlines, Inc. Terminal Improvement Projects (RB) 6.50%, 07/15/21 (c) | 2,415,945 | ||||||
| 340,000 | IAH Public Facility Corp. (RB) 6.13%, 06/04/15 (c) | 170,000 | ||||||
| Love Field Airport Modernization Corp., Southwest Airline Co. (RB) | ||||||||
| 250,000 | 5.00%, 11/01/18 | 279,273 | ||||||
| 1,865,000 | 5.00%, 11/01/22 (c) | 2,088,296 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Texas: (continued) | ||||||||
| $ | 280,000 | 5.00%, 11/01/22 | $ | 326,497 | ||||
| 1,035,000 | 5.25%, 11/01/20 (c) | 1,130,675 | ||||||
| 2,900,000 | Matagorda County, Texas Navigation District No. 1 (RB) 4.00%, 06/03/23 (c) | 2,966,294 | ||||||
| 1,500,000 | New Hope Cultural Education Facilities Corp., Series A (RB) 5.00%, 04/01/24 (c) | 1,609,080 | ||||||
| North Texas Tollway Authority (RB) | ||||||||
| 650,000 | 5.00%, 01/01/24 (c) | 723,775 | ||||||
| 5,000,000 | 5.00%, 01/01/25 (c) | 5,562,100 | ||||||
| 2,930,000 | North Texas Tollway Authority, Series F (RB) 5.75%, 01/01/18 (c) | 3,291,298 | ||||||
| 50,000 | Port Freeport, Texas (RB) 4.95%, 05/15/17 (c) | 53,555 | ||||||
| 2,000,000 | Port of Bay City Authority of Matagorda County, Texas, Hoechst Celanese Corp. Project (RB) 6.50%, 06/04/15 (c) | 2,003,600 | ||||||
| 2,060,000 | Red River Authority of Texas, Celanese Project, Series B (RB) 6.70%, 06/04/15 (c) | 2,065,109 | ||||||
| 1,000,000 | Red River Health Facilities Development Corp., Eden Home, Inc. Project (RB) 7.25%, 12/01/21 (c) | 967,800 | ||||||
| 2,715,000 | Sam Rayburn Municipal Power Agency, Power Supply System (RB) 5.00%, 10/01/21 | 3,177,446 | ||||||
| 50,000 | San Antonio Convention Hotel Finance Corp (RB) (AMBAC) 4.75%, 07/15/15 (c) | 50,170 | ||||||
| 500,000 | San Antonio, Texas Convention Hotel Finance Corp. (RB) (AMBAC) 5.00%, 07/15/15 (c) | 503,320 | ||||||
| 10,000,000 | Sanger Industrial Development Corp., Texas Pellets Project, Series B (RB) 8.00%, 07/01/22 (c) | 11,291,100 | ||||||
| 400,000 | Tarrant County Cultural Education Facilities Finance Corp., Series C-1 (RB) 7.50%, 06/04/15 (c) | 398,132 | ||||||
| 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) | 1,046,955 | ||||||
| 510,000 | Texas Municipal Gas Acquisition & Supply Corp III (RB) 5.00%, 12/15/22 (c) | 580,049 | ||||||
| Texas Municipal Gas Acquisition & Supply Corp. I (RB) | ||||||||
| 95,000 | 5.25%, 12/15/24 | 112,381 | ||||||
| 40,000 | 5.25%, 12/15/25 | 47,327 | ||||||
| 195,000 | 5.25%, 12/15/26 | 230,802 | ||||||
See Notes to Financial Statements
| 40 |
| Principal | ||||||||
| Amount | Value | |||||||
| Texas: (continued) | ||||||||
| Texas Municipal Gas Acquisition & Supply Corp. III (RB) | ||||||||
| $ | 1,540,000 | 5.00%, 12/15/22 (c) | $ | 1,708,322 | ||||
| 60,000 | 5.00%, 12/15/22 (c) | 66,388 | ||||||
| 75,000 | 5.00%, 12/15/22 (c) | 82,721 | ||||||
| 2,600,000 | 5.00%, 12/15/22 (c) | 2,895,256 | ||||||
| 2,240,000 | 5.00%, 12/15/22 (c) | 2,567,376 | ||||||
| 1,570,000 | 5.00%, 12/15/22 (c) | 1,776,502 | ||||||
| 1,000,000 | 5.00%, 12/15/22 (c) | 1,125,020 | ||||||
| Texas Municipal Gas Acquisition and Supply Corp. I, Gas Supply, Senior Lien Series A (RB) | ||||||||
| 25,000 | 5.00%, 12/15/16 | 26,528 | ||||||
| 95,000 | 5.25%, 12/15/18 | 106,620 | ||||||
| 45,000 | 5.25%, 12/15/22 | 52,542 | ||||||
| 450,000 | 5.63%, 12/15/17 | 483,120 | ||||||
| Texas Municipal Gas Acquisition and Supply Corp. III, Gas Supply (RB) | ||||||||
| 5,000 | 5.00%, 12/15/18 | 5,594 | ||||||
| 500,000 | 5.00%, 12/15/21 | 579,355 | ||||||
| 1,615,000 | 5.00%, 12/15/22 | 1,879,828 | ||||||
| 12,070,000 | Texas Municipal Gas Acquisition and Supply Corp., Senior Lien, Series D (RB) 6.25%, 12/15/26 | 14,953,282 | ||||||
| 2,750,000 | Texas Private Activity Bond Surface Transportation Corp., LBJ Infrastructure Group, LLC Project, Senior Lien (RB) 7.00%, 06/30/20 (c) | 3,322,495 | ||||||
| Town of Westlake, Texas (SA) | ||||||||
| 1,000,000 | 6.13%, 09/01/25 (c) | 980,550 | ||||||
| 1,000,000 | 6.25%, 09/01/25 (c) | 978,750 | ||||||
| 1,000,000 | 6.38%, 09/01/25 (c) | 977,590 | ||||||
| Travis County, Texas Health Facilities Development Corp., First Mortgage Revenue, Longhorn Village Project, Series A (RB) | ||||||||
| 705,000 | 6.00%, 01/01/21 (c) | 749,535 | ||||||
| 2,950,000 | 7.00%, 01/01/21 (c) | 3,246,416 | ||||||
| 2,480,000 | 7.13%, 01/01/21 (c) | 2,708,557 | ||||||
| Tyler Health Facilities Development Corp. (RB) | ||||||||
| 80,000 | 5.25%, 11/01/17 (c) | 85,416 | ||||||
| 850,000 | 5.25%, 11/01/17 (c) | 919,114 | ||||||
| 134,827,919 | ||||||||
| Vermont: 0.1% | ||||||||
| 1,100,000 | Vermont Economic Development Authority, Wake Robin Corp. Project (RB) 5.40%, 05/01/22 (c) | 1,134,177 | ||||||
| Virgin Islands: 1.3% | ||||||||
| Virgin Islands Public Finance Authority (RB) | ||||||||
| 440,000 | 5.00%, 10/01/20 (c) | 484,524 | ||||||
| 6,650,000 | 5.00%, 10/01/22 (c) | 7,327,502 | ||||||
| 4,250,000 | 5.00%, 10/01/24 (c) | 4,625,487 | ||||||
| 1,260,000 | 5.25%, 10/01/20 (c) | 1,399,797 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Virgin Islands: (continued) | ||||||||
| $ | 1,450,000 | Virgin Islands Public Finance Authority, Series A (RB) 5.00%, 10/01/20 | $ | 1,600,249 | ||||
| 1,000,000 | Virgin Islands Public Finance Authority, Series B (RB) 5.00%, 10/01/19 | 1,110,460 | ||||||
| 250,000 | Virgin Islands Public Finance Authority, Series C (RB) 5.00%, 10/01/19 (c) | 277,790 | ||||||
| 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) | 1,153,870 | ||||||
| 170,000 | Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Senior Lien, Series B (RB) 5.00%, 10/01/19 (c) | 188,557 | ||||||
| Virgin Islands Water and Power Authority, Series B (RB) | ||||||||
| 1,070,000 | 5.00%, 07/01/17 (c) | 1,080,700 | ||||||
| 1,125,000 | 5.00%, 07/01/17 (c) | 1,138,669 | ||||||
| 20,387,605 | ||||||||
| Virginia: 2.8% | ||||||||
| Albermarle County, Virginia Economic Development Authority, Series A (RB) | ||||||||
| 640,000 | 4.63%, 01/01/23 (c) | 634,464 | ||||||
| 1,500,000 | 5.00%, 01/01/23 (c) | 1,550,970 | ||||||
| Bristol Industrial Development Authority (RB) | ||||||||
| 1,750,000 | 5.00%, 11/01/24 (c) | 1,765,785 | ||||||
| 250,000 | 6.35%, 11/01/24 (c) | 252,123 | ||||||
| 650,000 | Chesterfield Economic Development Authority, Brandermill Woods Project (RB) 4.13%, 01/01/22 (c) | 664,599 | ||||||
| 2,750,000 | City of Chesapeake, Virginia Chesapeake Expressway Toll Road Revenue (RB) 5.00%, 07/15/22 (c) | 2,946,927 | ||||||
| 1,000,000 | County of Botetourt, Virginia Industrial Development Authority (RB) 6.00%, 07/01/24 (c) | 1,010,420 | ||||||
| Fairfax County, Virginia Economic Development Authority, Series A (RB) | ||||||||
| 430,000 | 4.00%, 12/01/22 | 441,133 | ||||||
| 1,000,000 | 5.00%, 12/01/23 (c) | 1,026,610 | ||||||
| 2,000,000 | 5.00%, 12/01/23 (c) | 2,039,040 | ||||||
| 1,520,000 | 5.13%, 10/01/17 (c) | 1,582,518 | ||||||
| Fairfax County, Virginia Mosaic District Community Development Authority, Series A (SA) | ||||||||
| 1,450,000 | 6.63%, 03/01/21 (c) | 1,664,498 | ||||||
| 1,000,000 | 6.88%, 03/01/21 (c) | 1,156,930 | ||||||
See Notes to Financial Statements
| 41 |
HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal | ||||||||
| Amount | Value | |||||||
| Virginia: (continued) | ||||||||
| Hanover County, Virginia Economic Development Authority, Series A (RB) | ||||||||
| $ | 570,000 | 4.00%, 07/01/22 | $ | 576,960 | ||||
| 1,500,000 | 5.00%, 07/01/22 (c) | 1,522,425 | ||||||
| 1,500,000 | 5.00%, 07/01/22 (c) | 1,526,070 | ||||||
| 1,000,000 | Peninsula Ports Authority, Residential Care Facility Revenue, Series C (RB) 5.40%, 12/01/16 (c) | 970,870 | ||||||
| Route 460 Funding Corp., Series A (RB) | ||||||||
| 5,000,000 | 5.00%, 07/01/23 (c) | 5,298,350 | ||||||
| 3,750,000 | 5.13%, 07/01/23 (c) | 4,027,425 | ||||||
| 15,000 | Stafford County Economic Development Authority (RB) 5.25%, 06/15/16 (c) | 15,516 | ||||||
| 7,400,000 | Tobacco Settlement Financing Corp., Senior Series B-1 (RB) 5.00%, 06/01/17 (c) | 5,260,364 | ||||||
| 1,000,000 | Virginia College Building Authority (RB) 5.00%, 07/01/25 (c) | 1,053,690 | ||||||
| Virginia Small Business Financing Authority, Elizabeth River Crossing Opco, LLC Project (RB) | ||||||||
| 2,045,000 | 5.50%, 07/01/22 (c) | 2,231,463 | ||||||
| 3,000,000 | 6.00%, 07/01/22 (c) | 3,470,940 | ||||||
| 1,750,000 | Virginia Small Business Financing Authority, Senior Lien 95 Express Lanes, LLC Project (RB) 5.00%, 01/01/22 (c) | 1,855,472 | ||||||
| 44,545,562 | ||||||||
| Washington: 1.1% | ||||||||
| 1,000,000 | Greater Wenatchee Regional Events Center Public Facilities, Series A (RB) 5.50%, 09/01/22 (c) | 1,057,250 | ||||||
| 2,900,000 | Port of Seattle Industrial Development Corp., Delta Air Lines, Inc. Project (RB) 5.00%, 04/01/23 (c) | 2,985,724 | ||||||
| 285,000 | Washington Health Care Facilities Authority (RB) (AGO) 4.75%, 12/01/16 (c) | 297,700 | ||||||
| 750,000 | Washington Health Care Facilities Authority, Central Washington Health Services Association (RB) 6.25%, 07/01/19 (c) | 867,383 | ||||||
| 3,000,000 | Washington State Housing Finance Commission, Mirabella Project, Series A (RB) 6.75%, 10/01/22 (c) | 3,206,610 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Washington: (continued) | ||||||||
| Washington State Housing Finance Commission, Skyline at First Hill Project, Series A (RB) | ||||||||
| $ | 1,100,000 | 5.25%, 01/01/17 | $ | 1,113,354 | ||||
| 5,800,000 | 5.63%, 01/01/17 (c) | 5,675,996 | ||||||
| 2,850,000 | 5.63%, 01/01/17 (c) | 2,869,209 | ||||||
| 18,073,226 | ||||||||
| West Virginia: 0.9% | ||||||||
| 2,250,000 | County of Pleasants, West Virginia (RB) 5.25%, 10/15/17 (c) | 2,380,972 | ||||||
| 300,000 | Ohio County, West Virginia Commission Special District
Excise Tax & Improvement, The Highland Project, Series B (RB) 5.63%, 03/01/16 (c) | 305,520 | ||||||
| 5,275,000 | Philippi, West Virginia, The Philippi Municipal Building Commission, Series A (RB) 7.75%, 10/01/22 (c) (d) § | 4,437,594 | ||||||
| 2,000,000 | West Virginia Hospital Finance Authority, Highland Hospital Obligated Group (RB) 9.13%, 10/01/21 (c) | 2,231,620 | ||||||
| West Virginia Hospital Finance Authority, Thomas Health System, Inc. (RB) | ||||||||
| 2,000,000 | 6.50%, 10/01/18 (c) | 2,073,140 | ||||||
| 1,500,000 | 6.50%, 10/01/18 (c) | 1,596,105 | ||||||
| 2,005,000 | 6.75%, 10/01/18 (c) | 2,091,837 | ||||||
| 15,116,788 | ||||||||
| Wisconsin: 1.1% | ||||||||
| 3,240,000 | New York City Industrial Development Agency, Transportation Infrastructure Properties LLC, Series B (RB) 5.00%, 07/01/22 | 3,518,543 | ||||||
| Public Finance Authority (RB) | ||||||||
| 500,000 | 5.25%, 11/01/24 (c) | 515,065 | ||||||
| 2,500,000 | 5.88%, 04/01/25 (c) | 2,480,700 | ||||||
| 1,000,000 | Public Finance Authority, Rose Villa Project, Series A (RB) 5.00%, 11/15/24 | 1,043,790 | ||||||
| 3,980,000 | Public Finance Authority, Transportation Infrastructure Properties, LLC Obligated Group, Series G (RB) 5.00%, 07/01/22 (c) | 4,227,874 | ||||||
| 1,000,000 | Wisconsin Health and Educational Facilities Authority, Sauk-Prairie Memorial Hospital, Inc., Series A (RB) 5.13%, 02/01/23 (c) | 1,026,580 | ||||||
| 450,000 | Wisconsin Health and Educational Facilities Authority, Wheaton Franciscan Healthcare System, Series A (RB) 5.25%, 08/15/16 (c) | 468,171 | ||||||
See Notes to Financial Statements
| 42 |
| Principal | ||||||||
| Amount | Value | |||||||
| Wisconsin: (continued) | ||||||||
| $ | 1,750,000 | Wisconsin
Health and Educational Facilities Authority, Wheaton Franciscan Healthcare System, Series B (RB) 5.13%, 08/15/16 (c) | $ | 1,819,965 | ||||
| 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) | 2,916,325 | ||||||
| 18,017,013 | ||||||||
| Total Municipal Bonds:
98.4% (Cost: $1,543,131,138) | 1,579,689,120 | |||||||
| Other assets less liabilities: 1.6% | 25,911,542 | |||||||
| NET ASSETS: 100.0% | $ | 1,605,600,662 | ||||||
| ACA | Credit Agricole SA | |
| AGO | Assured Guaranty Ltd. | |
| 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 $16,324,804 which represents 1.0% of net assets. |
See Notes to Financial Statements
| 43 |
HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Summary of Investments By Sector (unaudited) | % of Investments | Value | ||||||
| Airport | 3.4 | % | $ | 52,966,926 | ||||
| Development | 14.1 | 222,069,507 | ||||||
| Education | 2.9 | 46,146,373 | ||||||
| Facilities | 2.5 | 40,187,245 | ||||||
| General Obligation | 10.2 | 161,841,981 | ||||||
| Higher Education | 4.3 | 68,217,761 | ||||||
| Housing | 0.4 | 6,131,119 | ||||||
| Medical | 18.6 | 293,962,921 | ||||||
| Mello-Roos | 0.3 | 4,354,953 | ||||||
| Multifamily Housing | 0.1 | 1,046,939 | ||||||
| Nursing Homes | 8.6 | 135,577,018 | ||||||
| Pollution | 3.5 | 55,196,680 | ||||||
| Power | 1.0 | 15,949,171 | ||||||
| School District | 0.3 | 5,452,934 | ||||||
| Single Family Housing | 0.0 | 154,862 | ||||||
| Student Loan | 0.5 | 8,207,467 | ||||||
| Tobacco Settlement | 15.6 | 246,431,270 | ||||||
| Transportation | 8.6 | 135,542,628 | ||||||
| Utilities | 2.1 | 32,680,889 | ||||||
| Water | 3.0 | 47,570,476 | ||||||
| 100.0 | % | $ | 1,579,689,120 | |||||
The summary of inputs used to value the Fund’s investments as of April 30, 2015 is as follows:
| Level 2 | Level 3 | |||||||||||||||
| Level 1 | Significant | Significant | ||||||||||||||
| Quoted | Observable | Unobservable | ||||||||||||||
| Prices | Inputs | Inputs | Value | |||||||||||||
| Total Municipal Bonds* | $ — | $ | 1,579,689,120 | $ — | $ | 1,579,689,120 | ||||||||||
| * | See Schedule of Investments for security type and geographic sector breakouts. |
There were no transfers between levels during the year ended April 30, 2015.
See Notes to Financial Statements
| 44 |
INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
April 30, 2015
| Principal Amount | Value | |||||||
| MUNICIPAL BONDS: 98.8% | ||||||||
| Alabama: 0.7% | ||||||||
| $ | 100,000 | Alabama Federal & Highway Finance Authority, Federal Highway Grant Anticipation (RB) 5.00%, 09/01/22 (c) | $ | 116,630 | ||||
| 100,000 | Alabama Federal Aid Highway Finance Authority (RB) 5.00%, 09/01/21 | 118,317 | ||||||
| 350,000 | Alabama Public School & College Authority, Capital Improvement, Economic Development and Training Refunding (RB) 5.00%, 03/01/21 | 415,041 | ||||||
| Alabama Public School & College Authority, Series B (RB) | ||||||||
| 100,000 | 5.00%, 01/01/21 | 117,838 | ||||||
| 500,000 | 5.00%, 07/01/24 (c) | 590,935 | ||||||
| 2,785,000 | 5.00%, 07/01/24 (c) | 3,361,662 | ||||||
| 500,000 | 5.00%, 07/01/24 (c) | 609,020 | ||||||
| 35,000 | Birmingham Airport Authority (RB) (AGM) 5.25%, 07/01/20 (c) | 39,160 | ||||||
| 95,000 | Birmingham Water Works Board (RB) 5.00%, 01/01/21 (c) | 109,562 | ||||||
| 50,000 | City of Huntsville, Alabama, Series A (GO) 5.00%, 09/01/21 (c) | 57,582 | ||||||
| 640,000 | Shelby County Board of Education (RB) 4.25%, 02/01/21 (c) | 678,394 | ||||||
| 900,000 | State of Alabama (GO) 5.00%, 08/01/23 | 1,106,424 | ||||||
| 7,320,565 | ||||||||
| Alaska: 0.0% | ||||||||
| 70,000 | Alaska Housing Finance Corp. (RB) 5.00%, 12/01/20 (c) | 81,865 | ||||||
| 300,000 | City of Valdez, Alaska BP Pipelines, Inc. Project, Series B (RB) 5.00%, 01/01/21 | 344,949 | ||||||
| 426,814 | ||||||||
| Arizona: 2.5% | ||||||||
| 1,990,000 | Apache County Industrial Development Authority (RB) 4.50%, 03/01/22 (c) | 2,143,548 | ||||||
| 320,000 | Arizona Board of Regents (CP) 5.00%, 06/01/22 (c) | 357,478 | ||||||
| Arizona Department of Transportation State Highway Fund Revenue (RB) | ||||||||
| 1,000,000 | 4.00%, 07/01/22 (c) | 1,077,970 | ||||||
| 1,275,000 | 5.00%, 07/01/22 (c) | 1,468,188 | ||||||
| Arizona Sports & Tourism Authority, Series A (RB) | ||||||||
| 215,000 | 5.00%, 07/01/22 (c) | 229,771 | ||||||
| 1,310,000 | 5.00%, 07/01/22 (c) | 1,416,136 | ||||||
| 500,000 | Arizona State Certificates of Participation, Department of Administration, Series B (CP) (AGM) 5.00%, 04/01/20 (c) | 570,755 | ||||||
| Principal Amount | Value | |||||||
| Arizona: (continued) | ||||||||
| $ | 500,000 | Arizona State Transportation Board, Maricopa County Regional Area Road Fund (RB) 5.00%, 07/01/20 (c) | $ | 588,400 | ||||
| Arizona State Transportation Board, Subordinated Highway Revenue, Series A (RB) | ||||||||
| 500,000 | 5.00%, 07/01/21 | 595,390 | ||||||
| 680,000 | 5.00%, 07/01/21 (c) | 804,501 | ||||||
| 1,200,000 | 5.00%, 07/01/21 (c) | 1,418,172 | ||||||
| 2,000,000 | 5.00%, 07/01/22 (c) | 2,339,960 | ||||||
| City of Mesa, Arizona (RB) | ||||||||
| 1,165,000 | 3.25%, 07/01/24 (c) | 1,138,997 | ||||||
| 740,000 | 3.25%, 07/01/24 (c) | 729,226 | ||||||
| 625,000 | 4.00%, 07/01/24 (c) | 686,775 | ||||||
| City of Phoenix Civic Improvement Corp. (RB) | ||||||||
| 1,250,000 | 4.00%, 07/01/24 (c) | 1,361,925 | ||||||
| 950,000 | 5.00%, 07/01/21 (c) | 1,126,358 | ||||||
| 290,000 | 5.00%, 07/01/24 (c) | 350,047 | ||||||
| 100,000 | 5.00%, 07/01/24 (c) | 118,010 | ||||||
| City of Phoenix, Arizona (GO) | ||||||||
| 260,000 | 4.00%, 07/01/22 | 296,176 | ||||||
| 1,500,000 | 4.00%, 07/01/24 (c) | 1,704,105 | ||||||
| 1,045,000 | City of Phoenix, Arizona, Various Purpose, Series A (GO) 4.00%, 07/01/22 (c) | 1,135,664 | ||||||
| 5,000 | Regional Transportation Authority of Pima County, Arizona (RB) 5.00%, 06/01/21 (c) | 5,854 | ||||||
| Salt River Project Agricultural Improvement & Power District (RB) | ||||||||
| 300,000 | 5.00%, 12/01/21 (c) | 359,454 | ||||||
| 660,000 | 5.00%, 12/01/21 (c) | 788,093 | ||||||
| 275,000 | 5.00%, 06/01/22 (c) | 317,380 | ||||||
| Salt River Project Agricultural Improvement & Power District, Series A (RB) | ||||||||
| 1,000,000 | 5.00%, 12/01/21 (c) | 1,191,350 | ||||||
| 1,000,000 | 5.00%, 12/01/21 (c) | 1,174,460 | ||||||
| 250,000 | State of Arizona Lottery Revenue (RB) (AGM) 5.00%, 01/01/20 (c) | 285,448 | ||||||
| 25,779,591 | ||||||||
| Arkansas: 1.0% | ||||||||
| 770,000 | City of Little Rock, Arkansas Sewer Revenue (RB) 4.70%, 04/01/25 (c) | 881,434 | ||||||
| 220,000 | City of Rogers, Arkansas (RB) 4.00%, 11/01/21 (c) | 234,133 | ||||||
| State of Arkansas, Federal Highway Grant Anticipation (GO) | ||||||||
| 2,685,000 | 4.00%, 10/01/23 (c) | 3,040,789 | ||||||
| 1,100,000 | 5.00%, 04/01/21 | 1,313,356 | ||||||
| 3,425,000 | 5.00%, 10/01/24 (c) | 4,199,803 | ||||||
| 300,000 | State of Arkansas, Four-Lane Highway Construction and Improvement (GO) 5.00%, 06/15/21 | 359,346 | ||||||
| 10,028,861 | ||||||||
See Notes to Financial Statements
| 45 |
INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| California: 15.2% | ||||||||
| $ | 265,000 | Alameda Corridor Transportation Authority (RB) 5.00%, 10/01/21 | $ | 316,614 | ||||
| 25,000 | Alameda County Joint Powers Authority (RB) 5.25%, 12/01/23 (c) | 30,275 | ||||||
| 1,880,000 | Alameda County, California Joint Powers Authority, Series A (RB) 5.25%, 12/01/23 (c) | 2,297,755 | ||||||
| 50,000 | Bay Area Toll Authority (RB) 5.00%, 04/01/22 (c) | 59,452 | ||||||
| 2,270,000 | Bay Area Water Supply & Conservation Agency (RB) 5.00%, 04/01/23 (c) | 2,662,301 | ||||||
| California Health Facilities Financing Authority (RB) | ||||||||
| 25,000 | 5.00%, 07/01/23 (c) | 29,788 | ||||||
| 1,000,000 | 5.00%, 10/01/24 (c) | 1,166,390 | ||||||
| 105,000 | 5.25%, 03/01/21 (c) | 124,808 | ||||||
| 1,175,000 | California Health Facilities Financing Authority, Series A (RB) 5.00%, 03/01/23 (c) | 1,387,980 | ||||||
| 1,000,000 | California Infrastructure & Economic Development Bank, Broad Museum Project, Series A (RB) 5.00%, 06/01/21 | 1,197,910 | ||||||
| California State Department of Veterans Affairs, Series A (RB) | ||||||||
| 595,000 | 3.50%, 06/01/21 (c) | 620,127 | ||||||
| 100,000 | 3.88%, 06/01/21 (c) | 104,540 | ||||||
| 1,500,000 | California State Department of Water Resources, Series N (RB) 5.00%, 05/01/21 | 1,792,035 | ||||||
| California State Public Works Board (RB) | ||||||||
| 90,000 | 4.00%, 06/01/22 (c) | 95,518 | ||||||
| 55,000 | 4.00%, 03/01/23 (c) | 58,649 | ||||||
| 150,000 | 4.00%, 11/01/23 (c) | 164,945 | ||||||
| 60,000 | 5.00%, 06/01/21 | 71,186 | ||||||
| 50,000 | 5.00%, 12/01/21 | 60,913 | ||||||
| 165,000 | 5.00%, 12/01/21 (c) | 189,639 | ||||||
| 500,000 | 5.00%, 04/01/22 (c) | 581,225 | ||||||
| 1,250,000 | 5.00%, 11/01/22 (c) | 1,421,950 | ||||||
| 50,000 | 5.00%, 11/01/22 (c) | 59,961 | ||||||
| 150,000 | 5.00%, 03/01/23 | 181,224 | ||||||
| 1,000,000 | 5.00%, 06/01/23 (c) | 1,165,010 | ||||||
| 1,500,000 | 5.00%, 06/01/23 (c) | 1,733,400 | ||||||
| 350,000 | 5.00%, 06/01/23 (c) | 414,722 | ||||||
| 1,635,000 | 5.00%, 09/01/23 (c) | 1,912,231 | ||||||
| 500,000 | 5.00%, 09/01/24 (c) | 605,205 | ||||||
| 225,000 | 5.00%, 09/01/24 (c) | 272,342 | ||||||
| 1,000,000 | 5.00%, 10/01/24 (c) | 1,186,240 | ||||||
| 20,000 | 5.13%, 03/01/20 (c) | 23,249 | ||||||
| 50,000 | 5.25%, 12/01/21 (c) | 59,927 | ||||||
| 675,000 | 5.25%, 10/01/24 (c) | 832,255 | ||||||
| 75,000 | 5.25%, 10/01/24 (c) | 90,169 | ||||||
| 1,750,000 | California State Public Works Board, Various Capital Projects, Series I (RB) 5.00%, 11/01/23 | 2,130,555 | ||||||
| Principal Amount | Value | |||||||
| California: (continued) | ||||||||
| $ | 350,000 | California State Public Works Board, Various Judicial Council Projects, Series A (RB) 5.00%, 03/01/23 (c) | $ | 409,637 | ||||
| California State Public Works Board, Various University of California Projects, Series G (RB) | ||||||||
| 505,000 | 5.00%, 12/01/21 (c) | 615,221 | ||||||
| 1,370,000 | 5.00%, 12/01/21 (c) | 1,669,016 | ||||||
| 1,195,000 | California State University, Systemwide, Series A (RB) 4.00%, 11/01/22 (c) | 1,275,447 | ||||||
| California State Various Purpose (GO) | ||||||||
| 515,000 | 3.50%, 02/01/22 (c) | 541,188 | ||||||
| 1,000,000 | 4.00%, 09/01/21 | 1,138,580 | ||||||
| 250,000 | 4.00%, 10/01/21 | 284,918 | ||||||
| 1,090,000 | 5.00%, 04/01/18 (c) | 1,211,219 | ||||||
| 4,315,000 | 5.00%, 04/01/18 (c) | 4,770,060 | ||||||
| 1,250,000 | 5.00%, 09/01/18 (c) | 1,408,587 | ||||||
| 965,000 | 5.00%, 09/01/18 (c) | 1,084,399 | ||||||
| 1,840,000 | 5.00%, 09/01/21 | 2,204,909 | ||||||
| 850,000 | 5.00%, 10/01/21 | 1,020,119 | ||||||
| 500,000 | 5.00%, 10/01/21 | 600,070 | ||||||
| 200,000 | 5.00%, 11/01/21 | 240,250 | ||||||
| 100,000 | 5.00%, 02/01/22 (c) | 117,582 | ||||||
| 500,000 | 5.00%, 04/01/22 (c) | 592,040 | ||||||
| 1,000,000 | 5.00%, 09/01/22 (c) | 1,193,600 | ||||||
| 855,000 | 5.00%, 10/01/22 | 1,037,277 | ||||||
| 925,000 | 5.00%, 10/01/22 | 1,122,201 | ||||||
| 770,000 | 5.00%, 12/01/22 | 936,389 | ||||||
| 1,400,000 | 5.00%, 09/01/23 (c) | 1,639,652 | ||||||
| 755,000 | 5.00%, 09/01/23 (c) | 902,889 | ||||||
| 1,475,000 | 5.00%, 09/01/23 | 1,798,748 | ||||||
| 2,350,000 | 5.00%, 09/01/23 (c) | 2,835,933 | ||||||
| 830,000 | 5.25%, 09/01/22 | 1,019,846 | ||||||
| 600,000 | California State, Department of Water Resources Power Supply, Series L (RB) 5.00%, 05/01/20 (c) | 701,208 | ||||||
| 500,000 | California Statewide Communities Development Authority (RB) 5.00%, 07/01/24 (c) | 568,790 | ||||||
| 500,000 | Chabot-Las Positas Community College District (GO) 5.00%, 08/01/23 (c) | 575,645 | ||||||
| 250,000 | City & County of San Francisco, California, Series A (GO) 4.00%, 06/15/22 (c) | 273,775 | ||||||
| 550,000 | City & County of San Francisco, California, Series R1 (GO) 5.00%, 12/15/21 (c) | 655,825 | ||||||
| 100,000 | City of Los Angeles Department of Airports (RB) 5.00%, 05/15/22 | 120,450 | ||||||
| 1,750,000 | City of Los Angeles, California, Series B (GO) 5.00%, 09/01/21 | 2,107,542 | ||||||
| 500,000 | City of Torrance, California, Memorial Medical Center, Series A (RB) 4.75%, 09/01/20 (c) | 541,705 | ||||||
See Notes to Financial Statements
| 46 |
| Principal Amount | Value | |||||||
| California: (continued) | ||||||||
| $ | 470,000 | Contra Costa Community College District (GO) 4.00%, 08/01/22 (c) | $ | 492,865 | ||||
| 60,000 | County of San Diego, California (CP) 5.00%, 10/15/24 (c) | 70,506 | ||||||
| 255,000 | County of Santa Clara, California, Series B (GO) 3.00%, 08/01/22 (c) | 245,435 | ||||||
| East Bay Municipal Utility District Water System Revenue (RB) | ||||||||
| 70,000 | 5.00%, 06/01/20 (c) | 82,146 | ||||||
| 1,000,000 | 5.00%, 06/01/24 (c) | 1,189,270 | ||||||
| 900,000 | 5.00%, 06/01/27 | 1,142,892 | ||||||
| 1,750,000 | 5.00%, 06/01/29 | 2,211,545 | ||||||
| 675,000 | Fontana Unified School District (GO) 3.00%, 08/01/22 (c) | 664,085 | ||||||
| Golden State Tobacco Securitization Corp. (RB) | ||||||||
| 525,000 | 5.00%, 06/01/23 (c) | 598,962 | ||||||
| 250,000 | 5.00%, 06/01/23 (c) | 286,183 | ||||||
| 535,000 | Huntington Beach Union High School District (GO) 5.00%, 08/01/23 (c) | 650,448 | ||||||
| Los Angeles Community College District (GO) | ||||||||
| 1,000,000 | 4.00%, 08/01/24 (c) | 1,081,810 | ||||||
| 100,000 | 5.00%, 08/01/24 (c) | 117,618 | ||||||
| 1,500,000 | 5.00%, 08/01/24 (c) | 1,773,645 | ||||||
| 1,555,000 | 5.00%, 08/01/24 (c) | 1,892,497 | ||||||
| Los Angeles Department of Water & Power, Series A (RB) | ||||||||
| 1,000,000 | 5.00%, 07/01/21 (c) | 1,204,390 | ||||||
| 500,000 | 5.00%, 01/01/23 (c) | 586,970 | ||||||
| Los Angeles Department of Water & Power, Series B (RB) | ||||||||
| 400,000 | 5.00%, 07/01/23 (c) | 474,652 | ||||||
| 1,160,000 | 5.00%, 01/01/24 (c) | 1,357,826 | ||||||
| 250,000 | Los Angeles International Airport, Department of Airports, Series A (RB) 5.00%, 05/15/20 (c) | 294,345 | ||||||
| 20,000 | Los Angeles, California Department of Airports (RB) 5.00%, 05/15/20 (c) | 23,601 | ||||||
| 600,000 | Los Angeles, California Unified School District (GO) 5.00%, 07/01/24 (c) | 726,972 | ||||||
| Los Angeles, California Unified School District, Series A (GO) | ||||||||
| 880,000 | 2.00%, 07/01/22 | 894,133 | ||||||
| 320,000 | 5.00%, 10/01/21 | 381,686 | ||||||
| Los Angeles, California Unified School District, Series C (GO) | ||||||||
| 1,320,000 | 5.00%, 07/01/24 | 1,632,338 | ||||||
| 550,000 | 5.00%, 07/01/24 (c) | 658,399 | ||||||
| 500,000 | 5.00%, 07/01/24 (c) | 585,635 | ||||||
| 2,400,000 | 5.00%, 07/01/24 (c) | 2,847,168 | ||||||
| 1,100,000 | 5.00%, 07/01/24 (c) | 1,298,110 | ||||||
| Principal Amount | Value | |||||||
| California: (continued) | ||||||||
| $ | 25,000 | Los Angeles, California Wastewater System Revenue (RB) 5.00%, 06/01/23 | $ | 30,669 | ||||
| Metropolitan Water District of Southern California (RB) | ||||||||
| 340,000 | 5.00%, 10/01/21 (c) | 404,410 | ||||||
| 100,000 | 5.00%, 07/01/22 (c) | 119,025 | ||||||
| 50,000 | 5.00%, 07/01/22 (c) | 58,499 | ||||||
| 300,000 | Modesto Irrigation District Financing Authority (RB) 5.00%, 10/01/20 (c) | 346,056 | ||||||
| 1,720,000 | Ohlone Community College District (GO) 5.00%, 08/01/22 (c) | 2,021,722 | ||||||
| 500,000 | Orange County, California Sanitation District, Wastewater Refunding, Series A (RB) 5.00%, 02/01/22 | 604,275 | ||||||
| 1,260,000 | Rancho Cucamonga Redevelopment Agency Successor Agency (AGM) (TA) 5.00%, 09/01/22 | 1,520,051 | ||||||
| 175,000 | Rancho Santiago Community College District (GO) 5.00%, 09/01/23 (c) | 211,629 | ||||||
| Regents of the University of California Medical Center Pooled Revenue (RB) | ||||||||
| 360,000 | 5.25%, 05/15/23 (c) | 428,429 | ||||||
| 2,250,000 | 5.25%, 05/15/23 (c) | 2,701,125 | ||||||
| Riverside County Transportation Commission (RB) | ||||||||
| 490,000 | 5.25%, 06/01/23 (c) | 585,565 | ||||||
| 15,000 | 5.25%, 06/01/23 (c) | 18,181 | ||||||
| Sacramento County Sanitation Districts Financing Authority (RB) | ||||||||
| 20,000 | 5.00%, 12/01/21 (c) | 23,868 | ||||||
| 1,650,000 | 5.00%, 12/01/21 (c) | 1,976,997 | ||||||
| 100,000 | 5.00%, 06/01/24 (c) | 120,991 | ||||||
| 250,000 | 5.00%, 06/01/24 (c) | 293,790 | ||||||
| 500,000 | San Bernardino City Unified School District (GO) (AGM) 5.00%, 08/01/23 (c) | 574,460 | ||||||
| 750,000 | San Bernardino, California Community College District, Series A (GO) 5.00%, 08/01/23 | 918,187 | ||||||
| San Diego Community College District (GO) | ||||||||
| 250,000 | 5.00%, 08/01/21 (c) | 291,225 | ||||||
| 240,000 | 5.00%, 08/01/22 (c) | 284,911 | ||||||
| 1,500,000 | San Diego County Regional Airport Authority (RB) 5.00%, 07/01/20 (c) | 1,716,990 | ||||||
| San Diego, California Water Authority, Series A (RB) | ||||||||
| 500,000 | 4.50%, 05/01/21 (c) | 559,730 | ||||||
| 450,000 | 4.50%, 05/01/21 (c) | 508,315 | ||||||
| 500,000 | 5.00%, 05/01/21 (c) | 584,880 | ||||||
| 310,000 | 5.00%, 11/01/22 (c) | 361,479 | ||||||
See Notes to Financial Statements
| 47 |
INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| California: (continued) | ||||||||
| $ | 430,000 | San Dieguito Union High School District (GO) 4.00%, 08/01/23 (c) | $ | 456,002 | ||||
| 455,000 | San Francisco Bay Area Rapid Transit District (RB) 5.00%, 07/01/22 (c) | 525,866 | ||||||
| 710,000 | San Francisco City & County Airports Comm-San Francisco International Airport (RB) 5.00%, 05/01/22 (c) | 845,731 | ||||||
| 345,000 | San Francisco, California Bay Area Toll Authority, Series F (RB) 5.00%, 04/01/22 (c) | 405,361 | ||||||
| 1,215,000 | San Francisco, California City & County Unified School District, Series B (GO) 4.00%, 06/15/22 (c) | 1,314,909 | ||||||
| San Francisco, California Public Utilities Commission Water Revenue, Sub-Series A (RB) | ||||||||
| 1,250,000 | 5.00%, 11/01/21 (c) | 1,482,150 | ||||||
| 1,000,000 | 5.00%, 11/01/21 (c) | 1,194,470 | ||||||
| 1,000,000 | San Joaquin County, California Transportation Authority, Series A (RB) 5.00%, 03/01/21 (c) | 1,155,160 | ||||||
| 600,000 | San Jose, California Financing Authority Lease, Series A (RB) 5.00%, 06/01/23 (c) | 696,180 | ||||||
| 950,000 | San Ramon Valley Unified School District (GO) 5.00%, 08/01/22 (c) | 1,122,890 | ||||||
| 385,000 | Santa Clara County Financing Authority, Series A (RB) 4.00%, 02/01/22 (c) | 428,174 | ||||||
| 415,000 | Southern California Public Power Authority (RB) 5.00%, 07/01/20 (c) | 490,866 | ||||||
| 1,000,000 | Southern California Public Power Authority, Canyon Power Project, Series A (RB) 5.25%, 01/01/20 (c) | 1,163,100 | ||||||
| 500,000 | Southern California Public Power Authority, Windy Point Project (RB) 5.00%, 07/01/20 (c) | 584,065 | ||||||
| State of California (GO) | ||||||||
| 300,000 | 3.00%, 02/01/22 (c) | 318,237 | ||||||
| 700,000 | 3.00%, 12/01/22 | 748,951 | ||||||
| 500,000 | 3.25%, 04/01/23 (c) | 508,025 | ||||||
| 1,085,000 | 3.50%, 09/01/22 (c) | 1,099,680 | ||||||
| 855,000 | 4.00%, 09/01/22 (c) | 945,733 | ||||||
| 500,000 | 4.00%, 05/01/23 | 569,140 | ||||||
| 700,000 | 5.00%, 09/01/18 (c) | 784,175 | ||||||
| 190,000 | 5.00%, 09/01/18 (c) | 212,190 | ||||||
| 265,000 | 5.00%, 12/01/21 | 318,792 | ||||||
| 140,000 | 5.00%, 02/01/22 (c) | 163,373 | ||||||
| 785,000 | 5.00%, 02/01/22 (c) | 933,302 | ||||||
| 500,000 | 5.00%, 02/01/22 | 601,450 | ||||||
| 250,000 | 5.00%, 09/01/22 (c) | 300,088 | ||||||
| 765,000 | 5.00%, 10/01/22 | 928,090 | ||||||
| Principal Amount | Value | |||||||
| California: (continued) | ||||||||
| $ | 1,900,000 | 5.00%, 04/01/23 (c) | $ | 2,226,876 | ||||
| 250,000 | 5.00%, 09/01/23 (c) | 301,695 | ||||||
| 695,000 | 5.00%, 09/01/23 (c) | 820,218 | ||||||
| 1,500,000 | 5.00%, 10/01/23 | 1,830,975 | ||||||
| 250,000 | 5.00%, 11/01/23 (c) | 295,858 | ||||||
| 1,375,000 | 5.00%, 12/01/23 (c) | 1,661,124 | ||||||
| 1,000,000 | 5.00%, 12/01/23 (c) | 1,199,490 | ||||||
| 210,000 | 5.00%, 12/01/23 (c) | 243,428 | ||||||
| 200,000 | 5.00%, 12/01/23 (c) | 239,042 | ||||||
| 1,000,000 | 5.00%, 12/01/23 (c) | 1,184,180 | ||||||
| 2,350,000 | 5.00%, 12/01/23 (c) | 2,733,755 | ||||||
| 1,780,000 | 5.00%, 05/01/24 | 2,174,733 | ||||||
| 1,750,000 | 5.00%, 10/01/24 (c) | 2,126,092 | ||||||
| 2,750,000 | 5.00%, 10/01/24 (c) | 3,249,647 | ||||||
| 50,000 | 5.25%, 09/01/21 (c) | 59,966 | ||||||
| 2,320,000 | State of California Department of Water Resources (RB) 5.00%, 12/01/24 (c) | 2,773,908 | ||||||
| 310,000 | State of California, Various Purpose (GO) 3.38%, 09/01/22 (c) | 311,693 | ||||||
| University of California (RB) | ||||||||
| 65,000 | 3.25%, 05/15/21 (c) | 71,257 | ||||||
| 125,000 | 5.00%, 05/15/22 (c) | 150,198 | ||||||
| 425,000 | 5.00%, 05/15/23 (c) | 496,795 | ||||||
| 1,205,000 | 5.00%, 05/15/23 (c) | 1,433,492 | ||||||
| 645,000 | 5.00%, 05/15/24 (c) | 763,145 | ||||||
| 500,000 | 5.00%, 05/15/25 (c) | 608,775 | ||||||
| 455,000 | University of California, Series AF (RB) 5.00%, 05/15/23 (c) | 548,280 | ||||||
| 2,500,000 | University of California, Series AK (RB) 5.00%, 05/15/23 (p) | 3,041,250 | ||||||
| 1,900,000 | University of California, Series G (RB) 5.00%, 05/15/22 (c) | 2,251,443 | ||||||
| 158,140,263 | ||||||||
| Colorado: 0.7% | ||||||||
| Adams 12 Five Star Schools (GO) (SAW) | ||||||||
| 1,300,000 | 4.00%, 12/15/22 (c) | 1,474,837 | ||||||
| 25,000 | 4.00%, 12/15/22 | 28,742 | ||||||
| 375,000 | Board of Governors of Colorado State University System (RB) 5.00%, 03/01/29 | 456,008 | ||||||
| 1,500,000 | Colorado Higher Education (CP) 5.00%, 11/01/23 | 1,811,985 | ||||||
| 490,000 | Denver, Colorado Airport System Revenue, Series B (RB) 5.00%, 11/15/22 (c) | 557,718 | ||||||
| 25,000 | Denver, Colorado City & County School District No. 1, Series A (GO) (SAW) 4.00%, 12/01/21 (c) | 27,055 | ||||||
| 40,000 | Denver, Colorado City & County School District No. 1, Series B (GO) (SAW) 5.00%, 12/01/22 (c) | 47,618 | ||||||
See Notes to Financial Statements
| 48 |
| Principal Amount | Value | |||||||
| Colorado: (continued) | ||||||||
| Denver, Colorado City & County School District No. 1, Series C (GO) (SAW) | ||||||||
| $ | 900,000 | 5.00%, 12/01/21 | $ | 1,079,604 | ||||
| 375,000 | 5.00%, 12/01/23 | 459,244 | ||||||
| 165,000 | Joint School District No. 28J in Adams and Arapahoe Counties, Colorado (GO) (SAW) 5.00%, 12/01/22 (c) | 200,396 | ||||||
| Regional Transportation District (RB) | ||||||||
| 175,000 | 5.00%, 11/01/22 (c) | 212,702 | ||||||
| 50,000 | 5.00%, 11/01/27 | 61,171 | ||||||
| 500,000 | University of Colorado Enterprise System, Series A (RB) 4.00%, 06/01/22 | 572,020 | ||||||
| 6,989,100 | ||||||||
| Connecticut: 3.0% | ||||||||
| 1,245,000 | Connecticut State Health & Educational Facility Authority (RB) 5.00%, 07/01/24 (c) | 1,424,778 | ||||||
| 1,000,000 | Connecticut State Health & Educational Facility Authority, Series A (RB) 5.00%, 07/01/21 (c) | 1,139,940 | ||||||
| 1,650,000 | Connecticut State, Series A (GO) 5.00%, 10/15/23 (c) | 1,955,349 | ||||||
| Connecticut State, Series B (GO) | ||||||||
| 500,000 | 5.00%, 04/15/21 | 590,120 | ||||||
| 5,000 | 5.00%, 05/15/21 (c) | 5,888 | ||||||
| 405,000 | 5.00%, 04/15/22 (c) | 475,093 | ||||||
| 2,500,000 | 5.00%, 03/01/23 (c) | 2,941,475 | ||||||
| 960,000 | Connecticut State, Series D (GO) 5.00%, 11/01/21 (c) | 1,124,880 | ||||||
| Connecticut State, Series E (GO) | ||||||||
| 1,000,000 | 5.00%, 09/15/22 (c) | 1,176,660 | ||||||
| 225,000 | 5.00%, 08/15/23 (c) | 269,233 | ||||||
| 480,000 | Connecticut State, Series G (GO) 5.00%, 10/15/22 (c) | 568,560 | ||||||
| Connecticut State, Special Tax Revenue, Transportation Infrastructure Purposes, Series A (RB) | ||||||||
| 440,000 | 5.00%, 01/01/23 (c) | 519,218 | ||||||
| 1,000,000 | 5.00%, 10/01/23 (c) | 1,158,050 | ||||||
| State of Connecticut (GO) | ||||||||
| 500,000 | 4.00%, 09/01/24 (c) | 545,480 | ||||||
| 620,000 | 5.00%, 11/01/21 (c) | 713,515 | ||||||
| 1,000,000 | 5.00%, 04/15/22 (c) | 1,146,100 | ||||||
| 2,500,000 | 5.00%, 04/15/22 (c) | 2,875,500 | ||||||
| 795,000 | 5.00%, 10/15/22 (c) | 936,915 | ||||||
| 1,215,000 | 5.00%, 07/15/23 (c) | 1,437,770 | ||||||
| 1,750,000 | 5.00%, 08/15/23 (c) | 2,111,567 | ||||||
| 55,000 | 5.00%, 10/15/23 (c) | 66,010 | ||||||
| 1,360,000 | 5.00%, 12/15/23 | 1,651,258 | ||||||
| 125,000 | 5.00%, 03/01/24 (c) | 144,456 | ||||||
| 1,520,000 | 5.00%, 11/15/24 (c) | 1,800,729 | ||||||
| 1,000,000 | 5.00%, 06/15/25 | 1,223,120 | ||||||
| Principal Amount | Value | |||||||
| Connecticut: (continued) | ||||||||
| $ | 440,000 | State of Connecticut Special Tax Revenue (RB) 5.00%, 10/01/23 (c) | $ | 507,056 | ||||
| University of Connecticut, Series A (RB) | ||||||||
| 65,000 | 5.00%, 02/15/21 (c) | 74,367 | ||||||
| 500,000 | 5.00%, 02/15/23 (c) | 593,275 | ||||||
| 2,000,000 | 5.00%, 02/15/25 (c) | 2,359,000 | ||||||
| 31,535,362 | ||||||||
| Delaware: 0.2% | ||||||||
| State of Delaware (GO) | ||||||||
| 325,000 | 5.00%, 07/01/20 (c) | 380,169 | ||||||
| 100,000 | 5.00%, 03/01/22 | 121,601 | ||||||
| 500,000 | 5.00%, 08/01/23 (c) | 615,110 | ||||||
| 1,000,000 | 5.00%, 07/01/24 (c) | 1,217,120 | ||||||
| 2,334,000 | ||||||||
| District of Columbia: 0.5% | ||||||||
| 25,000 | District of Columbia (RB) 5.00%, 06/01/20 (c) | 28,980 | ||||||
| 50,000 | District of Columbia Water & Sewer Authority (RB) 5.00%, 10/01/22 | 60,468 | ||||||
| 850,000 | District of Columbia, Income Tax Secured Revenue, Series A (RB) 5.00%, 06/01/20 (c) | 987,547 | ||||||
| 395,000 | District of Columbia, Income Tax Secured Revenue, Series C (RB) 5.00%, 12/01/22 (c) | 467,818 | ||||||
| 1,250,000 | District of Columbia, Income Tax Secured Revenue, Series G (RB) 5.00%, 12/01/21 (c) | 1,455,575 | ||||||
| 600,000 | District of Columbia, National Public Radio, Series A (RB) 5.00%, 04/01/20 (c) | 677,406 | ||||||
| 250,000 | District of Columbia, Provident Group-Howard Properties, LLC Issue (RB) 5.00%, 10/01/22 (c) | 261,313 | ||||||
| 1,000,000 | District of Columbia, Series A (GO) 5.00%, 06/01/23 (c) | 1,177,700 | ||||||
| 90,000 | Metropolitan Washington Airports Authority (RB) 5.00%, 10/01/20 (c) | 103,618 | ||||||
| 5,220,425 | ||||||||
| Florida: 4.4% | ||||||||
| 250,000 | Central Florida Expressway Authority (RB) (AGM) 3.00%, 07/01/22 (c) | 258,138 | ||||||
| 1,000,000 | Citizens Property Insurance Corp., Series A (RB) 5.00%, 06/01/21 | 1,174,470 | ||||||
| City of Jacksonville, Florida (RB) | ||||||||
| 390,000 | 5.00%, 10/01/22 (c) | 460,446 | ||||||
| 50,000 | 5.00%, 10/01/22 (c) | 59,406 | ||||||
| 955,000 | City of Jacksonville, Florida, Better Jacksonville Sales Tax, Series A (RB) 5.00%, 10/01/25 | 1,173,523 | ||||||
See Notes to Financial Statements
| 49 |
INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| Florida: (continued) | ||||||||
| City of Jacksonville, Florida, Series A (RB) | ||||||||
| $ | 500,000 | 5.00%, 10/01/22 (c) | $ | 581,080 | ||||
| 1,225,000 | 5.00%, 10/01/22 (c) | 1,407,623 | ||||||
| City of Jacksonville, Florida, Series C (RB) | ||||||||
| 250,000 | 5.00%, 10/01/22 (c) | 294,413 | ||||||
| 100,000 | 5.00%, 10/01/22 (c) | 118,961 | ||||||
| 1,740,000 | 5.00%, 10/01/22 (c) | 2,083,058 | ||||||
| City of Orlando, Florida, Series A (RB) | ||||||||
| 750,000 | 5.25%, 05/01/24 (c) | 876,937 | ||||||
| 2,420,000 | 5.25%, 05/01/24 (c) | 2,850,397 | ||||||
| 330,000 | City of Tampa, Florida Water & Wastewater System Revenue (RB) 5.00%, 10/01/21 (c) | 391,199 | ||||||
| County of Miami-Dade, Florida Aviation Revenue (RB) | ||||||||
| 70,000 | 4.00%, 10/01/22 (c) | 77,506 | ||||||
| 25,000 | 5.50%, 10/01/20 (c) | 29,420 | ||||||
| 25,000 | County of Miami-Dade, Florida Transit System Sales Surtax Revenue (RB) 3.38%, 07/01/22 (c) | 25,261 | ||||||
| County of Miami-Dade, Florida, Series A (RB) | ||||||||
| 65,000 | 5.00%, 10/01/22 (c) | 74,597 | ||||||
| 1,440,000 | 5.00%, 10/01/22 | 1,705,478 | ||||||
| County of Orange, Florida Sales Tax Revenue (RB) | ||||||||
| 265,000 | 5.00%, 01/01/21 | 313,842 | ||||||
| 75,000 | 5.00%, 01/01/22 | 90,197 | ||||||
| 50,000 | 5.00%, 01/01/22 (c) | 58,454 | ||||||
| 500,000 | County of Palm Beach, Florida (RB) 5.00%, 06/01/22 (c) | 603,585 | ||||||
| 500,000 | Florida State Board of Education, Public Education Capital Outlay, Series A (GO) 4.75%, 06/01/20 (c) | 575,755 | ||||||
| Florida State Board of Education, Public Education Capital Outlay, Series C (GO) | ||||||||
| 1,170,000 | 3.00%, 06/01/21 (c) | 1,224,276 | ||||||
| 1,000,000 | 4.00%, 06/01/21 (c) | 1,082,830 | ||||||
| 570,000 | 4.00%, 06/01/22 (c) | 636,456 | ||||||
| 1,000,000 | 5.00%, 06/01/19 (c) | 1,146,280 | ||||||
| 500,000 | Florida State Board of Education, Public Education Capital Outlay, Series D (GO) 5.00%, 06/01/21 (c) | 593,855 | ||||||
| 750,000 | Florida State Board of Education, Public Education Capital Outlay, Series E (GO) 5.00%, 06/01/21 (c) | 885,090 | ||||||
| 1,000,000 | Florida State Department of Environmental Protection, Series A (RB) 5.00%, 07/01/21 | 1,183,090 | ||||||
| Principal Amount | Value | |||||||
| Florida: (continued) | ||||||||
| $ | 1,000,000 | Florida State Department of Environmental Protection, Series B (RB) 5.00%, 07/01/21 | $ | 1,183,720 | ||||
| Florida State Department of Transportation, Full Faith & Credit Right-of-Way, Series A (GO) | ||||||||
| 1,000,000 | 5.00%, 07/01/21 (c) | 1,188,850 | ||||||
| 1,300,000 | 5.00%, 07/01/21 (c) | 1,553,890 | ||||||
| 375,000 | Florida State, Board of Education, Series A (GO) 4.00%, 06/01/21 | 424,324 | ||||||
| 100,000 | Florida State, Right-of-Way Acquisition & Bridge Construction, Series B (GO) 5.00%, 07/01/21 (c) | 118,564 | ||||||
| 30,000 | Florida’s Turnpike Enterprise (RB) 3.00%, 07/01/22 (c) | 29,389 | ||||||
| 700,000 | Jacksonville, Florida Transportation Refunding, Series A (RB) 5.00%, 10/01/22 (c) | 826,441 | ||||||
| 350,000 | Jacksonville, Florida Transportation Refunding, Series B (RB) 5.00%, 10/01/22 | 421,666 | ||||||
| 1,500,000 | Jacksonville, Florida, Series B (RB) 5.00%, 10/01/21 | 1,780,170 | ||||||
| 250,000 | Jacksonville, Florida, Series B-1 (RB) 5.00%, 10/01/21 | 296,695 | ||||||
| 800,000 | Lee County, Florida School Board, Series B (CP) 5.00%, 08/01/21 | 943,688 | ||||||
| 350,000 | Miami Beach Health Facilities Authority, Mount Sinai Medical Center of Florida (RB) 4.00%, 11/15/22 (c) | 369,558 | ||||||
| 545,000 | Miami-Dade County School Board Foundation Inc (CP) (AGM) 5.00%, 05/01/25 (c) | 639,503 | ||||||
| 510,000 | Miami-Dade County, Florida Aviation, Series A (RB) 4.88%, 10/01/20 (c) | 581,675 | ||||||
| 500,000 | Miami-Dade County, Florida Expressway Authority (RB) 5.00%, 07/01/21 | 589,950 | ||||||
| Miami-Dade County, Florida School Board Foundation, Inc., Series A (CP) | ||||||||
| 305,000 | 4.00%, 08/01/22 (c) | 327,167 | ||||||
| 50,000 | 4.00%, 08/01/22 (c) | 53,837 | ||||||
| Miami-Dade County, Florida Seaport General Obligation, Series C (GO) | ||||||||
| 1,365,000 | 5.00%, 10/01/21 (c) | 1,610,031 | ||||||
| 500,000 | 5.00%, 10/01/21 (c) | 591,075 | ||||||
| Miami-Dade County, Florida Subordinate Special Obligation, Series A (RB) | ||||||||
| 500,000 | 5.00%, 10/01/22 (c) | 566,305 | ||||||
| 1,565,000 | 5.00%, 10/01/22 (c) | 1,819,923 | ||||||
See Notes to Financial Statements
| 50 |
| Principal Amount | Value | |||||||
| Florida: (continued) | ||||||||
| $ | 200,000 | Orange County Health Facilities Authority (RB) 5.13%, 10/01/19 (c) | $ | 226,950 | ||||
| Orlando Utilities Commission (RB) | ||||||||
| 125,000 | 5.00%, 10/01/22 | 152,421 | ||||||
| 970,000 | 5.00%, 10/01/24 | 1,197,746 | ||||||
| 100,000 | Orlando-Orange County Expressway Authority (RB) 5.00%, 07/01/22 | 119,318 | ||||||
| 80,000 | Palm Beach County Solid Waste Authority (RB) 5.00%, 10/01/21 (c) | 95,475 | ||||||
| 500,000 | St. Johns River Power Park (RB) 3.00%, 10/01/19 (c) | 511,830 | ||||||
| State of Florida (GO) | ||||||||
| 610,000 | 3.00%, 06/01/24 (c) | 584,356 | ||||||
| 650,000 | 3.00%, 06/01/24 (c) | 641,667 | ||||||
| 215,000 | 4.00%, 06/01/21 (c) | 230,678 | ||||||
| 50,000 | 5.00%, 06/01/20 (c) | 59,412 | ||||||
| 480,000 | 5.00%, 06/01/20 (c) | 563,290 | ||||||
| 500,000 | 5.00%, 06/01/21 (c) | 582,250 | ||||||
| 475,000 | 5.00%, 07/01/21 (c) | 560,452 | ||||||
| 800,000 | Tampa, Florida Board of Education, Public Education Capital Outlay Refunding, Series B (GO) 4.00%, 06/01/21 (c) | 886,704 | ||||||
| 1,020,000 | Tampa-Hillsborough County Expressway Authority (RB) 5.00%, 07/01/22 (c) | 1,182,476 | ||||||
| 50,000 | Tohopekaliga Water Authority (RB) 5.75%, 10/01/21 (c) | 61,727 | ||||||
| 45,608,796 | ||||||||
| Georgia: 1.5% | ||||||||
| 1,500,000 | City of Atlanta GA Water & Wastewater Revenue (RB) 5.00%, 05/01/25 (c) | 1,764,360 | ||||||
| 275,000 | Georgia Housing & Finance Authority (RB) 3.00%, 06/01/24 (c) | 268,004 | ||||||
| Georgia State, Series C (GO) | ||||||||
| 335,000 | 5.00%, 07/01/21 (c) | 398,483 | ||||||
| 1,750,000 | 5.00%, 07/01/21 (c) | 2,104,270 | ||||||
| 500,000 | 5.00%, 10/01/21 | 603,780 | ||||||
| 500,000 | Georgia State, Series J (GO) 4.50%, 11/01/21 (c) | 588,020 | ||||||
| Gwinnett County, Georgia School District (GO) | ||||||||
| 655,000 | 5.00%, 02/01/24 | 808,859 | ||||||
| 500,000 | 5.00%, 02/01/25 (c) | 618,155 | ||||||
| 305,000 | Metropolitan Atlanta Rapid Transit Authority, Series A (RB) 3.00%, 07/01/22 (c) | 311,710 | ||||||
| 500,000 | Municipal Electric Authority of Georgia, Combined Cycle Project, Series A (RB) 5.00%, 11/01/22 | 600,380 | ||||||
| Principal Amount | Value | |||||||
| Georgia: (continued) | ||||||||
| Municipal Electric Authority of Georgia, Power Revenue, Series GG (RB) | ||||||||
| $ | 1,000,000 | 5.00%, 01/01/23 (c) | $ | 1,174,700 | ||||
| 1,895,000 | 5.00%, 01/01/23 | 2,271,347 | ||||||
| State of Georgia (GO) | ||||||||
| 65,000 | 3.00%, 07/01/22 (c) | 64,332 | ||||||
| 1,000,000 | 3.00%, 02/01/24 (c) | 989,960 | ||||||
| 40,000 | 4.00%, 11/01/21 (c) | 43,548 | ||||||
| 145,000 | 5.00%, 07/01/21 | 174,354 | ||||||
| 1,950,000 | 5.00%, 07/01/22 (c) | 2,348,268 | ||||||
| 15,132,530 | ||||||||
| Guam: 0.1% | ||||||||
| 1,080,000 | Guam Power Authority (RB) (AGM) 5.00%, 10/01/21 | 1,281,722 | ||||||
| Hawaii: 2.2% | ||||||||
| 65,000 | City & County of Honolulu, Hawaii (GO) 5.00%, 12/01/20 (c) | 76,812 | ||||||
| 575,000 | City & County of Honolulu, Hawaii, Series A (GO) 5.00%, 11/01/22 (c) | 676,913 | ||||||
| City & County of Honolulu, Hawaii, Series B (GO) | ||||||||
| 650,000 | 5.00%, 12/01/20 (c) | 770,789 | ||||||
| 500,000 | 5.00%, 12/01/20 (c) | 593,505 | ||||||
| 40,000 | 5.00%, 11/01/22 (c) | 48,277 | ||||||
| Hawaii State, Series DZ (GO) | ||||||||
| 800,000 | 5.00%, 12/01/21 (c) | 952,536 | ||||||
| 1,000,000 | 5.00%, 12/01/21 (c) | 1,194,760 | ||||||
| 800,000 | 5.00%, 12/01/21 (c) | 958,544 | ||||||
| Hawaii State, Series EA (GO) | ||||||||
| 330,000 | 5.00%, 12/01/21 (c) | 396,535 | ||||||
| 350,000 | 5.00%, 12/01/21 | 420,567 | ||||||
| 600,000 | 5.00%, 12/01/21 (c) | 718,908 | ||||||
| State of Hawaii (GO) | ||||||||
| 2,260,000 | 5.00%, 12/01/21 (c) | 2,658,822 | ||||||
| 1,425,000 | 5.00%, 12/01/21 (c) | 1,670,741 | ||||||
| 2,685,000 | 5.00%, 12/01/21 (c) | 3,169,669 | ||||||
| 100,000 | 5.00%, 11/01/22 (c) | 118,251 | ||||||
| 3,295,000 | 5.00%, 08/01/24 (c) | 3,896,107 | ||||||
| 3,345,000 | 5.00%, 08/01/24 (c) | 4,077,187 | ||||||
| 50,000 | State of Hawaii Airports System
Revenue (RB) 5.25%, 07/01/20 (c) | 58,510 | ||||||
| 22,457,433 | ||||||||
| Illinois: 4.2% | ||||||||
| Chicago Midway International Airport (RB) | ||||||||
| 70,000 | 5.00%, 01/01/23 (c) | 80,700 | ||||||
| 100,000 | 5.00%, 01/01/23 | 117,928 | ||||||
| 1,000,000 | 5.00%, 01/01/24 (c) | 1,145,680 | ||||||
| 500,000 | Chicago O’Hare International Airport (RB) 5.00%, 01/01/23 (c) | 585,825 | ||||||
| 500,000 | Chicago O’Hare International Airport, 3rd Lien, Series C (RB) (AGO) 5.25%, 01/01/20 (c) | 574,280 | ||||||
See Notes to Financial Statements
| 51 |
INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| Illinois: (continued) | ||||||||
| $ | 3,000,000 | Chicago O’Hare International Airport, Senior Lien, Series B (RB) 5.25%, 01/01/23 (c) | $ | 3,469,620 | ||||
| Chicago Transit Authority (RB) | ||||||||
| 300,000 | 5.25%, 12/01/21 (c) | 337,698 | ||||||
| 415,000 | 5.25%, 12/01/21 (c) | 470,842 | ||||||
| 200,000 | 5.25%, 12/01/21 (c) | 231,172 | ||||||
| Chicago, Illinois, Series A (GO) (AGM) | ||||||||
| 500,000 | 5.00%, 01/01/20 (c) | 533,045 | ||||||
| 500,000 | 5.00%, 01/01/20 (c) | 539,745 | ||||||
| 1,000,000 | 5.00%, 01/01/20 (c) | 1,071,870 | ||||||
| 475,000 | 5.00%, 01/01/20 (c) | 493,335 | ||||||
| 450,000 | 5.00%, 01/01/20 (c) | 464,670 | ||||||
| 1,160,000 | 5.25%, 01/01/24 (c) | 1,194,881 | ||||||
| 925,000 | Chicago, Illinois, Series C (GO) 5.00%, 01/01/22 (c) | 966,440 | ||||||
| 150,000 | City of Chicago IL Motor Fuel Tax Revenue (RB) (AGM) 5.00%, 01/01/24 (c) | 165,492 | ||||||
| 690,000 | City of Chicago, Illinois Wastewater Transmission Revenue (RB) 5.00%, 01/01/24 (c) | 782,108 | ||||||
| City of Chicago, Illinois Waterworks Revenue (RB) | ||||||||
| 225,000 | 5.00%, 11/01/22 (c) | 248,312 | ||||||
| 70,000 | 5.00%, 11/01/22 (c) | 79,478 | ||||||
| 535,000 | City of Chicago, Illinois, Series A (GO) 5.00%, 01/01/24 (c) | 550,108 | ||||||
| 500,000 | Cook County Community College District No. 508 (GO) 5.25%, 12/01/23 (c) | 582,415 | ||||||
| County of Cook, Illinois, Series A (GO) | ||||||||
| 750,000 | 5.00%, 11/15/21 | 857,910 | ||||||
| 1,310,000 | 5.25%, 11/15/21 (c) | 1,504,469 | ||||||
| 595,000 | 5.25%, 11/15/21 (c) | 687,171 | ||||||
| County of Cook, Illinois, Series C (GO) | ||||||||
| 900,000 | 5.00%, 11/15/20 | 1,020,456 | ||||||
| 200,000 | 5.00%, 11/15/22 (c) | 229,092 | ||||||
| 465,000 | County of Cook, Illinois, Series G (GO) 5.00%, 11/15/20 (c) | 521,604 | ||||||
| Illinois Finance Authority (RB) | ||||||||
| 180,000 | 5.00%, 08/01/21 | 212,562 | ||||||
| 75,000 | 5.00%, 05/15/22 | 87,120 | ||||||
| 75,000 | 5.00%, 06/01/23 (c) | 88,929 | ||||||
| 55,000 | 5.00%, 10/01/24 (c) | 64,893 | ||||||
| Illinois Finance Authority, Trinity Health Credit Group (RB) | ||||||||
| 1,035,000 | 5.00%, 12/01/21 (c) | 1,199,058 | ||||||
| 1,105,000 | 5.00%, 12/01/21 (c) | 1,285,999 | ||||||
| Illinois Railsplitter Tobacco Settlement Authority (RB) | ||||||||
| 1,300,000 | 5.38%, 06/01/21 | 1,536,626 | ||||||
| 450,000 | 5.50%, 06/01/21 (c) | 532,566 | ||||||
| Illinois State (RB) | ||||||||
| 1,695,000 | 4.00%, 06/15/21 (c) | 1,795,768 | ||||||
| 500,000 | 4.00%, 08/01/22 (c) | 501,225 | ||||||
| 500,000 | 5.00%, 01/01/20 (c) | 554,365 | ||||||
| 985,000 | 5.00%, 08/01/23 | 1,106,401 | ||||||
| 690,000 | 5.25%, 07/01/23 (c) | 756,019 | ||||||
| 700,000 | 5.25%, 07/01/23 (c) | 763,903 | ||||||
| Principal Amount | Value | |||||||
| Illinois: (continued) | ||||||||
| Illinois State Toll Highway Authority (RB) | ||||||||
| $ | 400,000 | 5.00%, 01/01/23 (c) | $ | 456,692 | ||||
| 500,000 | 5.00%, 01/01/25 (c) | 571,550 | ||||||
| 130,000 | 5.25%, 01/01/20 (c) | 149,752 | ||||||
| 1,000,000 | Illinois State, Series A (GO) 4.00%, 01/01/22 (c) | 1,021,070 | ||||||
| 10,000 | McHenry County Conservation District (GO) 5.00%, 02/01/25 (c) | 12,024 | ||||||
| 200,000 | Metropolitan Water Reclamation District of Greater Chicago (GO) 5.00%, 12/01/21 (c) | 228,434 | ||||||
| State of Illinois (RB) | ||||||||
| 1,025,000 | 4.25%, 06/15/21 (c) | 1,083,702 | ||||||
| 2,140,000 | 5.00%, 07/01/21 | 2,390,316 | ||||||
| 2,000,000 | 5.00%, 01/01/22 (c) | 2,116,940 | ||||||
| 25,000 | 5.00%, 03/01/22 (c) | 27,226 | ||||||
| 1,750,000 | 5.00%, 05/01/22 | 2,000,005 | ||||||
| 960,000 | 5.00%, 04/01/24 (c) | 1,023,149 | ||||||
| 250,000 | 5.00%, 05/01/24 (c) | 273,060 | ||||||
| 390,000 | 5.50%, 07/01/23 (c) | 438,138 | ||||||
| 370,000 | 5.50%, 07/01/23 (c) | 418,725 | ||||||
| 1,155,000 | University of Illinois (RB) 4.00%, 04/01/23 (c) | 1,183,309 | ||||||
| 43,385,872 | ||||||||
| Indiana: 0.4% | ||||||||
| 500,000 | Carmel City, Indiana Redevelopment Authority, Series A (RB) 2.63%, 08/01/22 (c) | 485,945 | ||||||
| 100,000 | Indiana Finance Authority (RB) 5.00%, 02/01/21 (c) | 117,610 | ||||||
| 830,000 | Indiana Finance Authority, Hospital Revenue, Parkview Health System Obligated Group, Series A (RB) 5.00%, 05/01/22 | 965,190 | ||||||
| 1,000,000 | Indiana Finance Authority, Series A (RB) 5.00%, 02/01/22 (c) | 1,203,600 | ||||||
| 1,000,000 | Indianapolis, Indiana Local Public Improvement Bond Bank, Series B-1 (RB) 5.00%, 01/15/20 (c) | 1,158,060 | ||||||
| 500,000 | Indianapolis, Indiana Local Public Improvement Bond Bank, Series K (RB) 5.00%, 06/01/21 (c) | 580,090 | ||||||
| 140,000 | Zionsville Community Schools Building Corp. (RB) 3.00%, 07/15/24 (c) | 138,246 | ||||||
| 4,648,741 | ||||||||
| Kansas: 0.7% | ||||||||
| 540,000 | City of Wichita, Kansas (GO) 3.00%, 06/01/23 (c) | 534,222 | ||||||
| Kansas Development Finance Authority (RB) | ||||||||
| 25,000 | 5.00%, 05/15/22 (c) | 28,745 | ||||||
| 2,035,000 | 5.00%, 05/01/23 (c) | 2,319,106 | ||||||
See Notes to Financial Statements
| 52 |
| Principal Amount | Value | |||||||
| Kansas: (continued) | ||||||||
| $ | 260,000 | Kansas Development Finance Authority, Department of Health and Environment, Series SRF-1 (RB) 5.00%, 03/01/20 (c) | $ | 302,175 | ||||
| State of Kansas Department of Transportation (RB) | ||||||||
| 25,000 | 5.00%, 09/01/21 | 29,991 | ||||||
| 700,000 | 5.00%, 09/01/24 (c) | 848,589 | ||||||
| 2,900,000 | Wyandotte County, Kansas City Unified Government Utility System Revenue, Series A (RB) 5.00%, 09/01/22 (c) | 3,292,892 | ||||||
| 7,355,720 | ||||||||
| Kentucky: 1.0% | ||||||||
| Kentucky Asset Liability Commission (RB) | ||||||||
| 350,000 | 5.00%, 09/01/24 (c) | 418,810 | ||||||
| 400,000 | 5.25%, 09/01/23 | 486,868 | ||||||
| 3,250,000 | Kentucky Asset Liability Commission Project, Series A (RB) 5.00%, 09/01/24 (c) | 3,853,460 | ||||||
| 125,000 | Kentucky State Property & Building Commission (RB) 5.00%, 08/01/25 (c) | 145,455 | ||||||
| Kentucky State Property & Building Commission, Project No. 106, Series A (RB) | ||||||||
| 450,000 | 5.00%, 10/01/23 (c) | 517,860 | ||||||
| 540,000 | 5.00%, 10/01/23 (c) | 626,659 | ||||||
| 835,000 | Kentucky State Property & Buildings Commission, Project No. 99, Series A (RB) 5.00%, 11/01/20 (c) | 975,004 | ||||||
| 600,000 | Kentucky State Turnpike Authority, Economic Development Road, Revitalization Projects, Series A (RB) 5.00%, 07/01/22 (c) | 713,712 | ||||||
| Kentucky Turnpike Authority (RB) | ||||||||
| 65,000 | 5.00%, 07/01/22 (c) | 76,657 | ||||||
| 50,000 | 5.00%, 07/01/22 (c) | 59,659 | ||||||
| 470,000 | 5.00%, 07/01/23 (c) | 548,640 | ||||||
| 500,000 | 5.00%, 07/01/23 (c) | 578,115 | ||||||
| 125,000 | 5.00%, 07/01/23 (c) | 147,015 | ||||||
| 300,000 | Lexington Fayette Urban County Government Public Facilities Corp., Eastern State Hospital Project, Series A (RB) 5.25%, 06/01/21 (c) | 341,853 | ||||||
| 500,000 | Louisville & Jefferson County, Kentucky Metropolitan Sewer District, Series A (RB) 5.00%, 11/15/21 (c) | 592,370 | ||||||
| 125,000 | Louisville/Jefferson County Metropolitan Government (RB) 5.00%, 06/01/22 (c) | 143,048 | ||||||
| 10,225,185 | ||||||||
| Principal Amount | Value | |||||||
| Louisiana: 2.1% | ||||||||
| $ | 250,000 | City of Lafayette, Louisiana Utilities Revenue (RB) 5.00%, 11/01/22 (c) | $ | 297,898 | ||||
| Louisiana Public Facilities Authority (RB) | ||||||||
| 1,500,000 | 5.00%, 12/01/15 (c) | 1,537,380 | ||||||
| 1,950,000 | 5.00%, 06/01/22 | 2,338,245 | ||||||
| 985,000 | 5.00%, 06/01/24 (c) | 1,152,371 | ||||||
| 1,850,000 | 5.00%, 06/01/24 (c) | 2,221,628 | ||||||
| Louisiana State, Series A (GO) | ||||||||
| 3,400,000 | 4.00%, 02/01/24 (c) | 3,659,556 | ||||||
| 250,000 | 5.00%, 05/15/20 (c) | 290,380 | ||||||
| 250,000 | 5.00%, 02/01/24 (c) | 303,373 | ||||||
| 500,000 | Louisiana State, Series B (RB) 5.00%, 05/01/20 (c) | 579,900 | ||||||
| State of Louisiana (GO) | ||||||||
| 60,000 | 5.00%, 05/15/20 (c) | 69,848 | ||||||
| 75,000 | 5.00%, 07/15/22 (c) | 89,727 | ||||||
| 2,500,000 | 5.00%, 08/01/22 (c) | 2,940,375 | ||||||
| 2,100,000 | 5.00%, 08/01/22 (c) | 2,459,226 | ||||||
| 750,000 | 5.00%, 02/01/24 (c) | 887,295 | ||||||
| 500,000 | 5.00%, 12/01/24 (c) | 605,345 | ||||||
| State of Louisiana Gasoline & Fuels Tax Revenue (RB) | ||||||||
| 105,000 | 5.00%, 05/01/21 | 125,178 | ||||||
| 50,000 | 5.00%, 05/01/22 (c) | 59,095 | ||||||
| 2,000,000 | 5.00%, 05/01/24 (c) | 2,344,060 | ||||||
| 21,960,880 | ||||||||
| Maryland: 1.9% | ||||||||
| 600,000 | County of Anne Arundel, Maryland (GO) 5.00%, 04/01/25 | 750,606 | ||||||
| County of Baltimore, Maryland (GO) | ||||||||
| 2,050,000 | 3.00%, 08/01/22 (c) | 2,025,625 | ||||||
| 75,000 | 3.00%, 02/01/24 (c) | 76,975 | ||||||
| 500,000 | 5.00%, 08/01/22 | 609,260 | ||||||
| 1,650,000 | County of Howard MD (GO) 3.00%, 02/15/23 (c) | 1,636,090 | ||||||
| County of Montgomery, Maryland (GO) | ||||||||
| 1,000,000 | 5.00%, 11/01/24 (c) | 1,241,510 | ||||||
| 2,000,000 | 5.00%, 11/01/24 (c) | 2,406,920 | ||||||
| 1,000,000 | Howard County, Maryland, Consolidated Public Improvement, Series B (GO) 5.00%, 08/15/21 (c) | 1,195,020 | ||||||
| 75,000 | Maryland Community Development Administration (RB) 4.00%, 09/01/23 (c) | 79,267 | ||||||
| 500,000 | Maryland State & Local Facilities Loan, Second Series B (GO) 4.50%, 03/15/19 (c) | 563,885 | ||||||
| 1,400,000 | Maryland State Department of Transportation (RB) 4.00%, 02/15/21 | 1,588,832 | ||||||
| 750,000 | Maryland State, State & Local Facilities Loan First Loan, Series A (GO) 5.00%, 03/01/22 (c) | 903,945 | ||||||
See Notes to Financial Statements
| 53 |
INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| Maryland: (continued) | ||||||||
| Maryland State, State & Local Facilities Loan First Loan, Series B (GO) | ||||||||
| $ | 45,000 | 3.00%, 03/15/20 (c) | $ | 46,419 | ||||
| 1,750,000 | 4.00%, 03/15/20 (c) | 1,958,705 | ||||||
| 1,000,000 | Montgomery & Price George’s Counties, Maryland Washington Suburban Sanitary District, Consolidated Public Improvement (GO) 3.00%, 06/01/21 (c) | 1,064,570 | ||||||
| Prince George’s County, Maryland, Series A (GO) | ||||||||
| 140,000 | 4.00%, 09/01/24 (c) | 156,129 | ||||||
| 445,000 | 4.00%, 09/01/24 (c) | 503,353 | ||||||
| 260,000 | Prince George’s County, Maryland, Series B (GO) 2.75%, 03/01/23 (c) | 259,735 | ||||||
| State of Maryland (GO) | ||||||||
| 945,000 | 3.00%, 03/15/20 (c) | 955,660 | ||||||
| 1,255,000 | 4.00%, 08/01/22 (c) | 1,379,785 | ||||||
| 260,000 | 5.00%, 08/01/21 | 313,139 | ||||||
| 50,000 | State of Maryland Department of Transportation (RB) 5.00%, 02/15/21 (c) | 57,938 | ||||||
| 19,773,368 | ||||||||
| Massachusetts: 2.7% | ||||||||
| City of Boston, Massachusetts, Series A (GO) | ||||||||
| 300,000 | 4.00%, 03/01/24 (c) | 326,736 | ||||||
| 280,000 | 5.00%, 04/01/22 | 339,959 | ||||||
| Commonwealth of Massachusetts (GO) | ||||||||
| 500,000 | 3.00%, 11/01/22 (c) | 491,810 | ||||||
| 2,270,000 | 4.00%, 07/01/22 (c) | 2,409,128 | ||||||
| 60,000 | 5.00%, 10/01/21 (c) | 72,291 | ||||||
| 1,000,000 | 5.00%, 11/01/22 (c) | 1,203,060 | ||||||
| 1,350,000 | 5.00%, 11/01/22 (c) | 1,636,645 | ||||||
| 500,000 | 5.00%, 06/15/24 (c) | 613,150 | ||||||
| 2,325,000 | 5.00%, 08/01/25 | 2,889,882 | ||||||
| 685,000 | Commonwealth of Massachusetts, Consolidated Loan, Series A (GO) 5.00%, 04/01/21 (c) | 820,000 | ||||||
| 1,730,000 | Commonwealth of Massachusetts, Consolidated Loan, Series B (GO) 5.00%, 06/01/20 (c) | 2,023,719 | ||||||
| Commonwealth of Massachusetts, Consolidated Loan, Series C (GO) | ||||||||
| 855,000 | 3.00%, 07/01/22 (c) | 841,252 | ||||||
| 515,000 | 4.00%, 07/01/22 (c) | 549,979 | ||||||
| 2,750,000 | 5.00%, 07/01/22 (c) | 3,261,142 | ||||||
| 425,000 | Commonwealth of Massachusetts, Consolidated Loan, Series D (GO) 5.00%, 10/01/21 (c) | 508,062 | ||||||
| 1,000,000 | Massachusetts Commonwealth, Series A (GO) 5.00%, 04/01/21 (c) | 1,160,860 | ||||||
| Principal Amount | Value | |||||||
| Massachusetts: (continued) | ||||||||
| $ | 1,300,000 | Massachusetts Commonwealth, Series D (GO) 4.25%, 10/01/21 (c) | $ | 1,435,486 | ||||
| 1,150,000 | Massachusetts Commonwealth, Series E (GO) 4.00%, 12/01/19 (c) | 1,277,650 | ||||||
| 150,000 | Massachusetts Development Finance Agency (RB) 5.00%, 07/01/21 (c) | 169,349 | ||||||
| 500,000 | Massachusetts Development Finance Agency, Brandeis University, Series O-2 (RB) 5.00%, 10/01/19 (c) | 570,885 | ||||||
| 85,000 | Massachusetts Educational Financing Authority (RB) 5.20%, 01/01/20 (c) | 91,279 | ||||||
| 295,000 | Massachusetts Educational Financing Authority, Education Loan, Issue I, Series A (RB) 5.15%, 01/01/20 (c) | 317,149 | ||||||
| 130,000 | Massachusetts Housing Finance Agency (RB) 2.90%, 06/01/22 (c) | 124,942 | ||||||
| Massachusetts School Building Authority (RB) | ||||||||
| 500,000 | 5.00%, 08/15/22 (c) | 595,140 | ||||||
| 1,000,000 | 5.00%, 08/15/22 (c) | 1,194,000 | ||||||
| 750,000 | Massachusetts School Building Authority, Dedicated Sales Tax, Series B (RB) 5.00%, 08/15/22 (c) | 875,115 | ||||||
| Massachusetts State Transportation Fund, Series A (RB) | ||||||||
| 600,000 | 4.00%, 06/01/21 (c) | 642,018 | ||||||
| 780,000 | 5.00%, 06/01/21 | 935,867 | ||||||
| 575,000 | 5.00%, 06/01/23 | 706,836 | ||||||
| 375,000 | Massachusetts State, Federal Highway Grant, Series A (RB) 5.00%, 06/15/22 | 455,873 | ||||||
| 10,000 | Massachusetts Water Resources Authority (RB) 5.00%, 08/01/21 (c) | 11,828 | ||||||
| 100,000 | The Massachusetts Clean Water Trust (RB) 3.25%, 08/01/20 (c) | 99,047 | ||||||
| 28,650,139 | ||||||||
| Michigan: 1.0% | ||||||||
| 800,000 | Detroit, Michigan Distributable State Aid (GO) (SAW) 4.50%, 11/01/20 (c) | 838,008 | ||||||
| 1,000,000 | Detroit, Michigan School District, School Building and Site Improvement, Series A (GO) (Q-SBLF) 5.00%, 05/01/22 (c) | 1,105,330 | ||||||
| Michigan Finance Authority (RB) | ||||||||
| 80,000 | 5.00%, 12/01/20 (c) | 91,686 | ||||||
| 185,000 | 5.00%, 07/01/24 (c) | 208,734 | ||||||
| 2,500,000 | 5.00%, 08/01/24 (c) | 2,881,125 | ||||||
See Notes to Financial Statements
| 54 |
| Principal Amount | Value | |||||||
| Michigan: (continued) | ||||||||
| $ | 750,000 | Michigan Finance Authority, Clean Water Revolving Fund (RB) 5.00%, 10/01/22 | $ | 911,047 | ||||
| 775,000 | Michigan Finance Authority, Hospital Revenue & Refunding Bonds, Series A (RB) 5.00%, 06/01/22 (c) | 855,933 | ||||||
| 260,000 | Michigan Finance Authority, Revenue Unemployment Obligation Assessment, Series B (RB) 5.00%, 07/01/16 (c) | 273,928 | ||||||
| 250,000 | Michigan Finance Authority, School District of the City of Detroit (RB) 5.50%, 06/01/21 | 278,933 | ||||||
| Michigan Finance Authority, Series C-3 (RB) (AGM) | ||||||||
| 750,000 | 5.00%, 07/01/24 (c) | 828,780 | ||||||
| 405,000 | 5.00%, 07/01/24 (c) | 449,538 | ||||||
| 770,000 | Michigan Municipal Board Authority, Clean Water Revolving Fund (RB) 5.00%, 10/01/21 | 924,624 | ||||||
| Michigan State Building Authority (RB) | ||||||||
| 25,000 | 5.00%, 10/15/23 (c) | 29,606 | ||||||
| 50,000 | 5.00%, 10/15/23 | 59,799 | ||||||
| 425,000 | Michigan State Building Authority, Series I-A (RB) 5.13%, 10/15/21 (c) | 489,107 | ||||||
| 50,000 | Michigan State Hospital Finance Authority (RB) 5.00%, 06/01/22 (c) | 56,601 | ||||||
| 420,000 | Royal Oak Hospital Finance Authority (RB) 5.00%, 03/01/24 (c) | 463,751 | ||||||
| 10,746,530 | ||||||||
| Minnesota: 1.6% | ||||||||
| 1,000,000 | City of Rochester, Minnesota (RB) 4.50%, 11/15/21 (p) | 1,161,570 | ||||||
| 430,000 | Metropolitan Council, Series E (GO) 5.00%, 09/01/21 | 516,993 | ||||||
| 1,185,000 | Minnesota Public Facilities Authority, Series C (RB) 3.25%, 03/01/20 (c) | 1,261,184 | ||||||
| Minnesota State, General Fund Appropriation, Series B (RB) | ||||||||
| 2,000,000 | 5.00%, 03/01/22 (c) | 2,322,640 | ||||||
| 1,400,000 | 5.00%, 03/01/22 (c) | 1,671,488 | ||||||
| 1,000,000 | Minnesota State, State Trunk Highway, Series B (GO) 5.00%, 08/01/23 (c) | 1,215,790 | ||||||
| State of Minnesota (GO) | ||||||||
| 175,000 | 3.00%, 08/01/21 | 189,273 | ||||||
| 585,000 | 3.00%, 03/01/22 (c) | 560,968 | ||||||
| 1,050,000 | 3.00%, 08/01/24 (c) | 1,086,897 | ||||||
| 570,000 | 3.00%, 08/01/24 | 604,000 | ||||||
| 385,000 | 3.00%, 08/01/24 (c) | 383,321 | ||||||
| 25,000 | 3.50%, 10/01/23 (c) | 26,245 | ||||||
| 985,000 | 4.00%, 10/01/23 (c) | 1,120,369 | ||||||
| 1,000,000 | 4.00%, 08/01/24 (c) | 1,129,190 | ||||||
| Principal Amount | Value | |||||||
| Minnesota: (continued) | ||||||||
| $ | 225,000 | 4.00%, 08/01/24 (c) | $ | 256,667 | ||||
| 500,000 | 5.00%, 08/01/20 (c) | 593,390 | ||||||
| 1,800,000 | 5.00%, 08/01/21 | 2,163,150 | ||||||
| 500,000 | 5.00%, 10/01/23 | 615,515 | ||||||
| 16,878,650 | ||||||||
| Mississippi: 0.3% | ||||||||
| Mississippi Development Bank (RB) | ||||||||
| 75,000 | 5.00%, 01/01/22 (c) | 85,295 | ||||||
| 50,000 | 5.00%, 01/01/22 (c) | 57,289 | ||||||
| 100,000 | 5.00%, 01/01/22 (c) | 116,236 | ||||||
| 1,000,000 | 5.00%, 01/01/23 (c) | 1,127,110 | ||||||
| 450,000 | 5.00%, 01/01/27 | 541,395 | ||||||
| 1,000,000 | State of Mississippi (GO) 5.00%, 10/01/24 | 1,231,930 | ||||||
| 3,159,255 | ||||||||
| Missouri: 1.4% | ||||||||
| 1,325,000 | City of Kansas City, Missouri, Series A (GO) 5.00%, 02/01/22 (c) | 1,578,075 | ||||||
| Health & Educational Facilities Authority of the State of Missouri (RB) | ||||||||
| 960,000 | 5.00%, 06/01/24 (c) | 1,094,304 | ||||||
| 500,000 | 5.00%, 06/01/24 (c) | 592,420 | ||||||
| 1,000,000 | 5.00%, 06/01/24 (c) | 1,132,320 | ||||||
| 505,000 | Kansas City, Missouri Industrial Development Authority (RB) 5.50%, 09/01/21 (c) | 602,187 | ||||||
| Missouri Highway & Transportation Commission (RB) | ||||||||
| 1,000,000 | 5.00%, 05/01/22 | 1,216,590 | ||||||
| 1,000,000 | 5.00%, 05/01/24 | 1,241,980 | ||||||
| 500,000 | 5.00%, 05/01/24 (c) | 608,155 | ||||||
| 500,000 | 5.00%, 05/01/26 | 632,650 | ||||||
| 290,000 | Missouri Joint Municipal Electric Utility Commission (RB) 5.00%, 01/01/24 (c) | 328,242 | ||||||
| Missouri State Board of Public Buildings, Series A (RB) | ||||||||
| 1,000,000 | 1.00%, 10/01/19 (c) | 802,300 | ||||||
| 1,200,000 | 2.50%, 10/01/20 (c) | 1,191,276 | ||||||
| 10,000 | 3.00%, 10/01/20 (c) | 10,190 | ||||||
| 2,555,000 | 4.00%, 10/01/20 (c) | 2,837,685 | ||||||
| 250,000 | Missouri State Environmental Improvement & Energy Resources Authority, Series A (RB) 5.00%, 07/01/23 | 307,653 | ||||||
| University of Missouri (RB) | ||||||||
| 175,000 | 5.00%, 11/01/24 (c) | 208,010 | ||||||
| 300,000 | 5.00%, 11/01/24 (c) | 368,124 | ||||||
| 14,752,161 | ||||||||
| Nebraska: 0.4% | ||||||||
| 25,000 | Central Plains Energy Project (RB) 5.00%, 09/01/22 (c) | 28,107 | ||||||
| 250,000 | City of Lincoln, Nebraska Electric System Revenue (RB) 3.25%, 09/01/22 (c) | 242,270 | ||||||
See Notes to Financial Statements
| 55 |
INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| Nebraska: (continued) | ||||||||
| $ | 150,000 | Lincoln, Nebraska Electric System (RB) 5.00%, 09/01/22 | $ | 180,846 | ||||
| Nebraska Public Power District (RB) | ||||||||
| 250,000 | 3.88%, 01/01/22 (c) | 267,778 | ||||||
| 350,000 | 5.00%, 01/01/18 (c) | 384,654 | ||||||
| 250,000 | Nebraska Public Power District, Series A (RB) 5.00%, 01/01/22 (c) | 287,268 | ||||||
| Omaha Public Power District (RB) | ||||||||
| 130,000 | 2.25%, 08/01/19 (c) | 129,789 | ||||||
| 1,080,000 | 5.00%, 02/01/24 (c) | 1,279,562 | ||||||
| 1,000,000 | Omaha School District (GO) 5.00%, 06/15/24 | 1,233,720 | ||||||
| 4,033,994 | ||||||||
| Nevada: 0.2% | ||||||||
| 485,000 | Clark County School District, Series A (GO) 5.00%, 06/15/21 | 571,655 | ||||||
| 500,000 | Clark County, Nevada, Limited Tax Transportation Refunding, Series A (GO) 4.00%, 12/01/19 (c) | 556,675 | ||||||
| Las Vegas Valley Water District (GO) | ||||||||
| 50,000 | 5.00%, 06/01/21 (c) | 58,164 | ||||||
| 50,000 | 5.00%, 06/01/21 (c) | 58,319 | ||||||
| 200,000 | 5.00%, 06/01/22 (c) | 233,778 | ||||||
| 175,000 | State of Nevada (RB) 5.00%, 12/01/23 | 215,084 | ||||||
| 1,693,675 | ||||||||
| New Hampshire: 0.7% | ||||||||
| 2,500,000 | City of Manchester, New Hampshire General Airport Revenue (RB) 5.00%, 01/01/23 | 2,854,325 | ||||||
| New Hampshire State, Series A (GO) | ||||||||
| 450,000 | 5.00%, 07/01/20 (c) | 526,630 | ||||||
| 1,290,000 | 5.00%, 07/01/20 (c) | 1,515,273 | ||||||
| 1,000,000 | 5.00%, 07/01/20 (c) | 1,176,260 | ||||||
| State of New Hampshire (GO) | ||||||||
| 370,000 | 5.00%, 07/01/20 (c) | 431,809 | ||||||
| 1,000,000 | 5.00%, 03/01/25 | 1,244,100 | ||||||
| 7,748,397 | ||||||||
| New Jersey: 5.9% | ||||||||
| County of Union, New Jersey (GO) | ||||||||
| 260,000 | 3.00%, 03/01/21 | 277,020 | ||||||
| 10,000 | 3.00%, 03/01/21 | 10,787 | ||||||
| 635,000 | 3.00%, 03/01/22 (c) | 669,480 | ||||||
| 980,000 | 3.00%, 03/01/22 | 1,042,838 | ||||||
| 20,000 | 3.00%, 03/01/22 | 21,574 | ||||||
| 15,000 | 3.00%, 03/01/22 (c) | 16,181 | ||||||
| Garden State, New Jersey Preservation Trust Open Space and Farmland Preservation, Series A (RB) | ||||||||
| 560,000 | 4.00%, 11/01/21 | 631,109 | ||||||
| 1,000,000 | 4.00%, 11/01/22 (c) | 1,117,070 | ||||||
| Principal Amount | Value | |||||||
| New Jersey: (continued) | ||||||||
| New Jersey Economic Development Authority (RB) | ||||||||
| $ | 250,000 | 5.00%, 03/01/22 (c) | $ | 271,623 | ||||
| 2,325,000 | 5.00%, 03/01/23 (c) | 2,499,119 | ||||||
| 1,060,000 | 5.00%, 03/01/23 (c) | 1,162,608 | ||||||
| 1,905,000 | 5.00%, 03/01/23 (c) | 2,065,039 | ||||||
| 1,115,000 | 5.00%, 06/15/24 (c) | 1,197,633 | ||||||
| 1,350,000 | 5.00%, 06/15/24 (c) | 1,478,074 | ||||||
| 1,000,000 | 5.00%, 06/15/24 (c) | 1,085,230 | ||||||
| 500,000 | 5.25%, 03/01/21 (c) | 547,635 | ||||||
| 555,000 | 5.50%, 03/01/21 (c) | 626,379 | ||||||
| 2,000,000 | New Jersey Economic Development Authority, Cigarette Tax Revenue (RB) 5.00%, 06/15/22 | 2,299,940 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction Refunding, Series GG (RB) | ||||||||
| 2,000,000 | 5.00%, 03/01/21 (c) | 2,215,520 | ||||||
| 1,000,000 | 5.25%, 03/01/21 (c) | 1,091,410 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction Refunding, Series II (RB) | ||||||||
| 1,000,000 | 5.00%, 03/01/21 | 1,106,070 | ||||||
| 980,000 | 5.00%, 03/01/22 (c) | 1,049,433 | ||||||
| 500,000 | 5.00%, 03/01/22 (c) | 539,475 | ||||||
| 1,000,000 | 5.00%, 03/01/22 | 1,110,790 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction Refunding, Series NN (RB) | ||||||||
| 2,120,000 | 5.00%, 03/01/23 (c) | 2,240,649 | ||||||
| 1,940,000 | 5.00%, 03/01/23 (c) | 2,119,489 | ||||||
| 500,000 | New Jersey Economic Development Authority, School Facilities Construction, Series EE (RB) 5.25%, 03/01/21 (c) | 555,995 | ||||||
| 1,450,000 | New Jersey Economic Development Authority, School Facilities Construction, Series NN (RB) 5.00%, 03/01/22 | 1,608,760 | ||||||
| New Jersey Educational Facilities Authority (RB) | ||||||||
| 360,000 | 5.00%, 09/01/21 | 409,385 | ||||||
| 230,000 | 5.00%, 06/15/24 (c) | 250,523 | ||||||
| 500,000 | New Jersey Environmental Infrastructure Trust, Series A-R (RB) 4.00%, 09/01/23 | 582,135 | ||||||
| New Jersey Health Care Facilities Financing Authority (RB) | ||||||||
| 1,190,000 | 4.00%, 07/01/22 (c) | 1,265,291 | ||||||
| 250,000 | 5.00%, 07/01/22 (c) | 287,880 | ||||||
| 200,000 | 5.00%, 09/15/23 | 229,698 | ||||||
| 75,000 | New Jersey Health Care Facilities Financing Authority, Barnabas Health Issue, Series A (RB) 4.63%, 07/01/21 (c) | 84,311 | ||||||
See Notes to Financial Statements
| 56 |
| Principal Amount | Value | |||||||
| New Jersey: (continued) | ||||||||
| New Jersey Health Care Facilities Financing Authority, Meridian Health System (RB) | ||||||||
| $ | 500,000 | 5.00%, 07/01/22 (c) | $ | 563,950 | ||||
| 500,000 | 5.00%, 07/01/22 (c) | 589,310 | ||||||
| 165,000 | New Jersey State Transportation Trust Fund Authority, Series A (RB) 4.69%, 12/15/30 ^ | 78,207 | ||||||
| 3,150,000 | New Jersey State Transportation Trust Fund Authority, Series D (RB) 5.00%, 12/15/23 | 3,513,447 | ||||||
| New Jersey State Turnpike Authority (RB) | ||||||||
| 125,000 | 5.00%, 07/01/22 (c) | 146,516 | ||||||
| 900,000 | 5.00%, 07/01/22 (c) | 1,011,411 | ||||||
| 400,000 | 5.00%, 07/01/22 (c) | 455,576 | ||||||
| 500,000 | 5.00%, 01/01/23 | 598,130 | ||||||
| 325,000 | 5.00%, 01/01/23 (c) | 376,864 | ||||||
| 640,000 | 5.00%, 07/01/24 (c) | 747,366 | ||||||
| 750,000 | 5.00%, 07/01/24 (c) | 867,330 | ||||||
| 500,000 | New Jersey State Turnpike Authority, Series A (RB) 5.00%, 01/01/23 | 598,520 | ||||||
| 1,000,000 | New Jersey State Turnpike Authority, Series B (RB) 5.00%, 01/01/23 (c) | 1,171,650 | ||||||
| New Jersey State Various Purpose (GO) | ||||||||
| 500,000 | 4.00%, 06/01/19 (c) | 539,730 | ||||||
| 500,000 | 5.00%, 06/01/19 (c) | 568,240 | ||||||
| New Jersey Transportation Trust Fund Authority (RB) | ||||||||
| 1,950,000 | 5.00%, 06/15/22 (c) | 2,146,833 | ||||||
| 2,050,000 | 5.00%, 06/15/23 (c) | 2,253,278 | ||||||
| 1,500,000 | 5.00%, 06/15/24 | 1,672,935 | ||||||
| 50,000 | 5.25%, 06/15/21 (c) | 55,180 | ||||||
| 3,400,000 | 5.25%, 06/15/23 (c) | 3,667,342 | ||||||
| 750,000 | New Jersey Transportation Trust Fund Authority, Series AA (RB) 5.00%, 06/15/23 (c) | 809,025 | ||||||
| New Jersey Transportation Trust Fund Authority, Series D (RB) | ||||||||
| 925,000 | 5.00%, 12/15/24 | 1,033,382 | ||||||
| 3,000,000 | 5.25%, 12/15/23 | 3,399,210 | ||||||
| 20,000 | New Jersey Turnpike, Series A (RB) 5.00%, 07/01/22 (c) | 22,407 | ||||||
| 880,000 | Newark, New Jersey Qualified General Improvement, Series A (GO) (SAW) 4.00%, 10/01/20 (c) | 965,950 | ||||||
| 61,617,942 | ||||||||
| New Mexico: 0.3% | ||||||||
| Albuquerque Bernalillo County Water Utility Authority (RB) | ||||||||
| 65,000 | 5.00%, 07/01/23 | 78,734 | ||||||
| 540,000 | 5.00%, 07/01/24 | 661,738 | ||||||
| 1,375,000 | 5.00%, 07/01/25 (c) | 1,684,347 | ||||||
| Principal Amount | Value | |||||||
| New Mexico: (continued) | ||||||||
| $ | 260,000 | New Mexico Finance Authority State Transportation, Senior Lien, Series B (RB) 5.00%, 06/15/21 | $ | 311,098 | ||||
| 2,735,917 | ||||||||
| New York: 14.5% | ||||||||
| Brookhaven New York, Series A (GO) | ||||||||
| 640,000 | 3.00%, 02/01/23 | 684,243 | ||||||
| 250,000 | 4.00%, 02/01/23 (c) | 272,370 | ||||||
| City of New York, New York, Series A-1 (GO) | ||||||||
| 250,000 | 5.00%, 08/01/21 (c) | 295,385 | ||||||
| 610,000 | 5.25%, 08/01/23 (c) | 746,902 | ||||||
| City of New York, New York, Series B (GO) | ||||||||
| 55,000 | 3.38%, 08/01/24 (c) | 55,107 | ||||||
| 1,000,000 | 5.00%, 08/01/22 (c) | 1,191,560 | ||||||
| 1,450,000 | 5.00%, 08/01/22 (c) | 1,684,450 | ||||||
| 250,000 | 5.00%, 08/01/22 (c) | 296,230 | ||||||
| City of New York, New York, Series D (GO) | ||||||||
| 1,600,000 | 5.00%, 08/01/21 | 1,896,672 | ||||||
| 1,000,000 | 5.00%, 02/01/23 (c) | 1,155,840 | ||||||
| City of New York, New York, Series D-1 (GO) | ||||||||
| 1,100,000 | 5.00%, 10/01/21 (c) | 1,283,777 | ||||||
| 3,455,000 | 5.00%, 08/01/23 (c) | 4,114,249 | ||||||
| 875,000 | City of New York, New York, Series E (GO) 5.25%, 08/01/22 | 1,061,139 | ||||||
| City of New York, New York, Series F (GO) | ||||||||
| 500,000 | 5.00%, 02/01/22 (c) | 580,425 | ||||||
| 1,295,000 | 5.00%, 02/01/22 (c) | 1,473,917 | ||||||
| City of New York, New York, Series F-1 (GO) | ||||||||
| 50,000 | 5.00%, 03/01/23 (c) | 57,868 | ||||||
| 1,300,000 | 5.00%, 03/01/23 (c) | 1,551,979 | ||||||
| 1,325,000 | City of New York, New York, Series G-1 (GO) 5.00%, 04/01/22 (c) | 1,543,002 | ||||||
| 995,000 | City of New York, New York, Series H (GO) 5.00%, 08/01/23 (c) | 1,204,686 | ||||||
| City of New York, New York, Series I (GO) | ||||||||
| 1,310,000 | 5.00%, 08/01/21 | 1,552,900 | ||||||
| 1,000,000 | 5.00%, 08/01/22 | 1,196,000 | ||||||
| 1,000,000 | 5.00%, 08/01/22 (c) | 1,171,790 | ||||||
| 60,000 | 5.00%, 08/01/23 (c) | 72,644 | ||||||
| City of New York, New York, Series I-1 (GO) | ||||||||
| 400,000 | 5.00%, 03/01/23 | 479,116 | ||||||
| 1,225,000 | 5.00%, 03/01/24 (c) | 1,412,596 | ||||||
| City of New York, New York, Series J (GO) | ||||||||
| 960,000 | 5.00%, 08/01/23 (c) | 1,143,178 | ||||||
| 595,000 | 5.00%, 08/01/23 | 715,916 | ||||||
See Notes to Financial Statements
| 57 |
INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal | ||||||||
| Amount | Value | |||||||
| New York: (continued) | ||||||||
| $ | 350,000 | City of New York, Series E (GO) 5.00%, 02/01/23 (c) | $ | 419,650 | ||||
| 500,000 | Erie County New York Industrial Development Agency School Facilities, City School District of Buffalo, Series A (RB) (SAW) 5.00%, 05/01/21 (c) | 587,970 | ||||||
| 400,000 | Long Island Power Authority (RB) 5.00%, 09/01/22 | 470,028 | ||||||
| 2,360,000 | Long Island Power Authority, Electric System, Series B (RB) 5.00%, 09/01/22 (c) | 2,679,733 | ||||||
| Metropolitan Transportation Authority (RB) | ||||||||
| 50,000 | 5.00%, 11/15/21 | 59,372 | ||||||
| 250,000 | 5.00%, 11/15/21 (c) | 288,078 | ||||||
| 350,000 | 5.00%, 11/15/22 (c) | 411,275 | ||||||
| 750,000 | 5.00%, 11/15/22 (c) | 861,285 | ||||||
| 300,000 | 5.00%, 11/15/22 (c) | 352,521 | ||||||
| 350,000 | 5.00%, 11/15/22 (c) | 402,959 | ||||||
| 125,000 | 5.00%, 11/15/22 (c) | 146,884 | ||||||
| Metropolitan Transportation Authority, Series A (RB) | ||||||||
| 500,000 | 3.00%, 11/15/22 (c) | 493,415 | ||||||
| 2,050,000 | 5.00%, 11/15/22 (c) | 2,385,913 | ||||||
| Metropolitan Transportation Authority, Series B (RB) | ||||||||
| 600,000 | 3.00%, 11/15/22 (c) | 611,364 | ||||||
| 500,000 | 5.00%, 11/15/22 | 600,090 | ||||||
| Metropolitan Transportation Authority, Series D (RB) | ||||||||
| 500,000 | 5.00%, 11/15/17 (c) | 549,665 | ||||||
| 285,000 | 5.00%, 11/15/21 | 338,420 | ||||||
| 500,000 | Metropolitan Transportation Authority, Series E (RB) 5.00%, 11/15/22 (c) | 575,655 | ||||||
| Metropolitan Transportation Authority, Series F (RB) | ||||||||
| 845,000 | 3.13%, 11/15/22 (c) | 868,153 | ||||||
| 2,155,000 | 5.00%, 11/15/22 (c) | 2,496,934 | ||||||
| 1,000,000 | 5.00%, 11/15/22 | 1,200,180 | ||||||
| Metropolitan Transportation Authority, Series H (RB) | ||||||||
| 100,000 | 4.00%, 11/15/21 | 112,377 | ||||||
| 1,300,000 | 5.00%, 11/15/22 (c) | 1,538,381 | ||||||
| 5,000 | Monroe County Industrial Development Agency (RB) (SAW) 5.00%, 05/01/23 (c) | 5,916 | ||||||
| 850,000 | Nassau County, New York General Improvement, Series C (GO) 4.00%, 10/01/20 (c) | 924,392 | ||||||
| 500,000 | Nassau County, New York, Series A (GO) 4.00%, 04/01/21 (c) | 521,905 | ||||||
| 400,000 | New York City Municipal Water Finance Authority, Water & Sewer System, Series BB (RB) 5.00%, 06/15/20 (c) | 459,908 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| New York: (continued) | ||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue (RB) | ||||||||
| $ | 255,000 | 3.50%, 08/01/24 (c) | $ | 258,616 | ||||
| 400,000 | 5.00%, 02/01/18 (c) | 440,600 | ||||||
| 275,000 | 5.00%, 05/01/21 | 326,123 | ||||||
| 545,000 | 5.00%, 11/01/21 (c) | 640,767 | ||||||
| 575,000 | 5.00%, 11/01/22 | 694,864 | ||||||
| 575,000 | 5.00%, 11/01/22 (c) | 682,111 | ||||||
| 700,000 | 5.00%, 02/01/23 (c) | 837,648 | ||||||
| 290,000 | 5.00%, 05/01/23 (c) | 336,963 | ||||||
| 1,660,000 | 5.00%, 02/01/24 (c) | 1,907,971 | ||||||
| 400,000 | 5.25%, 02/01/21 (c) | 465,424 | ||||||
| 3,100,000 | New York City Transitional Finance Authority, Building Aid Revenue, Series F-1 (RB) 5.00%, 05/01/22 (c) | 3,564,101 | ||||||
| New York City Transitional Finance Authority, Building Aid Revenue, Series S-1 (RB) (SAW) | ||||||||
| 1,000,000 | 5.00%, 07/15/22 | 1,198,580 | ||||||
| 800,000 | 5.00%, 07/15/22 (c) | 916,736 | ||||||
| 500,000 | New York City Transitional Finance Authority, Building Aid, Series S-2 (RB) (SAW) 4.00%, 07/15/21 (c) | 536,540 | ||||||
| New York City Transitional Finance Authority, Future Tax Secured Revenue, Series A (RB) | ||||||||
| 700,000 | 5.00%, 11/01/21 | 836,129 | ||||||
| 515,000 | 5.00%, 11/01/21 | 615,152 | ||||||
| 450,000 | New York City Transitional Finance Authority, Future Tax Secured Revenue, Series D-1 (RB) 5.25%, 02/01/21 (c) | 537,255 | ||||||
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A (RB) | ||||||||
| 1,500,000 | 5.00%, 11/01/21 (c) | 1,762,590 | ||||||
| 1,045,000 | 5.00%, 11/01/21 (c) | 1,232,797 | ||||||
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B (RB) | ||||||||
| 1,000,000 | 5.00%, 02/01/21 (c) | 1,163,630 | ||||||
| 1,000,000 | 5.00%, 11/01/21 | 1,194,470 | ||||||
| 600,000 | 5.00%, 11/01/21 (c) | 701,070 | ||||||
| 2,000,000 | New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C-1 (RB) 5.00%, 11/01/22 (c) | 2,387,740 | ||||||
| 425,000 | New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series E-1 (RB) 5.00%, 02/01/22 | 508,253 | ||||||
| 500,000 | New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series F-1 (RB) 5.00%, 05/01/21 | 592,950 | ||||||
See Notes to Financial Statements
| 58 |
| Principal | ||||||||
| Amount | Value | |||||||
| New York: (continued) | ||||||||
| New York City Water & Sewer System (RB) | ||||||||
| $ | 190,000 | 5.00%, 06/15/21 (c) | $ | 219,908 | ||||
| 110,000 | 5.00%, 06/15/21 (c) | 129,584 | ||||||
| 510,000 | 5.00%, 06/15/25 (c) | 611,674 | ||||||
| 550,000 | New York City, Series B (GO) 5.00%, 08/01/21 (c) | 654,483 | ||||||
| 500,000 | New York City, Series E (GO) 5.00%, 08/01/20 (c) | 580,725 | ||||||
| New York City, Series I (GO) | ||||||||
| 1,750,000 | 5.00%, 08/01/22 | 2,093,000 | ||||||
| 1,500,000 | 5.00%, 08/01/22 (c) | 1,787,340 | ||||||
| 100,000 | New York City, Sub Series G-1 (GO) 5.00%, 04/01/22 | 119,116 | ||||||
| 475,000 | New York Local Government Assistant Corp., Series A (RB) 4.00%, 04/01/20 (c) | 519,636 | ||||||
| New York State Dormitory Authority (RB) | ||||||||
| 145,000 | 5.00%, 12/15/21 | 174,096 | ||||||
| 570,000 | 5.00%, 12/15/22 (c) | 671,221 | ||||||
| 800,000 | 5.00%, 02/15/24 | 977,176 | ||||||
| 1,500,000 | 5.00%, 02/15/24 (c) | 1,741,245 | ||||||
| 625,000 | New York State Dormitory Authority, School District Financing Program, Series A (RB) (SAW) 5.00%, 10/01/21 | 742,150 | ||||||
| 100,000 | New York State Dormitory Authority, Series A (RB) 5.00%, 07/01/22 (c) | 114,312 | ||||||
| New York State Dormitory Authority, State Personal Income Tax Revenue, Series A (RB) | ||||||||
| 500,000 | 4.00%, 12/15/22 | 570,270 | ||||||
| 1,000,000 | 5.00%, 12/15/22 (c) | 1,204,540 | ||||||
| New York State Dormitory Authority, State Personal Income Tax, Series A (RB) | ||||||||
| 2,000,000 | 5.00%, 12/15/22 (c) | 2,420,040 | ||||||
| 950,000 | 5.00%, 12/15/22 (c) | 1,121,589 | ||||||
| 825,000 | 5.00%, 12/15/22 | 1,002,160 | ||||||
| 1,000,000 | 5.00%, 12/15/22 (c) | 1,166,990 | ||||||
| 170,000 | 5.00%, 12/15/22 (c) | 197,496 | ||||||
| 295,000 | 5.00%, 02/15/24 (c) | 354,596 | ||||||
| 250,000 | 5.00%, 02/15/24 (c) | 302,703 | ||||||
| 500,000 | New York State Dormitory Authority, State Personal Income Tax, Series A (RB) 5.00%, 03/15/21 (c) | 586,485 | ||||||
| New York State Dormitory Authority, State Personal Income Tax, Series B (RB) | ||||||||
| 500,000 | 5.00%, 03/15/22 (c) | 589,390 | ||||||
| 1,300,000 | 5.00%, 03/15/22 (c) | 1,551,602 | ||||||
| New York State Dormitory Authority, State Personal Income Tax, Series E (RB) | ||||||||
| 300,000 | 5.00%, 02/15/20 (c) | 344,346 | ||||||
| 1,625,000 | 5.00%, 08/15/21 (c) | 1,924,910 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| New York: (continued) | ||||||||
| $ | 625,000 | New York State Dormitory Authority, State Sales Tax, Series A (RB) 5.00%, 03/15/23 (c) | $ | 727,625 | ||||
| 250,000 | New York State Dormitory Authority, State University Education Facilities Issue, Series A (RB) 5.00%, 05/15/22 (c) | 298,763 | ||||||
| New York State Environmental Facilities Corp (RB) | ||||||||
| 835,000 | 5.00%, 06/15/24 (c) | 988,440 | ||||||
| 1,250,000 | 5.00%, 06/15/24 (c) | 1,525,962 | ||||||
| New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series A (RB) | ||||||||
| 440,000 | 4.00%, 06/15/22 (c) | 488,497 | ||||||
| 750,000 | 5.00%, 06/15/22 (c) | 909,510 | ||||||
| 1,000,000 | 5.00%, 06/15/22 (c) | 1,206,010 | ||||||
| 600,000 | New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series D (RB) 5.00%, 06/15/22 | 730,290 | ||||||
| 1,000,000 | New York State Thruway Authority (RB) 5.00%, 01/01/24 (c) | 1,180,670 | ||||||
| 765,000 | New York State Thruway Authority Highway & Bridge Trust Fund (RB) 5.00%, 04/01/21 (c) | 883,460 | ||||||
| 1,000,000 | New York State Thruway Authority, Second General Highway & Bridge Trust Fund, Series A (RB) 5.00%, 04/01/20 (c) | 1,170,600 | ||||||
| 800,000 | New York State Thruway Authority, Series A (RB) 5.00%, 03/15/23 (c) | 914,888 | ||||||
| New York State Thruway Authority, Series I (RB) | ||||||||
| 3,310,000 | 5.00%, 01/01/22 (c) | 3,847,412 | ||||||
| 1,000,000 | 5.00%, 01/01/22 (c) | 1,170,420 | ||||||
| 2,120,000 | New York State Thruway Authority, Series J (RB) 5.00%, 01/01/24 (c) | 2,478,004 | ||||||
| New York State Thruway Authority, State Personal Income Tax (Transportation), Series A (RB) | ||||||||
| 500,000 | 5.00%, 09/15/20 (c) | 578,365 | ||||||
| 1,000,000 | 5.00%, 03/15/21 | 1,185,170 | ||||||
| 250,000 | 5.00%, 03/15/21 (c) | 294,763 | ||||||
| 680,000 | New York State Urban Development Corp (RB) 3.50%, 03/15/21 (c) | 697,027 | ||||||
| 250,000 | New York State Urban Development Corp., Series D (RB) 5.00%, 03/15/23 | 302,883 | ||||||
| New York State Urban Development Corp., State Personal Income, Series A (RB) | ||||||||
| 700,000 | 4.00%, 03/15/21 (c) | 764,484 | ||||||
| 1,000,000 | 4.00%, 03/15/21 (c) | 1,099,610 | ||||||
See Notes to Financial Statements
| 59 |
INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal | ||||||||
| Amount | Value | |||||||
| New York: (continued) | ||||||||
| $ | 2,000,000 | New York State Urban Development Corp., State Personal Income, Series A-1 (RB) 5.00%, 03/15/23 (c) | $ | 2,297,820 | ||||
| New York State Urban Development Corp., State Personal Income, Series C (RB) | ||||||||
| 1,250,000 | 5.00%, 03/15/22 | 1,502,587 | ||||||
| 1,000,000 | 5.00%, 03/15/23 (c) | 1,135,350 | ||||||
| 1,550,000 | 5.00%, 03/15/23 (c) | 1,784,344 | ||||||
| 690,000 | 5.00%, 03/15/23 (c) | 815,097 | ||||||
| 115,000 | New York State Urban Development Corp., State Personal Income, Series D (RB) 5.00%, 03/15/22 | 138,238 | ||||||
| New York State, Series A (GO) | ||||||||
| 500,000 | 3.50%, 02/15/21 (c) | 544,140 | ||||||
| 1,050,000 | 4.00%, 02/15/21 (c) | 1,151,986 | ||||||
| New York State, Series E (GO) | ||||||||
| 1,000,000 | 4.00%, 12/15/21 (c) | 1,100,470 | ||||||
| 800,000 | 4.00%, 12/15/21 (c) | 888,136 | ||||||
| 500,000 | Oyster Bay, New York Public Improvement (GO) 3.50%, 08/15/17 (c) | 505,010 | ||||||
| Port Authority of New York & New Jersey (RB) | ||||||||
| 565,000 | 3.00%, 06/15/24 (c) | 564,401 | ||||||
| 750,000 | 3.25%, 06/15/24 (c) | 750,570 | ||||||
| Sales Tax Asset Receivable Corp., Series A (RB) | ||||||||
| 235,000 | 3.00%, 10/15/24 (c) | 232,008 | ||||||
| 1,000,000 | 5.00%, 10/15/24 (c) | 1,194,280 | ||||||
| 310,000 | 5.00%, 10/15/24 (c) | 379,214 | ||||||
| 50,000 | Suffolk County Economic Development Corp (RB) 5.00%, 07/01/21 (c) | 56,118 | ||||||
| 1,000,000 | Suffolk County, New York Public Improvement, Series A (GO) 4.00%, 05/15/19 (c) | 1,048,120 | ||||||
| 50,000 | Tobacco Settlement Financing Corp. (RB) 5.00%, 06/01/17 (c) | 54,275 | ||||||
| 65,000 | Town of Brookhaven, New York (GO) 3.00%, 02/01/23 (c) | 67,133 | ||||||
| Town of Oyster Bay, New York (GO) (AGM) | ||||||||
| 265,000 | 3.00%, 03/01/21 (c) | 269,537 | ||||||
| 485,000 | 4.00%, 08/01/22 (c) | 509,876 | ||||||
| Triborough Bridge & Tunnel Authority, Series A (RB) | ||||||||
| 455,000 | 5.00%, 01/01/22 (c) | 534,079 | ||||||
| 1,000,000 | 5.00%, 01/01/22 (c) | 1,190,860 | ||||||
| 800,000 | 5.00%, 05/15/23 (c) | 962,048 | ||||||
| Triborough Bridge & Tunnel Authority, Series B (RB) | ||||||||
| 500,000 | 5.00%, 11/15/22 (c) | 590,550 | ||||||
| 1,980,000 | 5.00%, 11/15/22 | 2,403,977 | ||||||
| 1,000,000 | 5.00%, 11/15/22 (c) | 1,206,360 | ||||||
| 1,310,000 | 5.00%, 11/15/23 (c) | 1,540,311 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| New York: (continued) | ||||||||
| $ | 1,250,000 | Utility Debt Securitization Authority (RB) 5.00%, 12/15/23 (c) | $ | 1,464,312 | ||||
| Utility Debt Securitization Authority, Series E (RB) | ||||||||
| 1,675,000 | 5.00%, 12/15/23 (c) | 1,973,418 | ||||||
| 900,000 | 5.00%, 12/15/23 (c) | 1,064,907 | ||||||
| 151,430,612 | ||||||||
| North Carolina: 1.0% | ||||||||
| 50,000 | County of New Hanover, North Carolina (RB) 5.00%, 10/01/21 (c) | 57,165 | ||||||
| 1,805,000 | County of Wake, North Carolina (GO) 3.00%, 09/01/24 (c) | 1,896,495 | ||||||
| 1,000,000 | North Carolina Municipal Power Agency No. 1, Series B (RB) 5.00%, 01/01/22 (c) | 1,132,710 | ||||||
| North Carolina State Capital Improvement Limited Obligation Bonds, Series A (RB) | ||||||||
| 500,000 | 4.50%, 05/01/20 (c) | 558,565 | ||||||
| 815,000 | 5.00%, 05/01/20 (c) | 958,481 | ||||||
| 20,000 | North Carolina State Capital Improvement Limited Obligation Bonds, Series B (RB) 5.00%, 11/01/21 (c) | 23,957 | ||||||
| 750,000 | North Carolina State, Capital Improvement Limited Obligation, Series C (RB) 5.00%, 05/01/21 (c) | 881,490 | ||||||
| 400,000 | North Carolina State, Series C (GO) 5.00%, 05/01/22 | 486,636 | ||||||
| State of North Carolina (GO) | ||||||||
| 1,000,000 | 5.00%, 06/01/23 | 1,231,810 | ||||||
| 1,040,000 | 5.00%, 05/01/24 (c) | 1,243,528 | ||||||
| 1,315,000 | 5.00%, 05/01/24 | 1,633,204 | ||||||
| 250,000 | 5.00%, 06/01/24 | 306,820 | ||||||
| 75,000 | 5.00%, 06/01/26 | 92,954 | ||||||
| 150,000 | The Charlotte-Mecklenburg Hospital Authority (RB) 5.00%, 01/15/22 (c) | 168,357 | ||||||
| 10,672,172 | ||||||||
| Ohio: 3.0% | ||||||||
| 20,000 | American Municipal Power, Inc. (RB) 4.00%, 02/15/22 (c) | 20,745 | ||||||
| City of Columbus OH Sewerage Revenue (RB) | ||||||||
| 250,000 | 5.00%, 12/01/24 (c) | 293,148 | ||||||
| 300,000 | 5.00%, 12/01/24 (c) | 358,134 | ||||||
| 500,000 | 5.00%, 12/01/24 (c) | 602,985 | ||||||
| City of Columbus, Ohio, Series A (GO) | ||||||||
| 1,890,000 | 3.00%, 02/15/24 (c) | 1,944,451 | ||||||
| 800,000 | 4.00%, 02/15/24 (c) | 865,800 | ||||||
| 440,000 | 5.00%, 02/15/22 | 530,697 | ||||||
| 750,000 | 5.00%, 07/01/23 | 915,997 | ||||||
| 100,000 | 5.00%, 08/15/23 (c) | 120,159 | ||||||
| 1,975,000 | 5.00%, 02/15/24 (c) | 2,414,161 | ||||||
See Notes to Financial Statements
| 60 |
| Principal | ||||||||
| Amount | Value | |||||||
| Ohio: (continued) | ||||||||
| $ | 1,000,000 | City of Columbus, Various Purpose, Series A (GO) 5.00%, 08/15/22 (c) | $ | 1,198,470 | ||||
| 870,000 | County of Hamilton, Ohio Healthcare Facilities, The Christ Hospital Project (RB) (AGM) 4.00%, 06/01/22 (c) | 891,541 | ||||||
| 750,000 | Dayton Metro Library, Series A (GO) 3.25%, 12/01/21 (c) | 744,547 | ||||||
| 1,220,000 | Hamilton County, Ohio Sewer System Improvement, Series A (RB) 5.00%, 12/01/22 | 1,477,884 | ||||||
| 125,000 | Ohio Higher Educational Facility Commission (RB) 5.00%, 01/01/22 | 148,858 | ||||||
| Ohio State Common Schools, Series A (GO) | ||||||||
| 750,000 | 5.00%, 09/15/22 | 910,717 | ||||||
| 2,675,000 | 5.00%, 09/15/23 | 3,273,852 | ||||||
| 1,750,000 | Ohio State Common Schools, Series B (GO) 4.00%, 09/15/21 (c) | 1,892,747 | ||||||
| 650,000 | Ohio State, Turnpike Commission, Series A (RB) 5.25%, 02/15/27 | 814,749 | ||||||
| State of Ohio (GO) | ||||||||
| 300,000 | 5.00%, 09/15/21 | 360,246 | ||||||
| 1,345,000 | 5.00%, 01/15/23 (c) | 1,506,951 | ||||||
| 895,000 | 5.00%, 08/01/23 | 1,093,430 | ||||||
| 3,000,000 | 5.00%, 05/01/24 (c) | 3,592,440 | ||||||
| 1,000,000 | 5.00%, 05/01/24 (c) | 1,220,850 | ||||||
| 3,000,000 | 5.00%, 09/15/26 | 3,754,560 | ||||||
| 30,948,119 | ||||||||
| Oklahoma: 0.1% | ||||||||
| 65,000 | Grand River Dam Authority (RB) 5.00%, 06/01/24 (c) | 75,593 | ||||||
| 1,000,000 | Oklahoma Capital Improvement Authority (RB) 5.00%, 07/01/24 (c) | 1,161,650 | ||||||
| 1,237,243 | ||||||||
| Oregon: 0.7% | ||||||||
| 100,000 | Beaverton School District 48J, Washington and Multnomah Counties, Oregon, Series B (GO) (SBG) 4.00%, 06/15/22 (c) | 111,439 | ||||||
| 500,000 | Clackamas County School District No. 12 North Clackamas (GO) (SBG) 5.00%, 06/15/24 (c) | 593,210 | ||||||
| 1,040,000 | Deschutes County, Oregon, Administrative School District No. 1 (GO) (SBG) 4.00%, 06/15/21 | 1,186,702 | ||||||
| Metro, Oregon, Series A (GO) | ||||||||
| 500,000 | 4.00%, 06/01/22 (c) | 547,995 | ||||||
| 105,000 | 5.00%, 06/01/21 | 125,377 | ||||||
| 785,000 | 5.00%, 06/01/22 | 948,782 | ||||||
| 400,000 | 5.00%, 06/01/22 (c) | 479,056 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Oregon: (continued) | ||||||||
| $ | 500,000 | Oregon State, Series F (GO) 5.00%, 05/01/23 (c) | $ | 602,460 | ||||
| Portland, Oregon Sewer System, Series A (RB) | ||||||||
| 475,000 | 4.25%, 03/01/20 (c) | 523,887 | ||||||
| 575,000 | 5.00%, 03/01/20 (c) | 658,749 | ||||||
| State of Oregon Department of Transportation (RB) | ||||||||
| 100,000 | 5.00%, 11/15/21 | 121,064 | ||||||
| 90,000 | 5.00%, 11/15/21 | 108,958 | ||||||
| 200,000 | 5.00%, 11/15/23 | 246,472 | ||||||
| 745,000 | 5.00%, 11/15/24 (c) | 890,864 | ||||||
| 225,000 | 5.00%, 11/15/24 | 280,418 | ||||||
| 65,000 | 5.00%, 11/15/24 (c) | 78,639 | ||||||
| 200,000 | 5.00%, 11/15/24 (c) | 236,388 | ||||||
| 50,000 | Tri-County Metropolitan Transportation District (RB) 5.00%, 10/01/21 | 59,572 | ||||||
| 7,800,032 | ||||||||
| Pennsylvania: 2.7% | ||||||||
| 270,000 | City of Philadelphia, Pennsylvania Water & Wastewater Revenue, Series A (RB) 5.00%, 01/01/22 | 319,680 | ||||||
| Commonwealth of Pennsylvania (GO) | ||||||||
| 1,000,000 | 5.00%, 07/01/21 | 1,177,350 | ||||||
| 1,250,000 | 5.00%, 07/01/21 | 1,471,687 | ||||||
| 1,000,000 | 5.00%, 11/15/21 | 1,183,400 | ||||||
| 570,000 | 5.00%, 11/15/21 (c) | 655,705 | ||||||
| 720,000 | 5.00%, 11/15/21 (c) | 848,671 | ||||||
| 840,000 | 5.00%, 11/15/21 (c) | 983,396 | ||||||
| 1,765,000 | 5.00%, 07/01/22 | 2,102,080 | ||||||
| 1,650,000 | 5.00%, 04/01/23 (c) | 1,935,153 | ||||||
| 2,250,000 | 5.00%, 04/01/23 (c) | 2,658,262 | ||||||
| 500,000 | 5.00%, 07/01/23 | 599,855 | ||||||
| 1,000,000 | 5.00%, 10/15/23 (c) | 1,152,230 | ||||||
| 500,000 | 5.00%, 10/15/23 (c) | 589,620 | ||||||
| 420,000 | 5.00%, 10/15/23 (c) | 500,186 | ||||||
| 860,000 | 5.00%, 10/15/23 (c) | 995,794 | ||||||
| 500,000 | Commonwealth of Pennsylvania, First Refunding Series (GO) 4.00%, 07/01/23 | 560,105 | ||||||
| Commonwealth of Pennsylvania, First Series (GO) | ||||||||
| 920,000 | 5.00%, 06/01/21 | 1,081,662 | ||||||
| 925,000 | 5.00%, 11/15/21 (c) | 1,079,845 | ||||||
| 1,250,000 | 5.00%, 06/01/22 (c) | 1,485,262 | ||||||
| 640,000 | 5.00%, 06/01/22 | 761,376 | ||||||
| 2,150,000 | 5.00%, 04/01/23 (c) | 2,565,659 | ||||||
| Commonwealth of Pennsylvania, Second Series (GO) | ||||||||
| 300,000 | 4.00%, 10/15/23 (c) | 318,318 | ||||||
| 500,000 | 5.00%, 10/15/23 (c) | 600,095 | ||||||
| 850,000 | Monroeville, Pennsylvania Finance Authority (RB) 5.00%, 02/15/26 | 1,019,396 | ||||||
| 25,000 | Pennsylvania Economic Development Financing Authority (RB) 5.00%, 07/01/16 (c) | 26,310 | ||||||
See Notes to Financial Statements
| 61 |
INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal | ||||||||
| Amount | Value | |||||||
| Pennsylvania: (continued) | ||||||||
| $ | 500,000 | Pennsylvania
Higher Educational Facilities Authority, Series AM (RB) 4.00%, 06/15/21 (c) | $ | 530,585 | ||||
| 1,000,000 | Pennsylvania
State Industrial Development Authority (RB) 5.00%, 07/01/21 | 1,171,650 | ||||||
| 55,000 | Philadelphia
Hospitals & Higher Education Facilities Authority (RB) 5.00%, 07/01/21 (c) | 63,034 | ||||||
| 60,000 | St
Mary Hospital Authority (RB) 5.00%, 05/15/20 (c) | 69,314 | ||||||
| 28,505,680 | ||||||||
| Puerto Rico: 0.1% | ||||||||
| 500,000 | Puerto Rico Commonwealth,
Public Improvement, Series A (GO) (AGM) 5.50%, 07/01/21 (c) | 522,490 | ||||||
| 500,000 | Puerto
Rico Electric Power Authority (RB) (AGM) 3.65%, 07/01/15 (c) | 463,040 | ||||||
| 985,530 | ||||||||
| Rhode Island: 0.4% | ||||||||
| State of Rhode Island (GO) | ||||||||
| 250,000 | 5.00%, 08/01/24 (c) | 301,495 | ||||||
| 1,000,000 | 5.00%, 08/01/24 (c) | 1,194,130 | ||||||
| 500,000 | 5.50%, 08/01/21 (c) | 612,670 | ||||||
| 470,000 | 5.50%, 08/01/21 (c) | 573,104 | ||||||
| 1,275,000 | 5.50%, 08/01/21 (c) | 1,553,855 | ||||||
| 4,235,254 | ||||||||
| South Carolina: 1.3% | ||||||||
| 325,000 | Berkeley County
School District (GO) 3.00%, 03/01/24 (c) | 331,065 | ||||||
| 300,000 | Charleston Educational
Excellence Finance Corp (RB) 5.00%, 12/01/23 | 365,556 | ||||||
| 920,000 | Charleston Educational
Excellence Finance Corp. (RB) 5.00%, 12/01/23 (c) | 1,061,910 | ||||||
| 1,750,000 | City of Charleston,
South Carolina, Waterworks & Sewer System Revenue (RB) 5.00%, 01/01/22 (c) | 2,088,835 | ||||||
| Richland County, South Carolina School District No. 1, Series A (GO) | ||||||||
| 500,000 | 4.00%, 09/01/21 (c) | 540,855 | ||||||
| 1,305,000 | 4.00%, 09/01/21 (c) | 1,461,717 | ||||||
| 500,000 | 5.00%, 09/01/21 (c) | 589,630 | ||||||
| South Carolina Jobs-Economic Development Authority (RB) | ||||||||
| 975,000 | 3.75%, 11/01/22 (c) | 985,803 | ||||||
| 130,000 | 5.00%, 08/01/23 (c) | 149,565 | ||||||
| 395,000 | 5.25%, 08/01/23 (c) | 456,624 | ||||||
| 245,000 | South Carolina
Ports Authority (RB) 5.25%, 07/01/20 (c) | 287,620 | ||||||
| South Carolina State Economic Development, Series A (GO) | ||||||||
| 625,000 | 2.00%, 04/01/20 (c) | 626,744 | ||||||
| 1,000,000 | 4.00%, 04/01/20 (c) | 1,120,820 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| South Carolina: (continued) | ||||||||
| $ | 900,000 | South
Carolina State Public Service Authority (RB) 5.00%, 12/01/21 (c) | $ | 1,041,480 | ||||
| South Carolina State Public Service Authority, Series B (RB) | ||||||||
| 1,100,000 | 4.00%, 12/01/21 | 1,239,183 | ||||||
| 650,000 | 5.00%, 12/01/21 | 773,493 | ||||||
| 13,120,900 | ||||||||
| Tennessee: 0.8% | ||||||||
| 1,200,000 | County of Shelby,
Tennessee (GO) 5.00%, 03/01/24 | 1,477,800 | ||||||
| 680,000 | Knox County Health
Educational & Housing Facility Board (RB) 5.00%, 01/01/23 (c) | 784,441 | ||||||
| 25,000 | Memphis Center
City Revenue Finance Corp. (RB) (AGM) 4.50%, 11/01/21 (c) | 27,074 | ||||||
| 500,000 | Memphis, Tennessee
General Improvement Refunding (GO) 5.00%, 05/01/21 | 593,575 | ||||||
| 750,000 | Memphis, Tennessee
General Improvement Refunding, Series A (GO) 5.00%, 11/01/23 | 913,095 | ||||||
| Metropolitan Government of Nashville & Davidson County, Tennessee (RB) | ||||||||
| 1,200,000 | 5.00%, 07/01/22 | 1,431,816 | ||||||
| 500,000 | 5.00%, 07/01/23 | 610,665 | ||||||
| 75,000 | Metropolitan
Government of Nashville & Davidson County, Tennessee, Series D (GO) 5.00%, 07/01/20 (c) | 88,506 | ||||||
| 350,000 | State of Tennessee
(GO) 5.00%, 08/01/21 | 421,533 | ||||||
| 275,000 | Tennessee State
School Bond Authority, Higher Educational Facilities, Series A (RB) 3.50%, 05/01/18 (c) | 284,721 | ||||||
| 975,000 | Tennessee
State, Series A (GO) 5.00%, 08/01/22 | 1,190,280 | ||||||
| 7,823,506 | ||||||||
| Texas: 9.0% | ||||||||
| 750,000 | Austin Independent
School District (GO) 5.00%, 08/01/24 | 925,387 | ||||||
| 500,000 | Brownsville,
Texas Utilities System Revenue, Series A (RB) 5.00%, 09/01/23 (c) | 574,730 | ||||||
| City of Austin, Texas, Water & Wastewater System Revenue (RB) | ||||||||
| 400,000 | 5.00%, 11/15/21 (c) | 475,516 | ||||||
| 650,000 | 5.00%, 11/15/21 | 778,004 | ||||||
| 1,000,000 | 5.00%, 05/15/24 (c) | 1,175,290 | ||||||
| 1,000,000 | 5.00%, 05/15/24 (c) | 1,169,200 | ||||||
| 650,000 | 5.00%, 05/15/24 (c) | 756,047 | ||||||
| 50,000 | City of Dallas
and Fort Worth, Texas International Airport (RB) 5.00%, 11/01/20 (c) | 56,952 | ||||||
See Notes to Financial Statements
| 62 |
| Principal | ||||||||
| Amount | Value | |||||||
| Texas: (continued) | ||||||||
| $ | 1,150,000 | City
of Dallas, Texas (GO) 5.00%, 02/15/24 (c) | $ | 1,397,526 | ||||
| City of Fort Worth and Dallas, Texas International Airport, Series G (RB) | ||||||||
| 50,000 | 5.00%, 11/01/20 (c) | 57,845 | ||||||
| 1,890,000 | 5.00%, 11/01/20 (c) | 2,194,025 | ||||||
| 1,000,000 | City of Fort
Worth, Texas (GO) 5.00%, 03/01/22 (c) | 1,192,510 | ||||||
| City of Houston, Texas Combined Utility System Revenue (RB) | ||||||||
| 200,000 | 4.00%, 05/15/21 | 225,880 | ||||||
| 1,000,000 | 5.00%, 11/15/24 (c) | 1,194,860 | ||||||
| City of Houston, Texas, Series A (GO) | ||||||||
| 1,350,000 | 5.00%, 03/01/21 | 1,604,164 | ||||||
| 300,000 | 5.00%, 03/01/22 | 363,078 | ||||||
| 1,070,000 | City of San Antonio,
Texas (GO) 5.00%, 02/01/24 (c) | 1,261,305 | ||||||
| City of San Antonio, Texas Electric & Gas Systems (RB) | ||||||||
| 1,865,000 | 5.00%, 02/01/22 | 2,236,862 | ||||||
| 1,000,000 | 5.00%, 08/01/22 (c) | 1,190,820 | ||||||
| 1,000,000 | 5.00%, 02/01/23 | 1,208,490 | ||||||
| 500,000 | 5.25%, 02/01/25 | 626,040 | ||||||
| 1,000,000 | City of San Antonio,
Texas Water System Revenue (RB) 5.00%, 05/15/22 (c) | 1,179,250 | ||||||
| 1,000,000 | Clear Creek Independent
School District, Series B (GO) 5.00%, 02/15/22 (c) | 1,187,850 | ||||||
| 585,000 | Comal Independent
School District, Series A (GO) 4.00%, 02/01/21 (c) | 623,557 | ||||||
| Conroe Independent School District (GO) | ||||||||
| 60,000 | 5.00%, 02/15/20 (c) | 70,281 | ||||||
| 500,000 | 5.00%, 02/15/21 (c) | 570,890 | ||||||
| County of Denton, Texas (GO) | ||||||||
| 875,000 | 5.00%, 07/15/20 (c) | 1,001,551 | ||||||
| 1,000,000 | 5.00%, 07/15/20 (c) | 1,168,260 | ||||||
| County of Harris, Texas (GO) | ||||||||
| 670,000 | 5.00%, 10/01/20 (c) | 793,608 | ||||||
| 500,000 | 5.00%, 08/15/22 (c) | 576,930 | ||||||
| 100,000 | Cypress-Fairbanks
Independent School District, Series C (GO) 5.00%, 02/15/23 | 121,266 | ||||||
| 100,000 | Dallas, Texas
Independent School District (GO) 5.00%, 02/15/21 (c) | 118,326 | ||||||
| 385,000 | Dallas, Texas,
Series A (GO) 5.00%, 02/15/23 (c) | 444,394 | ||||||
| 750,000 | Fort Bend Independent
School District (GO) 5.00%, 08/15/22 (c) | 906,180 | ||||||
| 70,000 | Fort Worth Independent
School District (GO) 5.00%, 02/15/20 (c) | 80,071 | ||||||
| 250,000 | Fort Worth, Texas
Water & Sewer System Revenue (RB) 5.00%, 02/15/21 (c) | 294,608 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Texas: (continued) | ||||||||
| Harris County Flood Control District (RB) | ||||||||
| $ | 100,000 | 5.00%, 10/01/20 (c) | $ | 115,297 | ||||
| 500,000 | 5.00%, 10/01/24 (c) | 600,005 | ||||||
| 2,755,000 | Harris County,
Texas Cultural Education Facilities Finance Corp. (RB) 5.00%, 12/01/24 (c) | 3,148,827 | ||||||
| 725,000 | Harris County,
Texas Cypress-Fairbanks Independent School District (GO) 5.00%, 02/15/21 (c) | 854,804 | ||||||
| Harris County, Texas Flood Control District (RB) | ||||||||
| 260,000 | 5.00%, 10/01/20 (c) | 301,072 | ||||||
| 500,000 | 5.00%, 10/01/24 (c) | 604,180 | ||||||
| 475,000 | Harris County,
Texas Permanent Improvement, Series A (GO) 5.00%, 10/01/20 (c) | 555,888 | ||||||
| Harris County, Texas Unlimited Tax Road Refunding, Series A (GO) | ||||||||
| 500,000 | 5.00%, 10/01/20 (c) | 588,540 | ||||||
| 1,980,000 | 5.00%, 10/01/22 (c) | 2,356,913 | ||||||
| Harris County-Houston Sports Authority (RB) | ||||||||
| 965,000 | 5.00%, 11/15/24 (c) | 1,099,019 | ||||||
| 2,225,000 | 5.00%, 11/15/24 (c) | 2,553,610 | ||||||
| 250,000 | Houston, Texas
Independent School District, Series A (GO) 5.00%, 02/15/23 (c) | 302,965 | ||||||
| Houston, Texas Public Improvement Refunding, Series A (GO) | ||||||||
| 2,000,000 | 5.00%, 03/01/21 (c) | 2,342,560 | ||||||
| 2,090,000 | 5.00%, 03/01/23 (c) | 2,500,079 | ||||||
| 750,000 | 5.00%, 03/01/24 (c) | 885,877 | ||||||
| 35,000 | Hurst-Euless-Bedford
Independent School District (GO) 5.00%, 08/15/20 (c) | 41,096 | ||||||
| 350,000 | Leander Independent
School District (GO) 5.00%, 08/15/23 (c) | 421,141 | ||||||
| Lower Colorado River Authority (RB) | ||||||||
| 155,000 | 4.00%, 05/15/22 (c) | 159,692 | ||||||
| 350,000 | 5.00%, 05/15/20 (c) | 400,526 | ||||||
| 1,990,000 | 5.00%, 05/15/20 (c) | 2,238,690 | ||||||
| 990,000 | 5.00%, 05/15/22 (c) | 1,159,735 | ||||||
| 2,370,000 | 5.00%, 05/15/22 (c) | 2,707,014 | ||||||
| 55,000 | 5.00%, 05/15/23 (c) | 62,376 | ||||||
| 845,000 | Matagorda County,
Texas Navigation District No. 1 (RB) 4.00%, 06/03/23 (c) | 864,317 | ||||||
| North Texas Municipal Water District (RB) | ||||||||
| 650,000 | 4.00%, 03/01/22 (c) | 685,704 | ||||||
| 250,000 | 5.25%, 03/01/22 (c) | 303,523 | ||||||
| North Texas Tollway Authority (RB) | ||||||||
| 550,000 | 5.00%, 09/01/21 (c) | 636,196 | ||||||
| 750,000 | 5.00%, 01/01/24 (c) | 835,125 | ||||||
| 530,000 | 5.25%, 09/01/21 (c) | 633,541 | ||||||
| 1,080,000 | 5.25%, 09/01/21 (c) | 1,278,990 | ||||||
See Notes to Financial Statements
| 63 |
INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| Texas: (continued) | ||||||||
| $ | 1,500,000 | North Texas Tollway Authority, System Revenue, Series A (RB) 6.25%, 02/01/20 (c) | $ | 1,698,195 | ||||
| 2,975,000 | Northside Independent School District (GO) 5.00%, 08/15/21 (c) | 3,462,751 | ||||||
| 500,000 | Pasadena, Texas Independent School District (GO) 5.00%, 02/15/23 (c) | 593,665 | ||||||
| 200,000 | Port of Houston Authority of Harris County Texas, Series D-0 (GO) 5.00%, 10/01/20 (c) | 229,488 | ||||||
| 415,000 | Port of Houston Authority of Harris County Texas, Series D-1 (GO) 5.00%, 10/01/20 (c) | 489,430 | ||||||
| 2,715,000 | San Antonio, Texas Electric & Gas Systems (RB) 5.25%, 02/01/24 | 3,362,663 | ||||||
| 1,325,000 | San Antonio, Texas Independent School District (GO) 5.00%, 02/15/21 (c) | 1,526,771 | ||||||
| 300,000 | San Antonio, Texas Public Facilities Corp. (RB) 3.00%, 09/15/22 (c) | 287,964 | ||||||
| 1,025,000 | San Antonio, Texas Water System Revenue (RB) 5.00%, 05/15/22 (c) | 1,227,150 | ||||||
| State of Texas (GO) | ||||||||
| 1,355,000 | 5.00%, 04/01/22 (c) | 1,593,006 | ||||||
| 50,000 | 5.00%, 04/01/22 | 60,273 | ||||||
| 50,000 | 5.00%, 04/01/24 (c) | 59,266 | ||||||
| 750,000 | 5.00%, 04/01/24 (c) | 902,835 | ||||||
| 2,955,000 | 5.00%, 10/01/24 (c) | 3,475,848 | ||||||
| 50,000 | Tarrant County Cultural Education Facilities Finance Corp (RB) 5.00%, 11/15/21 (c) | 56,489 | ||||||
| Tarrant County, Texas Cultural Education Facilities Finance Corp. (RB) | ||||||||
| 1,220,000 | 5.00%, 10/01/23 (c) | 1,401,036 | ||||||
| 235,000 | 5.25%, 10/01/23 (c) | 273,829 | ||||||
| 250,000 | Texas A&M University (RB) 5.00%, 05/15/22 | 301,855 | ||||||
| 500,000 | Texas Municipal Gas Acquisition & Supply Corp III (RB) 5.00%, 12/15/22 (c) | 568,675 | ||||||
| Texas Municipal Gas Acquisition & Supply Corp. III (RB) | ||||||||
| 225,000 | 5.00%, 12/15/22 (c) | 250,551 | ||||||
| 230,000 | 5.00%, 12/15/22 (c) | 258,755 | ||||||
| Texas Municipal Gas Acquisition and Supply Corp. III, Gas Supply (RB) | ||||||||
| 1,000,000 | 5.00%, 12/15/22 (c) | 1,146,150 | ||||||
| 1,000,000 | 5.00%, 12/15/22 | 1,163,980 | ||||||
| 500,000 | Texas State, Public Finance Authority (GO) 5.00%, 10/01/21 (c) | 591,735 | ||||||
| Principal Amount | Value | |||||||
| Texas: (continued) | ||||||||
| Texas Transportation Commission State Highway Fund (RB) | ||||||||
| $ | 580,000 | 5.00%, 04/01/21 | $ | 690,333 | ||||
| 1,000,000 | 5.00%, 04/01/23 | 1,218,340 | ||||||
| 1,290,000 | 5.00%, 04/01/24 | 1,584,159 | ||||||
| 635,000 | University of Houston (RB) 5.00%, 02/15/21 (c) | 733,565 | ||||||
| University of Texas, Revenue Financing System, Series A (RB) | ||||||||
| 500,000 | 5.00%, 02/15/20 (c) | 579,630 | ||||||
| 20,000 | 5.00%, 02/15/20 (c) | 23,205 | ||||||
| 650,000 | 5.00%, 02/15/22 (c) | 774,371 | ||||||
| 1,850,000 | University of Texas, Revenue Financing System, Series B (RB) 5.00%, 08/15/22 | 2,249,267 | ||||||
| 75,000 | Ysleta Independent School District (GO) 5.00%, 08/15/24 (c) | 89,003 | ||||||
| 93,963,088 | ||||||||
| Utah: 0.2% | ||||||||
| 605,000 | Cache County School District (GO) (SBG) 4.00%, 06/15/24 (c) | 648,911 | ||||||
| Utah State, Series A (GO) | ||||||||
| 500,000 | 5.00%, 07/01/21 (c) | 601,870 | ||||||
| 500,000 | 5.00%, 07/01/21 (c) | 601,870 | ||||||
| 550,000 | 5.00%, 07/01/21 (c) | 662,057 | ||||||
| 2,514,708 | ||||||||
| Virgin Islands: 0.1% | ||||||||
| 500,000 | Virgin Islands Public Finance Authority (RB) 5.00%, 10/01/20 (c) | 550,595 | ||||||
| Virginia: 3.1% | ||||||||
| 835,000 | Commonwealth of Virginia, Series A (GO) 4.00%, 06/01/21 (c) | 911,043 | ||||||
| 485,000 | Fairfax County, Virginia Economic Development Authority (RB) 5.00%, 10/01/24 (c) | 574,002 | ||||||
| 1,965,000 | Fairfax County, Virginia Economic Development Authority Transportation District Improvement, Silver Line Phase I Project (ST) 5.00%, 04/01/20 (c) | 2,274,939 | ||||||
| 500,000 | Fairfax County, Virginia Industrial Development Authority (RB) 5.00%, 05/15/22 | 603,345 | ||||||
| Fairfax County, Virginia Public Improvement, Series B (GO) (SAW) | ||||||||
| 650,000 | 5.00%, 04/01/21 | 778,102 | ||||||
| 225,000 | 5.00%, 04/01/23 | 275,972 | ||||||
| 2,075,000 | 5.00%, 04/01/24 | 2,569,016 | ||||||
| Virginia College Building Authority, 21st Century College & Equipment Programs Educational Facilities, Series A (RB) | ||||||||
| 425,000 | 3.00%, 02/01/22 (c) | 426,020 | ||||||
| 2,000,000 | 5.00%, 02/01/22 (c) | 2,383,400 | ||||||
| 1,890,000 | 5.00%, 09/01/22 (c) | 2,271,515 | ||||||
| 485,000 | 5.00%, 02/01/24 | 590,691 | ||||||
See Notes to Financial Statements
| 64 |
| Principal Amount | Value | |||||||
| Virginia: (continued) | ||||||||
| Virginia College Building Authority, 21st Century College & Equipment Programs Educational Facilities, Series B (RB) | ||||||||
| $ | 100,000 | 5.00%, 02/01/22 (c) | $ | 119,170 | ||||
| 2,000,000 | 5.00%, 09/01/23 | 2,438,980 | ||||||
| 1,850,000 | Virginia College Building Authority, Educational Facilities, Public Higher Education Financing Program, Series B (RB) 4.00%, 09/01/22 (c) | 2,017,758 | ||||||
| Virginia Commonwealth Transportation Board (RB) | ||||||||
| 45,000 | 4.00%, 05/15/21 (c) | 48,312 | ||||||
| 920,000 | 5.00%, 05/15/21 | 1,096,143 | ||||||
| Virginia Commonwealth Transportation Board (RB) | ||||||||
| 500,000 | 4.00%, 05/15/21 (c) | 539,400 | ||||||
| 150,000 | 5.25%, 05/15/21 (c) | 179,340 | ||||||
| Virginia Commonwealth Transportation Board, Series A (RB) | ||||||||
| 1,000,000 | 5.00%, 09/15/21 | 1,194,820 | ||||||
| 450,000 | 5.00%, 03/15/23 (c) | 527,719 | ||||||
| Virginia Public Building Authority (RB) | ||||||||
| 475,000 | 3.00%, 08/01/24 (c) | 465,804 | ||||||
| 20,000 | 5.00%, 08/01/21 (c) | 23,644 | ||||||
| Virginia Public Building Authority, Series C (RB) | ||||||||
| 400,000 | 4.00%, 08/01/24 (c) | 445,368 | ||||||
| 1,750,000 | 5.00%, 08/01/23 | 2,132,060 | ||||||
| Virginia Public School Authority (RB) (SAW) | ||||||||
| 1,000,000 | 4.00%, 08/01/24 (c) | 1,126,550 | ||||||
| 450,000 | 5.00%, 08/01/21 | 538,128 | ||||||
| 350,000 | Virginia Resources Authority (RB) 5.00%, 11/01/21 (c) | 419,486 | ||||||
| 750,000 | Virginia Small Business Financing Authority (RB) 5.25%, 10/01/24 (c) | 862,170 | ||||||
| 1,850,000 | Virginia State Public Building Authority, School Financing, Series A (RB) (SAW) 5.00%, 08/01/22 | 2,236,095 | ||||||
| 1,535,000 | Virginia State Public School Authority, School Financing, Series A (RB) (SAW) 5.00%, 08/01/23 | 1,870,121 | ||||||
| 250,000 | Virginia State, Resources Authority, Clean Water State (RB) 5.00%, 10/01/23 (c) | 304,303 | ||||||
| 32,243,416 | ||||||||
| Washington: 3.9% | ||||||||
| 450,000 | Central Puget Sound Regional Transit Authority (RB) 5.00%, 02/01/22 (c) | 533,452 | ||||||
| 550,000 | Central Puget Sound, Washington Regional Transit Authority, Series S-1 (RB) 5.00%, 11/01/22 (c) | 641,333 | ||||||
| Principal Amount | Value | |||||||
| Washington: (continued) | ||||||||
| $ | 200,000 | Energy Northwest Generating Station, Series A (RB) 5.00%, 07/01/23 | $ | 242,926 | ||||
| 5,000 | Energy Northwest, Series C (RB) 5.00%, 07/01/24 (c) | 6,040 | ||||||
| 350,000 | King County, Washington Bellevue School District No. 401 (GO) (SBG) 4.38%, 06/01/21 (c) | 390,933 | ||||||
| 15,000 | King County, Washington School District No. 409 Tahoma (GO) (SBG) 5.00%, 12/01/23 (c) | 17,512 | ||||||
| 1,025,000 | King County, Washington Sewer Revenue & Refunding (RB) 5.00%, 01/01/23 (c) | 1,220,590 | ||||||
| 1,300,000 | Northwest Washington, Columbia Generating Electric Station, Series A (RB) 5.00%, 07/01/21 | 1,552,213 | ||||||
| 1,730,000 | Northwest Washington, Columbia Generating Electric Station, Series A (RB) 5.00%, 07/01/21 | 2,065,637 | ||||||
| 975,000 | Pierce County School District No. 10 Tacoma (GO) (SBG) 5.00%, 12/01/24 | 1,207,567 | ||||||
| 20,000 | Port of Seattle, Washington, Series A (RB) 5.00%, 08/01/22 (c) | 22,696 | ||||||
| State of Washington (GO) | ||||||||
| 850,000 | 3.00%, 07/01/23 (c) | 818,771 | ||||||
| 520,000 | 3.13%, 07/01/22 (c) | 511,644 | ||||||
| 295,000 | 4.00%, 07/01/23 (c) | 314,213 | ||||||
| 25,000 | 5.00%, 07/01/20 (c) | 29,298 | ||||||
| 55,000 | 5.00%, 08/01/20 (c) | 65,181 | ||||||
| 50,000 | 5.00%, 06/01/21 (c) | 57,701 | ||||||
| 250,000 | 5.00%, 08/01/21 (c) | 290,750 | ||||||
| 355,000 | 5.00%, 07/01/23 (c) | 429,124 | ||||||
| 835,000 | 5.00%, 08/01/23 (c) | 1,010,266 | ||||||
| 115,000 | 5.00%, 09/01/23 | 138,007 | ||||||
| 1,500,000 | 5.00%, 02/01/24 (c) | 1,813,635 | ||||||
| 4,500,000 | 5.00%, 07/01/24 | 5,514,480 | ||||||
| 50,000 | 5.00%, 01/01/25 (c) | 58,419 | ||||||
| 350,000 | 5.00%, 01/01/25 (c) | 415,391 | ||||||
| 1,800,000 | Tobacco Settlement Authority of Washington (RB) 5.00%, 06/01/22 | 2,120,652 | ||||||
| University of Washington General Revenue, Series A (RB) | ||||||||
| 1,000,000 | 5.00%, 04/01/21 (c) | 1,167,520 | ||||||
| 500,000 | 5.00%, 04/01/21 (c) | 585,580 | ||||||
| 50,000 | 5.00%, 07/01/21 | 60,024 | ||||||
| 1,000,000 | Washington Federal Highway Grant Anticipation, SR 520 Corridor Program, Series F (RB) 5.00%, 09/01/22 | 1,192,100 | ||||||
| Washington Health Care Facilities Authority (RB) | ||||||||
| 365,000 | 4.00%, 10/01/21 (p) | 430,401 | ||||||
| 250,000 | 4.00%, 10/01/21 (p) | 277,535 | ||||||
See Notes to Financial Statements
| 65 |
INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| Washington: (continued) | ||||||||
| $ | 800,000 | Washington State Motor Vehicle Fuel Tax, Series E (GO) 5.25%, 02/01/22 | $ | 973,264 | ||||
| Washington State Various Purpose, Series D (GO) | ||||||||
| 250,000 | 5.00%, 02/01/22 | 300,198 | ||||||
| 535,000 | 5.00%, 02/01/23 | 646,970 | ||||||
| 2,125,000 | Washington State, Motor Vehicle Fuel Tax, Series E (GO) 5.00%, 02/01/22 | 2,551,679 | ||||||
| 2,000,000 | Washington State, Motor Vehicle Fuel Tax, Series R (GO) 5.00%, 07/01/22 (c) | 2,402,560 | ||||||
| Washington State, Various Purpose, Series A (GO) | ||||||||
| 855,000 | 4.00%, 07/01/22 | 975,196 | ||||||
| 1,000,000 | 5.00%, 01/01/21 (c) | 1,163,130 | ||||||
| 300,000 | 5.00%, 08/01/21 (c) | 355,239 | ||||||
| 1,000,000 | 5.00%, 07/01/22 | 1,207,210 | ||||||
| 1,000,000 | 5.00%, 08/01/22 (c) | 1,195,260 | ||||||
| 1,675,000 | Washington State, Various Purpose, Series D (GO) 5.00%, 02/01/23 (c) | 1,980,855 | ||||||
| Washington State, Various Purpose, Series R-A (GO) | ||||||||
| 150,000 | 5.00%, 01/01/21 | 177,470 | ||||||
| 375,000 | 5.00%, 07/01/21 (c) | 443,179 | ||||||
| 625,000 | Washington State, Various Purpose, Series R-C (GO) 5.00%, 07/01/22 (c) | 745,737 | ||||||
| 40,319,538 | ||||||||
| West Virginia: 0.1% | ||||||||
| 60,000 | West Virginia University (RB) 5.00%, 10/01/22 (c) | 71,152 | ||||||
| 875,000 | West Virginia University Board of Governors, University Improvement, Series B (RB) 5.00%, 10/01/21 | 1,037,855 | ||||||
| 1,109,007 | ||||||||
| Principal Amount | Value | |||||||
| Wisconsin: 1.0% | ||||||||
| State of Wisconsin (GO) | ||||||||
| $ | 500,000 | 4.50%, 05/01/21 (c) | $ | 553,250 | ||||
| 75,000 | 5.00%, 05/01/21 (c) | 88,849 | ||||||
| 385,000 | 5.00%, 11/01/22 (c) | 461,996 | ||||||
| 25,000 | 5.00%, 11/01/22 (c) | 29,319 | ||||||
| 550,000 | 5.00%, 11/01/24 (c) | 676,472 | ||||||
| 1,500,000 | 5.00%, 11/01/24 (c) | 1,807,995 | ||||||
| State of Wisconsin Clean Water Fund Leveraged Loan Portfolio (RB) | ||||||||
| 185,000 | 5.00%, 06/01/20 (c) | 213,281 | ||||||
| 35,000 | 5.00%, 06/01/20 (c) | 40,608 | ||||||
| 50,000 | 5.00%, 06/01/20 (c) | 58,118 | ||||||
| Wisconsin Department of Transportation (RB) | ||||||||
| 250,000 | 5.00%, 07/01/19 (c) | 288,503 | ||||||
| 35,000 | 5.00%, 07/01/22 (c) | 41,328 | ||||||
| 1,000,000 | Wisconsin State Transportation, Series 0 (RB) 5.00%, 07/01/23 (c) | 1,167,320 | ||||||
| 800,000 | Wisconsin State Transportation, Series 1 (RB) 5.00%, 07/01/23 (c) | 948,648 | ||||||
| 205,000 | Wisconsin State, Health & Educational Facilities Authority, Aurora Health Care, Inc., Series A (RB) 5.00%, 07/15/21 (c) | 230,974 | ||||||
| Wisconsin State, Series 2 (GO) | ||||||||
| 350,000 | 5.00%, 05/01/21 | 416,819 | ||||||
| 1,300,000 | 5.00%, 11/01/21 | 1,559,857 | ||||||
| 510,000 | Wisconsin State, Series A (GO) 5.25%, 05/01/21 (c) | 614,932 | ||||||
| Wisconsin State, Series C (GO) | ||||||||
| 755,000 | 4.00%, 05/01/21 (c) | 812,403 | ||||||
| 750,000 | 4.00%, 05/01/21 (c) | 815,257 | ||||||
| 10,825,929 | ||||||||
| Total Municipal Bonds: 98.8% (Cost: $1,014,385,793) | 1,029,907,217 | |||||||
| Other assets less liabilities: 1.2% | 12,898,315 | |||||||
| NET ASSETS: 100.0% | $ | 1,042,805,532 | ||||||
| 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 |
See Notes to Financial Statements
| 66 |
| Summary of Investments By Sector (unaudited) | % of Investments | Value | ||||||
| Airport | 1.5 | % | $ | 15,585,904 | ||||
| Bond Bank | 0.3 | 3,085,385 | ||||||
| Development | 1.2 | 12,775,492 | ||||||
| Education | 3.5 | 36,196,501 | ||||||
| Facilities | 3.8 | 38,743,940 | ||||||
| General Obligation | 54.4 | 559,963,295 | ||||||
| Higher Education | 5.6 | 57,877,976 | ||||||
| Housing | 0.0 | 343,178 | ||||||
| Medical | 3.0 | 30,908,118 | ||||||
| Multifamily Housing | 0.0 | 79,267 | ||||||
| Pollution | 0.7 | 6,808,501 | ||||||
| Power | 4.0 | 40,588,941 | ||||||
| School District | 3.9 | 40,437,995 | ||||||
| Single Family Housing | 0.1 | 1,117,613 | ||||||
| Student Loan | 0.0 | 408,428 | ||||||
| Tobacco Settlement | 0.3 | 2,954,337 | ||||||
| Transportation | 10.5 | 107,957,868 | ||||||
| Utilities | 2.4 | 24,244,427 | ||||||
| Water | 4.8 | 49,830,051 | ||||||
| 100.0 | % | $ | 1,029,907,217 | |||||
The summary of inputs used to value the Fund’s investments as of April 30, 2015 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||||
| Total Municipal Bonds* | $ | — | $ | 1,029,907,217 | $ | — | $ | 1,029,907,217 | ||||||||||
* See Schedule of Investments for security type and geographic sector breakouts.
There were no transfers between levels during the year ended April 30, 2015.
See Notes to Financial Statements
| 67 |
SCHEDULE OF INVESTMENTS
April 30, 2015
| Principal | ||||||||
| Amount | Value | |||||||
| MUNICIPAL BONDS: 98.2% | ||||||||
| Arizona: 1.6% | ||||||||
| $ | 700,000 | Arizona Board of Regents, Arizona State University Projects, Series A (RB) 5.00%, 07/01/22 (c) | $ | 779,037 | ||||
| 1,000,000 | Arizona Health Facilities Authority, Series A (RB) 3.75%, 01/01/22 (c) | 964,920 | ||||||
| 1,743,957 | ||||||||
| California: 13.6% | ||||||||
| 380,000 | Bay Area Toll Authority, Series S-2 (RB) 5.00%, 10/01/20 (c) | 430,624 | ||||||
| 120,000 | Bay Area Toll Authority, Series S-4 (RB) 5.25%, 04/01/23 (c) | 134,831 | ||||||
| 250,000 | California Educational Facilities Authority (RB) 5.00%, 10/01/32 | 320,160 | ||||||
| California Health Facilities Financing Authority (RB) | ||||||||
| 520,000 | 4.00%, 03/01/23 (c) | 513,947 | ||||||
| 250,000 | 4.50%, 11/15/21 (c) | 264,475 | ||||||
| 500,000 | 5.00%, 08/15/23 (c) | 558,420 | ||||||
| 100,000 | California Health Facilities Financing Authority, Series A (RB) 4.00%, 08/15/24 (c) | 102,809 | ||||||
| 595,000 | California State Public Works Board (RB) 5.00%, 03/01/23 (c) | 660,307 | ||||||
| 975,000 | California State University (RB) 5.00%, 11/01/24 (c) | 1,125,413 | ||||||
| 500,000 | California Statewide Communities Development Authority (RB) 5.25%, 12/01/24 (c) | 545,545 | ||||||
| 50,000 | City of San Francisco CA Public Utilities Commission Water Revenue (RB) 4.00%, 05/01/22 (c) | 50,762 | ||||||
| 305,000 | El Camino Community College District (GO) 4.00%, 08/01/22 (c) | 313,485 | ||||||
| 335,000 | Los Angeles Department of Water (RB) 5.00%, 07/01/24 (c) | 379,106 | ||||||
| 400,000 | Pasadena Unified School District (GO) 4.13%, 05/01/22 (c) | 414,376 | ||||||
| 500,000 | Port of Los Angeles (RB) 5.00%, 08/01/24 (c) | 568,895 | ||||||
| 465,000 | San Jose, California Financing Authority Lease, Series A (RB) 5.00%, 06/01/23 (c) | 519,907 | ||||||
| 250,000 | San Mateo Union High School District (GO) 5.00%, 09/01/23 (c) | 279,732 | ||||||
| 750,000 | Santa Clara County, Series B (GO) 3.38%, 08/01/22 (c) | 711,060 | ||||||
| 100,000 | Semitropic Improvement District (RB) 4.00%, 12/01/22 (c) | 102,495 | ||||||
| 500,000 | Southern California Public Power Authority (RB) 5.00%, 07/01/24 (c) | 579,085 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| California: (continued) | ||||||||
| State of California (GO) | ||||||||
| $ | 30,000 | 4.00%, 04/01/23 (c) | $ | 30,715 | ||||
| 50,000 | 4.38%, 02/01/22 (c) | 52,482 | ||||||
| 800,000 | 4.50%, 12/01/23 (c) | 858,784 | ||||||
| 890,000 | 5.00%, 09/01/22 (c) | 1,003,083 | ||||||
| 490,000 | 5.00%, 04/01/23 (c) | 560,359 | ||||||
| 300,000 | 5.00%, 04/01/23 (c) | 335,226 | ||||||
| State of California, Various Purpose (GO) | ||||||||
| 230,000 | 3.50%, 09/01/22 (c) | 231,622 | ||||||
| 750,000 | 5.00%, 04/01/22 (c) | 840,427 | ||||||
| 750,000 | 5.00%, 11/01/23 (c) | 843,720 | ||||||
| 475,000 | University of California (RB) 5.00%, 05/15/23 (c) | 543,419 | ||||||
| 470,000 | Walnut Energy Center Authority (RB) 5.00%, 07/01/24 (c) | 535,062 | ||||||
| 400,000 | West Valley-Mission Community College District (GO) 4.00%, 08/01/22 (c) | 413,452 | ||||||
| 14,823,785 | ||||||||
| Colorado: 2.1% | ||||||||
| 115,000 | Colorado Health Facilities Authority (RB) 5.00%, 06/01/22 (c) | 122,238 | ||||||
| 500,000 | Colorado Health Facilities Authority, Evangelical Lutheran Good Samaritan Society Project (RB) 5.00%, 06/01/22 (c) | 536,250 | ||||||
| 550,000 | Colorado Health Facilities Authority, Sister of Charity of Leavenworth Health System, Series A (RB) 5.00%, 01/01/20 (c) | 596,942 | ||||||
| 230,000 | Regional Transportation District, Series A (CP) 5.00%, 06/01/23 (c) | 255,438 | ||||||
| 750,000 | University of Colorado Hospital Authority, Series A (RB) 5.00%, 11/15/22 (c) | 827,527 | ||||||
| 2,338,395 | ||||||||
| Connecticut: 0.9% | ||||||||
| 500,000 | Connecticut State Health & Educational Facility Authority, Series A (RB) 5.00%, 07/01/21 (c) | 538,315 | ||||||
| 370,000 | State of Connecticut (GO) 5.00%, 11/15/24 (c) | 426,288 | ||||||
| 964,603 | ||||||||
| District of Columbia: 1.2% | ||||||||
| 500,000 | District of Columbia, Association of American Medical College Issue, Series B (RB) 5.00%, 10/01/21 (c) | 534,690 | ||||||
| 750,000 | Metropolitan Washington Airports Authority Dulles Toll Road Revenue (RB) 5.00%, 04/01/22 (c) | 796,230 | ||||||
| 1,330,920 | ||||||||
See Notes to Financial Statements
| 68 |
| Principal | ||||||||
| Amount | Value | |||||||
| Florida: 9.9% | ||||||||
| $ | 500,000 | Broward County, Florida, Water & Sewer Utility Revenue (RB) 5.00%, 10/01/22 (c) | $ | 564,180 | ||||
| 500,000 | Central Florida Expressway Authority (RB) 5.00%, 07/01/23 (c) | 558,050 | ||||||
| 1,250,000 | City of Tampa, Florida Health System, Series A (RB) 5.00%, 05/15/22 (c) | 1,397,262 | ||||||
| 600,000 | Collier County, Florida, Industrial Development Authority (RB) 6.25%, 04/01/21 (c) | 709,428 | ||||||
| 10,000 | County of Broward, Florida Airport System Revenue (RB) 5.00%, 10/01/22 (c) | 11,026 | ||||||
| 1,000,000 | County of Miami-Dade FL (GO) 4.00%, 07/01/24 (c) | 1,033,290 | ||||||
| 615,000 | County of Miami-Dade FL Transit System Sales Surtax Revenue (RB) 5.00%, 07/01/22 (c) | 689,452 | ||||||
| 1,000,000 | County of Miami-Dade, Florida (GO) 4.00%, 07/01/24 (c) | 1,026,990 | ||||||
| 395,000 | County of Miami-Dade, Florida Transit System Sales Surtax Revenue (RB) 4.00%, 07/01/22 (c) | 408,655 | ||||||
| 400,000 | County of Miami-Dade, Florida Water & Sewer System Revenue (RB) 5.00%, 10/01/22 (c) | 445,176 | ||||||
| 285,000 | Jacksonville Transportation Authority (RB) 5.00%, 08/01/25 (c) | 324,136 | ||||||
| 1,200,000 | Miami-Dade County, Florida Transit System (RB) 5.00%, 07/01/22 (c) | 1,333,068 | ||||||
| 825,000 | Orange County Health Facilities Authority (RB) 5.00%, 04/01/22 (c) | 880,473 | ||||||
| 500,000 | Orange County, Florida Health Facilities Authority, Hospital Revenue, Orlando Health, Inc., Series A (RB) 4.13%, 04/01/22 (c) | 504,925 | ||||||
| 750,000 | Tampa-Hillsborough County Expressway Authority (RB) 5.00%, 07/01/22 (c) | 834,180 | ||||||
| 10,720,291 | ||||||||
| Georgia: 1.0% | ||||||||
| 375,000 | Columbus Medical Center Hospital Authority, Regional
Healthcare System (RB) (AGM) 5.00%, 08/01/20 (c) | 403,924 | ||||||
| 325,000 | Gainesville City & Hall County, Georgia Hospital Authority, Northeast Georgia Health System, Inc. Project, Series A (RB) 5.50%, 02/15/20 (c) | 366,606 | ||||||
| 250,000 | Valdosta & Lowndes County, Georgia Hospital Authority, South Georgia Medical Project, Series B (RB) 5.00%, 10/01/21 (c) | 271,942 | ||||||
| 1,042,472 | ||||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Idaho: 0.2% | ||||||||
| $ | 250,000 | Idaho Health Facilities Authority, Series A (RB) 5.00%, 03/01/22 (c) | $ | 270,365 | ||||
| Illinois: 6.8% | ||||||||
| Chicago Board of Education (GO) | ||||||||
| 760,000 | 5.00%, 12/01/22 (c) | 714,453 | ||||||
| 800,000 | 5.00%, 12/01/22 (c) | 741,400 | ||||||
| 420,000 | City of Chicago, Sales Tax, Series A (RB) 4.38%, 01/01/22 (c) | 421,063 | ||||||
| Illinois Finance Authority (RB) | ||||||||
| 1,000,000 | 4.00%, 06/01/22 (c) | 980,470 | ||||||
| 500,000 | 4.00%, 08/15/22 (c) | 521,145 | ||||||
| 500,000 | Illinois Finance Authority, Chicago University Medical Center, Series C (RB) 5.50%, 02/15/21 (c) | 572,970 | ||||||
| 500,000 | Illinois Metropolitan Pier & Exposition Authority, McCormick Place Expansion Project, Series B (RB) 4.25%, 06/15/22 (c) | 505,800 | ||||||
| State of Illinois (GO) (AGM) | ||||||||
| 500,000 | 4.13%, 04/01/23 (c) | 485,485 | ||||||
| 735,000 | 4.25%, 04/01/24 (c) | 724,997 | ||||||
| 250,000 | 4.38%, 04/01/24 (c) | 251,183 | ||||||
| 455,000 | 5.00%, 03/01/22 (c) | 470,097 | ||||||
| 600,000 | 5.25%, 02/01/24 (c) | 652,512 | ||||||
| 300,000 | State of Illinois, Series A (GO) 4.50%, 01/01/22 (c) | 301,527 | ||||||
| 7,343,102 | ||||||||
| Indiana: 1.3% | ||||||||
| Carmel Redevelopment Authority (RB) | ||||||||
| 25,000 | 4.00%, 08/01/22 (c) | 26,036 | ||||||
| 45,000 | 4.00%, 08/01/22 (c) | 46,894 | ||||||
| 500,000 | Indiana Finance Authority, Community Health Network, Series A (RB) 4.00%, 05/01/23 (c) | 489,875 | ||||||
| 275,000 | Indiana Finance Authority, Educational Facilities, Marian University Project (RB) 6.38%, 09/15/21 (c) | 316,676 | ||||||
| 500,000 | Indiana Finance Authority, King’s Daughters’ Hospital & Health Services (RB) 5.50%, 08/15/20 (c) | 552,600 | ||||||
| 1,432,081 | ||||||||
| Kentucky: 0.3% | ||||||||
| 250,000 | Kentucky Public Transportation Infrastructure Authority (RB) 5.75%, 07/01/23 (c) | 286,730 | ||||||
| Louisiana: 2.0% | ||||||||
| 100,000 | Lafayette, Louisiana Utilities Revenue (RB) 4.75%, 11/01/20 (c) | 109,060 | ||||||
| 750,000 | Louisiana Local Government Environmental Facilities & Community Development Auth (RB) 5.00%, 10/01/24 (c) | 836,925 | ||||||
See Notes to Financial Statements
| 69 |
LONG MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal | ||||||||
| Amount | Value | |||||||
| Louisiana: (continued) | ||||||||
| $ | 375,000 | Louisiana Local Government Environmental Facilities & Community Development Authority, East Baton Rouge Commission Project, Series A (RB) 4.00%, 02/01/23 (c) | $ | 372,945 | ||||
| 500,000 | Louisiana Local Government Environmental Facilities & Community Development Authority, Series A (RB) 5.00%, 02/01/24 (c) | 549,695 | ||||||
| 250,000 | Terrebonne Levee & Conservation District (RB) 4.25%, 07/01/23 (c) | 261,928 | ||||||
| 2,130,553 | ||||||||
| Maine: 0.5% | ||||||||
| 450,000 | Maine Health & Higher Educational Facilities Authority (RB) 5.00%, 07/01/23 (c) | 493,497 | ||||||
| Maryland: 0.6% | ||||||||
| 500,000 | City of Baltimore, Maryland (RB) 5.00%, 01/01/25 (c) | 564,475 | ||||||
| 135,000 | Maryland Health & Higher Educational Facilities Authority (RB) 4.00%, 07/01/22 (c) | 137,180 | ||||||
| 701,655 | ||||||||
| Massachusetts: 2.7% | ||||||||
| 400,000 | Commonwealth of Massachusetts (GO) 4.00%, 12/01/21 (c) | 422,224 | ||||||
| 425,000 | Massachusetts Bay Transportation Authority, Series A (RB) 4.00%, 07/01/22 (c) | 437,516 | ||||||
| 525,000 | Massachusetts Development Finance Agency, Harvard University Issue, Series B (RB) 5.25%, 02/01/21 (c) | 616,749 | ||||||
| Massachusetts School Building Authority, Senior Dedicated Sales Tax Bonds, Series B (RB) | ||||||||
| 500,000 | 5.00%, 10/15/21 (c) | 557,885 | ||||||
| 300,000 | 5.00%, 10/15/21 (c) | 343,038 | ||||||
| 500,000 | Metropolitan Boston Transit Parking Corp., Systemwide Senior Lien Parking (RB) 5.25%, 07/01/21 (c) | 563,680 | ||||||
| 2,941,092 | ||||||||
| Michigan: 2.5% | ||||||||
| Karegnondi Water Authority (RB) | ||||||||
| 445,000 | 4.50%, 11/01/23 (c) | 472,399 | ||||||
| 120,000 | 5.00%, 11/01/23 (c) | 130,093 | ||||||
| 500,000 | L’Anse Creuse Public Schools (GO) (Q-SBLF) 3.75%, 05/01/25 (c) | 483,435 | ||||||
| 500,000 | Lansing, Michigan Board of Water & Light, Utility System, Series A (RB) 5.00%, 07/01/21 (c) | 564,800 | ||||||
| 800,000 | Michigan Finance Authority (RB) 5.00%, 06/01/22 (c) | 861,080 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Michigan: (continued) | ||||||||
| $ | 150,000 | Michigan Finance Authority Hospital Revenue & Refunding Bonds, Series MI (RB) 5.00%, 12/01/21 (c) | $ | 164,303 | ||||
| 2,676,110 | ||||||||
| Minnesota: 1.7% | ||||||||
| 500,000 | Minneapolis-St Paul Metropolitan Airports Commission (RB) 5.00%, 01/01/24 (c) | 564,325 | ||||||
| 500,000 | State of Minnesota (RB) 5.00%, 06/01/23 (c) | 558,290 | ||||||
| 600,000 | Western Minnesota Municipal Power Agency (RB) 5.00%, 01/01/24 (c) | 686,430 | ||||||
| 1,809,045 | ||||||||
| Missouri: 1.2% | ||||||||
| Health & Educational Facilities Authority of the State of Missouri (RB) | ||||||||
| 865,000 | 4.00%, 06/01/24 (c) | 872,854 | ||||||
| 250,000 | 4.00%, 11/15/24 (c) | 238,953 | ||||||
| 50,000 | 5.00%, 06/01/20 (c) | 55,818 | ||||||
| 85,000 | 5.00%, 11/15/23 (c) | 92,823 | ||||||
| 40,000 | Missouri Joint Municipal Electric Utility Commission (RB) 5.00%, 01/01/24 (c) | 44,635 | ||||||
| 1,305,083 | ||||||||
| Montana: 0.6% | ||||||||
| 620,000 | Montana Facility Finance Authority, Sisters of Charity of Leavenworth Health System (RB) 4.75%, 01/01/20 (c) | 662,619 | ||||||
| Nebraska: 2.0% | ||||||||
| Central Plains Energy Project, Nebraska Gas Project No. 3 (RB) | ||||||||
| 1,250,000 | 5.00%, 09/01/22 (c) | 1,360,025 | ||||||
| 500,000 | 5.25%, 09/01/22 (c) | 560,520 | ||||||
| 250,000 | Omaha Public Power District (RB) 5.00%, 02/01/21 (c) | 274,785 | ||||||
| 2,195,330 | ||||||||
| Nevada: 1.2% | ||||||||
| 500,000 | Las Vegas Valley, Nevada Water District, Series B (GO) 4.00%, 06/01/22 (c) | 513,955 | ||||||
| 730,000 | Washoe County, Nevada Highway Revenue (RB) 5.00%, 02/01/19 (c) | 798,832 | ||||||
| 1,312,787 | ||||||||
| New Jersey: 2.7% | ||||||||
| 130,000 | New Jersey Educational Facilities Authority (RB) 5.00%, 07/01/24 (c) | 146,678 | ||||||
| 150,000 | New Jersey Health Care Facilities Financing Authority (RB) 5.25%, 07/01/23 (c) | 169,728 | ||||||
| New Jersey State Transportation Trust Fund Authority, Series B (RB) | ||||||||
| 1,100,000 | 5.00%, 06/15/21 (c) | 1,130,822 | ||||||
| 750,000 | 5.25%, 06/15/21 (c) | 785,025 | ||||||
See Notes to Financial Statements
| 70 |
| Principal | ||||||||
| Amount | Value | |||||||
| New Jersey: (continued) | ||||||||
| $ | 500,000 | New Jersey State Turnpike Authority (RB) 5.00%, 07/01/22 (c) | $ | 548,415 | ||||
| 150,000 | New Jersey State Turnpike Authority, Series F (RB) 5.00%, 01/01/23 (c) | 167,658 | ||||||
| 2,948,326 | ||||||||
| New York: 16.5% | ||||||||
| 255,000 | City of New York, Series A (GO) 3.50%, 08/01/24 (c) | 253,575 | ||||||
| 650,000 | City of Troy, Capital Resource Corp., Rensselaer Polytechnic Institute Project, Series A (RB) 5.13%, 09/01/20 (c) | 715,435 | ||||||
| 700,000 | Long Island Power Authority, Electric System General Revenue, Series A (RB) 5.00%, 09/01/22 (c) | 759,269 | ||||||
| Metropolitan Transportation Authority (RB) | ||||||||
| 25,000 | 4.25%, 11/15/22 (c) | 25,996 | ||||||
| 550,000 | 5.00%, 11/15/22 (c) | 606,853 | ||||||
| 375,000 | 5.00%, 05/15/23 (c) | 420,476 | ||||||
| 25,000 | 5.00%, 11/15/23 (c) | 27,628 | ||||||
| 300,000 | 5.00%, 05/15/25 (c) | 334,017 | ||||||
| Metropolitan Transportation Authority, Series E (RB) | ||||||||
| 1,000,000 | 3.50%, 11/15/22 (c) | 998,690 | ||||||
| 750,000 | 5.00%, 11/15/23 (c) | 832,905 | ||||||
| 150,000 | Nassau County, New York General Improvement, Series A (GO) 4.00%, 04/01/22 (c) | 152,534 | ||||||
| 795,000 | New York & New Jersey Port Authority, Series 163 (RB) 4.25%, 07/15/20 (c) | 842,048 | ||||||
| 305,000 | New York City Municipal Water Finance Authority, Water & Sewer System, Series AA (RB) 5.00%, 06/15/21 (c) | 339,901 | ||||||
| 600,000 | New York City Municipal Water Finance Authority, Water & Sewer System, Series CC (RB) 5.00%, 12/15/21 (c) | 666,516 | ||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue (RB) | ||||||||
| 495,000 | 5.13%, 02/01/21 (c) | 566,894 | ||||||
| 5,000 | 5.13%, 02/01/21 (c) | 5,978 | ||||||
| 700,000 | New York City Transitional Finance Authority, Future Tax Secured, Series E-1 (RB) 5.00%, 02/01/22 (c) | 787,997 | ||||||
| New York City Water & Sewer System (RB) | ||||||||
| 500,000 | 5.00%, 06/15/23 (c) | 564,215 | ||||||
| 20,000 | 5.00%, 06/15/24 (c) | 22,690 | ||||||
| 500,000 | 5.00%, 06/15/24 (c) | 562,210 | ||||||
| 845,000 | 5.00%, 06/15/24 (c) | 957,926 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| New York: (continued) | ||||||||
| $ | 1,150,000 | New York Liberty Development Corp (RB) 5.75%, 11/15/21 (c) | $ | 1,330,308 | ||||
| 700,000 | New York Liberty Development Corp., 4 World Trade Center Project (RB) 5.00%, 11/15/21 (c) | 765,492 | ||||||
| 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) | 557,780 | ||||||
| 500,000 | 6.38%, 01/15/20 (c) | 565,630 | ||||||
| 500,000 | New York Liberty Development Corp., Secured by Port Authority Consolidated Bonds (RB) 5.00%, 12/15/21 (c) | 559,230 | ||||||
| New York State Dormitory Authority (RB) | ||||||||
| 550,000 | 5.00%, 04/01/21 (c) | 624,723 | ||||||
| 300,000 | 5.00%, 03/15/23 (c) | 338,814 | ||||||
| 135,000 | 5.00%, 03/15/24 (c) | 154,624 | ||||||
| New York State Dormitory Authority, Cornell University, Series A (RB) | ||||||||
| 460,000 | 5.00%, 07/01/20 (c) | 528,241 | ||||||
| 350,000 | 5.00%, 07/01/20 (c) | 400,998 | ||||||
| 500,000 | New York State Dormitory Authority, State Personal Income Tax, Series C (RB) 5.00%, 03/15/21 (c) | 563,095 | ||||||
| 300,000 | New York State Thruway Authority (RB) 5.00%, 01/01/22 (c) | 331,371 | ||||||
| Port Authority of New York & New Jersey (RB) | ||||||||
| 50,000 | 4.00%, 01/15/22 (c) | 52,238 | ||||||
| 15,000 | 4.50%, 01/15/22 (c) | 16,110 | ||||||
| 25,000 | 5.00%, 09/01/24 (c) | 28,343 | ||||||
| Triborough Bridge & Tunnel Authority (RB) | ||||||||
| 635,000 | 4.00%, 11/15/22 (c) | 655,847 | ||||||
| 35,000 | 4.00%, 11/15/22 (c) | 36,956 | ||||||
| 17,953,553 | ||||||||
| North Carolina: 1.5% | ||||||||
| 480,000 | Charlotte-Mecklenburg Hospital Authority, Carolina HealthCare System, Series A (RB) 5.25%, 01/15/21 (c) | 533,208 | ||||||
| North Carolina Medical Care Commission, Series B (RB) | ||||||||
| 750,000 | 4.00%, 12/01/22 (c) | 757,800 | ||||||
| 250,000 | 5.00%, 12/01/22 (c) | 274,750 | ||||||
| 70,000 | Town of Cary, North Carolina Combined Utility Systems Revenue (RB) 4.00%, 12/01/22 (c) | 74,173 | ||||||
| 1,639,931 | ||||||||
| Ohio: 3.9% | ||||||||
| 500,000 | Akron Bath Copley Joint Township Hospital District (RB) 5.00%, 05/15/23 (c) | 541,175 | ||||||
See Notes to Financial Statements
| 71 |
LONG MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal | ||||||||
| Amount | Value | |||||||
| Ohio: (continued) | ||||||||
| $ | 600,000 | Butler County, Ohio Hospital Facilities Revenue (RB) 5.50%, 11/01/20 (c) | $ | 690,456 | ||||
| 1,200,000 | Northeast Ohio Regional Sewer District (RB) 5.00%, 11/15/24 (c) | 1,356,180 | ||||||
| 1,000,000 | Ohio Higer Educational Facility Commission (RB) 5.00%, 01/01/22 (c) | 1,109,620 | ||||||
| 60,000 | Ohio Higher Educational Facility Commission (RB) 4.00%, 01/01/22 (c) | 62,126 | ||||||
| 450,000 | Ohio State Hospital, University Hospital Health System, Inc., Series A (RB) 5.00%, 01/15/22 (c) | 483,390 | ||||||
| 4,242,947 | ||||||||
| Oregon: 1.5% | ||||||||
| 750,000 | Portland, Oregon Sewer System, Second Lien, Series B (RB) 4.00%, 10/01/24 (c) | 768,315 | ||||||
| 800,000 | State of Oregon (GO) 5.00%, 08/01/23 (c) | 904,768 | ||||||
| 1,673,083 | ||||||||
| Pennsylvania: 3.4% | ||||||||
| Berks County Municipal Authority (RB) | ||||||||
| 50,000 | 5.00%, 05/01/22 (c) | 54,099 | ||||||
| 55,000 | 5.00%, 05/01/22 (c) | 59,969 | ||||||
| 85,000 | Commonwealth of Pennsylvania (GO) 4.00%, 06/15/24 (c) | 87,752 | ||||||
| Dauphin County, General Authority Health System, Pinnacle Health System Project, Series A (RB) | ||||||||
| 420,000 | 4.00%, 06/01/22 (c) | 419,395 | ||||||
| 270,000 | 5.00%, 06/01/22 (c) | 287,852 | ||||||
| 500,000 | Delaware River Port Authority (RB) 5.00%, 01/01/24 (c) | 555,960 | ||||||
| 325,000 | Delaware River Port Authority, Series D (RB) 5.00%, 01/01/20 (c) | 351,712 | ||||||
| 500,000 | Monoroeville Finance Authority (RB) 5.00%, 08/15/22 (c) | 550,830 | ||||||
| 500,000 | Pennsylvania Higher Educational Facilities Authority (RB) 5.00%, 11/01/22 (c) | 533,745 | ||||||
| 5,000 | Pennsylvania Turnpike Commission (RB) 6.00%, 12/01/20 (c) | 5,891 | ||||||
| 500,000 | State College Area School District/PA (GO) (SAW) 5.00%, 03/15/25 (c) | 567,875 | ||||||
| 250,000 | Westmoreland County, Municipal Authority (RB) 5.00%, 08/15/23 (c) | 275,977 | ||||||
| 3,751,057 | ||||||||
| South Carolina: 1.1% | ||||||||
| 500,000 | South Carolina State Public Service Authority (RB) 5.50%, 12/01/23 (c) | 564,405 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| South Carolina: (continued) | ||||||||
| $ | 75,000 | South Carolina State Public Service Authority (RB) 5.00%, 12/01/21 (c) | $ | 83,981 | ||||
| 500,000 | South Carolina Transportation Infrastructure Bank, Series B (RB) 3.63%, 10/01/22 (c) | 500,795 | ||||||
| 1,149,181 | ||||||||
| Tennessee: 0.8% | ||||||||
| 100,000 | Chattanooga Health Educational & Housing Facility Board (RB) 5.25%, 01/01/23 (c) | 109,967 | ||||||
| 250,000 | Chattanooga-Hamilton County Hospital Authority (RB) 5.00%, 10/01/24 (c) | 272,497 | ||||||
| 425,000 | Rutherford County, Tennessee Health & Educational Facilities Board, Ascension Health Senior Credit Group, Series C (RB) 5.00%, 11/15/19 (c) | 467,156 | ||||||
| 849,620 | ||||||||
| Texas: 6.2% | ||||||||
| 250,000 | Austin, Texas Water and Wasterwater System (RB) 5.00%, 05/15/24 (c) | 283,152 | ||||||
| 50,000 | Central Texas Regional Mobility Authority (RB) 5.00%, 01/01/23 (c) | 55,315 | ||||||
| 225,000 | City Public Service Board of San Antonio, Texas (RB) 5.00%, 02/01/24 (c) | 253,096 | ||||||
| 500,000 | Dallas, Texas Fort Worth International Airport (RB) 5.00%, 11/01/20 (c) | 555,070 | ||||||
| 180,000 | Houston Community College System (GO) 5.00%, 02/15/20 (c) | 200,828 | ||||||
| 625,000 | Houston, Texas Combine Utility System, First Lien, Series D (RB) 5.00%, 11/15/21 (c) | 686,550 | ||||||
| 500,000 | Houston, Texas Higher Education Finance Corp., Rice University Project, Series A (RB) 5.00%, 05/15/20 (c) | 565,525 | ||||||
| Lower Colorado River Authority (RB) | ||||||||
| 680,000 | 4.00%, 05/15/22 (c) | 682,890 | ||||||
| 505,000 | 4.00%, 05/15/22 (c) | 513,045 | ||||||
| 1,000,000 | 5.00%, 05/15/23 (c) | 1,093,200 | ||||||
| 300,000 | Southwest Independent School District (GO) 5.00%, 02/01/22 (c) | 334,218 | ||||||
| 200,000 | Tarrant County Cultural Education Facilities Finance Corp (RB) 4.00%, 05/15/23 (c) | 197,414 | ||||||
| 1,250,000 | Texas Transportation Commission, Series A (RB) 5.00%, 08/15/22 (c) | 1,369,487 | ||||||
| 6,789,790 | ||||||||
See Notes to Financial Statements
| 72 |
| Principal | ||||||||
| Amount | Value | |||||||
| Utah: 0.5% | ||||||||
| $ | 500,000 | Utah Transit Authority (RB) 4.00%, 06/15/22 (c) | $ | 506,475 | ||||
| Virginia: 1.7% | ||||||||
| 500,000 | Virginia College Building Authority, Liberty University Projects (RB) 5.00%, 03/01/20 (c) | 557,880 | ||||||
| 750,000 | Virginia Commonwealth University Health System Authority (RB) 4.75%, 07/01/21 (c) | 807,502 | ||||||
| 500,000 | Virginia Small Business Financing Authority (RB) 4.00%, 10/01/24 (c) | 493,245 | ||||||
| 1,858,627 | ||||||||
| Washington: 3.6% | ||||||||
| King County, Washington Sewer Revenue (RB) | ||||||||
| 500,000 | 5.00%, 07/01/20 (c) | 559,070 | ||||||
| 575,000 | 5.00%, 01/01/22 (c) | 639,492 | ||||||
| 250,000 | Snohomish County, Washington Limited Tax, Series A (GO) 4.00%, 06/01/20 (c) | 259,885 | ||||||
| 550,000 | State of Washington (GO) 5.00%, 08/01/20 (c) | 642,394 | ||||||
| 700,000 | University of Washington, General Revenue & Refunding Bonds, 2011-A (RB) 5.00%, 04/01/21 (c) | 803,796 | ||||||
| 390,000 | Washington Health Care Facilities Authority, Catholic Health Initiative, Series A (RB) 5.00%, 02/01/21 (c) | 419,316 | ||||||
| 585,000 | Washington Health Care Facilities Authority, Providence Health & Services, Series A (RB) 5.00%, 04/01/20 (c) | 637,989 | ||||||
| 3,961,942 | ||||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Wisconsin: 0.9% | ||||||||
| $ | 780,000 | University of Wisconsin Hospitals & Clinics Authority, Series A (RB) 4.00%, 04/01/23 (c) | $ | 782,605 | ||||
| 165,000 | Wisconsin Health & Educational Facilities Authority (RB) 4.00%, 08/15/23 (c) | 167,787 | ||||||
| 950,392 | ||||||||
| Total Municipal Bonds (Cost: $103,682,216) | 106,799,396 | |||||||
| Number of Shares | ||||||||
| MONEY MARKET FUND: 0.5% (Cost: $567,437) | ||||||||
| 567,437 | Dreyfus Tax Exempt Cash Management Fund — Class B Shares | 567,437 | ||||||
| Total Investments: 98.7% (Cost: $104,249,653) | 107,366,833 | |||||||
| Other assets less liabilities: 1.3% | 1,405,026 | |||||||
| NET ASSETS: 100.0% | $ | 108,771,859 | ||||||
| AGM | Assured Guaranty Municipal Corp. |
| CP | Certificate of Participation |
| GO | General Obligation |
| Q-SBLF | Qualified School Board Loan Fund |
| RB | Revenue Bond |
| SAW | State Aid Withholding |
| (c) | Callable Security — the redemption date shown is when the security may be redeemed by the issuer |
See Notes to Financial Statements
| 73 |
LONG MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Summary of Investments | ||||||||
| By Sector (unaudited) | % of Investments | Value | ||||||
| Airport | 1.0 | % | $ | 1,130,421 | ||||
| Development | 4.1 | 4,395,189 | ||||||
| Education | 1.1 | 1,221,083 | ||||||
| Facilities | 1.1 | 1,223,987 | ||||||
| General Obligation | 19.9 | 21,355,373 | ||||||
| Higher Education | 9.1 | 9,762,806 | ||||||
| Medical | 23.3 | 24,990,208 | ||||||
| Nursing Homes | 0.4 | 380,332 | ||||||
| Power | 3.3 | 3,505,963 | ||||||
| School District | 3.3 | 3,535,489 | ||||||
| Transportation | 19.3 | 20,677,535 | ||||||
| Utilities | 4.4 | 4,774,835 | ||||||
| Water | 9.2 | 9,846,175 | ||||||
| Money Market Fund | 0.5 | 567,437 | ||||||
| 100.0 | % | $ | 107,366,833 | |||||
The summary of inputs used to value the Fund’s investments as of April 30, 2015 is as follows:
| Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs | Value | ||||||||||||
| Municipal Bonds* | $ | — | $ | 106,799,396 | $ | — | $ | 106,799,396 | |||||||
| Money Market Fund | 567,437 | — | — | 567,437 | |||||||||||
| Total | $ | 567,437 | $ | 106,799,396 | $ | — | $ | 107,366,833 | |||||||
| * | See Schedule of Investments for security type and geographic sector breakouts. |
There were no transfers between levels during the year ended April 30, 2015.
See Notes to Financial Statements
| 74 |
PRE-REFUNDED MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
April 30, 2015
| Principal | ||||||||
| Amount | Value | |||||||
| MUNICIPAL BONDS: 97.4% | ||||||||
| Alabama: 0.9% | ||||||||
| $ | 190,000 | Alabama Public School & College Authority (RB) 5.00%, 12/01/17 (c) | $ | 210,326 | ||||
| California: 10.1% | ||||||||
| 300,000 | California State Economic Recovery, Series A (GO) 5.00%, 07/01/19 (c) | 346,863 | ||||||
| 130,000 | California State Public Works Board, Various University of California Projects, Series B (RB) 5.00%, 06/01/18 | 146,283 | ||||||
| 165,000 | California State Public Works Board, Various University of California Projects, Series E (RB) 5.00%, 04/01/19 (c) | 189,806 | ||||||
| 200,000 | City of Los Angeles Department of Airports (RB) 5.25%, 05/15/18 (c) | 226,056 | ||||||
| 250,000 | Clovis California Unified School District, Series A (GO) 3.95%, 08/01/19 ^ | 237,238 | ||||||
| 330,000 | Foothill Eastern Transportation Corridor Agency California, Senior Lien Series A (RB) 3.53%, 01/01/20 ^ | 309,533 | ||||||
| 330,000 | Los Angeles Unified School District, Series F (GO) (FGIC) 5.00%, 07/01/16 (c) | 347,995 | ||||||
| 330,000 | Orange County, California Water District Revenue, Series B (CP) (NATL) 5.00%, 08/15/32 (c) | 423,119 | ||||||
| 2,226,893 | ||||||||
| Colorado: 7.6% | ||||||||
| 315,000 | City and County of Denver, Justice System Facilities (GO) 5.00%, 08/01/16 (c) | 333,292 | ||||||
| Colorado Regional Transportation District, FasTracks Project, Series A (RB) (AMBAC) | ||||||||
| 80,000 | 4.38%, 11/01/16 (c) | 84,716 | ||||||
| 600,000 | 5.00%, 11/01/16 (c) | 640,932 | ||||||
| 570,000 | 5.00%, 11/01/16 (c) | 608,885 | ||||||
| 25,000 | Eagle County School District No. Re-50J (GO) (AGM) (SAW) 5.00%, 12/01/16 (c) | 26,772 | ||||||
| 1,694,597 | ||||||||
| Florida: 1.6% | ||||||||
| 190,000 | Hillsborough County, Florida Junior Lien Capital Improvement Program Refunding Revenue (RB) 5.00%, 08/01/16 | 201,033 | ||||||
| 130,000 | Hillsborough County, Industrial Development Authority Revenue (RB) 5.63%, 08/15/18 (c) | 149,521 | ||||||
| 350,554 | ||||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Georgia: 1.0% | ||||||||
| $ | 200,000 | Georgia State, Series G (GO) 5.00%, 12/01/17 (c) | $ | 221,668 | ||||
| Hawaii: 0.9% | ||||||||
| 180,000 | State of Hawaii, Series DJ (GO) (AMBAC) 5.00%, 04/01/17 (c) | 195,055 | ||||||
| Illinois: 19.3% | ||||||||
| Illinois Finance Authority, The University of Chicago, Series B (RB) | ||||||||
| 25,000 | 5.50%, 07/01/18 (c) | 28,477 | ||||||
| 425,000 | 5.50%, 07/01/18 (c) | 484,113 | ||||||
| 600,000 | 5.50%, 07/01/18 (c) | 683,454 | ||||||
| 900,000 | 5.75%, 07/01/18 (c) | 1,032,147 | ||||||
| 520,000 | Illinois State Toll Highway Authority, Senior Priority Series A-1 (RB) (AGM) 5.00%, 07/01/16 (c) | 548,168 | ||||||
| Illinois State Toll Highway Authority, Senior Priority Series A-2 (RB) (AGM) | ||||||||
| 500,000 | 5.00%, 07/01/16 (c) | 527,085 | ||||||
| 555,000 | 5.00%, 07/01/16 (c) | 585,064 | ||||||
| Metropolitan Water Reclamation District of Greater Chicago (GO) | ||||||||
| 25,000 | 5.00%, 12/01/16 (c) | 26,772 | ||||||
| 330,000 | 5.00%, 12/01/16 (c) | 353,387 | ||||||
| 4,268,667 | ||||||||
| Kentucky: 1.2% | ||||||||
| 240,000 | Louisville & Jefferson County, Kentucky Metro Government Health, Jewish Hospital & Saint Mary’s Health Care (RB) 6.13%, 02/01/18 (c) | 273,636 | ||||||
| Maryland: 9.3% | ||||||||
| County of Baltimore, Catholic Health Initiatives, Series A (RB) | ||||||||
| 50,000 | 4.50%, 09/01/16 (c) | 52,530 | ||||||
| 50,000 | 5.00%, 09/01/16 (c) | 52,859 | ||||||
| County of Montgomery, Public Improvement, Series A (GO) | ||||||||
| 420,000 | 5.00%, 07/01/19 (c) | 485,608 | ||||||
| 110,000 | 5.00%, 07/01/19 (c) | 127,183 | ||||||
| 450,000 | State of Maryland, Second Series A (GO) 5.00%, 08/15/17 (c) | 494,937 | ||||||
| State of Maryland, Second Series B (GO) | ||||||||
| 390,000 | 5.00%, 08/01/19 (c) | 451,238 | ||||||
| 340,000 | 5.00%, 08/15/19 (c) | 393,866 | ||||||
| 2,058,221 | ||||||||
| Massachusetts: 8.4% | ||||||||
| 250,000 | Commonwealth of Massachusetts, Series E (GO) (AMBAC) 5.00%, 11/01/16 (c) | 267,055 | ||||||
| 930,000 | Massachusetts Bay Transportation Authority, Series C (RB) 5.00%, 07/01/18 (c) | 1,048,045 | ||||||
| 250,000 | Massachusetts State Water Resources Authority, Series A (RB) 6.50%, 07/15/19 | 276,823 | ||||||
See Notes to Financial Statements
| 75 |
PRE-REFUNDED MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal | ||||||||
| Amount | Value | |||||||
| Massachusetts: (continued) | ||||||||
| $ | 250,000 | Massachusetts Water Pollution Abatement Trust, Pool Program, Series 13 (RB) 5.00%, 08/01/17 (c) | $ | 273,955 | ||||
| 1,865,878 | ||||||||
| Michigan: 0.3% | ||||||||
| 55,000 | Royal Oak Hospital Finance Authority, William Beaumont Hospital Obligated Group, Series V (RB) 8.00%, 09/01/18 (c) | 67,528 | ||||||
| Missouri: 1.2% | ||||||||
| 230,000 | Curators of the University of Missouri System Facilities, Series A (RB) 5.00%, 11/01/17 (c) | 254,783 | ||||||
| Nebraska: 1.0% | ||||||||
| 200,000 | Nebraska Public Power District, Series B (RB) 5.00%, 01/01/18 (c) | 221,300 | ||||||
| New York: 4.2% | ||||||||
| 200,000 | New York Metropolitan Transportation Authority, Dedicated Tax, Series A (RB) (NATL) 6.00%, 04/01/20 | 231,492 | ||||||
| 100,000 | Triborough Bridge & Tunnel Authority, Series A (RB) 5.00%, 05/15/18 (c) | 111,900 | ||||||
| 475,000 | Triborough Bridge & Tunnel Authority, Series B (RB) 5.50%, 01/01/22 (c) | 587,337 | ||||||
| 930,729 | ||||||||
| North Carolina: 0.1% | ||||||||
| 25,000 | North Carolina Infrastructure Finance Corp., Series A
(CP) (AGM) 5.00%, 05/01/17 (c) | 27,182 | ||||||
| Oklahoma: 1.5% | ||||||||
| 295,000 | Oklahoma Municipal Power Authority, Power Supply System, Series A (RB) 5.88%, 01/01/18 (c) | 332,757 | ||||||
| Oregon: 2.9% | ||||||||
| 200,000 | North Clackamas School District No. 12, Series B (GO) (AGM) (SBG) 5.00%, 06/15/17 (c) | 218,298 | ||||||
| 20,000 | Redmond School District No. 2J, Deschutes and Jefferson Counties, Series A (GO) (SBG) 5.50%, 06/15/18 (c) | 22,776 | ||||||
| 345,000 | State of Oregon Department of Transportation, Senior Lien, Series A (RB) 5.00%, 05/15/19 (c) | 395,518 | ||||||
| 636,592 | ||||||||
| Pennsylvania: 1.6% | ||||||||
| 10,000 | Central Bucks School District (GO) (SAW) 5.00%, 05/15/18 (c) | 11,212 | ||||||
| 300,000 | Commonwealth of Pennsylvania, Series A (GO) 5.00%, 11/01/17 (c) | 332,325 | ||||||
| 343,537 | ||||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Puerto Rico: 3.5% | ||||||||
| $ | 370,000 | Commonwealth of Puerto Rico (GO) 5.25%, 07/01/16 (c) | $ | 390,798 | ||||
| 370,000 | Puerto Rico Highways & Transportation Authority (RB) 5.50%, 07/01/16 (c) | 392,533 | ||||||
| 783,331 | ||||||||
| Texas: 7.4% | ||||||||
| 330,000 | Harris County Health Facilities Development Corp. (RB) 7.25%, 12/01/18 (c) | 401,026 | ||||||
| 275,000 | Texas Transportation Commission, State Highway Fund, First Tier, Series A (RB) 5.00%, 04/01/16 (c) | 286,808 | ||||||
| 905,000 | Waco Health Facilities Development Corp., FHA Insured Mortgage Revenue, Hillcrest Health System Project (RB) (FHA) (NATL) 4.50%, 08/01/16 (c) | 951,960 | ||||||
| 1,639,794 | ||||||||
| Utah: 2.7% | ||||||||
| 535,000 | State of Utah, Series A (GO) 5.00%, 07/01/18 (c) | 602,908 | ||||||
| Virginia: 3.1% | ||||||||
| 595,000 | Richmond Metropolitan Authority (RB) 5.25%, 07/15/22 | 693,348 | ||||||
| Washington: 6.2% | ||||||||
| 250,000 | City of Seattle, Solid Waste Revenue (RB) (NATL) 5.00%, 02/01/17 (c) | 269,088 | ||||||
| 50,000 | Washington State Various Purpose, Motor Vehicle Fuel Tax, Series D (GO) 5.00%, 01/01/18 (c) | 55,325 | ||||||
| 515,000 | Washington State Various Purpose, Series A (GO) 5.00%, 07/01/17 (c) | 563,106 | ||||||
| Washington State Various Purpose, Series C (GO) | ||||||||
| 225,000 | 5.00%, 01/01/18 (c) | 248,963 | ||||||
| 205,000 | 5.00%, 01/01/18 (c) | 226,833 | ||||||
| 1,363,315 | ||||||||
| Wisconsin: 1.4% | ||||||||
| 285,000 | Wisconsin Department of Transportation, Series A (RB) 5.00%, 07/01/18 (c) | 320,699 | ||||||
| Total Municipal Bonds (Cost: $21,443,415) |
21,583,298 | |||||||
| Number | ||||||||
| of Shares | ||||||||
| MONEY MARKET FUND: 1.2% (Cost: $261,604) | ||||||||
| 261,604 | Dreyfus Tax Exempt Cash Management Fund — Class B Shares | 261,604 | ||||||
| Total Investments: 98.6% (Cost: $21,705,019) |
21,844,902 | |||||||
| Other assets less liabilities: 1.4% | 314,847 | |||||||
| NET ASSETS: 100.0% | $ | 22,159,749 | ||||||
See Notes to Financial Statements
| 76 |
| 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 | ||||||||
| Airport | 1.0 | % | $ | 226,056 | ||||||
| Education | 1.0 | 210,326 | ||||||||
| Facilities | 1.7 | 363,271 | ||||||||
| General Obligation | 32.3 | 7,062,033 | ||||||||
| Higher Education | 1.2 | 254,783 | ||||||||
| Medical | 19.1 | 4,177,251 | ||||||||
| Pollution | 1.2 | 269,088 | ||||||||
| Power | 2.5 | 554,057 | ||||||||
| School District | 4.0 | 864,291 | ||||||||
| Transportation | 32.3 | 7,051,364 | ||||||||
| Water | 2.5 | 550,778 | ||||||||
| Money Market Fund | 1.2 | 261,604 | ||||||||
| 100.0 | % | $ | 21,844,902 | |||||||
The summary of inputs used to value the Fund’s investments as of April 30, 2015 is as follows:
| Level 1 Quoted Prices |
Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | ||||||||||||
| Municipal Bonds* | $ | — | $ | 21,583,298 | $ | — | $ | 21,583,298 | |||||||
| Money Market Fund | 261,604 | — | — | 261,604 | |||||||||||
| Total | $ | 261,604 | $ | 21,583,298 | $ | — | $ | 21,844,902 | |||||||
| * | See Schedule of Investments for security type and geographic sector breakouts. |
There were no transfers between levels during the year ended April 30, 2015.
See Notes to Financial Statements
| 77 |
SHORT HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
April 30, 2015
| Principal | ||||||||
| Amount | Value | |||||||
| MUNICIPAL BONDS: 96.9% | ||||||||
| Alabama: 0.4% | ||||||||
| $ | 300,000 | Alabama Industrial Development Authority, Solid Waste Disposal, Pine City Fiber Company Project (RB) 6.45%, 06/04/15 (c) | $ | 301,198 | ||||
| 60,000 | Health Care Authority of Cullman County, Series A (RB) 6.25%, 02/01/19 (c) | 65,314 | ||||||
| 366,512 | ||||||||
| Arizona: 5.7% | ||||||||
| Arizona Health Facilities Authority, Phoenix Children’s Hospital, Series A (RB) | ||||||||
| 800,000 | 5.00%, 02/01/20 | 917,728 | ||||||
| 250,000 | 5.00%, 02/01/21 | 291,350 | ||||||
| 1,175,000 | Arizona Health Facilities Authority, The Beatitudes Campus Project (RB) 5.10%, 10/01/16 (c) | 1,194,058 | ||||||
| 250,000 | Industrial Development Authority of Phoenix, Great Hearts Academies Project, Series A (RB) 3.75%, 07/01/24 | 252,895 | ||||||
| Industrial Development Authority of the City of Phoenix, Series A (RB) | ||||||||
| 500,000 | 3.00%, 07/01/20 | 502,130 | ||||||
| 500,000 | 4.00%, 07/01/25 | 511,730 | ||||||
| 800,000 | Industrial Development Authority of the Town of Florence, Inc., Legacy Traditional School Project (RB) 5.00%, 07/01/23 | 879,104 | ||||||
| 10,000 | Mohave County Industrial Development Authority, Correctional Facilities Contract Revenue (RB) 7.50%, 05/01/19 | 11,409 | ||||||
| 1,000,000 | Peoria Industrial Development Authority, Sierra Winds Life Care Community Project, Series A (RB) 5.00%, 11/15/19 | 1,049,470 | ||||||
| Salt Verde Financial Corp. (RB) | ||||||||
| 50,000 | 5.25%, 12/01/23 | 60,079 | ||||||
| 15,000 | 5.25%, 12/01/24 | 18,151 | ||||||
| 5,688,104 | ||||||||
| California: 7.7% | ||||||||
| Alameda Corridor Transportation Authority, Sub Lien, Series A (RB) (AMBAC) | ||||||||
| 155,000 | 1.88%, 10/01/18 ^ | 142,665 | ||||||
| 160,000 | 1.97%, 10/01/17 ^ | 152,376 | ||||||
| 50,000 | 2.51%, 10/01/20 ^ | 42,453 | ||||||
| 315,000 | California Communities Development Authority, Daughters of Charity Health System, Series G (RB) 5.00%, 07/01/15 (c) | 282,788 | ||||||
| 500,000 | California Municipal Finance Authority, Julian Charter School Project, Series A (RB) 5.00%, 03/01/25 | 509,690 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| California: (continued) | ||||||||
| $ | 150,000 | California Municipal Finance Authority, Rocketship Education, Series A (RB) 6.00%, 06/01/22 (c) | $ | 162,654 | ||||
| 50,000 | California Pollution Control Financing Authority, Pacific Gas and Electric Co. (RB) (FGIC) 4.75%, 06/01/17 (c) | 53,314 | ||||||
| 600,000 | City of San Buenaventura, Community Memorial Health System (RB) 6.50%, 12/01/21 | 722,022 | ||||||
| 250,000 | Foothill Transportation Corridor Agency, Tall Road Revenue, Series B-2 (RB) 5.00%, 07/15/19 (c) (p) | 278,850 | ||||||
| 600,000 | Foothill Transportation Corridor Agency, Tall Road Revenue, Series B-3 (RB) 5.50%, 07/15/22 (c) (p) | 697,230 | ||||||
| 750,000 | Foothill-Eastern Transportation Corridor Agency, Series B (RB) 5.00%, 07/15/17 (c) (p) | 807,795 | ||||||
| 400,000 | Golden State Tobacco Securitization Corp., Series A-1 (RB) 5.00%, 06/01/17 | 432,904 | ||||||
| Inland Empire Tobacco Securitization Authority, Series A (RB) | ||||||||
| 140,000 | 4.63%, 06/01/17 (c) | 138,428 | ||||||
| 600,000 | 5.00%, 06/01/17 (c) | 600,096 | ||||||
| 250,000 | Lake Elsinore Public Financing Authority (ST) 5.00%, 09/01/24 | 287,317 | ||||||
| 15,000 | Oakland Unified School District, Series A (GO) 6.25%, 08/01/19 | 17,759 | ||||||
| 500,000 | Poway Unified School District Public Financing Authority, Series A (ST) 5.00%, 09/01/24 | 596,020 | ||||||
| 100,000 | San Francisco Redevelopment Agency, Community Facilities District No. 6, Series A (ST) 5.00%, 08/01/22 (c) | 114,488 | ||||||
| 500,000 | San Joaquin Hills Transportation Corridor Agency, Series A (RB) 5.00%, 01/15/17 | 531,940 | ||||||
| San Jose Redevelopment Agency, Series D (AMBAC) (TA) | ||||||||
| 10,000 | 5.00%, 08/01/16 | 10,503 | ||||||
| 100,000 | 5.00%, 08/01/17 (c) | 107,629 | ||||||
| 210,000 | Vernon City, California, Electric System Revenue, Series A (RB) 5.13%, 08/01/19 (c) | 232,121 | ||||||
| 745,000 | Western Hills Water District, Diablo Grande Community Facilities District No. 1 (ST) 4.00%, 09/01/21 | 747,108 | ||||||
| 7,668,150 | ||||||||
| Colorado: 0.2% | ||||||||
| 250,000 | Colorado Health Facilities Authority, Health and Residential, Volunteers of America Care Facilities (RB) 5.20%, 06/04/15 (c) | 250,385 | ||||||
See Notes to Financial Statements
| 78 |
| Principal | ||||||||
| Amount | Value | |||||||
| Connecticut: 0.4% | ||||||||
| $ | 150,000 | Connecticut State Resources Recovery Authority, American Refunding Fuel Comp. Project, Series A (RB) 6.45%, 06/04/15 (c) | $ | 150,135 | ||||
| 200,000 | Harbor Point Infrastructure Improvement District, Harbor Point Project, Series A (TA) 7.00%, 04/01/20 (c) | 226,218 | ||||||
| 376,353 | ||||||||
| Florida: 1.2% | ||||||||
| 200,000 | County of Alachua, Industrial Development, Florida Retirement Village, Inc. Project, Series A (RB) 5.63%, 11/15/17 (c) | 206,620 | ||||||
| 250,000 | Northern Palm Beach County Improvement District, Unit of Development No. 2C (SA) 4.50%, 08/01/24 | 251,227 | ||||||
| 500,000 | Palm Beach County Health Facilities Authority, Sinai Residences of Boca Raton Project, Series C (RB) 6.00%, 06/01/21 | 543,315 | ||||||
| 200,000 | Village Community Development District No. 10 (SA) 4.50%, 05/01/22 (c) | 218,260 | ||||||
| 1,219,422 | ||||||||
| Georgia: 0.8% | ||||||||
| 750,000 | DeKalb County, Georgia Hospital Authority, Dekalb Medical Center, Inc. Project (RB) 5.25%, 09/01/20 | 839,115 | ||||||
| Guam: 1.9% | ||||||||
| A. B. Won Pat International Airport Authority, Series C (RB) | ||||||||
| 25,000 | 5.00%, 10/01/16 | 26,290 | ||||||
| 45,000 | 5.00%, 10/01/17 | 48,657 | ||||||
| 1,000,000 | 5.00%, 10/01/21 | 1,142,140 | ||||||
| Government of Guam, Series A (GO) | ||||||||
| 150,000 | 5.00%, 11/15/17 (c) | 157,007 | ||||||
| 445,000 | 6.00%, 11/15/19 | 489,042 | ||||||
| 1,863,136 | ||||||||
| Hawaii: 0.2% | ||||||||
| 165,000 | Kuakini, Hawaii Health System, Special Purpose Revenue, Series A (RB) 6.30%, 06/04/15 (c) | 165,686 | ||||||
| Idaho: 0.7% | ||||||||
| 500,000 | Idaho Health Facilities Authority, Series B-1 (RB) 6.50%, 10/01/15 (c) | 502,800 | ||||||
| 200,000 | Idaho Health Facilities Authority, Series B-2 (RB) 6.00%, 10/01/15 (c) | 200,884 | ||||||
| 703,684 | ||||||||
| Illinois: 5.9% | ||||||||
| 250,000 | Chicago Board of Education, Series F (GO) 5.00%, 12/01/19 | 261,087 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Illinois: (continued) | ||||||||
| $ | 405,000 | City of Chicago, Series A-2 (GO) (AMBAC) 5.50%, 01/01/18 | $ | 429,328 | ||||
| 60,000 | Illinois Finance Authority, Institute of technology, Series A (RB) 5.00%, 04/01/16 (c) | 61,562 | ||||||
| 70,000 | Illinois Finance Authority, Park Place of Elmhurst Project, Series A (RB) 8.00%, 05/26/15 (c) | 42,023 | ||||||
| 150,000 | Illinois Finance Authority, Peace Village (RB) 5.25%, 08/15/23 | 157,628 | ||||||
| 25,000 | Illinois Finance Authority, Swedish Covenant Hospital, Series A (RB) 5.50%, 02/15/20 (c) | 28,333 | ||||||
| 1,000,000 | Illinois Finance Authority, The Admiral At The Lake Project, Series A (RB) 7.63%, 05/15/20 (c) | 1,167,570 | ||||||
| 60,000 | Illinois Finance Authority, The Admiral At The Lake Project, Series D-1 (RB) 7.00%, 05/26/15 (c) | 60,119 | ||||||
| Illinois Railsplitter Tobacco Settlement Authority (RB) | ||||||||
| 95,000 | 5.00%, 06/01/17 | 102,468 | ||||||
| 700,000 | 5.00%, 06/01/18 | 773,507 | ||||||
| 590,000 | 5.00%, 06/01/19 | 665,538 | ||||||
| 625,000 | 5.25%, 06/01/20 | 724,794 | ||||||
| 40,000 | 5.25%, 06/01/21 | 46,998 | ||||||
| 25,000 | 5.38%, 06/01/21 | 29,551 | ||||||
| 995,000 | 5.50%, 06/01/21 (c) | 1,177,563 | ||||||
| 105,000 | Metropolitan Pier and Exposition Authority, Dedicated State Tax Revenue (RB) 1.23%, 06/15/17 ^ | 102,445 | ||||||
| 5,830,514 | ||||||||
| Indiana: 0.8% | ||||||||
| 10,000 | City of Anderson Economic Development, Anderson University Project (RB) 4.75%, 06/04/15 (c) | 10,004 | ||||||
| 265,000 | Indiana Finance Authority, Environmental Improvement Revenue, United States Steel Corp. Project (RB) 6.00%, 12/01/19 | 295,963 | ||||||
| 385,000 | Indiana Finance Authority, Ohio River Bridges East End Crossing Project, Series B (RB) 5.00%, 01/01/17 (c) | 410,283 | ||||||
| 70,000 | Indianapolis Airport Authority, Federal Express Corp. Project (RB) 5.10%, 01/15/17 | 74,743 | ||||||
| 790,993 | ||||||||
| Iowa: 3.1% | ||||||||
| 410,000 | City of Coralville, Marriott Hotel and Convention Center, Series D (CP) 5.25%, 06/01/16 (c) | 413,596 | ||||||
See Notes to Financial Statements
| 79 |
SHORT HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal | ||||||||
| Amount | Value | |||||||
| Iowa: (continued) | ||||||||
| Iowa Finance Authority, Iowa Fertilizer Company Project (RB) | ||||||||
| $ | 590,000 | 5.00%, 12/01/19 | $ | 639,265 | ||||
| 750,000 | 5.50%, 12/01/18 (c) | 801,757 | ||||||
| Iowa Higher Education Loan Authority, Wartburg College Project (RB) | ||||||||
| 700,000 | 2.50%, 10/01/20 | 694,036 | ||||||
| 500,000 | 4.00%, 10/01/25 | 501,255 | ||||||
| 3,049,909 | ||||||||
| Kansas: 0.0% | ||||||||
| 30,000 | Overland Park Development Corp., Overland Park Convention Center Hotel, Series B (RB) (AMBAC) 5.13%, 01/01/17 (c) | 30,626 | ||||||
| Kentucky: 1.0% | ||||||||
| 10,000 | Kentucky Economic Development Finance Authority, Owensboro Medical Health System, Inc., Series A (RB) 5.25%, 06/01/20 (c) | 11,323 | ||||||
| 925,000 | Kentucky Public Transportation Infrastructure Authority, Downtown Crossing Project, Series A (RB) 5.00%, 07/01/17 | 1,003,902 | ||||||
| 1,015,225 | ||||||||
| Louisiana: 6.7% | ||||||||
| City of New Orleans, Louisiana Sewerage Service (RB) | ||||||||
| 750,000 | 5.00%, 06/01/18 | 829,237 | ||||||
| 975,000 | 5.00%, 06/01/19 | 1,099,829 | ||||||
| 670,000 | 5.00%, 06/01/20 | 767,525 | ||||||
| 20,000 | 5.00%, 06/01/22 | 23,321 | ||||||
| 850,000 | Louisiana Local Government Environmental Facilities & Community Development Authority, Series A (RB) 5.50%, 11/15/25 | 867,620 | ||||||
| 70,000 | Louisiana Public Facilities Authority, Lake Charles Memorial Hospital Project (RB) 6.25%, 12/01/19 | 77,053 | ||||||
| 415,000 | Louisiana Public Facilities Authority, Progressive Healthcare Providers (RB) 6.38%, 06/04/15 (c) (d) | 141,100 | ||||||
| 750,000 | Louisiana Public Facilities Authority, Solid Waste Disposal Revenue, Series A (RB) 7.50%, 07/01/23 | 770,557 | ||||||
| 710,000 | Parish of St. Charles, Valero Project (RB) 4.00%, 06/01/22 (p) | 763,364 | ||||||
| Tobacco Settlement Financing Corp., Series A (RB) | ||||||||
| 230,000 | 5.00%, 05/15/20 | 266,667 | ||||||
| 900,000 | 5.00%, 05/15/21 | 1,051,488 | ||||||
| 6,657,761 | ||||||||
| Maine: 0.3% | ||||||||
| 90,000 | Health and Higher Education Facilities Authority (RB) 5.00%, 07/01/19 | 99,124 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Maine: (continued) | ||||||||
| $ | 140,000 | Maine Health and Higher Educational Facilities Authority (RB) 5.00%, 07/01/20 | $ | 156,038 | ||||
| 255,162 | ||||||||
| Maryland: 1.7% | ||||||||
| 500,000 | City of Westminster, The Lutheran Village at Millers Grant, Inc. (RB) 4.88%, 07/01/23 | 522,725 | ||||||
| 500,000 | Maryland Health and Higher Educational Facilities Authority (RB) 5.00%, 07/01/24 | 590,935 | ||||||
| Mayor and City Council of Baltimore, Convention Center Hotel, Series A (RB) (XLCA) | ||||||||
| 110,000 | 5.25%, 09/01/16 (c) | 114,140 | ||||||
| 210,000 | 5.25%, 09/01/16 (c) | 218,744 | ||||||
| 220,000 | 5.25%, 09/01/16 (c) | 231,620 | ||||||
| 1,678,164 | ||||||||
| Massachusetts: 0.2% | ||||||||
| 125,000 | Massachusetts Development Finance Agency, Series H (RB) 5.00%, 07/01/16 | 130,079 | ||||||
| 25,000 | Massachusetts Health & Educational Facilities Authority (RB) 5.00%, 07/01/20 (c) | 28,031 | ||||||
| 158,110 | ||||||||
| Michigan: 5.2% | ||||||||
| 600,000 | Detroit Wayne County Stadium Authority (RB) 5.00%, 10/01/16 | 601,908 | ||||||
| 250,000 | Michigan Finance Authority, Sewage Disposal System, Series C-6 (RB) 5.00%, 07/01/16 | 261,102 | ||||||
| Michigan Finance Authority, Sewage Disposal System, Series C-8 (RB) | ||||||||
| 250,000 | 5.00%, 07/01/16 | 260,335 | ||||||
| 250,000 | 5.00%, 07/01/17 | 268,985 | ||||||
| 250,000 | 5.00%, 07/01/18 | 274,832 | ||||||
| Michigan Finance Authority, Water Supply System, Series D-4 (RB) | ||||||||
| 500,000 | 5.00%, 07/01/16 | 522,205 | ||||||
| 750,000 | 5.00%, 07/01/17 | 812,130 | ||||||
| 900,000 | Michigan Solid Waste Disposal, Genesee Power Station Project (RB) 7.50%, 06/04/15 (c) | 900,180 | ||||||
| 500,000 | Michigan Strategic Fund, Series A (TA) 4.12%, 07/01/18 (c) (p) | 508,640 | ||||||
| Michigan Tobacco Settlement Finance Authority, Series A (RB) | ||||||||
| 800,000 | 5.13%, 06/01/17 (c) | 718,632 | ||||||
| 90,000 | 5.25%, 06/01/17 (c) | 81,466 | ||||||
| 5,210,415 | ||||||||
| Mississippi: 0.0% | ||||||||
| 30,000 | Mississippi Business Finance Corp., System Energy Resources, Inc. (RB) 5.88%, 06/01/15 (c) | 30,205 | ||||||
See Notes to Financial Statements
| 80 |
| Principal | ||||||||
| Amount | Value | |||||||
| Missouri: 0.3% | ||||||||
| $ | 140,000 | Kansas City, Missouri Industrial Development Authority, Missouri Health Care Facilities First Mortgage, Series A (RB) 6.25%, 06/04/15 (c) | $ | 140,430 | ||||
| 120,000 | St. Louis, Missouri Industrial Development Authority, Confluence Academy Project, Series A (RB) 5.00%, 06/15/15 (c) | 121,684 | ||||||
| 262,114 | ||||||||
| Nebraska: 0.2% | ||||||||
| 200,000 | Public Power Generation Agency, Whelan Energy Center Unit 2, Series A (RB) (AMBAC) 5.00%, 01/01/17 (c) | 211,636 | ||||||
| New Hampshire: 0.0% | ||||||||
| 15,000 | New Hampshire Higher Educational and Health Facilities Authority, Franklin Pierce College (RB) (ACA) 5.25%, 06/04/15 (c) | 14,639 | ||||||
| New Jersey: 5.3% | ||||||||
| 85,000 | City of Atlantic City, Series A (GO) 5.50%, 02/15/18 | 74,256 | ||||||
| New Jersey Economic Development Authority, Cigarette Tax Revenue (RB) | ||||||||
| 100,000 | 5.00%, 06/15/16 | 104,682 | ||||||
| 750,000 | 5.00%, 06/15/17 | 805,965 | ||||||
| 600,000 | 5.00%, 06/15/19 | 672,450 | ||||||
| 150,000 | 5.00%, 06/15/22 (c) | 170,726 | ||||||
| 165,000 | 5.00%, 06/15/22 | 189,745 | ||||||
| New Jersey Economic Development Authority, Continental Airlines, Inc. Project (RB) | ||||||||
| 285,000 | 4.88%, 09/15/19 | 301,065 | ||||||
| 225,000 | 5.13%, 08/20/22 (c) | 245,464 | ||||||
| 500,000 | New Jersey Economic Development Authority, Long Gate Project (RB) 4.38%, 01/01/24 | 510,050 | ||||||
| 1,045,000 | Pollution Control Financing Authority, Chambers Project, Series A (RB) 5.00%, 12/01/23 | 1,184,685 | ||||||
| Tobacco Settlement Financing Corp., Senior Series 1A (RB) | ||||||||
| 325,000 | 4.50%, 06/01/17 (c) | 326,394 | ||||||
| 75,000 | 5.00%, 06/01/17 (c) | 79,638 | ||||||
| Tobacco Settlement Financing Corp., Series 1A (RB) | ||||||||
| 500,000 | 5.00%, 06/01/17 (c) | 533,660 | ||||||
| 40,000 | 5.00%, 06/01/17 | 43,033 | ||||||
| 5,241,813 | ||||||||
| New Mexico: 0.8% | ||||||||
| 705,000 | County of Otero, Jail Project (RB) 5.75%, 10/01/16 (c) | 701,242 | ||||||
| 150,000 | Otero County, New Mexico Jail Project Revenue (RB) 6.00%, 10/01/16 (c) | 141,171 | ||||||
| 842,413 | ||||||||
| Principal | ||||||||
| Amount | Value | |||||||
| New York: 6.9% | ||||||||
| $ | 750,000 | Build NYC Resource Corp., Pratt Paper, Inc. Project (RB) 3.75%, 01/01/20 | $ | 782,542 | ||||
| 400,000 | Jefferson County Industrial Development Agency, Reenergy Black River LLC Project (RB) 4.75%, 01/01/20 | 401,756 | ||||||
| 545,000 | New York City Industrial Development Agency, Civic Facility, Series A (RB) 5.00%, 12/01/16 (c) | 573,215 | ||||||
| New York City Industrial Development Agency, Queens Baseball Stadium Project (RB) (AMBAC) | ||||||||
| 25,000 | 5.00%, 01/01/17 (c) | 26,353 | ||||||
| 100,000 | 5.00%, 01/01/17 (c) | 105,768 | ||||||
| 100,000 | New York City Industrial Development Agency, Special Facility, JetBlue Airways Corp. Project (RB) 5.00%, 06/04/15 (c) | 100,215 | ||||||
| 205,000 | New York City Industrial Development Agency, Transportation Infrastructure Properties LLC, Series A (RB) 5.00%, 07/01/22 | 227,456 | ||||||
| New York Dormitory Authority, Pace University, Series A (RB) | ||||||||
| 250,000 | 4.00%, 05/01/22 | 264,522 | ||||||
| 165,000 | 5.00%, 05/01/23 | 186,536 | ||||||
| 150,000 | New York Dormitory Authority, Yeshiva University (RB) 5.00%, 09/01/19 (c) | 159,813 | ||||||
| New York State Dormitory Authority (RB) (FHA) | ||||||||
| 50,000 | 3.00%, 08/01/16 | 50,656 | ||||||
| 50,000 | 3.50%, 09/01/16 | 51,171 | ||||||
| 50,000 | 5.00%, 02/01/18 (c) | 54,200 | ||||||
| 155,000 | 6.00%, 12/01/16 | 165,720 | ||||||
| 750,000 | New York State Environmental Facilities Corp. (RB) 3.75%, 12/02/19 (p) | 753,060 | ||||||
| 500,000 | Onondaga Civic Development Corp., St. Joseph’s Hospital Health Center Project, Series A (RB) 5.00%, 07/01/19 | 549,965 | ||||||
| 520,000 | Port Authority of New York and New Jersey, JFK International Air Terminal LLC Project, Series 8 (RB) 5.00%, 12/01/20 | 597,132 | ||||||
| 30,000 | Suffolk County Economic Development Corp., Catholic Health Services of Long Island (RB) 5.00%, 07/01/18 | 33,509 | ||||||
| Town of Oyster Bay, New York Public Improvement (GO) | ||||||||
| 90,000 | 3.00%, 08/15/16 | 92,489 | ||||||
| 55,000 | 3.00%, 08/15/17 (c) | 55,568 | ||||||
| 50,000 | 3.00%, 08/15/17 (c) | 51,107 | ||||||
| 855,000 | 3.00%, 08/15/17 (c) | 878,359 | ||||||
See Notes to Financial Statements
| 81 |
SHORT HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal | ||||||||
| Amount | Value | |||||||
| New York: (continued) | ||||||||
| $ | 75,000 | TSASC, Inc., Tobacco Settlement, Series 1 (RB) 4.75%, 06/01/16 (c) | $ | 75,590 | ||||
| 500,000 | Westchester County Healthcare Corp., Senior Lien, Series B (RB) 5.00%, 11/01/19 | 573,120 | ||||||
| 6,809,822 | ||||||||
| Ohio: 6.4% | ||||||||
| 25,000 | Buckeye Tobacco Settlement Financing Authority, Series A-1 (RB) 5.00%, 06/01/17 | 27,062 | ||||||
| Buckeye Tobacco Settlement Financing Authority, Series A-2 (RB) | ||||||||
| 2,250,000 | 5.13%, 06/01/17 (c) | 1,910,632 | ||||||
| 275,000 | 5.38%, 06/01/17 (c) | 237,182 | ||||||
| 150,000 | City of Cleveland, Airport Special Revenue, Continental Airlines, Inc. Project (RB) 5.70%, 06/04/15 (c) | 150,497 | ||||||
| 340,000 | City of Cleveland, Airport System Revenue, Series A (RB) (AMBAC) 5.00%, 01/01/17 (c) | 358,921 | ||||||
| City of Cleveland, Airport System Revenue, Series C (RB) (AMBAC) | ||||||||
| 50,000 | 5.00%, 01/01/17 (c) | 52,884 | ||||||
| 90,000 | 5.25%, 01/01/21 | 103,026 | ||||||
| County of Muskingum, Genesis HealthCare System Obligated Group Project (RB) | ||||||||
| 50,000 | 4.00%, 02/15/23 | 50,868 | ||||||
| 135,000 | 5.00%, 02/15/20 | 146,304 | ||||||
| 935,000 | Ohio Air Quality Development Authority, FirstEnergy Generation Project, Series A (RB) 3.75%, 12/03/18 (p) | 989,548 | ||||||
| 115,000 | Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project, Series E (RB) 5.63%, 10/01/19 | 130,003 | ||||||
| 210,000 | Ohio Air Quality Development Authority, Series A (RB) 5.70%, 08/01/20 | 240,353 | ||||||
| 900,000 | Ohio Air Quality Development Authority, Series C (RB) 5.63%, 06/01/18 | 995,310 | ||||||
| 780,000 | Ohio State Water Development Authority, FirstEnergy Nuclear Generation Project, Series B (RB) 4.00%, 06/03/19 (p) | 826,012 | ||||||
| 150,000 | Ohio State Water Development Authority, Series A (RB) 5.88%, 06/01/16 (p) | 157,580 | ||||||
| 6,376,182 | ||||||||
| Oregon: 0.3% | ||||||||
| 250,000 | Hospital Facilities Authority of Multnomah County Oregon (RB) 5.00%, 10/01/19 | 276,132 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Pennsylvania: 7.0% | ||||||||
| $ | 25,000 | Allegheny County Industrial Development Authority, Environmental Improvement (RB) 6.75%, 11/01/19 (c) | $ | 28,616 | ||||
| 1,250,000 | Beaver County Industrial Development Authority, Pollution Control, Series B (RB) 3.50%, 06/01/20 (p) | 1,295,887 | ||||||
| 135,000 | Delaware River Port Authority, Port District Project (RB) 5.00%, 01/01/22 | 153,882 | ||||||
| 610,000 | Montgomery County Industrial Development Authority (RB) 4.00%, 01/01/25 | 612,391 | ||||||
| Pennsylvania Economic Development Financing Authority (RB) | ||||||||
| 250,000 | 5.00%, 12/31/18 | 279,965 | ||||||
| 750,000 | 5.00%, 06/30/19 | 844,957 | ||||||
| 250,000 | 5.00%, 12/31/19 | 283,890 | ||||||
| 250,000 | 5.00%, 12/31/20 | 286,455 | ||||||
| 250,000 | 5.00%, 12/31/21 | 288,095 | ||||||
| 250,000 | 5.00%, 12/31/23 | 289,510 | ||||||
| 750,000 | 5.00%, 12/31/24 | 868,095 | ||||||
| 150,000 | Pennsylvania Economic Development Financing Authority, Health System, Albert Einstein Healthcare, Series A (RB) 6.25%, 10/15/19 (c) | 176,211 | ||||||
| 150,000 | Philadelphia Authority for Industrial Development, Series A (RB) 5.88%, 06/15/22 | 158,040 | ||||||
| Philadelphia Hospital and Higher Education Facilities Authority, Series A (RB) | ||||||||
| 500,000 | 5.00%, 07/01/17 | 534,105 | ||||||
| 360,000 | 5.00%, 07/01/17 (c) | 364,709 | ||||||
| Philadelphia Hospital and Higher Education Facilities Authority, Series B (RB) | ||||||||
| 100,000 | 5.00%, 07/01/17 (c) | 104,247 | ||||||
| 370,000 | 5.00%, 07/01/17 | 385,518 | ||||||
| 6,954,573 | ||||||||
| Puerto Rico: 4.5% | ||||||||
| Commonwealth of Puerto Rico, Public Improvement, Series A (GO) | ||||||||
| 150,000 | 4.00%, 07/01/21 | 106,220 | ||||||
| 35,000 | 5.00%, 07/01/16 (c) | 28,875 | ||||||
| 45,000 | 5.00%, 07/01/16 (c) | 34,919 | ||||||
| 70,000 | 5.00%, 07/01/17 (c) | 52,085 | ||||||
| 25,000 | 5.00%, 07/01/17 (c) | 19,400 | ||||||
| 120,000 | 5.00%, 07/01/17 (c) | 99,000 | ||||||
| 50,000 | 5.00%, 07/01/17 (c) | 36,716 | ||||||
| 790,000 | 5.00%, 07/01/18 (c) | 597,919 | ||||||
| 70,000 | 5.00%, 07/01/20 | 52,980 | ||||||
| 150,000 | 5.25%, 06/04/15 (c) | 111,981 | ||||||
| 75,000 | 5.25%, 07/01/16 (c) | 54,848 | ||||||
| 80,000 | 5.25%, 07/01/16 (c) | 59,045 | ||||||
| 80,000 | 5.50%, 07/01/17 | 72,504 | ||||||
| 25,000 | 5.50%, 07/01/17 | 23,702 | ||||||
See Notes to Financial Statements
| 82 |
| Principal | ||||||||
| Amount | Value | |||||||
| Puerto Rico: (continued) | ||||||||
| $ | 50,000 | 5.50%, 07/01/18 (c) | $ | 36,691 | ||||
| 65,000 | 5.50%, 07/01/18 | 53,945 | ||||||
| 40,000 | 5.50%, 07/01/19 | 35,928 | ||||||
| 150,000 | 5.50%, 07/01/19 | 117,138 | ||||||
| 70,000 | 5.50%, 07/01/21 | 57,580 | ||||||
| 10,000 | Commonwealth of Puerto Rico, Public Improvement, Series D (GO) 5.00%, 07/01/16 (c) | 7,760 | ||||||
| Puerto Rico Convention Center District Authority, Series A (RB) (FGIC) | ||||||||
| 100,000 | 4.13%, 07/01/16 (c) | 72,608 | ||||||
| 100,000 | 4.75%, 07/01/16 (c) | 73,087 | ||||||
| 10,000 | 5.00%, 07/01/16 (c) | 10,098 | ||||||
| Puerto Rico Electric Power Authority, Series TT (RB) | ||||||||
| 20,000 | 4.20%, 07/01/17 (c) | 12,072 | ||||||
| 15,000 | 5.00%, 07/01/17 (c) | 9,059 | ||||||
| Puerto Rico Electric Power Authority, Series ZZ (RB) | ||||||||
| 180,000 | 5.00%, 07/01/18 | 108,713 | ||||||
| 50,000 | 5.00%, 07/01/19 | 30,180 | ||||||
| 500,000 | Puerto Rico Government Development, Series B (RB) 5.00%, 12/01/16 | 356,155 | ||||||
| 75,000 | Puerto Rico Highways and Transportation Authority, Series K (RB) 5.00%, 07/01/15 (c) | 51,192 | ||||||
| Puerto Rico Highways and Transportation Authority, Series M (RB) | ||||||||
| 100,000 | 4.00%, 07/01/17 | 71,969 | ||||||
| 10,000 | 4.13%, 07/01/17 (c) | 6,754 | ||||||
| 100,000 | 5.00%, 07/01/17 (c) | 67,108 | ||||||
| 40,000 | Puerto Rico Highways and Transportation Authority, Series N (RB) 5.50%, 07/01/21 | 26,138 | ||||||
| 140,000 | Puerto Rico Highways and Transportation Authority, State Infrastructure Bank (RB) 5.00%, 07/01/15 (c) | 88,320 | ||||||
| Puerto Rico Infrastructure Financing Authority, Series C (RB) (AMBAC) | ||||||||
| 50,000 | 5.50%, 07/01/16 | 50,140 | ||||||
| 75,000 | 5.50%, 07/01/20 | 58,358 | ||||||
| 70,000 | Puerto Rico Public Buildings Authority, Series F (RB) (COMWLTH GTD) 5.25%, 07/01/19 | 53,992 | ||||||
| 360,000 | Puerto Rico Public Buildings Authority, Series H (RB) (AMBAC) (COMWLTH GTD) 5.50%, 07/01/18 | 371,524 | ||||||
| Puerto Rico Public Buildings Authority, Series M (RB) (COMWLTH GTD) | ||||||||
| 65,000 | 5.50%, 07/01/19 | 50,296 | ||||||
| 40,000 | 5.75%, 07/01/16 | 37,153 | ||||||
| 65,000 | Puerto Rico Public Buildings Authority, Series N (RB) (COMWLTH GTD) 5.50%, 07/01/17 (c) | 50,296 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Puerto Rico: (continued) | ||||||||
| Puerto Rico Public Buildings Authority, Series P (RB) (COMWLTH GTD) | ||||||||
| $ | 35,000 | 5.75%, 07/01/18 | $ | 28,672 | ||||
| 70,000 | 6.00%, 07/01/19 (c) | 52,931 | ||||||
| 40,000 | Puerto Rico Public Buildings Authority, Series Q (RB) (COMWLTH GTD) 5.13%, 06/04/15 (c) | 28,533 | ||||||
| 35,000 | Puerto Rico Public Buildings Authority, Series U (RB) (COMWLTH GTD) 5.00%, 07/01/20 | 26,118 | ||||||
| 65,000 | Puerto Rico Sales Tax Financing Corp., First Subordinate Series A (RB) 4.75%, 02/01/20 (c) | 43,397 | ||||||
| 200,000 | Puerto Rico Sales Tax Financing Corp., Senior Series C (RB) 5.00%, 08/01/21 (c) | 168,332 | ||||||
| 175,000 | Puerto Rico Sales Tax Financing Corp., Subseries A (RB) 4.63%, 08/01/19 | 131,499 | ||||||
| University of Puerto Rico, Series P (RB) | ||||||||
| 70,000 | 5.00%, 06/01/16 (c) | 41,090 | ||||||
| 175,000 | 5.00%, 06/01/16 (c) | 101,792 | ||||||
| 250,000 | 5.00%, 06/01/16 (c) | 150,395 | ||||||
| 375,000 | 5.00%, 06/01/16 (c) | 242,674 | ||||||
| 40,000 | 5.00%, 06/01/16 (c) | 25,153 | ||||||
| 195,000 | University of Puerto Rico, Series Q (RB) 5.00%, 06/01/16 (c) | 139,581 | ||||||
| 4,494,615 | ||||||||
| Rhode Island: 1.4% | ||||||||
| Tobacco Settlement Financing Corp., Series A (RB) | ||||||||
| 750,000 | 4.00%, 06/01/17 | 797,145 | ||||||
| 500,000 | 5.00%, 06/01/20 | 577,750 | ||||||
| 1,374,895 | ||||||||
| South Carolina: 0.4% | ||||||||
| 335,000 | South Carolina Jobs, Economic Development Authority, Palmetto Health (RB) 5.38%, 08/01/19 (c) | 378,389 | ||||||
| South Dakota: 0.3% | ||||||||
| 250,000 | Sioux Falls, South Dakota Health Facilities, Dow Rummel Village Project (RB) 5.00%, 11/15/16 (c) | 256,392 | ||||||
| Tennessee: 0.1% | ||||||||
| Clarksville Natural Gas Acquisition Corp. (RB) | ||||||||
| 50,000 | 5.00%, 12/15/17 | 54,653 | ||||||
| 25,000 | 5.00%, 12/15/21 | 28,655 | ||||||
| 83,308 | ||||||||
| Texas: 9.9% | ||||||||
| Central Texas Turnpike System, Series C (RB) | ||||||||
| 200,000 | 5.00%, 08/15/24 (c) | 233,056 | ||||||
| 300,000 | 5.00%, 08/15/24 | 352,782 | ||||||
See Notes to Financial Statements
| 83 |
SHORT HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal | ||||||||
| Amount | Value | |||||||
| Texas: (continued) | ||||||||
| City of Houston, Texas Airport System Special Facilities, United Airlines, Inc. (RB) | ||||||||
| $ | 750,000 | 4.50%, 07/01/20 | $ | 795,975 | ||||
| 1,000,000 | 4.75%, 07/01/24 | 1,076,240 | ||||||
| 500,000 | City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Series B-2 (RB) 5.00%, 07/15/20 | 542,735 | ||||||
| 1,000,000 | Gulf Coast Industrial Development Authority, CITGO Petroleum Corp. Project (RB) 4.88%, 10/01/22 (c) | 1,050,340 | ||||||
| 750,000 | Love Field Airport Modernization Corp., Southwest Airline Co. (RB) 5.00%, 11/01/18 | 837,817 | ||||||
| 20,000 | Maverick County Public Facility Corp., Series A-1 (RB) 6.25%, 08/01/17 (c) (d) | 9,600 | ||||||
| 350,000 | New Hope Cultural Education Facilities Finance Corp., Wesleyan Homes, Inc. (RB) 5.00%, 01/01/24 | 363,580 | ||||||
| 500,000 | Sam Rayburn Municipal Power Agency, Power Supply System (RB) 5.00%, 10/01/21 | 585,165 | ||||||
| 245,000 | Tarrant County Cultural Education Facilities Finance Corp., Series C-1 (RB) 7.50%, 06/04/15 (c) | 243,856 | ||||||
| Texas Municipal Gas Acquisition and Supply Corp. I, Gas Supply, Senior Lien Series A (RB) | ||||||||
| 100,000 | 5.00%, 12/15/16 | 106,110 | ||||||
| 50,000 | 5.25%, 12/15/18 | 56,116 | ||||||
| 160,000 | 5.25%, 12/15/21 | 185,493 | ||||||
| 180,000 | 5.25%, 12/15/22 | 210,170 | ||||||
| 220,000 | 5.63%, 12/15/17 | 236,192 | ||||||
| Texas Municipal Gas Acquisition and Supply Corp. III, Gas Supply (RB) | ||||||||
| 20,000 | 5.00%, 12/15/18 | 22,376 | ||||||
| 1,000,000 | 5.00%, 12/15/21 | 1,158,710 | ||||||
| 100,000 | 5.00%, 12/15/22 (c) | 114,615 | ||||||
| 750,000 | 5.00%, 12/15/22 | 872,985 | ||||||
| 500,000 | Town of Westlake, Solana Public Improvement (SA) 5.50%, 09/01/25 | 493,380 | ||||||
| 225,000 | Travis County, Texas Health Facilities Development Corp., First Mortgage Revenue, Longhorn Village Project, Series A (RB) 6.00%, 01/01/21 (c) | 239,213 | ||||||
| 9,786,506 | ||||||||
| Vermont: 1.3% | ||||||||
| 1,000,000 | City of Burlington, Vermont Airport Revenue, Series A (RB) 5.00%, 07/01/22 | 1,132,710 | ||||||
| 150,000 | Vermont Economic Development Authority, Recovery Zone Facility (RB) 5.00%, 12/15/20 | 172,139 | ||||||
| 1,304,849 | ||||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Virgin Islands: 2.3% | ||||||||
| Virgin Islands Public Finance Authority, Series A (RB) | ||||||||
| $ | 800,000 | 5.00%, 10/01/20 | $ | 882,896 | ||||
| 100,000 | 6.75%, 10/01/19 | 111,260 | ||||||
| 400,000 | Virgin Islands Public Finance Authority, Series B (RB) 5.00%, 10/01/19 | 444,184 | ||||||
| 750,000 | Virgin Islands Public Finance Authority, Series C (RB) 5.00%, 10/01/19 (c) | 833,370 | ||||||
| 2,271,710 | ||||||||
| Virginia: 1.1% | ||||||||
| 25,000 | Chesterfield Economic Development Authority, Brandermill Woods Project (RB) 4.13%, 01/01/22 (c) | 25,562 | ||||||
| 1,070,000 | Industrial Development Authority of Botetourt County, Residential Care Facility, Series A (RB) 4.75%, 07/01/23 | 1,084,659 | ||||||
| 1,110,221 | ||||||||
| Washington: 0.6% | ||||||||
| 10,000 | Washington Economic Development Finance Authority (RB) 9.35%, 08/01/18 | 10,134 | ||||||
| 450,000 | Washington State Housing Finance Commission, Rockwood Retirement Communities Project, Series B-1 (RB) 5.88%, 05/26/15 (c) | 450,256 | ||||||
| 100,000 | Washington State Housing Finance Commission, Skyline at First Hill Project, Series A (RB) 5.25%, 01/01/17 | 101,214 | ||||||
| 561,604 | ||||||||
| West Virginia: 0.6% | ||||||||
| 500,000 | Mason County Pollution Control, Appalachian Power Co. Project, Series L (RB) 1.63%, 10/01/18 (p) | 502,065 | ||||||
| 65,000 | West Virginia Hospital Finance Authority, Thomas health System, Inc. (RB) 6.25%, 10/01/18 (c) | 69,015 | ||||||
| 571,080 | ||||||||
| Wisconsin: 3.1% | ||||||||
| 935,000 | New York City Industrial Development Agency, Transportation Infrastructure Properties LLC, Series B (RB) 5.00%, 07/01/22 | 1,015,382 | ||||||
| 750,000 | Public Finance Authority, Rose Villa Project, Series B-1 (RB) 4.50%, 11/15/15 (c) | 756,232 | ||||||
| 500,000 | Public Finance Authority, Roseman University of Health Project (RB) 5.00%, 04/01/25 | 501,095 | ||||||
| 560,000 | Wisconsin Public Finance Authority, Continuing Care Retirement Community, Series A (RB) 7.00%, 06/01/20 | 629,854 | ||||||
See Notes to Financial Statements
| 84 |
| Principal | ||||||||
| Amount | Value | |||||||
| Wisconsin: (continued) | ||||||||
| $ | 160,000 | Wisconsin State Health and Educational Facilities Authority, Wheaton Franciscan Health Care System (RB) 5.25%, 08/15/16 (c) |
$ | 169,074 | ||||
| 3,071,637 | ||||||||
| Total Municipal Bonds (Cost: $95,654,953) |
96,102,161 | |||||||
| Number | ||||||||
| of Shares | Value | |||||||
| MONEY MARKET FUND: 0.8% (Cost: $760,277) | ||||||||
| 760,277 | Dreyfus Tax Exempt Cash Management Fund — Class B Shares | $ | 760,277 | |||||
| Total Investments: 97.7% (Cost: $96,415,230) | 96,862,438 | |||||||
| Other assets less liabilities: 2.3% | 2,308,800 | |||||||
| NET ASSETS: 100.0% | $ | 99,171,238 | ||||||
| ACA | Credit Agricole SA |
| AMBAC | American Municipal Bond Assurance Corp. |
| COMWLTH GTD | Commonwealth Guaranteed |
| CP | Certificate of Participation |
| FGIC | Financial Guaranty Insurance Co. |
| FHA | Federal Housing Association |
| GO | General Obligation |
| 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 |
| Summary of Investments | |||||||||
| By Sector (unaudited) | % of Investments | Value | |||||||
| Airport | 5.9 | % | $ | 5,756,454 | |||||
| Development | 20.0 | 19,351,986 | |||||||
| Education | 3.3 | 3,183,743 | |||||||
| Facilities | 5.0 | 4,845,701 | |||||||
| General Obligation | 10.2 | 9,874,593 | |||||||
| Higher Education | 3.9 | 3,745,109 | |||||||
| Medical | 12.2 | 11,807,257 | |||||||
| Nursing Homes | 8.3 | 8,077,526 | |||||||
| Pollution | 1.5 | 1,435,032 | |||||||
| Power | 0.9 | 917,328 | |||||||
| School District | 0.3 | 278,846 | |||||||
| Tobacco Settlement | 11.8 | 11,418,186 | |||||||
| Transportation | 8.0 | 7,784,690 | |||||||
| Utilities | 4.3 | 4,119,288 | |||||||
| Water | 3.6 | 3,506,422 | |||||||
| Money Market Fund | 0.8 | 760,277 | |||||||
| 100.0 | % | $ | 96,862,438 | ||||||
The summary of inputs used to value the Fund’s investments as of April 30, 2015 is as follows:
| Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs | Value | ||||||||||||
| Municipal Bonds* | $ | — | $ | 96,102,161 | $ | — | $ | 96,102,161 | |||||||
| Money Market Fund | 760,277 | — | — | 760,277 | |||||||||||
| Total | $ | 760,277 | $ | 96,102,161 | $ | — | $ | 96,862,438 | |||||||
| * | See Schedule of Investments for security type and geographic sector breakouts. |
There were no transfers between levels during the year ended April 30, 2015.
See Notes to Financial Statements
| 85 |
SCHEDULE OF INVESTMENTS
April 30, 2015
| Principal Amount | Value | |||||||
| MUNICIPAL BONDS: 98.8% | ||||||||
| Alabama: 0.6% | ||||||||
| $ | 1,400,000 | Alabama
Federal Aid Highway Finance Authority (RB) 5.00%, 09/01/19 | $ | 1,601,138 | ||||
| 100,000 | Alabama
Public School & College Authority, Series B (RB) 5.00%, 03/01/19 | 113,912 | ||||||
| 1,715,050 | ||||||||
| Alaska: 0.0% | ||||||||
| 55,000 | State of Alaska,
Series A (GO) 4.00%, 08/01/17 | 59,101 | ||||||
| Arizona: 1.0% | ||||||||
| 630,000 | Arizona Board
of Regents, University of Arizona Projects, Series C (CP) 5.00%, 06/01/19 | 716,518 | ||||||
| 50,000 | Arizona State
Transportation Board, Subordinated Highway Revenue, Series A (RB) 5.00%, 07/01/19 | 57,657 | ||||||
| 865,000 | Arizona Transportation
Board, Subordinated Highway Revenue, Series A (RB) 5.00%, 07/01/17 | 943,845 | ||||||
| 590,000 | City of Scottsdale
(GO) 3.00%, 07/01/18 | 626,179 | ||||||
| Maricopa County Community College District, Series D (GO) | ||||||||
| 255,000 | 3.00%, 07/01/18 | 270,637 | ||||||
| 100,000 | 4.00%, 07/01/19 | 111,359 | ||||||
| 2,726,195 | ||||||||
| Arkansas: 0.4% | ||||||||
| 1,000,000 | State of Arkansas,
Federal Highway Grant Anticipation (GO) 5.00%, 04/01/18 | 1,117,310 | ||||||
| California: 14.2% | ||||||||
| 1,000,000 | Bay Area Toll
Authority, Toll Bridge Revenue, Series B (RB) 1.50%, 10/01/17 (c) (p) | 1,011,370 | ||||||
| 2,250,000 | Bay Area Toll
Authority, Toll Bridge Revenue, Series C (RB) 1.87%, 10/01/18 (c) (p) | 2,284,650 | ||||||
| 80,000 | Bay Area Toll
Authority, Toll Bridge Revenue, Series F-1 (RB) 5.00%, 04/01/19 | 91,795 | ||||||
| 200,000 | Bay Area Water
Supply & Conservation Agency, Series A (RB) 4.00%, 10/01/17 | 215,966 | ||||||
| California Health Facilities Financing Authority, Catholic Healthcare West, Series A (RB) | ||||||||
| 50,000 | 5.00%, 03/01/19 | 56,976 | ||||||
| 800,000 | 5.00%, 03/01/21 | 943,792 | ||||||
| 725,000 | California
Health Facilities Financing Authority, St. Joseph Health System, Series C (RB) 5.00%, 10/15/19 (p) | 834,714 | ||||||
| Principal Amount | Value | |||||||
| California: (continued) | ||||||||
| California State Department of Water Resources, Central Valley Project, Series AM (RB) | ||||||||
| $ | 250,000 | 4.00%, 12/01/18 | $ | 276,345 | ||||
| 250,000 | 5.00%, 12/01/18 | 285,097 | ||||||
| 750,000 | California
State Department of Water Resources, Power Supply Revenue, Series L (RB) 5.00%, 05/01/16 | 785,392 | ||||||
| 500,000 | California
State Department of Water Resources, Power Supply Revenue, Series N (RB) 5.00%, 05/01/20 | 586,970 | ||||||
| 1,670,000 | California
State Department of Water Resources, Series L (RB) 5.00%, 05/01/17 | 1,815,407 | ||||||
| 750,000 | California
State Department of Water Resources, Series M (RB) 5.00%, 05/01/16 | 785,392 | ||||||
| 310,000 | California
State Public Works Board, Department of State Hospital, Series E (RB) 5.00%, 06/01/20 | 361,971 | ||||||
| 475,000 | California
State Public Works Board, Series C (RB) 4.00%, 06/01/16 | 493,539 | ||||||
| 520,000 | California
State Public Works Board, Series E (RB) 4.00%, 06/01/17 | 555,464 | ||||||
| 50,000 | California
State Public Works Board, Series F (RB) 4.00%, 10/01/17 | 54,067 | ||||||
| 1,075,000 | California
State Public Works Board, Series G (RB) 4.00%, 11/01/17 | 1,159,323 | ||||||
| California State Public Works Board, Various Capital Projects, Series A (RB) | ||||||||
| 150,000 | 5.00%, 04/01/17 | 162,426 | ||||||
| 10,000 | 5.00%, 04/01/19 | 11,400 | ||||||
| 75,000 | California
State Public Works Board, Various Capital Projects, Series I (RB) 5.00%, 11/01/19 | 86,636 | ||||||
| 100,000 | California
State Public Works Board, Various Judicial Projects, Series A (RB) 3.00%, 03/01/17 | 104,343 | ||||||
| California State University, Series A (RB) | ||||||||
| 75,000 | 5.00%, 11/01/16 | 80,081 | ||||||
| 75,000 | 5.00%, 11/01/18 | 85,205 | ||||||
| California State Various Purpose (GO) | ||||||||
| 100,000 | 2.00%, 04/01/17 | 102,687 | ||||||
| 1,370,000 | 4.00%, 09/01/17 | 1,473,284 | ||||||
| 230,000 | 4.00%, 02/01/18 | 249,375 | ||||||
| 1,000,000 | 4.00%, 02/01/19 | 1,103,220 | ||||||
| 1,400,000 | 5.00%, 09/01/16 | 1,485,792 | ||||||
| 500,000 | 5.00%, 09/01/16 | 530,985 | ||||||
| 430,000 | 5.00%, 02/01/17 | 463,144 | ||||||
| 1,225,000 | 5.00%, 04/01/17 | 1,327,459 | ||||||
See Notes to Financial Statements
| 86 |
| Principal Amount | Value | |||||||
| California: (continued) | ||||||||
| $ | 1,375,000 | 5.00%, 10/01/17 | $ | 1,514,397 | ||||
| 400,000 | 5.00%, 11/01/17 | 441,632 | ||||||
| 1,400,000 | 5.00%, 04/01/18 | 1,562,960 | ||||||
| 3,435,000 | 5.00%, 09/01/18 | 3,879,214 | ||||||
| 200,000 | 5.00%, 02/01/20 | 233,298 | ||||||
| 1,000,000 | 5.00%, 04/01/20 | 1,170,600 | ||||||
| 1,850,000 | 5.00%, 09/01/20 | 2,184,147 | ||||||
| 25,000 | 5.00%, 10/01/20 | 29,569 | ||||||
| 30,000 | California
State, Department of Water Resources Power Supply, Series L (RB) 5.00%, 05/01/20 | 35,218 | ||||||
| 1,000,000 | California Statewide Communities Development Authority, Pollution Control, Series A (RB) 1.37%, 04/02/18 (p) | 998,720 | ||||||
| 435,000 | California
Water Resources Department Power Supply, Series L (RB) 5.00%, 05/01/18 | 486,795 | ||||||
| 25,000 | City of Los
Angeles, Department of Airports, Series A (RB) 5.00%, 05/15/18 | 27,999 | ||||||
| 1,750,000 | City of Los
Angeles, Series B (GO) 5.00%, 09/01/16 | 1,856,767 | ||||||
| City of Los Angeles, Wastewater System Revenue, Series A (RB) | ||||||||
| 50,000 | 5.00%, 06/01/18 | 56,133 | ||||||
| 60,000 | 5.00%, 06/01/19 | 69,112 | ||||||
| 50,000 | East Bay Municipal
Utility District, Water System Revenue, Series B (RB) 5.00%, 06/01/18 | 56,182 | ||||||
| 220,000 | Los Angeles
Community College District, series A (GO) 5.00%, 08/01/20 | 261,092 | ||||||
| 100,000 | Los Angeles
County Metropolitan Transportation Authority, Series B (RB) 5.00%, 06/01/19 | 115,662 | ||||||
| Los Angeles Department of Water & Power, Series A (RB) | ||||||||
| 75,000 | 5.00%, 07/01/19 | 86,617 | ||||||
| 100,000 | 5.00%, 07/01/20 | 117,953 | ||||||
| 275,000 | Los Angeles
Unified School District, Series A (GO) 4.00%, 07/01/18 | 300,831 | ||||||
| 1,000,000 | Los Angeles
Unified School District, Series J (GO) 5.00%, 07/01/17 | 1,092,950 | ||||||
| Metropolitan Water District of Southern California, Series C (RB) | ||||||||
| 140,000 | 5.00%, 07/01/17 | 153,268 | ||||||
| 1,050,000 | 5.00%, 07/01/18 | 1,183,276 | ||||||
| 290,000 | San Diego
County Water Authority, Series A (RB) 4.00%, 05/01/18 | 316,454 | ||||||
| 50,000 | San Diego
County Water Authority, Series S-1 (RB) 5.00%, 06/01/16 (c) | 52,631 | ||||||
| 135,000 | San Jose Financing
Authority, Civil Center Project, Series A (RB) 5.00%, 06/01/20 | 158,425 | ||||||
| Principal
Amount | Value | |||||||
| California: (continued) | ||||||||
| $ | 10,000 | Santa Clara County, California Financing
Authority Lease, Capital Projects, Series A (RB) 4.00%, 02/01/17 | $ | 10,580 | ||||
| 70,000 | Santa Clara Valley Transportation Authority, Series B
(RB) 5.00%, 04/01/17 | 75,896 | ||||||
| 105,000 | State of California Department of Water Resources, Central
Valley Project, Series AI (RB) 5.00%, 12/01/18 | 119,741 | ||||||
| 80,000 | State of California Department of Water Resources, Central
Valley Project, Series AM (RB) 5.00%, 12/01/19 | 93,485 | ||||||
| 100,000 | State of California Department of Water Resources, Central
Valley Project, Series AS (RB) 5.00%, 12/01/19 | 116,856 | ||||||
| 100,000 | State of California Department of Water Resources, Power
Supply Revenue, Series M (RB) 5.00%, 05/01/18 | 111,907 | ||||||
| 40,000 | State of California Department of Water Resources, Power
Supply Revenue, Series N (RB) 4.00%, 05/01/18 | 43,587 | ||||||
| 38,878,221 | ||||||||
| Colorado: 0.7% | ||||||||
| 1,000,000 | City and County of Denver, Series A (GO) 5.00%, 08/01/17 | 1,096,290 | ||||||
| Colorado Health Facilities Authority, Series A (RB) | ||||||||
| 125,000 | 5.00%, 02/01/19 | 141,921 | ||||||
| 100,000 | 5.00%, 02/01/21 | 116,717 | ||||||
| 175,000 | Metro Wastewater Reclamation District, Series A (RB) 5.00%, 04/01/17 | 189,602 | ||||||
| 250,000 | Regional Transportation District, Series A (CP) 5.00%, 06/01/18 | 278,087 | ||||||
| 100,000 | State of Colorado Department of Transportation (RB) 5.00%, 12/15/16 | 107,195 | ||||||
| 1,929,812 | ||||||||
| Connecticut: 2.0% | ||||||||
| 1,670,000 | Connecticut State Health and Educational Facilities Authority,
Series A-3 (RB) 0.88%, 02/08/18 (p) | 1,662,969 | ||||||
| 750,000 | Connecticut State, Series D (GO) 5.00%, 11/01/20 | 878,752 | ||||||
| 500,000 | Connecticut State, Special Tax Revenue, Transportation
Infrastructure Purposes, Series A (RB) 5.00%, 12/01/20 | 589,985 | ||||||
See Notes to Financial Statements
| 87 |
SHORT MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| Connecticut: (continued) | ||||||||
| $ | 250,000 | State of Connecticut Special Tax Revenue, Series A (RB) 5.00%, 01/01/20 | $ | 289,565 | ||||
| State of Connecticut, Series C (GO) | ||||||||
| 250,000 | 5.00%, 06/01/16 | 262,513 | ||||||
| 250,000 | 5.00%, 07/15/19 | 286,095 | ||||||
| 500,000 | 5.00%, 06/01/20 | 581,440 | ||||||
| State of Connecticut, Series D (GO) | ||||||||
| 500,000 | 4.00%, 06/15/18 | 542,780 | ||||||
| 145,000 | 5.00%, 06/15/20 | 168,790 | ||||||
| 280,000 | State of Connecticut, Series E (GO) 5.00%, 09/01/18 | 313,961 | ||||||
| 5,576,850 | ||||||||
| Delaware: 0.2% | ||||||||
| 500,000 | State of Delaware, Series B (GO) 5.00%, 02/01/17 | 538,995 | ||||||
| District of Columbia: 0.1% | ||||||||
| 80,000 | District of Columbia, Series A (GO) 5.00%, 06/01/19 | 91,737 | ||||||
| 75,000 | District of Columbia, Series C (RB) 5.00%, 12/01/17 | 83,105 | ||||||
| 174,842 | ||||||||
| Florida: 5.5% | ||||||||
| Broward County School Board, Series A (CP) | ||||||||
| 175,000 | 5.00%, 07/01/18 | 196,340 | ||||||
| 155,000 | 5.00%, 07/01/19 | 177,447 | ||||||
| Broward County, Airport System Revenue, Series Q-1 (RB) | ||||||||
| 150,000 | 5.00%, 10/01/17 | 165,093 | ||||||
| 100,000 | 5.00%, 10/01/18 | 112,785 | ||||||
| Citizens Property Insurance Corp., Series A-1 (RB) (AGM) | ||||||||
| 400,000 | 4.00%, 06/01/17 | 425,056 | ||||||
| 500,000 | 5.00%, 06/01/19 | 567,815 | ||||||
| 75,000 | City of Jacksonville, Better Jacksonville Sales Tax (RB) 5.00%, 10/01/16 | 79,622 | ||||||
| 600,000 | City of Jacksonville, Series A (RB) 5.00%, 10/01/16 | 637,854 | ||||||
| City of Jacksonville, Series B (RB) | ||||||||
| 260,000 | 5.00%, 10/01/16 | 276,403 | ||||||
| 475,000 | 5.00%, 10/01/17 | 521,597 | ||||||
| 1,600,000 | City of Jacksonville, Series C (RB) 5.00%, 10/01/18 | 1,802,272 | ||||||
| 225,000 | Florida Department of Environmental Protection, Series
A (RB) 5.00%, 07/01/20 | 262,222 | ||||||
| 60,000 | Florida Hurricane Catastrophe Fund Finance Corp., Series
A (RB) 5.00%, 07/01/16 | 63,214 | ||||||
| JEA Electric System, Series Three A (RB) | ||||||||
| 65,000 | 5.00%, 10/01/18 | 73,380 | ||||||
| 200,000 | 5.00%, 10/01/19 | 230,656 | ||||||
| 150,000 | JEA Electric System, Series Three C (RB) 5.00%, 10/01/18 | 169,446 | ||||||
| Principal Amount | Value | |||||||
| Florida: (continued) | ||||||||
| JEA Electric System, Series Three D (RB) | ||||||||
| $ | 50,000 | 4.00%, 10/01/16 | $ | 52,455 | ||||
| 690,000 | 5.00%, 10/01/19 | 796,715 | ||||||
| Miami-Dade County Expressway Authority, Toll System Revenue, Series A (RB) | ||||||||
| 75,000 | 5.00%, 07/01/18 | 83,922 | ||||||
| 50,000 | 5.00%, 07/01/20 | 58,218 | ||||||
| 130,000 | Orange County Expressway Authority (RB) 5.00%, 07/01/19 | 148,884 | ||||||
| 900,000 | Orange County, Sales Tax, Series C (RB) 5.00%, 01/01/20 | 1,045,962 | ||||||
| 400,000 | Palm Beach County School District, Series A (CP) 5.00%, 08/01/16 (p) | 421,996 | ||||||
| 175,000 | Palm Beach County, Public Improvement (RB) 5.00%, 06/01/18 | 195,843 | ||||||
| 50,000 | St. Johns River Power Park, Issue Two, Series Twenty-Five
(RB) 5.00%, 10/01/16 | 53,177 | ||||||
| 100,000 | State of Florida, Board of Education, Full Faith and
Credit, Series A (GO) 5.00%, 06/01/19 | 114,672 | ||||||
| State of Florida, Board of Education, Full Faith and Credit, Series B (GO) | ||||||||
| 50,000 | 5.00%, 06/01/18 | 56,036 | ||||||
| 85,000 | 5.00%, 06/01/20 | 99,613 | ||||||
| 170,000 | State of Florida, Board of Education, Full Faith and
Credit, Series C (GO) 5.00%, 06/01/16 | 178,490 | ||||||
| 260,000 | State of Florida, Board of Education, Lottery Revenue,
Series D (RB) 5.00%, 07/01/17 | 283,228 | ||||||
| State of Florida, Board of Education, Lottery Revenue, Series E (RB) | ||||||||
| 475,000 | 5.00%, 07/01/16 | 500,275 | ||||||
| 100,000 | 5.00%, 07/01/19 | 114,439 | ||||||
| 1,000,000 | State of Florida, Board of Education, Lottery Revenue,
Series F (RB) 5.00%, 07/01/18 | 1,119,950 | ||||||
| State of Florida, Board of Education, Public Education Capital Outlay, Series A (GO) | ||||||||
| 900,000 | 5.00%, 06/01/16 | 944,946 | ||||||
| 100,000 | 5.00%, 06/01/18 | 112,072 | ||||||
| 1,000,000 | State of Florida, Board of Education, Public Education
Capital Outlay, Series C (GO) 5.00%, 06/01/16 | 1,048,720 | ||||||
| 595,000 | State of Florida, Department of Environmental Protection,
Series B (RB) 5.00%, 07/01/18 | 665,585 | ||||||
See Notes to Financial Statements
| 88 |
| Principal Amount | Value | |||||||
| Florida: (continued) | ||||||||
| $ | 90,000 | State of Florida, Department of Transportation Turnpike Revenue, Series A (RB) 5.00%, 07/01/18 | $ | 100,647 | ||||
| 1,000,000 | State of Florida, Department of Transportation, Full Faith and Credit, Series A (GO) 5.00%, 07/01/19 | 1,148,750 | ||||||
| 100,000 | Sunshine State Governmental Financing Commission, Series A (RB) 5.00%, 09/01/16 | 105,977 | ||||||
| 15,211,774 | ||||||||
| Georgia: 3.4% | ||||||||
| 400,000 | City of Atlanta, Airport Passenger Facility, Series B (RB) 5.00%, 01/01/17 | 427,844 | ||||||
| 600,000 | City of Atlanta, Department of Aviation, Series A (RB) 5.00%, 01/01/17 | 643,524 | ||||||
| 315,000 | City of Atlanta, Department of Aviation, Series C (RB) 5.00%, 01/01/20 | 365,469 | ||||||
| 280,000 | County Board of Education of Richmond County (GO) (SAW) 5.00%, 10/01/17 | 307,325 | ||||||
| 330,000 | Forsyth County School District (GO) 5.00%, 02/01/19 | 376,880 | ||||||
| 1,200,000 | Fulton County Development Authority, Georgia Tech Athletic Association Project, Series A (RB) 5.00%, 10/01/19 | 1,378,944 | ||||||
| 125,000 | Fulton County, Water & Sewerage Revenue (RB) 5.00%, 01/01/18 | 138,486 | ||||||
| 2,315,000 | Gwinnett County School District, Series A (GO) 4.50%, 10/01/17 | 2,526,221 | ||||||
| 250,000 | Gwinnett County Water & Sewerage Authority (RB) 5.00%, 08/01/20 | 295,027 | ||||||
| Municipal Electric Authority of Georgia, Series A (RB) | ||||||||
| 500,000 | 5.00%, 11/01/17 | 550,210 | ||||||
| 1,000,000 | 5.00%, 01/01/20 | 1,152,420 | ||||||
| State of Georgia, Series A (GO) | ||||||||
| 400,000 | 5.00%, 07/01/16 | 421,716 | ||||||
| 75,000 | 5.00%, 02/01/18 | 83,408 | ||||||
| 25,000 | 5.00%, 07/01/19 | 28,861 | ||||||
| 140,000 | State of Georgia, Series C (GO) 5.00%, 07/01/18 | 157,584 | ||||||
| 500,000 | State of Georgia, Series F (GO) 5.00%, 12/01/16 | 535,680 | ||||||
| 9,389,599 | ||||||||
| Hawaii: 0.8% | ||||||||
| 150,000 | City and County Honolulu, Wastewater System Revenue, Series B (RB) 5.00%, 07/01/20 | 175,788 | ||||||
| 1,000,000 | State of Hawaii, Series DZ (GO) (GO) 5.00%, 12/01/19 | 1,162,750 | ||||||
| Principal Amount | Value | |||||||
| Hawaii: (continued) | ||||||||
| $ | 500,000 | State of Hawaii, Series EA (GO) 5.00%, 12/01/16 | $ | 535,110 | ||||
| 235,000 | State of Hawaii, Series EH (GO) 5.00%, 08/01/19 | 271,162 | ||||||
| 2,144,810 | ||||||||
| Illinois: 6.4% | ||||||||
| 250,000 | Chicago O’Hare International Airport, 3rd Lien, Series A (RB) 5.00%, 01/01/17 | 267,663 | ||||||
| Chicago O’Hare International Airport, 3rd Lien, Series B (RB) | ||||||||
| 480,000 | 5.00%, 01/01/17 | 513,912 | ||||||
| 150,000 | 5.00%, 01/01/19 | 168,833 | ||||||
| 90,000 | 5.00%, 01/01/20 | 103,369 | ||||||
| City of Chicago, Modern Schools Across Chicago Program, Series A (GO) | ||||||||
| 500,000 | 4.00%, 12/01/17 | 520,850 | ||||||
| 2,250,000 | 5.00%, 12/01/19 | 2,441,880 | ||||||
| 615,000 | County of Cook, Series A (GO) 5.00%, 11/15/19 | 688,259 | ||||||
| State of Illinois (GO) | ||||||||
| 700,000 | 5.00%, 01/01/17 | 742,511 | ||||||
| 955,000 | 5.00%, 01/01/17 | 1,013,809 | ||||||
| 1,250,000 | 5.00%, 03/01/17 | 1,332,525 | ||||||
| 4,100,000 | 5.00%, 08/01/17 | 4,415,618 | ||||||
| 740,000 | 5.00%, 01/01/18 | 801,117 | ||||||
| 500,000 | 5.00%, 02/01/20 | 551,985 | ||||||
| 1,000,000 | State of Illinois, Department of Employment Security, Series B (RB) 5.00%, 12/15/16 (c) | 1,072,280 | ||||||
| 500,000 | State of Illinois, Sales Tax, Junior Lien (RB) 3.00%, 06/15/16 | 513,775 | ||||||
| 500,000 | State of Illinois, Sales Tax, Junior Obligation (RB) 5.00%, 06/15/18 | 557,680 | ||||||
| State of Illinois, Series A (GO) | ||||||||
| 500,000 | 3.00%, 01/01/18 | 514,040 | ||||||
| 850,000 | 4.00%, 01/01/17 | 887,740 | ||||||
| 500,000 | 5.00%, 04/01/17 | 534,310 | ||||||
| 17,642,156 | ||||||||
| Indiana: 0.6% | ||||||||
| Indiana Finance Authority, Wastewater Utility, Series A (RB) | ||||||||
| 50,000 | 2.50%, 10/01/16 | 51,399 | ||||||
| 710,000 | 5.00%, 10/01/19 | 815,549 | ||||||
| 640,000 | 5.00%, 10/01/20 | 749,350 | ||||||
| 120,000 | Indianapolis Local Public Improvement Bond Bank, Series K (RB) 5.00%, 06/01/19 | 137,348 | ||||||
| 1,753,646 | ||||||||
| Kansas: 0.0% | ||||||||
| 50,000 | State of Kansas Department of Transportation, highway Revenue, Series B (RB) 5.00%, 09/01/19 | 57,956 | ||||||
See Notes to Financial Statements
| 89 |
SHORT MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| Kentucky: 1.7% | ||||||||
| $ | 50,000 | Kentucky Asset Liability Commission Project, Series A (RB) 5.00%, 09/01/19 | $ | 57,319 | ||||
| Kentucky Infrastructure Authority, Wastewater & Drinking Water Revolving Fund, Series A (RB) | ||||||||
| 500,000 | 5.00%, 02/01/17 | 538,540 | ||||||
| 1,710,000 | 5.00%, 02/01/18 | 1,900,220 | ||||||
| 200,000 | Kentucky Public Transportation Infrastructure Authority, Downtown Crossing Project, Series A (RB) 5.00%, 07/01/17 | 217,060 | ||||||
| 400,000 | Kentucky State Property & Building Commission, Project No. 100, Series A (RB) 5.00%, 08/01/17 | 436,920 | ||||||
| 25,000 | Kentucky State Property & Building Commission, Project No. 98 (RB) 5.00%, 08/01/20 | 29,104 | ||||||
| Kentucky Turnpike Authority, Series A (RB) | ||||||||
| 575,000 | 5.00%, 07/01/16 | 605,734 | ||||||
| 90,000 | 5.00%, 07/01/19 | 103,388 | ||||||
| 50,000 | Louisville/Jefferson County Metropolitan Government, Series A (RB) 5.00%, 12/01/19 | 57,395 | ||||||
| 600,000 | University of Kentucky, Series D (RB) 5.25%, 10/01/20 | 715,368 | ||||||
| 4,661,048 | ||||||||
| Louisiana: 0.7% | ||||||||
| 130,000 | Parishwide School District (GO) (AGM) 5.00%, 09/01/20 | 150,805 | ||||||
| 1,350,000 | State of Louisiana, Series A (GO) 5.00%, 11/15/19 | 1,562,490 | ||||||
| 250,000 | State of Louisiana, Series C (GO) 5.00%, 07/15/20 | 292,745 | ||||||
| 2,006,040 | ||||||||
| Maryland: 3.9% | ||||||||
| Baltimore County Consolidated Public Improvement (GO) | ||||||||
| 60,000 | 5.00%, 08/01/17 | 65,806 | ||||||
| 2,800,000 | 5.00%, 08/01/18 | 3,158,904 | ||||||
| 500,000 | Maryland Department of Transportation (RB) 5.00%, 06/01/18 | 560,680 | ||||||
| 250,000 | Maryland Health & Higher Educational Facilities Authority (RB) 5.00%, 07/01/19 | 283,605 | ||||||
| Montgomery County, Consolidated Public Improvement, Series A (GO) | ||||||||
| 400,000 | 5.00%, 07/01/16 | 421,476 | ||||||
| 25,000 | 5.00%, 11/01/20 | 29,666 | ||||||
| 750,000 | State of Maryland Department of Transportation (RB) 5.00%, 05/01/19 | 860,992 | ||||||
| Principal Amount | Value | |||||||
| Maryland: (continued) | ||||||||
| State of Maryland, State and Local Facilities Loan, First Series A (GO) | ||||||||
| $ | 450,000 | 5.00%, 03/01/17 | $ | 486,171 | ||||
| 40,000 | 5.00%, 03/01/19 | 45,806 | ||||||
| 2,000,000 | State of Maryland, State and Local Facilities Loan, First Series B (GO) 4.50%, 08/01/19 | 2,271,060 | ||||||
| 1,780,000 | State of Maryland, State and Local Facilities Loan, First Series C (GO) 5.00%, 08/01/18 | 2,008,160 | ||||||
| 200,000 | State of Maryland, State and Local Facilities Loan, Second Series B (GO) 5.00%, 08/01/18 | 225,636 | ||||||
| 200,000 | State of Maryland, State and Local Facilities Loan, Second Series C (GO) 5.25%, 08/01/20 | 239,320 | ||||||
| 10,657,282 | ||||||||
| Massachusetts: 2.3% | ||||||||
| 50,000 | City of Boston, Series B (GO) 5.00%, 02/01/20 | 58,601 | ||||||
| 335,000 | Commonwealth of Massachusetts, Series A (GO) 5.00%, 12/01/18 | 380,389 | ||||||
| Commonwealth of Massachusetts, Series B (GO) | ||||||||
| 750,000 | 5.00%, 08/01/16 | 793,267 | ||||||
| 500,000 | 5.00%, 08/01/20 | 588,945 | ||||||
| 1,000,000 | Commonwealth of Massachusetts, Series E (GO) 5.00%, 12/01/16 | 1,071,200 | ||||||
| 1,000,000 | Massachusetts Development Finance Agency, Partners Health Care System Issue, Series K (RB) 5.00%, 01/18/18 (p) | 1,107,800 | ||||||
| Massachusetts School Building Authority, Senior Dedicated Sales Tax, Series B (RB) | ||||||||
| 1,100,000 | 5.00%, 08/15/18 | 1,240,382 | ||||||
| 200,000 | 5.00%, 08/15/19 | 230,962 | ||||||
| 555,000 | Massachusetts Water Pollution Abatement Trust, Series 16-B (RB) 5.00%, 08/01/18 | 625,951 | ||||||
| 80,000 | Massachusetts Water Resources Authority, Series C (RB) 5.00%, 08/01/18 | 90,172 | ||||||
| 6,187,669 | ||||||||
| Michigan: 2.4% | ||||||||
| 1,165,000 | Michigan Finance Authority, Clean Water Revolving Revenue (RB) 5.00%, 10/01/17 | 1,284,576 | ||||||
| Michigan Finance Authority, Unemployment Obligation Assessment, Series A (RB) | ||||||||
| 645,000 | 4.00%, 01/01/19 | 710,371 | ||||||
| 1,000,000 | 5.00%, 07/01/17 | 1,092,050 | ||||||
| 1,750,000 | 5.00%, 07/01/18 | 1,968,050 | ||||||
See Notes to Financial Statements
| 90 |
| Principal Amount | Value | |||||||
| Michigan: (continued) | ||||||||
| $ | 175,000 | Michigan Finance Authority, Unemployment Obligation Assessment, Series B (RB) 5.00%, 07/01/19 (c) | $ | 200,802 | ||||
| 50,000 | Michigan State Building Authority, Series I-A (RB) 5.00%, 10/15/16 | 53,272 | ||||||
| 500,000 | Michigan State Hospital Finance Authority, Ascension Health Senior Credit Group, Series F-1
(RB) 2.00%, 05/30/18 (p) | 514,310 | ||||||
| 75,000 | Royal Oak Hospital Finance Authority, William Beaumont Hospital Obligation Group, Series D
(RB) 2.25%, 09/01/20 | 76,781 | ||||||
| 570,000 | Wayne Country Airport Authority, Series A-D (RB) 5.00%, 12/01/18 | 637,231 | ||||||
| 6,537,443 | ||||||||
| Minnesota: 2.8% | ||||||||
| 2,050,000 | City of Rochester, Minnesota Health Care Facilities, Mayo Clinic, Series A (RB) 4.00%, 11/15/18 (p) | 2,241,736 | ||||||
| 2,655,000 | City of Rochester, Minnesota Health Care Facilities, Mayo Clinic, Series B (RB) 4.00%, 11/15/18 (p) | 2,903,322 | ||||||
| 675,000 | Regents of University of Minnesota, Series A (RB) 5.00%, 12/01/18 | 766,456 | ||||||
| 50,000 | State of Minnesota, State Trunk Highway, Series B (GO) 5.00%, 10/01/18 | 56,644 | ||||||
| 900,000 | State of Minnesota, State Trunk Highway, Series E (GO) 5.00%, 08/01/19 | 1,039,707 | ||||||
| 700,000 | State of Minnesota, Various Purposes, Series D (GO) 5.00%, 08/01/18 | 789,726 | ||||||
| 7,797,591 | ||||||||
| Mississippi: 0.3% | ||||||||
| 700,000 | Mississippi Development Bank, Highway Construction Project (RB) 5.00%, 01/01/18 | 772,996 | ||||||
| Missouri: 0.8% | ||||||||
| 700,000 | Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Series A (RB) 5.00%, 10/01/20 | 823,956 | ||||||
| 500,000 | Missouri Highway and Transportation Commission, Series C (RB) 5.00%, 02/01/17 | 537,360 | ||||||
| 900,000 | State of Missouri, Series A (CP) 2.13%, 10/01/18 | 924,651 | ||||||
| 35,000 | State of Missouri, Water Pollution Control, Series A (GO) 5.00%, 12/01/19 | 40,849 | ||||||
| 2,326,816 | ||||||||
| Principal Amount | Value | |||||||
| Nebraska: 0.5% | ||||||||
| $ | 1,000,000 | Nebraska Public Power District, Series C
(RB) 5.00%, 01/01/18 (c) | $ | 1,106,500 | ||||
| 150,000 | Omaha Public Power District, Electric System Revenue,
Series B (RB) 5.00%, 02/01/21 | 178,398 | ||||||
| 1,284,898 | ||||||||
| Nevada: 0.5% | ||||||||
| 150,000 | Clark County School District, Series A (GO) 5.00%, 06/15/19 | 171,369 | ||||||
| 25,000 | State of Nevada, Capital Improvement, Series A (GO) 5.00%, 08/01/19 | 28,769 | ||||||
| State of Nevada, Unemployment Compensation (RB) | ||||||||
| 550,000 | 5.00%, 06/01/16 | 576,977 | ||||||
| 500,000 | 5.00%, 06/01/17 | 544,045 | ||||||
| 1,321,160 | ||||||||
| New Jersey: 6.9% | ||||||||
| 65,000 | Garden State Preservation Trust, Series A (RB) 4.00%, 11/01/19 | 72,028 | ||||||
| New Jersey Building Authority, Series A (RB) | ||||||||
| 500,000 | 5.00%, 06/15/18 | 550,105 | ||||||
| 575,000 | 5.00%, 06/15/19 | 640,096 | ||||||
| 210,000 | New Jersey Economic Development Authority, School Facilities
Construction, Series D (RB) 5.00%, 12/15/17 | 226,727 | ||||||
| 500,000 | New Jersey Economic Development Authority, School Facilities
Construction, Series DD (RB) 4.00%, 12/15/16 | 520,225 | ||||||
| 375,000 | New Jersey Economic Development Authority, School Facilities
Construction, Series DD-1 (RB) 5.00%, 12/15/18 | 410,977 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction, Series EE (RB) | ||||||||
| 890,000 | 5.00%, 09/01/17 | 954,258 | ||||||
| 700,000 | 5.00%, 09/01/18 | 763,616 | ||||||
| 275,000 | New Jersey Economic Development Authority, School Facilities
Construction, Series GG (RB) 5.00%, 09/01/16 | 287,994 | ||||||
| 225,000 | New Jersey Economic Development Authority, School Facilities
Construction, Series NN (RB) 5.00%, 03/01/20 | 247,282 | ||||||
| 300,000 | New Jersey Economic Development Authority, School Facilities
Construction, Series PP (RB) 5.00%, 06/15/19 | 328,260 | ||||||
| 500,000 | New Jersey Educational Facilities Authority, Series B
(RB) 5.00%, 06/01/19 | 551,160 | ||||||
See Notes to Financial Statements
| 91 |
SHORT MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| New Jersey: (continued) | ||||||||
| $ | 1,000,000 | New Jersey Health Care Facilities Financing
Authority, Greystone Park Psychiatric Hospital Project, Series B (RB) 5.00%, 09/15/18 | $ | 1,100,110 | ||||
| 1,000,000 | New Jersey Higher Education Assistance Authority, Student
Loan, Series 2 (RB) 3.75%, 12/01/18 | 1,068,600 | ||||||
| 1,455,000 | New Jersey State, Series S (GO) 5.00%, 08/15/19 | 1,646,478 | ||||||
| 1,000,000 | New Jersey Transit Corp., Series A (RB) 5.00%, 09/15/18 | 1,104,240 | ||||||
| New Jersey Transportation Trust Fund Authority, Series A (RB) | ||||||||
| 1,000,000 | 5.00%, 12/15/19 | 1,107,300 | ||||||
| 265,000 | 5.00%, 06/15/20 | 293,641 | ||||||
| New Jersey Transportation Trust Fund Authority, Series AA (RB) | ||||||||
| 625,000 | 4.00%, 06/15/18 | 659,800 | ||||||
| 250,000 | 5.00%, 06/15/19 | 275,090 | ||||||
| 870,000 | 5.00%, 06/15/20 | 964,030 | ||||||
| 2,395,000 | New Jersey Transportation Trust Fund Authority, Series
B (RB) 5.00%, 06/15/18 | 2,600,060 | ||||||
| 2,350,000 | New Jersey Transportation Trust Fund Authority, Series
D (RB) 5.00%, 12/15/17 | 2,538,423 | ||||||
| 150,000 | State of New Jersey, Series Q (GO) 5.00%, 08/15/18 | 166,728 | ||||||
| 19,077,228 | ||||||||
| New Mexico: 0.7% | ||||||||
| 150,000 | New Mexico Educational Assistance Foundation, Series
A-1 (RB) 4.00%, 12/01/16 | 158,114 | ||||||
| 1,075,000 | New Mexico Finance Authority, State Transportation Commission,
Senior Lien (RB) 4.00%, 06/15/16 | 1,118,838 | ||||||
| 110,000 | New Mexico Finance Authority, State Transportation Revenue,
Senior Lien, Series B (RB) 5.00%, 06/15/20 | 129,169 | ||||||
| 250,000 | New Mexico Finance Authority, Subordinate Lien, Series
A-2 (RB) 5.00%, 12/15/16 | 267,988 | ||||||
| State of New Mexico Severance Tax, Series A (RB) | ||||||||
| 55,000 | 5.00%, 07/01/17 | 60,075 | ||||||
| 75,000 | 5.00%, 07/01/19 (c) | 85,960 | ||||||
| 1,820,144 | ||||||||
| New York: 15.4% | ||||||||
| 1,750,000 | City of New York, Series A (GO) 5.00%, 08/01/17 | 1,912,347 | ||||||
| 750,000 | City of New York, Series A-1 (GO) 5.00%, 08/01/18 | 841,020 | ||||||
| 1,000,000 | City of New York, Series B (GO) 5.00%, 08/01/19 | 1,147,640 | ||||||
| Principal Amount | Value | |||||||
| New York: (continued) | ||||||||
| $ | 165,000 | City of New York, Series D (GO) 5.00%, 08/01/19 | $ | 189,361 | ||||
| 370,000 | City of New York, Series G (GO) 5.00%, 08/01/20 | 432,563 | ||||||
| 225,000 | City of New York, Series I (GO) 5.00%, 08/01/18 | 252,306 | ||||||
| City of New York, Subseries 1 (GO) | ||||||||
| 480,000 | 4.00%, 08/01/16 | 501,638 | ||||||
| 250,000 | 5.00%, 08/01/17 | 273,193 | ||||||
| 1,410,000 | Erie County Industrial Development Agency, City School
District, Series A (RB) (SAW) 5.00%, 05/01/19 | 1,609,205 | ||||||
| 500,000 | Long Island Power Authority, Electric System, Series
A (RB) 5.00%, 05/01/16 | 521,455 | ||||||
| 130,000 | Metropolitan Transportation Authority, Series B (RB) 5.00%, 11/15/19 | 150,277 | ||||||
| Metropolitan Transportation Authority, Series C (RB) | ||||||||
| 130,000 | 4.00%, 11/15/16 | 136,834 | ||||||
| 200,000 | 5.00%, 11/15/17 | 220,766 | ||||||
| 100,000 | 5.00%, 11/15/18 | 113,198 | ||||||
| 110,000 | 5.00%, 11/15/20 | 129,138 | ||||||
| Metropolitan Transportation Authority, Series D (RB) | ||||||||
| 955,000 | 5.00%, 11/15/16 | 1,019,721 | ||||||
| 60,000 | 5.00%, 11/15/17 | 66,198 | ||||||
| 520,000 | 5.00%, 11/15/17 | 573,992 | ||||||
| 550,000 | 5.00%, 11/15/18 | 622,589 | ||||||
| 430,000 | 5.00%, 11/15/19 | 497,071 | ||||||
| 50,000 | 5.00%, 11/15/20 | 58,699 | ||||||
| 90,000 | Metropolitan Transportation Authority, Series F (RB)
5.00%, 11/15/18 | 101,878 | ||||||
| 75,000 | New York City Municipal Water Finance Authority, Water
and Sewer System, Series BB (RB) 4.00%, 06/15/16 | 78,093 | ||||||
| 150,000 | New York City Transitional Finance Authority, Future
Tax Secured Subordinate, Series E (RB) 5.00%, 11/01/18 | 169,749 | ||||||
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series I (RB) | ||||||||
| 60,000 | 5.00%, 05/01/19 | 68,703 | ||||||
| 5,000 | 5.00%, 05/01/19 | 5,742 | ||||||
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Subseries E-1 (RB) | ||||||||
| 50,000 | 5.00%, 02/01/18 | 55,533 | ||||||
| 25,000 | 5.00%, 02/01/19 | 28,453 | ||||||
| 250,000 | New York City Transitional Finance Authority, Series
B (RB) 5.00%, 11/01/20 | 294,927 | ||||||
See Notes to Financial Statements
| 92 |
| Principal
Amount |
Value | |||||||
| New York: (continued) | ||||||||
| New York City Transitional Finance Authority, Series D (RB) | ||||||||
| $ | 50,000 | 4.00%, 02/01/18 | $ | 54,198 | ||||
| 1,000,000 | 5.00%, 11/01/19 | 1,158,460 | ||||||
| 500,000 | New York City Transitional Finance Authority, Subseries
F-1 (RB) 5.00%, 02/01/20 |
581,245 | ||||||
| 150,000 | New York City Transitional Finance Authority, Subseries
S-1A (RB) (SAW) 5.00%, 07/15/16 |
158,381 | ||||||
| New York City, Series B (GO) | ||||||||
| 500,000 | 5.00%, 08/01/17 | 546,385 | ||||||
| 325,000 | 5.00%, 08/01/18 | 364,442 | ||||||
| 1,000,000 | 5.00%, 08/01/20 | 1,169,090 | ||||||
| 600,000 | New York City, Series D (GO) 5.00%, 10/01/17 |
658,860 | ||||||
| 1,000,000 | New York City, Series G (GO) 5.00%, 08/01/19 |
1,147,640 | ||||||
| New York City, Series I (GO) | ||||||||
| 250,000 | 5.00%, 08/01/17 | 273,193 | ||||||
| 300,000 | 5.00%, 08/01/17 | 327,831 | ||||||
| 500,000 | New York State Dormitory Authority, Colombia University,
Series A (RB) 5.00%, 10/01/18 |
567,515 | ||||||
| New York State Dormitory Authority, State Personal Income Tax (RB) | ||||||||
| 260,000 | 5.00%, 02/15/18 | 288,644 | ||||||
| 500,000 | 5.00%, 02/15/20 | 581,385 | ||||||
| 500,000 | New York State Dormitory Authority, State Personal Income
Tax, Series A (RB) 5.00%, 02/15/20 |
583,650 | ||||||
| New York State Dormitory Authority, State Personal Income Tax, Series B (RB) | ||||||||
| 400,000 | 5.00%, 03/15/19 | 457,664 | ||||||
| 630,000 | 5.00%, 03/15/20 | 736,533 | ||||||
| New York State Dormitory Authority, State Personal Income Tax, Series C (RB) | ||||||||
| 75,000 | 4.00%, 03/15/18 | 81,308 | ||||||
| 1,400,000 | 4.00%, 03/15/19 | 1,542,996 | ||||||
| 75,000 | 5.00%, 03/15/17 | 81,040 | ||||||
| 1,675,000 | 5.00%, 03/15/19 | 1,916,468 | ||||||
| 125,000 | 5.00%, 03/15/20 | 146,074 | ||||||
| 1,000,000 | 5.00%, 03/15/20 | 1,163,470 | ||||||
| 80,000 | New York State Dormitory Authority, State Personal Income
Tax, Series E (RB) 5.00%, 08/15/16 |
84,759 | ||||||
| New York State Dormitory Authority, State Sales Tax, Series A (RB) | ||||||||
| 60,000 | 4.00%, 03/15/17 | 63,804 | ||||||
| 920,000 | 4.00%, 03/15/20 | 1,033,859 | ||||||
| 1,695,000 | New York State Environmental Facilities Corp., Sate Clean
Water and Drinking Water, Series A (RB) 5.00%, 06/15/20 |
1,998,609 | ||||||
| Principal Amount | Value | |||||||
| New York: (continued) | ||||||||
| New York State Environmental Facilities Corp., Sate Clean Water and Drinking Water, Series B (RB) | ||||||||
| $ | 600,000 | 4.00%, 06/15/20 | $ | 677,316 | ||||
| 820,000 | 5.00%, 06/15/19 | 946,403 | ||||||
| 600,000 | New York State Environmental Facilities Corp., Sate Clean Water and Drinking Water, Series D (RB) 5.00%, 06/15/20 | 706,824 | ||||||
| 800,000 | New York State Thruway Authority, Second General Highway & Bridge Trust Fund, Series A (RB) 5.00%, 04/01/19 | 913,664 | ||||||
| 2,130,000 | New York State Thruway Authority, Series A (RB) 5.00%, 05/01/19 | 2,419,382 | ||||||
| New York State Thruway Authority, State Personal Income Tax, Series A (RB) | ||||||||
| 300,000 | 5.00%, 03/15/18 | 334,572 | ||||||
| 450,000 | 5.00%, 03/15/19 | 513,774 | ||||||
| 150,000 | New York State Urban Development Corp., State Personal Income Tax, Series A (RB) 5.00%, 03/15/19 | 171,380 | ||||||
| New York State Urban Development Corp., State Personal Income Tax, Series C (RB) | ||||||||
| 250,000 | 5.00%, 03/15/17 | 270,133 | ||||||
| 500,000 | 5.00%, 03/15/18 | 557,170 | ||||||
| 55,000 | 5.00%, 03/15/20 | 64,216 | ||||||
| 60,000 | Port Authority of New York and New Jersey, One Hundred Seventy-Fifth Series (RB) 5.00%, 12/01/18 | 68,084 | ||||||
| 275,000 | State of New York Municipal Bond Bank Agency, Special School Purpose, Series A (RB) (SAW) 5.00%, 12/01/19 | 318,829 | ||||||
| Tobacco Settlement Financing Corp. (RB) | ||||||||
| 1,000,000 | 5.00%, 06/01/17 | 1,087,650 | ||||||
| 2,000,000 | 5.00%, 06/01/18 | 2,236,920 | ||||||
| 400,000 | Town of Oyster Bay, New York Public Improvement (GO) 3.00%, 08/15/17 | 413,928 | ||||||
| 500,000 | Town of Oyster Bay, New York Public Improvement, Series A (GO) (AGM) 3.00%, 03/01/18 | 521,775 | ||||||
| 90,000 | Town of Oyster Bay, New York Public Improvement, Series B (GO) (AGM) 4.00%, 11/01/20 | 99,067 | ||||||
| 42,160,879 | ||||||||
| North Carolina: 2.7% | ||||||||
| 250,000 | County of Mecklenburg, Series A (GO) 5.00%, 12/01/17 | 277,085 | ||||||
| 130,000 | County of Wake, Public Improvement (GO) 5.00%, 09/01/18 | 147,039 | ||||||
See Notes to Financial Statements
| 93 |
SHORT MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| North Carolina: (continued) | ||||||||
| $ | 25,000 | North Carolina Municipal Power Agency No. 1, Catawba Electric Revenue, Series A
(RB) 5.00%, 01/01/18 | $ | 27,579 | ||||
| 1,000,000 | North Carolina State, Capital Improvement Limited Obligation Bonds, Series B (RB) 5.00%, 11/01/18 | 1,134,600 | ||||||
| 1,000,000 | North Carolina State, Grant Anticipation Revenue (RB) 5.00%, 03/01/19 | 1,133,910 | ||||||
| 2,800,000 | North Carolina State, Series B (GO) 5.00%, 06/01/18 | 3,146,164 | ||||||
| 500,000 | North Carolina State, Series C (GO) 3.50%, 05/01/16 | 516,090 | ||||||
| 260,000 | North Carolina State, Series E (GO) 5.00%, 05/01/16 | 272,243 | ||||||
| 300,000 | North Carolina Turnpike Authority, Monroe Connector System (RB) 5.00%, 07/01/18 | 336,882 | ||||||
| 100,000 | State of North Carolina, Capital improvement, Series A (RB) 5.00%, 05/01/19 | 114,757 | ||||||
| 200,000 | State of North Carolina, Series C (GO) 5.00%, 05/01/20 | 235,634 | ||||||
| 7,341,983 | ||||||||
| Ohio: 2.3% | ||||||||
| 500,000 | City of Columbus, Various Purpose, Series 3 (GO) 5.00%, 08/15/16 | 529,150 | ||||||
| 750,000 | Ohio Air Quality Development Authority, FirstEnergy Generation Project, Series A (RB) 3.75%, 12/03/18 (p) | 793,755 | ||||||
| 55,000 | Ohio State Building Authority, Administrative Building Fund Project, Series C (RB) 5.00%, 10/01/18 | 61,973 | ||||||
| 120,000 | Ohio State Hospital Revenue, Cleveland Clinic Health System, Series A (RB) 5.00%, 01/01/21 | 141,478 | ||||||
| 1,000,000 | Ohio State Water Development Authority, FirstEnergy Nuclear Generation Project, Series B (RB)
4.00%, 06/03/19 (p) | 1,058,990 | ||||||
| 125,000 | Ohio State Water Development Authority, Water Pollution Control, Series A (RB) 5.00%, 06/01/18 | 139,969 | ||||||
| 430,000 | State of Ohio, Common Schools, Series A (GO) 5.00%, 09/15/19 | 497,433 | ||||||
| State of Ohio, Higher Education, Series B (GO) | ||||||||
| 450,000 | 5.00%, 08/01/16 | 475,380 | ||||||
| 245,000 | 5.00%, 08/01/18 | 275,735 | ||||||
| State of Ohio, Higher Education, Series C (GO) | ||||||||
| 1,000,000 | 5.00%, 08/01/16 | 1,055,500 | ||||||
| 50,000 | 5.00%, 08/01/19 | 57,672 | ||||||
| Principal Amount | Value | |||||||
| Ohio: (continued) | ||||||||
| $ | 50,000 | State of Ohio, Highway Capital Improvement, Series Q (GO) 5.00%, 05/01/18 | $ | 55,875 | ||||
| 35,000 | State of Ohio, Highway Capital Improvement, Series R (GO) 5.00%, 05/01/19 | 40,121 | ||||||
| 100,000 | State of Ohio, Major New State Infrastructure Project, Series 1 (RB) 4.00%, 12/15/16 | 105,509 | ||||||
| 985,000 | State of Ohio, Third Frontier Research and Development, Series A (GO) 3.00%, 05/01/20 | 1,059,702 | ||||||
| 6,348,242 | ||||||||
| Oklahoma: 0.0% | ||||||||
| 100,000 | Grand River Dam Authority, Series A (RB) 3.00%, 06/01/18 | 105,693 | ||||||
| Oregon: 0.6% | ||||||||
| 95,000 | City of Portland, Sewer System Revenue, Series A (RB) 5.00%, 03/01/17 | 102,636 | ||||||
| 200,000 | Oregon State Facilities Authority, Legacy Health project, Series A (RB) 5.00%, 05/01/17 | 216,542 | ||||||
| 530,000 | Oregon State Lottery, Department of Administrative Services, Series B (RB) 5.00%, 04/01/19 | 607,051 | ||||||
| 775,000 | Tri-County Metropolitan Transportation District (RB) 5.00%, 05/01/17 (c) | 837,333 | ||||||
| 1,763,562 | ||||||||
| Pennsylvania: 3.9% | ||||||||
| 650,000 | City of Philadelphia, Water and Wastewater Revenue, Series A (RB) (AGM) 5.00%, 06/15/18 | 728,377 | ||||||
| 50,000 | City of Philadelphia, Water and Wastewater Revenue, Series C (RB) (AGM) 5.00%, 08/01/16 | 52,775 | ||||||
| Commonwealth of Pennsylvania, First Refunding Series (GO) | ||||||||
| 1,000,000 | 5.00%, 07/01/17 | 1,088,890 | ||||||
| 900,000 | 5.00%, 06/15/18 | 1,006,173 | ||||||
| 1,090,000 | 5.00%, 07/01/18 | 1,219,666 | ||||||
| Commonwealth of Pennsylvania, First Series (GO) | ||||||||
| 1,105,000 | 5.00%, 11/15/18 | 1,247,976 | ||||||
| 1,000,000 | 5.00%, 04/01/19 | 1,135,120 | ||||||
| 300,000 | 5.00%, 06/01/19 | 341,835 | ||||||
| 500,000 | Commonwealth of Pennsylvania, Second Series (GO) 5.00%, 10/15/19 | 574,500 | ||||||
| 300,000 | Commonwealth of Pennsylvania, Third Series C (GO) 5.00%, 07/15/16 | 316,536 | ||||||
See Notes to Financial Statements
| 94 |
| Principal Amount | Value | |||||||
| Pennsylvania: (continued) | ||||||||
| Pennsylvania Economic Development, Unemployment Compensation, Series A (RB) | ||||||||
| $ | 545,000 | 4.00%, 02/01/20 | $ | 604,454 | ||||
| 550,000 | 5.00%, 07/01/17 | 601,249 | ||||||
| 1,250,000 | 5.00%, 07/01/18 | 1,405,337 | ||||||
| Pennsylvania Economic Development, Unemployment Compensation, Series B (RB) | ||||||||
| 205,000 | 5.00%, 07/01/19 (c) | 236,033 | ||||||
| 35,000 | 5.00%, 07/01/19 (c) | 40,406 | ||||||
| 125,000 | Port Authority of Allegheny County (RB) 5.00%, 03/01/17 | 134,690 | ||||||
| 10,734,017 | ||||||||
| South Carolina: 0.5% | ||||||||
| 1,000,000 | South Carolina Public Service Authority, Series B (RB) 5.00%, 12/01/18 | 1,131,350 | ||||||
| 150,000 | South Carolina State Public Service Authority, Series B (RB) 4.00%, 12/01/19 | 166,440 | ||||||
| 1,297,790 | ||||||||
| Tennessee: 0.9% | ||||||||
| 1,800,000 | Metropolitan Government of Nashville & Davidson County, Water & Sewer Revenue (RB) 5.00%, 07/01/17 | 1,963,260 | ||||||
| 400,000 | Metropolitan Government of Nashville and Davidson County, Series A (GO) 5.00%, 07/01/18 | 449,308 | ||||||
| 25,000 | Shelby County, Series A (GO) 4.00%, 03/01/18 | 27,155 | ||||||
| 55,000 | Tennessee State School Bond Authority, Higher Education, Series A (RB) 4.00%, 05/01/17 | 58,658 | ||||||
| 2,498,381 | ||||||||
| Texas: 6.7% | ||||||||
| 300,000 | City of Corpus Christi, Utility System Junior Lien (RB) 5.00%, 07/15/19 | 344,238 | ||||||
| 100,000 | City of Dallas (GO) 5.00%, 02/15/20 | 116,630 | ||||||
| 550,000 | City of Dallas, Fort Worth International Airport, Series B (RB) 5.00%, 11/01/18 | 624,233 | ||||||
| 50,000 | City of Dallas, Series C (GO) 4.00%, 02/15/19 | 55,155 | ||||||
| City of Dallas, Waterworks and Sewer System Revenue, Series A (RB) | ||||||||
| 50,000 | 5.00%, 10/01/18 | 56,572 | ||||||
| 150,000 | 5.00%, 10/01/20 | 177,245 | ||||||
| 1,250,000 | City of Fort Worth, Waterworks & Sewer System Revenue (RB) 5.00%, 02/15/18 | 1,388,812 | ||||||
| City of Houston, Combined Utility System, First Lien, Series C (RB) | ||||||||
| 75,000 | 4.00%, 11/15/19 | 83,701 | ||||||
| 750,000 | 5.00%, 05/15/20 | 878,647 | ||||||
| Principal Amount | Value | |||||||
| Texas: (continued) | ||||||||
| City of Houston, Series A (GO) | ||||||||
| $ | 460,000 | 5.00%, 03/01/18 | $ | 511,207 | ||||
| 550,000 | 5.00%, 03/01/20 | 643,967 | ||||||
| 640,000 | 5.00%, 03/01/20 | 747,386 | ||||||
| 160,000 | City of San Antonio, Electric and Gas Revenue (RB) 5.00%, 02/01/20 | 185,760 | ||||||
| 795,000 | City of San Antonio, Water System Revenue (RB) 5.00%, 05/15/20 | 930,945 | ||||||
| 1,000,000 | Clear Creek Independent School District, Series B (GO) 3.00%, 08/14/19 (p) | 1,060,590 | ||||||
| 500,000 | Dallas Independent School District (GO) 4.00%, 08/15/16 | 522,915 | ||||||
| 250,000 | Harris County, Texas Metropolitan Transit Authority, Series B (RB) 5.00%, 11/01/16 | 266,823 | ||||||
| 265,000 | Houston Independent School District, Series C (GO) 5.00%, 02/15/19 | 302,924 | ||||||
| 100,000 | Lewisville Independent School District, Series A (GO) 4.00%, 08/15/18 | 109,479 | ||||||
| 300,000 | Lower Colorado River Authority, LCRA Transmission Service Corp. Project, Series A (RB) 5.00%, 05/15/17 | 324,912 | ||||||
| 60,000 | Lower Colorado River Authority, Series A (RB) 5.00%, 05/15/19 | 68,304 | ||||||
| 1,500,000 | Lower Colorado River Authority, Series B (RB) 5.00%, 05/15/19 | 1,707,600 | ||||||
| 200,000 | North East Independent School District, Series A (GO) 5.00%, 08/01/18 | 225,158 | ||||||
| 500,000 | Northside Independent School District (GO) 2.00%, 08/01/19 (p) | 510,020 | ||||||
| 500,000 | Northside Independent School District, Series A (GO) 2.00%, 06/01/19 (p) | 508,050 | ||||||
| 1,000,000 | Texas Municipal Gas Acquisition & Supply Corp., Gas Supply (RB) 5.00%, 12/15/20 | 1,148,730 | ||||||
| 1,410,000 | Texas Public Finance Authority (GO) 5.00%, 10/01/18 | 1,594,315 | ||||||
| 815,000 | Texas Public Finance Authority, Series A (GO) 4.00%, 10/01/19 | 908,912 | ||||||
| 850,000 | Texas Public Finance Authority, Unemployment Compensation, Series A (RB) 5.00%, 07/01/16 | 896,248 | ||||||
| 250,000 | Texas State University System, Board of Regents (RB) 5.00%, 03/15/18 | 278,058 | ||||||
| 50,000 | Texas Transportation Commission (GO) 5.00%, 10/01/19 | 57,896 | ||||||
See Notes to Financial Statements
| 95 |
SHORT MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal | ||||||||
| Amount | Value | |||||||
| Texas: (continued) | ||||||||
| $ | 500,000 | Texas Transportation Commission, Highway Improvement, Series A (GO) 5.00%, 04/01/19 | $ | 572,070 | ||||
| 210,000 | Texas Transportation Commission, Series A (RB) 5.00%, 04/01/17 | 227,564 | ||||||
| 250,000 | Texas Transportation Commission, State Highway, First Tier, Series A (RB) 5.00%, 04/01/20 | 292,520 | ||||||
| 150,000 | University of Texas System, Board of Regents, Series A (RB) 5.00%, 08/15/17 | 164,477 | ||||||
| 18,492,063 | ||||||||
| Utah: 0.8% | ||||||||
| Intermountain Power Agency, Subordinated Power Supply, Series A (RB) | ||||||||
| 75,000 | 5.00%, 07/01/18 | 83,996 | ||||||
| 35,000 | 5.00%, 07/01/19 | 40,176 | ||||||
| State of Utah, Series A (GO) | ||||||||
| 125,000 | 5.00%, 07/01/16 | 131,786 | ||||||
| 50,000 | 5.00%, 07/01/19 | 57,789 | ||||||
| 650,000 | State of Utah, Series C (GO) 5.00%, 07/01/18 | 731,854 | ||||||
| 925,000 | Utah State Board of Regents, Series EE-2 (RB) 4.50%, 11/01/17 | 1,011,478 | ||||||
| 2,057,079 | ||||||||
| Virginia: 0.7% | ||||||||
| 500,000 | City of Norfolk, Water Revenue (RB) 5.00%, 11/01/19 | 578,520 | ||||||
| 500,000 | Virginia College Building Authority, 21st Century College & Equipment Programs Educational Facilities, Series A (RB) 5.00%, 02/01/19 | 569,650 | ||||||
| 150,000 | Virginia College Building Authority, Public Higher Education Financing Program, Series A (RB) 5.00%, 09/01/19 | 172,910 | ||||||
| 500,000 | Virginia College Building Authority, Public Higher Education Financing Program, Series A-1 (RB) 5.00%, 09/01/17 | 548,945 | ||||||
| 1,870,025 | ||||||||
| Washington: 4.0% | ||||||||
| 30,000 | Central Puget Sound Regional Transit Authority, Sales Tax and Motor Vehicle Excise Tax, Series P-1 (RB) 5.00%, 02/01/19 | 34,262 | ||||||
| City of Seattle, Municipal Light and Power, Series B (RB) | ||||||||
| 400,000 | 5.00%, 02/01/17 | 430,832 | ||||||
| 555,000 | 5.00%, 06/01/19 | 636,424 | ||||||
| 40,000 | Clark County Public Utility District No 1 (RB) 5.00%, 01/01/20 | 46,097 | ||||||
| Principal Amount | Value | |||||||
| Washington: (continued) | ||||||||
| Energy Northwest, Columbia Generating Station Electric, Series A (RB) | ||||||||
| $ | 150,000 | 5.00%, 07/01/18 | $ | 168,590 | ||||
| 1,650,000 | 5.00%, 07/01/19 | 1,896,163 | ||||||
| 25,000 | 5.00%, 07/01/20 | 29,352 | ||||||
| 55,000 | Energy Northwest, Project 3 Electric Revenue, Series A (RB) 5.00%, 07/01/18 | 61,816 | ||||||
| 265,000 | Port of Seattle, Passenger Facility | |||||||
| Charge Revenue, Series A (RB) 5.00%, 12/01/17 | 293,853 | |||||||
| 125,000 | Public Utility District No. 2 of Grant County, Series I (RB) 5.00%, 01/01/18 | 138,313 | ||||||
| 150,000 | Renton School District No. 403 (GO) (SBG) 5.00%, 12/01/18 | 169,872 | ||||||
| 500,000 | State of Washington, Series R-A (GO) 5.00%, 07/01/20 | 586,770 | ||||||
| Washington State Federal Highway Grant Anticipation, Series C (RB) | ||||||||
| 1,815,000 | 5.00%, 09/01/18 | 2,035,141 | ||||||
| 1,000,000 | 5.00%, 09/01/19 | 1,145,480 | ||||||
| 475,000 | Washington State, Motor Vehicle Fuel Tax, Series C (GO) 5.00%, 07/01/17 | 519,474 | ||||||
| Washington State, Motor Vehicle Fuel Tax, Series R-C (GO) | ||||||||
| 75,000 | 5.00%, 07/01/18 | 84,270 | ||||||
| 500,000 | 5.00%, 07/01/19 | 574,375 | ||||||
| 500,000 | Washington State, Various Purpose, Series B (GO) 5.00%, 07/01/17 | 546,815 | ||||||
| Washington State, Various Purpose, Series R-A (GO) | ||||||||
| 60,000 | 5.00%, 07/01/17 | 65,618 | ||||||
| 1,000,000 | 5.00%, 01/01/19 | 1,135,110 | ||||||
| 250,000 | Washington State, Various Purpose, Series R-C (GO) 5.00%, 07/01/19 | 287,187 | ||||||
| 10,885,814 | ||||||||
| Wisconsin: 0.9% | ||||||||
| 250,000 | City of Milwaukee, Series N2 (GO) 5.00%, 05/01/19 | 286,052 | ||||||
| 100,000 | State of Wisconsin, Clean Water Revenue, Series 2 (RB) 5.00%, 06/01/20 | 117,138 | ||||||
| 1,380,000 | State of Wisconsin, Series 1 (GO) 5.00%, 05/01/17 | 1,498,721 | ||||||
| State of Wisconsin, Series 2 (GO) | ||||||||
| 305,000 | 5.00%, 11/01/18 | 345,492 | ||||||
| 150,000 | 5.00%, 05/01/19 | 171,758 | ||||||
| 2,419,161 | ||||||||
| Total Municipal Bonds: 98.8% (Cost: $271,521,539) | 271,341,321 | |||||||
| Other assets less liabilities: 1.2% | 3,199,895 | |||||||
| NET ASSETS: 100.0% | $ | 274,541,216 | ||||||
See Notes to Financial Statements
| 96 |
| 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 | 1.6 | % | $ | 4,351,808 | |||||
| Bond Bank | 0.4 | 1,091,825 | |||||||
| Development | 2.9 | 7,882,589 | |||||||
| Education | 3.6 | 9,876,737 | |||||||
| Facilities | 2.2 | 6,127,596 | |||||||
| General Obligation | 48.2 | 130,919,648 | |||||||
| Higher Education | 6.1 | 16,484,199 | |||||||
| Medical | 4.1 | 11,075,826 | |||||||
| Pollution | 2.0 | 5,327,872 | |||||||
| Power | 6.0 | 16,353,765 | |||||||
| School District | 3.0 | 8,028,064 | |||||||
| Student Loan | 0.4 | 1,169,592 | |||||||
| Transportation | 12.9 | 34,902,753 | |||||||
| Utilities | 0.4 | 1,000,453 | |||||||
| Water | 6.2 | 16,748,594 | |||||||
| 100.0 | % | $ | 271,341,321 | ||||||
The summary of inputs used to value the Fund’s investments as of April 30, 2015 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
| Total Municipal Bonds* | $ | — | $ | 271,341,321 | $ | — | $ | 271,341,321 | ||||||||
* See Schedule of Investments for security type and geographic sector breakouts.
There were no transfers between levels during the year ended April 30, 2015.
See Notes to Financial Statements
| 97 |
STATEMENTS OF ASSETS AND LIABILITIES
April 30, 2015
| CEF Municipal Income ETF | High-Yield Municipal Index ETF | Intermediate Municipal Index ETF | Long Municipal Index ETF | |||||||||||||||||
| Assets: | ||||||||||||||||||||
| Investments, at value (1) | $ | 47,837,093 | $ | 1,579,689,120 | $ | 1,029,907,217 | $ | 107,366,833 | ||||||||||||
| Cash | — | 2,514,077 | 992,659 | — | ||||||||||||||||
| Receivables: | ||||||||||||||||||||
| Investment securities sold | — | 1,053,717 | 16,919 | — | ||||||||||||||||
| Shares sold | — | 3,121,768 | 4,708,256 | — | ||||||||||||||||
| Dividends and interest | 155,100 | 27,303,171 | 12,287,435 | 1,428,235 | ||||||||||||||||
| Prepaid expenses | 205 | — | — | — | ||||||||||||||||
| Total assets | 47,992,398 | 1,613,681,853 | 1,047,912,486 | 108,795,068 | ||||||||||||||||
| Liabilities: | ||||||||||||||||||||
| Payables: | ||||||||||||||||||||
| Investment securities purchased | — | 7,626,807 | 4,903,090 | — | ||||||||||||||||
| Due to Adviser | 15,226 | 451,200 | 200,864 | 21,692 | ||||||||||||||||
| Due to custodian | — | — | — | — | ||||||||||||||||
| Deferred Trustee fees | 1,564 | 3,184 | 3,000 | 1,517 | ||||||||||||||||
| Accrued expenses | 54,263 | — | — | — | ||||||||||||||||
| Total liabilities | 71,053 | 8,081,191 | 5,106,954 | 23,209 | ||||||||||||||||
| NET ASSETS | $ | 47,921,345 | $ | 1,605,600,662 | $ | 1,042,805,532 | $ | 108,771,859 | ||||||||||||
| Shares outstanding | 1,800,000 | 51,700,000 | 44,400,000 | 5,550,000 | ||||||||||||||||
| Net asset value, redemption and offering price per share | $ | 26.62 | $ | 31.06 | $ | 23.49 | $ | 19.60 | ||||||||||||
| Net assets consist of: | ||||||||||||||||||||
| Aggregate paid in capital | $ | 49,800,816 | $ | 1,589,206,093 | $ | 1,027,227,458 | $ | 108,386,155 | ||||||||||||
| Net unrealized appreciation (depreciation) | (909,124 | ) | 36,557,982 | 15,521,424 | 3,117,180 | |||||||||||||||
| Undistributed net investment income | 223,311 | 10,366,227 | 1,960,295 | 344,539 | ||||||||||||||||
| Accumulated net realized gain (loss) | (1,193,658 | ) | (30,529,640 | ) | (1,903,645 | ) | (3,076,015 | ) | ||||||||||||
| $ | 47,921,345 | $ | 1,605,600,662 | $ | 1,042,805,532 | $ | 108,771,859 | |||||||||||||
| (1) Cost of investments | $ | 48,746,217 | $ | 1,543,131,138 | $ | 1,014,385,793 | $ | 104,249,653 | ||||||||||||
See Notes to Financial Statements
| 98 |
| Pre-Refunded Municipal Index ETF | Short High-Yield Municipal Index ETF | Short Municipal Index ETF | |||||||||||
| $ | 21,844,902 | $ | 96,862,438 | $ | 271,341,321 | ||||||||
| — | — | — | |||||||||||
| — | 47,730 | 1,558,252 | |||||||||||
| — | 5,088,501 | — | |||||||||||
| 320,089 | 1,377,457 | 3,377,976 | |||||||||||
| — | — | — | |||||||||||
| 22,164,991 | 103,376,126 | 276,277,549 | |||||||||||
| — | 4,177,684 | 1,675,880 | |||||||||||
| 4,377 | 27,154 | 45,087 | |||||||||||
| — | — | 13,766 | |||||||||||
| 865 | — | 1,600 | |||||||||||
| — | 50 | — | |||||||||||
| 5,242 | 4,204,888 | 1,736,333 | |||||||||||
| $ | 22,159,749 | $ | 99,171,238 | $ | 274,541,216 | ||||||||
| 900,000 | 3,900,000 | 15,650,000 | |||||||||||
| $ | 24.62 | $ | 25.43 | $ | 17.54 | ||||||||
| $ | 22,528,981 | $ | 98,843,429 | $ | 274,628,109 | ||||||||
| 139,883 | 447,208 | (180,218 | ) | ||||||||||
| 3,870 | 440,959 | 253,947 | |||||||||||
| (512,985 | ) | (560,358 | ) | (160,622 | ) | ||||||||
| $ | 22,159,749 | $ | 99,171,238 | $ | 274,541,216 | ||||||||
| $ | 21,705,019 | $ | 96,415,230 | $ | 271,521,539 | ||||||||
See Notes to Financial Statements
| 99 |
STATEMENTS OF OPERATIONS
For the Year Ended April 30, 2015
| High-Yield | Intermediate | |||||||||||||||||||
| CEF Municipal | Municipal | Municipal | Long Municipal | |||||||||||||||||
| Income ETF | Index ETF | Index ETF | Index ETF | |||||||||||||||||
| Income: | ||||||||||||||||||||
| Dividends | $ | 2,268,242 | $ | — | $ | — | $ | — | ||||||||||||
| Interest | — | 71,945,248 | 21,381,714 | 3,595,245 | ||||||||||||||||
| Total income | 2,268,242 | 71,945,248 | 21,381,714 | 3,595,245 | ||||||||||||||||
| Expenses: | ||||||||||||||||||||
| Management fees | 153,064 | 4,538,012 | 1,907,279 | 219,892 | ||||||||||||||||
| Professional fees | 26,923 | — | — | — | ||||||||||||||||
| Insurance | 591 | — | — | — | ||||||||||||||||
| Trustees’ fees and expenses | 4,581 | — | — | — | ||||||||||||||||
| Reports to shareholders | 6,937 | — | — | — | ||||||||||||||||
| Indicative optimized portfolio value fee | 6,015 | — | — | — | ||||||||||||||||
| Custodian fees | 5,368 | — | — | — | ||||||||||||||||
| Registration fees | 4,964 | — | — | — | ||||||||||||||||
| Transfer agent fees | 2,406 | — | — | — | ||||||||||||||||
| Fund accounting fees | 2,480 | — | — | — | ||||||||||||||||
| Interest | 214 | 829 | 488 | — | ||||||||||||||||
| Other | 6,005 | — | — | — | ||||||||||||||||
| Total expenses | 219,548 | 4,538,841 | 1,907,767 | 219,892 | ||||||||||||||||
| Waiver of management fees | (66,270 | ) | — | — | — | |||||||||||||||
| Net expenses | 153,278 | 4,538,841 | 1,907,767 | 219,892 | ||||||||||||||||
| Net investment income | 2,114,964 | 67,406,407 | 19,473,947 | 3,375,353 | ||||||||||||||||
| Net realized gain (loss) on: | ||||||||||||||||||||
| Investments | (287,874 | ) | (10,736,670 | ) | (113,077 | ) | (453,021 | ) | ||||||||||||
| In-kind redemptions | 314,851 | 7,844,842 | 4,877,210 | 414,503 | ||||||||||||||||
| Net realized gain (loss) | 26,977 | (2,891,828 | ) | 4,764,133 | (38,518 | ) | ||||||||||||||
| Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||
| Investments | 1,383,885 | 41,438,623 | 4,463,137 | 2,210,073 | ||||||||||||||||
| Net change in unrealized appreciation (depreciation) | 1,383,885 | 41,438,623 | 4,463,137 | 2,210,073 | ||||||||||||||||
| Net Increase in Net Assets Resulting from Operations | $ | 3,525,826 | $ | 105,953,202 | $ | 28,701,217 | $ | 5,546,908 | ||||||||||||
See Notes to Financial Statements
| 100 |
| Pre-Refunded | Short High-Yield | Short | |||||||||||
| Municipal | Municipal | Municipal | |||||||||||
| Index ETF | Index ETF | Index ETF | |||||||||||
| $ | — | $ | — | $ | — | ||||||||
| 301,744 | 2,746,566 | 3,504,136 | |||||||||||
| 301,744 | 2,746,566 | 3,504,136 | |||||||||||
| 68,166 | 250,136 | 521,560 | |||||||||||
| — | — | — | |||||||||||
| — | — | — | |||||||||||
| — | — | — | |||||||||||
| — | — | — | |||||||||||
| — | — | — | |||||||||||
| — | — | — | |||||||||||
| — | — | — | |||||||||||
| — | — | — | |||||||||||
| — | — | — | |||||||||||
| 347 | 761 | 480 | |||||||||||
| — | — | — | |||||||||||
| 68,513 | 250,897 | 522,040 | |||||||||||
| — | — | — | |||||||||||
| 68,513 | 250,897 | 522,040 | |||||||||||
| 233,231 | 2,495,669 | 2,982,096 | |||||||||||
| 76,689 | (477,887 | ) | (50,428 | ) | |||||||||
| 182,784 | 91,845 | 486,025 | |||||||||||
| 259,473 | (386,042 | ) | 435,597 | ||||||||||
| (342,518 | ) | 319,511 | (1,529,758 | ) | |||||||||
| (342,518 | ) | 319,511 | (1,529,758 | ) | |||||||||
| $ | 150,186 | $ | 2,429,138 | $ | 1,887,935 | ||||||||
See Notes to Financial Statements
| 101 |
STATEMENTS OF CHANGES IN NET ASSETS
| CEF Municipal Income ETF | High-Yield Municipal Index ETF | |||||||||||||||||||
| For the Year | For the Year | For the Year | For the Year | |||||||||||||||||
| Ended | Ended | Ended | Ended | |||||||||||||||||
| April 30, 2015 | April 30, 2014 | April 30, 2015 | April 30, 2014 | |||||||||||||||||
| Operations: | ||||||||||||||||||||
| Net investment income | $ | 2,114,964 | $ | 1,533,787 | $ | 67,406,407 | $ | 48,971,641 | ||||||||||||
| Net realized gain (loss) | 26,977 | (831,361 | ) | (2,891,828 | ) | (35,842,202 | ) | |||||||||||||
| Net change in unrealized appreciation (depreciation) | 1,383,885 | (1,577,011 | ) | 41,438,623 | (66,371,174 | ) | ||||||||||||||
| Net increase (decrease) in net assets resulting from operations | 3,525,826 | (874,585 | ) | 105,953,202 | (53,241,735 | ) | ||||||||||||||
| Dividends and Distributions to shareholders: | ||||||||||||||||||||
| Dividends from net investment income | (2,054,565 | ) | (1,492,015 | ) | (62,359,330 | ) | (49,806,400 | ) | ||||||||||||
| Distributions from net realized capital gains | — | — | — | (2,773,260 | ) | |||||||||||||||
| Total Dividends and Distributions | (2,054,565 | ) | (1,492,015 | ) | (62,359,330 | ) | (52,579,660 | ) | ||||||||||||
| Share transactions:** | ||||||||||||||||||||
| Proceeds from sale of shares | 23,626,855 | 18,440,829 | 710,819,146 | 241,356,929 | ||||||||||||||||
| Cost of shares redeemed | (9,118,780 | ) | (9,594,941 | ) | (126,625,437 | ) | (288,263,858 | ) | ||||||||||||
| Increase (Decrease) in net assets resulting from share transactions | 14,508,075 | 8,845,888 | 584,193,709 | (46,906,929 | ) | |||||||||||||||
| Total increase (decrease) in net assets | 15,979,336 | 6,479,288 | 627,787,581 | (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† | $ | 47,921,345 | $ | 31,942,009 | $ | 1,605,600,662 | $ | 977,813,081 | ||||||||||||
| † Including undistributed net investment income | $ | 223,311 | $ | 163,197 | $ | 10,366,227 | $ | 5,361,277 | ||||||||||||
| ** Shares of Common Stock Issued (no par value) | ||||||||||||||||||||
| Shares sold | 900,000 | 750,000 | 23,100,000 | 8,200,000 | ||||||||||||||||
| Shares redeemed | (350,000 | ) | (400,000 | ) | (4,100,000 | ) | (9,500,000 | ) | ||||||||||||
| Net increase (decrease) | 550,000 | 350,000 | 19,000,000 | (1,300,000 | ) | |||||||||||||||
See Notes to Financial Statements
| 102 |
| Intermediate Municipal Index ETF | Long Municipal Index ETF | Pre-Refunded Municipal Index ETF | ||||||||||||||||||||||||||
| For the Year Ended April 30, 2015 | For the Year Ended April 30, 2014 | For the Year Ended April 30, 2015 | For the Year Ended April 30, 2014 | For the Year Ended April 30, 2015 | For the Year Ended April 30, 2014 | |||||||||||||||||||||||
| $ | 19,473,947 | $ | 15,916,385 | $ | 3,375,353 | $ | 3,558,597 | $ | 233,231 | $ | 340,280 | |||||||||||||||||
| 4,764,133 | (6,117,289 | ) | (38,518 | ) | (3,733,903 | ) | 259,473 | (460,182 | ) | |||||||||||||||||||
| 4,463,137 | (21,643,793 | ) | 2,210,073 | (5,921,217 | ) | (342,518 | ) | (401,973 | ) | |||||||||||||||||||
| 28,701,217 | (11,844,697 | ) | 5,546,908 | (6,096,523 | ) | 150,186 | (521,875 | ) | ||||||||||||||||||||
| (18,805,590 | ) | (16,144,350 | ) | (3,307,095 | ) | (3,686,580 | ) | (231,520 | ) | (382,660 | ) | |||||||||||||||||
| — | — | — | — | — | — | |||||||||||||||||||||||
| (18,805,590 | ) | (16,144,350 | ) | (3,307,095 | ) | (3,686,580 | ) | (231,520 | ) | (382,660 | ) | |||||||||||||||||
| 569,005,154 | 252,701,369 | 47,344,587 | 35,141,472 | 7,390,247 | 2,463,763 | |||||||||||||||||||||||
| (161,213,684 | ) | (346,169,158 | ) | (17,609,462 | ) | (69,466,413 | ) | (19,728,127 | ) | — | ||||||||||||||||||
| 407,791,470 | (93,467,789 | ) | 29,735,125 | (34,324,941 | ) | (12,337,880 | ) | 2,463,763 | ||||||||||||||||||||
| 417,687,097 | (121,456,836 | ) | 31,974,938 | (44,108,044 | ) | (12,419,214 | ) | 1,559,228 | ||||||||||||||||||||
| 625,118,435 | 746,575,271 | 76,796,921 | 120,904,965 | 34,578,963 | 33,019,735 | |||||||||||||||||||||||
| $ | 1,042,805,532 | $ | 625,118,435 | $ | 108,771,859 | $ | 76,796,921 | $ | 22,159,749 | $ | 34,578,963 | |||||||||||||||||
| $ | 1,960,295 | $ | 1,292,309 | $ | 344,539 | $ | 280,696 | $ | 3,870 | $ | 2,159 | |||||||||||||||||
| 24,200,000 | 11,200,000 | 2,400,000 | 1,900,000 | 300,000 | 100,000 | |||||||||||||||||||||||
| (6,900,000 | ) | (15,500,000 | ) | (900,000 | ) | (3,800,000 | ) | (800,000 | ) | — | ||||||||||||||||||
| 17,300,000 | (4,300,000 | ) | 1,500,000 | (1,900,000 | ) | (500,000 | ) | 100,000 | ||||||||||||||||||||
See Notes to Financial Statements
| 103 |
MARKET VECTORS ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
(continued)
| Short High-Yield | ||||||||||||||||||||
| Municipal Index ETF | Short Municipal Index ETF | |||||||||||||||||||
| For the Year Ended April 30, 2015 | For the Period January 13, 2014* through April 30, 2014 | For the Year Ended April 30, 2015 | For the Year Ended April 30, 2014 | |||||||||||||||||
| Operations: | ||||||||||||||||||||
| Net investment income | $ | 2,495,669 | $ | 167,458 | $ | 2,982,096 | $ | 3,092,421 | ||||||||||||
| Net realized gain (loss) | (386,042 | ) | (77,244 | ) | 435,597 | (535,016 | ) | |||||||||||||
| Net change in unrealized appreciation (depreciation) | 319,511 | 127,697 | (1,529,758 | ) | (1,654,584 | ) | ||||||||||||||
| Net increase in net assets resulting from operations | 2,429,138 | 217,911 | 1,887,935 | 902,821 | ||||||||||||||||
| Dividends to shareholders: | ||||||||||||||||||||
| Dividends from net investment income | (2,137,290 | ) | (75,000 | ) | (2,977,285 | ) | (3,085,320 | ) | ||||||||||||
| Share transactions:** | ||||||||||||||||||||
| Proceeds from sale of shares | 81,242,317 | 30,156,740 | 114,601,149 | 121,412,008 | ||||||||||||||||
| Cost of shares redeemed | (10,130,650 | ) | (2,531,928 | ) | (81,101,856 | ) | (82,603,960 | ) | ||||||||||||
| Increase in net assets resulting from share transactions | 71,111,667 | 27,624,812 | 33,499,293 | 38,808,048 | ||||||||||||||||
| Total increase in net assets | 71,403,515 | 27,767,723 | 32,409,943 | 36,625,549 | ||||||||||||||||
| Net Assets, beginning of period | 27,767,723 | — | 242,131,273 | 205,505,724 | ||||||||||||||||
| Net Assets, end of period† | $ | 99,171,238 | $ | 27,767,723 | $ | 274,541,216 | $ | 242,131,273 | ||||||||||||
| † Including undistributed net investment income | $ | 440,959 | $ | 92,545 | $ | 253,947 | $ | 250,359 | ||||||||||||
| ** Shares of Common Stock Issued (no par value) | ||||||||||||||||||||
| Shares sold | 3,200,000 | 1,200,000 | 6,500,000 | 6,900,000 | ||||||||||||||||
| Shares redeemed | (400,000 | ) | (100,000 | ) | (4,600,000 | ) | (4,700,000 | ) | ||||||||||||
| Net increase | 2,800,000 | 1,100,000 | 1,900,000 | 2,200,000 | ||||||||||||||||
| * Commencement of operations |
See Notes to Financial Statements
| 104 |
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each 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
| 105 |
MARKET VECTORS ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
| (a) | 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. |
| (b) | Amount represents less than $0.005 per share. |
See Notes to Financial Statements
| 106 |
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each 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
| 107 |
MARKET VECTORS ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| (a) | 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. |
| (b) | Amount represents less than $0.005 per share. |
See Notes to Financial Statements
| 108 |
NOTES TO FINANCIAL STATEMENTS
April 30, 2015
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 April 30, 2015, offers fifty five 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 Standards 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 are valued on the basis of evaluated prices 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 |
| 109 |
MARKET VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
| 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 each 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 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 |
| 110 |
| 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 year ended April 30, 2015. | |
| 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 year ended April 30, 2015 are as follows:
| Expense | Management | Waiver of | Expenses Assumed | |||||
| Fund | Limitation | Fee Rate | Management Fees | by the Adviser | ||||
| CEF Municipal* | 0.40% | 0.40% | $66,270 | $ — |
| * | 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.
| 111 |
MARKET VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
Note 4—Investments—For the year ended April 30, 2015, 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:
| Cost of | |||||||||
| Investments | Proceeds from | ||||||||
| Fund | Purchased | Investments Sold | |||||||
| CEF Municipal | $ | 3,203,177 | $ | 2,405,999 | |||||
| High-Yield | 781,286,382 | 115,720,462 | |||||||
| Intermediate | 438,150,669 | 24,686,149 | |||||||
| Long | 33,049,241 | 3,464,314 | |||||||
| Pre-Refunded | 15,065,640 | 14,334,842 | |||||||
| Short High-Yield | 89,235,732 | 18,418,141 | |||||||
| Short | 47,633,225 | 6,395,432 | |||||||
Note 5—Income Taxes—As of April 30, 2015, 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:
| Net Unrealized | |||||||||||||||||||
| Cost of | Gross Unrealized | Gross Unrealized | Appreciation | ||||||||||||||||
| Fund | Investments | Appreciation | Depreciation | (Depreciation) | |||||||||||||||
| CEF Municipal | $ | 48,741,862 | $ | 253,067 | $ | (1,157,836 | ) | $ | (904,769 | ) | |||||||||
| High-Yield | 1,539,743,479 | 67,142,802 | (27,197,161 | ) | 39,945,641 | ||||||||||||||
| Intermediate | 1,014,360,511 | 20,521,503 | (4,974,797 | ) | 15,546,706 | ||||||||||||||
| Long | 104,238,257 | 4,189,325 | (1,060,749 | ) | 3,128,576 | ||||||||||||||
| Pre-Refunded | 21,704,975 | 183,370 | (43,443 | ) | 139,927 | ||||||||||||||
| Short High-Yield | 96,238,360 | 1,467,721 | (843,643 | ) | 624,078 | ||||||||||||||
| Short | 271,522,135 | 952,706 | (1,133,520 | ) | (180,814 | ) | |||||||||||||
At April 30, 2015, the components of accumulated earnings (deficit) on a tax basis, for each Fund, were as follows:
| Undistributed | Undistributed | Undistributed | Accumulated | Qualified | Other | Unrealized | ||||||||||||||||||||||||||||||||||
| Tax Exempt | Ordinary | Long-Term | Capital | Late-Year | Temporary | Appreciation | ||||||||||||||||||||||||||||||||||
| Fund | Income | Income | Capital Gains | Losses | Losses* | Difference | (Depreciation) | Total | ||||||||||||||||||||||||||||||||
| CEF Municipal | $ | 220,520 | $ | — | $ | — | $ | (1,193,658 | ) | $ | — | $ | (1,564 | ) | $ | (904,769 | ) | $ | (1,879,471 | ) | ||||||||||||||||||||
| High-Yield | 6,864,809 | — | — | (30,357,095 | ) | — | (58,787 | ) | 39,945,641 | 16,394,568 | ||||||||||||||||||||||||||||||
| Intermediate | 1,977,883 | — | — | (1,903,644 | ) | — | (42,871 | ) | 15,546,706 | 15,578,074 | ||||||||||||||||||||||||||||||
| Long | 339,507 | — | — | (3,076,015 | ) | — | (6,364 | ) | 3,128,576 | 385,704 | ||||||||||||||||||||||||||||||
| Pre-Refunded | 6,421 | — | — | (512,985 | ) | — | (2,595 | ) | 139,927 | (369,232 | ) | |||||||||||||||||||||||||||||
| Short High-Yield | 263,253 | — | — | (559,356 | ) | — | (166 | ) | 624,078 | 327,809 | ||||||||||||||||||||||||||||||
| Short | 269,954 | — | — | (160,623 | ) | — | (15,410 | ) | (180,814 | ) | (86,893 | ) | ||||||||||||||||||||||||||||
| * | Qualified late-year losses comprised of post-October capital losses incurred after October 31, 2014, and certain late-year ordinary losses. Late-year ordinary losses represent ordinary losses incurred after December 31, 2014 and specified losses incurred after October 31, 2014. These losses are deemed to arise on the first day of the Fund’s next taxable year. For the year ended April 30, 2015, the Funds had no such deferrals. |
The tax character of dividends paid to shareholders during the years ended April 30, 2015 and April 30, 2014 were as follows:
| Tax-Exempt Dividends | Ordinary Income | Long-Term Capital Gains | |||||||||||||||||||||||||
| Fund | April 30, 2015 | April 30, 2014 | April 30, 2015 | April 30, 2014 | April 30, 2015 | April 30, 2014 | |||||||||||||||||||||
| CEF Municipal | 2,045,719 | $ | 1,478,186 | 8,846 | $ | 13,829 | — | $ | — | ||||||||||||||||||
| High-Yield | 61,785,952 | 48,957,547 | 573,378 | 850,630 | — | 2,771,483 | |||||||||||||||||||||
| Intermediate | 18,785,927 | 16,046,500 | 19,663 | 97,850 | — | — | |||||||||||||||||||||
| Long | 3,305,557 | 3,656,495 | 1,538 | 30,085 | — | — | |||||||||||||||||||||
| Pre-Refunded | 231,520 | 382,660 | — | — | — | — | |||||||||||||||||||||
| Short High-Yield | 2,128,715 | 74,410 | 8,575 | 590 | — | — | |||||||||||||||||||||
| Short | 2,977,285 | 3,032,010 | — | 53,310 | — | — | |||||||||||||||||||||
| 112 |
At April 30, 2015, the Funds had capital loss carryforwards available to offset future capital gains, as follows:
| Amount Expiring in the Year Ended April 30, | ||||||||||||||||||||
| Fund | No Expiration Short-Term Capital Losses | No Expiration Long-Term Capital Losses | April 2019 | April 2018 | April 2017 | |||||||||||||||
| CEF Municipal | $ | 713,590 | $ | 480,068 | $ | — | $ | — | $ | — | ||||||||||
| High-Yield | 3,605,231 | 26,751,864 | — | — | — | |||||||||||||||
| Intermediate | 315,052 | 1,588,592 | — | — | — | |||||||||||||||
| Long | 731,423 | 107,587 | 78,825 | 1,554,202 | 603,978 | |||||||||||||||
| Pre-Refunded | 223,787 | 289,198 | — | — | — | |||||||||||||||
| Short High-Yield | 559,356 | — | — | — | — | |||||||||||||||
| Short | 33,008 | 127,615 | — | — | — | |||||||||||||||
During the year ended April 30, 2015, Pre-Refunded utilized $76,689 of prior year capital loss carryforwards.
During the year ended April 30, 2015, as a result of permanent book to tax differences, primarily due to the tax treatment of market discount on tax exempt instruments and in-kind share transactions, the Funds incurred differences that affected undistributed net investment income, accumulated net realized gain (loss) on investments and aggregate paid in capital by the amounts in the table below. Net assets were not affected by these reclassifications.
| Fund | Increase (Decrease) in Undistributed Net Investment Income (Loss) | Increase (Decrease) in Accumulated Realized Gain/(Loss) | Increase (Decrease) in Aggregate Paid in Capital | |||||||||
| CEF Municipal | $ | (285 | ) | $ | (314,787 | ) | $ | 315,072 | ||||
| High-Yield | (42,127 | ) | (7,498,304 | ) | 7,540,431 | |||||||
| Intermediate | (371 | ) | (4,876,840 | ) | 4,877,211 | |||||||
| Long | (4,415 | ) | (410,088 | ) | 414,503 | |||||||
| Pre-Refunded | — | (182,784 | ) | 182,784 | ||||||||
| Short High-Yield | (9,965 | ) | (81,880 | ) | 91,845 | |||||||
| Short | (1,223 | ) | (484,802 | ) | 486,025 | |||||||
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 2012 - 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 year ended April 30, 2015, the Funds did not incur any interest or penalties.
Note 6—Capital Share Transactions—As of April 30, 2015, 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 year ended April 30, 2015, the Funds had in-kind contributions and redemptions as follows:
| Fund | In-Kind Contributions | In-Kind Redemptions |
||||||||||
| CEF Municipal | $ | 18,390,899 | $ | 4,646,808 | ||||||||
| High-Yield | 49,394,959 | 123,940,333 | ||||||||||
| Intermediate | 163,369,400 | 162,810,941 | ||||||||||
| Long | 16,497,359 | 16,303,078 | ||||||||||
| Pre-Refunded | 7,344,321 | 19,627,722 | ||||||||||
| Short High-Yield | 9,136,563 | 9,250,095 | ||||||||||
| Short | 79,648,033 | 79,563,393 | ||||||||||
| 113 |
MARKET VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(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—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. The market for municipal bonds may be less liquid than for taxable bonds.
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.
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 Statement of Operations. The liability for the Plan is shown as “Deferred Trustee fees” in the Statement of Assets and Liabilities.
| 114 |
Note 9—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 year ended April 30, 2015, the following Funds borrowed under this facility:
| Fund | Days Outstanding | Average Daily Loan Balance | Average Interest Rate | |||||||||
| CEF Municipal | 1 | $ | 304,012 | 1.52 | % | |||||||
| High-Yield | 11 | 1,814,378 | 1.50 | |||||||||
| Intermediate | 8 | 1,640,736 | 1.50 | |||||||||
| Pre-Refunded | 56 | 147,958 | 1.50 | |||||||||
| Short High-Yield | 48 | 366,562 | 1.50 | |||||||||
| Short | 22 | 519,915 | 1.51 | |||||||||
As of April 30, 2015, 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 year ended April 30, 2015, there were no offsets to 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 April 30, 2015:
| Fund | Ex-Date | Record Date | Payable Date | Per Share | |||||||||
| CEF Municipal | 5/1/15 | 5/5/15 | 5/7/15 | $ | 0.1120 | ||||||||
| High-Yield | 5/1/15 | 5/5/15 | 5/7/15 | $ | 0.1190 | ||||||||
| Intermediate | 5/1/15 | 5/5/15 | 5/7/15 | $ | 0.0437 | ||||||||
| Long | 5/1/15 | 5/5/15 | 5/7/15 | $ | 0.0567 | ||||||||
| Pre-Refunded | 5/1/15 | 5/5/15 | 5/7/15 | $ | 0.0070 | ||||||||
| Short High-Yield | 5/1/15 | 5/5/15 | 5/7/15 | $ | 0.0630 | ||||||||
| Short | 5/1/15 | 5/5/15 | 5/7/15 | $ | 0.0160 | ||||||||
| CEF Municipal | 6/1/15 | 6/3/15 | 6/5/15 | $ | 0.1190 | ||||||||
| High-Yield | 6/1/15 | 6/3/15 | 6/5/15 | $ | 0.1248 | ||||||||
| Intermediate | 6/1/15 | 6/3/15 | 6/5/15 | $ | 0.0464 | ||||||||
| Long | 6/1/15 | 6/3/15 | 6/5/15 | $ | 0.0619 | ||||||||
| Pre-Refunded | 6/1/15 | 6/3/15 | 6/5/15 | $ | 0.0200 | ||||||||
| Short High-Yield | 6/1/15 | 6/3/15 | 6/5/15 | $ | 0.0650 | ||||||||
| Short | 6/1/15 | 6/3/15 | 6/5/15 | $ | 0.0166 | ||||||||
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The Board of Trustees and Shareholders of Market Vectors ETF Trust
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of CEF Municipal Income ETF, High-Yield Municipal Index ETF, Intermediate Municipal Index ETF, Long Municipal Index ETF, Pre-Refunded Municipal Index ETF, Short High-Yield Municipal Index ETF and Short Municipal Index ETF (seven of the series constituting Market Vectors ETF Trust) (the “Funds”) as of April 30, 2015, and the related statements of operations, the statements of changes in net assets and the financial highlights for the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of April 30, 2015, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of CEF Municipal Income ETF, High-Yield Municipal Index ETF, Intermediate Municipal Index ETF, Long Municipal Index ETF, Pre-Refunded Municipal Index ETF, Short High-Yield Municipal Index ETF and Short Municipal Index ETF (seven of the series constituting Market Vectors ETF Trust) at April 30, 2015, the results of their operations, the changes in their net assets and the financial highlights for the periods indicated therein, in conformity with U.S. generally accepted accounting principles.
New York, New York
June 22, 2015
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TAX INFORMATION
(unaudited)
The information set forth below is for each Fund’s fiscal year as required by federal laws. Shareholders, however, must report dividends on a calendar year basis for income tax purposes, which may include dividends for portions of two fiscal years of a Fund.
Accordingly, the information needed by shareholders for calendar year 2015 income tax purposes will be sent to them in early 2016. Please consult your tax advisor for proper treatment of this information.
Of the dividends and distributions paid by the Funds, the corresponding percentages represent the amount of such dividends which, for regular Federal income tax purposes, are tax exempt, from ordinary income and/or from long-term capital gains.
| Fund | Tax Exempt | Ordinary Income | Long-Term Capital Gains | |||||
| CEF Municipal | 99.57 | % | 0.43% | — | ||||
| High-Yield | 99.08 | % | 0.92% | — | ||||
| Intermediate | 99.89 | % | 0.11% | — | ||||
| Long | 99.95 | % | 0.05% | — | ||||
| Pre-Refunded | 100.00 | % | — | — | ||||
| Short High-Yield | 99.60 | % | 0.40% | — | ||||
| Short | 100.00 | % | — | — | ||||
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BOARD OF TRUSTEES AND OFFICERS
April 30, 2015 (unaudited)
| Name, Address1 and Year of Birth | Position(s) Held with the Trust | Term of Office2 and Length of Time Served | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex3 Overseen | Other Directorships Held By Trustee During Past Five Years | |||||
| Independent Trustees: | ||||||||||
| David H. Chow, 1957*† | Chairman Trustee | Since 2008 Since 2006 | Founder and CEO, DanCourt Management LLC (financial/strategy consulting firm and Registered Investment Adviser), March 1999 to present. | 55 | Director, Forward Management LLC and Audit Committee Chairman, January 2008 to present; Trustee, Berea College of Kentucky and Vice-Chairman of the Investment Committee, May 2009 to present; Member of the Governing Council of the Independent Directors Council, October 2012 to present; President, July 2013 to present; Secretary and Board Member of the CFA Society of Stamford, July 2009 to present. | |||||
| R. Alastair Short, 1953*† | Trustee | Since 2006 | President, Apex Capital Corporation (personal investment vehicle), January 1988 to present; Vice Chairman, W.P. Stewart & Co., Inc. (asset management firm), September 2007 to September 2008; and Managing Director, The GlenRock Group, LLC (private equity investment firm), May 2004 to September 2007. | 68 | Chairman and Independent Director, EULAV Asset Management, January 2011 to present; Independent Director, Tremont offshore funds, June 2009 to present; Director, Kenyon Review. | |||||
| Peter J. Sidebottom, 1962*† | Trustee | Since 2012 | Partner, PWC/Strategy & Financial Services Advisory, February 2015 to present; Founder and Board Member, AspenWoods Risk Solutions, September 2013 to present; Independent consultant, June 2013 to February 2015; Partner, Bain & Company (management consulting firm), April 2012 to December 2013; Executive Vice President and Senior Operating Committee Member, TD Ameritrade (on-line brokerage firm), February 2009 to January 2012. | 55 | Board Member, Special Olympics, New Jersey, November 2011 to September 2013; Director, The Charlotte Research Institute, December 2000 to present; Board Member, Social Capital Institute, University of North Carolina Charlotte, November 2004 to January 2012; Board Member, NJ-CAN, July 2014 to present. | |||||
| Richard D. Stamberger, 1959*† | Trustee | Since 2006 | Director, President and CEO, SmartBrief, Inc. (media company). | 68 | Director, Food and Friends, Inc., 2013 to present. | |||||
| Interested Trustee: | ||||||||||
| Jan F. van Eck, 19634 | Trustee, President and Chief Executive Officer | Trustee (Since 2006); President and Chief Executive Officer (Since 2009) | Director, President and Owner of the Adviser, Van Eck Associates Corporation; Director and President, Van Eck Securities Corporation (“VESC”); Director and President, Van Eck Absolute Return Advisers Corp. (“VEARA”). | 55 | Director, National Committee on US- China Relations. | |||||
| 1 | The address for each Trustee and officer is 335 Madison Avenue, 19th Floor, New York, New York 10017. |
| 2 | Each Trustee serves until resignation, death, retirement or removal. Officers are elected yearly by the Trustees. |
| 3 | The Fund Complex consists of the Van Eck Funds, Van Eck VIP Trust and the Trust. |
| * | Member of the Audit Committee. |
| † | Member of the Nominating and Corporate Governance Committee. |
| 118 |
| Officer’s Name, Address1 and Year of Birth | Position(s) Held with the Trust | Term of Office2 and Length of Time Served | Principal Occupation(s) During The Past Five Years | |||
| Russell G. Brennan, 1964 | Assistant Vice President and Assistant Treasurer | Since 2008 | Assistant Vice President and Assistant Treasurer of the Adviser (since 2008); Manager (Portfolio Administration) of the Adviser, September 2005 to October 2008; Officer of other investment companies advised by the Adviser. | |||
Charles T. Cameron, 1960 | Vice President | Since 2006 | Director of Trading (since 1995) and Portfolio Manager (since 1997) for the Adviser; Officer of other investment companies advised by the Adviser. | |||
| Simon Chen, 1971 | Assistant Vice President | Since 2012 | Greater China Director of the Adviser (Since January 2012); General Manager, SinoMarkets Ltd. (June 2007 to December 2011). | |||
| John J. Crimmins, 1957 | Vice President, Treasurer, Chief Financial Officer and Principal Accounting Officer | Vice President, Chief Financial Officer and Principal Accounting Officer (Since 2012); Treasurer (Since 2009) | Vice President of Portfolio Administration of the Adviser, June 2009 to present; Vice President of VESC and VEARA, June 2009 to present; Chief Financial, Operating and Compliance Officer, Kern Capital Management LLC, September 1997 to February 2009; Officer of other investment companies advised by the Adviser. | |||
| Eduardo Escario, 1975 | Vice President | Since 2012 | Regional Director, Business Development/Sales for Southern Europe and South America of the Adviser (since July 2008); Regional Director (Spain, Portugal, South America and Africa) of Dow Jones Indexes and STOXX Ltd. (May 2001 - July 2008). | |||
| Lars Hamich, 1968 | Vice President | Since 2012 | Managing Director and Chief Executive Officer of Van Eck Global (Europe) GmbH (since 2009); Chief Executive Officer of Market Vectors Index Solutions GmbH (“MVIS”) (since June 2011); Managing Director of STOXX Limited (until 2008). | |||
| Wu-Kwan Kit, 1981 | Assistant Vice President and Assistant Secretary | Since 2011 | Assistant Vice President, Associate General Counsel and Assistant Secretary of the Adviser, VESC and VEARA (since 2011); Associate, Schulte Roth & Zabel (September 2007 - 2011); University of Pennsylvania Law School (August 2004 - May 2007). | |||
| Susan C. Lashley, 1955 | Vice President | Since 2006 | Vice President of the Adviser and VESC; Officer of other investment companies advised by the Adviser. | |||
| Laura I. Martínez, 1980 | Assistant Vice President and Assistant Secretary | Since 2008 | Assistant Vice President, Associate General Counsel and Assistant Secretary of the Adviser, VESC and VEARA (since 2008); Associate, Davis Polk & Wardwell (October 2005 - June 2008); Officer of other investment companies advised by the Adviser. | |||
| Ferat Oeztuerk, 1983 | Assistant Vice President | Since 2012 | Sales Associate, Van Eck Global (Europe) GmbH (since November 2011); Account Manager, Vodafone Global Enterprise Limited (January 2011 to October 2011). | |||
| James Parker, 1969 | Assistant Treasurer | Since June 2014 | Manager (Portfolio Administration) of the Adviser (Since June 2010); Vice President of JPMorgan Chase & Co. (April 1999 to January 2010). | |||
| Jonathan R. Simon, 1974 | Vice President, Secretary and Chief Legal Officer | Vice President (Since 2006) and Secretary and Chief Legal Officer (Since 2014) | Vice President (since 2006), General Counsel and Secretary (since 2014) of the Adviser, VESC and VEARA; Officer of other investment companies advised by the Adviser. | |||
| Bruce J. Smith, 1955 | Senior Vice President | Since 2006 | Senior Vice President, Chief Financial Officer, Treasurer and Controller of the Adviser, VESC and VEARA (since 1997); Director of the Adviser, VESC and VEARA (since October 2010); Officer of other investment companies advised by the Adviser. | |||
| Janet Squitieri, 1961 | Chief Compliance Officer | Since September 2013 | Vice President, Global Head of Compliance of the Adviser, VESC and VEARA (since September 2013); Chief Compliance Officer and Senior Vice President North America of HSBC Global Asset Management NA (August 2010 - September 2013); Chief Compliance Officer North America of Babcock & Brown LP (July 2008 - June 2010). |
| 1 | The address for each Officer is 335 Madison Avenue, 19th Floor, New York, New York 10017. |
| 2 | Officers are elected yearly by the Trustees. |
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This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by a Market Vectors ETF Trust (the “Trust”) Prospectus, which includes more complete information. An investor should consider the investment objective, risks, and charges and expenses of the Funds carefully before investing. The prospectus contains this and other information about the investment company. Please read the prospectus carefully before investing.
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
MUNIAR
 |
ANNUAL REPORT A P R I L 3 0, 2 0 1 5 |
| 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 | |
| ChinaAMC China Bond ETF | CBON® |
| 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® |
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 April 30, 2015, and are subject to change.
(unaudited)
Dear Shareholder:
In April 2012, we launched the Market Vectors Fallen Angel High Yield Bond ETF (ANGL) in our suite of Market Vectors ETFs. “Fallen angel” bonds are high-yield corporate bonds that were originally investment grade, but have been downgraded to non-investment grade issues.
First of its Kind
ANGL was the first U.S.-listed ETF of its kind. It seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the BofA Merrill Lynch US Fallen Angel High Yield Index.1
Proven Index Track Record
High-yield bonds have become known as a distinct asset class warranting a strategic allocation in many fixed income portfolios. They are noted for a history of equity-like returns and less sensitivity to rising interest rates than investment grade bonds. Fallen angel bonds warrant further distinction for an embedded value proposition that is not common to all of high yield. Fallen angels make up about 13% of the broad U.S. high-yield bond market.2
An Embedded Value Proposition
For eight out of the last 11 calendar years, fallen angel high-yield bonds3 have outperformed the broad U.S. high-yield bond market,4 including original issue high-yield bonds. Year-to-date as of April 30, 2015, fallen angels have outperformed the broad high-yield bond market by 119 basis points: 4.96% vs. 3.77%.
Relative to original issue high-yield bonds, fallen angel bond outperformance can be attributed to a variety of historical trends; including valuation after forced selling by investment grade investors, franchise or brand value generally associated with the larger issuers, and a higher propensity to seek to and eventually regain investment grade status.
The chart below helps illustrate how forced selling by investment grade investors has historically impacted the average fallen angel bond. Rating actions tend to be anticipated by the market and significant price deterioration often has occurred prior to bonds entering the BofA Merrill Lynch US Fallen Angel High Yield Index, which rebalances on a monthly basis. Approximately one month after entering the index, on average, fallen angels tend to begin retracing some of their losses from being oversold by institutions forced to sell in order to maintain their investment grade mandates.
Embedded Value Proposition: Forced Selling Prior to Downgrade5
Source: FactSet. Data as of March 31, 2015.
Data is based on bond constituents of the BofA Merrill Lynch US Fallen Angel High Yield Index that were downgraded to high yield and entered the index in 2004 or later. It illustrates the average fallen angel bond cumulative return from six months before to six months after entering the BofA Merrill US Fallen Angel High Yield Index.
This chart is for illustrative purposes only. Index performance is not illustrative of fund performance. Fund performance current to the most recent month end is available by visiting marketvectorsetfs.com. Historical information is not indicative of future results. Current data may differ from data quoted. Past performance is no guarantee of future results. An investor cannot invest directly in an index.
| 1 |
MARKET VECTORS INCOME ETFs
(unaudited)
While currently yielding less than original issue high-yield bonds, mainly as a result of a relatively higher rated credit composition, a portfolio of fallen angels presents an interesting value proposition given the trends listed above.
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.
Thank you for participating in the Market Vectors ETF Trust. You will find the performance comparison of each of the funds for the 12 months ended April 30, 2015 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
May 25, 2015
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.
| 1 | BofA Merrill Lynch US Fallen Angel High Yield Index (H0FA) is comprised of below investment grade corporate bonds denominated in U.S. dollars, issued in the U.S. market, and that were rated investment grade at the time of issuance. |
| 2 | Source: FactSet. Data as of March 31, 2015. |
| 3 | Fallen angel bond market is represented by the BofA Merrill Lynch US Fallen Angel High Yield Index (H0FA). |
| 4 | Broad high-yield bond market is represented by the BofA Merrill Lynch US High Yield Index (H0A0), which tracks the performance of U.S. dollar-denominated below investment grade corporate debt publically issued in the U.S. domestic market. Qualifying securities must have a below investment grade rating. |
| 5 | Source: FactSet. Data as of March 31, 2015. Van Eck methodology for the fallen angel bond sample set began with the H0FA index bond constituents that had more than six months performance and entered the index in 2004 or later. Fallen angel bond price levels were captured and cumulative returns were calculated, isolating 12 months of performance beginning six months prior to index entry through six months after entry. |
| 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 12 months ended April 30, 2015, the performances of individual funds were mostly positive, with only four 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 one out of the four ETFs in the international bond group posted positive total returns, as shown below.
May 1, 2014 through April 30, 2015
Market
Vectors Income ETFs Total Return
Source: Van Eck Global. Note: Market Vectors ChinaAMC China Bond ETF is not included above as it was launched on November 10, 2014. 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
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 In the first six months of the period under review, having been hit hard in September by Fed-induced market volatility, BDCs2 continued to fall through the middle of October, but recovered somewhat to end the month not far from where they began. After a further somewhat choppy six months, BDCs ended the 12-month period on April 30, 2015 posting a positive performance of 1.28% and yield of 8.26%.
Mortgage REITs
With the Federal Reserve Bank tapering its bond-buying program and eventually ending it completely at the end of October 2014, the first six months of the period under review was an unsettled time for mortgage REITS. The second six months were also uneven, but they ended the 12-month period on April 30, 2015, as interest rates declined, recording a positive performance of 6.23% and yield of 11.04%.3
| 3 |
MARKET VECTORS INCOME ETFs
(unaudited)
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, the Fund’s underlying index, excludes traditional financial companies which have been more volatile than other sectors historically. Over the 12 month period, all economic sectors except one—materials—contributed positive returns with performance driven primarily by REITs. The Fund ended the 12 month period on April 30, 2015 posting a positive performance of 6.08% and a yield of 7.07%.4
INTERNATIONAL BOND
China Onshore Bonds
Once closed to foreign investors, China is home to the world’s largest bond market among the emerging economies. It has grown at a compound average annual rate of 23% over the past ten years.5 While the market has increased in sheer size, a diverse array of bond categories spanning the yield curve has also evolved. Issuers include government, central and policy banks, state-owned enterprises, and listed/non-listed corporations.
The Fund traded for less than the full 12 month period under review. Its positive sector returns were in line with their respective weightings in the Fund. The credit sector contributed the most to returns, while the policy bank sector contributed the least. The contribution from government sector sat between the two.
Emerging Markets Local Currency Bonds
Emerging markets governments issue bonds denominated in their own currency. These include bonds from countries in Africa, Latin America, Eastern Europe, the Middle East, and Asia.
In terms of local currency, bonds denominated in Thai Baht and Philippine Peso contributed most to the Fund’s total return, while the bonds denominated in Brazilian Real and Turkish Lira were the greatest detractors from performance.
Emerging Markets Aggregate Bonds
The diverse universe of emerging markets bonds includes sovereign and corporate bonds primarily denominated in U.S. dollar, Euros, or local emerging market currencies. Emerging market bonds continue to evolve and gain further acceptance as an asset class.
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.
Emerging Markets High Yield Bonds
Overall, emerging markets corporate bonds continue to be a fast growing asset class. They offer investors exposure to corporations, quasi-sovereign, and agency issuers from emerging market countries.
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, industrial and government sector bonds detracted from performance, with energy detracting by far the most.
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. Developed markets account for approximately 63% of global ex-U.S. high-yield corporate bond market value, and emerging markets represent about 37%.
| 4 |
Technology was the single sector to contribute positively to overall Fund performance, with the industrial sector detracting most from performance. Only U.S. dollar-denominated bonds contributed positively to Fund total return. 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.
CORPORATE BOND
Fallen Angel Bonds
“Fallen angels” are high-yield corporate bonds that were once investment grade, but have been downgraded to non-investment 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 3.61% historically, below the 4.54% average for original issue U.S. high yield.6
Telecommunications and banking were the two best performing sectors during the period under review. While all sectors performed positively, the automotive and leisure sectors contributed least to the Fund’s total return.
El Paso Energy 7.75% 01/15/32 bond (sold by Fund at the end of November 2014), which was a rising star that ascended back to investment grade credit status in November 2014, and Embarq 7.995% 06/01/36 bond (1.7% of Fund net assets†) were the top two performing bonds, while Cliffs Natural Resources 4.875% 04/01/21 bond and Cliffs Natural Resources 6.25% 10/01/40 bond (both sold by Fund at the end of March 2015) 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 05/05/26 (0.9% of Fund net assets†) and AA- rated General Electric Capital Corp. FRN 03/15/23 (1.0% of Fund net assets†). The bottom two performing notes were from Petrobras Global Finance BV: FRN 01/15/19 and FRN 03/17/17 (both sold by Fund at the end of March 2015).7
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. Credit spreads over Treasuries widened 86 basis points and the 5-year U.S. Treasury declined 24 basis points over the course of the year, negatively contributing to the Fund.
The top performing bonds were Ally Financial Inc. 8.00% 11/01/31 bond (2.4% of Fund net assets†) and HCA, Inc. 6.5% 02/15/20 (3.2% of Fund net assets†). The bottom performing bonds were Caesars Entertainment Operating Co., Inc. 11.25% 06/01/17 (0.4% of Fund net assets†) and Sandridge Energy, Inc. 8.125% 10/15/22 (0.2% of Fund net assets†).
| † | All Fund assets referenced are Total Net Assets as of April 30, 2015, unless otherwise stated. |
| 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. | |
| 1 | Investopedia: Little Known Stocks And ETFs To Buy As Interest Rates Rise, http://www.investopedia.com/stock analysis/040314/little-knownstocks-and-etfs-buy-interest-rates-rise-bizd-acas-htgc-hrzn.aspx |
| 2 | Market Vectors® BDC Income ETF tracks the Market Vectors® US Business Development Companies Index (MVBIZDTG), which includes |
| 5 |
MARKET VECTORS INCOME ETFs
(unaudited)
| 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 April 30, 2015, the 30-day SEC yield for Market Vectors BDC Income ETF was 8.26%. 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 8.11% on April 30, 2015. | |
| 3 | Market Vectors® Mortgage REIT Income ETF (MORT) tracks the 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 April 30, 2015, the 30-day SEC yield for Market Vectors Mortgage REIT Income ETF was 11.04%. 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 11.04% on April 30, 2015. |
| 4 | Market Vectors® Preferred Securities ex Financials ETF (PFXF) tracks the 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 April 30, 2015, the 30-day SEC yield for Market Vectors Preferred Securities ex Financials ETF was 7.07%. 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 7.02% on April 30, 2015. |
| 5 | Source: Bank for International Settlements compound annual growth rate for 10-year period ending September, 2014. |
| 6 | Altman, Edward I. and Brenda J. Kuehne. “Defaults and Returns in the High-Yield Bond and Distressed Debt Market: The Year 2014 in Review and Outlook”. January 2015. NYU Salomon Center. |
| 7 | 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 |
April 30, 2015 (unaudited)
| Hypothetical Growth of $10,000 (Since Inception) | |||
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark. |  |
| Total Return | Share Price1 | NAV | MVBIZDTG2 | |||||||||
| One Year | 1.09 | % | 1.28 | % | 1.53 | % | ||||||
| Life* (annualized) | 3.62 | % | 3.62 | % | 3.95 | % | ||||||
| Life* (cumulative) | 8.18 | % | 8.19 | % | 8.95 | % | ||||||
| * since 2/11/2013 | ||||||||||||
Commencement date for the Market Vectors BDC Income ETF 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 0.58% / 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.
| 7 |
MARKET VECTORS BDC INCOME ETF
PERFORMANCE COMPARISON
April 30, 2015 (unaudited)
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) 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. |
FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS
(unaudited)
BDC Income ETF (BIZD)
Closing Price vs. NAV
The following Frequency Distribution of Premiums and Discounts chart is provided to show the frequency at which the closing price for BIZD is at a premium or discount to its daily net asset value (NAV). The chart is for comparative purposes only and represents the period noted.
| February 12, 2013* through April 30, 2015 | ||||||||
| Premium/Discount Range | Number of Days | Percentage of Total Days | ||||||
| Greater than or Equal to 5.0% | 0 | 0.0 | % | |||||
| Greater than or Equal to 4.5% And Less Than 5.0% | 0 | 0.0 | % | |||||
| Greater than or Equal to 4.0% And Less Than 4.5% | 0 | 0.0 | % | |||||
| Greater than or Equal to 3.5% And Less Than 4.0% | 0 | 0.0 | % | |||||
| Greater than or Equal to 3.0% And Less Than 3.5% | 0 | 0.0 | % | |||||
| Greater than or Equal to 2.5% And Less Than 3.0% | 0 | 0.0 | % | |||||
| Greater than or Equal to 2.0% And Less Than 2.5% | 0 | 0.0 | % | |||||
| Greater than or Equal to 1.5% And Less Than 2.0% | 2 | 0.4 | % | |||||
| Greater than or Equal to 1.0% And Less Than 1.5% | 4 | 0.7 | % | |||||
| Greater than or Equal to 0.5% And Less Than 1.0% | 17 | 3.0 | % | |||||
| Greater than or Equal to 0.0% And Less Than 0.5% | 396 | 71.0 | % | |||||
| Greater than or Equal to -0.5% And Less Than 0.0% | 132 | 23.6 | % | |||||
| Greater than or Equal to -1.0% And Less Than -0.5% | 6 | 1.1 | % | |||||
| Greater than or Equal to -1.5% And Less Than -1.0% | 1 | 0.2 | % | |||||
| Greater than or Equal to -2.0% And Less Than -1.5% | 0 | 0.0 | % | |||||
| Greater than or Equal to -2.5% And Less Than -2.0% | 0 | 0.0 | % | |||||
| Greater than or Equal to -3.0% And Less Than -2.5% | 0 | 0.0 | % | |||||
| Greater than or Equal to -3.5% And Less Than -3.0% | 0 | 0.0 | % | |||||
| Greater than or Equal to -4.0% And Less Than -3.5% | 0 | 0.0 | % | |||||
| Greater than or Equal to -4.5% And Less Than -4.0% | 0 | 0.0 | % | |||||
| Greater than or Equal to -5.0% And Less Than -4.5% | 0 | 0.0 | % | |||||
| Less Than -5.0% | 0 | 0.0 | % | |||||
| 558 | 100.0 | % | ||||||
* First day of secondary market trading.
| 8 |
MARKET VECTORS CHINAAMC CHINA BOND ETF
PERFORMANCE COMPARISON
April 30, 2015 (unaudited)
| Hypothetical Growth of $10,000 (Since Inception) | |||
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark. |  |
| Total Return | Share Price1 | NAV | CDHATRID2 | |||||||||
| Life* (cumulative) | 0.55 | % | 0.71 | % | 0.46 | % | ||||||
| * since 11/10/2014 | ||||||||||||
Commencement date for the Market Vectors ChinaAMC China Bond ETF was 11/10/14.
| 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 (11/10/14) to the first day of secondary market trading in shares of the Fund (11/11/14), 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.
Gross Expense Ratio 1.22% / 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, 2016. 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.
ChinaBond China High Quality Bond Index (the “Index”) is the exclusive property of China Central Depository & Clearing Co., Ltd. (the “Index Provider”). All copyright in the Index values and constituent list vests in the Index Provider. The Index Provider does not sponsor, endorse, or promote the Fund and bears no liability with respect to the Fund or any security.
| 9 |
MARKET VECTORS CHINAAMC CHINA BOND ETF
PERFORMANCE COMPARISON
April 30, 2015 (unaudited)
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 | ChinaBond China High Quality Bond Index (CDHATRID) is comprised of fixed-rate, Renminbi (“RMB”)-denominated bonds issued in the People’s Republic of China (“China” or “PRC”) by Chinese credit, governmental and quasi-governmental (e.g., policy banks) issuers. Chinese credit issuers are generally considered to be issuers of central enterprise bonds, local enterprise bonds, medium-term notes, corporate bonds and railway debt. Credit RMB Bonds must have an issuer rating of AAA or equivalent by one or more of the Chinese local rating agencies recognized by the relevant authorities in the PRC to be included in the Index. |
FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS
(unaudited)
ChinaAMC China Bond ETF (CBON)
Closing Price vs. NAV
The following Frequency Distribution of Premiums and Discounts chart is provided to show the frequency at which the closing price for CBON is at a premium or discount to its daily net asset value (NAV). The chart is for comparative purposes only and represents the period noted.
| November 11, 2014* through April 30, 2015 | ||||||||
| Premium/Discount Range | Number of Days | Percentage of Total Days | ||||||
| Greater than or Equal to 5.0% | 0 | 0.0 | % | |||||
| Greater than or Equal to 4.5% And Less Than 5.0% | 0 | 0.0 | % | |||||
| Greater than or Equal to 4.0% And Less Than 4.5% | 0 | 0.0 | % | |||||
| Greater than or Equal to 3.5% And Less Than 4.0% | 0 | 0.0 | % | |||||
| Greater than or Equal to 3.0% And Less Than 3.5% | 0 | 0.0 | % | |||||
| Greater than or Equal to 2.5% And Less Than 3.0% | 0 | 0.0 | % | |||||
| Greater than or Equal to 2.0% And Less Than 2.5% | 2 | 1.7 | % | |||||
| Greater than or Equal to 1.5% And Less Than 2.0% | 3 | 2.6 | % | |||||
| Greater than or Equal to 1.0% And Less Than 1.5% | 15 | 12.8 | % | |||||
| Greater than or Equal to 0.5% And Less Than 1.0% | 18 | 15.4 | % | |||||
| Greater than or Equal to 0.0% And Less Than 0.5% | 9 | 7.7 | % | |||||
| Greater than or Equal to -0.5% And Less Than 0.0% | 11 | 9.4 | % | |||||
| Greater than or Equal to -1.0% And Less Than -0.5% | 22 | 18.8 | % | |||||
| Greater than or Equal to -1.5% And Less Than -1.0% | 22 | 18.8 | % | |||||
| Greater than or Equal to -2.0% And Less Than -1.5% | 11 | 9.4 | % | |||||
| Greater than or Equal to -2.5% And Less Than -2.0% | 4 | 3.4 | % | |||||
| Greater than or Equal to -3.0% And Less Than -2.5% | 0 | 0.0 | % | |||||
| Greater than or Equal to -3.5% And Less Than -3.0% | 0 | 0.0 | % | |||||
| Greater than or Equal to -4.0% And Less Than -3.5% | 0 | 0.0 | % | |||||
| Greater than or Equal to -4.5% And Less Than -4.0% | 0 | 0.0 | % | |||||
| Greater than or Equal to -5.0% And Less Than -4.5% | 0 | 0.0 | % | |||||
| Less Than -5.0% | 0 | 0.0 | % | |||||
| 117 | 100.0 | % | ||||||
* First day of secondary market trading.
| 10 |
MARKET VECTORS EMERGING MARKETS AGGREGATE BOND ETF
PERFORMANCE COMPARISON
April 30, 2015 (unaudited)
| Hypothetical Growth of $10,000 (Since Inception) | |||
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark. |  |
| Total Return | Share Price1 | NAV | MVEMAG2 | |||||||||
| One Year | (2.32 | )% | (2.52 | )% | (1.86 | )% | ||||||
| Life* (annualized) | 1.77 | % | 1.83 | % | 3.38 | % | ||||||
| Life* (cumulative) | 7.21 | % | 7.48 | % | 14.10 | % | ||||||
| * since 5/11/2011 | ||||||||||||
| 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). 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 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 1.01% / Net Expense Ratio 0.49%
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.
| 11 |
MARKET VECTORS EMERGING MARKETS AGGREGATE BOND ETF
PERFORMANCE COMPARISON
April 30, 2015 (unaudited)
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 | 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. |
FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS
(unaudited)
Emerging Markets Aggregate Bond ETF (EMAG)
Closing Price vs. NAV
The following Frequency Distribution of Premiums and Discounts chart is provided to show the frequency at which the closing price for EMAG is at a premium or discount to its daily net asset value (NAV). The chart is for comparative purposes only and represents the period noted.
| May 12, 2011* through April 30, 2015 | ||||||||
| Premium/Discount Range | Number of Days | Percentage of Total Days | ||||||
| Greater than or Equal to 5.0% | 0 | 0.0 | % | |||||
| Greater than or Equal to 4.5% And Less Than 5.0% | 0 | 0.0 | % | |||||
| Greater than or Equal to 4.0% And Less Than 4.5% | 0 | 0.0 | % | |||||
| Greater than or Equal to 3.5% And Less Than 4.0% | 0 | 0.0 | % | |||||
| Greater than or Equal to 3.0% And Less Than 3.5% | 10 | 1.0 | % | |||||
| Greater than or Equal to 2.5% And Less Than 3.0% | 7 | 0.7 | % | |||||
| Greater than or Equal to 2.0% And Less Than 2.5% | 13 | 1.3 | % | |||||
| Greater than or Equal to 1.5% And Less Than 2.0% | 23 | 2.3 | % | |||||
| Greater than or Equal to 1.0% And Less Than 1.5% | 51 | 5.2 | % | |||||
| Greater than or Equal to 0.5% And Less Than 1.0% | 95 | 9.7 | % | |||||
| Greater than or Equal to 0.0% And Less Than 0.5% | 159 | 16.1 | % | |||||
| Greater than or Equal to -0.5% And Less Than 0.0% | 228 | 23.1 | % | |||||
| Greater than or Equal to -1.0% And Less Than -0.5% | 239 | 24.2 | % | |||||
| Greater than or Equal to -1.5% And Less Than -1.0% | 89 | 9.0 | % | |||||
| Greater than or Equal to -2.0% And Less Than -1.5% | 36 | 3.7 | % | |||||
| Greater than or Equal to -2.5% And Less Than -2.0% | 26 | 2.6 | % | |||||
| Greater than or Equal to -3.0% And Less Than -2.5% | 4 | 0.4 | % | |||||
| Greater than or Equal to -3.5% And Less Than -3.0% | 5 | 0.5 | % | |||||
| Greater than or Equal to -4.0% And Less Than -3.5% | 1 | 0.1 | % | |||||
| Greater than or Equal to -4.5% And Less Than -4.0% | 1 | 0.1 | % | |||||
| Greater than or Equal to -5.0% And Less Than -4.5% | 0 | 0.0 | % | |||||
| Less Than -5.0% | 0 | 0.0 | % | |||||
| 987 | 100.0 | % | ||||||
* First day of secondary market trading.
| 12 |
MARKET VECTORS EMERGING MARKETS HIGH YIELD BOND ETF
PERFORMANCE COMPARISON
April 30, 2015 (unaudited)
| Hypothetical Growth of $10,000 (Since Inception) | |||
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark. |  |
| Total Return | Share Price1 | NAV | EMHY2 | |||||||||
| One Year | 0.46 | % | 1.94 | % | 2.71 | % | ||||||
| Life* (annualized) | 5.14 | % | 5.48 | % | 6.16 | % | ||||||
| Life* (cumulative) | 16.10 | % | 17.23 | % | 19.49 | % | ||||||
| * since 5/8/2012 | ||||||||||||
Commencement date for the Market Vectors Emerging Markets High Yield Bond ETF 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 0.47% / 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.
| 13 |
MARKET VECTORS EMERGING MARKETS HIGH YIELD BOND ETF
PERFORMANCE COMPARISON
April 30, 2015 (unaudited)
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. |
FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS
(unaudited)
Emerging Markets High Yield Bond ETF (HYEM)
Closing Price vs. NAV
The following Frequency Distribution of Premiums and Discounts chart is provided to show the frequency at which the closing price for HYEM is at a premium or discount to its daily net asset value (NAV). The chart is for comparative purposes only and represents the period noted.
| May 9, 2012* through April 30, 2015 | ||||||||
| Premium/Discount Range | Number of Days | Percentage of Total Days | ||||||
| Greater than or Equal to 5.0% | 0 | 0.0 | % | |||||
| Greater than or Equal to 4.5% And Less Than 5.0% | 0 | 0.0 | % | |||||
| Greater than or Equal to 4.0% And Less Than 4.5% | 1 | 0.1 | % | |||||
| Greater than or Equal to 3.5% And Less Than 4.0% | 3 | 0.4 | % | |||||
| Greater than or Equal to 3.0% And Less Than 3.5% | 7 | 0.9 | % | |||||
| Greater than or Equal to 2.5% And Less Than 3.0% | 17 | 2.3 | % | |||||
| Greater than or Equal to 2.0% And Less Than 2.5% | 23 | 3.1 | % | |||||
| Greater than or Equal to 1.5% And Less Than 2.0% | 17 | 2.3 | % | |||||
| Greater than or Equal to 1.0% And Less Than 1.5% | 34 | 4.6 | % | |||||
| Greater than or Equal to 0.5% And Less Than 1.0% | 128 | 17.1 | % | |||||
| Greater than or Equal to 0.0% And Less Than 0.5% | 188 | 25.1 | % | |||||
| Greater than or Equal to -0.5% And Less Than 0.0% | 190 | 25.4 | % | |||||
| Greater than or Equal to -1.0% And Less Than -0.5% | 107 | 14.3 | % | |||||
| Greater than or Equal to -1.5% And Less Than -1.0% | 20 | 2.7 | % | |||||
| Greater than or Equal to -2.0% And Less Than -1.5% | 8 | 1.1 | % | |||||
| Greater than or Equal to -2.5% And Less Than -2.0% | 1 | 0.1 | % | |||||
| Greater than or Equal to -3.0% And Less Than -2.5% | 2 | 0.3 | % | |||||
| Greater than or Equal to -3.5% And Less Than -3.0% | 1 | 0.1 | % | |||||
| Greater than or Equal to -4.0% And Less Than -3.5% | 1 | 0.1 | % | |||||
| Greater than or Equal to -4.5% And Less Than -4.0% | 0 | 0.0 | % | |||||
| Greater than or Equal to -5.0% And Less Than -4.5% | 0 | 0.0 | % | |||||
| Less Than -5.0% | 0 | 0.0 | % | |||||
| 748 | 100.0 | % | ||||||
* First day of secondary market trading.
| 14 |
MARKET VECTORS EMERGING MARKETS LOCAL CURRENCY BOND ETF
PERFORMANCE COMPARISON
April 30, 2015 (unaudited)
| Hypothetical Growth of $10,000 (Since Inception) | |||
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark. |  |
| Total Return | Share Price1 | NAV | GBIEMCOR2 | |||||||||
| One Year | (8.73 | )% | (8.85 | )% | (8.43 | )% | ||||||
| Life* (annualized) | 0.62 | % | 0.63 | % | 1.42 | % | ||||||
| Life* (cumulative) | 2.97 | % | 3.04 | % | 6.99 | % | ||||||
| * since 7/22/2010 | ||||||||||||
Commencement date for the Market Vectors Emerging Markets Local Currency Bond ETF 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 0.49% / 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.© 2015. JPMorgan Chase & Co. All rights reserved.
| 15 |
MARKET VECTORS EMERGING MARKETS LOCAL CURRENCY BOND ETF
PERFORMANCE COMPARISON
April 30, 2015 (unaudited)
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. |
FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS
(unaudited)
Emerging Markets Local Currency Bond ETF (EMLC)
Closing Price vs. NAV
The following Frequency Distribution of Premiums and Discounts chart is provided to show the frequency at which the closing price for EMLC is at a premium or discount to its daily net asset value (NAV). The chart is for comparative purposes only and represents the period noted.
| July 23, 2010* through April 30, 2015 | ||||||||
| Premium/Discount Range | Number of Days | Percentage of Total Days | ||||||
| Greater than or Equal to 5.0% | 0 | 0.0 | % | |||||
| Greater than or Equal to 4.5% And Less Than 5.0% | 0 | 0.0 | % | |||||
| Greater than or Equal to 4.0% And Less Than 4.5% | 0 | 0.0 | % | |||||
| Greater than or Equal to 3.5% And Less Than 4.0% | 1 | 0.1 | % | |||||
| Greater than or Equal to 3.0% And Less Than 3.5% | 0 | 0.0 | % | |||||
| Greater than or Equal to 2.5% And Less Than 3.0% | 1 | 0.1 | % | |||||
| Greater than or Equal to 2.0% And Less Than 2.5% | 1 | 0.1 | % | |||||
| Greater than or Equal to 1.5% And Less Than 2.0% | 7 | 0.6 | % | |||||
| Greater than or Equal to 1.0% And Less Than 1.5% | 53 | 4.4 | % | |||||
| Greater than or Equal to 0.5% And Less Than 1.0% | 336 | 28.0 | % | |||||
| Greater than or Equal to 0.0% And Less Than 0.5% | 445 | 37.0 | % | |||||
| Greater than or Equal to -0.5% And Less Than 0.0% | 244 | 20.3 | % | |||||
| Greater than or Equal to -1.0% And Less Than -0.5% | 88 | 7.3 | % | |||||
| Greater than or Equal to -1.5% And Less Than -1.0% | 16 | 1.3 | % | |||||
| Greater than or Equal to -2.0% And Less Than -1.5% | 7 | 0.6 | % | |||||
| Greater than or Equal to -2.5% And Less Than -2.0% | 1 | 0.1 | % | |||||
| Greater than or Equal to -3.0% And Less Than -2.5% | 1 | 0.1 | % | |||||
| Greater than or Equal to -3.5% And Less Than -3.0% | 0 | 0.0 | % | |||||
| Greater than or Equal to -4.0% And Less Than -3.5% | 0 | 0.0 | % | |||||
| Greater than or Equal to -4.5% And Less Than -4.0% | 0 | 0.0 | % | |||||
| Greater than or Equal to -5.0% And Less Than -4.5% | 0 | 0.0 | % | |||||
| Less Than -5.0% | 0 | 0.0 | % | |||||
| 1201 | 100.0 | % | ||||||
* First day of secondary market trading.
| 16 |
MARKET VECTORS FALLEN ANGEL HIGH YIELD BOND ETF
PERFORMANCE COMPARISON
April 30, 2015 (unaudited)
| Hypothetical Growth of $10,000 (Since Inception) | |||
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark. |  |
| Total Return | Share Price1 | NAV | H0FA2 | |||||||||
| One Year | 6.78 | % | 5.98 | % | 6.81 | % | ||||||
| Life* (annualized) | 10.04 | % | 9.90 | % | 11.65 | % | ||||||
| Life* (cumulative) | 33.95 | % | 33.44 | % | 40.01 | % | ||||||
| * since 4/10/2012 | ||||||||||||
Commencement date for the Market Vectors Fallen Angel High Yield Bond ETF 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 0.90% / 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.
| 17 |
MARKET VECTORS FALLEN ANGEL HIGH YIELD BOND ETF
PERFORMANCE COMPARISON
April 30, 2015 (unaudited)
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. |
FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS
(unaudited)
Fallen Angel High Yield Bond ETF (ANGL)
Closing Price vs. NAV
The following Frequency Distribution of Premiums and Discounts chart is provided to show the frequency at which the closing price for ANGL is at a premium or discount to its daily net asset value (NAV). The chart is for comparative purposes only and represents the period noted.
| April 11, 2012* through April 30, 2015 | ||||||||
| Premium/Discount Range | Number of Days | Percentage of Total Days | ||||||
| Greater than or Equal to 5.0% | 3 | 0.4 | % | |||||
| Greater than or Equal to 4.5% And Less Than 5.0% | 0 | 0.0 | % | |||||
| Greater than or Equal to 4.0% And Less Than 4.5% | 0 | 0.0 | % | |||||
| Greater than or Equal to 3.5% And Less Than 4.0% | 0 | 0.0 | % | |||||
| Greater than or Equal to 3.0% And Less Than 3.5% | 0 | 0.0 | % | |||||
| Greater than or Equal to 2.5% And Less Than 3.0% | 2 | 0.3 | % | |||||
| Greater than or Equal to 2.0% And Less Than 2.5% | 10 | 1.3 | % | |||||
| Greater than or Equal to 1.5% And Less Than 2.0% | 14 | 1.8 | % | |||||
| Greater than or Equal to 1.0% And Less Than 1.5% | 31 | 4.1 | % | |||||
| Greater than or Equal to 0.5% And Less Than 1.0% | 126 | 16.4 | % | |||||
| Greater than or Equal to 0.0% And Less Than 0.5% | 299 | 38.9 | % | |||||
| Greater than or Equal to -0.5% And Less Than 0.0% | 185 | 24.1 | % | |||||
| Greater than or Equal to -1.0% And Less Than -0.5% | 57 | 7.4 | % | |||||
| Greater than or Equal to -1.5% And Less Than -1.0% | 18 | 2.3 | % | |||||
| Greater than or Equal to -2.0% And Less Than -1.5% | 12 | 1.6 | % | |||||
| Greater than or Equal to -2.5% And Less Than -2.0% | 8 | 1.0 | % | |||||
| Greater than or Equal to -3.0% And Less Than -2.5% | 2 | 0.3 | % | |||||
| Greater than or Equal to -3.5% And Less Than -3.0% | 1 | 0.1 | % | |||||
| Greater than or Equal to -4.0% And Less Than -3.5% | 0 | 0.0 | % | |||||
| Greater than or Equal to -4.5% And Less Than -4.0% | 0 | 0.0 | % | |||||
| Greater than or Equal to -5.0% And Less Than -4.5% | 0 | 0.0 | % | |||||
| Less Than -5.0% | 0 | 0.0 | % | |||||
| 768 | 100.0 | % | ||||||
* First day of secondary market trading.
| 18 |
MARKET VECTORS INTERNATIONAL HIGH YIELD BOND ETF
PERFORMANCE COMPARISON
April 30, 2015 (unaudited)
| Hypothetical Growth of $10,000 (Since Inception) | |||
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark. |  |
| Total Return | Share Price1 | NAV | HXUS2 | |||||||||
| One Year | (4.77 | )% | (4.94 | )% | (4.99 | )% | ||||||
| Life* (annualized) | 5.96 | % | 5.82 | % | 6.56 | % | ||||||
| Life* (cumulative) | 19.51 | % | 19.01 | % | 21.58 | % | ||||||
| * since 4/2/2012 | ||||||||||||
Commencement date for the Market Vectors International High Yield Bond ETF 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.
| 19 |
MARKET VECTORS INTERNATIONAL HIGH YIELD BOND ETF
PERFORMANCE COMPARISON
April 30, 2015 (unaudited)
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. |
FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS
(unaudited)
International High Yield Bond ETF (IHY)
Closing Price vs. NAV
The following Frequency Distribution of Premiums and Discounts chart is provided to show the frequency at which the closing price for IHY is at a premium or discount to its daily net asset value (NAV). The chart is for comparative purposes only and represents the period noted.
| April 3, 2012* through April 30, 2015 | ||||||||
| Premium/Discount Range | Number of Days | Percentage of Total Days | ||||||
| Greater than or Equal to 5.0% | 0 | 0.0 | % | |||||
| Greater than or Equal to 4.5% And Less Than 5.0% | 0 | 0.0 | % | |||||
| Greater than or Equal to 4.0% And Less Than 4.5% | 0 | 0.0 | % | |||||
| Greater than or Equal to 3.5% And Less Than 4.0% | 1 | 0.1 | % | |||||
| Greater than or Equal to 3.0% And Less Than 3.5% | 7 | 0.9 | % | |||||
| Greater than or Equal to 2.5% And Less Than 3.0% | 2 | 0.3 | % | |||||
| Greater than or Equal to 2.0% And Less Than 2.5% | 5 | 0.6 | % | |||||
| Greater than or Equal to 1.5% And Less Than 2.0% | 13 | 1.7 | % | |||||
| Greater than or Equal to 1.0% And Less Than 1.5% | 31 | 4.0 | % | |||||
| Greater than or Equal to 0.5% And Less Than 1.0% | 141 | 18.2 | % | |||||
| Greater than or Equal to 0.0% And Less Than 0.5% | 321 | 41.5 | % | |||||
| Greater than or Equal to -0.5% And Less Than 0.0% | 151 | 19.5 | % | |||||
| Greater than or Equal to -1.0% And Less Than -0.5% | 71 | 9.2 | % | |||||
| Greater than or Equal to -1.5% And Less Than -1.0% | 7 | 0.9 | % | |||||
| Greater than or Equal to -2.0% And Less Than -1.5% | 13 | 1.7 | % | |||||
| Greater than or Equal to -2.5% And Less Than -2.0% | 2 | 0.3 | % | |||||
| Greater than or Equal to -3.0% And Less Than -2.5% | 2 | 0.3 | % | |||||
| Greater than or Equal to -3.5% And Less Than -3.0% | 1 | 0.1 | % | |||||
| Greater than or Equal to -4.0% And Less Than -3.5% | 2 | 0.3 | % | |||||
| Greater than or Equal to -4.5% And Less Than -4.0% | 2 | 0.3 | % | |||||
| Greater than or Equal to -5.0% And Less Than -4.5% | 1 | 0.1 | % | |||||
| Less Than -5.0% | 0 | 0.0 | % | |||||
| 773 | 100.0 | % | ||||||
* First day of secondary market trading.
| 20 |
MARKET VECTORS INVESTMENT GRADE FLOATING RATE ETF
PERFORMANCE COMPARISON
April 30, 2015 (unaudited)
| Hypothetical Growth of $10,000 (Since Inception) | |||
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark. |  |
| Total Return | Share Price1 | NAV | MVFLTR2 | |||||||||
| One Year | 0.14 | % | 0.35 | % | 0.68 | % | ||||||
| Life* (annualized) | 0.84 | % | 0.89 | % | 1.37 | % | ||||||
| Life* (cumulative) | 3.43 | % | 3.63 | % | 5.61 | % | ||||||
| * since 4/25/2011 | ||||||||||||
Commencement date for the Market Vectors Investment Grade Floating Rate ETF 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 0.48% / Net Expense Ratio 0.17%
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 0.14% 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.
| 21 |
MARKET VECTORS INVESTMENT GRADE FLOATING RATE ETF
PERFORMANCE COMPARISON
April 30, 2015 (unaudited)
Market Vectors® Investment Grade Floating Rate ETF is not sponsored, issued or advised by Wells Fargo & Company, Wells Fargo Securities, LLC or any of their affiliates. The Market Vectors® US Investment Grade Floating Rate Index is the exclusive property of Market Vectors Index Solutions GmbH (a wholly owned subsidiary of the Adviser), which has contracted with Wells Fargo to create and maintain and with Interactive Data Pricing and Reference Data, LLC to calculate the Index. Neither Wells Fargo nor Interactive Data Pricing and Reference Data, LLC 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, LLC, 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 Market Vectors Investment Grade Floating Rate ETF is not sponsored, endorsed, sold or promoted by Market Vectors Index Solutions GmbH and Market Vectors Index Solutions GmbH makes no representation regarding the advisability of investing in the Fund.
| 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. |
FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS
(unaudited)
Investment Grade Floating Rate ETF (FLTR)
Closing Price vs. NAV
The following Frequency Distribution of Premiums and Discounts chart is provided to show the frequency at which the closing price for FLTR is at a premium or discount to its daily net asset value (NAV). The chart is for comparative purposes only and represents the period noted.
| April 26, 2011* through April 30, 2015 | ||||||||
| Premium/Discount Range | Number of Days | Percentage of Total Days | ||||||
| Greater than or Equal to 5.0% | 0 | 0.0 | % | |||||
| Greater than or Equal to 4.5% And Less Than 5.0% | 0 | 0.0 | % | |||||
| Greater than or Equal to 4.0% And Less Than 4.5% | 0 | 0.0 | % | |||||
| Greater than or Equal to 3.5% And Less Than 4.0% | 0 | 0.0 | % | |||||
| Greater than or Equal to 3.0% And Less Than 3.5% | 0 | 0.0 | % | |||||
| Greater than or Equal to 2.5% And Less Than 3.0% | 0 | 0.0 | % | |||||
| Greater than or Equal to 2.0% And Less Than 2.5% | 0 | 0.0 | % | |||||
| Greater than or Equal to 1.5% And Less Than 2.0% | 0 | 0.0 | % | |||||
| Greater than or Equal to 1.0% And Less Than 1.5% | 8 | 0.8 | % | |||||
| Greater than or Equal to 0.5% And Less Than 1.0% | 52 | 5.1 | % | |||||
| Greater than or Equal to 0.0% And Less Than 0.5% | 472 | 46.7 | % | |||||
| Greater than or Equal to -0.5% And Less Than 0.0% | 245 | 24.3 | % | |||||
| Greater than or Equal to -1.0% And Less Than -0.5% | 59 | 5.8 | % | |||||
| Greater than or Equal to -1.5% And Less Than -1.0% | 83 | 8.2 | % | |||||
| Greater than or Equal to -2.0% And Less Than -1.5% | 52 | 5.2 | % | |||||
| Greater than or Equal to -2.5% And Less Than -2.0% | 32 | 3.2 | % | |||||
| Greater than or Equal to -3.0% And Less Than -2.5% | 6 | 0.6 | % | |||||
| Greater than or Equal to -3.5% And Less Than -3.0% | 0 | 0.0 | % | |||||
| Greater than or Equal to -4.0% And Less Than -3.5% | 0 | 0.0 | % | |||||
| Greater than or Equal to -4.5% And Less Than -4.0% | 1 | 0.1 | % | |||||
| Greater than or Equal to -5.0% And Less Than -4.5% | 0 | 0.0 | % | |||||
| Less Than -5.0% | 0 | 0.0 | % | |||||
| 1010 | 100.0 | % | ||||||
* First day of secondary market trading.
| 22 |
MARKET VECTORS MORTGAGE REIT INCOME ETF
PERFORMANCE COMPARISON
April 30, 2015 (unaudited)
| Hypothetical Growth of $10,000 (Since Inception) | |||
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark. |  |
| Total Return | Share Price1 | NAV | MVMORTTR2 | |||||||||
| One Year | 6.19 | % | 6.23 | % | 3.35 | % | ||||||
| Life* (annualized) | 10.37 | % | 10.39 | % | 7.00 | % | ||||||
| Life* (cumulative) | 44.14 | % | 44.25 | % | 28.52 | % | ||||||
| * since 8/16/2011 | ||||||||||||
Commencement date for the Market Vectors Mortgage REIT Income ETF 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 0.51% / 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.
| 23 |
MARKET VECTORS MORTGAGE REIT INCOME ETF
PERFORMANCE COMPARISON
April 30, 2015 (unaudited)
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. |
FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS
(unaudited)
Mortgage REIT Income ETF (MORT)
Closing Price vs. NAV
The following Frequency Distribution of Premiums and Discounts chart is provided to show the frequency at which the closing price for MORT is at a premium or discount to its daily net asset value (NAV). The chart is for comparative purposes only and represents the period noted.
| August 17, 2011* through April 30, 2015 | ||||||||
| Premium/Discount Range | Number of Days | Percentage of Total Days | ||||||
| Greater than or Equal to 5.0% | 0 | 0.0 | % | |||||
| Greater than or Equal to 4.5% And Less Than 5.0% | 0 | 0.0 | % | |||||
| Greater than or Equal to 4.0% And Less Than 4.5% | 1 | 0.1 | % | |||||
| Greater than or Equal to 3.5% And Less Than 4.0% | 0 | 0.0 | % | |||||
| Greater than or Equal to 3.0% And Less Than 3.5% | 0 | 0.0 | % | |||||
| Greater than or Equal to 2.5% And Less Than 3.0% | 1 | 0.1 | % | |||||
| Greater than or Equal to 2.0% And Less Than 2.5% | 2 | 0.2 | % | |||||
| Greater than or Equal to 1.5% And Less Than 2.0% | 1 | 0.1 | % | |||||
| Greater than or Equal to 1.0% And Less Than 1.5% | 2 | 0.2 | % | |||||
| Greater than or Equal to 0.5% And Less Than 1.0% | 12 | 1.3 | % | |||||
| Greater than or Equal to 0.0% And Less Than 0.5% | 593 | 63.7 | % | |||||
| Greater than or Equal to -0.5% And Less Than 0.0% | 303 | 32.6 | % | |||||
| Greater than or Equal to -1.0% And Less Than -0.5% | 11 | 1.2 | % | |||||
| Greater than or Equal to -1.5% And Less Than -1.0% | 2 | 0.2 | % | |||||
| Greater than or Equal to -2.0% And Less Than -1.5% | 2 | 0.2 | % | |||||
| Greater than or Equal to -2.5% And Less Than -2.0% | 0 | 0.0 | % | |||||
| Greater than or Equal to -3.0% And Less Than -2.5% | 1 | 0.1 | % | |||||
| Greater than or Equal to -3.5% And Less Than -3.0% | 0 | 0.0 | % | |||||
| Greater than or Equal to -4.0% And Less Than -3.5% | 0 | 0.0 | % | |||||
| Greater than or Equal to -4.5% And Less Than -4.0% | 0 | 0.0 | % | |||||
| Greater than or Equal to -5.0% And Less Than -4.5% | 0 | 0.0 | % | |||||
| Less Than -5.0% | 0 | 0.0 | % | |||||
| 931 | 100.0 | % | ||||||
* First day of secondary market trading.
| 24 |
MARKET VECTORS PREFERRED SECURITIES EX FINANCIALS ETF
PERFORMANCE COMPARISON
April 30, 2015 (unaudited)
| Hypothetical Growth of $10,000 (Since Inception) | |||
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark. |  |
| Total Return | Share Price1 | NAV | WHPSL2 | |||||||||
| One Year | 6.12 | % | 6.08 | % | 6.14 | % | ||||||
| Life* (annualized) | 7.30 | % | 7.21 | % | 7.28 | % | ||||||
| Life* (cumulative) | 21.71 | % | 21.42 | % | 21.65 | % | ||||||
| * since 7/16/2012 | ||||||||||||
Commencement date for the Market Vectors Preferred Securities ex Financials ETF 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 0.47% / 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.
| 25 |
MARKET VECTORS PREFERRED SECURITIES EX FINANCIALS ETF
PERFORMANCE COMPARISON
April 30, 2015 (unaudited)
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. |
FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS
(unaudited)
Preferred Securities ex Financials ETF
(PFXF)
Closing Price vs. NAV
The following Frequency Distribution of Premiums and Discounts chart is provided to show the frequency at which the closing price for PFXF is at a premium or discount to its daily net asset value (NAV). The chart is for comparative purposes only and represents the period noted.
| July 17, 2012* through April 30, 2015 | ||||||||
| Premium/Discount Range | Number of Days | Percentage of Total Days | ||||||
| Greater than or Equal to 5.0% | 0 | 0.0 | % | |||||
| Greater than or Equal to 4.5% And Less Than 5.0% | 0 | 0.0 | % | |||||
| Greater than or Equal to 4.0% And Less Than 4.5% | 0 | 0.0 | % | |||||
| Greater than or Equal to 3.5% And Less Than 4.0% | 0 | 0.0 | % | |||||
| Greater than or Equal to 3.0% And Less Than 3.5% | 0 | 0.0 | % | |||||
| Greater than or Equal to 2.5% And Less Than 3.0% | 0 | 0.0 | % | |||||
| Greater than or Equal to 2.0% And Less Than 2.5% | 0 | 0.0 | % | |||||
| Greater than or Equal to 1.5% And Less Than 2.0% | 0 | 0.0 | % | |||||
| Greater than or Equal to 1.0% And Less Than 1.5% | 1 | 0.1 | % | |||||
| Greater than or Equal to 0.5% And Less Than 1.0% | 20 | 2.9 | % | |||||
| Greater than or Equal to 0.0% And Less Than 0.5% | 460 | 65.6 | % | |||||
| Greater than or Equal to -0.5% And Less Than 0.0% | 210 | 30.0 | % | |||||
| Greater than or Equal to -1.0% And Less Than -0.5% | 9 | 1.3 | % | |||||
| Greater than or Equal to -1.5% And Less Than -1.0% | 1 | 0.1 | % | |||||
| Greater than or Equal to -2.0% And Less Than -1.5% | 0 | 0.0 | % | |||||
| Greater than or Equal to -2.5% And Less Than -2.0% | 0 | 0.0 | % | |||||
| Greater than or Equal to -3.0% And Less Than -2.5% | 0 | 0.0 | % | |||||
| Greater than or Equal to -3.5% And Less Than -3.0% | 0 | 0.0 | % | |||||
| Greater than or Equal to -4.0% And Less Than -3.5% | 0 | 0.0 | % | |||||
| Greater than or Equal to -4.5% And Less Than -4.0% | 0 | 0.0 | % | |||||
| Greater than or Equal to -5.0% And Less Than -4.5% | 0 | 0.0 | % | |||||
| Less Than -5.0% | 0 | 0.0 | % | |||||
| 701 | 100.0 | % | ||||||
* First day of secondary market trading.
| 26 |
MARKET VECTORS TREASURY-HEDGED HIGH YIELD BOND ETF
PERFORMANCE COMPARISON
April 30, 2015 (unaudited)
| Hypothetical Growth of $10,000 (Since Inception) | |||
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark. |  |
| Total Return | Share Price1 | NAV | MVTHHY2 | |||||||||
| One Year | (1.04 | )% | (0.56 | )% | (0.55 | )% | ||||||
| Life* (annualized) | 2.95 | % | 2.98 | % | 3.52 | % | ||||||
| Life* (cumulative) | 6.33 | % | 6.38 | % | 7.56 | % | ||||||
| * since 3/21/2013 | ||||||||||||
Commencement date for the Market Vectors Treasury-Hedged High Yield Bond ETF 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 1.44% / 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.
| 27 |
MARKET VECTORS TREASURY-HEDGED HIGH YIELD BOND ETF
PERFORMANCE COMPARISON
April 30, 2015 (unaudited)
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. |
FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS
(unaudited)
Treasury-Hedged High Yield Bond ETF (THHY)
Closing Price vs. NAV
The following Frequency Distribution of Premiums and Discounts chart is provided to show the frequency at which the closing price for THHY is at a premium or discount to its daily net asset value (NAV). The chart is for comparative purposes only and represents the period noted.
| March 22, 2013* through April 30, 2015 | ||||||||
| Premium/Discount Range | Number of Days | Percentage of Total Days | ||||||
| Greater than or Equal to 5.0% | 5 | 0.9 | % | |||||
| Greater than or Equal to 4.5% And Less Than 5.0% | 2 | 0.4 | % | |||||
| Greater than or Equal to 4.0% And Less Than 4.5% | 2 | 0.4 | % | |||||
| Greater than or Equal to 3.5% And Less Than 4.0% | 3 | 0.6 | % | |||||
| Greater than or Equal to 3.0% And Less Than 3.5% | 2 | 0.4 | % | |||||
| Greater than or Equal to 2.5% And Less Than 3.0% | 4 | 0.8 | % | |||||
| Greater than or Equal to 2.0% And Less Than 2.5% | 13 | 2.4 | % | |||||
| Greater than or Equal to 1.5% And Less Than 2.0% | 17 | 3.2 | % | |||||
| Greater than or Equal to 1.0% And Less Than 1.5% | 23 | 4.3 | % | |||||
| Greater than or Equal to 0.5% And Less Than 1.0% | 71 | 13.4 | % | |||||
| Greater than or Equal to 0.0% And Less Than 0.5% | 128 | 24.1 | % | |||||
| Greater than or Equal to -0.5% And Less Than 0.0% | 117 | 22.0 | % | |||||
| Greater than or Equal to -1.0% And Less Than -0.5% | 65 | 12.2 | % | |||||
| Greater than or Equal to -1.5% And Less Than -1.0% | 34 | 6.4 | % | |||||
| Greater than or Equal to -2.0% And Less Than -1.5% | 20 | 3.8 | % | |||||
| Greater than or Equal to -2.5% And Less Than -2.0% | 16 | 3.0 | % | |||||
| Greater than or Equal to -3.0% And Less Than -2.5% | 5 | 0.9 | % | |||||
| Greater than or Equal to -3.5% And Less Than -3.0% | 3 | 0.6 | % | |||||
| Greater than or Equal to -4.0% And Less Than -3.5% | 0 | 0.0 | % | |||||
| Greater than or Equal to -4.5% And Less Than -4.0% | 1 | 0.2 | % | |||||
| Greater than or Equal to -5.0% And Less Than -4.5% | 0 | 0.0 | % | |||||
| Less Than -5.0% | 0 | 0.0 | % | |||||
| 531 | 100.0 | % | ||||||
* First day of secondary market trading.
| 28 |
MARKET VECTORS INCOME ETFs TRUST
(unaudited)
Hypothetical $1,000 investment at beginning of period
As a shareholder of a Fund, you incur operating expenses, including management fees and other Fund expenses. This disclosure is intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The disclosure is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, November 1, 2014 to April 30, 2015.
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 the 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 your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of 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.
| 29 |
MARKET VECTORS INCOME ETFs TRUST
EXPLANATION OF EXPENSES
(unaudited) (continued)
| Beginning | Ending | Annualized | Expenses Paid | ||||||||
| Account | Account | Expense | During the Period* | ||||||||
| Value | Value | Ratio | November 1, 2014- | ||||||||
| November 1, 2014 | April 30, 2015 | During Period | April 30, 2015 | ||||||||
| BDC Income ETF | |||||||||||
| Actual | $1,000.00 | $ | 998.70 | 0.41% | $2.03 | ||||||
| Hypothetical** | $1,000.00 | $ | 1,022.76 | 0.41% | $2.06 | ||||||
| ChinaAMC China Bond ETF*** | |||||||||||
| Actual | $1,000.00 | $ | 1,007.10 | 0.50% | $2.35 | ||||||
| Hypothetical** | $1,000.00 | $ | 1,021.08 | 0.50% | $2.37 | ||||||
| Emerging Markets Aggregate Bond ETF | |||||||||||
| Actual | $1,000.00 | $ | 970.60 | 0.49% | $2.39 | ||||||
| Hypothetical** | $1,000.00 | $ | 1,022.36 | 0.49% | $2.46 | ||||||
| Emerging Markets High Yield Bond ETF | |||||||||||
| Actual | $1,000.00 | $ | 998.20 | 0.40% | $1.98 | ||||||
| Hypothetical** | $1,000.00 | $ | 1,022.81 | 0.40% | $2.01 | ||||||
| Emerging Markets Local Currency Bond ETF | |||||||||||
| Actual | $1,000.00 | $ | 922.00 | 0.47% | $2.24 | ||||||
| Hypothetical** | $1,000.00 | $ | 1,022.46 | 0.47% | $2.36 | ||||||
| Fallen Angel High Yield Bond ETF | |||||||||||
| Actual | $1,000.00 | $ | 1,033.70 | 0.40% | $2.02 | ||||||
| Hypothetical** | $1,000.00 | $ | 1,022.81 | 0.40% | $2.01 | ||||||
| International High Yield Bond ETF | |||||||||||
| Actual | $1,000.00 | $ | 977.40 | 0.40% | $1.96 | ||||||
| Hypothetical** | $1,000.00 | $ | 1,022.81 | 0.40% | $2.01 | ||||||
| Investment Grade Floating Rate ETF | |||||||||||
| Actual | $1,000.00 | $ | 1,000.00 | 0.14% | $0.69 | ||||||
| Hypothetical** | $1,000.00 | $ | 1,024.10 | 0.14% | $0.70 | ||||||
| Mortgage REIT Income ETF | |||||||||||
| Actual | $1,000.00 | $ | 1,017.50 | 0.41% | $2.05 | ||||||
| Hypothetical** | $1,000.00 | $ | 1,022.76 | 0.41% | $2.06 | ||||||
| Preferred Securities ex Financials ETF | |||||||||||
| Actual | $1,000.00 | $ | 1,036.40 | 0.40% | $2.02 | ||||||
| Hypothetical** | $1,000.00 | $ | 1,022.81 | 0.40% | $2.01 | ||||||
| Treasury-Hedged High Yield Bond ETF | |||||||||||
| Actual | $1,000.00 | $ | 996.60 | 0.50% | $2.48 | ||||||
| Hypothetical** | $1,000.00 | $ | 1,022.32 | 0.50% | $2.51 | ||||||
| * | Expenses are equal to the Fund’s annualized expense ratio (for the six months ended April 30, 2015) 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 |
| *** | Expenses are equal to the Fund’s annualized expense ratio (for the period from November 10, 2014 (commencement of operations) to April 30, 2015) multiplied by the average account value over the period, multiplied by the number of days since commencement of operations divided by the number of days in the fiscal year. |
| 30 |
April 30, 2015
| Number | ||||||||
| of Shares | Value | |||||||
| COMMON STOCKS: 100.2% | ||||||||
| Investment Companies: 97.4% | ||||||||
| 511,451 | American Capital Ltd. * | $ | 7,717,796 | |||||
| 474,706 | Apollo Investment Corp. † | 3,797,648 | ||||||
| 641,277 | Ares Capital Corp. | 10,914,535 | ||||||
| 277,370 | BlackRock Kelso Capital Corp. | 2,535,162 | ||||||
| 468,717 | Fifth Street Finance Corp. | 3,341,952 | ||||||
| 492,227 | FS Investment Corp. † | 5,153,617 | ||||||
| 73,325 | Gladstone Capital Corp. † | 643,793 | ||||||
| 94,013 | Gladstone Investment Corp. | 711,678 | ||||||
| 161,204 | Golub Capital BDC, Inc. | 2,830,742 | ||||||
| 102,136 | Harris & Harris Group, Inc. * | 316,622 | ||||||
| 259,366 | Hercules Technology Growth Capital, Inc. † | 3,605,187 | ||||||
| 34,560 | Horizon Technology Finance Corp. | 488,333 | ||||||
| 136,524 | KCAP Financial, Inc. † | 816,414 | ||||||
| 120,073 | Main Street Capital Corp. | 3,761,887 | ||||||
| 129,946 | MCG Capital Corp. | 576,960 | ||||||
| 80,974 | Medallion Financial Corp. † | 854,276 | ||||||
| 74,212 | MVC Capital, Inc. | 719,856 | ||||||
| 191,737 | New Mountain Finance Corp. † | 2,864,551 | ||||||
| 76,578 | OHA Investment Corp. | 431,134 | ||||||
| 278,934 | PennantPark Investment Corp. | 2,627,558 | ||||||
| 731,706 | Prospect Capital Corp. † | 6,109,745 | ||||||
| 118,302 | Solar Capital Ltd. | 2,337,647 | ||||||
| 35,263 | Solar Senior Capital Ltd. | 571,261 | ||||||
| 170,081 | TCP Capital Corp. | 2,709,390 | ||||||
| 119,643 | THL Credit, Inc. | 1,470,412 | ||||||
| 222,825 | TICC Capital Corp. | 1,495,156 | ||||||
| 123,285 | Triangle Capital Corp. † | 2,962,539 | ||||||
| 72,365,851 | ||||||||
| Investment Management / Advisory Services: 2.8% | ||||||||
| 218,164 | Medley Capital Corp. † | 2,057,287 | ||||||
| Total Common Stocks (Cost: $78,010,788) | 74,423,138 | |||||||
| MONEY MARKET FUND: 0.0% (Cost: $30,646) | ||||||||
| 30,646 | Dreyfus Government Cash Management Fund | 30,646 | ||||||
| Total Investments Before Collateral for Securities Loaned: 100.2% (Cost: $78,041,434) | 74,453,784 | |||||||
| Principal | ||||||||
| Amount | Value | |||||||
| SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 11.8% | ||||||||
| Repurchase Agreements: 11.8% | ||||||||
| $ | 437,079 | Repurchase agreement dated 4/30/15 with BNP Paribas Securities Corp., 0.12%, due 5/1/15, proceeds $437,080; (collateralized by various U.S. government and agency obligations, 0.00% to 6.50%, due 5/1/16 to 4/20/45, valued at $445,821 including accrued interest) | $ | 437,079 | ||||
| 2,076,228 | Repurchase agreement dated 4/30/15 with Citigroup Global Markets, Inc., 0.13%, due 5/1/15, proceeds $2,076,235; (collateralized by various U.S. government and agency obligations, 1.61% to 8.00%, due 6/1/17 to 6/15/52, valued at $2,117,752 including accrued interest) | 2,076,228 | ||||||
| 2,076,228 | Repurchase agreement dated 4/30/15 with JP Morgan Securities LLC, 0.13%, due 5/1/15, proceeds $2,076,235; (collateralized by various U.S. government and agency obligations, 1.78% to 6.13%, due 3/1/19 to 2/1/45, valued at $2,117,776 including accrued interest) | 2,076,228 | ||||||
| 2,076,228 | Repurchase agreement dated 4/30/15 with Merrill Lynch Pierce Fenner & Smith, Inc., 0.12%, due 5/1/15, proceeds $2,076,235; (collateralized by various U.S. government and agency obligations, 0.00% to 7.50%, due 1/31/19 to 12/20/64, valued at $2,117,753 including accrued interest) | 2,076,228 | ||||||
| 2,076,228 | Repurchase agreement dated 4/30/15 with Mizuho Securities USA, Inc., 0.13%, due 5/1/15, proceeds $2,076,235; (collateralized by various U.S. government and agency obligations, 0.00% to 4.50%, due 2/1/19 to 5/1/45, valued at $2,117,753 including accrued interest) | 2,076,228 | ||||||
| Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $8,741,991) | 8,741,991 | |||||||
| Total Investments: 112.0% (Cost: $86,783,425) | 83,195,775 | |||||||
| Liabilities in excess of other assets: (12.0)% | (8,936,707 | ) | ||||||
| NET ASSETS: 100.0% | $ | 74,259,068 | ||||||
See Notes to Financial Statements
| 31 |
BDC INCOME ETF
SCHEDULE OF INVESTMENTS
(continued)
| * | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $8,435,167. |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited) | % of Investments | Value | ||||||
| Financial | 100.0 | % | $ | 74,423,138 | ||||
| Money Market Fund | 0.0 | 30,646 | ||||||
| 100.0 | % | $ | 74,453,784 | |||||
The summary of inputs used to value the Fund’s investments as of April 30, 2015 is as follows:
| Level 2 | Level 3 | ||||||||||||||||||
| Level 1 | Significant | Significant | |||||||||||||||||
| Quoted | Observable | Unobservable | |||||||||||||||||
| Prices | Inputs | Inputs | Value | ||||||||||||||||
| Common Stocks* | $ | 74,423,138 | $ | — | $ | — | $ | 74,423,138 | |||||||||||
| Money Market Fund | 30,646 | — | — | 30,646 | |||||||||||||||
| Repurchase Agreements | — | 8,741,991 | — | 8,741,991 | |||||||||||||||
| Total | $ | 74,453,784 | $ | 8,741,991 | $ | — | $ | 83,195,775 | |||||||||||
| * | See Schedule of Investments for security type and industry sector breakouts. |
There were no transfers between levels during the year ended April 30, 2015.
See Notes to Financial Statements
| 32 |
SCHEDULE OF INVESTMENTS
April 30, 2015
| Principal | ||||||||
| Amount | Value | |||||||
| CORPORATE BONDS: 67.3% | ||||||||
| Basic Materials: 2.9% | ||||||||
| CNY | 3,500,000 | Hebei Iron & Steel Co. Ltd. 5.16%, 03/27/18 | $ | 572,471 | ||||
| Consumer, Cyclical: 3.2% | ||||||||
| 3,838,000 | Chongqing Changan Automobile Co. Ltd. 5.30%, 04/23/17 | 629,837 | ||||||
| Consumer, Non-cyclical: 1.7% | ||||||||
| 1,135,000 | Jiangxi Ganyue Expressway Co. Ltd. 5.15%, 04/19/23 | 183,428 | ||||||
| 1,000,000 | Rizhao Port Co. Ltd. 6.15%, 03/03/17 | 165,750 | ||||||
| 349,178 | ||||||||
| Diversified: 6.7% | ||||||||
| 4,887,000 | Legend Holdings Corp. 5.80%, 10/31/16 (p) | 811,002 | ||||||
| 3,000,000 | Xiamen C&D Corp. Ltd. 7.30%, 10/28/16 (p) | 532,500 | ||||||
| 1,343,502 | ||||||||
| Energy: 9.2% | ||||||||
| 4,000,000 | China Longyuan Power Group Corp. Ltd. 4.80%, 02/09/17 | 649,401 | ||||||
| 2,680,000 | China Petroleum & Chemical Corp. 4.90%, 06/01/22 | 440,947 | ||||||
| 500,000 | China Three Gorges Corp. 4.15%, 05/11/26 | 76,684 | ||||||
| 4,000,000 | Offshore Oil Engineering Co. Ltd. 5.77%, 11/09/17 | 666,723 | ||||||
| 1,833,755 | ||||||||
| Financial: 26.6% | ||||||||
| 24,570,000 | China Development Bank Corp. 5.84%, 01/03/19 | 4,301,770 | ||||||
| 2,000,000 | Chongqing Land Properties Co. Group 7.35%, 04/25/19 | 343,204 | ||||||
| 4,000,000 | Guangzhou Yue Xiu Holdings Ltd. 5.20%, 02/28/18 (p) | 661,437 | ||||||
| 5,306,411 | ||||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Industrial: 10.1% | ||||||||
| CNY | 587,000 | China Railway Corp. 4.63%, 08/25/21 | $ | 94,773 | ||||
| 2,000,000 | CSR Corp. Ltd. 4.70%, 04/22/18 | 325,604 | ||||||
| 500,000 | Hubei Provincial Communications Investment Co. Ltd. 6.68%, 03/27/19 (p) | 89,103 | ||||||
| Power Construction Corp. of China Ltd. | ||||||||
| 3,000,000 | 5.20%, 10/29/22 | 496,588 | ||||||
| 2,000,000 | 5.70%, 04/23/19 | 336,167 | ||||||
| 3,181,000 | Wuhan Metro Group Co. Ltd. 8.50%, 10/29/18 | 575,698 | ||||||
| 567,500 | XCMG Construction Machinery Co. Ltd. 4.89%, 10/26/15 (p) | 92,401 | ||||||
| 2,010,334 | ||||||||
| Utilities: 6.9% | ||||||||
| China Yangtze Power Co. Ltd. | ||||||||
| 507,000 | 4.76%, 09/20/22 | 82,758 | ||||||
| 3,884,000 | 5.35%, 09/24/17 | 640,635 | ||||||
| 2,000,000 | Datang International Power Generation Co. Ltd. 5.00%, 11/03/24 | 329,341 | ||||||
| 2,000,000 | GD Power Development Co. Ltd. 4.35%, 06/15/17 | 322,921 | ||||||
| 1,375,655 | ||||||||
| Total Corporate Bonds (Cost: $13,396,241) | 13,421,143 | |||||||
| GOVERNMENT OBLIGATIONS: 24.3% | ||||||||
| China Government Bonds | ||||||||
| 13,639,000 | 3.40%, 04/17/23 | 2,220,221 | ||||||
| 542,000 | 4.11%, 05/15/25 | 92,998 | ||||||
| 14,841,000 | 4.26%, 07/31/21 | 2,546,190 | ||||||
| Total Government Obligations (Cost: $4,767,710) | 4,859,409 | |||||||
| Total Investments: 91.6% (Cost: $18,163,951) | 18,280,552 | |||||||
| Other assets less liabilities: 8.4% | 1,674,253 | |||||||
| NET ASSETS: 100.0% | $ | 19,954,805 | ||||||
| CNY | Chinese Yuan |
| (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 | ||||||
| Basic Materials | 3.1 | % | $ | 572,471 | ||||
| Consumer, Cyclical | 3.5 | 629,837 | ||||||
| Consumer, Non-cyclical | 1.9 | 349,178 | ||||||
| Diversified | 7.4 | 1,343,502 | ||||||
| Energy | 10.0 | 1,833,755 | ||||||
| Financial | 29.0 | 5,306,411 | ||||||
| Government | 26.6 | 4,859,409 | ||||||
| Industrial | 11.0 | 2,010,334 | ||||||
| Utilities | 7.5 | 1,375,655 | ||||||
| 100.0 | % | $ | 18,280,552 | |||||
See Notes to Financial Statements
| 33 |
CHINAAMC CHINA BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
The summary of inputs used to value the Fund’s investments as of April 30, 2015 is as follows:
| Level 2 | Level 3 | |||||||||||||||||||
| Level 1 | Significant | Significant | ||||||||||||||||||
| Quoted | Observable | Unobservable | ||||||||||||||||||
| Prices | Inputs | Inputs | Value | |||||||||||||||||
| Corporate Bonds* | $ | — | $ | 13,421,143 | $ | — | $ | 13,421,143 | ||||||||||||
| Government Obligations* | — | 4,859,409 | — | 4,859,409 | ||||||||||||||||
| Total | $ | — | $ | 18,280,552 | $ | — | $ | 18,280,552 | ||||||||||||
| * | See Schedule of Investments for security type and industry sector breakouts. |
There were no transfers between levels during the year ended April 30, 2015.
See Notes to Financial Statements
| 34 |
EMERGING MARKETS AGGREGATE BOND ETF
SCHEDULE OF INVESTMENTS
April 30, 2015
| Principal Amount | Value | |||||||
| CORPORATE BONDS: 38.1% | ||||||||
| Argentina: 0.2% | ||||||||
| USD | 30,000 | Pan American Energy, LLC 7.88%, 05/07/21 Reg S | $ | 31,763 | ||||
| Austria: 0.4% | ||||||||
| 64,000 | ESAL GmbH 6.25%, 02/05/18 (c) Reg S | 63,661 | ||||||
| Bermuda: 1.1% | ||||||||
| 100,000 | Digicel Group Ltd. 7.13%, 04/01/17 (c) 144A | 94,937 | ||||||
| 100,000 | Qtel International Finance Ltd. 3.25%, 02/21/23 Reg S | 100,250 | ||||||
| 195,187 | ||||||||
| Brazil: 2.1% | ||||||||
| 150,000 | Banco do Brasil SA 5.88%, 01/26/22 Reg S | 151,830 | ||||||
| 102,000 | Itau Unibanco Holding SA 6.20%, 04/15/20 144A | 111,384 | ||||||
| EUR | 100,000 | Vale SA 4.38%, 03/24/18 | 121,687 | |||||
| 384,901 | ||||||||
| British Virgin Islands: 2.7% | ||||||||
| USD | 257,000 | CNOOC Finance Ltd. 3.88%, 05/02/22 Reg S | 267,764 | |||||
| 100,000 | CNPC General Capital Ltd. 3.95%, 04/19/22 144A | 104,352 | ||||||
| 100,000 | Sinopec Group Overseas Development 4.38%, 10/17/23 Reg S | 107,857 | ||||||
| 479,973 | ||||||||
| Cayman Islands: 4.8% | ||||||||
| 100,000 | Alibaba Group Holding Ltd. 3.60%, 08/28/24 (c) 144A | 99,751 | ||||||
| 100,000 | China Overseas Finance Cayman VI Ltd. 4.25%, 05/08/19 Reg S | 104,446 | ||||||
| 100,000 | Country Garden Holdings Co., Ltd. 7.50%, 01/10/18 (c) Reg S | 102,750 | ||||||
| 192,000 | Hutchison Whampoa Ltd. 7.63%, 04/09/19 Reg S | 230,607 | ||||||
| 100,000 | QNB Finance Ltd. 2.75%, 10/31/18 Reg S | 102,375 | ||||||
| 100,000 | Saudi Electricity Global Sukuk Co. 2 3.47%, 04/08/23 144A | 102,750 | ||||||
| 100,000 | Swire Pacific MTN Financing Ltd. 5.50%, 08/19/19 Reg S | 112,749 | ||||||
| 855,428 | ||||||||
| Chile: 1.4% | ||||||||
| 100,000 | Banco Santander Chile 3.88%, 09/20/22 144A | 104,178 | ||||||
| 119,600 | Corp. Nacional del Cobre de Chile 7.50%, 01/15/19 144A | 142,613 | ||||||
| 246,791 | ||||||||
| China / Hong Kong: 1.3% | ||||||||
| 100,000 | Bank of East Asia Ltd. 8.50%, 11/05/19 (c) Reg S | 117,637 | ||||||
| 100,000 | CITIC Pacific Ltd. 6.63%, 04/15/21 Reg S | 116,822 | ||||||
| 234,459 | ||||||||
| Principal Amount | Value | |||||||
| Colombia: 1.4% | ||||||||
| USD | 102,000 | Bancolombia SA 5.13%, 09/11/22 | $ | 104,601 | ||||
| 90,000 | Ecopetrol SA 5.88%, 09/18/23 | 97,987 | ||||||
| COP | 110,857,000 | Empresas Publicas de Medellin ESP 8.38%, 02/01/21 Reg S | 49,265 | |||||
| 251,853 | ||||||||
| Curacao: 0.2% | ||||||||
| USD | 40,000 | Teva Pharmaceutical 2.95%, 12/18/22 | 39,754 | |||||
| Czech Republic: 0.4% | ||||||||
| EUR | 50,000 | CEZ AS 4.50%, 06/29/20 Reg S | 66,979 | |||||
| India: 0.2% | ||||||||
| USD | 28,000 | ICICI Bank Ltd. 5.75%, 11/16/20 Reg S | 31,771 | |||||
| Indonesia: 0.4% | ||||||||
| 70,000 | Pertamina Persero Pt 4.30%, 05/20/23 † 144A | 69,825 | ||||||
| Ireland: 0.3% | ||||||||
| EUR | 50,000 | Vnesheconombank Via VEB Finance Plc 3.04%, 02/21/18 Reg S | 51,966 | |||||
| Kazakhstan: 0.6% | ||||||||
| USD | 100,000 | KazMunayGas National Co. 7.00%, 05/05/20 Reg S | 109,400 | |||||
| Luxembourg: 3.4% | ||||||||
| 100,000 | EVRAZ Group SA 9.50%, 04/24/18 Reg S | 103,250 | ||||||
| 200,000 | Gaz Capital SA 6.51%, 03/07/22 Reg S | 202,094 | ||||||
| 100,000 | SB Cap SA 5.40%, 03/24/17 Reg S | 100,000 | ||||||
| 100,000 | VTB Bank 6.25%, 06/30/15 (p) Reg S | 100,480 | ||||||
| 100,000 | Yapi ve Kredi Bankasi 5.19%, 10/13/15 Reg S | 101,400 | ||||||
| 607,224 | ||||||||
| Malaysia: 0.7% | ||||||||
| 100,000 | Petronas Capital Ltd. 7.88%, 05/22/22 Reg S | 131,234 | ||||||
| Mexico: 3.2% | ||||||||
| America Movil SAB de CV | ||||||||
| EUR | 100,000 | 4.13%, 10/25/19 | 128,915 | |||||
| USD | 25,000 | 5.00%, 03/30/20 | 28,275 | |||||
| 100,000 | BBVA Bancomer SA 6.75%, 09/30/22 144A | 113,875 | ||||||
| 64,000 | Pemex Project Funding Master Trust 6.63%, 06/15/38 | 71,520 | ||||||
| Petróleos Mexicanos | ||||||||
| 150,000 | 5.50%, 01/21/21 | 165,375 | ||||||
| EUR | 50,000 | 5.50%, 02/24/25 Reg S | 70,298 | |||||
| 578,258 | ||||||||
| Netherlands: 3.6% | ||||||||
| USD | 100,000 | Bharti Airtel International Netherlands BV 5.13%, 03/11/23 144A | 108,803 | |||||
| 100,000 | Lukoil International Finance BV 7.25%, 11/05/19 Reg S | 105,410 | ||||||
See Notes to Financial Statements
| 35 |
EMERGING MARKETS AGGREGATE BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| Netherlands: (continued) | ||||||||
| USD | 128,000 | Majapahit Holding BV 7.75%, 01/20/20 Reg S | $ | 150,902 | ||||
| Petrobras International Finance Co. | ||||||||
| 128,000 | 3.50%, 02/06/17 | 126,719 | ||||||
| 77,000 | 6.75%, 01/27/41 | 71,413 | ||||||
| 100,000 | VimpelCom Holdings BV 5.95%, 02/13/23 144A | 92,000 | ||||||
| 655,247 | ||||||||
| Peru: 0.7% | ||||||||
| 108,000 | Banco de Credito del Peru 5.38%, 09/16/20 Reg S | 120,420 | ||||||
| Philippines: 0.7% | ||||||||
| 100,000 | Power Sector Assets & Liabilities Management Corp. 7.39%, 12/02/24 Reg S | 135,250 | ||||||
| Qatar: 0.6% | ||||||||
| 100,000 | Qatari Diar Finance QSC 5.00%, 07/21/20 Reg S | 113,484 | ||||||
| South Africa: 0.6% | ||||||||
| 100,000 | Eskom Holdings SOC Ltd. 5.75%, 01/26/21 144A | 100,100 | ||||||
| Thailand: 0.8% | ||||||||
| 128,000 | Bangkok Bank 4.80%, 10/18/20 Reg S | 141,598 | ||||||
| Turkey: 0.6% | ||||||||
| 100,000 | Turkiye Is Bankasi 5.50%, 04/21/19 144A | 104,040 | ||||||
| United Arab Emirates: 2.6% | ||||||||
| 100,000 | Abu Dhabi National Energy Co. 6.25%, 09/16/19 Reg S | 116,827 | ||||||
| 100,000 | Dolphin Energy Ltd. 5.50%, 12/15/21 144A | 115,310 | ||||||
| 100,000 | DP World Ltd. 6.85%, 07/02/37 Reg S | 112,976 | ||||||
| 100,000 | Dubai Electricity & Water Authority 7.38%, 10/21/20 Reg S | 122,950 | ||||||
| 468,063 | ||||||||
| United Kingdom: 1.1% | ||||||||
| 55,000 | AngloGold Ashanti Holdings Plc 8.50%, 07/30/16 (c) | 60,706 | ||||||
| 128,000 | Vedanta Resources Plc 9.50%, 07/18/18 Reg S | 133,440 | ||||||
| 194,146 | ||||||||
| United States: 1.2% | ||||||||
| 100,000 | Cemex Finance, LLC 6.00%, 04/01/19 (c) 144A | 102,810 | ||||||
| 100,000 | Reliance Holding USA, Inc. 5.40%, 02/14/22 144A | 110,409 | ||||||
| 213,219 | ||||||||
| Venezuela: 0.8% | ||||||||
| Petróleos de Venezuela SA | ||||||||
| 132,700 | 5.38%, 04/12/27 Reg S | 54,725 | ||||||
| 102,000 | 8.50%, 11/02/17 Reg S | 79,152 | ||||||
| 30,000 | 9.00%, 11/17/21 Reg S | 14,772 | ||||||
| 148,649 | ||||||||
| Total Corporate Bonds (Cost: $6,780,030) | 6,824,643 | |||||||
| Principal Amount | Value | |||||||
| GOVERNMENT OBLIGATIONS: 59.3% | ||||||||
| Argentina: 0.2% | ||||||||
| EUR | 60,000 | Provincia de Buenos Aires 4.00%, 05/15/35 (s) Reg S | $ | 44,038 | ||||
| Bahrain: 0.4% | ||||||||
| USD | 64,000 | Bahrain Government International
Bonds 6.13%, 08/01/23 144A | 71,680 | |||||
| Brazil: 5.3% | ||||||||
| 28,000 | Banco Nacional de Desenvolvimento Economico e Social 6.50%, 06/10/19 Reg S | 30,730 | ||||||
| Brazilian Government International Bonds | ||||||||
| 128,000 | 4.88%, 01/22/21 | 137,408 | ||||||
| 63,000 | 6.00%, 01/17/17 | 67,946 | ||||||
| Letra do Tesouro Nacional | ||||||||
| BRL | 90,000 | 11.23%, 07/01/15 ^ | 29,397 | |||||
| 800,000 | 11.72%, 01/01/16 ^ | 244,703 | ||||||
| Notas do Tesouro Nacional, Series F | ||||||||
| 396,000 | 10.00%, 01/01/17 | 126,060 | ||||||
| 102,000 | 10.00%, 01/01/19 | 31,306 | ||||||
| 245,000 | 10.00%, 01/01/21 | 73,335 | ||||||
| 425,000 | 10.00%, 01/01/23 | 124,285 | ||||||
| 300,000 | 10.00%, 01/01/25 | 85,658 | ||||||
| 950,828 | ||||||||
| Cayman Islands: 0.6% | ||||||||
| EUR | 100,000 | IPIC GMTN Ltd. 4.88%, 05/14/16 Reg S | 117,177 | |||||
| Chile: 0.1% | ||||||||
| CLP | 9,000,000 | Chilean Government International
Bonds 5.50%, 08/05/20 | 15,799 | |||||
| China / Hong Kong: 1.2% | ||||||||
| USD | 128,000 | Bank of China Ltd. 5.55%, 02/11/20 Reg S | 142,856 | |||||
| CNY | 500,000 | Chinese Government Bonds 2.87%, 06/27/16 Reg S | 80,146 | |||||
| 223,002 | ||||||||
| Colombia: 3.1% | ||||||||
| Colombian Government International Bonds | ||||||||
| USD | 128,000 | 7.38%, 03/18/19 | 151,872 | |||||
| COP | 607,000,000 | 7.75%, 04/14/21 | 286,217 | |||||
| 261,000,000 | 12.00%, 10/22/15 | 112,418 | ||||||
| 550,507 | ||||||||
| Croatia: 0.6% | ||||||||
| USD | 100,000 | Croatia Government International
Bonds 6.75%, 11/05/19 Reg S | 111,928 | |||||
| Czech Republic: 1.0% | ||||||||
| Czech Republic Government Bonds | ||||||||
| EUR | 35,000 | 3.88%, 05/24/22 Reg S | 48,661 | |||||
| CZK | 2,150,000 | 5.70%, 05/25/24 | 129,968 | |||||
| 178,629 | ||||||||
| Dominican Republic: 0.1% | ||||||||
| USD | 21,200 | Dominican Republic International
Bonds 7.50%, 05/06/21 Reg S | 23,956 | |||||
See Notes to Financial Statements
| 36 |
| Principal Amount | Value | |||||||
| El Salvador: 0.4% | ||||||||
| USD | 64,000 | El Salvador Government
International Bonds 7.65%, 06/15/35 Reg S | $ | 67,680 | ||||
| Hungary: 1.8% | ||||||||
| Hungarian Government Bonds | ||||||||
| HUF | 24,040,000 | 5.50%, 02/12/16 | 91,476 | |||||
| USD | 100,000 | 6.38%, 03/29/21 | 116,938 | |||||
| HUF | 26,920,000 | 7.50%, 11/12/20 | 122,153 | |||||
| 330,567 | ||||||||
| India: 0.6% | ||||||||
| USD | 100,000 | State Bank of India 4.50%, 07/27/15 Reg S | 100,765 | |||||
| Indonesia: 3.8% | ||||||||
| 192,000 | Indonesia Government International Bonds 5.88%, 03/13/20 Reg S | 218,400 | ||||||
| Indonesian Treasury Bonds | ||||||||
| IDR | 1,743,000,000 | 8.38%, 09/15/26 | 139,733 | |||||
| 1,479,000,000 | 10.50%, 08/15/30 | 139,142 | ||||||
| 2,182,000,000 | 11.00%, 11/15/20 | 194,171 | ||||||
| 691,446 | ||||||||
| Israel: 2.3% | ||||||||
| Israel Government Bonds | ||||||||
| ILS | 565,000 | 4.25%, 03/31/23 | 178,371 | |||||
| 385,000 | 5.00%, 01/31/20 | 119,663 | ||||||
| 385,000 | 5.50%, 02/28/17 | 109,623 | ||||||
| 407,657 | ||||||||
| Lebanon: 0.9% | ||||||||
| USD | 140,000 | Lebanon Government International Bonds 8.25%, 04/12/21 Reg S | 159,718 | |||||
| Lithuania: 0.3% | ||||||||
| 50,000 | Lithuania Government International Bonds 7.38%, 02/11/20 Reg S | 60,950 | ||||||
| Malaysia: 3.4% | ||||||||
| Malaysian Government Bonds | ||||||||
| MYR | 680,000 | 3.20%, 10/15/15 | 191,089 | |||||
| 670,000 | 3.89%, 03/15/27 | 185,531 | ||||||
| 751,000 | 5.73%, 07/30/19 | 228,393 | ||||||
| 605,013 | ||||||||
| Mexico: 5.6% | ||||||||
| Mexican Government International Bonds | ||||||||
| USD | 77,000 | 4.00%, 10/02/23 | 81,023 | |||||
| 123,000 | 5.63%, 01/15/17 | 132,348 | ||||||
| 102,000 | 6.05%, 01/11/40 | 124,057 | ||||||
| MXN | 400,000 | 7.25%, 12/15/16 | 27,467 | |||||
| 1,460,100 | 7.50%, 06/03/27 | 105,939 | ||||||
| 5,294,900 | 8.00%, 06/11/20 | 387,043 | ||||||
| 1,700,000 | 10.00%, 12/05/24 | 143,609 | ||||||
| 1,001,486 | ||||||||
| Morocco: 0.6% | ||||||||
| USD | 100,000 | Moroccan Government International
Bonds 4.25%, 12/11/22 144A | 103,025 | |||||
| Principal Amount | Value | |||||||
| Nigeria: 0.7% | ||||||||
| NGN | 23,470,000 | Nigerian Government Bonds 16.39%, 01/27/22 | $ | 130,323 | ||||
| Panama: 0.5% | ||||||||
| USD | 69,400 | Panamanian
Government International Bonds 7.13%, 01/29/26 | 90,393 | |||||
| Peru: 1.0% | ||||||||
| Peruvian Government International Bonds | ||||||||
| PEN | 90,000 | 5.70%, 08/12/24 | 28,461 | |||||
| USD | 62,000 | 7.35%, 07/21/25 | 84,165 | |||||
| PEN | 200,000 | 7.84%, 08/12/20 | 72,854 | |||||
| 185,480 | ||||||||
| Philippines: 1.0% | ||||||||
| USD | 142,000 | Philippine
Government International Bonds 5.00%, 01/13/37 | 173,595 | |||||
| Poland: 4.4% | ||||||||
| Poland Government International Bonds | ||||||||
| PLN | 830,000 | 2.50%, 07/25/18 | 233,531 | |||||
| 625,000 | 4.00%, 10/25/23 | 192,067 | ||||||
| 640,000 | 5.75%, 04/25/29 | 237,905 | ||||||
| USD | 100,000 | 6.38%, 07/15/19 | 117,650 | |||||
| 781,153 | ||||||||
| Qatar: 0.6% | ||||||||
| 100,000 | Qatar
Government International Bonds 5.25%, 01/20/20 Reg S | 113,750 | ||||||
| Romania: 1.1% | ||||||||
| Romanian Government International Bonds | ||||||||
| EUR | 50,000 | 4.63%, 09/18/20 Reg S | 65,362 | |||||
| RON | 450,000 | 5.90%, 07/26/17 | 124,873 | |||||
| 190,235 | ||||||||
| Russia: 3.3% | ||||||||
| Russian Federal Bonds | ||||||||
| RUB | 3,550,000 | 7.50%, 03/15/18 | 63,720 | |||||
| 9,750,000 | 7.50%, 02/27/19 | 170,565 | ||||||
| USD | 31,250 | 7.50%, 03/31/30 (s) Reg S | 36,632 | |||||
| RUB | 10,080,000 | 8.15%, 02/03/27 | 168,034 | |||||
| USD | 130,000 | 11.00%, 07/24/18 Reg S | 159,402 | |||||
| 598,353 | ||||||||
| Serbia: 0.3% | ||||||||
| 50,000 | Republic of Serbia 4.88%, 02/25/20 144A | 51,375 | ||||||
| South Africa: 3.9% | ||||||||
| South Africa Government International Bonds | ||||||||
| 78,000 | 5.50%, 03/09/20 | 85,800 | ||||||
| ZAR | 2,604,300 | 7.75%, 02/28/23 | 217,768 | |||||
| 2,531,400 | 8.25%, 09/15/17 | 217,501 | ||||||
| 2,070,000 | 8.75%, 02/28/48 | 175,695 | ||||||
| 696,764 | ||||||||
| Sri Lanka: 0.6% | ||||||||
| USD | 100,000 | Sri
Lankan Government International Bonds 6.25%, 10/04/20 Reg S | 104,500 | |||||
See Notes to Financial Statements
| 37 |
EMERGING MARKETS AGGREGATE BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| Thailand: 3.7% | ||||||||
| Thailand Government Bonds | ||||||||
| THB | 6,680,000 | 3.25%, 06/16/17 | $ | 209,754 | ||||
| 8,863,000 | 3.63%, 06/16/23 | 293,215 | ||||||
| 4,100,000 | 4.88%, 06/22/29 | 154,657 | ||||||
| 657,626 | ||||||||
| Turkey: 4.4% | ||||||||
| Turkey Government International Bonds | ||||||||
| TRY | 347,100 | 5.00%, 05/13/15 | 129,610 | |||||
| USD | 90,000 | 6.88%, 03/17/36 | 109,894 | |||||
| TRY | 488,600 | 7.10%, 03/08/23 | 161,366 | |||||
| USD | 160,000 | 7.38%, 02/05/25 | 197,000 | |||||
| TRY | 537,100 | 9.00%, 03/08/17 | 199,770 | |||||
| 797,640 | ||||||||
| Ukraine: 0.3% | ||||||||
| USD | 100,000 | Ukraine
Government International Bonds 7.75%, 09/23/20 Reg S | 46,250 | |||||
| Uruguay: 0.5% | ||||||||
| 77,000 | Uruguay
Government International Bonds 4.50%, 08/14/24 | 82,967 | ||||||
| Venezuela: 0.7% | ||||||||
| Venezuelan Government International Bonds | ||||||||
| 93,000 | 5.75%, 02/26/16 Reg S | 79,282 | ||||||
| 100,000 | 9.25%, 05/07/28 Reg S | 44,750 | ||||||
| 124,032 | ||||||||
| Total Government Obligations (Cost: $11,757,930) | 10,640,287 | |||||||
| Number | ||||||||
| of Shares | Value | |||||||
| MONEY MARKET FUND: 0.5% (Cost: $94,435) | ||||||||
| 94,435 | Dreyfus Government Cash Management Fund | $ | 94,435 | |||||
| Total Investments Before Collateral for Securities Loaned: 97.9% (Cost: $18,632,395) | 17,559,365 | |||||||
| Principal | ||||||||
| Amount | ||||||||
| SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 0.4% (Cost: $72,821) | ||||||||
| Repurchase Agreement: 0.4% | ||||||||
| USD | 72,821 | Repurchase agreement dated 4/30/15 with Royal Bank of Scotland Plc, 0.11%, due 5/1/15, proceeds $72,821; (collateralized by various U.S. government and agency obligations, 0.11% to 5.13%, due 5/15/15 to 2/15/44, valued at $74,278 including accrued interest) | 72,821 | |||||
| Total Investments: 98.3% (Cost: $18,705,216) | 17,632,186 | |||||||
| Other assets less liabilities: 1.7% | 296,257 | |||||||
| NET ASSETS: 100.0% | $ | 17,928,443 | ||||||
See Notes to Financial Statements
| 38 |
| 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 $69,825. |
| 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 $1,903,217, or 10.6% of net assets. |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited) | % of Investments | Value | ||||||
| Basic Materials | 3.9 | % | $ | 678,518 | ||||
| Communications | 3.7 | 652,931 | ||||||
| Consumer, Non-cyclical | 1.2 | 216,391 | ||||||
| Diversified | 2.0 | 343,356 | ||||||
| Energy | 12.0 | 2,107,379 | ||||||
| Financial | 11.5 | 2,013,485 | ||||||
| Government | 60.6 | 10,640,287 | ||||||
| Industrial | 0.6 | 102,810 | ||||||
| Utilities | 4.0 | 709,773 | ||||||
| Money Market Fund | 0.5 | 94,435 | ||||||
| 100.0 | % | $ | 17,559,365 | |||||
The summary of inputs used to value the Fund’s investments as of April 30, 2015 is as follows:
| Level 2 | Level 3 | ||||||||||||||||
| Level 1 | Significant | Significant | |||||||||||||||
| Quoted | Observable | Unobservable | |||||||||||||||
| Prices | Inputs | Inputs | Value | ||||||||||||||
| Corporate Bonds* | $ | — | $ | 6,824,643 | $ | — | $ | 6,824,643 | |||||||||
| Government Obligations* | — | 10,640,287 | — | 10,640,287 | |||||||||||||
| Money Market Fund | 94,435 | — | — | 94,435 | |||||||||||||
| Repurchase Agreement | — | 72,821 | — | 72,821 | |||||||||||||
| Total | $ | 94,435 | $ | 17,537,751 | $ | — | $ | 17,632,186 | |||||||||
| * | See Schedule of Investments for security type and geographic sector breakouts. |
There were no transfers between levels during the year ended April 30, 2015.
See Notes to Financial Statements
| 39 |
EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
April 30, 2015
| Principal Amount | Value | |||||||
| CORPORATE BONDS: 93.0% | ||||||||
| Argentina: 1.6% | ||||||||
| $ | 400,000 | Banco de Galicia y Buenos Aires SA 8.75%, 06/04/15 (c) 144A | $ | 417,000 | ||||
| Pan American Energy LLC | ||||||||
| 200,000 | 7.88%, 05/07/21 Reg S | 211,750 | ||||||
| 710,000 | 7.88%, 05/07/21 144A | 751,713 | ||||||
| 57,320 | Transportadora de Gas del Sur SA 9.63%, 05/14/18 (c) 144A | 59,040 | ||||||
| YPF SA | ||||||||
| 1,700,000 | 8.50%, 07/28/25 144A | 1,734,000 | ||||||
| 1,560,000 | 8.75%, 04/04/24 144A | 1,631,916 | ||||||
| 1,195,000 | 8.88%, 12/19/18 144A | 1,268,194 | ||||||
| 6,073,613 | ||||||||
| Austria: 1.0% | ||||||||
| 1,800,000 | JBS Investments GmbH 7.75%, 10/28/17 (c) 144A | 1,960,200 | ||||||
| 1,350,000 | OAS Investments GmbH 8.25%, 10/19/16 (c) Reg S | 243,000 | ||||||
| 1,450,000 | Sappi Papier Holding GmbH 8.38%, 06/15/15 (c) 144A | 1,555,125 | ||||||
| 3,758,325 | ||||||||
| Azerbaijan: 0.3% | ||||||||
| 1,100,000 | International Bank of Azerbaijan OJSC 5.63%, 06/11/19 Reg S | 1,061,830 | ||||||
| Bangladesh: 0.2% | ||||||||
| 600,000 | Banglalink Digital Communications Ltd. 8.63%, 05/06/17 (c) 144A | 627,000 | ||||||
| Barbados: 0.5% | ||||||||
| 1,875,000 | Columbus International, Inc. 7.38%, 03/30/18 (c) 144A | 2,048,437 | ||||||
| Bermuda: 2.7% | ||||||||
| 450,000 | China Oil & Gas Group Ltd. 5.25%, 04/25/16 (c) † 144A | 452,971 | ||||||
| Digicel Group Ltd. | ||||||||
| 1,600,000 | 7.13%, 04/01/17 (c) 144A | 1,519,000 | ||||||
| 2,450,000 | 8.25%, 09/30/16 (c) 144A | 2,539,180 | ||||||
| Digicel Ltd. | ||||||||
| 2,475,000 | 6.00%, 04/15/16 (c) 144A | 2,408,695 | ||||||
| 300,000 | 6.75%, 03/01/18 (c) 144A | 296,400 | ||||||
| 400,000 | GCX Ltd. 7.00%, 08/01/16 (c) 144A | 406,542 | ||||||
| 750,000 | GeoPark Latin America Ltd., Agencia en Chile 7.50%, 02/11/17 (c) Reg S | 645,000 | ||||||
| 400,000 | Hopson Development Holdings Ltd. 9.88%, 01/16/16 (c) † Reg S | 401,784 | ||||||
| Inkia Energy Ltd. | ||||||||
| 500,000 | 8.38%, 04/04/16 (c) Reg S | 542,500 | ||||||
| 550,000 | 8.38%, 04/04/16 (c) 144A | 596,750 | ||||||
| 550,000 | Pacnet Ltd. 9.00%, 05/16/15 (c) 144A | 628,100 | ||||||
| 10,436,922 | ||||||||
| Brazil: 2.9% | ||||||||
| 300,000 | Banco ABC Brasil SA 7.88%, 04/08/20 144A | 307,500 | ||||||
| 650,000 | Banco BMG SA 9.95%, 11/05/19 144A | 662,025 | ||||||
| Principal Amount | Value | |||||||
| Brazil: (continued) | ||||||||
| Banco BTG Pactual SA | ||||||||
| $ | 850,000 | 5.75%, 09/28/22 † Reg S | $ | 779,875 | ||||
| 75,000 | 5.75%, 09/28/22 144A | 68,813 | ||||||
| 2,000,000 | Banco do Brasil SA 8.50%, 10/20/20 (c) 144A | 2,238,000 | ||||||
| Banco do Estado do Rio Grande do Sul SA | ||||||||
| 800,000 | 7.38%, 02/02/22 Reg S | 802,960 | ||||||
| 50,000 | 7.38%, 02/02/22 144A | 50,185 | ||||||
| 800,000 | Banco Pan SA 8.50%, 04/23/20 144A |
808,000 | ||||||
| Centrais Eletricas Brasileiras SA | ||||||||
| 1,100,000 | 5.75%, 10/27/21 † 144A | 1,028,500 | ||||||
| 1,350,000 | 6.88%, 07/30/19 144A | 1,329,345 | ||||||
| 300,000 | Hypermarcas SA 6.50%, 04/20/16 (c) 144A | 316,800 | ||||||
| 1,900,000 | Oi SA 5.75%, 02/10/22 † 144A | 1,610,250 | ||||||
| 1,350,000 | Telemar Norte Leste SA 5.50%, 10/23/20 144A | 1,211,625 | ||||||
| 11,213,878 | ||||||||
| British Virgin Islands: 1.7% | ||||||||
| 800,000 | Arcos Dorados Holdings, Inc. 6.63%, 09/27/23 144A | 768,000 | ||||||
| 850,000 | China Resources Power East Foundation Co. Ltd. 7.25%, 05/09/16 (c) Reg S | 879,750 | ||||||
| 1,650,000 | Gold Fields Orogen Holding BVI Ltd. 4.88%, 10/07/20 144A | 1,497,375 | ||||||
| 250,000 | Road King 2012 Ltd. 9.88%, 09/18/15 (c) Reg S | 266,250 | ||||||
| 650,000 | Sparkle Assets Ltd. 6.88%, 01/30/17 (c) † Reg S | 683,053 | ||||||
| 700,000 | Star Energy Geothermal Wayang Windu Ltd. 6.13%, 03/28/17 (c) 144A | 712,250 | ||||||
| 250,000 | Studio City Finance Ltd. 8.50%, 12/01/15 (c) 144A | 253,750 | ||||||
| 1,050,000 | Trillion Chance Ltd. 8.50%, 01/10/17 (c) Reg S | 1,012,013 | ||||||
| 400,000 | Yingde Gases Investment Ltd. 8.13%, 04/22/16 (c) † Reg S | 377,136 | ||||||
| 6,449,577 | ||||||||
| Canada: 1.1% | ||||||||
| Pacific Rubiales Energy Corp. | ||||||||
| 1,375,000 | 5.13%, 03/28/18 (c) 144A | 979,687 | ||||||
| 2,075,000 | 5.38%, 01/26/17 (c) † 144A | 1,629,290 | ||||||
| 2,578,000 | 5.63%, 01/19/20 (c) 144A | 1,811,045 | ||||||
| 4,420,022 | ||||||||
| Cayman Islands: 10.4% | ||||||||
| 1,225,000 | Agile Property Holdings Ltd. 8.88%, 06/03/15 (c) † Reg S | 1,254,988 | ||||||
| 600,000 | Agromercantil Senior Trust 6.25%, 04/10/19 144A | 618,000 | ||||||
| 1,100,000 | Alpha Star Holding Ltd. 4.97%, 04/09/19 † Reg S | 1,058,750 | ||||||
| 900,000 | Batelco International Finance No. 1 Ltd. 4.25%, 05/01/20 Reg S | 909,900 | ||||||
See Notes to Financial Statements
| 40 |
| Principal Amount | Value | |||||||
| Cayman Islands: (continued) | ||||||||
| $ | 700,000 | Cementos Progreso Trust 7.13%, 05/06/18 (c) † 144A | $ | 759,500 | ||||
| 400,000 | Central China Real Estate Ltd. 6.50%, 06/04/16 (c) † Reg S | 389,619 | ||||||
| 400,000 | China Hongqiao Group Ltd. 7.63%, 06/26/17 † Reg S | 408,910 | ||||||
| 400,000 | China SCE Property Holdings Ltd. 11.50%, 11/14/15 (c) Reg S | 406,000 | ||||||
| 1,150,000 | Comcel Trust 6.88%, 02/06/19 (c) 144A | 1,236,250 | ||||||
| 1,800,000 | Country Garden Holdings Co. Ltd. 7.50%, 01/10/18 (c) 144A | 1,849,500 | ||||||
| 600,000 | DIP Sukuk Ltd. 4.29%, 02/20/19 Reg S | 609,000 | ||||||
| 1,550,000 | Emaar Sukuk Ltd. 6.40%, 07/18/19 † Reg S | 1,763,125 | ||||||
| 400,000 | Evergrande Real Estate Group Ltd. 8.75%, 10/30/16 (c) 144A | 370,000 | ||||||
| 700,000 | Fibria Overseas Finance Ltd. 5.25%, 05/12/24 | 724,500 | ||||||
| 300,000 | Fufeng Group Ltd. 7.63%, 06/03/15 (c) † Reg S | 306,750 | ||||||
| 1,750,000 | Global A&T Electronics Ltd. 10.00%, 02/01/16 (c) 144A | 1,693,125 | ||||||
| 200,000 | Glorious Property Holdings Ltd. 13.25%, 03/04/16 (c) Reg S | 109,000 | ||||||
| 1,100,000 | Greenland Hong Kong Holdings Ltd. 4.75%, 10/18/16 † Reg S | 1,116,500 | ||||||
| 1,100,000 | Greentown China Holdings Ltd. 8.50%, 02/04/16 (c) † Reg S | 1,155,000 | ||||||
| 700,000 | Guanay Finance Ltd. 6.00%, 12/15/20 144A | 741,125 | ||||||
| 950,000 | Industrial Senior Trust 5.50%, 11/01/22 144A | 940,975 | ||||||
| 1,050,000 | Jafz Sukuk Ltd. 7.00%, 06/19/19 Reg S | 1,208,760 | ||||||
| 1,625,000 | JBS Finance II Ltd. 8.25%, 06/04/15 (c) 144A | 1,692,454 | ||||||
| 1,500,000 | KWG Property Holdings Ltd. 8.98%, 01/14/17 (c) Reg S | 1,500,000 | ||||||
| 750,000 | Longfor Properties Co. Ltd. 6.75%, 01/29/18 (c) Reg S | 757,359 | ||||||
| 1,000,000 | MAF Global Securities Ltd. 7.13%, 10/29/18 (c) † Reg S | 1,077,250 | ||||||
| 1,350,000 | Marfrig Overseas Ltd. 9.50%, 06/04/15 (c) 144A | 1,333,125 | ||||||
| 2,585,000 | MCE Finance Ltd. 5.00%, 02/15/16 (c) 144A | 2,468,675 | ||||||
| 650,000 | MIE Holdings Corp. 7.50%, 04/25/17 (c) 144A | 476,125 | ||||||
| 200,000 | Mongolian Mining Corp. 8.88%, 06/03/15 (c) Reg S | 154,000 | ||||||
| 1,530,000 | Odebrecht Drilling Norbe VIII/IX Ltd. 6.35%, 06/30/20 (c) † 144A | 1,431,315 | ||||||
| 500,000 | Parkson Retail Group Ltd. 4.50%, 05/03/18 † Reg S | 465,204 | ||||||
| 900,000 | Shelf Drilling Holdings Ltd. 8.63%, 06/04/15 (c) 144A | 785,250 | ||||||
| Principal Amount | Value | |||||||
| Cayman Islands: (continued) | ||||||||
| $ | 2,175,000 | Shimao Property Holdings Ltd. 6.63%, 01/14/17 (c) † Reg S | $ | 2,229,375 | ||||
| SOHO China Ltd. | ||||||||
| 200,000 | 5.75%, 11/07/15 (c) Reg S | 207,000 | ||||||
| 800,000 | 7.13%, 11/07/17 (c) † Reg S | 819,847 | ||||||
| 1,200,000 | Sunac China Holdings Ltd. 12.50%, 10/16/15 (c) † Reg S | 1,296,300 | ||||||
| 700,000 | Suzano Trading Ltd. 5.88%, 01/23/21 † 144A | 742,000 | ||||||
| 950,000 | TAM Capital 3, Inc. 8.38%, 06/03/16 (c) 144A | 978,500 | ||||||
| 2,025,000 | Wynn Macau Ltd. 5.25%, 10/15/16 (c) 144A | 1,908,562 | ||||||
| 400,000 | Yuzhou Properties Co., Ltd. 8.63%, 01/24/17 (c) Reg S | 397,988 | ||||||
| 40,349,606 | ||||||||
| Chile: 0.6% | ||||||||
| 600,000 | AES Gener SA 8.38%, 06/18/19 (c) † 144A | 663,000 | ||||||
| 350,000 | Automotores Gildemeister SA 8.25%, 05/24/16 (c) 144A | 147,000 | ||||||
| 950,000 | CorpGroup Banking SA 6.75%, 03/15/18 (c) † 144A | 946,907 | ||||||
| 500,000 | Masisa SA 9.50%, 05/05/17 (c) † 144A | 481,250 | ||||||
| 2,238,157 | ||||||||
| China / Hong Kong: 1.5% | ||||||||
| 1,100,000 | Bank of East Asia Ltd. 8.50%, 11/05/19 (c) † Reg S | 1,294,004 | ||||||
| 400,000 | Chalieco Hong Kong Corp. Ltd. 6.88%, 02/28/17 (c) † Reg S | 411,500 | ||||||
| 1,650,000 | China CITIC Bank International Ltd. 6.88%, 06/24/20 † Reg S | 1,870,110 | ||||||
| 500,000 | Chong Hing Bank Ltd. 6.50%, 09/25/19 (c) Reg S | 523,425 | ||||||
| 500,000 | MCC Holding Hong Kong Corp. Ltd. 4.88%, 07/29/16 Reg S | 511,917 | ||||||
| 900,000 | Yancoal International Resources Development Co. Ltd. 5.73%, 05/16/22 Reg S | 827,488 | ||||||
| 600,000 | Zoomlion HK SPV Co. Ltd. 6.13%, 12/20/22 144A | 528,000 | ||||||
| 5,966,444 | ||||||||
| Colombia: 1.5% | ||||||||
| 800,000 | Banco Davivienda SA 5.88%, 07/09/22 † 144A | 828,000 | ||||||
| 600,000 | Banco GNB Sudameris SA 3.88%, 05/02/18 144A | 591,750 | ||||||
| Bancolombia SA | ||||||||
| 1,975,000 | 5.13%, 09/11/22 † | 2,025,362 | ||||||
| 850,000 | 6.13%, 07/26/20 † | 915,025 | ||||||
| 1,530,000 | Colombia Telecomunicaciones SA ESP 5.38%, 09/27/17 (c) 144A | 1,563,966 | ||||||
| 5,924,103 | ||||||||
| Croatia: 0.5% | ||||||||
| Agrokor D.D. | ||||||||
| 550,000 | 8.88%, 02/01/16 (c) Reg S | 610,654 | ||||||
| 50,000 | 8.88%, 02/01/16 (c) 144A | 55,514 | ||||||
See Notes to Financial Statements
| 41 |
EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| Croatia: (continued) | ||||||||
| Hrvatska Elektroprivreda | ||||||||
| $ | 500,000 | 6.00%, 11/09/17 Reg S | $ | 527,500 | ||||
| 600,000 | 6.00%, 11/09/17 144A | 633,000 | ||||||
| 1,826,668 | ||||||||
| Dominican Republic: 0.3% | ||||||||
| Aeropuertos Dominicanos Siglo XXI SA | ||||||||
| 600,000 | 9.75%, 11/13/15 (c) (s) Reg S | 594,840 | ||||||
| 275,000 | 9.75%, 11/13/15 (c) (s) † 144A | 272,635 | ||||||
| 400,000 | Banco de Reservas de la Republica Dominicana 7.00%, 02/01/23 144A |
|||||||
| 403,682 | ||||||||
| 1,271,157 | ||||||||
| Georgia: 0.5% | ||||||||
| Bank of Georgia JSC | ||||||||
| 450,000 | 7.75%, 07/05/17 Reg S | 473,850 | ||||||
| 500,000 | 7.75%, 07/05/17 144A | 526,500 | ||||||
| 920,000 | Georgian Railway JSC 7.75%, 07/11/22 144A |
1,015,588 | ||||||
| 2,015,938 | ||||||||
| Hungary: 0.6% | ||||||||
| 600,000 | Magyar Export-Import Bank Zrt 4.00%, 01/30/20 144A |
612,750 | ||||||
| 1,400,000 | MFB Magyar Fejlesztesi Bank Zrt 6.25%, 10/21/20 144A |
1,590,750 | ||||||
| 2,203,500 | ||||||||
| India: 1.4% | ||||||||
| 600,000 | Bank of Baroda 6.63%, 05/25/17 (c) Reg S |
628,856 | ||||||
| ICICI Bank Ltd. | ||||||||
| 700,000 | 6.38%, 04/30/17 (c) Reg S | 733,250 | ||||||
| 900,000 | 6.38%, 04/30/17 (c) 144A | 942,750 | ||||||
| Indian Overseas Bank | ||||||||
| 800,000 | 4.63%, 02/21/18 Reg S | 831,216 | ||||||
| 850,000 | 5.00%, 10/19/16 Reg S | 881,016 | ||||||
| 500,000 | JSW Steel Ltd. 4.75%, 11/12/19 Reg S |
486,250 | ||||||
| 800,000 | Tata Motors Ltd. 4.63%, 04/30/20 † Reg S |
823,245 | ||||||
| 5,326,583 | ||||||||
| Indonesia: 1.3% | ||||||||
| 900,000 | Bank Negara Indonesia Persero Tbk PT 4.13%, 04/27/17 † Reg S |
934,875 | ||||||
| 900,000 | Berau Coal Energy Tbk PT 7.25%, 06/04/15 (c) 144A |
472,500 | ||||||
| Gajah Tunggal Tbk PT | ||||||||
| 600,000 | 7.75%, 02/06/16 (c) † Reg S | 593,250 | ||||||
| 250,000 | 7.75%, 02/06/16 (c) 144A | 247,188 | ||||||
| 2,500,000 | Perusahaan Listrik Negara PT 5.50%, 11/22/21 † Reg S |
2,725,000 | ||||||
| 4,972,813 | ||||||||
| Ireland: 6.5% | ||||||||
| Alfa Bank OJSC | ||||||||
| 800,000 | 7.75%, 04/28/21 144A | 796,600 | ||||||
| 1,600,000 | 7.88%, 09/25/17 Reg S | 1,660,000 | ||||||
| 1,150,000 | 7.88%, 09/25/17 144A | 1,193,125 | ||||||
| 700,000 | Brunswick Rail Finance Ltd. 6.50%, 11/01/17 Reg S |
434,000 | ||||||
| Principal Amount | Value | |||||||
| Ireland: (continued) | ||||||||
| $ | 600,000 | Credit Bank of Moscow 7.70%, 02/01/18 Reg S | $ | 594,192 | ||||
| 800,000 | EDC Finance Ltd. 4.88%, 04/17/20 144A | 720,000 | ||||||
| EuroChem Mineral & Chemical Co. OJSC | ||||||||
| 200,000 | 5.13%, 12/12/17 Reg S | 198,500 | ||||||
| 700,000 | 5.13%, 12/12/17 144A | 694,750 | ||||||
| 1,500,000 | Gazprombank OJSC 7.25%, 05/03/19 Reg S | 1,459,500 | ||||||
| 300,000 | Koks OAO Via Koks Finance Ltd. 7.75%, 06/23/16 144A | 277,500 | ||||||
| Metalloinvest Finance Ltd. | ||||||||
| 300,000 | 5.63%, 04/17/20 Reg S | 273,566 | ||||||
| 2,150,000 | 5.63%, 04/17/20 144A | 1,960,559 | ||||||
| 2,050,000 | Mobile Telesystems OJSC 5.00%, 05/30/23 144A | 1,846,025 | ||||||
| Nomos Bank | ||||||||
| 700,000 | 7.25%, 04/25/18 144A | 688,625 | ||||||
| 1,100,000 | 10.00%, 04/26/19 144A | 1,049,125 | ||||||
| 950,000 | Phosagro OAO 4.20%, 02/13/18 144A | 912,000 | ||||||
| 450,000 | Raspadskaya OJSC 7.75%, 04/27/17 144A | 422,573 | ||||||
| 1,300,000 | Rosneft Oil Co. 4.20%, 03/06/22 144A | 1,113,125 | ||||||
| SCF Capital Ltd. | ||||||||
| 200,000 | 5.38%, 10/27/17 Reg S | 189,000 | ||||||
| 1,000,000 | 5.38%, 10/27/17 144A | 945,000 | ||||||
| 1,125,000 | Sibur Securities Ltd. 3.91%, 01/31/18 144A | 1,040,625 | ||||||
| Vimpel Communications OJSC | ||||||||
| 1,000,000 | 7.75%, 02/02/21 144A | 1,016,480 | ||||||
| 1,475,000 | 9.13%, 04/30/18 144A | 1,572,350 | ||||||
| 4,350,000 | Vnesheconombank 6.90%, 07/09/20 144A | |||||||
| 4,208,625 | ||||||||
| 25,265,845 | ||||||||
| Israel: 0.3% | ||||||||
| 1,240,000 | B Communications Ltd. 7.38%, 02/15/17 (c) 144A | 1,330,768 | ||||||
| Kazakhstan: 1.6% | ||||||||
| 700,000 | ATF Bank JSC 9.00%, 05/11/16 Reg S | 682,500 | ||||||
| Halyk Savings Bank of Kazakhstan JSC | ||||||||
| 100,000 | 7.25%, 05/03/17 Reg S | 103,286 | ||||||
| 1,725,000 | 7.25%, 05/03/17 144A | 1,781,683 | ||||||
| Kazkommertsbank JSC | ||||||||
| 550,000 | 7.50%, 11/29/16 Reg S | 552,184 | ||||||
| 750,000 | 7.50%, 11/29/16 144A | 752,977 | ||||||
| 1,000,000 | Samruk-Energy JSC 3.75%, 12/20/17 Reg S | 960,500 | ||||||
| 1,550,000 | Zhaikmunai International BV 7.13%, 11/13/16 (c) 144A | 1,476,375 | ||||||
| 6,309,505 | ||||||||
| Luxembourg: 13.9% | ||||||||
| 1,450,000 | ALROSA Finance SA 7.75%, 11/03/20 144A | 1,511,625 | ||||||
| 500,000 | Andrade Gutierrez International SA 4.00%, 04/30/18 144A | 423,250 | ||||||
See Notes to Financial Statements
| 42 |
| Principal Amount | Value | |||||||
| Luxembourg: (continued) | ||||||||
| $ | 1,600,000 | Consolidated Energy Finance SA 6.75%, 10/15/16 (c) 144A | $ | 1,640,000 | ||||
| 600,000 | Cosan Luxembourg SA 5.00%, 03/14/18 (c) Reg S | 543,000 | ||||||
| 2,150,000 | CSN Resources SA 6.50%, 07/21/20 † 144A | 1,988,750 | ||||||
| Evraz Group SA | ||||||||
| 250,000 | 6.75%, 04/27/18 † Reg S | 238,750 | ||||||
| 1,700,000 | 6.75%, 04/27/18 144A | 1,623,500 | ||||||
| 1,975,000 | 7.40%, 04/24/17 144A | 1,965,125 | ||||||
| 975,000 | Far East Capital Ltd. SA 8.00%, 05/02/16 (c) 144A | 521,625 | ||||||
| 1,300,000 | Gazprom Neft OAO 6.00%, 11/27/23 144A | 1,209,000 | ||||||
| Gazprom OAO | ||||||||
| 3,700,000 | 4.95%, 07/19/22 144A | 3,450,250 | ||||||
| 400,000 | 6.00%, 01/23/21 144A | 399,000 | ||||||
| 1,200,000 | 6.21%, 11/22/16 144A | 1,231,154 | ||||||
| 1,600,000 | 7.29%, 08/16/37 144A | 1,638,400 | ||||||
| 2,150,000 | 9.25%, 04/23/19 144A | 2,396,175 | ||||||
| 700,000 | Home Credit & Finance Bank 9.38%, 04/24/18 (c) 144A | 658,000 | ||||||
| MHP SA | ||||||||
| 200,000 | 8.25%, 04/02/20 Reg S | 163,000 | ||||||
| 1,075,000 | 8.25%, 04/02/20 144A | 876,125 | ||||||
| 1,200,000 | Minerva Luxembourg SA 7.75%, 01/31/18 (c) 144A | 1,200,000 | ||||||
| 800,000 | MOL Group Finance SA 6.25%, 09/26/19 † Reg S | 880,000 | ||||||
| Offshore Drilling Holding SA | ||||||||
| 700,000 | 8.63%, 09/20/17 (c) Reg S | 619,500 | ||||||
| 800,000 | 8.63%, 09/20/17 (c) † 144A | 708,000 | ||||||
| 500,000 | Promsvyazbank OJSC 10.20%, 11/06/19 144A | 477,500 | ||||||
| 1,600,000 | Puma International Financing SA 6.75%, 02/01/17 (c) 144A | 1,672,000 | ||||||
| 650,000 | QGOG Constellation SA 6.25%, 11/09/16 (c) Reg S | 471,250 | ||||||
| Rosneft Finance SA | ||||||||
| 1,700,000 | 7.25%, 02/02/20 144A | 1,689,375 | ||||||
| 1,000,000 | 7.88%, 03/13/18 144A | 1,023,250 | ||||||
| Russian Agricultural Bank OJSC | ||||||||
| 2,700,000 | 5.10%, 07/25/18 144A | 2,554,875 | ||||||
| 1,900,000 | 5.30%, 12/27/17 144A | 1,826,603 | ||||||
| 300,000 | 6.00%, 06/03/16 (c) Reg S | 267,000 | ||||||
| 800,000 | 6.00%, 06/03/16 (c) 144A | 712,000 | ||||||
| Sberbank of Russia | ||||||||
| 1,000,000 | 4.95%, 02/07/17 144A | 997,500 | ||||||
| 2,100,000 | 5.13%, 10/29/22 144A | 1,753,500 | ||||||
| 2,150,000 | 6.13%, 02/07/22 144A | 2,095,175 | ||||||
| Severstal OAO | ||||||||
| 200,000 | 4.45%, 03/19/18 144A | 190,828 | ||||||
| 1,550,000 | 5.90%, 10/17/22 144A | 1,466,920 | ||||||
| 1,300,000 | 6.70%, 10/25/17 144A | 1,340,625 | ||||||
| 900,000 | Sistema JSFC 6.95%, 05/17/19 144A | 857,025 | ||||||
| 1,350,000 | TMK OAO 7.75%, 01/27/18 Reg S | 1,305,450 | ||||||
| Principal Amount | Value | |||||||
| Luxembourg: (continued) | ||||||||
| $ | 700,000 | Topaz Marine SA 8.63%, 11/01/16 (c) 144A | $ | 672,000 | ||||
| 600,000 | Virgolino de Oliveira Finance Ltd. 10.50%, 06/04/15 (c) (d) 144A | 33,300 | ||||||
| VTB Bank OJSC | ||||||||
| 1,400,000 | 6.00%, 04/12/17 144A | 1,387,512 | ||||||
| 3,250,000 | 6.88%, 05/29/18 144A | 3,266,250 | ||||||
| 2,050,000 | VTB Bank SA 6.95%, 10/17/22 144A | 1,889,239 | ||||||
| 53,833,406 | ||||||||
| Marshall Islands: 0.2% | ||||||||
| 750,000 | Navios South American Logistics, Inc. 7.25%, 05/01/17 (c) 144A | 730,313 | ||||||
| Mexico: 5.3% | ||||||||
| 930,000 | Axtel SAB de CV 9.00%, 01/31/16 (c) (s) 144A | 897,450 | ||||||
| 1,925,000 | BBVA Bancomer SA 7.25%, 04/22/20 144A | 2,184,875 | ||||||
| Cemex SAB de CV | ||||||||
| 1,720,000 | 5.88%, 03/25/16 (c) † 144A | 1,779,340 | ||||||
| 1,725,000 | 6.50%, 12/10/17 (c) 144A | 1,854,375 | ||||||
| 2,000,000 | 7.25%, 01/15/18 (c) 144A | 2,170,000 | ||||||
| 900,000 | Controladora Mabe SA de CV 7.88%, 10/28/19 Reg S | 1,025,464 | ||||||
| 600,000 | Credito Real SAB de CV 7.50%, 03/13/17 (c) † 144A | 634,500 | ||||||
| Empresas ICA SAB de CV | ||||||||
| 1,250,000 | 8.88%, 05/29/19 (c) 144A | 1,093,750 | ||||||
| 440,000 | 8.90%, 02/04/16 (c) Reg S | 407,968 | ||||||
| 1,000,000 | Grupo Elektra SAB de CV 7.25%, 08/06/15 (c) Reg S | 1,042,500 | ||||||
| 500,000 | Grupo Idesa SA de CV 7.88%, 12/18/17 (c) 144A | 510,000 | ||||||
| 600,000 | Grupo KUO SAB de CV 6.25%, 12/04/17 (c) 144A | 621,000 | ||||||
| 750,000 | Grupo Papelero Scribe SAB de CV 8.88%, 06/04/15 (c) 144A | 745,500 | ||||||
| 500,000 | Grupo Posadas SAB de CV 7.88%, 11/30/15 (c) Reg S | 501,250 | ||||||
| 500,000 | Metalsa SA de CV 4.90%, 04/24/23 144A | 492,500 | ||||||
| 800,000 | Office Depot de Mexico SA de CV 6.88%, 09/20/17 (c) 144A | 864,000 | ||||||
| 600,000 | Servicios Corporativos Javer SAPI de CV 9.88%, 04/06/16 (c) 144A | 642,900 | ||||||
| 500,000 | Sixsigma Networks Mexico SA de CV 8.25%, 11/07/17 (c) 144A | 528,750 | ||||||
| 850,000 | Tenedora Nemak SA 5.50%, 02/28/18 (c) 144A | 896,835 | ||||||
| 1,000,000 | TV Azteca SAB de CV 7.63%, 09/18/17 (c) Reg S | 1,072,500 | ||||||
| 600,000 | Unifin Financiera SAPI de CV 6.25%, 07/22/17 (c) 144A | 582,750 | ||||||
| 20,548,207 | ||||||||
| Morocco: 0.1% | ||||||||
| 500,000 | BMCE Bank 6.25%, 11/27/18 Reg S | 523,850 | ||||||
See Notes to Financial Statements
| 43 |
EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| Netherlands: 12.5% | ||||||||
| Access Finance BV | ||||||||
| $ | 200,000 | 7.25%, 07/25/17 Reg S | $ | 198,042 | ||||
| 1,400,000 | 7.25%, 07/25/17 144A | 1,386,293 | ||||||
| 675,000 | Ajecorp BV 6.50%, 05/14/17 (c) † 144A | 475,875 | ||||||
| 750,000 | Cimpor Financial Operations BV 5.75%, 07/17/19 (c) 144A | 680,625 | ||||||
| 700,000 | Credit Europe Bank NV 8.00%, 01/24/18 (c) Reg S | 711,340 | ||||||
| FBN Finance Co. BV | ||||||||
| 1,100,000 | 8.00%, 07/23/19 (c) 144A | 1,042,250 | ||||||
| 400,000 | 8.25%, 08/07/18 (c) 144A | 384,000 | ||||||
| 930,000 | Greenko Dutch BV 8.00%, 08/01/17 (c) 144A | 911,400 | ||||||
| 1,350,000 | GTB Finance BV 7.50%, 05/19/16 144A | 1,383,750 | ||||||
| 1,475,000 | Indo Energy Finance II BV 6.38%, 01/24/18 (c) † 144A | 973,500 | ||||||
| 1,100,000 | Listrindo Capital BV 6.95%, 02/21/16 (c) Reg S | 1,166,000 | ||||||
| Majapahit Holding BV | ||||||||
| 3,005,000 | 7.75%, 01/20/20 144A | 3,542,655 | ||||||
| 1,785,000 | 8.00%, 08/07/19 144A | 2,095,233 | ||||||
| 1,000,000 | Marfrig Holding Europe BV 6.88%, 06/24/17 (c) 144A | 892,500 | ||||||
| 850,000 | Metinvest BV 8.75%, 02/14/18 144A | 522,750 | ||||||
| 2,450,000 | Myriad International Holdings BV 6.00%, 07/18/20 144A | 2,731,750 | ||||||
| Petrobras Global Finance BV | ||||||||
| 6,850,000 | 4.38%, 05/20/23 | 6,109,035 | ||||||
| 4,000,000 | 6.25%, 03/17/24 † | 3,984,400 | ||||||
| 3,600,000 | 7.88%, 03/15/19 † | 3,925,836 | ||||||
| 8,750,000 | Petrobras International Finance Co. 5.38%, 01/27/21 | 8,442,000 | ||||||
| VimpelCom Holdings BV | ||||||||
| 1,300,000 | 5.95%, 02/13/23 144A | 1,196,000 | ||||||
| 1,200,000 | 7.50%, 03/01/22 Reg S | 1,194,000 | ||||||
| 2,300,000 | 7.50%, 03/01/22 144A | 2,288,500 | ||||||
| 2,010,000 | VTR Finance BV 6.88%, 01/15/19 (c) 144A | 2,084,772 | ||||||
| WPE International Cooperatief UA | ||||||||
| 500,000 | 10.38%, 09/30/15 (c) (d) * Reg S | 38,500 | ||||||
| 200,000 | 10.38%, 09/30/15 (c) (d) * 144A | 15,400 | ||||||
| 48,376,406 | ||||||||
| Nigeria: 0.4% | ||||||||
| 500,000 | Fidelity Bank Plc 6.88%, 05/09/18 144A | 457,600 | ||||||
| 1,000,000 | Zenith Bank Plc 6.25%, 04/22/19 144A | 967,500 | ||||||
| 1,425,100 | ||||||||
| Panama: 0.4% | ||||||||
| 600,000 | AES El Salvador Trust II 6.75%, 03/28/18 (c) 144A | 547,560 | ||||||
| 1,050,000 | Avianca Holdings SA 8.38%, 05/10/17 (c) † 144A | 1,055,250 | ||||||
| 1,602,810 | ||||||||
| Principal Amount | Value | |||||||
| Paraguay: 0.3% | ||||||||
| $ | 600,000 | Banco Regional SAECA 8.13%, 01/24/19 144A | $ | 648,000 | ||||
| 600,000 | Telefonica Celular del Paraguay SA 6.75%, 12/13/17 (c) 144A | 627,750 | ||||||
| 1,275,750 | ||||||||
| Peru: 0.8% | ||||||||
| 500,000 | Cementos Pacasmayo SAA 4.50%, 02/08/23 144A | 485,000 | ||||||
| 675,000 | Cia Minera Ares SAC 7.75%, 01/23/18 (c) † 144A | 687,454 | ||||||
| 850,000 | Corp Azucarera del Peru SA 6.38%, 08/02/17 (c) Reg S | 770,312 | ||||||
| 400,000 | Ferreycorp SAA 4.88%, 04/26/17 (c) † 144A | 398,000 | ||||||
| 400,000 | InRetail Shopping Malls 6.50%, 07/09/18 (c) 144A | 423,000 | ||||||
| 500,000 | Union Andina de Cementos SAA 5.88%, 10/30/18 (c) 144A | 513,750 | ||||||
| 3,277,516 | ||||||||
| Russia: 0.1% | ||||||||
| Ukrlandfarming Plc | ||||||||
| 400,000 | 10.88%, 03/26/18 Reg S | 210,000 | ||||||
| 225,000 | 10.88%, 03/26/18 144A | 118,125 | ||||||
| 328,125 | ||||||||
| Saudi Arabia: 0.5% | ||||||||
| Dar Al-Arkan Sukuk Co. Ltd. | ||||||||
| 1,300,000 | 5.75%, 05/24/18 Reg S | 1,304,875 | ||||||
| 600,000 | 6.50%, 05/28/19 Reg S | 607,926 | ||||||
| 1,912,801 | ||||||||
| Singapore: 1.3% | ||||||||
| 2,200,000 | ABJA Investment Co. Pte Ltd. 5.95%, 07/31/24 Reg S | 2,282,903 | ||||||
| 111,000 | Bakrie Telecom Pte. Ltd. 11.50%, 05/07/15 (d) * Reg S | 7,215 | ||||||
| 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 | 407,000 | ||||||
| 900,000 | Theta Capital Pte Ltd. 6.13%, 11/14/16 (c) Reg S | 916,662 | ||||||
| Yanlord Land Group Ltd. | ||||||||
| 200,000 | 10.63%, 06/03/15 (c) Reg S | 210,258 | ||||||
| 200,000 | 10.63%, 06/04/15 (c) 144A | 210,258 | ||||||
| 5,205,216 | ||||||||
| South Africa: 1.7% | ||||||||
| 1,300,000 | African Bank Ltd. 6.00%, 06/15/16 (d) * Reg S | 1,053,000 | ||||||
| Eskom Holdings SOC Ltd. | ||||||||
| 2,900,000 | 5.75%, 01/26/21 144A | 2,902,900 | ||||||
| 1,400,000 | 6.75%, 08/06/23 † 144A | 1,456,112 | ||||||
| 1,000,000 | 7.13%, 02/11/25 † 144A | 1,044,700 | ||||||
| 6,456,712 | ||||||||
| South Korea: 0.4% | ||||||||
| 1,350,000 | Woori Bank Co. Ltd. 6.21%, 05/02/17 (c) 144A | 1,446,849 | ||||||
| Spain: 0.3% | ||||||||
| 1,075,000 | Cemex Espana Luxembourg 9.88%, 04/30/16 (c) 144A | 1,192,583 | ||||||
See Notes to Financial Statements
| 44 |
| Principal Amount | Value | |||||||
| Sri Lanka: 0.8% | ||||||||
| Bank of Ceylon | ||||||||
| $ | 600,000 | 5.33%, 04/16/18 Reg S | $ | 603,000 | ||||
| 1,050,000 | 6.88%, 05/03/17 Reg S | 1,082,812 | ||||||
| 75,000 | 6.88%, 05/03/17 144A | 77,344 | ||||||
| 1,250,000 | National Savings Bank 8.88%, 09/18/18 144A | 1,362,500 | ||||||
| 3,125,656 | ||||||||
| Sweden: 0.3% | ||||||||
| 950,000 | Eileme 2 AB 11.63%, 01/31/16 (c) Reg S | 1,068,275 | ||||||
| Thailand: 0.2% | ||||||||
| 800,000 | Krung Thai Bank PCL 5.20%, 12/26/19 (c) Reg S | 834,813 | ||||||
| Trinidad and Tobago: 0.4% | ||||||||
| Petroleum Co. of Trinidad & Tobago Ltd. | ||||||||
| 937,500 | 6.00%, 05/08/22 144A | 1,006,641 | ||||||
| 500,000 | 9.75%, 08/14/19 Reg S | 602,750 | ||||||
| 1,609,391 | ||||||||
| Turkey: 2.9% | ||||||||
| 500,000 | Albaraka Turk Katilim Bankasi AS 6.25%, 06/30/19 † Reg S | 501,250 | ||||||
| 1,150,000 | Arcelik AS 5.00%, 04/03/23 144A | 1,105,380 | ||||||
| Finansbank AS | ||||||||
| 1,100,000 | 5.15%, 11/01/17 Reg S | 1,117,103 | ||||||
| 900,000 | 6.25%, 04/30/19 144A | 918,054 | ||||||
| 1,300,000 | Tupras Turkiye Petrol Rafinerileri AS 4.13%, 05/02/18 † 144A | 1,310,920 | ||||||
| 2,000,000 | Turkiye Is Bankasi SA 6.00%, 10/24/22 † 144A | 1,992,500 | ||||||
| Turkiye Sise ve Cam Fabrikalari AS | ||||||||
| 400,000 | 4.25%, 05/09/20 Reg S | 394,000 | ||||||
| 600,000 | 4.25%, 05/09/20 144A | 591,000 | ||||||
| Turkiye Vakiflar Bankasi Tao | ||||||||
| 1,000,000 | 6.00%, 11/01/22 † Reg S | 990,400 | ||||||
| 840,000 | 6.00%, 11/01/22 144A | 831,936 | ||||||
| 1,550,000 | Yapi ve Kredi Bankasi AS 5.50%, 12/06/22 144A | 1,501,175 | ||||||
| 11,253,718 | ||||||||
| United Kingdom: 3.7% | ||||||||
| AngloGold Ashanti Holdings Plc | ||||||||
| 1,040,000 | 5.13%, 08/01/22 | 1,003,892 | ||||||
| 900,000 | 5.38%, 04/15/20 | 910,289 | ||||||
| 550,000 | 6.50%, 04/15/40 | 514,985 | ||||||
| 1,750,000 | 8.50%, 07/30/16 (c) | 1,931,562 | ||||||
| 1,300,000 | DTEK Finance Plc 7.88%, 04/04/18 144A | 604,500 | ||||||
| 700,000 | Oschadbank 8.25%, 03/10/16 Reg S | 487,781 | ||||||
| 1,025,000 | Polyus Gold International Ltd. 5.63%, 04/29/20 144A | 973,237 | ||||||
| 500,000 | Standard Bank Plc 8.13%, 12/02/19 Reg S | 573,250 | ||||||
| 700,000 | Ukraine Railways via Shortline Plc 9.50%, 05/21/18 144A | 412,996 | ||||||
| 1,100,000 | Ukreximbank 8.75%, 01/22/18 Reg S | 752,268 | ||||||
| Principal Amount | Value | |||||||
| United Kingdom: (continued) | ||||||||
| Vedanta Resources Plc | ||||||||
| $ | 1,350,000 | 6.00%, 01/31/19 † 144A | $ | 1,279,125 | ||||
| 1,300,000 | 6.00%, 01/31/19 † Reg S | 1,231,750 | ||||||
| 1,675,000 | 8.25%, 06/07/21 † 144A | 1,673,953 | ||||||
| 1,325,000 | 9.50%, 07/18/18 144A | 1,381,312 | ||||||
| 400,000 | West China Cement Ltd. 6.50%, 09/11/17 (c) Reg S | 401,462 | ||||||
| 14,132,362 | ||||||||
| United States: 1.6% | ||||||||
| Cemex Finance LLC | ||||||||
| 1,775,000 | 6.00%, 04/01/19 (c) 144A | 1,824,877 | ||||||
| 1,590,000 | 9.38%, 10/12/17 (c) 144A | 1,818,165 | ||||||
| 2,000,000 | JBS USA, LLC 7.25%, 06/05/15 (c) 144A | 2,120,000 | ||||||
| 610,000 | Rolta Americas LLC 8.88%, 07/24/17 (c) † 144A | 530,700 | ||||||
| 6,293,742 | ||||||||
| Venezuela: 5.9% | ||||||||
| 1,350,000 | CA La Electricidad de Caracas 8.50%, 04/10/18 Reg S | 600,750 | ||||||
| Petroleos de Venezuela SA | ||||||||
| 300,000 | 5.13%, 10/28/16 | 222,000 | ||||||
| 3,825,000 | 5.25%, 04/12/17 Reg S | 2,256,367 | ||||||
| 3,620,000 | 5.38%, 04/12/27 Reg S | 1,492,888 | ||||||
| 1,580,000 | 5.50%, 04/12/37 † Reg S | 647,800 | ||||||
| 6,450,000 | 6.00%, 05/16/24 144A | 2,754,150 | ||||||
| 6,600,000 | 6.00%, 11/15/26 † 144A | 2,772,000 | ||||||
| 600,000 | 8.50%, 11/02/17 Reg S | 465,600 | ||||||
| 7,240,000 | 8.50%, 11/02/17 144A | 5,618,240 | ||||||
| 1,050,000 | 9.00%, 11/17/21 † Reg S | 517,020 | ||||||
| 2,975,000 | 9.00%, 11/17/21 † 144A | 1,464,890 | ||||||
| 3,100,000 | 9.75%, 05/17/35 † 144A | 1,520,240 | ||||||
| 2,045,000 | 12.75%, 02/17/22 † 144A | 1,206,550 | ||||||
| 2,110,000 | 12.75%, 02/17/22 † Reg S | 1,244,900 | ||||||
| 22,783,395 | ||||||||
| Total Corporate Bonds | ||||||||
| (Cost: $373,997,277) | 360,327,687 | |||||||
| GOVERNMENT OBLIGATIONS: 4.8% | ||||||||
| Argentina: 1.4% | ||||||||
| City of Buenos Aires, Argentina | ||||||||
| 500,000 | 8.95%, 02/19/21 144A | 536,250 | ||||||
| 850,000 | 9.95%, 03/01/17 144A | 905,250 | ||||||
| Provincia de Buenos Aires | ||||||||
| 1,050,000 | 9.38%, 09/14/18 144A | 1,060,500 | ||||||
| 225,000 | 10.88%, 01/26/21 † Reg S | 236,250 | ||||||
| 1,565,000 | 10.88%, 01/26/21 144A | 1,643,250 | ||||||
| Provincia de Cordoba | ||||||||
| 500,000 | 12.38%, 08/17/17 Reg S | 525,000 | ||||||
| 600,000 | 12.38%, 08/17/17 144A | 630,000 | ||||||
| 5,536,500 | ||||||||
| Azerbaijan: 0.7% | ||||||||
| State Oil Co. of the Azerbaijan Republic | ||||||||
| 2,000,000 | 4.75%, 03/13/23 Reg S | 1,948,118 | ||||||
| 500,000 | 5.45%, 02/09/17 Reg S | 519,950 | ||||||
| 2,468,068 | ||||||||
See Notes to Financial Statements
| 45 |
EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| Costa Rica: 1.0% | ||||||||
| $ | 900,000 | Banco de Costa Rica 5.25%, 08/12/18 144A | $ | 924,750 | ||||
| 1,300,000 | Banco Nacional de Costa Rica 6.25%, 11/01/23 144A | 1,347,125 | ||||||
| 1,600,000 | Instituto Costarricense de Electricidad 6.95%, 11/10/21 144A | 1,722,000 | ||||||
| 3,993,875 | ||||||||
| Hungary: 0.3% | ||||||||
| 1,100,000 | Magyar Export-Import Bank Zrt 5.50%, 02/12/18 Reg S | 1,179,785 | ||||||
| India: 0.3% | ||||||||
| 1,000,000 | State Bank of India 6.44%, 05/15/17 (c) Reg S | 1,040,351 | ||||||
| Mongolia: 0.3% | ||||||||
| 1,100,000 | Development Bank of Mongolia, LLC 5.75%, 03/21/17 Reg S | 1,071,125 | ||||||
| Turkey: 0.5% | ||||||||
| Export Credit Bank of Turkey | ||||||||
| 150,000 | 5.88%, 04/24/19 Reg S | 159,075 | ||||||
| 1,700,000 | 5.88%, 04/24/19 144A | 1,802,850 | ||||||
| 1,961,925 | ||||||||
| Ukraine: 0.3% | ||||||||
| Financing of Infrastructural Projects State Enterprise | ||||||||
| 100,000 | 7.40%, 04/20/18 Reg S | 45,500 | ||||||
| 275,000 | 7.40%, 04/20/18 144A | 125,125 | ||||||
| 2,250,000 | 8.38%, 11/03/17 144A | 1,035,000 | ||||||
| 1,205,625 | ||||||||
| Total Government Obligations (Cost: $19,056,950) | 18,457,254 | |||||||
| Number | ||||||||
| of Shares | ||||||||
| MONEY MARKET FUND: 1.2% | ||||||||
| (Cost: $4,599,686) | ||||||||
| 4,599,686 | Dreyfus Government Cash Management Fund | 4,599,686 | ||||||
| Total Investments Before Collateral for Securities Loaned: 99.0% (Cost: $397,653,913) | 383,384,627 | |||||||
| Principal Amount | Value | |||||||
| SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 15.1% | ||||||||
| Repurchase Agreements: 15.1% | ||||||||
| $ | 2,910,044 | Repurchase agreement dated 4/30/15 with BNP Paribas Securities Corp., 0.12%, due 5/1/15, proceeds $2,910,054; (collateralized by various U.S. government and agency obligations, 0.00% to 6.50%, due 5/1/16 to 4/20/45, valued at $2,968,245 including accrued interest) | $ | 2,910,044 | ||||
| 13,844,460 | Repurchase agreement dated 4/30/15 with Citigroup Global Markets, Inc., 0.13%, due 5/1/15, proceeds $13,844,510; (collateralized by various U.S. government and agency obligations, 1.61% to 8.00%, due 6/1/17 to 6/15/52, valued at $14,121,349 including accrued interest) | 13,844,460 | ||||||
| 13,844,460 | Repurchase agreement dated 4/30/15 with HSBC Securities USA, Inc., 0.11%, due 5/1/15, proceeds $13,844,502; (collateralized by various U.S. government and agency obligations, 3.50% to 6.00%, due 6/1/34 to 1/1/45, valued at $14,121,461 including accrued interest) | 13,844,460 | ||||||
| 13,844,460 | Repurchase agreement dated 4/30/15 with Merrill Lynch Pierce Fenner & Smith, Inc., 0.12%, due 5/1/15, proceeds $13,844,506; (collateralized by various U.S. government and agency obligations, 0.00% to 7.50%, due 1/31/19 to 12/20/64, valued at $14,121,349 including accrued interest) | 13,844,460 | ||||||
| 13,844,460 | Repurchase agreement dated 4/30/15 with Mizuho Securities USA, Inc., 0.13%, due 5/1/15, proceeds $13,844,510; (collateralized by various U.S. government and agency obligations, 0.00% to 4.50%, due 2/1/19 to 5/1/45, valued at $14,121,349 including accrued interest) | 13,844,460 | ||||||
| Total Short-Term Investments Held As Collateral For Securities Loaned (Cost: $58,287,884) |
58,287,884 | |||||||
| Total Investments: 114.1% (Cost: $455,941,797) |
441,672,511 | |||||||
| Liabilities in excess of other assets: (14.1)% | (54,410,386 | ) | ||||||
| NET ASSETS: 100.0% | $ | 387,262,125 | ||||||
See Notes to Financial Statements
| 46 |
| (c) | Callable Security — the redemption date shown is when the security may be redeemed by the issuer |
| (d) | Security in default |
| (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 $55,853,747. |
| 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 $252,855,147, or 65.3% of net assets. |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited) | % of Investments | Value | ||||||
| Basic Materials | 10.0 | % | $ | 38,511,006 | ||||
| Communications | 9.6 | 36,874,930 | ||||||
| Consumer, Cyclical | 4.0 | 15,342,154 | ||||||
| Consumer, Non-cyclical | 4.2 | 16,089,573 | ||||||
| Diversified | 0.5 | 1,940,835 | ||||||
| Energy | 23.4 | 89,550,060 | ||||||
| Financial | 30.4 | 116,438,472 | ||||||
| Government | 3.7 | 14,041,978 | ||||||
| Industrial | 6.2 | 23,887,337 | ||||||
| Technology | 0.4 | 1,701,620 | ||||||
| Utilities | 6.4 | 24,406,976 | ||||||
| Money Market Fund | 1.2 | 4,599,686 | ||||||
| 100.0 | % | $ | 383,384,627 | |||||
The summary of inputs used to value the Fund’s investments as of April 30, 2015 is as follows:
| Level 2 | Level 3 | |||||||||||||||
| Level 1 | Significant | Significant | ||||||||||||||
| Quoted | Observable | Unobservable | ||||||||||||||
| Prices | Inputs | Inputs | Value | |||||||||||||
| Corporate Bonds* | $ | — | $ | 360,327,687 | $ | — | $ | 360,327,687 | ||||||||
| Government Obligations* | — | 18,457,254 | — | 18,457,254 | ||||||||||||
| Money Market Fund | 4,599,686 | — | — | 4,599,686 | ||||||||||||
| Repurchase Agreements | — | 58,287,884 | — | 58,287,884 | ||||||||||||
| Total | $ | 4,599,686 | $ | 437,072,825 | $ | — | $ | 441,672,511 | ||||||||
| * | See Schedule of Investments for security type and geographic sector breakouts. |
There were no transfers between levels during the year ended April 30, 2015.
See Notes to Financial Statements
| 47 |
EMERGING MARKETS LOCAL CURRENCY BOND ETF
SCHEDULE OF INVESTMENTS
April 30, 2015
| Principal | ||||||||
| Amount | Value | |||||||
| CORPORATE BONDS: 6.9% | ||||||||
| Brazil: 1.2% | ||||||||
| BRL | 7,841,000 | Banco do Brasil SA 9.75%, 07/18/17 † Reg S | $ | 2,411,871 | ||||
| 2,969,000 | Banco Safra Cayman Islands Ltd. 10.88%, 04/03/17 Reg S | 962,756 | ||||||
| 9,736,000 | Banco Safra SA 10.25%, 08/08/16 Reg S | 3,035,348 | ||||||
| 18,181,000 | Concessionaria Ecovias dos Imigrantes SA (TIPS) 4.91%, 04/15/24 # | 6,280,173 | ||||||
| 12,690,148 | ||||||||
| Colombia: 1.1% | ||||||||
| COP | 14,250,000,000 | Empresas Publicas de Medellin ESP 8.38%, 02/01/21 Reg S | 6,332,673 | |||||
| 14,950,000,000 | Financiera de Desarrollo Territorial SA Findeter 7.88%, 05/12/24 (c) Reg S | 6,348,447 | ||||||
| 12,681,120 | ||||||||
| Germany: 0.1% | ||||||||
| Landwirtschaftliche Rentenbank | ||||||||
| BRL | 2,000,000 | 6.25%, 09/12/16 Reg S | 625,098 | |||||
| MXN | 12,922,000 | 8.50%, 02/22/16 | 879,082 | |||||
| 1,504,180 | ||||||||
| Ireland: 0.9% | ||||||||
| RUB | 522,500,000 | RusHydro JSC 7.88%, 10/28/15 Reg S | 9,862,242 | |||||
| Mexico: 0.7% | ||||||||
| MXN | 109,600,000 | Petroleos Mexicanos 7.65%, 11/24/21 Reg S | 7,383,453 | |||||
| Netherlands: 0.2% | ||||||||
| Cooperatieve Centrale Raiffeisen-Boerenleenbank BA | ||||||||
| 24,360,000 | 6.69%, 10/05/15 ^ | 1,569,193 | ||||||
| 14,730,000 | 9.20%, 09/28/15 | 985,078 | ||||||
| 2,554,271 | ||||||||
| Russia: 0.2% | ||||||||
| RUB | 105,260,000 | Federal Hydrogenerating Co. JSC 8.00%, 04/18/16 (p) | 1,896,456 | |||||
| South Africa: 2.5% | ||||||||
| Eskom Holdings Ltd. | ||||||||
| ZAR | 5,350,000 | 7.85%, 04/02/26 | 404,520 | |||||
| 152,000,000 | 9.25%, 04/20/18 | 13,298,384 | ||||||
| 77,330,000 | 9.50%, 08/18/27 ^ | 1,502,147 | ||||||
| Transnet Ltd. | ||||||||
| 21,000,000 | 9.50%, 08/19/25 | 1,738,712 | ||||||
| 4,500,000 | 10.50%, 09/17/20 | 395,962 | ||||||
| 105,900,000 | 10.80%, 11/06/23 | 9,545,663 | ||||||
| 5,000,000 | 13.50%, 04/18/28 | 509,888 | ||||||
| 27,395,276 | ||||||||
| Total Corporate Bonds (Cost: $107,111,437) | 75,967,146 | |||||||
| Principal | ||||||||
| Amount | Value | |||||||
| GOVERNMENT OBLIGATIONS: 90.6% | ||||||||
| Brazil: 7.5% | ||||||||
| Brazilian Government International Bonds | ||||||||
| BRL | 2,590,000 | 8.50%, 01/05/24 | $ | 883,038 | ||||
| 4,560,000 | 10.25%, 01/10/28 | 1,702,939 | ||||||
| 2,860,000 | 12.50%, 01/05/22 † | 1,151,515 | ||||||
| Letra do Tesouro Nacional | ||||||||
| 29,353,000 | 11.88%, 07/01/16 ^ | 8,429,935 | ||||||
| 22,195,000 | 12.40%, 10/01/16 ^ | 6,173,963 | ||||||
| 40,364,000 | 12.48%, 01/01/17 ^ | 10,899,054 | ||||||
| 14,700,000 | 12.66%, 07/01/17 ^ | 3,738,130 | ||||||
| 18,500,000 | 12.73%, 01/01/18 ^ | 4,439,506 | ||||||
| 34,400,000 | 12.99%, 07/01/18 ^ | 7,781,990 | ||||||
| Nota do Tesouro Nacional, Series F |
||||||||
| 47,300,000 | 10.00%, 01/01/17 | 15,057,145 | ||||||
| 3,100,000 | 10.00%, 01/01/18 | 969,380 | ||||||
| 3,150,000 | 10.00%, 01/01/19 | 966,797 | ||||||
| 28,090,000 | 10.00%, 01/01/21 | 8,408,138 | ||||||
| 14,348,000 | 10.00%, 01/01/23 | 4,195,848 | ||||||
| 24,300,000 | 10.00%, 01/01/25 | 6,938,334 | ||||||
| 81,735,712 | ||||||||
| Chile: 3.0% | ||||||||
| CLP | 18,418,500,000 | Chilean Government International Bonds 5.50%, 08/05/20 | 32,333,101 | |||||
| Colombia: 5.1% | ||||||||
| COP | 5,957,000,000 | Colombian Government International Bonds 7.75%, 04/14/21 | 2,808,887 | |||||
| 581,000,000 | Republic of Colombia 9.85%, 06/28/27 | 318,628 | ||||||
| Titulos de Tesoreria | ||||||||
| 15,051,700,000 | 5.00%, 11/21/18 | 6,266,015 | ||||||
| 18,946,700,000 | 6.00%, 04/28/28 | 7,079,812 | ||||||
| 19,339,200,000 | 7.00%, 09/11/19 | 8,553,976 | ||||||
| 11,267,200,000 | 7.00%, 05/04/22 | 4,879,231 | ||||||
| 18,418,100,000 | 7.25%, 06/15/16 | 7,894,074 | ||||||
| 21,450,800,000 | 10.00%, 07/24/24 | 10,932,529 | ||||||
| 12,954,700,000 | 11.00%, 07/24/20 | 6,677,799 | ||||||
| 55,410,951 | ||||||||
| Hungary: 4.3% | ||||||||
| Hungarian Government Bonds | ||||||||
| HUF | 1,161,020,000 | 4.00%, 04/25/18 | 4,504,525 | |||||
| 342,200,000 | 5.50%, 02/12/16 | 1,302,121 | ||||||
| 1,483,800,000 | 5.50%, 12/20/18 | 6,071,164 | ||||||
| 731,610,000 | 5.50%, 06/24/25 | 3,160,276 | ||||||
| 1,375,480,000 | 6.00%, 11/24/23 | 6,073,040 | ||||||
| 1,959,830,000 | 6.50%, 06/24/19 | 8,301,551 | ||||||
| 416,560,000 | 6.75%, 02/24/17 | 1,675,679 | ||||||
| 1,114,280,000 | 6.75%, 11/24/17 | 4,622,477 | ||||||
| 1,111,930,000 | 7.00%, 06/24/22 | 5,058,053 | ||||||
| 1,358,700,000 | 7.50%, 11/12/20 | 6,165,269 | ||||||
| 46,934,155 | ||||||||
See Notes to Financial Statements
| 48 |
| Principal | ||||||||
| Amount | Value | |||||||
| Indonesia: 6.0% | ||||||||
| Indonesian Treasury Bonds | ||||||||
| IDR | 9,240,000,000 | 5.63%, 05/15/23 | $ | 627,286 | ||||
| 27,016,000,000 | 6.13%, 05/15/28 | 1,788,769 | ||||||
| 3,000,000,000 | 6.38%, 04/15/42 | 184,138 | ||||||
| 42,533,000,000 | 6.63%, 05/15/33 | 2,843,984 | ||||||
| 8,762,000,000 | 7.00%, 05/15/22 | 653,257 | ||||||
| 28,621,000,000 | 7.00%, 05/15/27 | 2,072,547 | ||||||
| 4,814,000,000 | 7.38%, 09/15/16 | 372,660 | ||||||
| 14,755,000,000 | 7.88%, 04/15/19 | 1,151,374 | ||||||
| 10,468,000,000 | 8.25%, 07/15/21 | 829,773 | ||||||
| 59,054,000,000 | 8.25%, 06/15/32 | 4,652,567 | ||||||
| 98,213,000,000 | 8.38%, 03/15/24 | 7,927,124 | ||||||
| 4,822,000,000 | 8.38%, 09/15/26 | 386,572 | ||||||
| 71,729,000,000 | 8.38%, 03/15/34 | 5,740,805 | ||||||
| 77,492,000,000 | 9.00%, 03/15/29 | 6,555,079 | ||||||
| 9,381,000,000 | 9.50%, 07/15/23 | 796,559 | ||||||
| 34,711,000,000 | 9.50%, 07/15/31 | 3,025,942 | ||||||
| 6,552,000,000 | 9.50%, 05/15/41 | 572,795 | ||||||
| 23,692,000,000 | 9.75%, 05/15/37 | 2,109,815 | ||||||
| 12,062,000,000 | 10.00%, 09/15/24 | 1,067,463 | ||||||
| 10,927,000,000 | 10.25%, 07/15/22 | 959,666 | ||||||
| 31,798,000,000 | 10.25%, 07/15/27 | 2,901,099 | ||||||
| 49,242,000,000 | 10.50%, 08/15/30 | 4,632,627 | ||||||
| 11,812,000,000 | 10.50%, 07/15/38 | 1,117,859 | ||||||
| 11,097,000,000 | 11.00%, 11/15/20 | 987,494 | ||||||
| 62,289,000,000 | 11.00%, 09/15/25 | 5,891,326 | ||||||
| 56,591,000,000 | 12.80%, 06/15/21 | 5,462,275 | ||||||
| 65,310,855 | ||||||||
| Malaysia: 8.7% | ||||||||
| Malaysian Government Bonds | ||||||||
| MYR | 12,344,000 | 3.17%, 07/15/16 | 3,466,780 | |||||
| 8,890,000 | 3.26%, 03/01/18 | 2,485,928 | ||||||
| 13,450,000 | 3.31%, 10/31/17 | 3,779,882 | ||||||
| 5,174,000 | 3.39%, 03/15/17 | 1,455,394 | ||||||
| 18,730,000 | 3.42%, 08/15/22 | 5,118,962 | ||||||
| 6,940,000 | 3.48%, 03/15/23 | 1,901,244 | ||||||
| 6,130,000 | 3.49%, 03/31/20 | 1,709,510 | ||||||
| 12,430,000 | 3.58%, 09/28/18 | 3,505,941 | ||||||
| 7,330,000 | 3.65%, 10/31/19 | 2,065,208 | ||||||
| 4,322,000 | 3.73%, 06/15/28 | 1,177,017 | ||||||
| 520,000 | 3.84%, 08/12/15 | 146,332 | ||||||
| 37,154,000 | 3.89%, 07/31/20 | 10,547,407 | ||||||
| 7,700,000 | 3.89%, 03/15/27 | 2,132,224 | ||||||
| 14,030,000 | 4.01%, 09/15/17 | 4,003,921 | ||||||
| 11,870,000 | 4.05%, 09/30/21 | 3,385,718 | ||||||
| 4,510,000 | 4.13%, 04/15/32 | 1,267,637 | ||||||
| 29,585,000 | 4.16%, 07/15/21 | 8,502,869 | ||||||
| 8,299,000 | 4.23%, 06/30/31 | 2,356,536 | ||||||
| 23,272,000 | 4.24%, 02/07/18 | 6,678,440 | ||||||
| 20,509,000 | 4.26%, 09/15/16 | 5,840,784 | ||||||
| 26,765,000 | 4.38%, 11/29/19 | 7,763,248 | ||||||
| 38,025,000 | 4.39%, 04/15/26 | 11,062,654 | ||||||
| 3,500,000 | 4.50%, 04/15/30 | 1,033,401 | ||||||
| 12,428,000 | 5.73%, 07/30/19 | 3,779,592 | ||||||
| 95,166,629 | ||||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Mexico: 7.1% | ||||||||
| Mexican Government International Bonds | ||||||||
| MXN | 66,180,000 | 4.75%, 06/14/18 | $ | 4,313,520 | ||||
| 499,000 | 5.00%, 06/15/17 | 33,151 | ||||||
| 50,000,000 | 6.50%, 06/09/22 | 3,409,335 | ||||||
| 16,270,000 | 7.25%, 12/15/16 | 1,117,239 | ||||||
| 73,390,300 | 7.50%, 06/03/27 | 5,324,914 | ||||||
| 99,488,000 | 7.75%, 05/29/31 | 7,409,537 | ||||||
| 29,530,000 | 7.75%, 11/23/34 | 2,223,736 | ||||||
| 67,735,000 | 7.75%, 11/13/42 | 5,098,996 | ||||||
| 186,055,900 | 8.00%, 06/11/20 | 13,600,180 | ||||||
| 55,700,000 | 8.00%, 12/07/23 | 4,143,145 | ||||||
| 7,489,700 | 8.50%, 12/13/18 | 544,696 | ||||||
| 59,588,000 | 8.50%, 05/31/29 | 4,697,711 | ||||||
| 65,513,900 | 8.50%, 11/18/38 | 5,301,235 | ||||||
| 26,901,000 | 10.00%, 11/20/36 | 2,485,347 | ||||||
| 208,943,000 | 10.00%, 12/05/24 | 17,650,609 | ||||||
| 77,353,351 | ||||||||
| Nigeria: 2.9% | ||||||||
| Nigerian Government Bonds | ||||||||
| NGN | 727,080,000 | 7.00%, 10/23/19 | 2,835,612 | |||||
| 765,110,000 | 13.05%, 08/16/16 | 3,815,938 | ||||||
| 1,266,970,000 | 14.20%, 03/14/24 | 6,459,000 | ||||||
| 1,185,490,000 | 15.10%, 04/27/17 | 6,091,274 | ||||||
| 957,180,000 | 16.00%, 06/29/19 | 5,120,191 | ||||||
| 1,319,422,000 | 16.39%, 01/27/22 | 7,326,439 | ||||||
| 31,648,454 | ||||||||
| Peru: 2.9% | ||||||||
| Peruvian Government Bonds | ||||||||
| PEN | 11,230,000 | 5.20%, 09/12/23 | 3,490,647 | |||||
| 23,683,000 | 5.70%, 08/12/24 | 7,489,300 | ||||||
| 12,848,000 | 6.90%, 08/12/37 | 4,189,217 | ||||||
| 17,390,000 | 6.95%, 08/12/31 | 5,771,599 | ||||||
| 15,113,000 | 7.84%, 08/12/20 | 5,505,219 | ||||||
| 12,135,000 | 8.20%, 08/12/26 | 4,551,576 | ||||||
| 3,600,000 | 8.60%, 08/12/17 | 1,273,269 | ||||||
| 32,270,827 | ||||||||
| Philippines: 2.9% | ||||||||
| Philippine Government International Bonds | ||||||||
| PHP | 397,000,000 | 3.90%, 11/26/22 | 9,042,783 | |||||
| 403,500,000 | 4.95%, 01/15/21 | 9,731,092 | ||||||
| 497,500,000 | 6.25%, 01/14/36 | 13,168,969 | ||||||
| 31,942,844 | ||||||||
| Poland: 9.3% | ||||||||
| Polish Government Bonds | ||||||||
| PLN | 2,300,000 | 1.59%, 07/25/16 ^ | 624,885 | |||||
| 45,175,000 | 2.50%, 07/25/18 | 12,710,558 | ||||||
| 29,480,000 | 3.25%, 07/25/19 | 8,534,179 | ||||||
| 15,980,000 | 3.25%, 07/25/25 | 4,669,130 | ||||||
| 22,464,000 | 3.75%, 04/25/18 | 6,556,306 | ||||||
| 33,073,000 | 4.00%, 10/25/23 | 10,163,576 | ||||||
| 29,980,000 | 4.75%, 10/25/16 | 8,680,677 | ||||||
| 24,766,000 | 4.75%, 04/25/17 | 7,270,894 | ||||||
| 275,000 | 5.00%, 04/25/16 | 78,680 | ||||||
| 32,403,000 | 5.25%, 10/25/17 | 9,738,955 | ||||||
| 18,070,000 | 5.25%, 10/25/20 | 5,771,545 | ||||||
See Notes to Financial Statements
| 49 |
EMERGING MARKETS LOCAL CURRENCY BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal | ||||||||
| Amount | Value | |||||||
| Poland: (continued) | ||||||||
| PLN | 24,221,000 | 5.50%, 10/25/19 | $ | 7,667,362 | ||||
| 9,073,000 | 5.75%, 10/25/21 | 3,022,744 | ||||||
| 49,733,000 | 5.75%, 09/23/22 | 16,824,350 | ||||||
| 102,313,841 | ||||||||
| Romania: 2.9% | ||||||||
| Romanian Government Bonds | ||||||||
| RON | 1,280,000 | 4.75%, 08/29/16 | 339,878 | |||||
| 13,545,000 | 4.75%, 06/24/19 | 3,779,075 | ||||||
| 7,450,000 | 4.75%, 02/24/25 | 2,112,353 | ||||||
| 14,920,000 | 5.60%, 11/28/18 | 4,255,774 | ||||||
| 10,160,000 | 5.75%, 01/27/16 | 2,662,974 | ||||||
| 7,310,000 | 5.75%, 04/29/20 | 2,142,013 | ||||||
| 150,000 | 5.80%, 10/26/15 | 38,920 | ||||||
| 15,110,000 | 5.85%, 04/26/23 | 4,566,502 | ||||||
| 13,930,000 | 5.90%, 07/26/17 | 3,865,518 | ||||||
| 15,420,000 | 5.95%, 06/11/21 | 4,608,847 | ||||||
| 13,440,000 | 6.75%, 06/11/17 | 3,769,010 | ||||||
| 32,140,864 | ||||||||
| Russia: 3.7% | ||||||||
| Russian Federal Bonds | ||||||||
| RUB | 167,296,000 | 6.20%, 01/31/18 | 2,903,946 | |||||
| 117,580,000 | 6.70%, 05/15/19 | 1,991,968 | ||||||
| 237,440,000 | 6.80%, 12/11/19 | 3,981,140 | ||||||
| 188,838,000 | 7.00%, 01/25/23 | 3,001,516 | ||||||
| 449,543,000 | 7.00%, 08/16/23 | 7,063,598 | ||||||
| 328,440,000 | 7.05%, 01/19/28 | 4,902,759 | ||||||
| 6,313,000 | 7.35%, 01/20/16 | 120,228 | ||||||
| 25,442,000 | 7.40%, 06/14/17 | 467,270 | ||||||
| 120,491,000 | 7.50%, 03/15/18 | 2,162,734 | ||||||
| 137,599,000 | 7.50%, 02/27/19 | 2,407,132 | ||||||
| 301,250,000 | 7.60%, 04/14/21 | 5,115,270 | ||||||
| 220,555,000 | 7.60%, 07/20/22 | 3,657,416 | ||||||
| 5,000,000 | 7.85%, 03/10/18 Reg S | 89,892 | ||||||
| 144,070,000 | 8.15%, 02/03/27 | 2,401,648 | ||||||
| 40,266,517 | ||||||||
| South Africa: 4.9% | ||||||||
| South African Government Bonds | ||||||||
| ZAR | 170,282,000 | 6.25%, 03/31/36 | 11,101,860 | |||||
| 127,802,000 | 6.50%, 02/28/41 | 8,416,697 | ||||||
| 39,364,804 | 6.75%, 03/31/21 | 3,171,000 | ||||||
| 118,528,000 | 7.00%, 02/28/31 | 8,696,937 | ||||||
| 20,027,000 | 7.25%, 01/15/20 | 1,663,778 | ||||||
| 15,140,000 | 7.75%, 02/28/23 | 1,265,985 | ||||||
| 5,157,000 | 8.00%, 12/21/18 | 441,953 | ||||||
| 7,240,000 | 8.00%, 01/31/30 | 586,320 | ||||||
| 4,310,000 | 8.25%, 09/15/17 | 370,320 | ||||||
| 81,820,000 | 8.75%, 02/28/48 | 6,944,621 | ||||||
| 104,917,000 | 10.50%, 12/21/26 | 10,488,936 | ||||||
| 266 | 13.50%, 09/15/15 | 23 | ||||||
| 267 | 13.50%, 09/15/16 | 24 | ||||||
| 53,148,454 | ||||||||
| Supranational: 6.7% | ||||||||
| African Development Bank | ||||||||
| TRY | 2,225,000 | 4.55%, 12/21/17 | 717,283 | |||||
| IDR | 1,000,000,000 | 7.00%, 03/06/17 | 75,186 | |||||
| Principal | ||||||||
| Amount | Value | |||||||
| Supranational: (continued) | ||||||||
| European Bank for Reconstruction & Development | ||||||||
| IDR | 123,500,000,000 | 7.38%, 04/15/19 | $ | 9,368,850 | ||||
| TRY | 2,900,000 | 8.00%, 10/11/18 | 1,044,424 | |||||
| European Investment Bank | ||||||||
| PLN | 7,800,000 | 4.25%, 10/25/22 | 2,477,064 | |||||
| MXN | 6,730,000 | 5.33%, 09/01/15 ^ | 434,752 | |||||
| ZAR | 30,000,000 | 7.50%, 01/30/19 | 2,499,132 | |||||
| 82,000,000 | 7.50%, 09/10/20 Reg S | 6,746,603 | ||||||
| 90,200,000 | 8.13%, 12/21/26 | 7,316,399 | ||||||
| TRY | 24,651,000 | 8.50%, 07/25/19 | 9,029,132 | |||||
| ZAR | 22,890,000 | 9.00%, 12/21/18 Reg S | 1,995,833 | |||||
| BRL | 9,570,000 | 9.65%, 10/22/19 ^ | 2,045,868 | |||||
| Inter-American Development Bank | ||||||||
| IDR | 10,000,000,000 | 7.00%, 02/04/19 | 750,241 | |||||
| 30,000,000,000 | 7.25%, 07/17/17 | 2,269,585 | ||||||
| MXN | 118,585,000 | 8.00%, 01/26/16 | 8,031,038 | |||||
| BRL | 18,250,000 | 10.25%, 05/18/18 | 6,056,660 | |||||
| International Bank for Reconstruction & Development | ||||||||
| MXN | 14,500,000 | 4.00%, 08/16/18 | 953,064 | |||||
| BRL | 2,300,000 | 9.50%, 03/02/17 | 752,031 | |||||
| International Finance Corp. | ||||||||
| MXN | 117,060,000 | 6.00%, 01/28/16 | 7,813,450 | |||||
| BRL | 7,900,000 | 10.50%, 04/17/18 | 2,631,665 | |||||
| 73,008,260 | ||||||||
| Thailand: 6.4% | ||||||||
| Thailand Government Bonds | ||||||||
| THB | 100,178,000 | 2.80%, 10/10/17 | 3,120,697 | |||||
| 203,994,000 | 3.25%, 06/16/17 | 6,405,461 | ||||||
| 127,090,000 | 3.45%, 03/08/19 | 4,072,609 | ||||||
| 54,670,000 | 3.58%, 12/17/27 | 1,810,175 | ||||||
| 9,484,000 | 3.63%, 05/22/15 | 288,008 | ||||||
| 222,336,000 | 3.63%, 06/16/23 | 7,355,541 | ||||||
| 327,093,000 | 3.65%, 12/17/21 | 10,771,366 | ||||||
| 171,615,000 | 3.85%, 12/12/25 | 5,868,926 | ||||||
| 346,615,000 | 3.88%, 06/13/19 | 11,329,321 | ||||||
| 102,644,000 | 4.13%, 11/18/16 | 3,233,658 | ||||||
| 824,000 | 4.75%, 12/20/24 | 29,859 | ||||||
| 197,945,000 | 4.88%, 06/22/29 | 7,466,709 | ||||||
| 93,718,000 | 5.13%, 03/13/18 | 3,109,817 | ||||||
| 30,186,000 | 5.40%, 07/27/16 | 958,147 | ||||||
| 30,977,000 | 5.50%, 03/13/23 | 1,145,034 | ||||||
| 23,507,000 | 5.63%, 01/12/19 | 806,181 | ||||||
| 75,644,000 | 5.85%, 03/31/21 | 2,747,044 | ||||||
| 70,518,553 | ||||||||
| Turkey: 6.3% | ||||||||
| Turkish Government Bonds | ||||||||
| TRY | 14,000,000 | 6.30%, 02/14/18 | 4,834,308 | |||||
| 21,010,000 | 7.10%, 03/08/23 | 6,938,802 | ||||||
| 7,500,000 | 8.20%, 07/13/16 | 2,755,780 | ||||||
| 14,460,000 | 8.30%, 06/20/18 | 5,256,658 | ||||||
| 8,350,000 | 8.50%, 07/10/19 | 3,032,363 | ||||||
| 14,260,000 | 8.50%, 09/14/22 | 5,150,743 | ||||||
| 13,275,000 | 8.80%, 11/14/18 | 4,877,979 | ||||||
| 21,066,000 | 8.80%, 09/27/23 | 7,705,393 | ||||||
| 20,515,000 | 9.00%, 03/08/17 | 7,630,385 | ||||||
See Notes to Financial Statements
| 50 |
| Principal | ||||||||
| Amount | Value | |||||||
| Turkey: (continued) | ||||||||
| TRY | 14,500,000 | 9.00%, 07/24/24 | $ | 5,406,706 | ||||
| 13,488,000 | 9.50%, 01/12/22 | 5,104,985 | ||||||
| 4,240,000 | 10.40%, 03/27/19 | 1,640,431 | ||||||
| 8,750,000 | 10.40%, 03/20/24 | 3,524,335 | ||||||
| 10,567,000 | 10.50%, 01/15/20 | 4,165,337 | ||||||
| 2,600,000 | 10.70%, 02/24/16 | 977,740 | ||||||
| 69,001,945 | ||||||||
| Total Government Obligations | ||||||||
| (Cost: $1,110,043,739) | 990,505,313 | |||||||
| Total Investments Before Collateral for Securities Loaned: 97.5% | ||||||||
| (Cost: $1,217,155,176) | 1,066,472,459 | |||||||
| SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 0.2% | ||||||||
| Repurchase Agreements: 0.2% | ||||||||
| USD | 1,000,000 | Repurchase agreement dated 4/30/15 with Merrill Lynch Pierce Fenner & Smith, Inc., 0.12%, due 5/1/15, proceeds $1,000,003; (collateralized by various U.S. government and agency obligations, 0.00% to 7.50%, due 1/31/19 to 12/20/64, valued at $1,020,000 including accrued interest) | 1,000,000 | |||||
| 772,422 | Repurchase agreement dated 4/30/15 with Morgan Stanley & Co. LLC, 0.10%, due 5/1/15, proceeds $772,424; (collateralized by various U.S. government and agency obligations, 3.50%, due 4/1/45, valued at $787,870 including accrued interest) | 772,422 | ||||||
| Total Short-Term Investments Held As Collateral For Securities Loaned (Cost: $1,772,422) | 1,772,422 | |||||||
| Total Investments: 97.7% (Cost: $1,218,927,598) | 1,068,244,881 | |||||||
| Other assets less liabilities: 2.3% | 25,278,920 | |||||||
| NET ASSETS: 100.0% | $ | 1,093,523,801 | ||||||
See Notes to Financial Statements
| 51 |
EMERGING MARKETS LOCAL CURRENCY BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| BRL | Brazilian Real |
| CLP | Chilean Peso |
| COP | Colombian Peso |
| HUF | Hungarian Forint |
| IDR | Indonesian Rupiah |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| 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 |
| 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 |
| # | Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $6,280,173 which represents 0.6% of net assets. |
| ^ | 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 $1,605,008. |
| 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 Collateral for Securities Loaned (unaudited) | % of Investments | Value | ||||||
| Consumer, Non-cyclical | 0.6 | % | $ | 6,280,173 | ||||
| Energy | 0.7 | 7,383,453 | ||||||
| Financial | 1.6 | 16,816,873 | ||||||
| Government | 92.9 | 990,505,313 | ||||||
| Industrial | 1.1 | 12,190,225 | ||||||
| Utilities | 3.1 | 33,296,422 | ||||||
| 100.0 | % | $ | 1,066,472,459 | |||||
The summary of inputs used to value the Fund’s investments as of April 30, 2015 is as follows:
| Level 2 | Level 3 | |||||||||||||||
| Level 1 | Significant | Significant | ||||||||||||||
| Quoted | Observable | Unobservable | ||||||||||||||
| Prices | Inputs | Inputs | Value | |||||||||||||
| Corporate Bonds* | $ | — | $ | 75,967,146 | $ | — | $ | 75,967,146 | ||||||||
| Government Obligations* | — | 990,505,313 | — | 990,505,313 | ||||||||||||
| Repurchase Agreements | — | 1,772,422 | — | 1,772,422 | ||||||||||||
| Total | $ | — | $ | 1,068,244,881 | $ | — | $ | 1,068,244,881 | ||||||||
| * | See Schedule of Investments for security type and geographic sector breakouts. |
There were no transfers between levels during the year ended April 30, 2015.
See Notes to Financial Statements
| 52 |
FALLEN ANGEL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
April 30, 2015
| Principal Amount | Value | |||||||
| CORPORATE BONDS: 98.1% | ||||||||
| Cayman Islands: 5.5% | ||||||||
| $ | 100,000 | Mizuho Capital Investment 1 Ltd. 6.69%, 06/30/16 (c) Reg S | $ | 105,500 | ||||
| 150,000 | SMFG Preferred Capital USD 1 Ltd. 6.08%, 01/25/17 (c) 144A | 159,562 | ||||||
| 100,000 | SMFG Preferred Capital USD 3 Ltd. 9.50%, 07/25/18 (c) Reg S | 121,700 | ||||||
| Transocean, Inc. | ||||||||
| 275,000 | 6.00%, 03/15/18 † | 275,687 | ||||||
| 550,000 | 6.38%, 12/15/21 † | 486,062 | ||||||
| 380,000 | 6.80%, 03/15/38 | 292,600 | ||||||
| 1,441,111 | ||||||||
| Finland: 1.4% | ||||||||
| Nokia OYJ | ||||||||
| 175,000 | 5.38%, 05/15/19 | 190,654 | ||||||
| 60,000 | 6.63%, 05/15/39 | 72,000 | ||||||
| 100,000 | UPM-Kymmene OYJ 7.45%, 11/26/27 144A | 122,000 | ||||||
| 384,654 | ||||||||
| France: 3.2% | ||||||||
| 60,000 | Banque PSA Finance 5.75%, 04/04/21 144A | 65,550 | ||||||
| 50,000 | BPCE SA 12.50%, 09/30/19 (c) 144A | 68,094 | ||||||
| Credit Agricole SA | ||||||||
| 100,000 | 6.64%, 05/31/17 (c) Reg S | 106,563 | ||||||
| 200,000 | 8.38%, 10/13/19 (c) 144A | 237,350 | ||||||
| 200,000 | Lafarge SA 7.13%, 07/15/36 | 262,000 | ||||||
| 100,000 | Societe Generale 5.92%, 04/05/17 (c) Reg S | 105,000 | ||||||
| 844,557 | ||||||||
| Italy: 1.2% | ||||||||
| 305,000 | Intesa Sanpaolo SpA 5.02%, 06/26/24 144A | 307,790 | ||||||
| Japan: 1.5% | ||||||||
| 375,000 | SoftBank Corp. 4.50%, 04/15/20 144A | 385,312 | ||||||
| Liberia: 0.4% | ||||||||
| 100,000 | Royal Caribbean Cruises 7.25%, 03/15/18 | 111,370 | ||||||
| Luxembourg: 10.6% | ||||||||
| ArcelorMittal | ||||||||
| 150,000 | 5.25%, 02/25/17 | 156,435 | ||||||
| 220,000 | 6.13%, 06/01/18 | 235,400 | ||||||
| 290,000 | 6.25%, 03/01/21 | 304,355 | ||||||
| 150,000 | 7.00%, 02/25/22 | 163,687 | ||||||
| 330,000 | 7.50%, 03/01/41 | 339,075 | ||||||
| 190,000 | 7.75%, 10/15/39 | 197,125 | ||||||
| 245,000 | 10.60%, 06/01/19 | 295,837 | ||||||
| Telecom Italia Capital | ||||||||
| 300,000 | 6.00%, 09/30/34 | 315,000 | ||||||
| 150,000 | 6.38%, 11/15/33 | 162,523 | ||||||
| 350,000 | 7.00%, 06/04/18 | 392,000 | ||||||
| 100,000 | 7.72%, 06/04/38 | 119,250 | ||||||
| 100,000 | UniCredit Luxembourg Finance SA 6.00%, 10/31/17 144A | 107,307 | ||||||
| 2,787,994 | ||||||||
| Principal Amount | Value | |||||||
| Netherlands: 0.6% | ||||||||
| $ | 150,000 | Royal Bank of Scotland NV 4.65%, 06/04/18 | $ | 158,411 | ||||
| Norway: 1.4% | ||||||||
| Eksportfinans ASA | ||||||||
| 85,000 | 2.38%, 05/25/16 | 85,478 | ||||||
| 90,000 | 5.50%, 05/25/16 | 93,263 | ||||||
| 175,000 | 5.50%, 06/26/17 | 186,688 | ||||||
| 365,429 | ||||||||
| Spain: 0.4% | ||||||||
| 100,000 | BBVA International Preferred SAU 5.92%, 04/18/17 (c) † | 103,900 | ||||||
| United Kingdom: 5.8% | ||||||||
| 140,000 | Barclays Bank Plc Perpetual 6.28%, 12/15/34 (c) | 152,571 | ||||||
| 100,000 | Hanson Ltd. 6.13%, 08/15/16 | 105,750 | ||||||
| 135,000 | Lloyds Banking Group Plc 6.41%, 10/01/35 (c) 144A | 153,900 | ||||||
| Royal Bank of Scotland Group Plc | ||||||||
| 150,000 | 6.99%, 10/05/17 (c) 144A | 178,500 | ||||||
| 300,000 | 7.64%, 09/30/17 (c) | 330,000 | ||||||
| Tesco Plc | ||||||||
| 210,000 | 5.50%, 11/15/17 144A | 225,803 | ||||||
| 170,000 | 6.15%, 11/15/37 144A | 174,918 | ||||||
| 200,000 | Virgin Media Secured Finance Plc 5.25%, 01/15/21 | 214,250 | ||||||
| 1,535,692 | ||||||||
| United States: 66.1% | ||||||||
| ADT Corp. | ||||||||
| 200,000 | 3.50%, 07/15/22 † | 189,500 | ||||||
| 160,000 | 4.13%, 06/15/23 † | 153,600 | ||||||
| 125,000 | 4.88%, 07/15/42 | 105,000 | ||||||
| 50,000 | AECOM Global II LLC / URS Fox US LP 5.00%, 01/01/22 (c) | 48,238 | ||||||
| Alcatel-Lucent USA, Inc. | ||||||||
| 180,000 | 6.45%, 03/15/29 | 202,050 | ||||||
| 75,000 | 6.50%, 01/15/28 | 84,375 | ||||||
| Alcoa, Inc. | ||||||||
| 385,000 | 5.40%, 01/15/21 (c) | 423,127 | ||||||
| 5,000 | 5.55%, 02/01/17 | 5,300 | ||||||
| 180,000 | 5.90%, 02/01/27 | 198,092 | ||||||
| 75,000 | 5.95%, 02/01/37 | 80,063 | ||||||
| 300,000 | 6.15%, 08/15/20 | 340,034 | ||||||
| 75,000 | 6.75%, 07/15/18 | 84,888 | ||||||
| Allegheny Technologies, Inc. | ||||||||
| 100,000 | 5.95%, 10/15/20 (c) | 104,750 | ||||||
| 150,000 | 6.38%, 05/15/23 (c) | 159,375 | ||||||
| 102,000 | Ally Financial, Inc. 8.00%, 11/01/31 † | 134,066 | ||||||
| 100,000 | Ameren Energy Generating Co. 7.95%, 06/01/32 | 96,750 | ||||||
| 380,000 | ARC Properties Operating Partnership LP 2.00%, 02/06/17 | 370,500 | ||||||
| Avon Products, Inc. | ||||||||
| 200,000 | 5.35%, 03/15/20 † | 188,000 | ||||||
| 140,000 | 5.75%, 03/15/23 † | 127,400 | ||||||
| 73,000 | BAC Capital Trust XI 6.63%, 05/23/36 | 86,992 | ||||||
See Notes to Financial Statements
| 53 |
FALLEN ANGEL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal Amount | Value | |||||||
| United States: (continued) | ||||||||
| $ | 100,000 | Best Buy Co., Inc. 5.50%, 12/15/20 (c) | $ | 105,750 | ||||
| 75,000 | BMC Software, Inc. 7.25%, 06/01/18 | 72,375 | ||||||
| CenturyLink, Inc. | ||||||||
| 110,000 | 6.00%, 04/01/17 | 117,837 | ||||||
| 75,000 | 6.88%, 01/15/28 | 78,375 | ||||||
| 160,000 | 7.60%, 09/15/39 | 160,800 | ||||||
| 125,000 | Clear Channel Communications, Inc. 7.25%, 10/15/27 | 100,000 | ||||||
| Cliffs Natural Resources, Inc. | ||||||||
| 70,000 | 5.95%, 01/15/18 | 57,400 | ||||||
| 203,000 | 7.75%, 03/31/17 (c) † 144A | 147,175 | ||||||
| 150,000 | Commercial Metals Co. 6.50%, 07/15/17 | 159,000 | ||||||
| 60,000 | ConAgra Foods, Inc. 9.75%, 03/01/21 | 77,151 | ||||||
| 50,000 | Cooper Tire & Rubber Co. 7.63%, 03/15/27 | 53,250 | ||||||
| 50,000 | Countrywide Capital III 8.05%, 06/15/27 | 63,537 | ||||||
| 50,000 | Crown Cork & Seal Co., Inc. 7.38%, 12/15/26 | 57,750 | ||||||
| DCP Midstream LLC | ||||||||
| 240,000 | 4.75%, 09/30/21 144A | 230,056 | ||||||
| 150,000 | 5.35%, 03/15/20 144A | 148,867 | ||||||
| DCP Midstream Operating LP | ||||||||
| 125,000 | 2.50%, 11/01/17 (c) | 120,021 | ||||||
| 150,000 | 3.88%, 12/15/22 (c) | 138,418 | ||||||
| 25,000 | Dean Holding Co. 6.90%, 10/15/17 | 26,813 | ||||||
| Dell, Inc. | ||||||||
| 180,000 | 4.63%, 04/01/21 | 182,700 | ||||||
| 100,000 | 5.88%, 06/15/19 | 110,187 | ||||||
| 160,000 | 6.50%, 04/15/38 | 168,000 | ||||||
| 40,000 | Dillard’s, Inc. 7.13%, 08/01/18 | 45,300 | ||||||
| 160,000 | Dresdner Funding Trust I 8.15%, 06/30/29 (c) 144A | 201,000 | ||||||
| Embarq Corp. | ||||||||
| 100,000 | 7.08%, 06/01/16 | 105,531 | ||||||
| 375,000 | 8.00%, 06/01/36 | 443,437 | ||||||
| 100,000 | Energen Corp. 4.63%, 06/01/21 (c) † | 94,459 | ||||||
| 60,000 | Fifth Street Finance Corp. 4.88%, 03/01/19 | 61,546 | ||||||
| 60,000 | First Niagara Financial Group, Inc. 7.25%, 12/15/21 | 67,120 | ||||||
| 50,000 | First Tennessee Capital II 6.30%, 06/04/15 (c) | 48,563 | ||||||
| FirstEnergy Corp. | ||||||||
| 260,000 | 4.25%, 12/15/22 (c) | 270,445 | ||||||
| 195,000 | 7.38%, 11/15/31 | 249,091 | ||||||
| 220,000 | Frontier Communications Corp. 9.00%, 08/15/31 | 232,650 | ||||||
| 65,000 | Gannett Co., Inc. 10.00%, 04/01/16 | 69,713 | ||||||
| 40,000 | GenOn AmerIcas Generation, LLC 9.13%, 05/01/31 † | 38,250 | ||||||
| Principal Amount | Value | |||||||
| United States: (continued) | ||||||||
| Genworth Holdings, Inc. | ||||||||
| $ | 130,000 | 4.80%, 02/15/24 | $ | 112,938 | ||||
| 60,000 | 6.15%, 11/15/16 (c) | 38,400 | ||||||
| 280,000 | 7.63%, 09/24/21 | 298,200 | ||||||
| 130,000 | 7.70%, 06/15/20 | 141,700 | ||||||
| 245,000 | Goldman Sachs Capital I 6.35%, 02/15/34 | 295,897 | ||||||
| 50,000 | Goodyear Tire & Rubber Co. 7.00%, 03/15/28 | 54,250 | ||||||
| 240,000 | H. J. Heinz Finance Co. 7.13%, 08/01/39 144A | 323,100 | ||||||
| 50,000 | Harsco Corp. 5.75%, 05/15/18 | 52,125 | ||||||
| HCA, Inc. | ||||||||
| 100,000 | 7.50%, 11/15/95 | 98,500 | ||||||
| 10,000 | 7.69%, 06/15/25 | 11,450 | ||||||
| 20,000 | 8.36%, 04/15/24 (p) | 23,800 | ||||||
| 175,000 | Hospira, Inc. 6.05%, 03/30/17 | 189,920 | ||||||
| 200,000 | International Game Technology 7.50%, 06/15/19 | 213,783 | ||||||
| 255,000 | JC Penney Corp., Inc. 7.40%, 04/01/37 (p) | 205,912 | ||||||
| 75,000 | Knight Ridder, Inc. 5.75%, 09/01/17 | 78,188 | ||||||
| L Brands, Inc. | ||||||||
| 150,000 | 6.90%, 07/15/17 | 165,937 | ||||||
| 60,000 | 6.95%, 03/01/33 | 65,550 | ||||||
| Leidos, Inc. | ||||||||
| 130,000 | 5.50%, 07/01/33 | 124,651 | ||||||
| 80,000 | 7.13%, 07/01/32 | 83,671 | ||||||
| 160,000 | Leucadia National Corp. 5.50%, 01/18/23 (c) | 164,595 | ||||||
| Masco Corp. | ||||||||
| 250,000 | 6.13%, 10/03/16 | 265,125 | ||||||
| 60,000 | 6.50%, 08/15/32 | 64,500 | ||||||
| 100,000 | MDC Holdings, Inc. 5.63%, 02/01/20 | 106,250 | ||||||
| Meccanica Holdings USA, Inc. | ||||||||
| 100,000 | 6.25%, 07/15/19 144A | 111,250 | ||||||
| 100,000 | 6.25%, 01/15/40 144A | 102,750 | ||||||
| 250,000 | New Albertsons, Inc. 8.00%, 05/01/31 | 248,750 | ||||||
| 270,000 | NGPL Pipeco LLC 7.12%, 12/15/17 144A | 276,075 | ||||||
| NuStar Logistics, LP | ||||||||
| 100,000 | 4.80%, 09/01/20 | 101,500 | ||||||
| 80,000 | 8.15%, 04/15/18 | 90,500 | ||||||
| 175,000 | ONEOK, Inc. 4.25%, 11/02/21 (c) | 168,417 | ||||||
| 100,000 | Pactiv LLC 7.95%, 12/15/25 | 102,500 | ||||||
| PPL Energy Supply LLC | ||||||||
| 210,000 | 4.60%, 09/15/21 (c) | 196,667 | ||||||
| 110,000 | 6.50%, 05/01/18 † | 117,423 | ||||||
| 50,000 | Provident Financing Trust I 7.41%, 03/15/38 | 58,911 | ||||||
| 175,000 | PulteGroup, Inc. 7.63%, 10/15/17 | 196,000 | ||||||
See Notes to Financial Statements
| 54 |
| Principal Amount | Value | |||||||
| United States: (continued) | ||||||||
| $ | 50,000 | QEP Resources, Inc. 6.80%, 03/01/20 | $ | 52,063 | ||||
| 120,000 | Regions Financial Corp. 7.38%, 12/10/37 | 156,064 | ||||||
| 50,000 | Rite Aid Corp. 7.70%, 02/15/27 | 60,125 | ||||||
| Rockies Express Pipeline | ||||||||
| 175,000 | 5.63%, 04/15/20 144A | 186,375 | ||||||
| 70,000 | 6.85%, 07/15/18 144A | 76,125 | ||||||
| 96,000 | 6.88%, 04/15/40 144A | 105,360 | ||||||
| RR Donnelley & Sons Co. | ||||||||
| 18,000 | 6.13%, 01/15/17 † | 19,103 | ||||||
| 160,000 | 7.63%, 06/15/20 | 185,000 | ||||||
| 225,000 | Safeway, Inc. 7.25%, 02/01/31 | 229,500 | ||||||
| 60,000 | Seacor Holdings, Inc. 7.38%, 10/01/19 | 61,800 | ||||||
| 80,000 | Sealed Air Corp. 6.88%, 07/15/33 144A | 83,600 | ||||||
| 50,000 | ServiceMaster Co. LLC 7.45%, 08/15/27 | 51,125 | ||||||
| SLM Corp. | ||||||||
| 100,000 | 5.63%, 08/01/33 | 82,000 | ||||||
| 140,000 | 6.00%, 01/25/17 | 147,000 | ||||||
| 290,000 | 8.00%, 03/25/20 | 323,710 | ||||||
| 460,000 | 8.45%, 06/15/18 | 514,372 | ||||||
| 400,000 | Springleaf Finance Corp. 6.90%, 12/15/17 | 426,000 | ||||||
| Sprint Capital Corp. | ||||||||
| 330,000 | 6.88%, 11/15/28 | 299,475 | ||||||
| 430,000 | 6.90%, 05/01/19 | 443,902 | ||||||
| 280,000 | 8.75%, 03/15/32 | 287,700 | ||||||
| 200,000 | Sprint Nextel Corp. 6.00%, 12/01/16 | 209,000 | ||||||
| 60,000 | Synovus Financial Corp. 5.13%, 06/15/17 | 61,950 | ||||||
| 60,000 | Tenet Healthcare Corp. 6.88%, 11/15/31 | 56,400 | ||||||
| 120,000 | Toll Brothers Finance Corp. 6.75%, 11/01/19 | 136,800 | ||||||
| 50,000 | Toys R Us, Inc. 7.38%, 10/15/18 | 36,000 | ||||||
| 195,000 | UBS Preferred Funding Trust 6.24%, 05/15/16 (c) † | 203,309 | ||||||
| 60,000 | United States Cellular Corp. 6.70%, 12/15/33 | 56,970 | ||||||
| 200,000 | United States Steel Corp. 7.00%, 02/01/18 † | 213,500 | ||||||
| 150,000 | Vulcan Materials Co. 7.00%, 06/15/18 | 171,000 | ||||||
| 17,369,180 | ||||||||
| Total Corporate Bonds (Cost: $24,833,801) | 25,795,400 | |||||||
| Number of Shares | Value | |||||||
| MONEY MARKET FUND: 1.7% (Cost: $443,726) | ||||||||
| 443,726 | Dreyfus Government Cash Management Fund | $ | 443,726 | |||||
| Total Investments Before Collateral for Securities Loaned: 99.8% (Cost: $25,277,527) | 26,239,126 | |||||||
| Principal Amount | ||||||||
| SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 7.8% | ||||||||
| Repurchase Agreements: 7.8% | ||||||||
| $ | 1,000,000 | Repurchase agreement dated 4/30/15 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.12%, due 5/1/15, proceeds $1,000,003; (collateralized by various U.S. government and agency obligations, 0.00% to 7.50%, due 1/31/19 to 12/20/64, valued at $1,020,000 including accrued interest) | 1,000,000 | |||||
| 1,000,000 | Repurchase agreement dated 4/30/15 with Mizuho Securities USA, Inc., 0.13%, due 5/1/15, proceeds $1,000,004; (collateralized by various U.S. government and agency obligations, 0.00% to 4.50%, due 2/1/19 to 5/1/45, valued at $1,020,000 including accrued interest) | 1,000,000 | ||||||
| 41,590 | Repurchase agreement dated 4/30/15 with Royal Bank of Scotland PLC, 0.11%, due 5/1/15, proceeds $41,590; (collateralized by various U.S. government and agency obligations, 0.11% to 5.13%, due 5/15/15 to 2/15/44, valued at $42,422 including accrued interest) | 41,590 | ||||||
| Total Short-Term Investments Held As Collateral For Securities Loaned (Cost: $2,041,590) | 2,041,590 | |||||||
| Total Investments: 107.6% (Cost: $27,319,117) | 28,280,716 | |||||||
| Liabilities in excess of other assets: (7.6)% | (2,001,786 | ) | ||||||
| NET ASSETS: 100.0% | $ | 26,278,930 | ||||||
See Notes to Financial Statements
| 55 |
FALLEN ANGEL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| (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 $1,894,313. |
| 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 $4,177,819, or 15.9% of net assets. |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited) | % of Investments | Value | ||||||
| Basic Materials | 14.4 | % | $ | 3,786,618 | ||||
| Communications | 18.4 | 4,820,992 | ||||||
| Consumer, Cyclical | 7.1 | 1,870,577 | ||||||
| Consumer, Non-cyclical | 9.4 | 2,456,083 | ||||||
| Diversified | 0.6 | 164,595 | ||||||
| Energy | 11.1 | 2,904,385 | ||||||
| Financial | 25.4 | 6,655,352 | ||||||
| Industrial | 5.4 | 1,426,588 | ||||||
| Technology | 2.8 | 741,584 | ||||||
| Utilities | 3.7 | 968,626 | ||||||
| Money Market Fund | 1.7 | 443,726 | ||||||
| 100.0 | % | $ | 26,239,126 | |||||
The summary of inputs used to value the Fund’s investments as of April 30, 2015 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs | Value | |||||||||||||||||
| Corporate Bonds* | $ | — | $ | 25,795,400 | $ | — | $ | 25,795,400 | ||||||||||||
| Money Market Fund | 443,726 | — | — | 443,726 | ||||||||||||||||
| Repurchase Agreements | — | 2,041,590 | — | 2,041,590 | ||||||||||||||||
| Total | $ | 443,726 | $ | 27,836,990 | $ | — | $ | 28,280,716 | ||||||||||||
| * | See Schedule of Investments for security type and geographic sector breakouts. |
There were no transfers between levels during the year ended April 30, 2015.
See Notes to Financial Statements
| 56 |
INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
April 30, 2015
| Principal Amount | Value | |||||||
| CORPORATE BONDS: 97.4% | ||||||||
| Argentina: 0.6% | ||||||||
| USD | 84,525 | Aeropuertos Argentinia 2000 SA 10.75%, 12/22/15 (c) Reg S | $ | 90,019 | ||||
| 100,000 | Arcor SAIC 7.25%, 06/04/15 (c) 144A | 105,750 | ||||||
| 200,000 | Inversiones y Representaciones SA 11.50%, 07/20/20 Reg S | 230,000 | ||||||
| Pan American Energy LLC | ||||||||
| 150,000 | 7.88%, 05/07/21 Reg S | 158,813 | ||||||
| 25,000 | 7.88%, 05/07/21 144A | 26,469 | ||||||
| 325,000 | YPF SA 8.88%, 12/19/18 † 144A | 344,906 | ||||||
| 955,957 | ||||||||
| Australia: 0.7% | ||||||||
| 100,000 | Barminco Finance Pty Ltd. 9.00%, 06/01/18 † 144A | 96,125 | ||||||
| FMG Resources August 2006 Pty Ltd. | ||||||||
| 415,000 | 6.88%, 04/01/17 (c) † 144A | 315,919 | ||||||
| 280,000 | 8.25%, 11/01/15 (c) † 144A | 245,350 | ||||||
| EUR | 300,000 | Origin Energy Finance Ltd. 7.88%, 06/16/18 (c) Reg S | 366,000 | |||||
| 1,023,394 | ||||||||
| Austria: 0.8% | ||||||||
| 550,000 | Hypo Alpe-Adria-Bank International AG 4.38%, 01/24/17 | 362,067 | ||||||
| USD | 100,000 | JBS Investments GmbH 7.25%, 04/03/19 (c) 144A | 104,550 | |||||
| 200,000 | OAS Investments GmbH 8.25%, 10/19/16 (c) Reg S | 36,000 | ||||||
| 300,000 | Sappi Papier Holding GmbH 7.75%, 04/15/17 (c) 144A | 327,000 | ||||||
| EUR | 150,000 | Telekom Austria AG 5.63%, 02/01/18 (c) Reg S | 181,310 | |||||
| 200,000 | Wienerberger AG 6.50%, 02/09/21 (c) | 235,764 | ||||||
| 1,246,691 | ||||||||
| Barbados: 0.2% | ||||||||
| USD | 250,000 | Columbus International, Inc. 7.38%, 03/30/18 (c) 144A | 273,125 | |||||
| Belgium: 0.2% | ||||||||
| EUR | 200,000 | Barry Callebaut Services NV 5.63%, 06/15/21 Reg S | 273,470 | |||||
| Bermuda: 0.8% | ||||||||
| USD | 200,000 | China Oil & Gas Group Ltd. 5.25%, 04/25/16 (c) † 144A | 201,320 | |||||
| Digicel Group Ltd. | ||||||||
| 160,000 | 7.13%, 04/01/17 (c) 144A | 151,900 | ||||||
| 300,000 | 8.25%, 09/30/16 (c) 144A | 310,920 | ||||||
| 400,000 | Digicel Ltd. 6.00%, 04/15/16 (c) 144A | 389,284 | ||||||
| 200,000 | Inkia Energy Ltd. 8.38%, 04/04/16 (c) 144A | 217,000 | ||||||
| 1,270,424 | ||||||||
| Brazil: 1.2% | ||||||||
| 225,000 | Banco BMG SA 9.95%, 11/05/19 Reg S | 229,163 | ||||||
| 300,000 | Banco BTG Pactual SA 5.75%, 09/28/22 † Reg S | 275,250 | ||||||
| Principal Amount | Value | |||||||
| Brazil: (continued) | ||||||||
| USD | 400,000 | Banco do Brasil SA 5.88%, 01/19/23 144A | $ | 406,880 | ||||
| 200,000 | Banco do Estado do Rio Grande do Sul SA 7.38%, 02/02/22 Reg S | 200,740 | ||||||
| 425,000 | Cent Elet Brasileiras SA 6.88%, 07/30/19 144A | 418,497 | ||||||
| Telemar Norte Leste SA | ||||||||
| EUR | 200,000 | 5.13%, 12/15/17 Reg S | 231,618 | |||||
| USD | 145,000 | 5.50%, 10/23/20 144A | 130,138 | |||||
| 1,892,286 | ||||||||
| British Virgin Islands: 1.3% | ||||||||
| 100,000 | Arcos Dorados Holdings, Inc. 6.63%, 09/27/23 144A | 96,000 | ||||||
| 200,000 | China Resources Power East Foundation Co. Ltd. 7.25%, 05/09/16 (c) Reg S | 207,000 | ||||||
| 300,000 | Gold Fields Orogen Holding BVI Ltd. 4.88%, 10/07/20 144A | 272,250 | ||||||
| 200,000 | Road King 2012 Ltd. 9.88%, 09/18/15 (c) Reg S | 213,000 | ||||||
| 200,000 | Sparkle Assets Ltd. 6.88%, 01/30/17 (c) † Reg S | 210,170 | ||||||
| 200,000 | Star Energy Geothermal Wayang Windu Ltd. 6.13%, 03/28/17 (c) Reg S | 203,500 | ||||||
| 300,000 | Studio City Finance Ltd. 8.50%, 12/01/15 (c) 144A | 304,500 | ||||||
| 400,000 | Trillion Chance Ltd. 8.50%, 01/10/17 (c) Reg S | 385,529 | ||||||
| 200,000 | Yingde Gases Investment Ltd. 8.13%, 04/22/16 (c) 144A | 188,568 | ||||||
| 2,080,517 | ||||||||
| Canada: 5.5% | ||||||||
| Air Canada | ||||||||
| CAD | 100,000 | 7.63%, 10/01/16 (c) 144A | 88,338 | |||||
| USD | 200,000 | 8.75%, 04/01/17 (c) 144A | 223,000 | |||||
| 320,000 | Baytex Energy Corp. 5.63%, 06/01/19 (c) 144A | 311,200 | ||||||
| Bombardier, Inc. | ||||||||
| EUR | 200,000 | 6.13%, 05/15/21 † Reg S | 245,400 | |||||
| USD | 520,000 | 6.13%, 01/15/23 144A | 499,564 | |||||
| CAD | 299,000 | 7.35%, 12/22/26 144A | 245,001 | |||||
| USD | 250,000 | Brookfield Residential 6.50%, 12/15/15 (c) 144A | 263,125 | |||||
| Cascades, Inc. | ||||||||
| 100,000 | 5.50%, 07/15/17 (c) 144A | 101,625 | ||||||
| 182,000 | 7.88%, 06/04/15 (c) | 190,190 | ||||||
| CAD | 285,000 | Corus Entertainment, Inc. 4.25%, 02/11/20 Reg S | 232,353 | |||||
| USD | 200,000 | Eldorado Gold Corp. 6.13%, 12/15/16 (c) 144A | 198,000 | |||||
| First Quantum Minerals Ltd. | ||||||||
| 341,000 | 6.75%, 02/15/17 (c) 144A | 318,835 | ||||||
| 321,000 | 7.00%, 02/15/18 (c) 144A | 300,937 | ||||||
| 200,000 | Gibson Energy, Inc. 6.75%, 07/15/16 (c) 144A | 209,220 | ||||||
| CAD | 250,000 | Great Canadian Gaming Corp. 6.63%, 07/25/17 (c) 144A | 218,266 | |||||
See Notes to Financial Statements
| 57 |
INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal | ||||||||
| Amount | Value | |||||||
| Canada: (continued) | ||||||||
| USD | 200,000 | Hudbay Minerals, Inc. 9.50%, 10/01/16 (c) | $ | 210,500 | ||||
| 200,000 | Iamgold Corp. 6.75%, 10/01/16 (c) 144A | 172,000 | ||||||
| 250,000 | Jupiter Resources, Inc. 8.50%, 10/01/17 (c) 144A | 212,500 | ||||||
| 250,000 | Lundin Mining Corp. 7.50%, 11/01/17 (c) 144A | 263,150 | ||||||
| 400,000 | MEG Energy Corp. 6.38%, 07/30/17 (c) 144A | 392,000 | ||||||
| 200,000 | New Gold, Inc. 6.25%, 11/15/17 (c) 144A | 199,000 | ||||||
| 400,000 | New Red Finance, Inc. 6.00%, 10/01/17 (c) 144A | 415,000 | ||||||
| 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 | 264,063 | ||||||
| Pacific Rubiales Energy Corp. | ||||||||
| 280,000 | 5.13%, 03/28/18 (c) 144A | 199,500 | ||||||
| 220,000 | 5.38%, 01/26/17 (c) † 144A | 172,744 | ||||||
| 226,000 | 5.63%, 01/19/20 (c) 144A | 158,765 | ||||||
| CAD | 200,000 | Paramount Resources Ltd. 8.25%, 06/03/15 (c) | 170,898 | |||||
| USD | 256,000 | PetroBakken Energy Ltd. 8.63%, 02/01/16 (c) † 144A | 198,400 | |||||
| 360,000 | Precision Drilling Corp. 6.50%, 12/15/16 (c) | 353,700 | ||||||
| Quebecor Media, Inc. | ||||||||
| 60,000 | 5.75%, 01/15/23 | 62,175 | ||||||
| CAD | 355,000 | 6.63%, 01/15/23 144A | 310,304 | |||||
| USD | 200,000 | Seven Generations Energy Ltd. 8.25%, 05/15/16 (c) 144A | 215,500 | |||||
| 200,000 | Telesat Canada / Telesat, LLC 6.00%, 06/04/15 (c) 144A | 203,600 | ||||||
| 500,000 | Tervita Corp. 9.75%, 11/01/15 (c) 144A | 335,000 | ||||||
| CAD | 245,000 | Videotron Ltee 7.13%, 06/03/15 (c) | 211,878 | |||||
| 8,461,231 | ||||||||
| Cayman Islands: 4.9% | ||||||||
| USD | 330,000 | Agile Property Holdings Ltd. 8.88%, 06/03/15 (c) † Reg S | 338,078 | |||||
| 200,000 | Alpha Star Holding Ltd. 4.97%, 04/09/19 † Reg S | 192,500 | ||||||
| GBP | 100,000 | Brakes Capital 7.13%, 12/15/15 (c) Reg S | 157,913 | |||||
| USD | 200,000 | Central China Real Estate 8.00%, 01/28/17 (c) Reg S | 198,181 | |||||
| 200,000 | China Shanshui Cement Group Ltd. 8.50%, 06/04/15 (c) 144A | 203,750 | ||||||
| 300,000 | Country Garden Holdings Co. Ltd. 7.50%, 01/10/18 (c) 144A | 308,250 | ||||||
| 300,000 | Emaar Sukuk Ltd. 6.40%, 07/18/19 † Reg S | 341,250 | ||||||
| 200,000 | Fibria Overseas Finance Ltd. 5.25%, 05/12/24 | 207,000 | ||||||
| 150,000 | Global A&T Electronics Ltd. 10.00%, 02/01/16 (c) 144A | 145,125 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Cayman Islands: (continued) | ||||||||
| USD | 300,000 | Greenland Hong Kong Holdings Ltd. 4.38%, 08/07/17 † Reg S | $ | 302,353 | ||||
| 200,000 | Greentown China Holdings Ltd. 8.50%, 02/04/16 (c) † Reg S | 210,000 | ||||||
| 200,000 | Industrial Senior Trust 5.50%, 11/01/22 Reg S | 198,100 | ||||||
| 200,000 | Jafz Sukuk Ltd. 7.00%, 06/19/19 Reg S | 230,240 | ||||||
| 250,000 | JBS Finance II Ltd. 8.25%, 06/03/15 (c) Reg S | 260,378 | ||||||
| 400,000 | KWG Property Holdings Ltd. 8.98%, 01/14/17 (c) Reg S | 400,000 | ||||||
| 300,000 | Longfor Properties 6.88%, 10/18/16 (c) † Reg S | 312,750 | ||||||
| 300,000 | MIE Holdings Corp. 7.50%, 04/25/17 (c) 144A | 219,750 | ||||||
| Mizuho Capital Investment 1 Ltd. | ||||||||
| 50,000 | 6.69%, 06/30/16 (c) 144A | 52,750 | ||||||
| 90,000 | 6.69%, 06/30/16 (c) Reg S | 94,950 | ||||||
| 200,000 | Mongolian Mining Corp. 8.88%, 06/03/15 (c) Reg S | 154,000 | ||||||
| 170,000 | Sable International Finance Ltd. 8.75%, 02/01/16 (c) Reg S | 184,025 | ||||||
| 400,000 | Shimao Property Holdings Ltd. 8.38%, 02/10/19 (c) † Reg S | 416,260 | ||||||
| 300,000 | SMFG Preferred Capital USD 1 Ltd. 6.08%, 01/25/17 (c) 144A | 319,125 | ||||||
| 100,000 | SMFG Preferred Capital USD 3 Ltd. 9.50%, 07/25/18 (c) 144A | 121,700 | ||||||
| 300,000 | SOHO China Ltd. 7.13%, 11/07/17 (c) † Reg S | 307,443 | ||||||
| 200,000 | Sunac China Holdings Ltd. 9.38%, 04/05/16 (c) † Reg S | 203,500 | ||||||
| 200,000 | Suzano Trading Ltd. 5.88%, 01/23/21 † 144A | 212,000 | ||||||
| 200,000 | TAM Capital 3, Inc. 8.38%, 06/03/16 (c) 144A | 206,000 | ||||||
| 200,000 | Texhong Textile Group Ltd. 6.50%, 01/18/17 (c) Reg S | 203,000 | ||||||
| EUR | 82,000 | UPCB Finance II Ltd. 6.38%, 07/01/15 (c) Reg S | 95,896 | |||||
| USD | 270,000 | UPCB Finance III Ltd. 6.63%, 07/01/15 (c) 144A | 281,070 | |||||
| 360,000 | Wynn Macau Ltd. 5.25%, 10/15/16 (c) 144A | 339,300 | ||||||
| 200,000 | Yuzhou Properties Co., Ltd. 8.63%, 01/24/17 (c) Reg S | 198,994 | ||||||
| 7,615,631 | ||||||||
| China / Hong Kong: 0.3% | ||||||||
| 200,000 | China CITIC Bank International Ltd. 6.88%, 06/24/20 Reg S | 226,680 | ||||||
| 300,000 | Yancoal International Resources Development Co. Ltd. 5.73%, 05/16/22 144A | 275,829 | ||||||
| 502,509 | ||||||||
See Notes to Financial Statements
| 58 |
| Principal | ||||||||
| Amount | Value | |||||||
| Colombia: 0.7% | ||||||||
| USD | 100,000 | Banco Davivienda SA 5.88%, 07/09/22 Reg S | $ | 103,500 | ||||
| Banco GNB Sudameris SA | ||||||||
| 80,000 | 7.50%, 07/30/22 Reg S | 86,040 | ||||||
| 50,000 | 7.50%, 07/30/22 144A | 53,775 | ||||||
| 360,000 | Bancolombia SA 5.13%, 09/11/22 | 369,180 | ||||||
| 500,000 | Colombia Telecomunicaciones SA, ESP 5.38%, 09/27/17 (c) † Reg S | 511,100 | ||||||
| 1,123,595 | ||||||||
| Croatia: 0.4% | ||||||||
| Agrokor D.D. | ||||||||
| 175,000 | 8.88%, 02/01/16 (c) Reg S | 194,299 | ||||||
| 150,000 | 8.88%, 02/01/16 (c) 144A | 166,542 | ||||||
| 200,000 | Hrvatska Elektroprivreda 6.00%, 11/09/17 Reg S | 211,000 | ||||||
| 571,841 | ||||||||
| Denmark: 0.3% | ||||||||
| GBP | 200,000 | Danske Bank A/S 5.68%, 02/15/17 (c) | 319,798 | |||||
| USD | 220,000 | Welltec A/S 8.00%, 06/04/15 (c) 144A | 211,200 | |||||
| 530,998 | ||||||||
| Dominican Republic: 0.1% | ||||||||
| 100,000 | Aeropuertos Dominicanos Siglo XXI SA 9.75%, 11/13/15 (c) (s) Reg S | 99,140 | ||||||
| Finland: 0.6% | ||||||||
| 334,000 | Nokia OYJ 5.38%, 05/15/19 | 363,876 | ||||||
| Stora Enso OYJ | ||||||||
| EUR | 100,000 | 5.50%, 03/07/19 Reg S | 128,303 | |||||
| USD | 100,000 | 6.40%, 04/15/16 144A | 105,500 | |||||
| 210,000 | UPM-Kymmene OYJ 7.45%, 11/26/27 144A | 256,200 | ||||||
| 853,879 | ||||||||
| France: 7.2% | ||||||||
| EUR | 200,000 | Accor SA 4.13%, 06/30/20 (c) Reg S | 231,743 | |||||
| Areva SA | ||||||||
| 200,000 | 3.13%, 12/20/22 (c) Reg S | 221,589 | ||||||
| 200,000 | 3.50%, 03/22/21 | 228,805 | ||||||
| 150,000 | 3.88%, 09/23/16 | 173,806 | ||||||
| 200,000 | 4.38%, 11/06/19 | 240,067 | ||||||
| 200,000 | 4.88%, 09/23/24 | 243,720 | ||||||
| 220,000 | BPCE SA 12.50%, 09/30/19 (c) | 345,894 | ||||||
| 200,000 | Casino Guichard Perrachon 4.87%, 01/31/19 (c) Reg S | 235,540 | ||||||
| USD | 450,000 | Cie Generale de Geophysique — Veritas 6.50%, 06/01/16 (c) | 366,750 | |||||
| 250,000 | CMA CGM 8.50%, 06/04/15 (c) † 144A | 256,875 | ||||||
| Credit Agricole SA | ||||||||
| EUR | 400,000 | 8.20%, 03/31/18 (c) | 530,580 | |||||
| USD | 200,000 | 8.38%, 10/13/19 (c) 144A | 237,350 | |||||
| EUR | 200,000 | Crown European Holdings SA 4.00%, 04/15/22 (c) Reg S | 240,358 | |||||
| 150,000 | Europcar Groupe SA 11.50%, 05/15/17 Reg S | 190,353 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| France: (continued) | ||||||||
| EUR | 200,000 | Faurecia 9.38%, 12/15/16 Reg S | $ | 254,925 | ||||
| 350,000 | Groupama SA 7.88%, 10/27/19 (c) | 449,846 | ||||||
| 267,000 | Italcementi Finance SA 6.63%, 03/19/20 (s) Reg S | 352,244 | ||||||
| 150,000 | Labco SAS 8.50%, 06/03/15 (c) Reg S | 177,243 | ||||||
| Lafarge SA | ||||||||
| 300,000 | 4.75%, 09/30/20 Reg S | 398,630 | ||||||
| 600,000 | 6.63%, 11/29/18 Reg S | 780,562 | ||||||
| 311,000 | 8.88%, 11/24/16 Reg S | 391,501 | ||||||
| 300,000 | Loxam SAS 4.88%, 07/23/17 (c) 144A | 350,452 | ||||||
| 100,000 | Médi-Partenaires SAS 7.00%, 05/15/16 (c) Reg S | 118,778 | ||||||
| USD | 200,000 | Natixis SA 10.00%, 04/30/18 (c) 144A | 239,000 | |||||
| EUR | 200,000 | Nexans SA 4.25%, 03/19/18 | 240,694 | |||||
| Numericable Group SA | ||||||||
| 725,000 | 5.63%, 05/15/19 (c) 144A | 861,102 | ||||||
| USD | 775,000 | 6.00%, 05/15/17 (c) 144A | 794,859 | |||||
| EUR | 600,000 | Peugeot SA 7.38%, 03/06/18 Reg S | 780,656 | |||||
| USD | 250,000 | Rexel SA 6.13%, 12/15/15 (c) 144A | 260,625 | |||||
| EUR | 400,000 | Societe Generale SA 9.38%, 09/04/19 (c) Reg S | 567,559 | |||||
| 300,000 | Veolia Environnement 4.45%, 04/16/18 (c) Reg S | 354,800 | ||||||
| 11,116,906 | ||||||||
| Germany: 3.3% | ||||||||
| 200,000 | Bayerische Landesbank 5.75%, 10/23/17 | 245,156 | ||||||
| 600,000 | Commerzbank AG 7.75%, 03/16/21 | 850,964 | ||||||
| 274,000 | Deutsche Lufthansa AG 6.50%, 07/07/16 | 328,996 | ||||||
| 150,000 | Franz Haniel & Cie. GmbH 5.88%, 02/01/17 | 182,926 | ||||||
| 200,000 | Hapag-Lloyd AG 7.75%, 10/01/15 (c) Reg S | 234,475 | ||||||
| 135,000 | KM Germany Holdings GmbH 8.75%, 12/15/15 (c) Reg S 144A | 166,023 | ||||||
| USD | 200,000 | Norddeutsche Landesbank Girozentrale 6.25%, 04/10/24 Reg S | 205,200 | |||||
| EUR | 300,000 | Techem GmbH 6.13%, 10/01/15 (c) Reg S | 358,436 | |||||
| ThyssenKrupp AG | ||||||||
| 100,000 | 3.13%, 07/25/19 (c) Reg S | 118,526 | ||||||
| 725,000 | 4.00%, 08/27/18 | 877,992 | ||||||
| 42,000 | 4.38%, 02/28/17 | 49,934 | ||||||
| 300,000 | Trionista HoldCo GmbH 5.00%, 04/30/16 (c) Reg S | 352,133 | ||||||
| Unitymedia Hessen GmbH & Co. | ||||||||
| 600,000 | 4.00%, 01/15/20 (c) Reg S | 691,491 | ||||||
| 360,000 | 5.50%, 09/15/17 (c) Reg S | 435,166 | ||||||
| 5,097,418 | ||||||||
See Notes to Financial Statements
| 59 |
INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal | ||||||||
| Amount | Value | |||||||
| Hungary: 0.2% | ||||||||
| EUR | 300,000 | OTP
Bank Plc 5.27%, 09/19/16 † | $ | 352,121 | ||||
| India: 0.2% | ||||||||
| ICICI Bank Ltd. | ||||||||
| USD | 110,000 | 6.38%, 04/30/17 (c) Reg S | 115,225 | |||||
| 200,000 | 6.38%, 04/30/17 (c) 144A | 209,500 | ||||||
| 324,725 | ||||||||
| Indonesia: 0.2% | ||||||||
| 200,000 | Berau Coal Energy
Tbk PT 7.25%, 06/04/15 (c) 144A | 105,000 | ||||||
| 200,000 | Gajah
Tunggal Tbk PT 7.75%, 02/06/16 (c) 144A | 197,750 | ||||||
| 302,750 | ||||||||
| Ireland: 4.2% | ||||||||
| 675,000 | Aercap Ireland
Capital Ltd. 4.50%, 05/15/21 144A | 712,125 | ||||||
| EUR | 100,000 | AG Spring Finance
Ltd. 7.50%, 06/01/15 (c) Reg S | 114,296 | |||||
| USD | 600,000 | Alfa Bank 7.75%, 04/28/21 Reg S | 597,450 | |||||
| EUR | 200,000 | Allied Irish
Banks Plc 2.75%, 04/16/19 Reg S | 235,620 | |||||
| 550,000 | Ardagh Packaging
Finance Plc 4.25%, 06/30/17 (c) Reg S | 631,710 | ||||||
| Bank of Ireland | ||||||||
| 300,000 | 2.00%, 05/08/17 Reg S | 342,409 | ||||||
| 200,000 | 4.25%, 06/11/19 (c) Reg S | 231,968 | ||||||
| USD | 200,000 | EuroChem Mineral
& Chemical Co. OJSC 5.13%, 12/12/17 144A | 198,500 | |||||
| Gazprombank OJSC via GPB Eurobond Finance Plc | ||||||||
| EUR | 300,000 | 4.00%, 07/01/19 Reg S | 302,438 | |||||
| USD | 200,000 | 7.25%, 05/03/19 Reg S | 194,600 | |||||
| 300,000 | Grifols Worldwide
Operations Ltd. 5.25%, 04/01/17 (c) 144A | 307,500 | ||||||
| 460,000 | Metalloinvest
Finance Ltd. 5.63%, 04/17/20 144A | 419,468 | ||||||
| 250,000 | Mobile Telesystems
OJSC 5.00%, 05/30/23 144A | 225,125 | ||||||
| 200,000 | Nomos Bank 7.25%, 04/25/18 144A | 196,750 | ||||||
| 200,000 | Novatek OAO via
Novatek Finance Ltd. 4.42%, 12/13/22 144A | 170,000 | ||||||
| 360,000 | Rosneft Oil Co.
4.20%, 03/06/22 144A | 308,250 | ||||||
| 675,000 | Russian Railways
via RZD Capital Plc 5.70%, 04/05/22 Reg S | 641,250 | ||||||
| 200,000 | SCF Capital Ltd.
5.38%, 10/27/17 144A | 189,000 | ||||||
| 200,000 | Sibur Securities
Ltd. 3.91%, 01/31/18 144A | 185,000 | ||||||
| EUR | 306,000 | Smurfit
Kappa Acquisitions 5.13%, 06/15/18 (c) Reg S | 383,178 | |||||
| 6,586,637 | ||||||||
| Israel: 0.2% | ||||||||
| USD | 240,000 | B Communications
Ltd. 7.38%, 02/15/17 (c) 144A | 257,568 | |||||
| Principal | ||||||||
| Amount | Value | |||||||
| Italy: 6.7% | ||||||||
| EUR | 100,000 | Astaldi SpA 7.13%, 12/01/16 (c) Reg S | $ | 121,047 | ||||
| Banca Monte dei Paschi di Siena SpA | ||||||||
| 300,000 | 3.63%, 04/01/19 Reg S | 348,007 | ||||||
| GBP | 200,000 | 5.75%, 09/30/16 | 307,383 | |||||
| EUR | 200,000 | Banca Popolare di Milano 7.13%, 03/01/21 Reg S | 264,321 | |||||
| 200,000 | Banca Popolare Di Vicenza 5.00%, 10/25/18 Reg S | 239,124 | ||||||
| Banco Popolare SC | ||||||||
| 400,000 | 3.50%, 03/14/19 Reg S | 470,860 | ||||||
| 200,000 | 6.00%, 11/05/20 Reg S | 247,340 | ||||||
| 175,000 | Buzzi Unicem SpA 6.25%, 09/28/18 Reg S | 226,290 | ||||||
| Enel SpA | ||||||||
| 200,000 | 6.50%, 01/10/19 (c) Reg S | 250,951 | ||||||
| USD | 500,000 | 8.75%, 09/24/23 (c) 144A | 604,250 | |||||
| Finmeccanica Finance SA | ||||||||
| EUR | 100,000 | 4.38%, 12/05/17 | 121,406 | |||||
| 186,000 | 5.25%, 01/21/22 | 244,338 | ||||||
| GBP | 175,000 | 8.00%, 12/16/19 | 321,181 | |||||
| EUR | 217,000 | Finmeccanica SpA 4.88%, 03/24/25 | 284,953 | |||||
| Intesa Sanpaolo SpA | ||||||||
| 200,000 | 5.00%, 09/23/19 Reg S | 252,361 | ||||||
| 500,000 | 6.63%, 09/13/23 Reg S | 706,529 | ||||||
| 200,000 | 8.05%, 06/20/18 (c) | 258,343 | ||||||
| 200,000 | 8.38%, 10/14/19 (c) Reg S | 272,462 | ||||||
| Telecom Italia SpA | ||||||||
| 1,300,000 | 5.25%, 02/10/22 Reg S | 1,741,976 | ||||||
| 700,000 | 5.38%, 01/29/19 † Reg S | 893,579 | ||||||
| GBP | 150,000 | 6.38%, 06/24/19 | 256,410 | |||||
| UniCredit SpA | ||||||||
| EUR | 300,000 | 5.83%, 10/28/20 (c) Reg S | 374,387 | |||||
| 250,000 | 6.70%, 06/05/18 | 320,732 | ||||||
| 300,000 | 6.95%, 10/31/22 Reg S | 410,839 | ||||||
| 250,000 | Unipol Gruppo Finanziario SpA 5.00%, 01/11/17 Reg S | 297,349 | ||||||
| 200,000 | UnipolSai SpA 5.75%, 06/18/24 (c) Reg S | 230,220 | ||||||
| 250,000 | Veneto Banca SCPA 4.00%, 01/20/17 Reg S | 286,112 | ||||||
| 10,352,750 | ||||||||
| Japan: 0.4% | ||||||||
| USD | 550,000 | SoftBank Corp. 4.50%, 04/15/20 144A | 565,125 | |||||
| Kazakhstan: 0.4% | ||||||||
| 200,000 | Halyk Savings Bank of Kazakhstan JSC 7.25%, 05/03/17 Reg S | 206,572 | ||||||
| EUR | 264,000 | Kazkommertsbank JSC 6.88%, 02/13/17 | 298,783 | |||||
| USD | 200,000 | Zhaikmunai International BV 7.13%, 11/13/16 (c) 144A | 190,500 | |||||
| 695,855 | ||||||||
See Notes to Financial Statements
| 60 |
| Principal | ||||||||
| Amount | Value | |||||||
| Luxembourg: 18.1% | ||||||||
| USD | 200,000 | Accudyne Industries Borrower 7.75%, 12/15/15 (c) 144A | $ | 182,000 | ||||
| 200,000 | Aguila 3 SA 7.88%, 06/04/15 (c) 144A | 202,500 | ||||||
| 200,000 | Albea Beauty Holdings SA 8.38%, 11/01/15 (c) 144A | 217,000 | ||||||
| 220,000 | Alrosa Finance SA 7.75%, 11/03/20 144A | 229,350 | ||||||
| Altice Financing SA | ||||||||
| 400,000 | 6.63%, 02/15/18 (c) 144A | 414,000 | ||||||
| 550,000 | 9.88%, 12/15/16 (c) 144A | 609,812 | ||||||
| 1,050,000 | Altice SA 7.75%, 05/15/17 (c) 144A | 1,063,135 | ||||||
| ArcelorMittal | ||||||||
| 225,000 | 5.25%, 02/25/17 (s) | 234,653 | ||||||
| 240,000 | 6.13%, 06/01/18 | 256,800 | ||||||
| 770,000 | 7.00%, 02/25/22 (s) | 840,262 | ||||||
| 425,000 | 7.50%, 03/01/41 (s) | 436,687 | ||||||
| 250,000 | 7.75%, 10/15/39 (s) | 259,375 | ||||||
| 340,000 | 10.60%, 06/01/19 (s) | 410,550 | ||||||
| 208,768 | Ardagh Finance Holdings SA 8.63%, 06/15/16 (c) 144A | 223,904 | ||||||
| GBP | 100,000 | Cabot Financial Luxembourg SA 6.50%, 04/01/17 (c) Reg S | 148,296 | |||||
| USD | 324,000 | CHC Helikopter SA 9.25%, 10/15/15 (c) † | 284,407 | |||||
| EUR | 175,000 | Cirsa Funding Luxembourg SA 8.75%, 06/03/15 (c) Reg S | 201,636 | |||||
| 100,000 | Clariant Finance Luxembourg SA 5.63%, 01/24/17 | 121,686 | ||||||
| USD | 200,000 | Consolidated Energy Finance SA 6.75%, 10/15/16 (c) 144A | 205,000 | |||||
| 400,000 | Convatec Healthcare E SA 10.50%, 06/04/15 (c) 144A | 423,500 | ||||||
| 200,000 | Cosan Luxembourg SA 5.00%, 03/14/18 (c) 144A | 181,000 | ||||||
| CSN Resources SA | ||||||||
| 220,000 | 6.50%, 07/21/20 † Reg S | 203,500 | ||||||
| 200,000 | 6.50%, 07/21/20 † 144A | 185,000 | ||||||
| EUR | 175,000 | Dufry Finance SCA 4.50%, 07/15/17 (c) Reg S | 208,237 | |||||
| Evraz Group SA | ||||||||
| USD | 300,000 | 6.50%, 04/22/20 Reg S | 273,000 | |||||
| 300,000 | 6.50%, 04/22/20 144A | 273,000 | ||||||
| Fiat Chrysler Finance Europe | ||||||||
| EUR | 400,000 | 4.75%, 07/15/22 Reg S | 497,300 | |||||
| 250,000 | 6.63%, 03/15/18 Reg S | 313,628 | ||||||
| 820,000 | Fiat Finance & Trade SA 7.00%, 03/23/17 Reg S | 1,004,074 | ||||||
| 450,000 | Fiat Industrial Finance Europe SA 6.25%, 03/09/18 Reg S | 562,886 | ||||||
| 200,000 | Findus Bondco SA 9.13%, 07/01/15 (c) Reg S | 237,276 | ||||||
| 100,000 | Galapagos SA 5.38%, 06/15/17 (c) 144A | 114,150 | ||||||
| 100,000 | Gategroup Finance Luxembourg SA 6.75%, 06/03/15 (c) Reg S | 117,658 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Luxembourg: (continued) | ||||||||
| Gazprom Neft OAO via GPN Capital SA | ||||||||
| USD | 600,000 | 4.38%, 09/19/22 144A | $ | 511,500 | ||||
| 100,000 | 6.00%, 11/27/23 144A | 93,000 | ||||||
| Gazprom OAO | ||||||||
| 1,100,000 | 4.95%, 07/19/22 144A | 1,025,750 | ||||||
| 850,000 | 7.29%, 08/16/37 144A | 870,400 | ||||||
| 1,100,000 | 9.25%, 04/23/19 144A | 1,225,950 | ||||||
| EUR | 100,000 | Geo Debt Finance SCA 7.50%, 06/03/15 (c) Reg S | 108,133 | |||||
| USD | 250,000 | Gestamp Funding Luxembourg SA 5.63%, 05/31/16 (c) 144A | 260,000 | |||||
| EUR | 959,000 | HeidelbergCement Finance BV 8.00%, 01/31/17 Reg S | 1,208,245 | |||||
| USD | 300,000 | Home Credit & Finance Bank 9.38%, 04/24/18 (c) Reg S | 282,000 | |||||
| EUR | 400,000 | Ineos Group Holdings SA 5.75%, 02/15/16 (c) 144A | 460,770 | |||||
| USD | 95,000 | International Automotive Components Group SA 9.13%, 06/01/15 (c) 144A | 98,325 | |||||
| EUR | 150,000 | Intralot Capital Luxembourg SA 6.00%, 05/15/17 (c) Reg S | 149,173 | |||||
| 250,000 | KION Finance SA 6.75%, 02/15/16 (c) Reg S | 301,512 | ||||||
| 150,000 | Lecta SA 8.88%, 05/15/15 (c) Reg S | 179,008 | ||||||
| USD | 200,000 | MHP SA 8.25%, 04/02/20 144A | 163,000 | |||||
| 550,000 | Millicom International Cellular 6.63%, 10/15/17 (c) 144A | 587,812 | ||||||
| Minerva Luxembourg SA | ||||||||
| 195,000 | 7.75%, 01/31/18 (c) 144A | 195,000 | ||||||
| 200,000 | 12.25%, 02/10/17 (c) Reg S | 220,800 | ||||||
| 330,000 | MOL Group Finance SA 6.25%, 09/26/19 † Reg S | 363,000 | ||||||
| 400,000 | OAO TMK 6.75%, 04/03/20 Reg S | 344,400 | ||||||
| 200,000 | Offshore Drilling Holding SA 8.63%, 09/20/17 (c) † 144A | 177,000 | ||||||
| EUR | 470,000 | Olivetti Finance 7.75%, 01/24/33 | 773,460 | |||||
| 300,000 | Play Finance 2 SA 5.25%, 02/01/16 (c) Reg S | 349,880 | ||||||
| USD | 300,000 | Puma International Financing SA 6.75%, 02/01/17 (c) † Reg S | 313,500 | |||||
| Rosneft Finance SA | ||||||||
| 200,000 | 7.25%, 02/02/20 144A | 198,750 | ||||||
| 460,000 | 7.88%, 03/13/18 144A | 470,695 | ||||||
| Russian Agricultural Bank OJSC | ||||||||
| 200,000 | 5.30%, 12/27/17 144A | 192,274 | ||||||
| 200,000 | 6.00%, 06/03/16 (c) 144A | 178,000 | ||||||
| Sberbank of Russia via SB Capital SA | ||||||||
| 200,000 | 4.95%, 02/07/17 144A | 199,500 | ||||||
| 400,000 | 5.13%, 10/29/22 144A | 334,000 | ||||||
| 200,000 | 5.18%, 06/28/19 Reg S | 191,990 | ||||||
| 450,000 | 6.13%, 02/07/22 144A | 438,525 | ||||||
| 300,000 | Severstal OAO 6.70%, 10/25/17 144A | 309,375 | ||||||
See Notes to Financial Statements
| 61 |
INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal | ||||||||
| Amount | Value | |||||||
| Luxembourg: (continued) | ||||||||
| EUR | 100,000 | Takko Luxembourg 2 SCA 9.88%, 04/15/16 (c) Reg S | $ | 55,806 | ||||
| USD | 200,000 | Telecom Italia Capital 6.38%, 11/15/33 | 216,698 | |||||
| EUR | 300,000 | Telenet Finance Luxembourg SCA 6.38%, 11/15/15 (c) Reg S | 354,654 | |||||
| USD | 100,000 | Tonon Luxembourg SA 10.50%, 05/14/17 (c) 144A | 45,500 | |||||
| 200,000 | Topaz Marine SA 8.63%, 11/01/16 (c) 144A | 192,000 | ||||||
| EUR | 430,000 | UniCredit International Bank Luxembourg SA 8.13%, 12/10/19 (c) Reg S | 571,578 | |||||
| USD | 300,000 | Virgolino de Oliveira Finance Ltd. 11.75%, 02/09/17 (c) (d) * Reg S | 4,500 | |||||
| VTB Bank OJSC via VTB Capital SA | ||||||||
| 600,000 | 6.88%, 05/29/18 144A | 603,000 | ||||||
| 600,000 | 6.95%, 10/17/22 144A | 552,948 | ||||||
| Wind Acquisition Finance SA | ||||||||
| EUR | 100,000 | 4.00%, 07/15/16 (c) Reg S | 113,754 | |||||
| 200,000 | 4.00%, 07/15/16 (c) 144A | 227,507 | ||||||
| USD | 200,000 | 6.50%, 04/30/16 (c) 144A | 213,250 | |||||
| 1,000,000 | 7.38%, 04/23/17 (c) 144A | 1,026,250 | ||||||
| 28,087,434 | ||||||||
| Marshall Islands: 0.3% | ||||||||
| 350,000 | Drill Rigs Holdings, Inc. 6.50%, 10/01/15 (c) 144A | 303,625 | ||||||
| 100,000 | Teekay Corp. 8.50%, 01/15/20 | 113,000 | ||||||
| 416,625 | ||||||||
| Mexico: 1.4% | ||||||||
| 125,000 | Axtel SAB de CV 9.00%, 01/31/16 (c) (s) 144A | 120,625 | ||||||
| 300,000 | BBVA Bancomer SA 7.25%, 04/22/20 144A | 340,500 | ||||||
| 228,000 | Cemex SAB de CV 9.50%, 06/15/16 (c) 144A | 254,220 | ||||||
| 265,000 | Empresas ICA SAB de CV 8.90%, 02/04/16 (c) Reg S | 245,708 | ||||||
| 250,000 | Grupo Elektra SAB de CV 7.25%, 08/06/15 (c) Reg S | 260,625 | ||||||
| 200,000 | Grupo KUO SAB de CV 6.25%, 12/04/17 (c) Reg S | 207,000 | ||||||
| 200,000 | Servicios Corporativos Javer SAPI de CV 9.88%, 04/06/16 (c) Reg S | 214,300 | ||||||
| 250,000 | Tenedora Nemak SA 5.50%, 02/28/18 (c) 144A | 263,775 | ||||||
| 200,000 | TV Azteca SAB de CV 7.63%, 09/18/17 (c) Reg S | 214,500 | ||||||
| 2,121,253 | ||||||||
| Netherlands: 10.5% | ||||||||
| 200,000 | Access Finance BV 7.25%, 07/25/17 144A | 198,042 | ||||||
| 200,000 | Carlson Wagonlit BV 6.88%, 06/15/15 (c) 144A | 211,500 | ||||||
| 200,000 | Cimpor Financial Operations BV 5.75%, 07/17/19 (c) 144A | 181,500 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Netherlands: (continued) | ||||||||
| EUR | 150,000 | Constellium NV 4.63%, 05/15/17 (c) Reg S | $ | 162,788 | ||||
| USD | 200,000 | FBN Finance Co. BV 8.00%, 07/23/19 (c) 144A | 189,500 | |||||
| Fresenius Finance BV | ||||||||
| EUR | 191,000 | 2.88%, 07/15/20 144A | 232,538 | |||||
| 185,000 | 4.00%, 02/01/24 144A | 244,803 | ||||||
| 50,000 | 4.00%, 02/01/24 Reg S | 66,163 | ||||||
| 200,000 | Gas Natural Fenosa Finance BV 4.13%, 11/18/22 (c) Reg S | 235,764 | ||||||
| Generali Finance BV | ||||||||
| 250,000 | 4.60%, 11/21/25 (c) Reg S | 295,497 | ||||||
| 450,000 | 5.48%, 02/08/17 (c) | 526,482 | ||||||
| 200,000 | GRP Isolux Corsan Finance BV 6.63%, 04/15/17 (c) Reg S | 193,015 | ||||||
| USD | 200,000 | GTB Finance BV 6.00%, 11/08/18 144A | 194,040 | |||||
| 300,000 | Indo Energy Finance II BV 6.38%, 01/24/18 (c) † 144A | 198,000 | ||||||
| 370,000 | InterGen NV 7.00%, 06/30/18 (c) 144A | 357,975 | ||||||
| GBP | 249,000 | Koninklijke KPN NV 6.88%, 03/14/20 (c) Reg S | 418,512 | |||||
| EUR | 200,000 | LGE HoldCo VI BV 7.13%, 05/15/19 (c) Reg S | 253,524 | |||||
| USD | 200,000 | Listrindo Capital BV 6.95%, 02/21/16 (c) 144A | 212,000 | |||||
| Majapahit Holding BV | ||||||||
| 80,000 | 7.25%, 06/28/17 Reg S | 88,000 | ||||||
| 595,000 | 7.75%, 01/20/20 144A | 701,457 | ||||||
| Marfrig Holdings Europe BV | ||||||||
| 300,000 | 8.38%, 05/09/18 † Reg S | 293,190 | ||||||
| 200,000 | 11.25%, 09/20/17 (c) 144A | 194,020 | ||||||
| 400,000 | Myriad International Holdings BV 6.00%, 07/18/20 144A | 446,000 | ||||||
| 450,000 | NXP BV / NXP Funding LLC 5.75%, 03/15/18 (c) 144A | 481,500 | ||||||
| EUR | 200,000 | OI European Group BV 6.75%, 09/15/20 Reg S | 269,492 | |||||
| Petrobras Global Finance BV | ||||||||
| 800,000 | 2.75%, 01/15/18 | 852,738 | ||||||
| USD | 900,000 | 4.38%, 05/20/23 | 802,647 | |||||
| 700,000 | 7.88%, 03/15/19 † | 763,357 | ||||||
| 2,195,000 | Petrobras International Finance Co. 5.38%, 01/27/21 | 2,117,736 | ||||||
| Portugal Telecom International Finance BV | ||||||||
| EUR | 600,000 | 4.63%, 05/08/20 † Reg S | 671,699 | |||||
| 200,000 | 5.88%, 04/17/18 Reg S | 232,496 | ||||||
| 92,000 | Refresco Group BV 7.38%, 06/01/15 (c) Reg S | 107,472 | ||||||
| Schaeffler Finance BV | ||||||||
| 550,000 | 3.50%, 05/15/17 (c) 144A | 637,103 | ||||||
| USD | 200,000 | 6.88%, 06/04/15 (c) 144A | 209,250 | |||||
| EUR | 492,000 | 6.88%, 06/01/15 (c) Reg S | 578,435 | |||||
| USD | 250,000 | Sensata Technologies BV 4.88%, 10/15/23 144A | 260,313 | |||||
| EUR | 400,000 | SNS Bank NV 11.25%, 11/27/19 (c) (d) * Reg S | 15,688 | |||||
See Notes to Financial Statements
| 62 |
| Principal | ||||||||
| Amount | Value | |||||||
| Netherlands: (continued) | ||||||||
| EUR | 600,000 | Telefonica Europe BV 6.50%, 09/18/18 (c) Reg S | $ | 753,766 | ||||
| 250,000 | UPC Holding BV 6.38%, 09/15/17 (c) Reg S | 303,904 | ||||||
| VimpelCom Holdings BV | ||||||||
| USD | 200,000 | 5.95%, 02/13/23 144A | 184,000 | |||||
| 50,000 | 6.25%, 03/01/17 Reg S | 50,238 | ||||||
| 450,000 | 6.25%, 03/01/17 144A | 452,137 | ||||||
| 360,000 | VTR Finance BV 6.88%, 01/15/19 (c) 144A | 373,392 | ||||||
| 16,211,673 | ||||||||
| Norway: 0.5% | ||||||||
| Eksportfinans ASA | ||||||||
| 156,000 | 2.38%, 05/25/16 | 156,878 | ||||||
| 320,000 | 5.50%, 06/26/17 | 341,373 | ||||||
| EUR | 200,000 | Lock AS 7.00%, 08/15/17 (c) Reg S | 244,531 | |||||
| 130,000 | Norske Skog Holding AS 8.00%, 02/24/18 (c) 144A | 100,426 | ||||||
| 843,208 | ||||||||
| Peru: 0.3% | ||||||||
| USD | 200,000 | Cia Minera Ares SAC 7.75%, 01/23/18 (c) † 144A | 203,690 | |||||
| 97,000 | Corp. Azucarera del Peru SA 6.38%, 08/02/17 (c) 144A | 87,906 | ||||||
| 200,000 | Corp. Lindley SA 4.63%, 04/12/23 144A | 195,500 | ||||||
| 487,096 | ||||||||
| Portugal: 0.2% | ||||||||
| EUR | 300,000 | Novo Banco SA 4.00%, 01/21/19 Reg S | 338,295 | |||||
| Russia: 0.1% | ||||||||
| USD | 175,000 | Ukrlandfarming Plc 10.88%, 03/26/18 144A | 91,875 | |||||
| Saudi Arabia: 0.1% | ||||||||
| 200,000 | Dar Al-Arkan Sukuk Co. Ltd. 5.75%, 05/24/18 Reg S | 200,750 | ||||||
| Singapore: 0.5% | ||||||||
| 350,000 | ABJA Investment Co. Pte Ltd. 5.95%, 07/31/24 Reg S | 363,189 | ||||||
| 150,000 | Bakrie Telecom Pte Ltd. 11.50%, 05/07/15 (d) * Reg S | 9,750 | ||||||
| 245,000 | STATS ChipPAC Ltd. 4.50%, 03/20/16 (c) † 144A | 245,613 | ||||||
| 200,000 | Theta Capital Pte Ltd. 6.13%, 11/14/16 (c) Reg S | 203,703 | ||||||
| 822,255 | ||||||||
| South Africa: 0.5% | ||||||||
| EUR | 300,000 | Edcon Pty Ltd. 9.50%, 06/03/15 (c) Reg S | 274,176 | |||||
| Eskom Holdings SOC Ltd. | ||||||||
| USD | 300,000 | 5.75%, 01/26/21 144A | 300,300 | |||||
| 200,000 | 6.75%, 08/06/23 144A | 208,016 | ||||||
| 782,492 | ||||||||
| South Korea: 0.1% | ||||||||
| 200,000 | Woori Bank Co. Ltd. 6.21%, 05/02/17 (c) 144A | 214,348 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Spain: 1.3% | ||||||||
| Abengoa Finance SAU | ||||||||
| USD | 250,000 | 8.88%, 11/01/17 Reg S | $ | 261,875 | ||||
| EUR | 200,000 | 8.88%, 02/05/18 Reg S | 236,535 | |||||
| 100,000 | Abengoa SA 8.50%, 03/31/16 | 117,960 | ||||||
| 200,000 | Banco de Sabadell SA 2.50%, 12/05/16 | 230,767 | ||||||
| 400,000 | Bankia SA 3.50%, 01/17/19 Reg S | 484,045 | ||||||
| 50,000 | Bankinter SA 6.38%, 09/11/19 | 65,762 | ||||||
| USD | 100,000 | BBVA International Preferred SAU 5.92%, 04/18/17 (c) | 103,900 | |||||
| EUR | 100,000 | BPE Financiaciones SA 2.50%, 02/01/17 | 115,134 | |||||
| 200,000 | CaixaBank SA 5.00%, 11/14/18 (c) Reg S | 241,740 | ||||||
| 150,000 | Mapfre SA 5.92%, 07/24/17 (c) | 181,789 | ||||||
| 2,039,507 | ||||||||
| Sri Lanka: 0.3% | ||||||||
| USD | 200,000 | Bank of Ceylon 5.33%, 04/16/18 Reg S | 201,000 | |||||
| 200,000 | National Savings Bank 8.88%, 09/18/18 144A | 218,000 | ||||||
| 419,000 | ||||||||
| Sweden: 1.2% | ||||||||
| Eileme 2 AB | ||||||||
| 100,000 | 11.63%, 01/31/16 (c) Reg S | 112,450 | ||||||
| 125,000 | 11.63%, 01/31/16 (c) 144A | 140,563 | ||||||
| EUR | 25,000 | 11.75%, 01/31/16 (c) Reg S | 31,689 | |||||
| 150,000 | Perstorp Holding AB 9.00%, 06/03/15 (c) 144A | 177,327 | ||||||
| 300,000 | Stena AB 6.13%, 02/01/17 Reg S | 356,755 | ||||||
| 200,000 | TVN Finance Corporation III AB 7.38%, 12/15/16 (c) Reg S | 249,959 | ||||||
| 150,000 | Unilabs Subholding AB 8.50%, 07/15/15 (c) Reg S | 176,066 | ||||||
| 200,000 | Verisure Holding AB 8.75%, 06/03/15 (c) Reg S | 240,035 | ||||||
| 300,000 | Volvo Treasury AB 4.20%, 06/10/20 (c) Reg S | 346,099 | ||||||
| 1,830,943 | ||||||||
| Turkey: 0.9% | ||||||||
| USD | 200,000 | Arcelik AS 5.00%, 04/03/23 144A | 192,240 | |||||
| 200,000 | Finansbank AS 5.15%, 11/01/17 Reg S | 203,110 | ||||||
| 200,000 | Tupras Turkiye Petrol Rafinerileri AS 4.13%, 05/02/18 144A | 201,680 | ||||||
| 325,000 | Turkiye Is Bankasi SA 6.00%, 10/24/22 144A | 323,781 | ||||||
| 200,000 | Turkiye Vakiflar Bankasi T.A.O. 6.00%, 11/01/22 144A | 198,080 | ||||||
| 270,000 | Yapi ve Kredi Bankasi A/S 5.50%, 12/06/22 144A | 261,495 | ||||||
| 1,380,386 | ||||||||
See Notes to Financial Statements
| 63 |
INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal | ||||||||
| Amount | Value | |||||||
| United Kingdom: 13.2% | ||||||||
| USD | 200,000 | Afren Plc 6.63%, 12/09/16 (c) 144A | $ | 89,000 | ||||
| Algeco Scotsman Global Finance Plc | ||||||||
| 100,000 | 8.50%, 10/15/15 (c) 144A | 97,250 | ||||||
| 250,000 | 10.75%, 10/15/16 (c) 144A | 201,094 | ||||||
| AngloGold Ashanti Holdings Plc | ||||||||
| 275,000 | 5.13%, 08/01/22 | 265,452 | ||||||
| 270,000 | 8.50%, 07/30/16 (c) † | 298,012 | ||||||
| GBP | 100,000 | Arqiva Broadcast Finance Plc 9.50%, 03/31/16 (c) Reg S | 170,963 | |||||
| 57,821 | Bakkavor Finance 2 Plc 8.25%, 06/01/15 (c) Reg S | 92,970 | ||||||
| 550,000 | Barclays Bank Plc 14.00%, 06/15/19 (c) | 1,137,867 | ||||||
| 200,000 | Boparan Finance Plc 5.50%, 07/15/17 (c) Reg S | 272,005 | ||||||
| USD | 300,000 | CEVA Group Plc 7.00%, 03/01/17 (c) 144A | 297,750 | |||||
| GBP | 200,000 | Co-Operative Bank Plc 5.13%, 09/20/17 | 301,119 | |||||
| 249,000 | Co-operative Group Holdings Ltd. 6.88%, 07/08/20 (s) Reg S | 417,050 | ||||||
| 150,000 | Crown Newco 3 Plc 8.88%, 06/01/15 (c) Reg S | 240,531 | ||||||
| 100,000 | Elli Finance UK Plc 8.75%, 06/15/15 (c) Reg S | 154,279 | ||||||
| USD | 200,000 | EnQuest Plc 7.00%, 04/15/17 (c) 144A | 157,000 | |||||
| GBP | 175,000 | Enterprise Inns 6.50%, 12/06/18 | 287,084 | |||||
| 135,000 | Gala Group Finance Plc 8.88%, 06/01/15 (c) Reg S | 217,834 | ||||||
| 340,000 | HBOS Capital Funding LP 6.46%, 11/30/18 (c) Reg S | 565,000 | ||||||
| 200,000 | Heathrow Finance Plc 7.13%, 03/01/17 Reg S | 333,912 | ||||||
| USD | 300,000 | Inmarsat Finance Plc 4.88%, 05/15/17 (c) 144A | 302,250 | |||||
| EUR | 800,000 | International Game Technology Plc 4.13%, 11/15/19 (c) Reg S | 911,007 | |||||
| 150,000 | International Personal Finance Plc 5.75%, 04/07/21 Reg S | 170,268 | ||||||
| GBP | 200,000 | Investec Bank Plc 9.63%, 02/17/22 Reg S | 367,339 | |||||
| Jaguar Land Rover Plc | ||||||||
| 200,000 | 5.00%, 02/15/22 144A | 330,903 | ||||||
| 200,000 | 8.25%, 03/15/16 (c) Reg S | 341,156 | ||||||
| USD | 300,000 | KCA Deutag Finance Plc 7.25%, 05/15/17 (c) 144A | 258,750 | |||||
| EUR | 225,000 | Kerling Plc 10.63%, 06/03/15 (c) † Reg S | 258,742 | |||||
| GBP | 100,000 | Ladbrokes Group Finance Plc 5.13%, 09/16/22 Reg S | 154,059 | |||||
| USD | 450,000 | Lloyds TSB Bank Plc 12.00%, 12/16/24 (c) 144A | 646,875 | |||||
| GBP | 100,000 | Lowell Group Financing Plc 5.88%, 04/01/16 (c) Reg S | 147,310 | |||||
| Principal | ||||||||
| Amount | Value | |||||||
| United Kingdom: (continued) | ||||||||
| Lynx I Corp. | ||||||||
| GBP | 126,900 | 6.00%, 04/15/17 (c) 144A | $ | 205,326 | ||||
| 450,000 | 6.00%, 04/15/17 (c) Reg S | 728,106 | ||||||
| 200,000 | Lynx II Corp. 7.00%, 04/15/18 (c) 144A | 333,475 | ||||||
| 100,000 | Matalan Finance Plc 6.88%, 05/30/16 (c) 144A | 156,748 | ||||||
| EUR | 150,000 | NBG Finance Plc 4.38%, 04/30/19 Reg S | 105,903 | |||||
| GBP | 200,000 | New Look Bondco I Plc 8.75%, 05/14/15 (c) Reg S | 322,333 | |||||
| 100,000 | Odeon & UCI Finco Plc 9.00%, 05/11/15 (c) Reg S | 157,901 | ||||||
| 150,000 | Old Mutual Plc 8.00%, 06/03/21 Reg S | 263,960 | ||||||
| USD | 200,000 | Oschadbank 8.88%, 03/20/18 Reg S | 133,300 | |||||
| EUR | 400,000 | OTE Plc 4.63%, 05/20/16 † | 448,215 | |||||
| USD | 200,000 | Polyus Gold International Ltd. 5.63%, 04/29/20 144A | 189,900 | |||||
| EUR | 200,000 | PPC Finance Plc 5.50%, 05/01/16 (c) Reg S | 164,721 | |||||
| 167,000 | ProSecure Funding LP 4.67%, 06/30/16 | 193,934 | ||||||
| GBP | 120,000 | R&R Ice Cream Plc 5.50%, 05/15/16 (c) Reg S | 190,634 | |||||
| EUR | 232,000 | Rexam Plc 6.75%, 06/29/17 (c) Reg S | 268,936 | |||||
| Royal Bank of Scotland Group Plc | ||||||||
| 300,000 | 3.63%, 03/25/19 (c) Reg S | 350,188 | ||||||
| 250,000 | 4.35%, 01/23/17 | 295,716 | ||||||
| 296,000 | 4.63%, 09/22/16 (c) | 343,374 | ||||||
| USD | 300,000 | 5.13%, 05/28/24 | 310,413 | |||||
| 825,000 | 6.13%, 12/15/22 | 916,671 | ||||||
| EUR | 400,000 | 6.93%, 04/09/18 | 514,067 | |||||
| GBP | 100,000 | Stretford 79 Plc 6.75%, 07/15/19 (c) Reg S | 130,378 | |||||
| EUR | 700,000 | Tesco Corporate Treasury Services Plc 1.38%, 07/01/19 Reg S | 762,452 | |||||
| Tesco Plc | ||||||||
| GBP | 625,000 | 6.13%, 02/24/22 | 1,069,716 | |||||
| USD | 100,000 | 6.15%, 11/15/37 144A | 102,893 | |||||
| GBP | 100,000 | Thames Water Kemble Finance Plc 7.75%, 04/01/19 Reg S | 169,427 | |||||
| EUR | 200,000 | Thomas Cook Finance Plc 7.75%, 06/15/16 (c) Reg S | 242,318 | |||||
| GBP | 100,000 | Towergate Finance Plc 10.50%, 02/15/16 (c) Reg S # | 6,915 | |||||
| USD | 350,000 | Tullow Oil Plc 6.00%, 11/01/16 (c) 144A | 323,750 | |||||
| GBP | 200,000 | Twinkle Pizza Plc 6.63%, 08/01/17 (c) Reg S | 325,386 | |||||
| USD | 200,000 | Ukreximbank via Biz Finance Plc 8.75%, 01/22/18 Reg S | 136,776 | |||||
| 725,000 | Vedanta Resources Plc 6.00%, 01/31/19 † 144A | 686,937 | ||||||
| 50,000 | Virgin Media Finance Plc 4.88%, 02/15/22 | 47,750 | ||||||
See Notes to Financial Statements
| 64 |
| Principal | ||||||||
| Amount | Value | |||||||
| United Kingdom: (continued) | ||||||||
| GBP | 100,000 | Voyage Care Bondco Plc 6.50%, 06/01/15 (c) Reg S | $ | 159,630 | ||||
| 125,000 | William Hill Plc 4.25%, 06/05/20 Reg S | 192,574 | ||||||
| 20,435,554 | ||||||||
| United States: 4.6% | ||||||||
| USD | 640,000 | Alcatel-Lucent USA, Inc. 6.45%, 03/15/29 | 718,400 | |||||
| 200,000 | Ashtead Capital, Inc. 6.50%, 07/15/17 (c) 144A | 215,126 | ||||||
| 235,000 | Calfrac Holdings LP 7.50%, 12/01/15 (c) 144A | 214,438 | ||||||
| 63,574 | CEDC Finance Corporation International, Inc. 10.00%, 06/04/15 (c) | 41,005 | ||||||
| Cemex Finance LLC | ||||||||
| 425,000 | 6.00%, 04/01/19 (c) 144A | 436,942 | ||||||
| 800,000 | 9.38%, 10/12/17 (c) 144A | 914,800 | ||||||
| EUR | 150,000 | Deutsche Bank Contingent Capital Trust IV 8.00%, 05/15/18 (c) Reg S | 195,606 | |||||
| USD | 775,000 | Fresenius Medical Care US Finance, Inc. 5.75%, 02/15/21 144A | 850,562 | |||||
| 630,000 | JBS USA LLC / JBS USA Finance, Inc. 7.25%, 06/05/15 (c) 144A | 667,800 | ||||||
| 655,000 | RBS Capital Trust II 6.43%, 01/03/34 (c) | 758,162 | ||||||
| 1,200,000 | Reynolds Group Issuer, Inc. 5.75%, 10/15/15 (c) | 1,257,000 | ||||||
| 400,000 | UBS Preferred Funding Trust 6.24%, 05/15/16 (c) † | 417,044 | ||||||
| 500,000 | ZF North America Capital, Inc. 4.50%, 04/29/22 144A | 501,562 | ||||||
| 7,188,447 | ||||||||
| Venezuela: 1.7% | ||||||||
| 370,000 | C.A. La Electricidad de Caracas 8.50%, 04/10/18 Reg S | 164,650 | ||||||
| Petroleos de Venezuela SA | ||||||||
| 865,000 | 5.38%, 04/12/27 Reg S | 356,726 | ||||||
| 345,000 | 5.50%, 04/12/37 † Reg S | 141,450 | ||||||
| 400,000 | 6.00%, 05/16/24 144A | 170,800 | ||||||
| 835,000 | 8.50%, 11/02/17 Reg S | 647,960 | ||||||
| 390,000 | 8.50%, 11/02/17 144A | 302,640 | ||||||
| 90,000 | 9.00%, 11/17/21 † Reg S | 44,316 | ||||||
| 825,000 | 9.00%, 11/17/21 † 144A | 406,230 | ||||||
| 700,000 | 9.75%, 05/17/35 † 144A | 343,280 | ||||||
| 180,000 | 12.75%, 02/17/22 † 144A | 106,200 | ||||||
| 2,684,252 | ||||||||
| Total
Corporate Bonds (Cost: $160,817,243) | 151,021,936 | |||||||
| GOVERNMENT OBLIGATIONS: 0.7% | ||||||||
| Azerbaijan: 0.3% | ||||||||
| 400,000 | State Oil Company of the Azerbaijan Republic 4.75%, 03/13/23 Reg S | 389,624 | ||||||
| Costa Rica: 0.2% | ||||||||
| 200,000 | Instituto Costarricense de Electricidad 6.95%, 11/10/21 Reg S | 215,250 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| India: 0.1% | ||||||||
| USD | 200,000 | State Bank of India 6.44%, 05/15/17 (c) Reg S | $ | 208,070 | ||||
| Turkey: 0.1% | ||||||||
| 200,000 | Export Credit Bank of Turkey 5.88%, 04/24/19 Reg S | 212,100 | ||||||
| Total Government Obligations (Cost: $1,025,862) | 1,025,044 | |||||||
| Number of Shares |
||||||||
| MONEY MARKET FUND: 0.2% (Cost: $345,947) | ||||||||
| 345,947 | Dreyfus Government Cash Management Fund | 345,947 | ||||||
| Total Investments Before Collateral for Securities Loaned: 98.3% (Cost: $162,189,052) | 152,392,927 | |||||||
| Principal Amount |
||||||||
| SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 7.7% | ||||||||
| Repurchase Agreements: 7.7% | ||||||||
| USD | 590,316 | Repurchase agreement dated 4/30/15 with BNP Paribas Securities Corp., 0.12%, due 5/1/15, proceeds $590,318; (collateralized by various U.S. government and agency obligations, 0.00% to 6.50%, due 5/1/16 to 4/20/45, valued at $602,122 including accrued interest) | 590,316 | |||||
| 2,813,253 | Repurchase agreement dated 4/30/15 with Citigroup Global Markets, Inc., 0.13%, due 5/1/15, proceeds $2,813,263; (collateralized by various U.S. government and agency obligations, 1.61% to 8.00%, due 6/1/17 to 6/15/52, valued at $2,869,518 including accrued interest) | 2,813,253 | ||||||
| 2,813,253 | Repurchase agreement dated 4/30/15 with HSBC Securities USA, Inc., 0.11%, due 5/1/15, proceeds $2,813,262; (collateralized by various U.S. government and agency obligations, 3.50% to 6.00%, due 6/1/34 to 1/1/45, valued at $2,869,541 including accrued interest) | 2,813,253 | ||||||
| 2,813,253 | Repurchase agreement dated 4/30/15 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.12%, due 5/1/15, proceeds $2,813,262; (collateralized by various U.S. government and agency obligations, 0.00% to 7.50%, due 1/31/19 to 12/20/64, valued at $2,869,518 including accrued interest) | 2,813,253 | ||||||
See Notes to Financial Statements
| 65 |
INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal | ||||||||
| Amount | Value | |||||||
| Repurchase Agreements: (continued) | ||||||||
| USD | 2,813,253 | Repurchase agreement dated 4/30/15 with Mizuho Securities USA, Inc., 0.13%, due 5/1/15, proceeds $2,813,263; (collateralized by various U.S. government and agency obligations, 0.00% to 4.50%, due 2/1/19 to 5/1/45, valued at $2,869,518 including accrued interest) | $ | 2,813,253 | ||||
| Total Short-Term Investments Held As Collateral For Securities Loaned (Cost: $11,843,328) | 11,843,328 | |||||||
| Total Investments: 106.0% (Cost: $174,032,380) | 164,236,255 | |||||||
| Liabilities in excess of other assets: (6.0)% | (9,233,217 | ) | ||||||
| NET ASSETS: 100.0% | $ | 155,003,038 | ||||||
| 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 |
| (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 $11,281,678. |
| # | Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. The |
| aggregate value of fair valued securities is $6,915 which represents 0.0% of net assets. | |
| 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 $59,082,519, or 38.1% of net assets. |
| Summary of Investments by Sector Excluding | |||||||||
| Collateral for Securities Loaned (unaudited) | % of Investments | Value | |||||||
| Basic Materials | 9.3 | % | $ | 14,204,592 | |||||
| Communications | 16.3 | 24,770,874 | |||||||
| Consumer, Cyclical | 9.9 | 15,125,238 | |||||||
| Consumer, Non-cyclical | 7.3 | 11,197,105 | |||||||
| Diversified | 1.0 | 1,585,407 | |||||||
| Energy | 13.0 | 19,742,669 | |||||||
| Financial | 26.0 | 39,601,153 | |||||||
| Government | 0.7 | 1,025,044 | |||||||
| Industrial | 11.8 | 18,004,821 | |||||||
| Technology | 0.7 | 987,426 | |||||||
| Utilities | 3.8 | 5,802,651 | |||||||
| Money Market Fund | 0.2 | 345,947 | |||||||
| 100.0 | % | $ | 152,392,927 | ||||||
See Notes to Financial Statements
| 66 |
The summary of inputs used to value the Fund’s investments as of April 30, 2015 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs |
Value | ||||||||||||||||||
| Corporate Bonds* | $ | — | $ | 151,021,936 | $ | — | $ | 151,021,936 | |||||||||||||
| Government Obligations* | — | 1,025,044 | — | 1,025,044 | |||||||||||||||||
| Money Market Fund | 345,947 | — | — | 345,947 | |||||||||||||||||
| Repurchase Agreements | — | 11,843,328 | — | 11,843,328 | |||||||||||||||||
| Total | $ | 345,947 | $ | 163,890,308 | $ | — | $ | 164,236,255 | |||||||||||||
| * | See Schedule of Investments for security type and geographic sector breakouts. |
There were no transfers between levels during the year ended April 30, 2015.
See Notes to Financial Statements
| 67 |
INVESTMENT GRADE FLOATING RATE ETF
SCHEDULE OF INVESTMENTS
April 30, 2015
| Principal | ||||||||
| Amount | Value | |||||||
| FLOATING RATE NOTES: 99.4% | ||||||||
| Australia: 6.6% | ||||||||
| Australia & New Zealand Banking Group Ltd. | ||||||||
| $ | 475,000 | 0.46%, 05/07/15 Reg S | $ | 475,018 | ||||
| 425,000 | 0.46%, 05/07/15 144A | 425,016 | ||||||
| 600,000 | 0.82%, 05/15/18 | 602,603 | ||||||
| 130,000 | BHP Billiton Finance USA Ltd. 0.52%, 09/30/16 | 130,058 | ||||||
| 1,100,000 | Commonwealth Bank of Australia 0.77%, 09/20/16 144A | 1,104,255 | ||||||
| Macquarie Bank Ltd. | ||||||||
| 125,000 | 0.91%, 10/27/17 144A | 125,063 | ||||||
| 600,000 | 1.06%, 03/24/17 144A | 602,484 | ||||||
| National Australia Bank Ltd. | ||||||||
| 550,000 | 0.55%, 06/30/17 144A | 549,582 | ||||||
| 325,000 | 0.83%, 07/25/16 | 326,551 | ||||||
| Westpac Banking Corp. | ||||||||
| 550,000 | 0.63%, 12/01/17 | 550,191 | ||||||
| 500,000 | 0.69%, 11/25/16 | 501,806 | ||||||
| 900,000 | 1.02%, 07/30/18 | 909,024 | ||||||
| 100,000 | 1.03%, 09/25/15 | 100,289 | ||||||
| 200,000 | 1.07%, 07/17/15 144A | 200,294 | ||||||
| 6,602,234 | ||||||||
| British Virgin Islands: 1.4% | ||||||||
| 600,000 | CNPC General Capital Ltd. 1.16%, 05/14/17 144A | 601,131 | ||||||
| Sinopec Group Overseas Development 2014 Ltd. | ||||||||
| 200,000 | 1.05%, 04/10/17 144A | 199,811 | ||||||
| 600,000 | 1.19%, 04/10/19 144A | 599,373 | ||||||
| 1,400,315 | ||||||||
| Canada: 6.6% | ||||||||
| 550,000 | Bank of Montreal 0.80%, 07/15/16 | 552,841 | ||||||
| Bank of Nova Scotia | ||||||||
| 100,000 | 0.67%, 03/15/16 | 100,305 | ||||||
| 885,000 | 0.71%, 09/11/15 | 886,281 | ||||||
| 225,000 | 0.80%, 07/15/16 | 226,136 | ||||||
| 175,000 | Canadian Imperial Bank of Commerce 0.80%, 07/18/16 | 175,826 | ||||||
| 400,000 | Enbridge, Inc. 0.71%, 06/02/17 | 395,364 | ||||||
| Royal Bank of Canada | ||||||||
| 735,000 | 0.63%, 03/08/16 | 737,167 | ||||||
| 750,000 | 0.72%, 09/09/16 | 752,749 | ||||||
| Toronto-Dominion Bank | ||||||||
| 1,050,000 | 0.49%, 05/02/17 | 1,050,312 | ||||||
| 1,490,000 | 0.83%, 04/30/18 | 1,499,479 | ||||||
| 210,000 | TransCanada PipeLines Ltd. 0.95%, 06/30/16 | 210,660 | ||||||
| 6,587,120 | ||||||||
| Chile: 0.4% | ||||||||
| 400,000 | Banco Santander Chile 1.18%, 04/11/17 144A | 399,009 | ||||||
| China / Hong Kong: 0.2% | ||||||||
| 150,000 | Industrial & Commercial Bank of China Ltd. | |||||||
| 1.45%, 11/13/17 | 150,872 | |||||||
| Principal | ||||||||
| Amount | Value | |||||||
| France: 3.7% | ||||||||
| $ | 250,000 | Banque Federative du Credit Mutuel SA 1.13%, 01/20/17 † 144A | $ | 251,825 | ||||
| BNP Paribas SA | ||||||||
| 175,000 | 0.72%, 05/07/17 | 175,291 | ||||||
| 250,000 | 0.86%, 12/12/16 | 250,929 | ||||||
| BPCE SA | ||||||||
| 500,000 | 0.90%, 06/17/17 | 500,863 | ||||||
| 375,000 | 1.53%, 04/25/16 | 378,327 | ||||||
| Credit Agricole SA | ||||||||
| 800,000 | 0.81%, 06/12/17 144A | 799,798 | ||||||
| 500,000 | 1.08%, 04/15/19 144A | 503,983 | ||||||
| 300,000 | Electricite de France SA 0.74%, 01/20/17 144A | 300,583 | ||||||
| 550,000 | Total Capital International SA 0.83%, 08/10/18 | 553,638 | ||||||
| 3,715,237 | ||||||||
| Germany: 0.8% | ||||||||
| Deutsche Bank AG | ||||||||
| 250,000 | 0.73%, 05/30/17 | 250,376 | ||||||
| 530,000 | 0.87%, 02/13/17 | 531,720 | ||||||
| 782,096 | ||||||||
| Japan: 2.4% | ||||||||
| Mizuho Bank Ltd. | ||||||||
| 100,000 | 0.71%, 04/16/17 144A | 99,769 | ||||||
| 525,000 | 0.72%, 09/25/17 144A | 524,282 | ||||||
| Sumitomo Mitsui Banking Corp. | ||||||||
| 650,000 | 0.60%, 07/11/17 | 648,044 | ||||||
| 100,000 | 0.62%, 05/02/17 | 100,010 | ||||||
| 175,000 | 0.70%, 01/10/17 | 174,915 | ||||||
| 250,000 | Sumitomo Mitsui Trust Bank Ltd. 1.05%, 09/16/16 144A | 251,263 | ||||||
| The Bank of Tokyo-Mitsubishi UFJ Ltd. | ||||||||
| 200,000 | 0.67%, 03/10/17 144A | 199,938 | ||||||
| 375,000 | 0.71%, 02/26/16 144A | 375,469 | ||||||
| 2,373,690 | ||||||||
| Mexico: 0.2% | ||||||||
| 150,000 | America Movil SAB de CV 1.27%, 09/12/16 | 150,648 | ||||||
| Netherlands: 4.3% | ||||||||
| 500,000 | ABN AMRO Bank NV 1.08%, 10/28/16 Reg S | 503,495 | ||||||
| 250,000 | Bank Nederlandse Gemeenten 0.45%, 07/18/16 Reg S | 250,455 | ||||||
| Cooperatieve Centrale Raiffeisen- Boerenleenbank BA | ||||||||
| 300,000 | 0.61%, 04/28/17 | 300,114 | ||||||
| 300,000 | 0.75%, 03/18/16 | 301,097 | ||||||
| ING Bank NV | ||||||||
| 150,000 | 1.21%, 03/07/16 144A | 150,809 | ||||||
| 275,000 | 1.91%, 09/25/15 144A | 276,557 | ||||||
| Nederlandse Waterschapsbank NV | ||||||||
| 750,000 | 0.48%, 10/18/16 144A | 751,953 | ||||||
| 905,000 | 0.49%, 02/14/18 144A | 909,863 | ||||||
| 200,000 | 0.54%, 05/23/15 144A | 200,033 | ||||||
| 482,000 | Shell International Finance BV 0.47%, 11/15/16 | 483,059 | ||||||
See Notes to Financial Statements
| 68 |
| Principal | ||||||||
| Amount | Value | |||||||
| Netherlands: (continued) | ||||||||
| $ | 200,000 | Volkswagen International Finance NV 0.70%, 11/18/16 144A | $ | 200,440 | ||||
| 4,327,875 | ||||||||
| Norway: 1.2% | ||||||||
| Statoil ASA | ||||||||
| 1,071,000 | 0.55%, 05/15/18 | 1,068,273 | ||||||
| 125,000 | 0.72%, 11/08/18 | 125,108 | ||||||
| 1,193,381 | ||||||||
| South Korea: 1.2% | ||||||||
| Export-Import Bank of Korea | ||||||||
| 50,000 | 1.03%, 01/14/17 | 50,244 | ||||||
| 50,000 | 1.12%, 09/17/16 | 50,212 | ||||||
| 200,000 | Hyundai Capital Services, Inc. 1.07%, 03/18/17 144A | 200,340 | ||||||
| Kookmin Bank | ||||||||
| 200,000 | 1.15%, 01/27/17 144A | 201,185 | ||||||
| 50,000 | 1.53%, 10/11/16 144A | 50,477 | ||||||
| 250,000 | Korea Development Bank 0.90%, 01/22/17 | 249,982 | ||||||
| 400,000 | Shinhan Bank 0.92%, 04/08/17 144A | 400,997 | ||||||
| 1,203,437 | ||||||||
| Spain: 0.3% | ||||||||
| 300,000 | Telefonica Emisiones SAU 0.91%, 06/23/17 | 299,443 | ||||||
| Sweden: 0.7% | ||||||||
| 250,000 | Nordea Bank AB 0.63%, 04/04/17 144A | 250,337 | ||||||
| 475,000 | Svenska Handelsbanken AB 0.71%, 03/21/16 | 476,729 | ||||||
| 727,066 | ||||||||
| Switzerland: 1.8% | ||||||||
| 1,350,000 | Credit Suisse 0.75%, 05/26/17 | 1,349,820 | ||||||
| 400,000 | UBS AG 0.90%, 08/14/19 | 399,744 | ||||||
| 1,749,564 | ||||||||
| United Kingdom: 2.0% | ||||||||
| 200,000 | Barclays Bank Plc 0.84%, 02/17/17 | 200,617 | ||||||
| 800,000 | BP Capital Markets Plc 0.90%, 09/26/18 | 803,312 | ||||||
| 400,000 | HSBC Bank Plc 0.90%, 05/15/18 144A | 402,093 | ||||||
| 125,000 | Rio Tinto Finance USA Plc 1.11%, 06/17/16 | 125,297 | ||||||
| 400,000 | Standard Chartered Plc 0.60%, 09/08/17 144A | 398,360 | ||||||
| 100,000 | Vodafone Group Plc 0.64%, 02/19/16 | 100,087 | ||||||
| 2,029,766 | ||||||||
| United States: 65.6% | ||||||||
| 100,000 | AbbVie, Inc. 1.02%, 11/06/15 | 100,274 | ||||||
| American Express Credit Corp. | ||||||||
| 1,300,000 | 0.54%, 06/05/17 | 1,298,504 | ||||||
| 1,200,000 | 0.82%, 03/18/19 | 1,201,530 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| United States: (continued) | ||||||||
| American Honda Finance Corp. | ||||||||
| $ | 250,000 | 0.58%, 12/11/17 | $ | 250,666 | ||||
| 590,000 | 0.64%, 05/26/16 144A | 592,178 | ||||||
| 200,000 | 0.77%, 10/07/16 | 200,992 | ||||||
| 500,000 | Amgen, Inc. 0.64%, 05/22/17 | 500,243 | ||||||
| Apple, Inc. | ||||||||
| 400,000 | 0.30%, 05/03/16 | 400,377 | ||||||
| 850,000 | 0.33%, 05/05/17 | 849,914 | ||||||
| 1,250,000 | 0.50%, 05/03/18 | 1,254,649 | ||||||
| 750,000 | 0.56%, 05/06/19 | 754,014 | ||||||
| 550,000 | AT&T, Inc. 0.64%, 02/12/16 | 550,044 | ||||||
| Bank of America Corp. | ||||||||
| 1,200,000 | 0.54%, 10/14/16 | 1,196,281 | ||||||
| 150,000 | 1.14%, 04/01/19 | 151,224 | ||||||
| 1,350,000 | 1.32%, 01/15/19 | 1,369,236 | ||||||
| 1,250,000 | 1.33%, 03/22/18 | 1,266,516 | ||||||
| Berkshire Hathaway Finance Corp. | ||||||||
| 165,000 | 0.42%, 01/10/17 | 165,196 | ||||||
| 550,000 | 0.58%, 01/12/18 | 551,805 | ||||||
| 610,000 | Chevron Corp. 0.43%, 11/15/17 | 610,680 | ||||||
| 875,000 | Cisco Systems, Inc. 0.54%, 03/03/17 | 878,074 | ||||||
| Citigroup, Inc. | ||||||||
| 912,000 | 0.53%, 06/09/16 | 908,085 | ||||||
| 600,000 | 0.77%, 05/01/17 | 599,822 | ||||||
| 800,000 | 1.24%, 07/25/16 | 804,391 | ||||||
| 1,666,000 | 1.96%, 05/15/18 | 1,719,414 | ||||||
| Daimler Finance North America LLC | ||||||||
| 300,000 | 0.61%, 03/10/17 144A | 300,399 | ||||||
| 150,000 | 0.93%, 08/01/16 144A | 150,880 | ||||||
| Exxon Mobil Corp. | ||||||||
| 300,000 | 0.31%, 03/15/17 | 300,121 | ||||||
| 500,000 | 0.42%, 03/15/19 | 501,024 | ||||||
| Ford Motor Credit Co. LLC | ||||||||
| 600,000 | 1.05%, 01/17/17 | 600,955 | ||||||
| 550,000 | 1.10%, 03/12/19 | 548,840 | ||||||
| 160,000 | 1.21%, 01/09/18 | 160,522 | ||||||
| General Electric Capital Corp. | ||||||||
| 675,000 | 0.43%, 02/15/17 | 676,046 | ||||||
| 932,000 | 0.64%, 05/05/26 | 893,809 | ||||||
| 560,000 | 0.79%, 01/14/19 | 562,714 | ||||||
| 945,000 | 1.27%, 03/15/23 | 956,684 | ||||||
| 500,000 | Glencore Funding LLC 1.64%, 01/15/19 144A | 499,357 | ||||||
| Goldman Sachs Group, Inc. | ||||||||
| 200,000 | 0.68%, 07/22/15 | 200,043 | ||||||
| 2,124,000 | 0.71%, 03/22/16 | 2,123,924 | ||||||
| 500,000 | 0.89%, 06/04/17 | 499,480 | ||||||
| 700,000 | 1.07%, 12/15/17 | 703,307 | ||||||
| 250,000 | 1.30%, 10/23/19 | 252,315 | ||||||
| 1,250,000 | 1.36%, 11/15/18 | 1,264,907 | ||||||
| 1,650,000 | 1.48%, 04/30/18 | 1,675,464 | ||||||
| 331,000 | 1.86%, 11/29/23 | 337,728 | ||||||
| 600,000 | Hewlett-Packard Co. 1.22%, 01/14/19 | 603,536 | ||||||
See Notes to Financial Statements
| 69 |
INVESTMENT GRADE FLOATING RATE ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal | ||||||||
| Amount | Value | |||||||
| United States: (continued) | ||||||||
| $ | 522,000 | HSBC Finance Corp. 0.69%, 06/01/16 | $ | 521,474 | ||||
| International Business Machines Corp. | ||||||||
| 850,000 | 0.63%, 02/12/19 | 855,227 | ||||||
| 850,000 | 0.84%, 11/06/21 | 856,198 | ||||||
| 250,000 | John Deere Capital Corp. 0.39%, 06/15/15 | 250,041 | ||||||
| 200,000 | Johnson & Johnson 0.33%, 11/28/16 | 200,228 | ||||||
| JPMorgan Chase & Co. | ||||||||
| 400,000 | 0.60%, 06/13/16 | 399,143 | ||||||
| 250,000 | 0.83%, 04/25/18 | 249,937 | ||||||
| 849,000 | 0.88%, 02/26/16 | 850,886 | ||||||
| 2,900,000 | 1.18%, 01/25/18 | 2,930,180 | ||||||
| 1,315,000 | 1.23%, 01/23/20 | 1,335,534 | ||||||
| 450,000 | Medtronic, Inc. 1.07%, 03/15/20 144A | 455,013 | ||||||
| Merck & Co., Inc. | ||||||||
| 100,000 | 0.45%, 05/18/16 | 100,177 | ||||||
| 750,000 | 0.62%, 05/18/18 | 753,952 | ||||||
| 600,000 | 0.63%, 02/10/20 | 604,231 | ||||||
| 1,050,000 | Metropolitan Life Global Funding I 0.65%, 04/10/17 144A | 1,052,832 | ||||||
| Morgan Stanley | ||||||||
| 1,100,000 | 0.73%, 10/18/16 | 1,099,607 | ||||||
| 300,000 | 1.01%, 01/05/18 | 301,292 | ||||||
| 300,000 | 1.02%, 07/23/19 | 299,907 | ||||||
| 100,000 | 1.12%, 01/24/19 | 100,411 | ||||||
| 250,000 | 1.42%, 01/27/20 | 253,955 | ||||||
| 1,200,000 | 1.56%, 04/25/18 | 1,221,965 | ||||||
| 500,000 | National City Bank 0.63%, 06/07/17 | 497,890 | ||||||
| 730,000 | NBCUniversal Enterprise, Inc. 0.96%, 04/15/18 144A | 735,746 | ||||||
| 175,000 | New York Life Global Funding 0.63%, 05/23/16 144A | 175,497 | ||||||
| 200,000 | Nissan Motor Acceptance Corp. 0.97%, 09/26/16 144A | 201,275 | ||||||
| Oracle Corp. | ||||||||
| 850,000 | 0.47%, 07/07/17 | 851,491 | ||||||
| 350,000 | 0.78%, 10/08/19 | 352,949 | ||||||
| 550,000 | 0.86%, 01/15/19 | 556,121 | ||||||
| 250,000 | PepsiCo., Inc. 0.47%, 02/26/16 | 250,451 | ||||||
| Pfizer, Inc. | ||||||||
| 360,000 | 0.41%, 05/15/17 | 360,176 | ||||||
| 450,000 | 0.57%, 06/15/18 | 451,320 | ||||||
| 150,000 | Procter & Gamble Co. 0.33%, 11/04/16 | 150,101 | ||||||
| 400,000 | Roche Holdings, Inc. 0.61%, 09/30/19 144A | 401,101 | ||||||
| 385,000 | The Bank of New York Mellon Corp. 0.81%, 08/01/18 | 386,786 | ||||||
| 1,800,000 | The Bear Stearns Cos, LLC 0.65%, 11/21/16 | 1,798,726 | ||||||
| 250,000 | The Coca-Cola Co. 0.35%, 11/01/16 | 250,279 | ||||||
| 100,000 | The Kroger Co. 0.80%, 10/17/16 | 100,276 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| United States: (continued) | ||||||||
| Toyota Motor Credit Corp. | ||||||||
| $ | 175,000 | 0.55%, 05/17/16 | $ | 175,459 | ||||
| 300,000 | 0.60%, 01/12/18 | 300,504 | ||||||
| 700,000 | 0.64%, 03/12/20 | 703,176 | ||||||
| 750,000 | US Bancorp 0.75%, 10/15/18 (c) | 755,884 | ||||||
| 750,000 | US Bank NA 0.47%, 08/11/17 (c) | 750,052 | ||||||
| Verizon Communications, Inc. | ||||||||
| 2,550,000 | 0.66%, 06/09/17 | 2,548,552 | ||||||
| 150,000 | 1.04%, 06/17/19 | 151,173 | ||||||
| 500,000 | 2.02%, 09/14/18 | 519,751 | ||||||
| 600,000 | Volkswagen Group of America Finance LLC 0.70%, 11/20/17 144A | 600,517 | ||||||
| 2,600,000 | Wachovia Corp. 0.54%, 06/15/17 | 2,596,464 | ||||||
| 120,000 | Walgreens Boots Alliance. Inc. 0.71%, 05/18/16 | 120,227 | ||||||
| 450,000 | Wells Fargo & Co. 0.56%, 06/02/17 | 450,215 | ||||||
| 1,600,000 | Wells Fargo Bank 0.91%, 04/23/18 | 1,613,872 | ||||||
| 65,484,385 | ||||||||
| Total Floating Rate Notes (Cost: $98,945,479) | 99,176,138 | |||||||
| Number | ||||||||
| of Shares | ||||||||
| MONEY MARKET FUND: 0.6% (Cost: $584,854) | ||||||||
| 584,854 | Dreyfus Government Cash Management Fund | 584,854 | ||||||
| Total Investments Before Collateral for Securities Loaned: 100.0% (Cost: $99,530,333) | 99,760,992 | |||||||
| Principal | ||||||||
| Amount | ||||||||
| SHORT-TERM INVESTMENT HELD AS | ||||||||
| COLLATERAL FOR SECURITIES LOANED: 0.3% (Cost: $257,531) | ||||||||
| Repurchase Agreement: 0.3% | ||||||||
| $ | 257,531 | Repurchase agreement dated 4/30/15 with BNP Paribas Securities Corp., 0.12%, due 5/1/15, proceeds $257,532; (collateralized by various U.S. government and agency obligations, 0.00% to 6.50%, due 5/1/16 to 4/20/45, valued at $262,682 including accrued interest) | 257,531 | |||||
| Total Investments: 100.3% (Cost: $99,787,864) | 100,018,523 | |||||||
| Liabilities in excess of other assets: (0.3)% | (249,802 | ) | ||||||
| NET ASSETS: 100.0% | $ | 99,768,721 | ||||||
See Notes to Financial Statements
| 70 |
| (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 $251,825. |
| 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 $17,671,167, or 17.7% of net assets. |
| Summary of Investments by Sector Excluding | ||||||||||
| Collateral for Securities Loaned (unaudited) | % of Investments | Value | ||||||||
| Basic Materials | 0.8 | % | $ | 754,712 | ||||||
| Communications | 5.9 | 5,933,518 | ||||||||
| Consumer, Cyclical | 5.3 | 5,307,370 | ||||||||
| Consumer, Non-cyclical | 4.7 | 4,677,822 | ||||||||
| Energy | 6.5 | 6,451,554 | ||||||||
| Financial | 68.2 | 68,065,606 | ||||||||
| Government | 0.1 | 100,456 | ||||||||
| Industrial | 0.2 | 250,041 | ||||||||
| Technology | 7.4 | 7,334,476 | ||||||||
| Utilities | 0.3 | 300,583 | ||||||||
| Money Market Fund | 0.6 | 584,854 | ||||||||
| 100.0 | % | $ | 99,760,992 | |||||||
The summary of inputs used to value the Fund’s investments as of April 30, 2015 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||||||
| Floating Rate Notes* | $ | — | $ | 99,176,138 | $ | — | $ | 99,176,138 | ||||||||||||
| Money Market Fund | 584,854 | — | — | 584,854 | ||||||||||||||||
| Repurchase Agreement | — | 257,531 | — | 257,531 | ||||||||||||||||
| Total | $ | 584,854 | $ | 99,433,669 | $ | — | $ | 100,018,523 | ||||||||||||
| * | See Schedule of Investments for security type and geographic sector breakouts. |
There were no transfers between levels during the year ended April 30, 2015.
See Notes to Financial Statements
| 71 |
SCHEDULE OF INVESTMENTS
April 30, 2015
| Number | ||||||||
| of Shares | Value | |||||||
| REAL ESTATE INVESTMENT TRUSTS: 100.3% | ||||||||
| United States: 100.3% | ||||||||
| 710,303 | American Capital Agency Corp. | $ | 14,657,102 | |||||
| 134,751 | American Capital Mortgage Investment Corp. | 2,363,533 | ||||||
| 1,929,976 | Annaly Capital Management, Inc. | 19,434,858 | ||||||
| 254,092 | Anworth Mortgage Asset Corp. | 1,290,787 | ||||||
| 136,075 | Apollo Commercial Real Estate Finance, Inc. | 2,325,522 | ||||||
| 919,422 | ARMOUR Residential REIT, Inc. | 2,758,266 | ||||||
| 214,037 | Blackstone Mortgage Trust, Inc. | 6,577,357 | ||||||
| 240,734 | Capstead Mortgage Corp. | 2,804,551 | ||||||
| 371,050 | Chimera Investment Corp. | 5,636,250 | ||||||
| 204,314 | Colony Financial, Inc. | 5,293,776 | ||||||
| 421,412 | CYS Investments, Inc. | 3,758,995 | ||||||
| 150,786 | Dynex Capital, Inc. | 1,206,288 | ||||||
| 216,815 | Hatteras Financial Corp. | 3,915,679 | ||||||
| 275,786 | Invesco Mortgage Capital, Inc. | 4,247,104 | ||||||
| 653,492 | MFA Financial, Inc. | 5,077,633 | ||||||
| 480,502 | New Residential Investment Corp. | 8,187,754 | ||||||
| 302,802 | New York Mortgage Trust, Inc. † | 2,364,884 | ||||||
| 176,951 | Newcastle Investment Corp. | 943,149 | ||||||
| 182,700 | PennyMac Mortgage Investment Trust | 3,827,565 | ||||||
| 187,332 | RAIT Financial Trust | 1,213,911 | ||||||
| 138,902 | Redwood Trust, Inc. † | 2,387,725 | ||||||
| 353,118 | Resource Capital Corp. | 1,557,250 | ||||||
| 362,128 | Starwood Property Trust, Inc. | 8,694,693 | ||||||
| 746,635 | Two Harbors Investment Corp. | 7,839,668 | ||||||
| Total Real Estate Investment Trusts (Cost: $130,460,478) | 118,364,300 | |||||||
| MONEY MARKET FUND: 1.0% (Cost: $1,151,680) | ||||||||
| 1,151,680 | Dreyfus Government Cash Management Fund | 1,151,680 | ||||||
| Total Investments Before Collateral for Securities Loaned: 101.3% (Cost: $131,612,158) | 119,515,980 | |||||||
| Principal | ||||||||
| Amount | Value | |||||||
| SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 2.0% | ||||||||
| Repurchase Agreements: 2.0% | ||||||||
| $ | 1,000,000 | Repurchase agreement dated 4/30/15 with Citigroup Global Markets, Inc., 0.13%, due 5/1/15, proceeds $1,000,004; (collateralized by various U.S. government and agency obligations, 1.61% to 8.00%, due 6/1/17 to 6/15/52, valued at $1,020,000 including accrued interest) | $ | 1,000,000 | ||||
| 1,000,000 | Repurchase agreement dated 4/30/15 with Merrill Lynch Pierce Fenner & Smith, Inc., 0.12%, due 5/1/15, proceeds $1,000,003; (collateralized by various U.S. government and agency obligations, 0.00% to 7.50%, due 1/31/19 to 12/20/64, valued at $1,020,000 including accrued interest) | 1,000,000 | ||||||
| 338,644 | Repurchase agreement dated 4/30/15 with RBC Capital Markets, LLC, 0.10%, due 5/1/15, proceeds $338,645; (collateralized by various U.S. government and agency obligations, 2.00% to 10.00%, due 4/15/16 to 4/20/45, valued at $345,417 including accrued interest) | 338,644 | ||||||
| Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $2,338,644) | 2,338,644 | |||||||
| Total Investments: 103.3% (Cost: $133,950,802) | 121,854,624 | |||||||
| Liabilities in excess of other assets: (3.3)% | (3,894,505 | ) | ||||||
| NET ASSETS: 100.0% | $ | 117,960,119 | ||||||
| † | Security fully or partially on loan. Total market value of securities on loan is $2,217,288. |
| Summary of Investments by Sector Excluding | ||||||||||
| Collateral for Securities Loaned (unaudited) | % of Investments | Value | ||||||||
| Financial | 99.0 | % | $ | 118,364,300 | ||||||
| Money Market Fund | 1.0 | 1,151,680 | ||||||||
| 100.0 | % | $ | 119,515,980 | |||||||
The summary of inputs used to value the Fund’s investments as of April 30, 2015 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||||||
| Real Estate Investment Trusts* | $ | 118,364,300 | $ | — | $ | — | $ | 118,364,300 | ||||||||||||
| Money Market Fund | 1,151,680 | — | — | 1,151,680 | ||||||||||||||||
| Repurchase Agreements | — | 2,338,644 | — | 2,338,644 | ||||||||||||||||
| Total | $ | 119,515,980 | $ | 2,338,644 | $ | — | $ | 121,854,624 | ||||||||||||
| * | See Schedule of Investments for security type and geographic sector breakouts. |
There were no transfers between levels during the year ended April 30, 2015.
See Notes to Financial Statements
| 72 |
PREFERRED SECURITIES EX FINANCIALS ETF
SCHEDULE OF INVESTMENTS
April 30, 2015
| Number | ||||||||
| of Shares | Value | |||||||
| PREFERRED SECURITIES: 99.8% | ||||||||
| Basic Materials: 5.8% | ||||||||
| 147,114 | Alcoa, Inc. 5.38%, 10/01/17 | $ | 6,711,341 | |||||
| 529,610 | ArcelorMittal 6.00%, 01/15/16 | 8,966,297 | ||||||
| 172,123 | Cliffs Natural Resources, Inc. 7.00%, 02/01/16 | 1,029,296 | ||||||
| 16,706,934 | ||||||||
| Communications: 13.5% | ||||||||
| 67,672 | Comcast Corp. 5.00%, 12/15/17 (c) | 1,743,907 | ||||||
| Qwest Corp. | ||||||||
| 182,421 | 6.13%, 06/01/18 (c) † | 4,609,779 | ||||||
| 117,691 | 6.88%, 10/01/19 (c) | 3,135,288 | ||||||
| 123,576 | 7.00%, 04/01/17 (c) † | 3,242,634 | ||||||
| 94,153 | 7.00%, 07/01/17 (c) † | 2,477,165 | ||||||
| 155,646 | 7.38%, 06/01/16 (c) | 4,081,038 | ||||||
| 135,345 | 7.50%, 09/15/16 (c) † | 3,600,177 | ||||||
| 70,615 | Telephone & Data Systems, Inc. 7.00%, 03/15/16 (c) † | 1,821,867 | ||||||
| 117,691 | T-Mobile US, Inc. 5.50%, 12/15/17 | 7,338,034 | ||||||
| United States Cellular Corp. | ||||||||
| 80,501 | 6.95%, 05/15/16 (c) † | 2,068,876 | ||||||
| 64,730 | 7.25%, 12/08/19 (c) † | 1,640,906 | ||||||
| 117,691 | Verizon Communications, Inc. 5.90%, 02/15/19 (c) | 3,155,296 | ||||||
| 38,914,967 | ||||||||
| Consumer, Non-cyclical: 8.0% | ||||||||
| CHS, Inc. | ||||||||
| 115,926 | 6.75%, 09/30/24 (c) | 3,027,987 | ||||||
| 98,860 | 7.10%, 03/31/24 (c) | 2,638,573 | ||||||
| 121,810 | 7.50%, 01/21/25 (c) † | 3,394,845 | ||||||
| 66,608 | 7.88%, 09/26/23 (c) † | 1,898,994 | ||||||
| 72,215 | 8.00%, 07/18/23 (c) † | 2,261,052 | ||||||
| 63,779 | National Healthcare Corp. 0.80%, 11/01/15 (c) † | 988,575 | ||||||
| 176,537 | Tyson Foods, Inc. 4.75%, 07/15/17 | 8,743,878 | ||||||
| 22,953,904 | ||||||||
| Energy: 5.1% | ||||||||
| 94,741 | NuStar Logistics LP 7.63%, 01/15/18 (c) | 2,474,635 | ||||||
| 203,017 | Southwestern Energy Co. 6.25%, 01/15/18 | 12,042,968 | ||||||
| 14,517,603 | ||||||||
| Government: 1.2% | ||||||||
| Tennessee Valley Authority | ||||||||
| 76,186 | 3.83%, 06/01/15 (p) † | 1,919,125 | ||||||
| 63,516 | 3.96%, 05/01/15 (p) † | 1,583,454 | ||||||
| 3,502,579 | ||||||||
| Industrial: 5.7% | ||||||||
| Seaspan Corp. | ||||||||
| 81,207 | 6.38%, 04/30/19 | 2,047,228 | ||||||
| 82,384 | 9.50%, 01/30/16 (c) † | 2,170,818 | ||||||
| 176,537 | Stanley Black & Decker, Inc. 5.75%, 07/25/17 (c) † | 4,468,151 | ||||||
| 129,460 | United Technologies Corp. 7.50%, 08/01/15 | 7,614,837 | ||||||
| 16,301,034 | ||||||||
| Number | ||||||||
| of Shares | Value | |||||||
| Real Estate Investment Trusts: 34.0% | ||||||||
| 252,880 | American Realty Capital Properties, Inc. 6.70%, 01/03/19 (c) † | $ | 6,071,649 | |||||
| 80,913 | American Tower Corp. 5.50%, 02/15/18 | 8,301,674 | ||||||
| Annaly Capital Management, Inc. | ||||||||
| 108,276 | 7.50%, 09/13/17 (c) | 2,723,141 | ||||||
| 70,615 | 7.63%, 05/16/17 (c) | 1,794,327 | ||||||
| 106,805 | CBL & Associates Properties, Inc. 7.38%, 06/03/15 (c) | 2,756,637 | ||||||
| Colony Capital, Inc. | ||||||||
| 67,672 | 7.13%, 04/13/20 (c) | 1,656,611 | ||||||
| 59,316 | 8.50%, 03/20/17 (c) | 1,567,129 | ||||||
| Digital Realty Trust, Inc. | ||||||||
| 58,846 | 5.88%, 04/09/18 (c) † | 1,438,785 | ||||||
| 67,672 | 7.00%, 09/15/16 (c) | 1,739,847 | ||||||
| 85,914 | 7.38%, 03/26/19 (c) † | 2,335,143 | ||||||
| 64,730 | Equity Commonwealth 7.25%, 05/15/16 (c) | 1,635,727 | ||||||
| 75,676 | FelCor Lodging Trust, Inc. 1.95%, 12/31/49 | 1,932,008 | ||||||
| 58,846 | General Growth Properties, Inc. 6.38%, 02/13/18 (c) | 1,477,035 | ||||||
| 67,672 | Hatteras Financial Corp. 7.63%, 08/27/17 (c) | 1,647,136 | ||||||
| Health Care REIT, Inc. | ||||||||
| 67,672 | 6.50%, 03/07/17 (c) † | 1,749,321 | ||||||
| 84,590 | 6.50%, 12/31/49 | 5,392,612 | ||||||
| 68,261 | Hospitality Properties Trust 7.13%, 01/15/17 (c) | 1,761,816 | ||||||
| 94,153 | Kimco Realty Corp. 6.00%, 03/20/17 (c) † | 2,386,779 | ||||||
| National Retail Properties, Inc. | ||||||||
| 67,672 | 5.70%, 05/30/18 (c) | 1,642,399 | ||||||
| 67,672 | 6.63%, 02/23/17 (c) † | 1,769,623 | ||||||
| NorthStar Realty Finance Corp. | ||||||||
| 82,378 | 8.25%, 06/03/15 (c) † | 2,083,340 | ||||||
| 58,846 | 8.75%, 05/15/19 (c) † | 1,561,184 | ||||||
| 82,384 | PS Business Parks, Inc. 6.00%, 05/14/17 (c) † | 2,075,253 | ||||||
| Public Storage | ||||||||
| 117,691 | 5.20%, 01/16/18 (c) † | 2,836,353 | ||||||
| 116,514 | 5.38%, 09/20/17 (c) † | 2,826,630 | ||||||
| 67,672 | 5.63%, 06/15/17 (c) † | 1,692,477 | ||||||
| 108,864 | 5.75%, 03/13/17 (c) | 2,737,930 | ||||||
| 108,276 | 5.90%, 01/12/17 (c) † | 2,763,204 | ||||||
| 67,672 | 6.00%, 06/04/19 (c) † | 1,749,998 | ||||||
| 114,749 | 6.35%, 07/26/16 (c) | 2,938,722 | ||||||
| 67,084 | 6.38%, 03/17/19 (c) † | 1,791,143 | ||||||
| 88,268 | 6.50%, 04/14/16 (c) † | 2,287,024 | ||||||
| 96,212 | Realty Income Corp. 6.63%, 02/15/17 (c) † | 2,526,527 | ||||||
| 58,846 | Regency Centers Corp. 6.63%, 02/16/17 (c) | 1,522,934 | ||||||
| 82,384 | Senior Housing Properties Trust 5.63%, 08/01/17 (c) † | 2,030,766 | ||||||
| 60,905 | Ventas Realty LP 5.45%, 03/07/18 (c) | 1,523,234 | ||||||
| Vornado Realty Trust | ||||||||
| 70,615 | 5.40%, 01/25/18 (c) | 1,673,575 | ||||||
| 70,615 | 5.70%, 07/18/17 (c) | 1,730,067 | ||||||
| 63,553 | 6.63%, 06/03/15 (c) † | 1,607,255 | ||||||
See Notes to Financial Statements
| 73 |
PREFERRED SECURITIES EX FINANCIALS ETF
SCHEDULE OF INVESTMENTS
(continued)
| Number | ||||||||
| of Shares | Value | |||||||
| Real Estate Investment Trusts: (continued) | ||||||||
| 64,730 | Wells Fargo Real Estate Investment Corp. 6.38%, 12/11/19 (c) | $ | 1,700,457 | |||||
| 81,207 | Weyerhaeuser Co. 6.38%, 07/01/16 | 4,335,642 | ||||||
| 97,773,114 | ||||||||
| Reinsurance: 4.3% | ||||||||
| 64,730 | Aspen Insurance Holdings Ltd. 5.95%, 07/01/23 (c) | 1,665,503 | ||||||
| 94,153 | Axis Capital Holdings Ltd. 6.88%, 04/15/17 (c) † | 2,518,593 | ||||||
| PartnerRe Ltd. | ||||||||
| 58,846 | 5.88%, 03/01/18 (c) † | 1,480,565 | ||||||
| 87,974 | 7.25%, 06/01/16 (c) † | 2,331,311 | ||||||
| 94,153 | Reinsurance Group of America, Inc. 6.20%, 09/15/22 (c) | 2,699,367 | ||||||
| 64,730 | RenaissanceRe Holdings Ltd. 5.38%, 06/01/18 (c) † | 1,589,122 | ||||||
| 12,284,461 | ||||||||
| Technology: 0.9% | ||||||||
| 100,037 | Pitney Bowes, Inc. 6.70%, 03/07/18 (c) | 2,638,976 | ||||||
| Utilities: 21.3% | ||||||||
| 60,905 | AES Trust III 6.75%, 06/01/15 (c) | 3,100,674 | ||||||
| 58,846 | BGE Capital Trust II 6.20%, 06/03/15 (c) † | 1,497,631 | ||||||
| Dominion Resources, Inc. | ||||||||
| 64,730 | 6.00%, 07/01/16 | 3,687,021 | ||||||
| 64,730 | 6.13%, 04/01/16 | 3,668,249 | ||||||
| 117,691 | 6.38%, 07/01/17 | 5,843,358 | ||||||
| 65,907 | DTE Energy Co. 6.50%, 12/01/16 (c) † | 1,755,103 | ||||||
| 117,691 | Duke Energy Corp. 5.13%, 01/15/18 (c) | 2,954,044 | ||||||
| 135,345 | Exelon Corp. 6.50%, 06/01/17 † | 6,668,448 | ||||||
| 70,615 | FPL Group Capital Trust I 5.88%, 06/03/15 (c) † | 1,787,972 | ||||||
| 94,153 | Integrys Energy Group, Inc. 6.00%, 08/01/23 (c) | 2,576,968 | ||||||
| NextEra Energy Capital Holdings, Inc. | ||||||||
| 105,922 | 5.00%, 01/15/18 (c) † | 2,549,543 | ||||||
| 117,691 | 5.13%, 11/15/17 (c) † | 2,886,960 | ||||||
| 82,384 | 5.63%, 06/15/17 (c) † | 2,081,844 | ||||||
| 94,153 | 5.70%, 03/01/17 (c) | 2,385,837 | ||||||
| NextEra Energy, Inc. | ||||||||
| 58,846 | 5.80%, 09/01/16 | 3,347,749 | ||||||
| 76,499 | 5.89%, 09/01/15 | 4,869,161 | ||||||
| 105,922 | PPL Capital Funding, Inc. 5.90%, 04/30/18 (c) † | 2,661,820 | ||||||
| 111,806 | SCE Trust I 5.63%, 06/15/17 (c) | 2,821,983 | ||||||
| 94,153 | SCE Trust II 5.10%, 03/15/18 (c) † | 2,288,859 | ||||||
| 64,730 | SCE Trust III 5.75%, 03/15/24 (c) | 1,757,419 | ||||||
| 61,190,643 | ||||||||
| Total Preferred Securities (Cost: $289,708,406) | 286,784,215 | |||||||
| Principal | ||||||||
| Amount | Value | |||||||
| SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 5.1% | ||||||||
| Repurchase Agreements: 5.1% | ||||||||
| $ | 738,375 | Repurchase agreement dated 4/30/15 with BNP Paribas Securities Corp., 0.12%, due 5/1/15, proceeds $738,377; (collateralized by various U.S. government and agency obligations, 0.00% to 6.50%, due 5/1/16 to 4/20/45, valued at $753,143 including accrued interest) | $ | 738,375 | ||||
| 3,507,465 | Repurchase agreement dated 4/30/15 with Citigroup Global Markets, Inc., 0.13%, due 5/1/15, proceeds $3,507,478; (collateralized by various U.S. government and agency obligations, 1.61% to 8.00%, due 6/1/17 to 6/15/52, valued at $3,577,614 including accrued interest) | 3,507,465 | ||||||
| 3,507,465 | Repurchase agreement dated 4/30/15 with HSBC Securities USA, Inc., 0.11%, due 5/1/15, proceeds $3,507,476; (collateralized by various U.S. government and agency obligations, 3.50% to 6.00%, due 6/1/34 to 1/1/45, valued at $3,577,643 including accrued interest) | 3,507,465 | ||||||
| 3,507,465 | Repurchase agreement dated 4/30/15 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.12%, due 5/1/15, proceeds $3,507,477; (collateralized by various U.S. government and agency obligations, 0.00% to 7.50%, due 1/31/19 to 12/20/64, valued at $3,577,614 including accrued interest) | 3,507,465 | ||||||
| 3,507,465 | Repurchase agreement dated 4/30/15 with Mizuho Securities USA, Inc., 0.13%, due 5/1/15, proceeds $3,507,478; (collateralized by various U.S. government and agency obligations, 0.00% to 4.50%, due 2/1/19 to 5/1/45, valued at $3,577,614 including accrued interest) | 3,507,465 | ||||||
| Total Short-Term Investments Held As Collateral for Securities
Loaned (Cost: $14,768,235) | 14,768,235 | |||||||
| Total Investments: 104.9% (Cost: $304,476,641) | 301,552,450 | |||||||
| Liabilities in excess of other assets: (4.9)% | (14,198,768 | ) | ||||||
| NET ASSETS: 100.0% | $ | 287,353,682 | ||||||
See Notes to Financial Statements
| 74 |
| (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 $14,361,150. |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited) | % of Investments | Value | ||||||||
| Basic Materials | 5.8 | % | $ | 16,706,934 | ||||||
| Communications | 13.6 | 38,914,967 | ||||||||
| Consumer, Non-cyclical | 8.0 | 22,953,904 | ||||||||
| Energy | 5.1 | 14,517,603 | ||||||||
| Government | 1.2 | 3,502,579 | ||||||||
| Industrial | 5.7 | 16,301,034 | ||||||||
| Real Estate Investment Trusts | 34.1 | 97,773,114 | ||||||||
| Reinsurance | 4.3 | 12,284,461 | ||||||||
| Technology | 0.9 | 2,638,976 | ||||||||
| Utilities | 21.3 | 61,190,643 | ||||||||
| 100.0 | % | $ | 286,784,215 | |||||||
The summary of inputs used to value the Fund’s investments as of April 30, 2015 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||||||
| Preferred Securities* | $ | 286,784,215 | $ | — | $ | — | $ | 286,784,215 | ||||||||||||
| Repurchase Agreements | — | 14,768,235 | — | 14,768,235 | ||||||||||||||||
| Total | $ | 286,784,215 | $ | 14,768,235 | $ | — | $ | 301,552,450 | ||||||||||||
| * | See Schedule of Investments for security type and geographic sector breakouts. |
There were no transfers between levels during the year ended April 30, 2015.
See Notes to Financial Statements
| 75 |
TREASURY-HEDGED HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
April 30, 2015
| Principal | ||||||||
| Amount | Value | |||||||
| CORPORATE BONDS: 95.5% | ||||||||
| Basic Materials: 2.3% | ||||||||
| Alcoa, Inc. | ||||||||
| $ | 60,000 | 5.13%, 07/01/24 (c) | $ | 64,794 | ||||
| 50,000 | 5.90%, 02/01/27 | 55,026 | ||||||
| 25,000 | Ashland, Inc. 4.75%, 05/15/22 (c) | 25,750 | ||||||
| 25,000 | Hexion US Finance Corp. 6.63%, 06/04/15 (c) | 23,500 | ||||||
| 169,070 | ||||||||
| Communications: 23.8% | ||||||||
| 25,000 | Alcatel-Lucent USA, Inc. 6.45%, 03/15/29 | 28,063 | ||||||
| 60,000 | Avaya, Inc. 10.50%, 03/01/17 (c) † 144A | 53,100 | ||||||
| 40,000 | Cablevision Systems Corp. 8.63%, 09/15/17 | 45,200 | ||||||
| CCO Holdings LLC | ||||||||
| 90,000 | 5.75%, 07/15/18 (c) | 91,350 | ||||||
| 80,000 | 6.50%, 06/04/15 (c) | 83,280 | ||||||
| 100,000 | CenturyLink, Inc. 5.80%, 03/15/22 | 104,250 | ||||||
| 40,000 | Cequel Communications Holdings I LLC 6.38%, 09/15/15 (c) 144A | 42,350 | ||||||
| 40,000 | Clear Channel Communications, Inc. 9.00%, 07/15/15 (c) | 39,700 | ||||||
| 40,000 | Clear Channel Worldwide Holdings, Inc. 6.50%, 11/15/17 (c) | 42,500 | ||||||
| 150,000 | DISH DBS Corp. 5.88%, 07/15/22 | 151,500 | ||||||
| 40,000 | Equinix, Inc. 5.38%, 04/01/18 (c) | 41,500 | ||||||
| Frontier Communications Corp. | ||||||||
| 50,000 | 8.25%, 04/15/17 | 55,500 | ||||||
| 50,000 | 8.50%, 04/15/20 | 55,625 | ||||||
| 60,000 | Gannett Co, Inc. 6.38%, 10/15/18 (c) | 65,175 | ||||||
| 100,000 | Level 3 Financing, Inc. 8.13%, 05/28/15 (c) | 105,225 | ||||||
| 50,000 | Netflix, Inc. 5.88%, 02/15/25 144A | 53,500 | ||||||
| 50,000 | Nielsen Finance LLC 4.50%, 10/01/16 (c) | 51,062 | ||||||
| 40,000 | Sirius XM Radio, Inc. 4.63%, 05/15/18 (c) 144A | 38,950 | ||||||
| 100,000 | Sprint Corp. 7.88%, 09/15/23 | 100,625 | ||||||
| Sprint Nextel Corp. | ||||||||
| 100,000 | 8.38%, 08/15/17 | 109,500 | ||||||
| 100,000 | 9.13%, 03/01/17 | 109,500 | ||||||
| T-Mobile USA, Inc. | ||||||||
| 75,000 | 6.25%, 04/01/17 (c) | 78,656 | ||||||
| 100,000 | 6.63%, 04/01/18 (c) | 104,320 | ||||||
| 40,000 | Univision Communications, Inc. 8.50%, 11/15/15 (c) 144A | 43,050 | ||||||
| 40,000 | Windstream Corp. 7.88%, 11/01/17 | 43,350 | ||||||
| 1,736,831 | ||||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Consumer, Cyclical: 12.8% | ||||||||
| Caesars Entertainment | ||||||||
| Operating Co., Inc. | ||||||||
| $ | 100,000 | 10.00%, 06/04/15 (c) (d) | $ | 20,250 | ||||
| 40,000 | 11.25%, 06/04/15 (c) (d) | 30,200 | ||||||
| 50,000 | Chrysler Group LLC 8.25%, 06/15/16 (c) | 55,312 | ||||||
| 50,000 | Family Tree Escrow LLC 5.75%, 03/01/18 (c) 144A | 52,750 | ||||||
| General Motors Co. | ||||||||
| 200,000 | 4.88%, 10/02/23 | 217,604 | ||||||
| 50,000 | 6.25%, 10/02/43 | 59,892 | ||||||
| 60,000 | GLP Capital LP / GLP Financing II, Inc. 4.88%, 08/01/20 (c) | 61,350 | ||||||
| 60,000 | HD Supply, Inc. 7.50%, 10/15/16 (c) | 64,650 | ||||||
| 40,000 | Ltd Brands, Inc. 6.63%, 04/01/21 | 46,000 | ||||||
| MGM Resorts International | ||||||||
| 50,000 | 6.63%, 07/15/15 | 50,438 | ||||||
| 75,000 | 6.63%, 12/15/21 | 80,625 | ||||||
| 25,000 | Rite Aid Corp. 6.75%, 06/15/16 (c) | 26,594 | ||||||
| 75,000 | Scientific Games International, Inc. 7.00%, 01/01/18 (c) 144A | 78,562 | ||||||
| 40,000 | The Goodyear Tire & Rubber Co. 6.50%, 03/01/16 (c) | 42,520 | ||||||
| 50,000 | Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. 4.25%, 02/28/23 (c) 144A | 47,500 | ||||||
| 934,247 | ||||||||
| Consumer, Non-cyclical: 12.5% | ||||||||
| 70,000 | ADT Corp. 3.50%, 07/15/22 † | 66,325 | ||||||
| 50,000 | Biomet, Inc. 6.50%, 08/01/15 (c) | 53,062 | ||||||
| 60,000 | CHS/Community Health Systems, Inc. 6.88%, 02/01/18 (c) | 63,975 | ||||||
| 60,000 | Community Health Systems, Inc. 8.00%, 11/15/15 (c) | 63,750 | ||||||
| 50,000 | Constellation Brands, Inc. 4.25%, 05/01/23 | 51,562 | ||||||
| 40,000 | Fresenius Medical Care US Finance II, Inc. 5.63%, 07/31/19 144A | 43,900 | ||||||
| 205,000 | HCA, Inc. 6.50%, 02/15/20 | 234,212 | ||||||
| 40,000 | HJ Heinz Co. 4.25%, 06/04/15 (c) | 41,050 | ||||||
| 20,000 | JBS USA LLC / JBS USA Finance, Inc. 8.25%, 06/04/15 (c) 144A | 21,350 | ||||||
| 60,000 | Kinetic Concepts Inc / KCI USA, Inc. 10.50%, 11/01/15 (c) | 64,725 | ||||||
| 25,000 | Post Holdings, Inc. 6.75%, 12/01/17 (c) 144A | 25,350 | ||||||
| 100,000 | Tenet Healthcare Corp. 4.75%, 06/01/20 | 102,000 | ||||||
| 40,000 | The Hertz Corp. 7.38%, 01/15/16 (c) † | 42,300 | ||||||
| 40,000 | Valeant Pharmaceuticals International 6.38%, 10/15/16 (c) 144A | 42,300 | ||||||
| 915,861 | ||||||||
See Notes to Financial Statements
| 76 |
| Principal | ||||||||
| Amount | Value | |||||||
| Energy: 13.5% | ||||||||
| $ | 60,000 | Antero Resources Corp. 5.13%, 06/01/17 (c) | $ | 60,000 | ||||
| 40,000 | California Resources Corp. 6.00%, 08/15/24 (c) † | 37,800 | ||||||
| 65,000 | Chesapeake Energy Corp. 5.75%, 03/15/23 † | 63,862 | ||||||
| 50,000 | Concho Resources, Inc. 5.50%, 10/01/17 (c) | 50,938 | ||||||
| 30,000 | CONSOL Energy, Inc. 5.88%, 04/15/17 (c) | 27,675 | ||||||
| 50,000 | Denbury Resources, Inc. 5.50%, 05/01/17 (c) † | 47,625 | ||||||
| 30,000 | Energy Transfer Equity LP 7.50%, 10/15/20 | 33,900 | ||||||
| 40,000 | EP Energy LLC 6.88%, 06/04/15 (c) | 41,440 | ||||||
| 50,000 | Halcon Resources Corp. 8.88%, 11/15/16 (c) † | 39,300 | ||||||
| 61,000 | Linn Energy LLC 8.63%, 06/04/15 (c) | 55,853 | ||||||
| 70,000 | MarkWest Energy Partners LP 4.50%, 04/15/23 (c) | 70,525 | ||||||
| 30,000 | Newfield Exploration Co. 5.63%, 07/01/24 | 31,950 | ||||||
| 25,000 | NGPL Pipeco LLC 7.12%, 12/15/17 144A | 25,563 | ||||||
| 40,000 | Peabody Energy Corp. 6.00%, 11/15/18 † | 31,725 | ||||||
| 50,000 | QEP Resources, Inc. 6.88%, 03/01/21 | 53,625 | ||||||
| 30,000 | Range Resources Corp. 5.00%, 02/15/17 (c) | 30,600 | ||||||
| 35,000 | Regency Energy Partners LP 4.50%, 08/01/23 (c) | 36,138 | ||||||
| 20,000 | Rockies Express Pipeline 6.88%, 04/15/40 144A | 21,950 | ||||||
| 50,000 | Rosetta Resources, Inc. 5.63%, 05/01/17 (c) | 50,313 | ||||||
| 76,000 | Sabine Pass Liquefaction LLC 5.63%, 11/01/20 (c) | 78,115 | ||||||
| 20,000 | SandRidge Energy, Inc. 8.13%, 04/15/17 (c) | 13,700 | ||||||
| 60,000 | Tesoro Logistics LP 6.13%, 10/15/16 (c) | 63,150 | ||||||
| 25,000 | Whiting Petroleum Corp. 5.00%, 12/15/18 (c) | 25,063 | ||||||
| 990,810 | ||||||||
| Financial: 13.9% | ||||||||
| 140,000 | Ally Financial, Inc. 8.00%, 11/01/31 | 176,225 | ||||||
| 60,000 | ARC Properties Operating Partnership LP 3.00%, 01/06/19 (c) | 58,124 | ||||||
| 25,000 | BAC Capital Trust XI 6.63%, 05/23/36 | 29,792 | ||||||
| Bank of America Corp. | ||||||||
| 50,000 | 5.20%, 06/01/23 (c) | 48,188 | ||||||
| 115,000 | 8.00%, 01/30/18 (c) | 123,481 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Financial: (continued) | ||||||||
| CIT Group, Inc. | ||||||||
| $ | 65,000 | 4.25%, 08/15/17 | $ | 66,300 | ||||
| 76,000 | 5.50%, 02/15/19 144A | 79,705 | ||||||
| 75,000 | Citigroup, Inc. 6.30%, 05/15/24 (c) | 76,072 | ||||||
| 40,000 | Crown Castle International Corp. 5.25%, 01/15/23 | 42,424 | ||||||
| 50,000 | Genworth Financial, Inc. 6.15%, 11/15/16 (c) | 32,000 | ||||||
| 51,000 | Icahn Enterprises LP 6.00%, 02/01/17 (c) | 53,815 | ||||||
| 76,000 | International Lease Finance Corp. 8.75%, 03/15/17 | 84,634 | ||||||
| SLM Corp. | ||||||||
| 50,000 | 5.50%, 01/25/23 | 48,250 | ||||||
| 50,000 | 8.45%, 06/15/18 | 55,910 | ||||||
| 40,000 | Springleaf Finance Corp. 5.40%, 12/01/15 | 40,650 | ||||||
| 1,015,570 | ||||||||
| Industrial: 6.6% | ||||||||
| 40,000 | Ball Corp. 5.00%, 03/15/22 | 41,900 | ||||||
| 44,000 | Building Materials Corp of America 5.38%, 11/15/19 (c) 144A | 45,320 | ||||||
| 40,000 | Case New Holland, Inc. 7.88%, 12/01/17 | 44,300 | ||||||
| 50,000 | Cemex Finance LLC 9.38%, 10/12/17 (c) 144A | 57,175 | ||||||
| 50,000 | Crown Americas LLC / Crown Americas Capital Corp III 6.25%, 02/01/16 (c) | 52,812 | ||||||
| 160,000 | Reynolds Group Issuer, Inc. 5.75%, 10/15/15 (c) | 167,600 | ||||||
| 30,000 | Sealed Air Corp. 8.38%, 09/15/16 (c) 144A | 33,975 | ||||||
| 40,000 | TransDigm, Inc. 5.50%, 10/15/15 (c) | 39,500 | ||||||
| 482,582 | ||||||||
| Technology: 4.9% | ||||||||
| 40,000 | Activision Blizzard, Inc. 5.63%, 09/15/16 (c) 144A | 42,850 | ||||||
| 25,000 | BMC Software Finance, Inc. 8.13%, 07/15/16 (c) 144A | 23,063 | ||||||
| 135,000 | First Data Corp. 12.63%, 01/15/16 (c) | 159,705 | ||||||
| 50,000 | Micron Technology, Inc. 5.50%, 08/01/19 (c) 144A | 49,875 | ||||||
| 50,000 | NCR Corp. 6.38%, 12/15/18 (c) | 52,875 | ||||||
| 25,000 | SunGard Data Systems, Inc. 7.63%, 11/15/15 (c) | 26,531 | ||||||
| 354,899 | ||||||||
| Utilities: 5.2% | ||||||||
| 50,000 | AES Corp. 7.38%, 06/01/21 (c) | 55,890 | ||||||
| Calpine Corp. | ||||||||
| 50,000 | 5.75%, 10/15/19 (c) | 50,440 | ||||||
| 25,000 | 6.00%, 11/01/16 (c) 144A | 26,563 | ||||||
See Notes to Financial Statements
| 77 |
TREASURY-HEDGED HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal | ||||||||
| Amount | Value | |||||||
| Utilities: (continued) | ||||||||
| $ | 50,000 | Dynegy, Inc. 6.75%, 05/01/17 (c) 144A | $ | 52,500 | ||||
| 25,000 | FirstEnergy Corp. 7.38%, 11/15/31 | 31,935 | ||||||
| 60,000 | GenOn Energy, Inc. 9.88%, 10/15/15 (c) | 62,160 | ||||||
| 40,000 | NRG Energy, Inc. 7.63%, 01/15/18 | 44,400 | ||||||
| 60,000 | RJS Power Holdings LLC 5.13%, 07/15/16 (c) 144A | 59,250 | ||||||
| 383,138 | ||||||||
| Total Corporate Bonds (Cost: $7,029,393) | 6,983,008 | |||||||
| Number | ||||||||
| of Shares | ||||||||
| MONEY MARKET FUND: 2.5% (Cost: $184,734) | ||||||||
| 184,734 | Dreyfus Government Cash Management Fund | 184,734 | ||||||
| Total Investments Before Collateral for Securities Loaned: 98.0% (Cost: $7,214,127) | 7,167,742 | |||||||
| Principal | ||||||||
| Amount | Value | |||||||
| SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 5.4% (Cost: $397,617) | ||||||||
| Repurchase Agreement: 5.4% | ||||||||
| $ | 397,617 | Repurchase agreement dated 4/30/15 with RBC Capital Markets, LLC, 0.10%, due 5/1/15, proceeds $397,618; (collateralized by various U.S. government and agency obligations, 2.00% to 10.00%, due 4/15/16 to 4/20/45, valued at $405,569 including accrued interest) | $ | 397,617 | ||||
| Total Investments: 103.4% (Cost: $7,611,744) | 7,565,359 | |||||||
| Liabilities in excess of other assets: (3.4)% | (251,557 | ) | ||||||
| NET ASSETS: 100.0% | $ | 7,313,802 | ||||||
| (c) | Callable Security — the redemption date shown is when the security may be redeemed by the issuer |
| (d) | Security in default |
| † | Security fully or partially on loan. Total market value of securities on loan is $382,038. |
| 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 $1,060,451, or 14.5% of net assets. |
At April 30, 2015, the Fund held the following open futures contracts:
| Number | Expiration | Unrealized | |||||||
| of Contracts | Date | Depreciation | |||||||
| Contracts to Sell: | |||||||||
| U.S. Treasury 5 Year Note | 60 | June 2015 | $ | (48,950 | ) | ||||
| Summary of Investments by Sector Excluding | |||||||||
| Collateral for Securities Loaned (unaudited) | % of Investments | Value | |||||||
| Basic Materials | 2.4 | % | $ | 169,070 | |||||
| Communications | 24.2 | 1,736,831 | |||||||
| Consumer, Cyclical | 13.0 | 934,247 | |||||||
| Consumer, Non-cyclical | 12.8 | 915,861 | |||||||
| Energy | 13.8 | 990,810 | |||||||
| Financial | 14.2 | 1,015,570 | |||||||
| Industrial | 6.7 | 482,582 | |||||||
| Technology | 5.0 | 354,899 | |||||||
| Utilities | 5.3 | 383,138 | |||||||
| Money Market Fund | 2.6 | 184,734 | |||||||
| 100.0 | % | $ | 7,167,742 | ||||||
See Notes to Financial Statements
| 78 |
The summary of inputs used to value the Fund’s investments as of April 30, 2015 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||||||
| Corporate Bonds* | $ | — | $ | 6,983,008 | $ | — | $ | 6,983,008 | ||||||||||||
| Money Market Fund | 184,734 | — | — | 184,734 | ||||||||||||||||
| Repurchase Agreement | — | 397,617 | — | 397,617 | ||||||||||||||||
| Total | $ | 184,734 | $ | 7,380,625 | $ | — | $ | 7,565,359 | ||||||||||||
| Other Financial Instruments: | ||||||||||||||||||||
| Futures Contracts | $ | (48,950) | $ | — | $ | — | $ | (48,950 | ) | |||||||||||
* See Schedule of Investments for security type and industry sector breakouts.
There were no transfers between levels during the year ended April 30, 2015.
See Notes to Financial Statements
| 79 |
STATEMENTS OF ASSETS AND LIABILITIES
April 30, 2015
| Emerging | Emerging | |||||||||||||||||||
| ChinaAMC | Markets | Markets | ||||||||||||||||||
| BDC Income | China Bond | Aggregate | High Yield | |||||||||||||||||
| ETF | ETF | Bond ETF | Bond ETF | |||||||||||||||||
| Assets: | ||||||||||||||||||||
| Investments, at value (1) (2) | $ | 74,453,784 | $ | 18,280,552 | $ | 17,559,365 | $ | 383,384,627 | ||||||||||||
| Short-term investments held as collateral for securities loaned (3) | 8,741,991 | — | 72,821 | 58,287,884 | ||||||||||||||||
| Cash | — | 14,913 | — | — | ||||||||||||||||
| Cash denominated in foreign currency, at value (4) | — | 1,412,524 | (a) | 172,612 | — | |||||||||||||||
| Receivables: | ||||||||||||||||||||
| Investment securities sold | — | — | — | 1,546,326 | ||||||||||||||||
| Shares sold | — | — | — | 559 | ||||||||||||||||
| Due from Adviser | — | 20,725 | — | — | ||||||||||||||||
| Dividends and interest | 106,436 | 261,856 | 277,270 | 6,941,752 | ||||||||||||||||
| Prepaid expenses | 234 | — | 121 | 2,327 | ||||||||||||||||
| Total assets | 83,302,445 | 19,990,570 | 18,082,189 | 450,163,475 | ||||||||||||||||
| Liabilities: | ||||||||||||||||||||
| Payables: | ||||||||||||||||||||
| Investment securities purchased | — | — | — | 4,435,117 | ||||||||||||||||
| Collateral for securities loaned | 8,741,991 | — | 72,821 | 58,287,884 | ||||||||||||||||
| Line of credit | 229,252 | — | — | — | ||||||||||||||||
| Shares redeemed | 42 | — | — | — | ||||||||||||||||
| Due to Adviser | 14,931 | — | 17,945 | 120,439 | ||||||||||||||||
| Due to custodian | 30,646 | — | — | 995 | ||||||||||||||||
| Variation margin on futures contracts | — | — | — | — | ||||||||||||||||
| Deferred Trustee fees | 1,232 | 10 | 941 | 14,473 | ||||||||||||||||
| Accrued expenses | 25,283 | 35,755 | 62,039 | 42,442 | ||||||||||||||||
| Total liabilities | 9,043,377 | 35,765 | 153,746 | 62,901,350 | ||||||||||||||||
| NET ASSETS | $ | 74,259,068 | $ | 19,954,805 | $ | 17,928,443 | $ | 387,262,125 | ||||||||||||
| Shares outstanding | 4,000,000 | 800,000 | 800,000 | 15,800,000 | ||||||||||||||||
| Net asset value, redemption and offering price per share | $ | 18.56 | $ | 24.94 | $ | 22.41 | $ | 24.51 | ||||||||||||
| Net assets consist of: | ||||||||||||||||||||
| Aggregate paid in capital | $ | 79,331,912 | $ | 19,873,824 | $ | 20,816,452 | $ | 414,688,031 | ||||||||||||
| Net unrealized appreciation (depreciation) | (3,587,650 | ) | 118,098 | (1,074,102 | ) | (14,269,286 | ) | |||||||||||||
| Undistributed (accumulated) net investment income (loss) | 190,560 | (6,484 | ) | (64,821 | ) | 2,213,384 | ||||||||||||||
| Accumulated net realized gain (loss) | (1,675,754 | ) | (30,633 | ) | (1,749,086 | ) | (15,370,004 | ) | ||||||||||||
| $ | 74,259,068 | $ | 19,954,805 | $ | 17,928,443 | $ | 387,262,125 | |||||||||||||
| (1) Value of securities on loan | $ | 8,435,167 | $ | — | $ | 69,825 | $ | 55,853,747 | ||||||||||||
| (2) Cost of investments | $ | 78,041,434 | $ | 18,163,951 | $ | 18,632,395 | $ | 397,653,913 | ||||||||||||
| (3) Cost of short-term investments held as collateral for securities loaned | $ | 8,741,991 | $ | — | $ | 72,821 | $ | 58,287,884 | ||||||||||||
| (4) Cost of cash denominated in foreign currency | $ | — | $ | 1,410,862 | $ | 168,820 | $ | — | ||||||||||||
| (a) | Includes $5,452 of foreign investor minimum settlement reserve funds. |
| (b) | Represents cash collateral held at broker for futures contracts |
See Notes to Financial Statements
| 80 |
| Emerging | |||||||||||||||||||||||||||||||||
| Markets | Fallen Angel | International | Investment | Preferred | Treasury-Hedged | ||||||||||||||||||||||||||||
| Local Currency | High Yield | High Yield | Grade Floating | Mortgage REIT | Securities ex | High Yield | |||||||||||||||||||||||||||
| Bond ETF | Bond ETF | Bond ETF | Rate ETF | Income ETF | Financials ETF | Bond ETF | |||||||||||||||||||||||||||
| $ | 1,066,472,459 | $ | 26,239,126 | $ | 152,392,927 | $ | 99,760,992 | $ | 119,515,980 | $ | 286,784,215 | $ | 7,167,742 | ||||||||||||||||||||
| 1,772,422 | 2,041,590 | 11,843,328 | 257,531 | 2,338,644 | 14,768,235 | 397,617 | |||||||||||||||||||||||||||
| 1,227,732 | 89,700 | — | 174 | — | — | 134,115 | (b) | ||||||||||||||||||||||||||
| 5,706,553 | — | 691,571 | — | — | — | — | |||||||||||||||||||||||||||
| 23,119,154 | 205,344 | 2,631,010 | — | — | 1,094,379 | — | |||||||||||||||||||||||||||
| 8,271,640 | — | — | — | — | 1,037,380 | — | |||||||||||||||||||||||||||
| — | — | — | — | — | — | — | |||||||||||||||||||||||||||
| 21,284,886 | 400,188 | 2,807,120 | 92,618 | 157,895 | 531,722 | 109,877 | |||||||||||||||||||||||||||
| 5,982 | 110 | 1,285 | 588 | 727 | 1,045 | 69 | |||||||||||||||||||||||||||
| 1,127,860,828 | 28,976,058 | 170,367,241 | 100,111,903 | 122,013,246 | 304,216,976 | 7,809,420 | |||||||||||||||||||||||||||
| 31,850,475 | 607,617 | 3,396,698 | — | — | 1,385,337 | — | |||||||||||||||||||||||||||
| 1,772,422 | 2,041,590 | 11,843,328 | 257,531 | 2,338,644 | 14,768,235 | 397,617 | |||||||||||||||||||||||||||
| — | — | — | — | 471,819 | 145,844 | — | |||||||||||||||||||||||||||
| — | — | — | — | — | 446,844 | — | |||||||||||||||||||||||||||
| 403,184 | 1,320 | 57,125 | 6,011 | 42,016 | 85,316 | 11,353 | |||||||||||||||||||||||||||
| — | — | — | — | 1,151,680 | — | — | |||||||||||||||||||||||||||
| — | — | — | — | — | — | 48,950 | |||||||||||||||||||||||||||
| 73,404 | 950 | 15,790 | 3,761 | 6,194 | 8,636 | 562 | |||||||||||||||||||||||||||
| 237,542 | 45,651 | 51,262 | 75,879 | 42,774 | 23,082 | 37,136 | |||||||||||||||||||||||||||
| 34,337,027 | 2,697,128 | 15,364,203 | 343,182 | 4,053,127 | 16,863,294 | 495,618 | |||||||||||||||||||||||||||
| $ | 1,093,523,801 | $ | 26,278,930 | $ | 155,003,038 | $ | 99,768,721 | $ | 117,960,119 | $ | 287,353,682 | $ | 7,313,802 | ||||||||||||||||||||
| 53,200,000 | 950,000 | 6,200,000 | 4,000,000 | 5,000,000 | 13,850,000 | 300,000 | |||||||||||||||||||||||||||
| $ | 20.55 | $ | 27.66 | $ | 25.00 | $ | 24.94 | $ | 23.59 | $ | 20.75 | $ | 24.38 | ||||||||||||||||||||
| $ | 1,295,329,924 | $ | 25,111,747 | $ | 166,575,301 | $ | 99,665,584 | $ | 142,697,184 | $ | 295,596,646 | $ | 7,531,011 | ||||||||||||||||||||
| (151,035,999 | ) | 961,599 | (9,796,469 | ) | 230,659 | (12,096,178 | ) | (2,924,191 | ) | (95,335 | ) | ||||||||||||||||||||||
| (35,382,851 | ) | 87,755 | (16,875 | ) | 53,348 | 395,751 | 401,452 | 56,295 | |||||||||||||||||||||||||
| (15,387,273 | ) | 117,829 | (1,758,919 | ) | (180,870 | ) | (13,036,638 | ) | (5,720,225 | ) | (178,169 | ) | |||||||||||||||||||||
| $ | 1,093,523,801 | $ | 26,278,930 | $ | 155,003,038 | $ | 99,768,721 | $ | 117,960,119 | $ | 287,353,682 | $ | 7,313,802 | ||||||||||||||||||||
| $ | 1,605,008 | $ | 1,894,313 | $ | 11,281,678 | $ | 251,825 | $ | 2,217,288 | $ | 14,361,150 | $ | 382,038 | ||||||||||||||||||||
| $ | 1,217,155,176 | $ | 25,277,527 | $ | 162,189,052 | $ | 99,530,333 | $ | 131,612,158 | $ | 289,708,406 | $ | 7,214,127 | ||||||||||||||||||||
| $ | 1,772,422 | $ | 2,041,590 | $ | 11,843,328 | $ | 257,531 | $ | 2,338,644 | $ | 14,768,235 | $ | 397,617 | ||||||||||||||||||||
| $ | 5,643,327 | $ | — | $ | 668,513 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
See Notes to Financial Statements
| 81 |
STATEMENTS OF OPERATIONS
For the Period Ended April 30, 2015
| Emerging | Emerging | |||||||||||||||||||
| ChinaAMC | Markets | Markets | ||||||||||||||||||
| BDC Income | China Bond | Aggregate | High Yield | |||||||||||||||||
| ETF | ETF (a) | Bond ETF | Bond ETF | |||||||||||||||||
| Income: | ||||||||||||||||||||
| Dividends | $ | 4,512,913 | $ | — | $ | — | $ | — | ||||||||||||
| Interest | — | 388,581 | 912,783 | 28,267,877 | ||||||||||||||||
| Securities lending income | 115,045 | — | 542 | 284,931 | ||||||||||||||||
| Foreign taxes withheld | — | (77,822 | ) | (8,493 | ) | 634 | ||||||||||||||
| Total income | 4,627,958 | 310,759 | 904,832 | 28,553,442 | ||||||||||||||||
| Expenses: | ||||||||||||||||||||
| Management fees | 205,313 | 39,936 | 64,631 | 1,621,712 | ||||||||||||||||
| Professional fees | 35,645 | 28,056 | 39,269 | 62,583 | ||||||||||||||||
| Insurance | 631 | — | 432 | 6,681 | ||||||||||||||||
| Trustees’ fees and expenses | 4,819 | 197 | 2,783 | 26,188 | ||||||||||||||||
| Reports to shareholders | 11,018 | 20,678 | 5,878 | 55,440 | ||||||||||||||||
| Indicative optimized portfolio value fee | 6,015 | 7,957 | 24,598 | 23,435 | ||||||||||||||||
| Custodian fees | 5,889 | 15,137 | 32,639 | 67,177 | ||||||||||||||||
| Registration fees | 4,982 | 5,779 | 4,901 | 4,339 | ||||||||||||||||
| Transfer agent fees | 2,772 | 1,040 | 2,405 | 2,406 | ||||||||||||||||
| Fund accounting fees | 10,600 | 1,673 | 1,361 | 27,542 | ||||||||||||||||
| Interest | 3,319 | — | 512 | 105 | ||||||||||||||||
| Other | 8,683 | 1,904 | 6,949 | 20,809 | ||||||||||||||||
| Total expenses | 299,686 | 122,357 | 186,358 | 1,918,417 | ||||||||||||||||
| Waiver of management fees | (91,055 | ) | (39,936 | ) | (64,631 | ) | (296,598 | ) | ||||||||||||
| Expenses assumed by the Adviser | — | (32,501 | ) | (30,731 | ) | — | ||||||||||||||
| Net expenses | 208,631 | 49,920 | 90,996 | 1,621,819 | ||||||||||||||||
| Net investment income | 4,419,327 | 260,839 | 813,836 | 26,931,623 | ||||||||||||||||
| Net realized gain (loss) on: | ||||||||||||||||||||
| Investments | (1,577,178 | ) | (140,269 | ) | (242,924 | ) | (12,367,521 | ) | ||||||||||||
| Futures contracts | — | — | — | — | ||||||||||||||||
| In-kind redemptions | 495,700 | — | — | (649,754 | ) | |||||||||||||||
| Foreign currency transactions and foreign denominated assets and liabilities | — | (13,652 | ) | (37,453 | ) | — | ||||||||||||||
| Net realized gain (loss) | (1,081,478 | ) | (153,921 | ) | (280,377 | ) | (13,017,275 | ) | ||||||||||||
| Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||
| Investments | (2,300,026 | ) | 116,748 | (886,573 | ) | (9,905,402 | ) | |||||||||||||
| Futures contracts | — | — | — | — | ||||||||||||||||
| Foreign currency transactions and foreign denominated assets and liabilities | — | 1,350 | (5,854 | ) | — | |||||||||||||||
| Net change in unrealized appreciation (depreciation) | (2,300,026 | ) | 118,098 | (892,427 | ) | (9,905,402 | ) | |||||||||||||
| Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 1,037,823 | $ | 225,016 | $ | (358,968 | ) | $ | 4,008,946 | |||||||||||
| (a) | Commencement of operations for ChinaAMC China Bond ETF was November 10, 2014. |
See Notes to Financial Statements
| 82 |
| Emerging | |||||||||||||||||||||||||||||||||
| Markets | Fallen Angel | International | Investment | Preferred | Treasury-Hedged | ||||||||||||||||||||||||||||
| Local Currency | High Yield | High Yield | Grade Floating | Mortgage REIT | Securities ex | High Yield | |||||||||||||||||||||||||||
| Bond ETF | Bond ETF | Bond ETF | Rate ETF | Income ETF | Financials ETF | Bond ETF | |||||||||||||||||||||||||||
| $ | — | $ | — | $ | — | $ | — | $ | 10,762,104 | $ | 12,964,123 | $ | — | ||||||||||||||||||||
| 58,833,540 | 1,058,229 | 10,060,697 | 744,562 | — | — | 426,338 | |||||||||||||||||||||||||||
| 44,803 | 14,882 | 90,434 | 792 | 10,611 | 237,278 | 1,438 | |||||||||||||||||||||||||||
| (1,137,478 | ) | (661 | ) | (1,220 | ) | — | — | — | 1,500 | ||||||||||||||||||||||||
| 57,740,865 | 1,072,450 | 10,149,911 | 745,354 | 10,772,715 | 13,201,401 | 429,276 | |||||||||||||||||||||||||||
| 3,385,563 | 75,487 | 734,791 | 326,924 | 475,268 | 817,928 | 39,434 | |||||||||||||||||||||||||||
| 79,298 | 31,437 | 41,335 | 27,851 | 34,884 | 49,832 | 35,791 | |||||||||||||||||||||||||||
| 17,158 | 285 | 3,692 | 1,397 | 2,099 | 3,016 | 185 | |||||||||||||||||||||||||||
| 93,588 | 3,502 | 21,552 | 9,099 | 9,709 | 15,486 | 3,011 | |||||||||||||||||||||||||||
| 127,524 | 7,018 | 27,871 | 13,828 | 21,014 | 29,293 | 5,276 | |||||||||||||||||||||||||||
| 27,385 | 23,435 | 23,435 | 24,607 | 18,455 | 6,034 | 16,771 | |||||||||||||||||||||||||||
| 879,975 | 12,934 | 105,233 | 22,727 | 5,625 | 10,964 | 12,975 | |||||||||||||||||||||||||||
| 8,023 | 4,990 | 4,345 | 4,986 | 4,779 | 4,132 | 4,986 | |||||||||||||||||||||||||||
| 2,406 | 2,406 | 2,406 | 2,406 | 2,406 | 2,418 | 2,406 | |||||||||||||||||||||||||||
| 65,239 | 1,251 | 13,406 | 6,816 | 8,381 | 12,360 | 548 | |||||||||||||||||||||||||||
| 11,352 | 456 | 108 | 257 | 15,979 | 6,139 | 79 | |||||||||||||||||||||||||||
| 44,502 | 7,403 | 16,239 | 7,872 | 7,779 | 9,426 | 4,735 | |||||||||||||||||||||||||||
| 4,742,013 | 170,604 | 994,413 | 448,770 | 606,378 | 967,028 | 126,197 | |||||||||||||||||||||||||||
| (184,400 | ) | (75,487 | ) | (259,517 | ) | (294,371 | ) | (115,131 | ) | (142,960 | ) | (39,434 | ) | ||||||||||||||||||||
| — | (19,174 | ) | — | — | — | — | (42,868 | ) | |||||||||||||||||||||||||
| 4,557,613 | 75,943 | 734,896 | 154,399 | 491,247 | 824,068 | 43,895 | |||||||||||||||||||||||||||
| 53,183,252 | 996,507 | 9,415,015 | 590,955 | 10,281,468 | 12,377,333 | 385,381 | |||||||||||||||||||||||||||
| (66,255,810 | ) | 243,367 | (3,954,537 | ) | (144,513 | ) | (7,553,989 | ) | (3,197,627 | ) | 29,117 | ||||||||||||||||||||||
| — | — | — | — | — | — | (178,106 | ) | ||||||||||||||||||||||||||
| (30,180,883 | ) | 103,716 | (1,634,848 | ) | 73,545 | 5,136,268 | 3,416,510 | (78,834 | ) | ||||||||||||||||||||||||
| (4,403,406 | ) | — | 468,479 | — | — | — | — | ||||||||||||||||||||||||||
| (100,840,099 | ) | 347,083 | (5,120,906 | ) | (70,968 | ) | (2,417,721 | ) | 218,883 | (227,823 | ) | ||||||||||||||||||||||
| (47,876,313 | ) | (260,137 | ) | (16,006,468 | ) | (192,557 | ) | (961,188 | ) | (861,780 | ) | (222,658 | ) | ||||||||||||||||||||
| — | — | — | — | — | — | (78,130 | ) | ||||||||||||||||||||||||||
| (378,365 | ) | — | 69,681 | — | — | — | — | ||||||||||||||||||||||||||
| (48,254,678 | ) | (260,137 | ) | (15,936,787 | ) | (192,557 | ) | (961,188 | ) | (861,780 | ) | (300,788 | ) | ||||||||||||||||||||
| $ | (95,911,525 | ) | $ | 1,083,453 | $ | (11,642,678 | ) | $ | 327,430 | $ | 6,902,559 | $ | 11,734,436 | $ | (143,230 | ) | |||||||||||||||||
See Notes to Financial Statements
| 83 |
STATEMENTS OF CHANGES IN NET ASSETS
| ChinaAMC | |||||||||||||||
| BDC Income ETF | China Bond ETF | ||||||||||||||
| For the Period | |||||||||||||||
| For the Year | For the Year | November 10, | |||||||||||||
| Ended | Ended | 2014 (a) through | |||||||||||||
| April 30, | April 30, | April 30, | |||||||||||||
| 2015 | 2014 | 2015 | |||||||||||||
| Operations: | |||||||||||||||
| Net investment income | $ | 4,419,327 | $ | 1,727,541 | $ | 260,839 | |||||||||
| Net realized gain (loss) | (1,081,478 | ) | 214,137 | (153,921 | ) | ||||||||||
| Net change in unrealized appreciation (depreciation) | (2,300,026 | ) | (1,597,176 | ) | 118,098 | ||||||||||
| Net increase (decrease) in net assets resulting from operations | 1,037,823 | 344,502 | 225,016 | ||||||||||||
| Dividends and Distributions to shareholders: | |||||||||||||||
| Dividends from net investment income | (4,244,650 | ) | (1,559,010 | ) | (144,035 | ) | |||||||||
| Return of capital | — | — | (68,565 | ) | |||||||||||
| Total Dividends and Distributions | (4,244,650 | ) | (1,559,010 | ) | (212,600 | ) | |||||||||
| Share transactions:** | |||||||||||||||
| Proceeds from sale of shares | 57,980,408 | 32,709,913 | 27,307,725 | ||||||||||||
| Cost of shares redeemed | (14,242,190 | ) | (9,165,938 | ) | (7,365,336 | ) | |||||||||
| Increase (Decrease) in net assets resulting from share transactions | 43,738,218 | 23,543,975 | 19,942,389 | ||||||||||||
| Total increase (decrease) in net assets | 40,531,391 | 22,329,467 | 19,954,805 | ||||||||||||
| Net Assets, beginning of period | 33,727,677 | 11,398,210 | — | ||||||||||||
| Net Assets, end of period† | $ | 74,259,068 | $ | 33,727,677 | $ | 19,954,805 | |||||||||
| † Including undistributed (accumulated) net investment income (loss) | $ | 190,560 | $ | 140,197 | $ | (6,484 | ) | ||||||||
| ** Shares of Common Stock Issued (no par value) | |||||||||||||||
| Shares sold | 3,050,000 | 1,600,000 | 1,100,000 | ||||||||||||
| Shares redeemed | (750,000 | ) | (450,000 | ) | (300,000 | ) | |||||||||
| Net increase (decrease) | 2,300,000 | 1,150,000 | 800,000 | ||||||||||||
| (a) | Commencement of operations |
See Notes to Financial Statements
| 84 |
| Emerging Markets | Emerging Markets | Emerging Markets | ||||||||||||||||||||||||||
| Aggregate Bond ETF | High Yield Bond ETF | Local Currency Bond ETF | ||||||||||||||||||||||||||
| For the Year | For the Year | For the Year | For the Year | For the Year | For the Year | |||||||||||||||||||||||
| Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||||||
| April 30, | April 30, | April 30, | April 30, | April 30, | April 30, | |||||||||||||||||||||||
| 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | |||||||||||||||||||||||
| $ | 813,836 | $ | 938,588 | $ | 26,931,623 | $ | 14,564,215 | $ | 53,183,252 | $ | 57,695,550 | |||||||||||||||||
| (280,377 | ) | (3,690,202 | ) | (13,017,275 | ) | (4,997,534 | ) | (100,840,099 | ) | (60,619,507 | ) | |||||||||||||||||
| (892,427 | ) | (809,513 | ) | (9,905,402 | ) | (5,092,059 | ) | (48,254,678 | ) | (145,686,574 | ) | |||||||||||||||||
| (358,968 | ) | (3,561,127 | ) | 4,008,946 | 4,474,622 | (95,911,525 | ) | (148,610,531 | ) | |||||||||||||||||||
| (560,225 | ) | (510,630 | ) | (26,482,780 | ) | (13,759,920 | ) | (24,225,613 | ) | (38,448,228 | ) | |||||||||||||||||
| (184,000 | ) | (472,970 | ) | — | — | (23,138,007 | ) | (15,121,732 | ) | |||||||||||||||||||
| (744,225 | ) | (983,600 | ) | (26,482,780 | ) | (13,759,920 | ) | (47,363,620 | ) | (53,569,960 | ) | |||||||||||||||||
| 1,104,569 | 14,184,621 | 109,419,516 | 162,275,358 | 702,553,855 | 34,626,333 | |||||||||||||||||||||||
| (3,628,462 | ) | (35,655,670 | ) | (38,704,964 | ) | (61,048,427 | ) | (276,123,547 | ) | (527,074,783 | ) | |||||||||||||||||
| (2,523,893 | ) | (21,471,049 | ) | 70,714,552 | 101,226,931 | 426,430,308 | (492,448,450 | ) | ||||||||||||||||||||
| (3,627,086 | ) | (26,015,776 | ) | 48,240,718 | 91,941,633 | 283,155,163 | (694,628,941 | ) | ||||||||||||||||||||
| 21,555,529 | 47,571,305 | 339,021,407 | 247,079,774 | 810,368,638 | 1,504,997,579 | |||||||||||||||||||||||
| $ | 17,928,443 | $ | 21,555,529 | $ | 387,262,125 | $ | 339,021,407 | $ | 1,093,523,801 | $ | 810,368,638 | |||||||||||||||||
| $ | (64,821 | ) | $ | (903 | ) | $ | 2,213,384 | $ | 1,764,541 | $ | (35,382,851 | ) | $ | (986,641 | ) | |||||||||||||
| 50,000 | 600,000 | 4,200,000 | 6,400,000 | 32,200,000 | 1,400,000 | |||||||||||||||||||||||
| (150,000 | ) | (1,500,000 | ) | (1,600,000 | ) | (2,400,000 | ) | (13,200,000 | ) | (21,800,000 | ) | |||||||||||||||||
| (100,000 | ) | (900,000 | ) | 2,600,000 | 4,000,000 | 19,000,000 | (20,400,000 | ) | ||||||||||||||||||||
See Notes to Financial Statements
| 85 |
MARKET VECTORS ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
(continued)
| Fallen Angel | International | |||||||||||||||||||
| High Yield Bond ETF | High Yield Bond ETF | |||||||||||||||||||
| For the Year | For the Year | For the Year | For the Year | |||||||||||||||||
| Ended | Ended | Ended | Ended | |||||||||||||||||
| April 30, | April 30, | April 30, | April 30, | |||||||||||||||||
| 2015 | 2014 | 2015 | 2014 | |||||||||||||||||
| Operations: | ||||||||||||||||||||
| Net investment income | $ | 996,507 | $ | 844,617 | $ | 9,415,015 | $ | 11,258,798 | ||||||||||||
| Net realized gain (loss) | 347,083 | 138,100 | (5,120,906 | ) | 6,954,449 | |||||||||||||||
| Net change in unrealized appreciation (depreciation) | (260,137 | ) | 272,361 | (15,936,787 | ) | (3,333,654 | ) | |||||||||||||
| Net increase (decrease) in net assets resulting from operations | 1,083,453 | 1,255,078 | (11,642,678 | ) | 14,879,593 | |||||||||||||||
| Dividends and Distributions to shareholders: | ||||||||||||||||||||
| Dividends from net investment income | (993,280 | ) | (823,240 | ) | (7,789,971 | ) | (11,928,640 | ) | ||||||||||||
| Distributions from net realized capital gains | (223,200 | ) | (45,240 | ) | — | (218,400 | ) | |||||||||||||
| Return of capital | — | — | (1,917,549 | ) | — | |||||||||||||||
| Total Dividends and Distributions | (1,216,480 | ) | (868,480 | ) | (9,707,520 | ) | (12,147,040 | ) | ||||||||||||
| Share transactions:** | ||||||||||||||||||||
| Proceeds from sale of shares | 12,449,879 | 5,290,667 | 55,430,653 | 65,018,264 | ||||||||||||||||
| Cost of shares redeemed | (2,732,438 | ) | — | (39,930,454 | ) | (180,633,439 | ) | |||||||||||||
| Increase (Decrease) in net assets resulting from share transactions | 9,717,441 | 5,290,667 | 15,500,199 | (115,615,175 | ) | |||||||||||||||
| Total increase (decrease) in net assets | 9,584,414 | 5,677,265 | (5,849,999 | ) | (112,882,622 | ) | ||||||||||||||
| Net Assets, beginning of period | 16,694,516 | 11,017,251 | 160,853,037 | 273,735,659 | ||||||||||||||||
| Net Assets, end of period† | $ | 26,278,930 | $ | 16,694,516 | $ | 155,003,038 | $ | 160,853,037 | ||||||||||||
| † Including undistributed (accumulated) net investment income (loss) | $ | 87,755 | $ | 83,892 | $ | (16,875 | ) | $ | 1,067,544 | |||||||||||
| ** Shares of Common Stock Issued (no par value) | ||||||||||||||||||||
| Shares sold | 450,000 | 200,000 | 2,000,000 | 2,400,000 | ||||||||||||||||
| Shares redeemed | (100,000 | ) | — | (1,600,000 | ) | (6,600,000 | ) | |||||||||||||
| Net increase (decrease) | 350,000 | 200,000 | 400,000 | (4,200,000 | ) | |||||||||||||||
See Notes to Financial Statements
| 86 |
| Investment Grade | Preferred Securities ex | |||||||||||||||||||||||||||
| Floating Rate ETF | Mortgage REIT Income ETF | Financials ETF | ||||||||||||||||||||||||||
| For the Year | For the Year | For the Year | For the Year | For the Year | For the Year | |||||||||||||||||||||||
| Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||||||
| April 30, | April 30, | April 30, | April 30, | April 30, | April 30, | |||||||||||||||||||||||
| 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | |||||||||||||||||||||||
| $ | 590,955 | $ | 437,700 | $ | 10,281,468 | $ | 12,441,753 | $ | 12,377,333 | $ | 9,270,496 | |||||||||||||||||
| (70,968 | ) | 9,373 | (2,417,721 | ) | (4,112,151 | ) | 218,883 | 1,173,817 | ||||||||||||||||||||
| (192,557 | ) | 333,329 | (961,188 | ) | (18,809,590 | ) | (861,780 | ) | (3,355,067 | ) | ||||||||||||||||||
| 327,430 | 780,402 | 6,902,559 | (10,479,988 | ) | 11,734,436 | 7,089,246 | ||||||||||||||||||||||
| (584,790 | ) | (398,830 | ) | (11,284,160 | ) | (10,623,350 | ) | (11,446,740 | ) | (9,173,790 | ) | |||||||||||||||||
| (37,000 | ) | — | — | — | — | — | ||||||||||||||||||||||
| — | — | — | (2,500,000 | ) | — | — | ||||||||||||||||||||||
| (621,790 | ) | (398,830 | ) | (11,284,160 | ) | (13,123,350 | ) | (11,446,740 | ) | (9,173,790 | ) | |||||||||||||||||
| 19,999,220 | 82,240,442 | 32,068,905 | 64,250,712 | 153,493,777 | 48,465,833 | |||||||||||||||||||||||
| (17,520,415 | ) | (2,499,468 | ) | (15,866,689 | ) | (65,391,766 | ) | (28,946,418 | ) | (47,333,828 | ) | |||||||||||||||||
| 2,478,805 | 79,740,974 | 16,202,216 | (1,141,054 | ) | 124,547,359 | 1,132,005 | ||||||||||||||||||||||
| 2,184,445 | 80,122,546 | 11,820,615 | (24,744,392 | ) | 124,835,055 | (952,539 | ) | |||||||||||||||||||||
| 97,584,276 | 17,461,730 | 106,139,504 | 130,883,896 | 162,518,627 | 163,471,166 | |||||||||||||||||||||||
| $ | 99,768,721 | $ | 97,584,276 | $ | 117,960,119 | $ | 106,139,504 | $ | 287,353,682 | $ | 162,518,627 | |||||||||||||||||
| $ | 53,348 | $ | 49,006 | $ | 395,751 | $ | 2,138,971 | $ | 401,452 | $ | 243,382 | |||||||||||||||||
| 800,000 | 3,300,000 | 1,300,000 | 2,700,000 | 7,400,000 | 2,400,000 | |||||||||||||||||||||||
| (700,000 | ) | (100,000 | ) | (650,000 | ) | (2,800,000 | ) | (1,400,000 | ) | (2,450,000 | ) | |||||||||||||||||
| 100,000 | 3,200,000 | 650,000 | (100,000 | ) | 6,000,000 | (50,000 | ) | |||||||||||||||||||||
See Notes to Financial Statements
| 87 |
MARKET VECTORS ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
(continued)
| Treasury-Hedged | ||||||||||
| High Yield Bond ETF | ||||||||||
| For the Year | For the Year | |||||||||
| Ended | Ended | |||||||||
| April 30, | April 30, | |||||||||
| 2015 | 2014 | |||||||||
| Operations: | ||||||||||
| Net investment income | $ | 385,381 | $ | 356,526 | ||||||
| Net realized gain (loss) | (227,823 | ) | 102,514 | |||||||
| Net change in unrealized appreciation (depreciation) | (300,788 | ) | 87,928 | |||||||
| Net increase (decrease) in net assets resulting from operations | (143,230 | ) | 546,968 | |||||||
| Dividends and Distributions to shareholders: | ||||||||||
| Dividends from net investment income | (399,620 | ) | (340,240 | ) | ||||||
| Distributions from net realized capital gains | — | (92,160 | ) | |||||||
| Total Dividends and Distributions | (399,620 | ) | (432,400 | ) | ||||||
| Share transactions:** | ||||||||||
| Proceeds from sale of shares | 7,567,217 | 5,085,275 | ||||||||
| Cost of shares redeemed | (9,961,206 | ) | (5,085,275 | ) | ||||||
| Decrease in net assets resulting from share transactions | (2,393,989 | ) | — | |||||||
| Total increase (decrease) in net assets | (2,936,839 | ) | 114,568 | |||||||
| Net Assets, beginning of period | 10,250,641 | 10,136,073 | ||||||||
| Net Assets, end of period† | $ | 7,313,802 | $ | 10,250,641 | ||||||
| † Including undistributed net investment income | $ | 56,295 | $ | 41,100 | ||||||
| ** Shares of Common Stock Issued (no par value) | ||||||||||
| Shares sold | 300,000 | 200,000 | ||||||||
| Shares redeemed | (400,000 | ) | (200,000 | ) | ||||||
| Net decrease | (100,000 | ) | — | |||||||
See Notes to Financial Statements
| 88 |
MARKET VECTORS ETF TRUST
For a share outstanding throughout each 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
| 89 |
MARKET VECTORS ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each 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
| 90 |
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each 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
| 91 |
MARKET VECTORS ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each 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
| 92 |
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each 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
| 93 |
MARKET VECTORS ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each 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
| 94 |
MARKET VECTORS ETF TRUST
April 30, 2015
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 April 30, 2015, offers fifty-five 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”), ChinaAMC China Bond ETF (“ChinaAMC China Bond”), 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”) 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. China Asset Management (Hong Kong) Limited (the “Sub-Adviser”) is the sub-adviser to ChinaAMC China Bond. ChinaAMC China Bond seeks to achieve its investment objective by primarily investing in bonds issued in the People’s Republic of China (“PRC”) via the Sub-Adviser. 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* | ||
| ChinaAMC China Bond | November 10, 2014 | ChinaBond China High Quality Bond 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 and Preferred Securities ex Financials 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.
| 95 |
MARKET VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
The Funds are investment companies and are following accounting and reporting requirements of Accounting Standards 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 are valued on the basis of evaluated prices 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 each 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. |
| 96 |
| B. | Federal Income Taxes—It is each Fund’s policy to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable income to its shareholders. Therefore, no federal income tax provision is required. | |
| C. | Dividends and Distributions to Shareholders—Dividends to shareholders from net investment income, if any, are declared and paid at least monthly by each Fund (except 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. | 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. | |
| E. | Restricted Securities—The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if any, is included at the end of each Fund’s Schedule of Investments. | |
| F. | 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 April 30, 2015 are reflected in the Schedules of Investments. | |
| G. | Use of Derivative Instruments—The Funds may make investments in derivative instruments, including, but not limited to, options, futures, swaps and other derivatives relating to foreign currency transactions. A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. Derivative instruments may be privately negotiated contracts (often referred to as over-the-counter (“OTC”) derivatives) or they may be listed and traded on an exchange. Derivative contracts may involve future commitments to purchase or sell financial instruments at specified terms on a specified date, or to exchange interest payment streams or currencies based on a notional or contractual amount. Derivative instruments may involve a high degree of financial risk. The use of 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. | ||
| 97 |
MARKET VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
| 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 Fund 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 12 months during the year ended April 30, 2015 of which the average market value for that 12 month period was $8,469,346. Futures contracts held by Treasury-Hedged at April 30, 2015 are reflected in the Schedule of Investments. | |
| At April 30, 2015, Treasury-Hedged held the following derivatives instruments: | |
| Liability Derivatives Interest Rate Risk | ||||
| Futures contracts1 | $48,950 | |||
| 1 | Statements of Assets and Liabilities location: Variation margin on futures contracts |
| For Treasury-Hedged, the impact of transactions in derivative instruments during the year ended April 30, 2015 was as follows: |
| Interest Rate Risk | ||||
| Net change in unrealized appreciation (depreciation): | ||||
| Futures contracts2 | $ | (78,130 | ) | |
| Realized gain (loss) | ||||
| Futures contracts3 | (178,106 | ) | ||
| 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 |
| H. | 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 present securities lending and repurchase agreement assets and liabilities on a gross basis in the Statements of Assets and Liabilities. Collateral held at April 30, 2015 is presented in the Schedules of Investments. Refer to related disclosure in Note 2F (Repurchase Agreements) and Note 9 (Securities Lending). |
| 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 other similar agreements, as well as financial collateral received or pledged (including cash collateral and margin) as of April 30, 2015. 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 April 30, 2015. | |
| Fund | Description | Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Statements of Assets and Liabilities | Net Amounts of Liabilities Presented in the Statements of Assets and Liabilities | Financial Instruments and Cash Collateral Pledged* | Net Amount | ||||||||||||
| Treasury-Hedged | Futures Contracts | $48,950 | $— | $48,950 | $(48,950) | $— | ||||||||||||
| * | Gross amounts not offset in the Statements of Assets and Liabilities |
| I. | 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 |
| 98 |
| 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 (September 1, 2016 for ChinaAMC China Bond), 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 expense limitation, management fee rate and the amounts waived/assumed by the Adviser for the year ended April 30, 2015 are as follows:
| Fund | Expense Limitation | Management Fee Rate | Waiver of Management Fees | Expenses Assumed by the Adviser | ||||||||||||
| BDC Income | 0.40 | % | 0.40 | % | $ 91,055 | $ | — | |||||||||
| ChinaAMC China Bond | 0.50 | 0.40 | 39,936 | 32,501 | ||||||||||||
| Emerging Markets Aggregate | 0.49 | 0.35 | 64,631 | 30,731 | ||||||||||||
| Emerging Markets High Yield | 0.40 | 0.40 | 296,598 | — | ||||||||||||
| Emerging Markets Local Currency | 0.47 | 0.35 | 184,400 | — | ||||||||||||
| Fallen Angel | 0.40 | 0.40 | 75,487 | 19,174 | ||||||||||||
| International High Yield | 0.40 | 0.40 | 259,517 | — | ||||||||||||
| Investment Grade | 0.14 | * | 0.35 | 294,371 | — | |||||||||||
| Mortgage REIT | 0.40 | 0.40 | 115,131 | — | ||||||||||||
| Preferred Securities | 0.40 | 0.40 | 142,960 | — | ||||||||||||
| Treasury-Hedged | 0.50 | 0.45 | 39,434 | 42,868 | ||||||||||||
| * | Effective November 5, 2014, the expense limitation for Investment Grade was reduced from 0.19% to 0.14%. |
In addition, Van Eck Securities Corporation, an affiliate of the Adviser, acts as the Funds’ distributor (the “Distributor”). Certain officers and a Trustee of the Trust are officers, directors or stockholders of the Adviser and Distributor.
Note 4—Investments—For the year ended April 30, 2015, 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 | $ | 13,104,735 | $ | 10,449,359 | ||||
| ChinaAMC China Bond | 30,392,061 | 12,000,608 | ||||||
| Emerging Markets Aggregate | 4,329,176 | 6,429,369 | ||||||
| Emerging Markets High Yield | 160,428,253 | 136,120,031 | ||||||
| Emerging Markets Local Currency | 673,759,586 | 342,623,258 | ||||||
| Fallen Angel | 21,727,873 | 9,566,973 | ||||||
| International High Yield | 84,834,576 | 65,601,141 | ||||||
| Investment Grade | 42,425,972 | 31,363,283 | ||||||
| Mortgage REIT | 77,347,071 | 37,237,718 | ||||||
| Preferred Securities | 53,808,886 | 33,043,822 | ||||||
| Treasury-Hedged | 5,166,416 | 2,969,633 | ||||||
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MARKET VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
Note 5—Income Taxes—As of April 30, 2015, 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 | $ | 87,061,025 | $ | 496,672 | $ | (4,361,922 | ) | $ | (3,865,250 | ) | ||||||
| ChinaAMC China Bond | 18,176,423 | 174,944 | (70,815 | ) | 104,129 | |||||||||||
| Emerging Markets Aggregate | 18,709,332 | 486,558 | (1,563,704 | ) | (1,077,146 | ) | ||||||||||
| Emerging Markets High Yield | 456,005,966 | 8,225,132 | (22,558,587 | ) | (14,333,455 | ) | ||||||||||
| Emerging Markets Local Currency | 1,227,731,803 | 4,078,319 | (163,565,241 | ) | (159,486,922 | ) | ||||||||||
| Fallen Angel | 27,334,736 | 1,076,394 | (130,414 | ) | 945,980 | |||||||||||
| International High Yield | 174,075,742 | 2,452,962 | (12,292,449 | ) | (9,839,487 | ) | ||||||||||
| Investment Grade | 99,787,864 | 297,185 | (66,526 | ) | 230,659 | |||||||||||
| Mortgage REIT | 138,059,810 | 4,392,472 | (20,597,658 | ) | (16,205,186 | ) | ||||||||||
| Preferred Securities | 303,694,615 | 4,461,766 | (6,603,931 | ) | (2,142,165 | ) | ||||||||||
| Treasury-Hedged | 7,611,744 | 104,721 | (151,106 | ) | (46,385 | ) | ||||||||||
At April 30, 2015, the components of accumulated earnings (deficit) on a tax basis, for each Fund, were as follows:
| Fund | Undistributed Ordinary Income | Undistributed Long-Term Capital Gains | Accumulated Capital Losses | Qualified Late Year Losses* | Other Temporary Difference | Unrealized Appreciation (Depreciation) | Total | |||||||||||||||||||||
| BDC Income | $ | 153,981 | $ | — | $ | (1,360,343 | ) | $ | — | $ | (1,232 | ) | $ | (3,865,250 | ) | $ | (5,072,844 | ) | ||||||||||
| ChinaAMC China Bond | — | — | (24,635 | ) | — | (10 | ) | 105,626 | 80,981 | |||||||||||||||||||
| Emerging Markets Aggregate | — | — | (1,744,970 | ) | (63,880 | ) | (941 | ) | (1,078,218 | ) | (2,888,009 | ) | ||||||||||||||||
| Emerging Markets High Yield | 2,276,608 | — | (15,305,835 | ) | — | (63,224 | ) | (14,333,455 | ) | (27,425,906 | ) | |||||||||||||||||
| Emerging Markets Local Currency | — | — | (13,796,395 | ) | (28,096,122 | ) | (73,402 | ) | (159,840,204 | ) | (201,806,123 | ) | ||||||||||||||||
| Fallen Angel | 88,705 | 133,448 | — | — | (950 | ) | 945,980 | 1,167,183 | ||||||||||||||||||||
| International High Yield | — | — | (657,376 | ) | (1,059,267 | ) | (15,789 | ) | (9,839,831 | ) | (11,572,263 | ) | ||||||||||||||||
| Investment Grade | 57,109 | — | — | (180,870 | ) | (3,761 | ) | 230,659 | 103,137 | |||||||||||||||||||
| Mortgage REIT | — | — | (8,525,684 | ) | — | (6,195 | ) | (16,205,186 | ) | (24,737,065 | ) | |||||||||||||||||
| Preferred Securities | 305,999 | — | (5,508,604 | ) | — | (898,194 | ) | (2,142,165 | ) | (8,242,964 | ) | |||||||||||||||||
| Treasury-Hedged | 56,858 | — | (227,119 | ) | — | (563 | ) | (46,385 | ) | (217,209 | ) | |||||||||||||||||
Qualified late-year losses comprised of post-October capital losses incurred after October 31, 2014, and certain late-year ordinary losses. Late-year ordinary losses represent ordinary losses incurred after December 31, 2014 and specified losses incurred after October 31, 2014. These losses are deemed to arise on the first day of the Funds next taxable year. For the year ended April 30, 2015, the Funds intend to defer to May 1, 2015 for federal tax purposes qualified late-year losses as follows:
| Fund | Late-Year Ordinary Losses | Post-October Capital Losses | ||||||
| Emerging Markets Aggregate | $ | 63,880 | $ | — | ||||
| Emerging Markets Local Currency | 28,096,122 | — | ||||||
| International High Yield | — | 1,059,267 | ||||||
| Investment Grade | — | 180,870 | ||||||
The tax character of dividends paid to shareholders during the years ended April 30, 2015 and April 30, 2014 was as follows:
| Ordinary Income | Long-Term Capital Gains | Return of Capital | ||||||||||||||||||||||
| Fund | April 30, 2015 | April 30, 2014 | April 30, 2015 | April 30, 2014 | April 30, 2015 | April 30, 2014 | ||||||||||||||||||
| BDC Income | $ | 4,244,650 | $ | 1,559,010 | $ | — | $ | — | $ | — | $ | — | ||||||||||||
| ChinaAMC China Bond | 144,035 | — | — | — | 68,565 | — | ||||||||||||||||||
| Emerging Markets Aggregate | 560,225 | 507,063 | — | 3,567 | 184,000 | 472,970 | ||||||||||||||||||
| Emerging Markets High Yield | 26,482,780 | 13,759,920 | — | — | — | — | ||||||||||||||||||
| Emerging Markets Local Currency | 24,225,613 | 38,448,228 | — | — | 23,138,007 | 15,121,732 | ||||||||||||||||||
| Fallen Angel | 1,047,680 | 823,240 | 168,800 | 45,240 | — | — | ||||||||||||||||||
| International High Yield | 7,789,971 | 12,147,040 | — | — | 1,917,549 | — | ||||||||||||||||||
| Investment Grade | 600,502 | 398,830 | 21,288 | — | — | — | ||||||||||||||||||
| Mortgage REIT | 11,284,160 | 10,623,350 | — | — | — | 2,500,000 | ||||||||||||||||||
| Preferred Securities | 11,446,740 | 9,173,790 | — | — | — | — | ||||||||||||||||||
| Treasury-Hedged | 399,620 | 432,400 | — | — | — | — | ||||||||||||||||||
| 100 |
At April 30, 2015, 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 | $ | 652,908 | $ | 707,435 | ||||
| ChinaAMC China Bond | 24,635 | — | ||||||
| Emerging Markets Aggregate | 1,567,762 | 177,208 | ||||||
| Emerging Markets High Yield | 6,275,446 | 9,030,389 | ||||||
| Emerging Markets Local Currency | 5,472,114 | 8,324,281 | ||||||
| International High Yield | 391,189 | 266,187 | ||||||
| Mortgage REIT | — | 8,525,684 | ||||||
| Preferred Securities | 2,920,108 | 2,588,496 | ||||||
| Treasury-Hedged | 101,562 | 125,557 | ||||||
During the year ended April 30, 2015, Investment Grade utilized $1,180 of prior year capital loss carryforwards.
During the year ended April 30, 2015, as a result of permanent book to tax differences, primarily due to the tax treatment of foreign currency gains and losses, REIT/ROC adjustments, bond bifurcation adjustments, and in-kind share transactions, the Funds incurred differences that affected undistributed (accumulated) net investment income (loss), accumulated net realized gain (loss) on investments and aggregate paid in capital by the amounts in the table below. Net assets were not affected by these reclassifications.
| Fund | Increase (Decrease) in Undistributed Net Investment Income (Loss) | Increase (Decrease) in Accumulated Realized Gain (Loss) | Increase (Decrease) in Aggregate Paid in Capital | |||||||||
| BDC Income | $ | (124,314 | ) | $ | (369,775 | ) | $ | 494,089 | ||||
| ChinaAMC China Bond | (123,288 | ) | 123,288 | — | ||||||||
| Emerging Markets Aggregate | (317,529 | ) | 317,529 | — | ||||||||
| Emerging Markets High Yield | — | 664,703 | (664,703 | ) | ||||||||
| Emerging Markets Local Currency | (63,353,849 | ) | 94,485,151 | (31,131,302 | ) | |||||||
| Fallen Angel | 636 | (98,350 | ) | 97,714 | ||||||||
| International High Yield | (2,709,461 | ) | 4,345,209 | (1,635,748 | ) | |||||||
| Investment Grade | (1,823 | ) | (71,722 | ) | 73,545 | |||||||
| Mortgage REIT | (740,528 | ) | (4,421,749 | ) | 5,162,277 | |||||||
| Preferred Securities | (772,523 | ) | (2,637,611 | ) | 3,410,134 | |||||||
| Treasury-Hedged | 29,434 | 49,400 | (78,834 | ) | ||||||||
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 all open tax years. 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 year ended April 30, 2015, the Funds did not incur any interest or penalties.
There are still some uncertainties in the Chinese tax rules governing taxation of income and gains from investments in the PRC due to the lack of formal guidance from the PRC’s tax authorities that could result in unexpected tax liabilities for the ChinaAMC China Bond. China generally imposes withholding income tax (“WHT”) at a rate of 10% (which may be reduced by the double taxation agreement / arrangement) on dividends and interest derived by nonresidents, including Qualified Foreign Institutional Investors (“QFII”) and Renminbi Qualified Foreign Institutional Investors (“RQFIIs”), from issuers resident in China. Under the PRC Corporate Income Tax regime, China also imposes WHT at a rate of 10% (subject to treaty relief) on PRC-sourced capital gains derived by nonresident enterprises, provided that the nonresident enterprises (i) do not have places of business, establishments or permanent establishments in the PRC; and (ii) are not PRC tax resident enterprises. ChinaAMC China Bond currently considers capital gains derived from Chinese bonds to be non PRC-sourced and not subject to WHT.
| 101 |
MARKET VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
PRC rules for taxation of RQFIIs (and QFIIs) are evolving and certain of the tax regulations to be issued by the PRC State Administration of Taxation and/or PRC Ministry of Finance to clarify the subject matter may apply retrospectively, even if such rules are adverse to the Fund and their shareholders.
If the PRC tax authorities were to issue differing formal guidance or tax rules regarding the taxation of capital gains from Chinese Bonds to RQFIIs, such as the Sub-Adviser, and/or begin collecting WHT on gains from such investments, ChinaAMC China Bond could be subject to WHT liability. The impact of any such tax liability on the Fund’s return could be substantial. The Fund may also be liable to the Sub-Adviser for any tax that is imposed on the Sub-Adviser by the PRC with respect to the Fund’s investments.
Note 6—Capital Share Transactions—As of April 30, 2015, 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 multiples thereof, as follows:
| Fund | Creation Units | |
| BDC Income | 50,000 | |
| ChinaAMC China Bond | 100,000 | |
| Emerging Markets Aggregate | 50,000 | * |
| Emerging Markets High Yield | 200,000 | |
| Emerging Markets Local Currency | 200,000 | |
| Fallen Angel | 50,000 | * |
| International High Yield | 200,000 | |
| Investment Grade | 100,000 | |
| Mortgage REIT | 50,000 | |
| Preferred Securities | 50,000 | |
| Treasury-Hedged | 100,000 | * |
| * | Prior to May 29, 2014, March 6, 2015 and December 12, 2014, shares were issued and redeemed by Emerging Markets Aggregate, Fallen Angel, and Treasury-Hedged, respectively, in Creation Units of 200,000 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 year ended April 30, 2015, the Funds had in-kind contributions and redemptions as follows:
| Fund | In-Kind Contributions | In-Kind Redemptions | ||||||
| BDC Income | $ | 52,964,102 | $ | 11,546,412 | ||||
| ChinaAMC China Bond | — | — | ||||||
| Emerging Markets Aggregate | — | — | ||||||
| Emerging Markets High Yield | 84,809,653 | 36,518,978 | ||||||
| Emerging Markets Local Currency | 285,561,109 | 199,131,144 | ||||||
| Fallen Angel | — | 2,716,715 | ||||||
| International High Yield | 37,171,237 | 38,229,984 | ||||||
| Investment Grade | 8,029,418 | 16,773,430 | ||||||
| Mortgage REIT | — | 23,680,939 | ||||||
| Preferred Securities | 151,514,578 | 47,126,110 | ||||||
| Treasury-Hedged | — | 4,829,581 | ||||||
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—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 ChinaAMC China Bond, Investment Grade, Mortgage REIT, and Preferred Securities) may directly or indirectly invest in non-investment grade securities, often referred to as “junk bonds.” Economic downturns may
| 102 |
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 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.
ChinaAMC China Bond, Emerging Markets Aggregate, Emerging Markets High Yield, Emerging Markets Local Currency, Fallen Angel, International High Yield and Investment Grade 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. Accordingly, 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 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.
Should the Chinese government impose restrictions on the ability of ChinaAMC China Bond to repatriate funds associated with direct investment in bonds issued in the PRC, the Fund may be unable to satisfy distribution requirements applicable to regulated investment companies (“RICs”) under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), and the Fund may therefore be subject to Fund-level U.S. federal taxes.
At April 30, 2015, the Adviser owned approximately 50%, 26% and 13% of Emerging Markets Aggregate, Fallen Angel and ChinaAMC China Bond, respectively.
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.
| 103 |
MARKET VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
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 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 April 30, 2015 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 year ended April 30, 2015, the following Funds borrowed under this Facility:
| Fund | Days Outstanding | Average Daily Loan Balance | Average Interest Rate | Outstanding Loan Balance as of April 30, 2015 | ||||||||||||
| BDC Income | 302 | $ | 260,136 | 1.50 | % | $229,252 | ||||||||||
| Emerging Markets Aggregate | 18 | 155,219 | 1.49 | — | ||||||||||||
| Emerging Markets High Yield | 5 | 504,947 | 1.49 | — | ||||||||||||
| Emerging Markets Local Currency | 74 | 3,087,655 | 1.50 | — | ||||||||||||
| Fallen Angel | 40 | 264,572 | 1.50 | — | ||||||||||||
| International High Yield | 7 | 309,512 | 1.51 | — | ||||||||||||
| Investment Grade | 17 | 325,117 | 1.52 | — | ||||||||||||
| Mortgage REIT | 306 | 1,217,031 | 1.50 | 471,819 | ||||||||||||
| Preferred Securities | 276 | 535,343 | 1.50 | 145,844 | ||||||||||||
| Treasury-Hedged | 6 | 150,806 | 1.49 | — | ||||||||||||
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 year ended April 30, 2015, there were no offsets to custodian fees.
| 104 |
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 April 30, 2015:
| Fund | Ex-Date | Record Date | Payable Date | Per Share | |||
| ChinaAMC China Bond | 5/1/15 | 5/5/15 | 5/7/15 | $0.0620 | |||
| Emerging Markets Aggregate | 5/1/15 | 5/5/15 | 5/7/15 | $0.0800 | |||
| Emerging Markets High Yield | 5/1/15 | 5/5/15 | 5/7/15 | $0.1424 | |||
| Emerging Markets Local Currency | 5/1/15 | 5/5/15 | 5/7/15 | $0.0970 | |||
| Fallen Angel | 5/1/15 | 5/5/15 | 5/7/15 | $0.0900 | |||
| International High Yield | 5/1/15 | 5/5/15 | 5/7/15 | $0.0990 | |||
| Investment Grade | 5/1/15 | 5/5/15 | 5/7/15 | $0.0132 | |||
| Preferred Securities | 5/1/15 | 5/5/15 | 5/7/15 | $0.0500 | |||
| Treasury-Hedged | 5/1/15 | 5/5/15 | 5/7/15 | $0.0850 | |||
| Fund | Ex-Date | Record Date | Payable Date | Per Share | |||
| ChinaAMC China Bond | 6/1/15 | 6/3/15 | 6/5/15 | $0.0450 | |||
| Emerging Markets Aggregate | 6/1/15 | 6/3/15 | 6/5/15 | $0.0840 | |||
| Emerging Markets High Yield | 6/1/15 | 6/3/15 | 6/5/15 | $0.1390 | |||
| Emerging Markets Local Currency | 6/1/15 | 6/3/15 | 6/5/15 | $0.0890 | |||
| Fallen Angel | 6/1/15 | 6/3/15 | 6/5/15 | $0.1080 | |||
| International High Yield | 6/1/15 | 6/3/15 | 6/5/15 | $0.1100 | |||
| Investment Grade | 6/1/15 | 6/3/15 | 6/5/15 | $0.0139 | |||
| Preferred Securities | 6/1/15 | 6/3/15 | 6/5/15 | $0.0680 | |||
| Treasury-Hedged | 6/1/15 | 6/3/15 | 6/5/15 | $0.0870 |
Effective May 13, 2015, Emerging Markets High Yield seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the BofA Merrill Lynch Diversified High Yield US Emerging Markets Corporate Plus Index.
| 105 |
MARKET VECTORS ETF TRUST
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The Board of Trustees and Shareholders of Market Vectors ETF Trust
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Fallen Angel High Yield Bond ETF, Investment Grade Floating Rate ETF, Treasury-Hedged High Yield Bond ETF, BDC Income ETF, Mortgage REIT Income ETF, Preferred Securities ex Financials ETF, ChinaAMC China Bond ETF, Emerging Markets Aggregate Bond ETF, Emerging Markets High Yield Bond ETF, Emerging Markets Local Currency Bond ETF and International High Yield Bond ETF (eleven of the series constituting Market Vectors ETF Trust) (the “Funds”) as of April 30, 2015, and the related statements of operations, the statements of changes in net assets and the financial highlights for the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of April 30, 2015, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fallen Angel High Yield Bond ETF, Investment Grade Floating Rate ETF, Treasury-Hedged High Yield Bond ETF, BDC Income ETF, Mortgage REIT Income ETF, Preferred Securities ex Financials ETF, ChinaAMC China Bond ETF, Emerging Markets Aggregate Bond ETF, Emerging Markets High Yield Bond ETF, Emerging Markets Local Currency Bond ETF and International High Yield Bond ETF (eleven of the series constituting Market Vectors ETF Trust) at April 30, 2015, the results of their operations, the changes in their net assets and the financial highlights for the periods indicated therein, in conformity with U.S. generally accepted accounting principles.
New York, New York
June 22, 2015
| 106 |
(unaudited)
The information set forth below is for each Fund’s fiscal year as required by federal laws. Shareholders, however, must report dividends on a calendar year basis for income tax purposes, which may include dividends for portions of two fiscal years of a Fund.
Accordingly, the information needed by shareholders for calendar year 2015 income tax purposes will be sent to them in early 2016. Please consult your tax advisor for proper treatment of this information.
The Funds listed below intend to pass through foreign tax credits in the maximum amounts as shown. The gross foreign source income earned during the fiscal year ended April 30, 2015 by the Funds is as shown below.
| Fund | Foreign Tax Credits | Gross Foreign Source Income | ||||||
| ChinaAMC China Bond | $ | 52,046 | $ | 475,530 | ||||
| Emerging Markets Local Currency | 1,137,478 | 61,900,338 | ||||||
Corporate Dividends Received Deduction
The Fund listed below had the following percentage of ordinary income dividends paid that qualified for the Corporate Dividends Received Deduction for the fiscal year ended April 30, 2015.
| Preferred Securities | 5.62% |
| 107 |
MARKET VECTORS ETF TRUST
BOARD OF TRUSTEES AND OFFICERS
April 30, 2015 (unaudited)
| Name, Address1 and Year of Birth |
Position(s) Held with the Trust |
Term of Office2 and Length of Time Served |
Principal Occupation(s) During Past Five Years |
Number of Portfolios in Fund Complex3 Overseen |
Other Directorships Held By Trustee During Past Five Years |
| Independent Trustees: | |||||
| David H. Chow, 1957*† |
Chairman Trustee | Since 2008 Since 2006 |
Founder and CEO, DanCourt Management LLC (financial/ strategy consulting firm and Registered Investment Adviser), March 1999 to present. | 55 | Director, Forward Management LLC and Audit Committee Chairman, January 2008 to present; Trustee, Berea College of Kentucky and Vice-Chairman of the Investment Committee, May 2009 to present; Member of the Governing Council of the Independent Directors Council, October 2012 to present; President, July 2013 to present; Secretary and Board Member of the CFA Society of Stamford, July 2009 to present. |
| R. Alastair Short, 1953*† |
Trustee | Since 2006 | President, Apex Capital Corporation (personal investment vehicle), January 1988 to present; Vice Chairman, W.P. Stewart & Co., Inc. (asset management firm), September 2007 to September 2008; and Managing Director, The GlenRock Group, LLC (private equity investment firm), May 2004 to September 2007. | 68 | Chairman and Independent Director, EULAV Asset Management, January 2011 to present; Independent Director, Tremont offshore funds, June 2009 to present; Director, Kenyon Review. |
| Peter J. Sidebottom, 1962*† |
Trustee | Since 2012 | Partner, PWC/Strategy & Financial Services Advisory, February 2015 to present; Founder and Board Member, AspenWoods Risk Solutions, Independent consultant, June 2013 to February 2015; Partner, Bain & Company (management consulting firm), April 2012 to December 2013; Executive Vice President and Senior Operating Committee Member, TD Ameritrade (on-line brokerage firm), February 2009 to January 2012. | 55 | Board Member, Special Olympics, New Jersey, November 2011 to September 2013; Director, The Charlotte Research Institute, December 2000 to present; Board Member, Social Capital Institute, University of North Carolina Charlotte, November 2004 to January 2012; Board Member, NJ-CAN, July 2014 to present. |
| Richard D. Stamberger, 1959*† |
Trustee | Since 2006 | Director, President and CEO, SmartBrief, Inc. (media company). | 68 | Director, Food and Friends, Inc., 2013 to present. |
| Interested Trustee: | |||||
| Jan F. van Eck, 19634 |
Trustee, President and Chief Executive Officer | Trustee (Since 2006); President and Chief Executive Officer (Since 2009) | Director, President and Owner of the Adviser, Van Eck Associates Corporation; Director and President, Van Eck Securities Corporation (“VESC”); Director and President, Van Eck Absolute Return Advisers Corp. (“VEARA”). | 55 | Director, National Committee on US-China Relations. |
| 1 | The address for each Trustee and officer is 335 Madison Avenue, 19th Floor, New York, New York 10017. |
| 2 | Each Trustee serves until resignation, death, retirement or removal. Officers are elected yearly by the Trustees. |
| 3 | The Fund Complex consists of the Van Eck Funds, Van Eck VIP Trust and the Trust. |
| 4 | “Interested person” of the Trust within the meaning of the 1940 Act. Mr. Van Eck is an officer of the Adviser. |
| * | Member of the Audit Committee. |
| † | Member of the Nominating and Corporate Governance Committee. |
| 108 |
| Officer’s Name, Address1 and Year of Birth |
Position(s) Held with the Trust |
Term of Office2 and Length of Time Served |
Principal Occupation(s) During The Past Five Years |
| Russell G. Brennan, 1964 |
Assistant Vice President and Assistant Treasurer | Since 2008 | Assistant Vice President and Assistant Treasurer of the Adviser (since 2008); Manager (Portfolio Administration) of the Adviser, September 2005 to October 2008; Officer of other investment companies advised by the Adviser. |
| Charles T. Cameron, 1960 |
Vice President | Since 2006 | Director of Trading (since 1995) and Portfolio Manager (since 1997) for the Adviser; Officer of other investment companies advised by the Adviser. |
| Simon Chen, 1971 |
Assistant Vice President | Since 2012 | Greater China Director of the Adviser (Since January 2012); General Manager, SinoMarkets Ltd. (June 2007 to December 2011). |
| John J. Crimmins, 1957 |
Treasurer, Chief Financial Officer and Principal Accounting Officer | Vice President, Chief Financial Officer and Principal Accounting Officer (Since 2012); Treasurer (Since 2009) | Vice President of Portfolio Administration of the Adviser, June 2009 to present; Vice President of VESC and VEARA, June 2009 to present; Chief Financial, Operating and Compliance Officer, Kern Capital Management LLC, September 1997 to February 2009; Officer of other investment companies advised by the Adviser. |
| Eduardo Escario, 1975 |
Vice President | Since 2012 | Regional Director, Business Development/Sales for Southern Europe and South America of the Adviser (since July 2008); Regional Director (Spain, Portugal, South America and Africa) of Dow Jones Indexes and STOXX Ltd. (May 2001 - July 2008). |
| Lars Hamich, 1968 |
Vice President | Since 2012 | Managing Director and Chief Executive Officer of Van Eck Global (Europe) GmbH (since 2009); Chief Executive Officer of Market Vectors Index Solutions GmbH (“MVIS”) (since June 2011); Managing Director of STOXX Limited (until 2008). |
| Wu-Kwan Kit, 1981 |
Assistant Vice President and Assistant Secretary | Since 2011 | Assistant Vice President, Associate General Counsel and Assistant Secretary of the Adviser, VESC and VEARA (since 2011); Associate, Schulte Roth & Zabel (September 2007 - 2011); University of Pennsylvania Law School (August 2004 - May 2007). |
| Susan C. Lashley, 1955 |
Vice President | Since 2006 | Vice President of the Adviser and VESC; Officer of other investment companies advised by the Adviser. |
| Laura I. Martínez, 1980 | Assistant Vice President and Assistant Secretary | Since 2008 | Assistant Vice President, Associate General Counsel and Assistant Secretary of the Adviser, VESC and VEARA (since 2008); Associate, Davis Polk & Wardwell (October 2005 - June 2008); Officer of other investment companies advised by the Adviser. |
| Ferat Oeztuerk, 1983 |
Assistant Vice President | Since 2012 | Sales Associate, Van Eck Global (Europe) GmbH (since November 2011); Account Manager, Vodafone Global Enterprise Limited (January 2011 to October 2011). |
| James Parker, 1969 |
Assistant Treasurer | Since June 2014 | Manager (Portfolio Administration) of the Adviser (Since June 2010); Vice President of JPMorgan Chase & Co. (April 1999 to January 2010). |
| Jonathan R. Simon, 1974 |
Vice President, Secretary and Chief Legal Officer | Vice President (Since 2006) and Secretary and Chief Legal Officer (Since 2014) | Vice President (since 2006), General Counsel and Secretary (since 2014) of the Adviser, VESC and VEARA; Officer of other investment companies advised by the Adviser. |
| Bruce J. Smith, 1955 |
Senior Vice President | Since 2006 | Senior Vice President, Chief Financial Officer, Treasurer and Controller of the Adviser, VESC and VEARA (since 1997); Director of the Adviser, VESC and VEARA (since October 2010); Officer of other investment companies advised by the Adviser. |
| Janet Squitieri, 1961 |
Chief Compliance Officer | Since September 2013 | Vice President, Global Head of Compliance of the Adviser, VESC and VEARA (since September 2013); Chief Compliance Officer and Senior Vice President North America of HSBC Global Asset Management NA (August 2010 - September 2013); Chief Compliance Officer North America of Babcock & Brown LP (July 2008 - June 2010). |
| 1 | The address for each Officer is 335 Madison Avenue, 19th Floor, New York, New York 10017. |
| 2 | Officers are elected yearly by the Trustees. |
| 109 |
MARKET VECTORS ETF TRUST
APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT
(unaudited)
At a meeting held on December 4, 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 an investment management agreement between the Trust and Van Eck Associates Corporation (the “Adviser”) (the “Investment Management Agreement”) with respect to the Market Vectors Emerging Markets Corporate Bond ETF (the “Fund”).
The Board’s approval of the Investment Management Agreement was based on a comprehensive consideration of all of the information available to the Trustees and was not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations and how the Trustees considered those factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors.
In advance of the Meeting, the Trustees received materials from the Adviser, including expense information for other funds. The Adviser provided the Trustees with information regarding, among other things, the various aspects of the Fund’s proposed investment program, fee arrangements and service provider arrangements. The Independent Trustees’ consideration of the Investment Management 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 and/or based on their review of the materials provided by the Adviser, including the background and experience of the portfolio managers and others proposed to be involved in the management and administration of the Fund. The Trustees also considered the terms and scope of services that the Adviser would provide under the Investment Management 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.
In addition, the Trustees were given data on the exchange-traded fund market and expense ratios of other funds. The Trustees considered the benefits, other than the fees under the Investment Management 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 or the profitability of the Fund to the Adviser because the Fund had not yet commenced operations. In addition, because the Fund had 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, 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 Meeting as part of their consideration of the Investment Management Agreement.
In voting to approve the Investment Management Agreement, the Trustees, including the Independent Trustees, concluded that the terms of the Investment Management Agreement are reasonable and fair in light of the services to be performed, the fees paid by certain other funds, expenses to be incurred and such other matters as the Trustees considered relevant in the exercise of their reasonable judgment. The Trustees further concluded that the Investment Management Agreement is in the best interest of the Fund and the Fund’s shareholders.
| 110 |
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
INCOMEAR
Item 2. CODE OF ETHICS.
(a) The Registrant has adopted a code of ethics (the "Code of Ethics") that
applies to the principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing
similar functions.
(b) Not applicable.
(c) The Registrant has not amended its Code of Ethics during the period
covered by the shareholder report presented in Item 1 hereto.
(d) The Registrant has not granted a waiver or an implicit waiver from a
provision of its Code of Ethics during the period covered by the
shareholder report presented in Item 1 hereto.
(e) Not applicable.
(f) The Registrant's Code of Ethics is attached as an Exhibit hereto.
Item 3. AUDIT COMMITTEE FINANCIAL EXPERT.
The Registrant's Board of Trustees has determined that David Chow, R.
Alastair Short and Richard Stamberger, members of the Audit and
Governance Committees, are "audit committee financial experts" and
"independent" as such terms are defined in the instructions to Form N-CSR
Item 3(a)(2).
Item 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
The principal accountant fees disclosed in Item 4(a), 4(b), 4(c), 4(d) and
4(g) are for the Funds of the Registrant for which the fiscal year end is
April 30.
(a) Audit Fees. The aggregate Audit Fees of Ernst & Young for professional
services billed for the audits of the financial statements, or services
that are normally provided in connection with statutory and regulatory
filings or engagements for the fiscal years ended April 30, 2015 and
April 30, 2014, were $452,020 and $445,715, respectively.
(b) Audit-Related Fees. Not applicable.
(c) Tax Fees. The aggregate Tax Fees of Ernst & Young for professional
services billed for the review of Federal, state and excise tax returns
and other tax compliance consultations for the fiscal years ended
April 30, 2015 and April 30, 2014, were $294,220 and $211,634,
respectively.
(d) All Other Fees
None.
(e) The Audit Committee will pre-approve all audit and non-audit services,
to be provided to the Funds, by the independent accountants as required by
Section 10A of the Securities Exchange Act of 1934. The Audit Committee
has authorized the Chairman of the Audit Committee to approve, between
meeting dates, appropriate non-audit services.
The Audit Committee after considering all factors, including a review of
independence issues, will recommend to the Board of Trustees the
independent auditors to be selected to audit the financial statements of
the Funds.
(f) Not applicable.
(g) Not applicable.
(h) Not applicable.
Item 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
The Registrant's Board has an Audit Committee established in accordance
with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A))
consisting of four Independent Trustees. Messrs. Chow, Short, Sidebottom
and Stamberger currently serve as members of the Audit Committee. Mr. Short
is the Chairman of the Audit Committee.
Item 6. SCHEDULE OF INVESTMENTS.
Information included in Item 1.
Item 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
Item 8. PORTFOLIO MANAGER OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
Item 9. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
Item 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
None.
Item 11. CONTROLS AND PROCEDURES.
(a) The 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(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) The code of ethics is attached as EX-99.CODE ETH
(a)(2) A separate certification for each principal executive officer and
principal financial officer of the registrant as required by Rule 30a-2
under the Act (17 CFR 270.30a-2) is attached as Exhibit 99.CERT.
(b) Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is
furnished as Exhibit 99.906CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) MARKET VECTORS ETF TRUST
By (Signature and Title) /s/ John J. Crimmins, Treasurer and CFO
---------------------------------------
Date July 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, CEO
--------------------------
Date July 8, 2015
----------------
By (Signature and Title) /s/ John J. Crimmins, Treasurer and CFO
------------------------------------------
Date July 8, 2015
----------------