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)
666 Third Avenue, New York, NY 10017
(Address of principal executive offices) (Zip code)
Van Eck Associates Corporation
666 Third Avenue, New York, NY 10017
(Name and address of agent for service)
Registrant's telephone number, including area code: (212) 293-2000
Date of fiscal year end: APRIL 30
Date of reporting period: OCTOBER 31, 2015
ITEM 1. REPORT TO SHAREHOLDERS
 |
SEMI-ANNUAL REPORT O C T O B E R 3 1 , 2 0 1 5 ( u n a u d i t e d ) |
| MARKET VECTORS® MUNICIPAL INCOME ETFs |
| CEF Municipal Income ETF | XMPT® |
| High-Yield Municipal Index ETF | HYD® |
| Intermediate Municipal Index ETF | ITM® |
| Long Municipal Index ETF | MLN® |
| Pre-Refunded Municipal Index ETF | PRB® |
| Short High-Yield Municipal Index ETF | SHYD® |
| Short Municipal Index ETF | SMB® |
| 800.826.2333 vaneck.com |
The information contained in the management discussion represents the opinions of Market Vectors ETF Trust 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 ETF Trust are as of October 31, 2015, and are subject to change.
MARKET VECTORS MUNICIPAL INCOME ETFS
(unaudited)
We are pleased to present this semi-annual report for the municipal income exchange-traded funds of the Market Vectors ETF Trust for the six-month period ended October 31, 2015.
During the period under review, municipal bond closed-end fund (CEF) discounts sank to the depths seen at the end of 2013. These significant discounts may represent value in a world where value appears scarce.
The Market Vectors CEF Municipal Income ETF (NYSE Arca: XMPT) seeks to track an index created specifically to capitalize on CEF market dynamics. CEFs tend to move from premiums to discounts and from discounts to premiums. The index is intelligently designed, assigning higher weights to CEFs trading at greater discounts and smaller weights to those trading at higher premiums. We believe this “sell high and buy low” approach may benefit investors. When a fund trades at a discount, more than a dollar of assets goes to work for every dollar invested. Therefore, the yield on the share price will actually be higher than that on the NAV of the portfolio.
Additionally, municipal bond investments generally provide the added benefit of income exempt from federal and, in some cases, state or local income taxes.1 Discrepancies in share prices and NAVs generally result from changing investor sentiment. When investors are nervous, discounts typically appear. When the sentiment is positive, those discounts tend to narrow or turn to premiums.
As seen in the chart below, the weighted average discount of the underlying municipal bond closed-end funds in the Market Vectors CEF Municipal Income ETF was -6.82% as of October 31, 2015.
Closed-End Funds Near Record Discounts
Premium/Discount (%)
Source: Van Eck Research. Not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue. Past performance is no guarantee of future results; current performance may be lower or higher than the performance data quoted.
Discounts may, in the short term, widen further. Or they may narrow, providing the potential for capital appreciation. However they move, we believe that for long-term investors municipal bond closed-end funds, in general, may offer attractive income-generating opportunities.
We encourage you stay in touch with us through the videos, emails, and subscriptions available on our website (http://www.vaneck.com).
| 1 |
MARKET VECTORS MUNICIPAL INCOME ETFS
(unaudited)
You may, in particular, be interested in subscribing to Muni Nation®, our 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 1.800.826.2333 or visit www.vaneck.com.
Thank you for participating in the Market Vectors ETF Trust. On the following pages, you will find the performance record of each of the funds for the six-month period ending October 31, 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
November 30, 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.
| 1 | A portion of XMPT’s dividends may be subject to federal, state, or local income taxes or may be subject to the federal alternative minimum tax (AMT). |
| 2 |
Management Discussion (unaudited)
Market Review
During the six-month period ended October 31, 2015, the municipal bond market (munis) continued to experience inflows. Continuing to build on their positive performances in the 12 months to April 30, 2015, all the Market Vectors Municipal Income ETFs performed positively for the six-month period under review. The performances of Market Vectors Intermediate Municipal Index ETF (NYSE Arca: ITM) and Market Vectors Long Municipal Index ETF (NYSE Arca: MLN) were particularly notable.
May 1, 2015 through October 31, 2015
Market Vectors Municipal Income ETFs Total Return
Source: Van Eck Research. 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-term municipal bonds, the state general obligation sector contributed most to the total return of the Short Municipal Index ETF. All other sectors 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 Illinois was the only detractor from performance.
Municipal bonds from California and Illinois contributed the most to the total return of the Pre-Refunded Municipal Index ETF. Grouped by state/U.S. territory, no municipal bonds detracted from performance, but those from Arizona contributed the least.
Intermediate Municipal Index ETF
Municipal bonds 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 New Jersey detracted the most from performance, but only minimally. 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. The local general sector detracted most from performance, but only minimally.
Long Municipal Index ETF
All sectors contributed positively to the Fund’s total return, with the hospital sector being by far the greatest contributor. Municipal bonds issued by California and New York contributed the most to performance. Grouped by state/U.S. territory, municipal bonds issued by four states—Illinois, Kentucky, Montana, and Tennessee—were detractors from performance.
| 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 Short High-Yield Municipal Index ETF performance, the state general obligation and transportation sectors were the largest detractors from performance. Every single state/U.S. territory represented in the Fund—with the exception of Indiana, Maine, Massachusetts, Oregon, Puerto Rico, and Vermont—contributed positively to the Fund’s total return, with municipal bonds from Ohio and Texas contributing the most to performance.
In the High-Yield Municipal Index ETF, the hospital and IDR/PCR sectors contributed by far the most to total return, and the special tax and transportation sectors contributed the least. Municipal bonds from California and Ohio made the greatest contribution to performance and those from Puerto Rico detracted most from performance.
CEF Municipal Income ETF
Over the six months under review, the average discount at which municipal closed-end funds (CEFs) traded first widened to over 10%, and then narrowed back close to its value at the beginning of the period. From a starting point on May 1, 2015 of -6.56%, the average discount had narrowed back to -6.82% by the end of the reporting period. Since many municipal CEFs use leverage, and short-term rates remained low during the period under review, the cost of leverage, too, remained relatively low. This was beneficial to the municipal closed-end fund market and the Fund returned 1.51% for the six-month period.
| 4 |
October 31, 2015 (unaudited)
| Total Return | Share Price1 | NAV | CEFMXTR2 | |||||||||
| Six Months | 0.79 | % | 1.51 | % | 1.69 | % | ||||||
| One Year | 6.15 | % | 6.37 | % | 6.81 | % | ||||||
| Life* (annualized) | 6.87 | % | 6.89 | % | 7.32 | % | ||||||
| Life* (cumulative) | 33.09 | % | 33.22 | % | 35.52 | % | ||||||
| * 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 800.826.2333 or by visiting vaneck.com.
Gross Expense Ratio 0.53% / 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, extraordinary expenses and Acquired Fund Fees and Expenses) from exceeding 0.40% of the Fund’s average daily net assets per year until at least September 1, 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.
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 closed-end funds listed in the United States that are principally engaged in asset management processes designed to produce federally tax-exempt annual yield. |
| 5 |
HIGH-YIELD MUNICIPAL INDEX ETF
PERFORMANCE COMPARISON
October 31, 2015 (unaudited)
| Total Return | Share Price1 | NAV | LMEHTR2 | |||||||||
| Six Months | 1.78 | % | 1.67 | % | 2.45 | % | ||||||
| One Year | 5.23 | % | 4.95 | % | 6.44 | % | ||||||
| Five Year | 5.60 | % | 5.55 | % | 6.63 | % | ||||||
| Life* (annualized) | 8.95 | % | 8.92 | % | 10.21 | % | ||||||
| Life* (cumulative) | 78.16 | % | 77.82 | % | 92.51 | % | ||||||
| * since 2/4/09 | ||||||||||||
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 800.826.2333 or by visiting vaneck.com.
Annual Fund Operating Expenses 0.35%
The Investment Management Agreement between Market Vectors ETF Trust and Van Eck Associates Corporation (the “Adviser”) provides that the Adviser will pay all expenses of the Fund, except for the fee payment under the Investment Management Agreement, interest expense, offering costs, trading expenses, taxes and extraordinary expenses.
Fund shares are not individually redeemable and will be issued and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called “creation units” and otherwise can be bought and sold only through exchange trading. Creation units are issued and redeemed principally in kind. Shares may trade at a premium or discount to their NAV in the secondary market.
The “Net Asset Value” (NAV) of a Market Vectors exchange-traded fund (ETF) is determined at the close of each business day, and represents the dollar value of one share of the fund; it is calculated by taking the total assets of the fund, subtracting total liabilities, and dividing by the total number of shares outstanding. The NAV is not necessarily the same as the ETF’s intraday trading value. Market Vectors ETF investors should not expect to buy or sell shares at NAV.
Barclays Inc. does not sponsor, endorse, or promote the Fund and bears no liability with respect to any such Funds or security.
Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. Investors cannot invest directly in the Index. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.
| 2 | Barclays Municipal Custom High Yield Composite Index (LMEHTR) is made up of a 25%/75% blend of investment grade triple-B and non-investment grade munis, and draws 75% of its holdings from bonds issued as part of transaction sizes of $100 million or more. To be included in the Index, bonds must have an outstanding par value of at least $3 million for non-investment grade and $7 million for investment grade; 25% of index in investment-grade triple-B bonds issued as part of transaction sizes of at least $100 million in value; 50% of index in non-investment grade bonds issued as part of transaction of at least $100 million; 25% of index in non-investment grade bonds issued as part of transaction of $20-$100 million in size; fixed rate; nominal maturity of greater than one year; dated-date after 12/31/1990. |
| 6 |
INTERMEDIATE MUNICIPAL INDEX ETF
PERFORMANCE COMPARISON
October 31, 2015 (unaudited)
| Total Return | Share Price1 | NAV | LMT2TR2 | |||||||||
| Six Months | 1.57 | % | 1.96 | % | 2.20 | % | ||||||
| One Year | 2.81 | % | 2.86 | % | 3.43 | % | ||||||
| Five Year | 4.16 | % | 4.21 | % | 4.94 | % | ||||||
| Life* (annualized) | 4.76 | % | 4.76 | % | 5.59 | % | ||||||
| Life* (cumulative) | 44.44 | % | 44.47 | % | 53.71 | % | ||||||
| * since 12/4/07 | ||||||||||||
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 800.826.2333 or by visiting vaneck.com.
Annual Fund Operating Expenses 0.24%
The Investment Management Agreement between Market Vectors ETF Trust and Van Eck Associates Corporation (the “Adviser”) provides that the Adviser will pay all expenses of the Fund, except for the fee payment under the Investment Management Agreement, interest expense, offering costs, trading expenses, taxes and extraordinary expenses.
Fund shares are not individually redeemable and will be issued and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called “creation units” and otherwise can be bought and sold only through exchange trading. Creation units are issued and redeemed principally in kind. Shares may trade at a premium or discount to their NAV in the secondary market.
The “Net Asset Value” (NAV) of a Market Vectors exchange-traded fund (ETF) is determined at the close of each business day, and represents the dollar value of one share of the fund; it is calculated by taking the total assets of the fund, subtracting total liabilities, and dividing by the total number of shares outstanding. The NAV is not necessarily the same as the ETF’s intraday trading value. Market Vectors ETF investors should not expect to buy or sell shares at NAV.
Barclays Inc. does not sponsor, endorse, or promote the Fund and bears no liability with respect to any such Fund or security.
Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. Investors cannot invest directly in the Index. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.
| 2 | Barclays AMT-Free Intermediate Continuous Municipal Index (LMT2TR) is comprised of bonds that must be rated investment-grade (Baa3/BBB- or higher) by at least two of the following ratings agencies: Moody’s, S&P, and Fitch. If only two of the three agencies rate the security, the lower rating is used to determine index eligibility. If only one of the three agencies rates a security, the rating must be investment-grade. They must have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million. The bonds must be fixed rate, have a dated-date within the last five years, and must be at least six years but less than seventeen years from their maturity date. Remarketed issues, taxable municipal bonds, AMT municipal bonds, bonds with floating rates, and derivatives, are excluded from the benchmark. |
| 7 |
PERFORMANCE COMPARISON
October 31, 2015 (unaudited)
| Total Return | Share Price1 | NAV | LMT3TR2 | |||||||||
| Six Months | 2.01 | % | 1.90 | % | 2.10 | % | ||||||
| One Year | 3.47 | % | 3.36 | % | 3.74 | % | ||||||
| Five Year | 4.96 | % | 4.97 | % | 5.83 | % | ||||||
| Life* (annualized) | 4.08 | % | 4.06 | % | 5.55 | % | ||||||
| Life* (cumulative) | 36.81 | % | 36.58 | % | 52.68 | % | ||||||
| * since 1/2/08 | ||||||||||||
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 800.826.2333 or by visiting vaneck.com.
Annual Fund Operating Expenses 0.24%
The Investment Management Agreement between Market Vectors ETF Trust and Van Eck Associates Corporation (the “Adviser”) provides that the Adviser will pay all expenses of the Fund, except for the fee payment under the Investment Management Agreement, interest expense, offering costs, trading expenses, taxes and extraordinary expenses.
Fund shares are not individually redeemable and will be issued and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called “creation units” and otherwise can be bought and sold only through exchange trading. Creation units are issued and redeemed principally in kind. Shares may trade at a premium or discount to their NAV in the secondary market.
The “Net Asset Value” (NAV) of a Market Vectors exchange-traded fund (ETF) is determined at the close of each business day, and represents the dollar value of one share of the fund; it is calculated by taking the total assets of the fund, subtracting total liabilities, and dividing by the total number of shares outstanding. The NAV is not necessarily the same as the ETF’s intraday trading value. Market Vectors ETF investors should not expect to buy or sell shares at NAV.
Barclays Inc. does not sponsor, endorse, or promote the Fund and bears no liability with respect to any such Fund or security.
Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. Investors cannot invest directly in the Index. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.
| 2 | Barclays AMT-Free Long Continuous Municipal Index (LMT3TR) is comprised of bonds that must be rated investment-grade (Baa3/BBB-or higher) by at least two of the following ratings agencies: Moody’s, S&P, and Fitch. If only two of the three agencies rate the security, the lower rating is used to determine index eligibility. If only one of the three agencies rates a security, the rating must be investment-grade. They must have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million. The bonds must be fixed rate, have a dated-date within the last five years, and must be at least seventeen years from their maturity date. Remarketed issues, taxable municipal bonds, AMT municipal bonds, bonds with floating rates, and derivatives, are excluded from the benchmark. |
| 8 |
PRE-REFUNDED MUNICIPAL INDEX ETF
PERFORMANCE COMPARISON
October 31, 2015 (unaudited)
| Total Return | Share Price1 | NAV | LMPETR2 | |||||||||
| Six Months | 1.09 | % | 0.80 | % | 0.89 | % | ||||||
| One Year | 0.84 | % | 0.76 | % | 1.01 | % | ||||||
| Five Year | 0.58 | % | 0.77 | % | 1.30 | % | ||||||
| Life* (annualized) | 1.10 | % | 1.21 | % | 1.71 | % | ||||||
| Life* (cumulative) | 7.68 | % | 8.45 | % | 12.08 | % | ||||||
| * since 2/2/09 | ||||||||||||
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 800.826.2333 or by visiting vaneck.com.
Annual Fund Operating Expenses 0.24%
The Investment Management Agreement between Market Vectors ETF Trust and Van Eck Associates Corporation (the “Adviser”) provides that the Adviser will pay all expenses of the Fund, except for the fee payment under the Investment Management Agreement, interest expense, offering costs, trading expenses, taxes and extraordinary expenses.
Fund shares are not individually redeemable and will be issued and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called “creation units” and otherwise can be bought and sold only through exchange trading. Creation units are issued and redeemed principally in kind. Shares may trade at a premium or discount to their NAV in the secondary market.
The “Net Asset Value” (NAV) of a Market Vectors exchange-traded fund (ETF) is determined at the close of each business day, and represents the dollar value of one share of the fund; it is calculated by taking the total assets of the fund, subtracting total liabilities, and dividing by the total number of shares outstanding. The NAV is not necessarily the same as the ETF’s intraday trading value. Market Vectors ETF investors should not expect to buy or sell shares at NAV.
Barclays Inc. does not sponsor, endorse, or promote the Fund and bears no liability with respect to any such Fund or security.
Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. Investors cannot invest directly in the Index. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.
| 2 | Barclays Municipal Pre-Refunded—Treasury-Escrowed Index (LMPETR) is comprised of pre-refunded and/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. Bonds must have an explicit or implicit credit rating of AAA; outstanding par value of at least $7 million; issued as part of transaction of at least $75 million in value; fixed rate coupon and denominated in U.S. dollars. Taxable municipal bonds, floating rate bonds, derivatives, and remarketed issues are excluded from the Index. |
| 9 |
SHORT HIGH-YIELD MUNICIPAL INDEX ETF
PERFORMANCE COMPARISON
October 31, 2015 (unaudited)
| Total Return | Share Price1 | NAV | BMHYTR2 | |||||||||
| Six Months | (0.54 | )% | 0.37 | % | 1.54 | % | ||||||
| One Year | 1.09 | % | 1.86 | % | 3.93 | % | ||||||
| Life* (annualized) | 2.97 | % | 3.40 | % | 6.15 | % | ||||||
| Life* (cumulative) | 5.39 | % | 6.20 | % | 11.33 | % | ||||||
| * since 1/13/14 | ||||||||||||
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 800.826.2333 or by visiting vaneck.com.
Annual Fund Operating Expenses 0.35%
The Investment Management Agreement between Market Vectors ETF Trust and Van Eck Associates Corporation (the “Adviser”) provides that the Adviser will pay all expenses of the Fund, except for the fee payment under the Investment Management Agreement, interest expense, offering costs, trading expenses, taxes and extraordinary expenses.
Fund shares are not individually redeemable and will be issued and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called “creation units” and otherwise can be bought and sold only through exchange trading. Creation units are issued and redeemed principally in kind. Shares may trade at a premium or discount to their NAV in the secondary market.
The “Net Asset Value” (NAV) of a Market Vectors exchange-traded fund (ETF) is determined at the close of each business day, and represents the dollar value of one share of the fund; it is calculated by taking the total assets of the fund, subtracting total liabilities, and dividing by the total number of shares outstanding. The NAV is not necessarily the same as the ETF’s intraday trading value. Market Vectors ETF investors should not expect to buy or sell shares at NAV.
Barclays Inc. does not sponsor, endorse, or promote the Fund and bears no liability with respect to any such Fund or security.
Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. Investors cannot invest directly in the Index. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.
| 2 | Barclays Municipal High Yield Short Duration Index (BMHYTR) is a market size weighted index composed of publicly traded municipal bonds that cover the U.S. dollar denominated high yield short-term tax-exempt bond market. The majority of the Index’s constituents are from the revenue sector, with some constituents being from the general obligation sector. The revenue sector is divided into industry sectors that consist of but may not be limited to electric, health care, transportation, education, water & sewer, resource recovery, leasing and special tax. |
| 10 |
PERFORMANCE COMPARISON
October 31, 2015 (unaudited)
| Total Return | Share Price1 | NAV | LMT1TR2 | |||||||||
| Six Months | 0.97 | % | 1.08 | % | 1.36 | % | ||||||
| One Year | 0.62 | % | 1.02 | % | 1.57 | % | ||||||
| Five Year | 1.49 | % | 1.63 | % | 2.25 | % | ||||||
| Life* (annualized) | 2.65 | % | 2.71 | % | 3.31 | % | ||||||
| Life* (cumulative) | 22.28 | % | 22.85 | % | 28.45 | % | ||||||
| * since 2/22/08 | ||||||||||||
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 800.826.2333 or by visiting vaneck.com.
Annual Fund Operating Expenses 0.20%
The Investment Management Agreement between Market Vectors ETF Trust and Van Eck Associates Corporation (the “Adviser”) provides that the Adviser will pay all expenses of the Fund, except for the fee payment under the Investment Management Agreement, interest expense, offering costs, trading expenses, taxes and extraordinary expenses.
Fund shares are not individually redeemable and will be issued and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called “creation units” and otherwise can be bought and sold only through exchange trading. Creation units are issued and redeemed principally in kind. Shares may trade at a premium or discount to their NAV in the secondary market.
The “Net Asset Value” (NAV) of a Market Vectors exchange-traded fund (ETF) is determined at the close of each business day, and represents the dollar value of one share of the fund; it is calculated by taking the total assets of the fund, subtracting total liabilities, and dividing by the total number of shares outstanding. The NAV is not necessarily the same as the ETF’s intraday trading value. Market Vectors ETF investors should not expect to buy or sell shares at NAV.
Barclays Inc. does not sponsor, endorse, or promote the Fund and bears no liability with respect to any such Fund or security.
Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. Investors cannot invest directly in the Index. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.
| 2 | Barclays AMT-Free Short Continuous Municipal Index (LMT1TR) is comprised of publicly traded municipal bonds that cover the U.S. dollar denominated short-term tax-exempt bond market and be rated Baa3/BBB- or higher by at least two of the following ratings agencies if all three agencies rate the security: Moody’s, S&P, and Fitch. If only two of the three agencies rate the security, the lower rating is used to determine index eligibility. If only one of the three agencies rates a security, the rating must be at least Baa3/BBB-. Included bonds must have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million. The bonds must be fixed rate, have a dated-date within the last five years, and must be at least one year but less than six years from their maturity date. Remarketed issues, taxable municipal bonds, AMT municipal bonds, bonds with floating rates, and derivatives, are excluded from the benchmark. |
| 11 |
EXPLANATION OF EXPENSES
(unaudited)
As a shareholder of a Fund, you incur operating expenses, including management fees and other Fund expenses. This disclosure is intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The disclosure is based on an investment of $1,000 invested at the beginning of the period and held for the period, May 1, 2015 to October 31, 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 Period.”
Hypothetical Example for Comparison Purposes
The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as program fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Beginning Account Value May 1, 2015 | Ending Account Value October 31, 2015 | Annualized Expense Ratio During Period | Expenses
Paid During the Period* May 1, 2015- October 31, 2015 | ||||||||||||||
| CEF Municipal Income ETF | |||||||||||||||||
| Actual | $ | 1,000.00 | $ | 1,015.10 | 0.40 | % | $2.03 | ||||||||||
| Hypothetical** | $ | 1,000.00 | $ | 1,023.13 | 0.40 | % | $2.03 | ||||||||||
| High-Yield Municipal Index ETF | |||||||||||||||||
| Actual | $ | 1,000.00 | $ | 1,016.70 | 0.35 | % | $1.77 | ||||||||||
| Hypothetical** | $ | 1,000.00 | $ | 1,023.38 | 0.35 | % | $1.78 | ||||||||||
| Intermediate Municipal Index ETF | |||||||||||||||||
| Actual | $ | 1,000.00 | $ | 1,019.60 | 0.24 | % | $1.22 | ||||||||||
| Hypothetical** | $ | 1,000.00 | $ | 1,023.93 | 0.24 | % | $1.22 | ||||||||||
| Long Municipal Index ETF | |||||||||||||||||
| Actual | $ | 1,000.00 | $ | 1,019.00 | 0.24 | % | $1.22 | ||||||||||
| Hypothetical** | $ | 1,000.00 | $ | 1,023.93 | 0.24 | % | $1.22 | ||||||||||
| Pre-Refunded Municipal Index ETF | |||||||||||||||||
| Actual | $ | 1,000.00 | $ | 1,008.00 | 0.24 | % | $1.21 | ||||||||||
| Hypothetical** | $ | 1,000.00 | $ | 1,023.93 | 0.24 | % | $1.22 | ||||||||||
| Short High-Yield Municipal Index ETF | |||||||||||||||||
| Actual | $ | 1,000.00 | $ | 1,003.70 | 0.35 | % | $1.76 | ||||||||||
| Hypothetical** | $ | 1,000.00 | $ | 1,023.38 | 0.35 | % | $1.78 | ||||||||||
| Short Municipal Index ETF | |||||||||||||||||
| Actual | $ | 1,000.00 | $ | 1,010.80 | 0.20 | % | $1.01 | ||||||||||
| Hypothetical** | $ | 1,000.00 | $ | 1,024.13 | 0.20 | % | $1.02 | ||||||||||
| * | Expenses are equal to the Fund’s annualized expense ratio (for the six months ended October 31, 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 |
| 12 |
October 31, 2015 (unaudited)
| Number of Shares |
Value | |||||||
| CLOSED-END FUNDS: 99.8% | ||||||||
| 41,691 | Alliance Bernstein National Municipal Income Fund, Inc. | $ | 564,913 | |||||
| 19,709 | BlackRock Investment Quality Municipal Trust, Inc. | 299,774 | ||||||
| 21,319 | BlackRock Long-Term Municipal Advantage Trust | 237,707 | ||||||
| 61,638 | BlackRock Muni Intermediate Duration Fund, Inc. | 863,548 | ||||||
| 34,913 | BlackRock MuniAssets Fund, Inc. | 476,563 | ||||||
| 13,295 | BlackRock Municipal 2018 Term Trust | 207,269 | ||||||
| 19,794 | BlackRock Municipal 2020 Term Trust | 313,339 | ||||||
| 12,010 | BlackRock Municipal Bond Trust | 187,116 | ||||||
| 12,565 | BlackRock Municipal Income Quality Trust | 176,790 | ||||||
| 49,774 | BlackRock Municipal Income Trust | 719,234 | ||||||
| 26,191 | BlackRock Municipal Income Trust II | 389,984 | ||||||
| 101,608 | BlackRock Municipal Target Term Trust | 2,121,575 | ||||||
| 33,382 | BlackRock MuniEnhanced Fund, Inc. | 394,575 | ||||||
| 15,809 | BlackRock MuniHoldings Fund II, Inc. | 237,767 | ||||||
| 15,690 | BlackRock MuniHoldings Fund, Inc. | 266,259 | ||||||
| 43,272 | BlackRock MuniHoldings Investment Quality Fund | 629,175 | ||||||
| 32,214 | BlackRock MuniHoldings Quality Fund II, Inc. | 430,057 | ||||||
| 18,884 | BlackRock MuniHoldings Quality Fund, Inc. | 249,458 | ||||||
| 20,442 | BlackRock MuniVest Fund II, Inc. | 328,503 | ||||||
| 63,318 | BlackRock MuniVest Fund, Inc. | 634,446 | ||||||
| 52,483 | BlackRock MuniYield Fund, Inc. | 763,628 | ||||||
| 15,211 | BlackRock MuniYield Investment Fund | 239,117 | ||||||
| 31,868 | BlackRock MuniYield Quality Fund II, Inc. | 424,800 | ||||||
| 67,812 | BlackRock MuniYield Quality Fund III, Inc. | 968,355 | ||||||
| 29,924 | BlackRock MuniYield Quality Fund, Inc. | 467,413 | ||||||
| 38,498 | Deutsche Municipal Income Trust | 523,573 | ||||||
| 30,065 | Dreyfus Municipal Bond Infrastructure Fund, Inc. | 366,192 | ||||||
| 22,575 | Dreyfus Municipal Income, Inc. | 217,623 | ||||||
| 69,906 | Dreyfus Strategic Municipal Bond Fund, Inc. | 560,646 | ||||||
| 70,323 | Dreyfus Strategic Municipals, Inc. | 585,087 | ||||||
| 97,792 | Eaton Vance Municipal Bond Fund | 1,251,738 | ||||||
| 14,202 | Eaton Vance Municipal Bond Fund II | 179,087 | ||||||
| 17,070 | Eaton Vance Municipal Income 2028 Term Trust | 301,115 | ||||||
| 19,385 | Eaton Vance Municipal Income Trust | 251,811 | ||||||
| 21,853 | Eaton Vance National Municipal Opportunities Trust | 464,158 | ||||||
| 64,157 | Invesco Advantage Municipal Income Trust II | 736,522 | ||||||
| 68,557 | Invesco Municipal Income Opportunities Trust | 476,471 | ||||||
| 97,827 | Invesco Municipal Opportunity Trust | 1,259,034 | ||||||
| 89,470 | Invesco Municipal Trust | 1,128,217 | ||||||
| 85,301 | Invesco Quality Municipal Income Trust | 1,046,643 | ||||||
| 78,559 | Invesco Trust for Investment Grade Municipals | 1,033,836 | ||||||
| 52,589 | Invesco Value Municipal Income Trust | 839,320 | ||||||
| Number of Shares |
Value | |||||||
| 31,653 | MainStay Defined Term Municipal Opportunities Fund | $ | 568,488 | |||||
| 51,478 | MFS High Income Municipal Trust | 251,727 | ||||||
| 67,710 | MFS Municipal Income Trust | 442,146 | ||||||
| 18,186 | Neuberger Berman Intermediate Municipal Fund, Inc. | 282,429 | ||||||
| 127,332 | Nuveen AMT-Free Municipal Income Fund | 1,688,422 | ||||||
| 12,774 | Nuveen AMT-Free Municipal Value Fund | 219,968 | ||||||
| 57,769 | Nuveen Dividend Advantage Municipal Fund | 811,655 | ||||||
| 48,733 | Nuveen Dividend Advantage Municipal Fund 2 | 671,541 | ||||||
| 59,595 | Nuveen Dividend Advantage Municipal Fund 3 | 825,391 | ||||||
| 44,097 | Nuveen Dividend Advantage Municipal Income Fund | 619,122 | ||||||
| 20,577 | Nuveen Enhanced Municipal Value Fund | 316,474 | ||||||
| 139,299 | Nuveen Insured Municipal Opportunity Fund, Inc. | 1,983,618 | ||||||
| 63,602 | Nuveen Insured Quality Municipal Fund, Inc. | 843,363 | ||||||
| 68,799 | Nuveen Intermediate Duration Municipal Term Fund | 872,371 | ||||||
| 18,821 | Nuveen Intermediate Duration Quality Municipal Term Fund | 237,709 | ||||||
| 47,401 | Nuveen Investment Quality Municipal Fund, Inc. | 724,761 | ||||||
| 64,542 | Nuveen Municipal Advantage Fund, Inc. | 871,962 | ||||||
| 41,948 | Nuveen Municipal High Income Opportunity Fund | 577,205 | ||||||
| 75,372 | Nuveen Municipal Market Opportunity Fund, Inc. | 1,009,231 | ||||||
| 202,392 | Nuveen Municipal Value Fund, Inc. | 2,038,088 | ||||||
| 96,271 | Nuveen Performance Plus Municipal Fund, Inc. | 1,421,923 | ||||||
| 32,444 | Nuveen Premier Municipal Income Fund, Inc. | 429,234 | ||||||
| 113,094 | Nuveen Premium Income Municipal Fund 2, Inc. | 1,568,614 | ||||||
| 61,136 | Nuveen Premium Income Municipal Fund 4, Inc. | 813,109 | ||||||
| 103,841 | Nuveen Premium Income Municipal Fund, Inc. | 1,420,545 | ||||||
| 79,977 | Nuveen Quality Income Municipal Fund, Inc. | 1,106,082 | ||||||
| 58,191 | Nuveen Select Quality Municipal Fund, Inc. | 793,143 | ||||||
| 25,543 | Nuveen Select Tax-Free Income 2 Portfolio | 344,320 | ||||||
| 18,890 | Nuveen Select Tax-Free Income 3 Portfolio | 267,482 | ||||||
| 23,901 | Nuveen Select Tax-Free Income Portfolio | 331,507 | ||||||
| 19,025 | PIMCO Municipal Income Fund | 285,375 | ||||||
| 51,404 | PIMCO Municipal Income Fund II | 637,410 | ||||||
| 26,952 | PIMCO Municipal Income Fund III | 308,600 | ||||||
| 10,720 | Pioneer Municipal High Income Advantage Trust | 144,613 | ||||||
| 25,296 | Pioneer Municipal High Income Trust | 332,895 | ||||||
| 81,257 | Putnam Managed Municipal Income Trust | 593,176 | ||||||
See Notes to Financial Statements
| 13 |
CEF MUNICIPAL INCOME ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Number of Shares |
Value | |||||||
| 58,194 | Putnam Municipal Opportunities Trust | $ | 707,639 | |||||
| 41,496 | Western Asset Managed Municipals Fund, Inc. | 592,563 | ||||||
| 9,757 | Western Asset Municipal Defined Opportunity Trust, Inc. | 233,680 | ||||||
| 31,473 | Western Asset Municipal High Income Fund, Inc. | 235,103 | ||||||
| 14,245 | Western Asset Municipal Partners Fund, Inc. | 221,225 | ||||||
| Total Closed-End Funds (Cost: $53,571,813) | 52,456,347 | |||||||
| Other assets less liabilities: 0.2% | 115,043 | |||||||
| NET ASSETS: 100.0% | $ | 52,571,390 | ||||||
| Summary of Investments | |||||||||
| by Sector (unaudited) | % of Investments | Value | |||||||
| Financial | 100.0 | % | $ | 52,456,347 | |||||
The summary of inputs used to value the Fund’s investments as of October 31, 2015 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | ||||||||||||||
| Closed-End Funds | $ | 52,456,347 | $ | — | $ | — | $ | 52,456,347 | |||||||||
There were no transfers between levels during the period ended October 31, 2015.
See Notes to Financial Statements
| 14 |
HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
October 31, 2015 (unaudited)
| Principal Amount | Value | |||||||
| MUNICIPAL BONDS: 97.3% | ||||||||
| Alabama: 1.5% | ||||||||
| Alabama Industrial Development Authority, Solid Waste Disposal, Pine City Fiber Company Project (RB) | ||||||||
| $ | 745,000 | 6.45%, 11/30/15 (c) | $ | 747,116 | ||||
| 2,250,000 | 6.45%, 11/30/15 (c) | 2,258,685 | ||||||
| Alabama State University, General Tuition and Fee (RB) (XLCA) | ||||||||
| 1,540,000 | 4.63%, 08/01/16 (c) | 1,400,923 | ||||||
| 370,000 | 5.00%, 08/01/16 (c) | 373,411 | ||||||
| 580,000 | 5.25%, 08/01/16 (c) | 585,974 | ||||||
| 665,000 | Birmingham-Baptist Medical Centers Special Care Facilities Financing Authority (RB) 5.00%, 11/15/15 (c) | 665,984 | ||||||
| County of Jefferson, Alabama Sewer Revenue, Series D (RB) | ||||||||
| 4,820,000 | 6.00%, 10/01/23 (c) | 5,420,717 | ||||||
| 10,500,000 | 6.50%, 10/01/23 (c) | 12,015,780 | ||||||
| 45,000 | County of Jefferson, Alabama Sewer Revenue, Series E (RB) 7.00%, 10/01/23 (c) ^ | 11,439 | ||||||
| 1,145,000 | Huntsville-Redstone Village Special Care Facilities Financing Authority (RB) 5.50%, 01/01/17 (c) | 1,150,381 | ||||||
| 100,000 | Montgomery Medical Clinic Board (RB) 5.25%, 03/01/16 (c) | 100,471 | ||||||
| 24,730,881 | ||||||||
| Alaska: 0.6% | ||||||||
| Northern Tobacco Securitization Corp., Series A (RB) | ||||||||
| 25,000 | 4.63%, 11/16/15 (c) | 25,097 | ||||||
| 7,400,000 | 5.00%, 11/16/15 (c) | 6,188,842 | ||||||
| 4,670,000 | 5.00%, 11/16/15 (c) | 4,275,338 | ||||||
| 10,489,277 | ||||||||
| American Samoa: 0.1% | ||||||||
| 1,000,000 | American Samoa Economic Development Authority (RB) 6.63%, 09/01/25 (c) | 1,000,940 | ||||||
| Arizona: 2.2% | ||||||||
| 1,235,000 | Apache County Industrial Development Authority, Series A (RB) 4.50%, 03/01/22 (c) | 1,324,760 | ||||||
| Arizona Health Facilities Authority, Phoenix Children’s Hospital, Series A (RB) | ||||||||
| 950,000 | 4.00%, 02/01/17 | 981,958 | ||||||
| 200,000 | 5.00%, 02/01/20 | 224,624 | ||||||
| 350,000 | 5.00%, 02/01/21 | 398,440 | ||||||
| 2,165,000 | 5.00%, 02/01/22 (c) | 2,364,591 | ||||||
| 730,000 | 5.00%, 02/01/22 (c) | 785,794 | ||||||
| 1,310,000 | 5.00%, 02/01/22 (c) | 1,389,818 | ||||||
| Arizona Health Facilities Authority, The Beatitudes Campus Project (RB) | ||||||||
| 365,000 | 5.10%, 10/01/16 (c) | 368,760 | ||||||
| 1,960,000 | 5.20%, 10/01/16 (c) | 1,933,422 | ||||||
| Principal Amount | Value | |||||||
| Arizona: (continued) | ||||||||
| Industrial Development Authority of Phoenix (RB) | ||||||||
| $ | 350,000 | 3.00%, 07/01/20 | $ | 344,747 | ||||
| 675,000 | 5.00%, 07/01/25 (c) | 659,644 | ||||||
| 500,000 | Industrial Development Authority of Phoenix, Basis Schools, Inc. Project, Series A (RB) 5.00%, 07/01/25 (c) | 492,365 | ||||||
| Industrial Development Authority of Phoenix, Great Hearts Academies Project, Series A (RB) | ||||||||
| 750,000 | 3.75%, 07/01/24 | 748,875 | ||||||
| 640,000 | 5.00%, 07/01/24 (c) | 647,584 | ||||||
| 1,000,000 | 5.00%, 07/01/24 (c) | 1,041,290 | ||||||
| 295,000 | Industrial Development Authority of the County of Pima (RB) 6.00%, 07/01/20 (c) | 294,652 | ||||||
| 85,000 | Mohave County Industrial Development Authority, Correctional Facilities Contract Revenue (RB) 7.50%, 05/01/19 | 90,058 | ||||||
| 400,000 | Peoria Industrial Development Authority, Sierra Winds Life Care Community Project, Series A (RB) 5.00%, 11/15/24 | 405,480 | ||||||
| Pima County, Arizona Industrial Development Authority, Charter School Projects, Series A (RB) | ||||||||
| 5,490,000 | 5.50%, 07/01/17 (c) | 5,368,451 | ||||||
| 1,880,000 | 5.63%, 07/01/17 (c) | 1,760,018 | ||||||
| 1,400,000 | Pima County, Arizona Industrial Development Authority, Tucson Electric Power Company Project, Series A (RB) 5.25%, 10/01/20 (c) | 1,536,038 | ||||||
| Salt Verde Financial Corp. (RB) | ||||||||
| 4,585,000 | 5.00%, 12/01/32 | 5,234,053 | ||||||
| 5,335,000 | 5.00%, 12/01/37 | 5,977,974 | ||||||
| 30,000 | 5.25%, 12/01/23 | 34,925 | ||||||
| 20,000 | 5.25%, 12/01/24 | 23,396 | ||||||
| 115,000 | 5.25%, 12/01/25 | 135,056 | ||||||
| 50,000 | 5.25%, 12/01/27 | 58,826 | ||||||
| 260,000 | 5.50%, 12/01/29 | 313,206 | ||||||
| 1,000,000 | Tempe, Arizona Industrial Development Authority, Friendship Village of Tempe, Series A (RB) 6.25%, 12/01/21 (c) | 1,071,230 | ||||||
| 1,000,000 | The Industrial Development Authority of the County of Pima, Edkey Charter Schools Project (RB) 6.00%, 07/01/20 (c) | 959,890 | ||||||
| 36,969,925 | ||||||||
| Arkansas: 0.0% | ||||||||
| 35,000 | County of Howard, Arkansas (RB) 4.50%, 06/01/17 (c) | 35,531 | ||||||
See Notes to Financial Statements
| 15 |
HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal Amount | Value | |||||||
| California: 10.4% | ||||||||
| Alameda Corridor Transportation Authority, Sub Lien, Series A (RB) (AMBAC) | ||||||||
| $ | 70,000 | 1.57%, 10/01/17 ^ | $ | 68,135 | ||||
| 200,000 | 5.40%, 10/01/17 (c) | 214,932 | ||||||
| California County Tobacco Securitization Agency (RB) | ||||||||
| 150,000 | 5.00%, 11/30/15 (c) | 150,024 | ||||||
| 105,000 | 5.25%, 11/16/15 (c) | 80,035 | ||||||
| 30,000 | 5.88%, 11/30/15 (c) | 30,003 | ||||||
| 42,250,000 | 10.91%, 06/01/16 (c) ^ | 607,978 | ||||||
| California County Tobacco Securitization Agency, Golden Gate Tobacco Funding Corp., Series A (RB) | ||||||||
| 4,115,000 | 5.00%, 06/01/17 (c) | 3,183,446 | ||||||
| 15,000 | 5.00%, 06/01/17 (c) | 12,481 | ||||||
| California County Tobacco Securitization Agency, Series A (RB) | ||||||||
| 1,000,000 | 5.45%, 12/01/18 (c) | 1,003,880 | ||||||
| 3,555,000 | 5.60%, 12/01/18 (c) | 3,465,876 | ||||||
| 3,500,000 | 5.70%, 12/01/18 (c) | 3,334,730 | ||||||
| 44,500,000 | California County Tobacco Securitization Agency, Series D (RB) 11.80%, 06/01/16 (c) ^ | 494,395 | ||||||
| California County Tobacco Securitization Agency, Sonoma County Securitization Corp. (RB) | ||||||||
| 500,000 | 5.13%, 11/30/15 (c) | 466,725 | ||||||
| 2,000,000 | 5.25%, 11/30/15 (c) | 1,826,820 | ||||||
| 80,000 | California Health Facilities Financing Authority, Series A (RB) 4.25%, 11/15/22 (c) | 81,509 | ||||||
| 500,000 | California Municipal Finance Authority (RB) 4.25%, 02/01/25 (c) | 509,165 | ||||||
| 1,000,000 | California Municipal Finance Authority Revenue, Eisenhower Medical Center, Series A (RB) 5.75%, 07/01/20 (c) | 1,088,710 | ||||||
| California Municipal Finance Authority, California Baptist University (RB) | ||||||||
| 500,000 | 5.50%, 11/01/25 (c) | 503,435 | ||||||
| 1,000,000 | 6.13%, 11/01/23 (c) | 1,086,390 | ||||||
| 60,000 | California Municipal Finance Authority, Community Hospitals of Central California Obligated Group (RB) 5.50%, 02/01/19 (c) | 65,923 | ||||||
| California Municipal Finance Authority, Rocketship Education, Series A (RB) | ||||||||
| 850,000 | 6.00%, 06/01/22 (c) | 907,987 | ||||||
| 930,000 | 7.00%, 06/01/22 (c) | 1,038,196 | ||||||
| 1,500,000 | California Municipal Finance Authority, Santa Rosa Academy Project, Series A (RB) 6.00%, 07/01/22 (c) | 1,563,255 | ||||||
| 1,000,000 | California Municipal Finance Authority, Series A (RB) 5.63%, 03/01/25 (c) | 975,380 | ||||||
| Principal Amount | Value | |||||||
| California: (continued) | ||||||||
| California Statewide Communities Development Authority (RB) | ||||||||
| $ | 385,000 | 5.25%, 11/30/15 (c) | $ | 356,364 | ||||
| 3,000,000 | 5.25%, 12/01/24 (c) | 3,266,280 | ||||||
| 110,000 | California Statewide Communities Development Authority, Children’s Hospitals (RB) 5.00%, 08/15/17 (c) | 114,248 | ||||||
| 1,005,000 | California Statewide Communities Development Authority, GNMA Collateralized-740 S. Olive St. Apartments, Series L (RB) 4.90%, 07/20/19 (c) | 1,040,848 | ||||||
| 75,000 | California Statewide Communities Development Authority, Lancer Plaza Project (RB) 5.63%, 11/01/23 (c) | 77,957 | ||||||
| California Statewide Communities Development Authority, Loma Linda University Medical Center, Series A (RB) | ||||||||
| 4,910,000 | 5.25%, 12/01/24 (c) | 5,136,989 | ||||||
| 2,750,000 | 5.25%, 12/01/24 (c) | 2,923,250 | ||||||
| 4,170,000 | 5.50%, 12/01/24 (c) | 4,370,952 | ||||||
| 1,000,000 | California Statewide Communities Development Authority, The Terraces at San Joaquin Gardens Project, Series A (RB) 6.00%, 10/01/22 (c) | 1,060,150 | ||||||
| 40,000 | California Statewide Community Development Authority, Daughters of Charity Health System (RB) 5.25%, 11/30/15 (c) | 36,883 | ||||||
| California Statewide Community Development Authority, Daughters of Charity Health System, Series A (RB) | ||||||||
| 1,845,000 | 5.00%, 11/30/15 (c) | 1,653,987 | ||||||
| 2,410,000 | 5.25%, 11/30/15 (c) | 2,210,958 | ||||||
| 3,210,000 | 5.25%, 11/30/15 (c) | 2,930,537 | ||||||
| California Statewide Financing Authority, Pooled Tobacco Securitization Program, Series A (RB) | ||||||||
| 900,000 | 6.00%, 11/30/15 (c) | 900,009 | ||||||
| 10,000,000 | 7.10%, 06/01/16 (c) ^ | 1,071,500 | ||||||
| 3,175,000 | California Statewide Financing Authority, Pooled Tobacco Securitization Program, Series B (RB) 6.00%, 11/30/15 (c) | 3,175,032 | ||||||
| 104,500,000 | California Statewide Financing Authority, Pooled Tobacco Securitization Program, Series D (RB) 12.31%, 06/01/16 (c) ^ | 1,015,740 | ||||||
| 120,000 | Cathedral City, California Public Financing Authority (AMBAC) (TA) 4.50%, 08/01/17 (c) | 120,250 | ||||||
| 55,000 | Chino Public Financing Authority (ST) 5.00%, 09/01/22 (c) | 59,620 | ||||||
See Notes to Financial Statements
| 16 |
| Principal Amount | Value | |||||||
| California: (continued) | ||||||||
| $ | 250,000 | City of Fremont, Community Facilities District No. 1 (ST) 5.00%, 09/01/25 (c) | $ | 273,320 | ||||
| 750,000 | City of Irvine, District No. 15-2 (SA) 5.00%, 09/02/25 (c) | 801,600 | ||||||
| 125,000 | City of Long Beach, California Marina System Revenue (RB) 5.00%, 05/15/25 (c) | 133,291 | ||||||
| 1,000,000 | City of Rocklin, Community Facilities District No. 10 (ST) 5.00%, 09/01/25 (c) | 1,054,730 | ||||||
| 200,000 | City of Roseville, Westpark Community Facility District No. 1 (ST) 5.00%, 09/01/25 (c) | 214,760 | ||||||
| 25,000 | County of Sacramento CA (CP) (AMBAC) 4.75%, 11/30/15 (c) | 25,065 | ||||||
| Foothill Transportation Corridor Agency, Tall Road Revenue, Series A (RB) | ||||||||
| 1,000,000 | 5.75%, 01/15/24 (c) | 1,160,630 | ||||||
| 2,500,000 | 6.00%, 01/15/24 (c) | 2,899,400 | ||||||
| 310,000 | Foothill Transportation Corridor Agency, Tall Road Revenue, Series B-1 (RB) 5.00%, 07/15/17 (c) (p) | 326,126 | ||||||
| Foothill Transportation Corridor Agency, Tall Road Revenue, Series B-2 (RB) | ||||||||
| 280,000 | 5.00%, 07/15/19 (c) (p) | 304,357 | ||||||
| 1,000,000 | 6.00%, 01/15/24 (c) | 1,157,460 | ||||||
| 6,975,000 | Foothill Transportation Corridor Agency, Tall Road Revenue, Series B-3 (RB) 5.42%, 07/15/22 (c) (p) | 7,832,018 | ||||||
| 1,000,000 | Foothill Transportation Corridor Agency, Tall Road Revenue, Series C (RB) 6.50%, 01/15/24 (c) | 1,170,900 | ||||||
| Golden State Tobacco Securitization Corp. (RB) | ||||||||
| 77,570,000 | 7.99%, 06/01/17 (c) ^ | 6,861,842 | ||||||
| 20,000,000 | 10.61%, 06/01/17 (c) ^ | 753,200 | ||||||
| Golden State Tobacco Securitization Corp., California Tobacco Settlement, Series A-1 (RB) | ||||||||
| 8,100,000 | 4.50%, 06/01/17 (c) | 7,913,943 | ||||||
| 3,495,000 | 5.00%, 06/01/17 (c) | 3,118,414 | ||||||
| 11,095,000 | 5.13%, 06/01/17 (c) | 9,396,799 | ||||||
| 18,215,000 | 5.75%, 06/01/17 (c) | 16,690,404 | ||||||
| 2,000,000 | Golden State Tobacco Securitization Corp., California Tobacco Settlement, Series A-2 (RB) 5.30%, 06/01/22 (c) | 1,781,460 | ||||||
| 5,180,000 | Inland Empire Tobacco Securitization Authority, Inland Empire Tobacco Securitization Corp., Series A (RB) 4.63%, 06/01/17 (c) | 5,130,945 | ||||||
| Principal Amount | Value | |||||||
| California: (continued) | ||||||||
| $ | 69,500,000 | Inland Empire Tobacco Securitization Authority, Inland Empire Tobacco Securitization Corp., Series E (RB) 11.09%, 06/01/17 (c) ^ | $ | 657,470 | ||||
| 655,000 | Inland Empire Tobacco Securitization Authority, Series B (RB) 5.75%, 06/01/21 (c) | 661,799 | ||||||
| 25,000,000 | Inland Empire Tobacco Securitization Authority, Series C-1 (RB) 7.63%, 06/01/17 (c) ^ | 5,409,250 | ||||||
| 500,000 | Lake Elsinore Public Financing Authority (ST) 5.00%, 09/01/25 (c) | 536,900 | ||||||
| 50,000 | Lincoln Public Financing Authority, Twelve Bridges, Series B (SA) 6.00%, 09/02/21 (c) | 57,954 | ||||||
| 1,000,000 | Orange County Community Facilities District, Series A (ST) 4.25%, 08/15/25 (c) | 1,011,930 | ||||||
| 165,000 | Palomar Pomerado Health Certificates (CP) 6.00%, 11/01/20 (c) | 174,671 | ||||||
| 115,000 | Patterson Public Financing Authority, Community Facilities District No. 2001-1, Series A (ST) 4.00%, 09/01/21 | 122,162 | ||||||
| 1,000,000 | Perris Union High School District (ST) 5.00%, 03/01/25 (c) | 1,069,910 | ||||||
| 750,000 | Poway Unified School District Public Financing Authority, Series A (ST) 5.00%, 09/01/25 (c) | 808,500 | ||||||
| 3,000,000 | River Islands Public Financing Authority, Community Facilities District No. 2003-1, Series A-1 (ST) 5.50%, 09/01/22 (c) | 3,118,770 | ||||||
| 20,000 | Roseville Finance Authority (AMBAC) (ST) 4.38%, 09/01/17 (c) | 20,021 | ||||||
| 3,600,000 | San Buenaventura, California Community Memorial Health System (RB) 7.50%, 12/01/21 (c) | 4,357,656 | ||||||
| 50,000 | San Diego Redevelopment Agency (AMBAC) (TA) 4.75%, 11/30/15 (c) | 50,054 | ||||||
| 20,000 | San Francisco City and County Redevelopment Agency (TA) 6.25%, 02/01/21 (c) | 23,890 | ||||||
| San Joaquin Hills Transportation Corridor Agency (RB) | ||||||||
| 1,750,000 | 5.00%, 01/15/25 (c) | 1,853,057 | ||||||
| 4,210,000 | 5.00%, 01/15/25 (c) | 4,434,940 | ||||||
| 500,000 | 5.00%, 01/15/25 (c) | 553,130 | ||||||
| 3,300,000 | 5.00%, 01/15/25 (c) | 3,564,858 | ||||||
| 555,000 | San Jose Redevelopment Agency, Series B (TA) (XLCA) 4.25%, 08/01/17 (c) | 559,890 | ||||||
| 275,000 | San Jose Redevelopment Agency, Series D (AMBAC) (TA) 5.00%, 08/01/17 (c) | 293,200 | ||||||
See Notes to Financial Statements
| 17 |
HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal Amount | Value | |||||||
| California: (continued) | ||||||||
| $ | 10,000,000 | Silicon Valley, California Tobacco Securitization Authority, Series A (RB) 7.40%, 06/01/17 (c) ^ | $ | 2,561,700 | ||||
| 44,500,000 | Silicon Valley, California Tobacco Securitization Authority, Series D (RB) 11.32%, 06/01/17 (c) ^ | 549,130 | ||||||
| 1,000,000 | Thousand Oaks, California Community Facilities Special Tax, District No. 1994-1 (ST) 5.38%, 09/01/22 (c) | 1,049,670 | ||||||
| Tobacco Securitization Authority of Northern California, Series A-1 (RB) | ||||||||
| 240,000 | 5.38%, 11/16/15 (c) | 220,738 | ||||||
| 5,010,000 | 5.50%, 11/16/15 (c) | 4,512,106 | ||||||
| Tobacco Securitization Authority of Southern California, Series A-1 (RB) | ||||||||
| 3,325,000 | 5.00%, 11/16/15 (c) | 3,003,605 | ||||||
| 5,915,000 | 5.13%, 11/16/15 (c) | 5,201,119 | ||||||
| Tustin Community Facilities District, Series A (ST) | ||||||||
| 100,000 | 5.00%, 09/01/25 (c) | 107,714 | ||||||
| 100,000 | 5.00%, 09/01/25 (c) | 107,967 | ||||||
| 750,000 | Val Verde Unified School District (ST) 5.00%, 03/01/25 (c) | 808,463 | ||||||
| 795,000 | Vernon Electric System Revenue, Series A (RB) 5.13%, 08/01/19 (c) | 876,853 | ||||||
| 1,115,000 | Western Hills Water District, Diablo Grande Community Facilities District No. 1 (ST) 4.00%, 09/01/21 | 1,118,902 | ||||||
| 172,739,607 | ||||||||
| Colorado: 1.4% | ||||||||
| City and County of Denver, Special Facilities Airport Revenue, United Air Lines Project, Series A (RB) | ||||||||
| 1,150,000 | 5.25%, 10/01/17 (c) | 1,185,937 | ||||||
| 2,000,000 | 5.75%, 10/01/17 (c) | 2,089,460 | ||||||
| 1,035,000 | City of Lakewood, Colorado Plaza Metropolitan District No. 1 (TA) 5.00%, 12/01/22 (c) | 1,042,317 | ||||||
| 85,000 | Colorado Health Facilities Authority (RB) 5.25%, 06/01/16 (c) | 86,822 | ||||||
| 350,000 | Colorado Health Facilities Authority, Covenant Retirement Communities, Inc., Series A (RB) 5.00%, 12/01/22 (c) | 379,673 | ||||||
| 1,670,000 | Colorado Health Facilities Authority, Covenant Retirement Communities, Inc., Series B (RB) 4.00%, 12/01/22 (c) | 1,696,737 | ||||||
| 1,700,000 | Colorado Health Facilities Authority, Health & Residential, Volunteers of America Care Facilities (RB) 5.30%, 11/30/15 (c) | 1,619,658 | ||||||
| Principal Amount | Value | |||||||
| Colorado: (continued) | ||||||||
| $ | 950,000 | Colorado Health Facilities Authority, Health and Residential, Volunteers of America Care Facilities (RB) 5.20%, 11/30/15 (c) | $ | 950,542 | ||||
| Colorado Health Facilities Authority, Senior Residences Project (RB) | ||||||||
| 1,000,000 | 6.75%, 06/01/22 (c) | 850,540 | ||||||
| 1,500,000 | 7.00%, 06/01/22 (c) | 1,230,150 | ||||||
| 2,375,000 | Colorado Health Facilities Authority, The Evangelical Lutheran Good Samaritan Society Project (RB) 5.00%, 06/01/22 (c) | 2,508,237 | ||||||
| Copperleaf Metropolitan District No 2 (GO) | ||||||||
| 500,000 | 5.25%, 12/01/20 (c) | 517,945 | ||||||
| 500,000 | 5.75%, 12/01/20 (c) | 517,590 | ||||||
| 2,000,000 | Denver Convention Center Hotel Authority, Convention Center Hotel (RB) (XLCA) 5.25%, 11/01/16 (c) | 2,075,360 | ||||||
| 25,000 | Denver Convention Center Hotel Authority, Convention Center Hotel (RB) (XLCA) 5.00%, 11/01/16 (c) | 25,424 | ||||||
| 25,000 | Denver Health and Hospital Authority, Series A (RB) 4.75%, 12/01/16 (c) | 25,722 | ||||||
| E-470 Public Highway Authority, Series A (RB) | ||||||||
| 20,000 | 4.29%, 09/01/41 ^ | 6,599 | ||||||
| 9,000,000 | 5.38%, 09/01/40 ^ | 3,114,900 | ||||||
| 25,000 | E-470 Public Highway Authority, Series C (RB) 5.25%, 09/01/20 (c) | 27,937 | ||||||
| Eaton Area Park and Recreation District (GO) | ||||||||
| 250,000 | 5.25%, 12/01/22 (c) | 258,643 | ||||||
| 310,000 | 5.50%, 12/01/22 (c) | 327,633 | ||||||
| 250,000 | 5.50%, 12/01/22 (c) | 264,685 | ||||||
| 2,500,000 | Salida Hospital District (RB) 5.25%, 10/01/16 (c) | 2,510,200 | ||||||
| 23,312,711 | ||||||||
| Connecticut: 0.4% | ||||||||
| 1,330,000 | Connecticut State Resources Recovery Authority, American Refunding Fuel Comp. Project, Series A (RB) 6.45%, 11/30/15 (c) | 1,331,064 | ||||||
| Harbor Point Infrastructure Improvement District, Harbor Point Project, Series A (TA) | ||||||||
| 705,000 | 7.00%, 04/01/20 (c) | 784,820 | ||||||
| 1,500,000 | 7.88%, 04/01/20 (c) | 1,743,240 | ||||||
| Town of Hamden, Connecticut, Series A (RB) | ||||||||
| 490,000 | 7.63%, 01/01/20 (c) | 513,368 | ||||||
| 2,000,000 | 7.75%, 01/01/20 (c) | 2,074,860 | ||||||
| 6,447,352 | ||||||||
See Notes to Financial Statements
| 18 |
| Principal Amount | Value | |||||||
| Delaware: 0.2% | ||||||||
| $ | 2,525,000 | Delaware Economic Development Authority, Indian River Power, LLC Project (RB) 5.38%, 10/01/20 (c) | $ | 2,606,633 | ||||
| District of Columbia: 1.7% | ||||||||
| 50,000 | District of Columbia (RB) 5.75%, 04/01/21 (c) | 53,513 | ||||||
| District of Columbia Provident Group- Howard Properties, LLC (RB) | ||||||||
| 2,925,000 | 5.00%, 10/01/22 (c) | 2,802,384 | ||||||
| 395,000 | 5.00%, 10/01/22 (c) | 386,215 | ||||||
| 2,065,000 | 5.00%, 10/01/22 (c) | 2,069,688 | ||||||
| District of Columbia Tobacco Settlement Financing Corp (RB) | ||||||||
| 25,000,000 | 6.87%, 06/15/16 (c) ^ | 3,133,500 | ||||||
| 25,000,000 | 10.46%, 06/15/16 (c) ^ | 1,096,000 | ||||||
| 19,000 | District of Columbia Tobacco Settlement Financing Corp. (RB) 6.50%, 05/15/33 | 23,495 | ||||||
| District of Columbia, The Howard University Issue, Series A (RB) | ||||||||
| 1,870,000 | 6.25%, 04/01/21 (c) | 1,996,805 | ||||||
| 2,655,000 | 6.25%, 04/01/21 (c) | 2,903,667 | ||||||
| 2,610,000 | 6.50%, 04/01/21 (c) | 2,761,719 | ||||||
| 2,485,000 | 6.50%, 04/01/21 (c) | 2,662,031 | ||||||
| 1,595,000 | Metropolitan Washington Airports Authority, Dulles Toll Road Revenue, Series B (RB) 6.00%, 10/01/28 (c) | 1,685,389 | ||||||
| Metropolitan Washington Airports Authority, Dulles Toll Road, Second Senior Lien, Series A (RB) | ||||||||
| 5,855,000 | 5.00%, 04/01/22 (c) | 6,162,622 | ||||||
| 270,000 | 5.03%, 10/01/37 ^ | 96,333 | ||||||
| 27,833,361 | ||||||||
| Florida: 5.1% | ||||||||
| 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) | 1,833,564 | ||||||
| Alachua County, Florida Health Facilities Authority, Terraces at Bonita Springs Project, Series A (RB) | ||||||||
| 1,530,000 | 8.00%, 11/15/21 (c) | 1,836,872 | ||||||
| 1,000,000 | 8.13%, 11/15/21 (c) | 1,184,360 | ||||||
| 2,000,000 | Callaway, Florida Capital Improvement Revenue, Special Capital Extension Project (RB) 5.25%, 08/01/17 (c) | 1,973,540 | ||||||
| 650,000 | Cape Coral Health Facilities Authority (RB) 6.00%, 07/01/25 (c) | 647,400 | ||||||
| 2,000,000 | Capital Trust Agency, Inc. (RB) 7.75%, 01/01/21 (c) | 1,896,320 | ||||||
| Principal Amount | Value | |||||||
| Florida: (continued) | ||||||||
| $ | 1,000,000 | Capital Trust Agency, Inc., Tuscan Senior Living Community Project, Series A (RB) 7.00%, 04/01/22 (c) | $ | 980,940 | ||||
| City of Tallahassee, Florida Health Facilities Authority (RB) | ||||||||
| 1,010,000 | 4.00%, 06/01/25 (c) | 992,174 | ||||||
| 2,500,000 | 5.00%, 06/01/25 (c) | 2,691,000 | ||||||
| County of Alachua, Florida Industrial Development, Florida Retirement Village, Inc. Project, Series A (RB) | ||||||||
| 350,000 | 5.63%, 11/15/17 (c) | 363,755 | ||||||
| 1,640,000 | 5.88%, 11/15/17 (c) | 1,667,667 | ||||||
| 1,660,000 | County of Alachua, Industrial Development, Florida Retirement Village, Inc. Project, Series A (RB) 5.88%, 11/15/17 (c) | 1,678,426 | ||||||
| 55,000 | County of Brevard, Florida (RB) 6.75%, 11/01/19 (c) | 59,810 | ||||||
| County of Miami-Dade, Florida Seaport Department, Series A (RB) | ||||||||
| 190,000 | 5.00%, 10/01/23 (c) | 214,858 | ||||||
| 40,000 | 5.38%, 10/01/23 (c) | 45,318 | ||||||
| 175,000 | 6.00%, 10/01/23 (c) | 205,916 | ||||||
| 2,600,000 | County of Miami-Dade, Florida Seaport Department, Series B (RB) 6.00%, 10/01/23 (c) | 2,985,554 | ||||||
| 70,000 | Escambia County Health Facilities Authority, Baptist Hospital, Inc. Project, Series A (RB) 6.00%, 08/15/20 (c) | 80,699 | ||||||
| Florida Development Finance Corp. (RB) | ||||||||
| 1,000,000 | 7.00%, 06/01/22 (c) | 1,023,010 | ||||||
| 1,000,000 | 7.00%, 06/01/22 (c) | 1,040,220 | ||||||
| Florida Development Finance Corp., Miami Arts Charter School Project, Series A (RB) | ||||||||
| 360,000 | 5.63%, 06/15/24 (c) | 359,806 | ||||||
| 450,000 | 5.88%, 06/15/24 (c) | 451,926 | ||||||
| 695,000 | 6.00%, 06/15/24 (c) | 689,308 | ||||||
| Florida Development Finance Corp., Renaissance Charter School, Inc. Projects, Series A (RB) | ||||||||
| 1,000,000 | 5.75%, 06/15/24 (c) | 1,017,910 | ||||||
| 2,850,000 | 7.63%, 06/15/21 (c) | 3,358,440 | ||||||
| Halifax Hospital Medical Center (RB) | ||||||||
| 45,000 | 5.00%, 06/01/16 (c) | 45,720 | ||||||
| 35,000 | 5.25%, 06/01/16 (c) | 35,657 | ||||||
| 2,590,000 | Lake County, Florida Industrial Development, Crane’s View Lodge Project, Series A (RB) 7.13%, 11/01/17 (c) | 2,303,209 | ||||||
| 130,000 | Lee County, Florida Industrial Development Authority Health Care Facilities, Shell Point/Alliance Obligation Group (RB) 5.00%, 05/15/17 (c) | 134,512 | ||||||
See Notes to Financial Statements
| 19 |
HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal Amount | Value | |||||||
| Florida: (continued) | ||||||||
| Lee County, Florida Industrial Development Authority, Industrial Development, Community Charter Schools, LLC Projects, Series A (RB) | ||||||||
| $ | 2,400,000 | 5.25%, 06/15/17 (c) | $ | 2,433,576 | ||||
| 3,500,000 | 5.38%, 06/15/17 (c) | 3,540,985 | ||||||
| 2,825,000 | 5.75%, 06/15/22 (c) | 2,915,626 | ||||||
| Martin County, Florida Health Facilities Authority (RB) | ||||||||
| 100,000 | 5.13%, 11/15/21 (c) | 107,359 | ||||||
| 800,000 | 5.50%, 11/15/21 (c) | 883,096 | ||||||
| 2,000,000 | 5.50%, 11/15/21 (c) | 2,153,760 | ||||||
| Miami Beach Health Facilities Authority, Mount Sinai Medical Center (RB) | ||||||||
| 1,950,000 | 4.25%, 11/15/19 (c) | 1,954,270 | ||||||
| 925,000 | 5.00%, 11/15/24 (c) | 993,071 | ||||||
| 4,910,000 | 5.00%, 11/15/24 (c) | 5,302,211 | ||||||
| Mid-Bay Bridge Authority, First Senior Lien, Series A (RB) (AGM) | ||||||||
| 500,000 | 5.00%, 10/01/25 (c) | 540,130 | ||||||
| 500,000 | 5.00%, 10/01/25 (c) | 548,705 | ||||||
| 1,000,000 | Mid-Bay Bridge Authority, Series C (RB) 5.00%, 10/01/25 (c) | 1,077,710 | ||||||
| 915,000 | Midtown Miami Community Development District, Infrastructure Project, Series B (SA) 4.25%, 05/01/23 (c) | 967,292 | ||||||
| Midtown Miami Community Development District, Parking Garage Project, Series A (SA) | ||||||||
| 2,755,000 | 4.25%, 05/01/23 (c) | 2,912,448 | ||||||
| 1,485,000 | 5.00%, 05/01/23 (c) | 1,553,874 | ||||||
| Orange County, Florida Health Facilities Authority, Orlando Lutheran Towers, Inc. (RB) | ||||||||
| 2,750,000 | 5.50%, 07/01/17 (c) | 2,794,137 | ||||||
| 1,200,000 | 5.50%, 07/01/17 (c) | 1,230,840 | ||||||
| 1,100,000 | 5.70%, 11/30/15 (c) | 1,101,562 | ||||||
| 500,000 | Orange County, Florida Industrial Development Authority, VitAG Florida LLC Project (RB) 8.00%, 07/01/24 (c) | 507,070 | ||||||
| Orlando, Florida Aviation Authority, JetBlue Airways Corp. Project (RB) | ||||||||
| 2,190,000 | 5.00%, 05/15/23 (c) | 2,242,385 | ||||||
| 1,500,000 | 5.00%, 05/15/23 (c) | 1,594,680 | ||||||
| 1,500,000 | Palm Beach County Health Facilities Authority, Sinai Residences of Boca Raton Project, Series A (RB) 7.50%, 06/01/22 (c) | 1,795,185 | ||||||
| 500,000 | Palm Beach County Health Facilities Authority, Sinai Residences of Boca Raton Project, Series C (RB) 6.00%, 06/01/21 | 553,460 | ||||||
| 150,000 | Pinellas County Educational Facilities Authority, Eckerd College Project (RB) (ACA) 4.75%, 10/01/16 (c) | 152,250 | ||||||
| Principal Amount | Value | |||||||
| Florida: (continued) | ||||||||
| Sarasota County, Florida Health Facilities Authority (RB) | ||||||||
| $ | 2,055,000 | 5.75%, 07/01/17 (c) | $ | 2,058,041 | ||||
| 1,785,000 | 5.75%, 07/01/17 (c) | 1,796,602 | ||||||
| 3,345,000 | Stuart, Florida Capital Trust Agency, Stuart Lodge Project, Series B (RB) 7.38%, 01/01/18 (c) | 3,274,119 | ||||||
| 420,000 | Sumter County, Florida Village Community Development District No. 8, Phase II (SA) 6.13%, 05/01/20 (c) | 483,340 | ||||||
| 910,000 | Sumter County, Florida Village Community Development District No. 9, Special Assessment Revenue (SA) 5.50%, 05/01/22 (c) | 1,038,674 | ||||||
| 2,945,000 | Tavares, Florida Osprey Lodge at Lakeview Crest, Series A (RB) 8.75%, 07/01/16 (c) | 2,755,666 | ||||||
| 1,315,000 | Town of Davie, Florida Nova Southeastern University Project, Series A (RB) 6.00%, 04/01/23 (c) | 1,533,461 | ||||||
| 84,593,476 | ||||||||
| Georgia: 0.9% | ||||||||
| 15,000 | Albany-Dougherty Inner City Authority, Series A (RB) (XLCA) 4.50%, 11/30/15 (c) | 14,629 | ||||||
| 25,000 | Baldwin County Hospital Authority (RB) 5.25%, 11/30/15 (c) | 22,157 | ||||||
| DeKalb County, Georgia Hospital Authority, DeKalb Medical Center, Inc. Project (RB) | ||||||||
| 70,000 | 5.25%, 09/01/20 | 76,844 | ||||||
| 200,000 | 6.00%, 09/01/20 (c) | 220,608 | ||||||
| 2,100,000 | 6.13%, 09/01/20 (c) | 2,281,440 | ||||||
| 100,000 | Gainesville, Georgia Redevelopment Authority (RB) 5.13%, 03/01/17 (c) | 100,164 | ||||||
| 500,000 | Greene County Development Authority, Glen-I LLC Project, Series A (RB) 6.13%, 01/01/25 | 501,320 | ||||||
| 600,000 | Greene County Development Authority, Glen-I, LLC Project, Series A (RB) 7.25%, 01/01/25 (c) | 601,902 | ||||||
| Private Colleges & Universities Authority, The Savannah College of Art & Design Project (RB) | ||||||||
| 5,000,000 | 4.13%, 04/01/24 (c) | 4,993,250 | ||||||
| 5,000,000 | 5.00%, 04/01/24 (c) | 5,387,150 | ||||||
| 14,199,464 | ||||||||
| Guam: 0.7% | ||||||||
| 1,000,000 | A. B. Won Pat International Airport Authority, Series C (RB) 5.00%, 10/01/21 | 1,135,600 | ||||||
| 60,000 | Government of Guam, Series A (GO) 5.00%, 11/15/17 (c) | 64,976 | ||||||
See Notes to Financial Statements
| 20 |
| Principal Amount | Value | |||||||
| Guam: (continued) | ||||||||
| $ | 1,000,000 | Guam Economic Development & Commerce Authority (RB) 5.63%, 06/01/17 (c) | $ | 919,400 | ||||
| 1,325,000 | Guam Government Department of Education, John F. Kennedy Project, Series A (CP) 6.88%, 12/01/20 (c) | 1,456,003 | ||||||
| 1,250,000 | Guam Government Limited Obligation, Series A (RB) 5.63%, 12/01/19 (c) | 1,403,250 | ||||||
| Guam Government Waterworks Authority (RB) | ||||||||
| 355,000 | 5.50%, 07/01/20 (c) | 394,032 | ||||||
| 3,530,000 | 5.50%, 07/01/23 (c) | 3,936,479 | ||||||
| 355,000 | 5.63%, 07/01/20 (c) | 392,609 | ||||||
| Guam Power Authority, Series A (RB) | ||||||||
| 1,545,000 | 5.00%, 10/01/22 (c) | 1,663,980 | ||||||
| 250,000 | 5.50%, 10/01/20 (c) | 274,250 | ||||||
| 11,640,579 | ||||||||
| Hawaii: 0.2% | ||||||||
| 1,380,000 | Kuakini Health System, Series A (RB) 6.38%, 11/30/15 (c) | 1,382,912 | ||||||
| 2,050,000 | Kuakini Health System, Special Purpose Revenue, Series A (RB) 6.30%, 11/30/15 (c) | 2,058,282 | ||||||
| 3,441,194 | ||||||||
| Illinois: 5.8% | ||||||||
| Chicago Board of Education (GO) | ||||||||
| 280,000 | 5.00%, 12/01/18 (c) | 258,132 | ||||||
| 205,000 | 5.25%, 12/01/18 (c) | 201,031 | ||||||
| Chicago Board of Education, Series A (GO) | ||||||||
| 8,565,000 | 5.00%, 12/01/22 (c) | 7,414,892 | ||||||
| 55,000 | 5.25%, 12/01/16 | 56,181 | ||||||
| 75,000 | 5.50%, 12/01/19 | 77,059 | ||||||
| 305,000 | Chicago Board of Education, Series B (GO) 5.00%, 12/01/22 (c) | 271,615 | ||||||
| Chicago Board of Education, Series C (GO) | ||||||||
| 350,000 | 4.25%, 12/01/18 | 343,567 | ||||||
| 320,000 | 5.00%, 12/01/17 | 323,885 | ||||||
| 295,000 | 5.00%, 12/01/18 (c) | 274,332 | ||||||
| 500,000 | 5.00%, 12/01/18 (c) | 494,475 | ||||||
| Chicago Board of Education, Series F (GO) | ||||||||
| 305,000 | 5.00%, 12/01/17 | 308,703 | ||||||
| 1,000,000 | 5.00%, 12/01/18 | 1,002,780 | ||||||
| 2,500,000 | 5.00%, 12/01/19 | 2,495,350 | ||||||
| 195,000 | 5.00%, 12/01/20 (c) | 175,988 | ||||||
| 1,000,000 | 5.00%, 12/01/20 | 988,950 | ||||||
| 400,000 | Chicago O’Hare International Airport (RB) 5.50%, 01/01/23 (c) | 460,632 | ||||||
| 100,000 | Chicago, Illinois Project & Refunding, Series A (GO) (AMBAC) 5.00%, 01/01/17 (c) | 101,695 | ||||||
| Principal Amount | Value | |||||||
| Illinois: (continued) | ||||||||
| Chicago, Illinois, Series A (GO) | ||||||||
| $ | 225,000 | 5.00%, 01/01/18 | $ | 231,806 | ||||
| 480,000 | 5.00%, 01/01/20 (c) | 483,547 | ||||||
| 1,000,000 | 5.00%, 01/01/24 (c) | 999,930 | ||||||
| 100,000 | 5.25%, 01/01/18 (c) | 101,110 | ||||||
| 1,200,000 | 5.25%, 01/01/21 (c) | 1,212,324 | ||||||
| 2,750,000 | 5.25%, 01/01/24 (c) | 2,800,930 | ||||||
| 500,000 | 5.50%, 01/01/25 (c) | 518,900 | ||||||
| Chicago, Illinois, Series C (GO) | ||||||||
| 125,000 | 5.00%, 01/01/19 (c) | 125,028 | ||||||
| 300,000 | 5.00%, 01/01/20 | 309,285 | ||||||
| City of Chicago IL (GO) | ||||||||
| 1,000,000 | 5.00%, 01/01/19 (c) | 1,002,250 | ||||||
| 340,000 | 5.00%, 01/01/19 (c) | 341,948 | ||||||
| 1,500,000 | 5.00%, 01/01/22 (c) | 1,522,920 | ||||||
| 235,000 | 5.00%, 01/01/25 | 237,566 | ||||||
| 950,000 | City of Chicago, Illinois Neighborhood Alive 21 Program, Series B (GO) 5.25%, 01/01/25 (c) | 970,017 | ||||||
| City of Chicago, Series A (GO) | ||||||||
| 700,000 | 4.63%, 01/01/21 (c) | 645,512 | ||||||
| 300,000 | 5.00%, 01/01/18 (c) | 306,252 | ||||||
| 450,000 | 5.00%, 01/01/20 (c) | 452,484 | ||||||
| 300,000 | 5.00%, 01/01/21 (c) | 299,730 | ||||||
| 625,000 | 5.00%, 01/01/22 (c) | 625,613 | ||||||
| 250,000 | 5.00%, 01/01/24 (c) | 250,150 | ||||||
| 1,500,000 | 5.25%, 01/01/24 (c) | 1,529,805 | ||||||
| 1,000,000 | 5.38%, 01/01/25 (c) | 1,027,220 | ||||||
| 200,000 | City of Chicago, Series A-2 (GO) (AMBAC) 5.50%, 01/01/18 | 204,628 | ||||||
| 465,000 | City of Harvey, Illinois, Series A (GO) 5.50%, 12/01/17 (c) | 355,581 | ||||||
| 2,100,000 | Cook County, Illinois Recovery Zone Facility, Navistar International Corp. Project (RB) 6.50%, 10/15/20 (c) | 2,170,539 | ||||||
| 3,600,000 | Harvey, Illinois, Series A (GO) 5.63%, 12/01/17 (c) | 2,696,400 | ||||||
| Illinois Finance Authority (RB) | ||||||||
| 160,000 | 4.00%, 09/01/22 (c) | 153,915 | ||||||
| 40,000 | 5.75%, 10/01/19 (c) | 42,837 | ||||||
| 560,000 | 6.13%, 05/15/19 (c) | 628,992 | ||||||
| Illinois Finance Authority, Centegra Health System, Series A (RB) | ||||||||
| 635,000 | 4.63%, 09/01/24 (c) | 646,252 | ||||||
| 2,000,000 | 5.00%, 09/01/24 (c) | 2,118,380 | ||||||
| 20,000 | Illinois Finance Authority, Elmhurst Memorial Healthcare, Series A (RB) 5.63%, 01/01/18 (c) | 21,322 | ||||||
| Illinois Finance Authority, Franciscan Communities, Inc., Series A (RB) | ||||||||
| 2,025,000 | 4.75%, 05/15/23 (c) | 2,015,442 | ||||||
| 4,800,000 | 5.13%, 05/15/23 (c) | 4,858,224 | ||||||
| 1,500,000 | 5.25%, 05/15/23 (c) | 1,525,140 | ||||||
| 425,000 | Illinois Finance Authority, Friendship Village of Schaumberg, Series A (RB) 5.63%, 11/30/15 (c) | 424,975 | ||||||
See Notes to Financial Statements
| 21 |
HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal Amount | Value | |||||||
| Illinois: (continued) | ||||||||
| Illinois Finance Authority, Greenfields of Geneva Project, Series A (RB) | ||||||||
| $ | 1,000,000 | 8.13%, 02/15/20 (c) | $ | 1,051,360 | ||||
| 3,000,000 | 8.25%, 02/15/20 (c) | 3,154,200 | ||||||
| Illinois Finance Authority, Illinois Institute of Technology, Series A (RB) | ||||||||
| 1,000,000 | 5.00%, 04/01/16 (c) | 956,800 | ||||||
| 3,000,000 | 5.00%, 04/01/16 (c) | 3,002,610 | ||||||
| 500,000 | Illinois Finance Authority, Lutheran Home and Obligated Group (RB) 5.50%, 05/15/22 (c) | 533,840 | ||||||
| 1,000,000 | Illinois Finance Authority, Lutheran Home and Services Group (RB) 5.75%, 05/15/22 (c) | 1,035,700 | ||||||
| 25,000 | Illinois Finance Authority, Montgomery Place Project, Series A (RB) 5.75%, 05/15/17 (c) | 25,181 | ||||||
| 3,175,000 | Illinois Finance Authority, Navistar International Corp. Project (RB) 6.50%, 10/15/20 (c) | 3,281,648 | ||||||
| 1,000,000 | Illinois Finance Authority, Norwegian American Hospital Inc. (RB) 7.75%, 09/15/20 (c) | 1,160,880 | ||||||
| Illinois Finance Authority, Park Place of Elmhurst Project, Series A (RB) | ||||||||
| 300,000 | 8.00%, 11/20/15 (c) | 171,312 | ||||||
| 610,000 | 8.00%, 05/15/20 (c) | 336,543 | ||||||
| 1,625,000 | 8.13%, 05/15/20 (c) | 980,915 | ||||||
| 655,000 | Illinois Finance Authority, Peace Village (RB) 5.25%, 08/15/23 | 683,172 | ||||||
| Illinois Finance Authority, Roosevelt University Project (RB) | ||||||||
| 1,000,000 | 6.25%, 10/01/19 (c) | 1,079,870 | ||||||
| 2,000,000 | 6.50%, 10/01/19 (c) | 2,162,620 | ||||||
| 50,000 | Illinois Finance Authority, Series A (RB) 7.90%, 02/15/17 (c) | 51,012 | ||||||
| Illinois Finance Authority, Silver Cross Hospital and Medical Center, Series C (RB) | ||||||||
| 500,000 | 5.00%, 08/15/25 (c) | 546,895 | ||||||
| 1,125,000 | 5.00%, 08/15/25 (c) | 1,210,725 | ||||||
| Illinois Finance Authority, Swedish Covenant Hospital, Series A (RB) | ||||||||
| 690,000 | 5.75%, 02/15/20 (c) | 765,072 | ||||||
| 2,070,000 | 6.00%, 02/15/20 (c) | 2,271,349 | ||||||
| Illinois Finance Authority, The Admiral At The Lake Project, Series A (RB) | ||||||||
| 7,000,000 | 8.00%, 05/15/20 (c) | 8,050,770 | ||||||
| 1,565,000 | 8.00%, 05/15/20 (c) | 1,808,279 | ||||||
| 150,000 | Illinois Finance Authority, The Admiral At The Lake Project, Series B (RB) 7.38%, 11/20/15 (c) | 150,312 | ||||||
| Principal Amount | Value | |||||||
| Illinois: (continued) | ||||||||
| Illinois Railsplitter Tobacco Settlement Authority (RB) | ||||||||
| $ | 1,030,000 | 5.00%, 06/01/18 | $ | 1,120,166 | ||||
| 500,000 | 5.00%, 06/01/19 | 555,885 | ||||||
| 350,000 | 5.25%, 06/01/20 | 399,655 | ||||||
| 45,000 | 5.25%, 06/01/21 | 52,137 | ||||||
| 200,000 | 5.38%, 06/01/21 | 233,028 | ||||||
| 1,635,000 | 5.50%, 06/01/21 (c) | 1,911,920 | ||||||
| 150,000 | Illinois Sports Facilities Authority (RB) (AMBAC) 4.65%, 06/15/26 ^ | 94,410 | ||||||
| 295,000 | Metropolitan Pier & Exposition Authority, Dedicated State Tax Revenue (RB) (NATL) 5.65%, 06/15/22 | 321,624 | ||||||
| Metropolitan Pier & Exposition Authority, McCormick Place Expansion Project (RB) | ||||||||
| 2,000,000 | 5.00%, 06/15/20 (c) | 2,033,640 | ||||||
| 105,000 | 5.00%, 06/15/22 (c) | 107,607 | ||||||
| 1,115,000 | 5.00%, 12/15/25 (c) | 1,151,605 | ||||||
| 380,000 | 5.25%, 06/15/20 (c) | 391,259 | ||||||
| Metropolitan Pier and Exposition Authority, Dedicated State Tax Revenue (RB) | ||||||||
| 15,000 | 6.75%, 06/15/17 (c) ^ | 14,378 | ||||||
| 15,000 | 6.75%, 06/15/17 (c) ^ | 14,832 | ||||||
| 720,000 | 1.51%, 06/15/18 ^ | 687,233 | ||||||
| 4,000,000 | Southwestern Illinois Development Authority, United States Steel Corp. Project (RB) 5.75%, 08/01/22 (c) | 3,570,560 | ||||||
| 200,000 | State of Illinois (GO) 5.00%, 03/01/22 (c) | 206,774 | ||||||
| 100,000 | Village of Hillside, Illinois (TA) 7.00%, 01/01/18 (c) | 107,508 | ||||||
| 96,551,507 | ||||||||
| Indiana: 3.1% | ||||||||
| Carmel, Indiana, The Barrington of Carmel Project, Series A (RB) | ||||||||
| 1,500,000 | 7.13%, 11/15/22 (c) | 1,681,305 | ||||||
| 2,000,000 | 7.13%, 11/15/22 (c) | 2,235,480 | ||||||
| City of Anderson, Indiana, Anderson University Project (RB) | ||||||||
| 175,000 | 5.00%, 04/01/17 (c) | 166,178 | ||||||
| 525,000 | 5.00%, 04/01/17 (c) | 514,710 | ||||||
| 795,000 | 5.00%, 04/01/17 (c) | 800,009 | ||||||
| 1,000,000 | City of Rockport, Indiana, Series A (RB) 7.00%, 02/01/22 (c) | 887,500 | ||||||
| 1,010,000 | City of Rockport, Indiana, Series B (RB) 1.75%, 06/01/18 (p) | 1,017,121 | ||||||
| 1,900,000 | Indiana Finance Authority, Environmental Improvement Revenue, United States Steel Corp. Project (RB) 6.00%, 12/01/19 | 1,952,269 | ||||||
See Notes to Financial Statements
| 22 |
| Principal Amount | Value | |||||||
| Indiana: (continued) | ||||||||
| Indiana Finance Authority, I-69 Section 5 Project (RB) | ||||||||
| $ | 5,265,000 | 5.00%, 09/01/24 (c) | $ | 5,532,988 | ||||
| 1,250,000 | 5.25%, 09/01/24 (c) | 1,366,125 | ||||||
| Indiana Finance Authority, King’s Daughters’ Hospital & Health Services (RB) | ||||||||
| 1,475,000 | 5.13%, 08/15/20 (c) | 1,621,836 | ||||||
| 1,475,000 | 5.50%, 08/15/20 (c) | 1,591,613 | ||||||
| 2,500,000 | 5.50%, 08/15/20 (c) | 2,728,550 | ||||||
| Indiana Finance Authority, Ohio River Bridges East End Crossing Project, Series A (RB) | ||||||||
| 1,600,000 | 5.00%, 07/01/23 (c) | 1,671,264 | ||||||
| 3,000,000 | 5.00%, 07/01/23 (c) | 3,103,950 | ||||||
| 6,400,000 | 5.25%, 07/01/23 (c) | 6,737,280 | ||||||
| Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series A (RB) | ||||||||
| 5,200,000 | 5.00%, 06/01/22 (c) | 5,394,324 | ||||||
| 2,570,000 | 5.00%, 06/01/22 (c) | 2,714,177 | ||||||
| Indiana Finance Authority, United States Steel Corp. Project (RB) | ||||||||
| 1,040,000 | 5.75%, 08/01/22 (c) | 928,346 | ||||||
| 2,275,000 | 6.00%, 06/01/20 (c) | 2,260,349 | ||||||
| 20,000 | Indianapolis Airport Authority, Federal Express Corp. Project (RB) 5.10%, 01/15/17 | 20,938 | ||||||
| Vigo County, Indiana Hospital Authority, Union Hospital, Inc. (RB) | ||||||||
| 2,000,000 | 5.70%, 09/01/17 (c) | 2,070,200 | ||||||
| 3,000,000 | 5.75%, 09/01/17 (c) | 3,098,280 | ||||||
| 1,160,000 | 5.80%, 09/01/17 (c) | 1,197,978 | ||||||
| 51,292,770 | ||||||||
| Iowa: 2.5% | ||||||||
| 3,000,000 | City of Coralville, Iowa, Series D (CP) 5.25%, 06/01/16 (c) | 3,006,270 | ||||||
| 5,705,000 | Iowa Finance Authority, Alcoa, Inc. Project (RB) 4.75%, 08/01/22 (c) | 5,743,851 | ||||||
| Iowa Finance Authority, Iowa Fertilizer Co. Project (RB) | ||||||||
| 4,340,000 | 5.00%, 12/01/19 | 4,591,894 | ||||||
| 2,700,000 | 5.50%, 12/01/18 (c) | 2,864,160 | ||||||
| 4,715,000 | Iowa Finance Authority, Iowa Fertilizer Company Project (RB) 5.25%, 12/01/23 (c) | 5,138,501 | ||||||
| Iowa Finance Authority, Senior Living (RB) | ||||||||
| 163,200 | 2.00%, 11/30/15 (c)* | 816 | ||||||
| 870,000 | 2.70%, 11/15/24 (c) | 784,018 | ||||||
| 1,500,000 | Iowa Higher Education Loan Authority (RB) 5.00%, 10/01/25 (c) | 1,480,275 | ||||||
| Iowa Higher Education Loan Authority, Upper Iowa University Project (RB) | ||||||||
| 20,000 | 4.00%, 09/01/23 (c) | 19,762 | ||||||
| 2,065,000 | 5.00%, 09/01/23 (c) | 2,074,148 | ||||||
| 2,750,000 | 5.00%, 09/01/23 (c) | 2,618,935 | ||||||
| 620,000 | 5.75%, 09/01/20 (c) | 662,098 | ||||||
| 1,345,000 | 6.00%, 09/01/20 (c) | 1,414,267 | ||||||
| Principal Amount | Value | |||||||
| Iowa: (continued) | ||||||||
| $ | 180,000 | Iowa Tobacco Settlement Authority, Series B (RB) 5.60%, 06/01/17 (c) | $ | 177,802 | ||||
| Iowa Tobacco Settlement Authority, Series C (RB) | ||||||||
| 3,000,000 | 5.38%, 11/30/15 (c) | 2,801,190 | ||||||
| 7,290,000 | 5.50%, 11/30/15 (c) | 6,845,091 | ||||||
| 10,000,000 | Iowa Tobacco Settlement Authority, Series D (RB) 7.15%, 11/30/15 (c) ^ | 1,150,100 | ||||||
| 160,000 | Tobacco Settlement Authority, Series C (RB) 5.63%, 11/30/15 (c) | 152,061 | ||||||
| 41,525,239 | ||||||||
| Kansas: 1.1% | ||||||||
| 2,255,000 | Arkansas City Public Building Commission (RB) 6.25%, 09/01/19 (c) | 2,213,621 | ||||||
| Manhattan, Kansas Health Care Facility Revenue, Meadowlark Hills Retirement Community, Series A (RB) | ||||||||
| 2,000,000 | 5.00%, 05/15/17 (c) | 2,002,580 | ||||||
| 1,000,000 | 5.00%, 05/15/17 (c) | 1,011,580 | ||||||
| Overland Park, Kansas Development Corp. (RB) | ||||||||
| 8,425,000 | 5.13%, 01/01/17 (c) | 8,454,909 | ||||||
| 100,000 | 5.13%, 01/01/17 (c) | 100,579 | ||||||
| 1,000,000 | 5.25%, 01/01/17 (c) | 1,008,310 | ||||||
| 2,550,000 | Overland Park, Kansas, Prairiefire At Lionsgate Project (RB) 6.00%, 12/15/22 (c) | 2,321,341 | ||||||
| Wyandotte County, Kansas City Unified Government, Series A (RB) | ||||||||
| 500,000 | 5.00%, 09/01/25 (c) | 500,505 | ||||||
| 500,000 | 6.00%, 09/01/25 (c) | 498,975 | ||||||
| 18,112,400 | ||||||||
| Kentucky: 1.4% | ||||||||
| 2,500,000 | County of Ohio, Kentucky Pollution Control, Big Rivers Electric Corp. Project, Series A (RB) 6.00%, 07/15/20 (c) | 2,530,275 | ||||||
| Kentucky Economic Development Finance Authority (RB) | ||||||||
| 30,000 | 4.13%, 11/15/20 | 30,034 | ||||||
| 1,230,000 | 4.25%, 07/01/25 (c) | 1,223,936 | ||||||
| 1,500,000 | 6.50%, 06/01/20 (c) | 1,722,135 | ||||||
| Kentucky Economic Development Finance Authority, Masonic Homes of Kentucky, Inc. (RB) | ||||||||
| 2,000,000 | 5.38%, 11/15/22 (c) | 2,030,940 | ||||||
| 1,000,000 | 5.50%, 11/15/22 (c) | 997,060 | ||||||
| 1,000,000 | Kentucky Economic Development Finance Authority, Next Generation Kentucky Information Highway Project (RB) 5.00%, 07/01/25 (c) | 1,080,240 | ||||||
See Notes to Financial Statements
| 23 |
HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal Amount | Value | |||||||
| Kentucky: (continued) | ||||||||
| Kentucky Economic Development Finance Authority, Owensboro Medical Health System, Inc., Series A (RB) | ||||||||
| $ | 490,000 | 5.75%, 06/01/20 (c) | $ | 549,863 | ||||
| 2,100,000 | 6.00%, 06/01/20 (c) | 2,379,300 | ||||||
| 1,325,000 | 6.38%, 06/01/20 (c) | 1,516,939 | ||||||
| 2,025,000 | Kentucky Economic Development Finance Authority, Owensboro Medical Health System, Inc., Series B (RB) 6.38%, 06/01/20 (c) | 2,318,341 | ||||||
| Kentucky Economic Development Finance Authority, Rosedale Green Project (RB) | ||||||||
| 500,000 | 5.50%, 11/15/25 (c) | 503,825 | ||||||
| 500,000 | 5.75%, 11/15/25 (c) | 503,775 | ||||||
| Kentucky Public Transportation Infrastructure Authority, Downtown Cross Project, Series A (RB) | ||||||||
| 1,375,000 | 5.00%, 07/01/17 | 1,464,746 | ||||||
| 3,635,000 | 5.75%, 07/01/23 (c) | 4,030,633 | ||||||
| 22,882,042 | ||||||||
| Louisiana: 2.7% | ||||||||
| City of New Orleans, Louisiana (RB) | ||||||||
| 200,000 | 5.00%, 06/01/21 | 231,958 | ||||||
| 1,850,000 | 5.00%, 06/01/24 (c) | 2,043,898 | ||||||
| 500,000 | 5.00%, 12/01/24 (c) | 548,895 | ||||||
| 1,135,000 | 5.00%, 12/01/24 (c) | 1,261,700 | ||||||
| Jefferson Parish Hospital Service District No. 2 (RB) | ||||||||
| 245,000 | 6.25%, 07/01/21 (c) | 274,839 | ||||||
| 1,145,000 | 6.38%, 07/01/21 (c) | 1,279,320 | ||||||
| 1,000,000 | Juban Crossing Economic Development District, Series C (RB) 7.00%, 03/15/25 (c) | 1,004,470 | ||||||
| 725,000 | Louisiana Environmental Facilities & Community Development Authority, Westlake Chemical Corp. Project (RB) 6.75%, 11/01/17 (c) | 786,864 | ||||||
| 1,000,000 | Louisiana Local Government Environmental Facilities and Community Development Authority, St. James Place of Baton Rouge Project, Series A (RB) 6.25%, 11/15/25 (c) | 1,000,710 | ||||||
| 1,560,000 | Louisiana Local Government Environmental Facilities and Community Development Authority, Westlake Chemical Corp. Project, Series A (RB) 6.50%, 08/01/20 (c) | 1,835,012 | ||||||
| 2,300,000 | Louisiana Local Government Environmental Facilities and Community Development Authority, Westlake Chemical Corp. Project, Series A-1 (RB) 6.50%, 11/01/20 (c) | 2,710,297 | ||||||
| Principal Amount | Value | |||||||
| Louisiana: (continued) | ||||||||
| $ | 2,000,000 | Louisiana Local Government Environmental Facilities and Community Development Authority, Westlake Chemical Corp. Project, Series A-2 (RB) 6.50%, 11/01/20 (c) | $ | 2,356,780 | ||||
| 575,000 | Louisiana Public Facilities Authority, Black & Gold Facilities Project, Series A (RB) (CIFG) 4.50%, 07/01/16 (c) | 501,780 | ||||||
| 1,450,000 | Louisiana Public Facilities Authority, Lake Charles Memorial Hospital Project (RB) 6.38%, 12/01/19 (c) | 1,570,364 | ||||||
| 2,500,000 | Louisiana Public Facilities Authority, Louisiana Pellets, Inc. Project (RB) 7.75%, 07/01/24 (c) | 2,454,725 | ||||||
| 2,000,000 | Louisiana Public Facilities Authority, Louisiana Pellets, Inc. Project, Series A (RB) 8.38%, 07/01/24 (c) | 2,056,020 | ||||||
| Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project (RB) | ||||||||
| 825,000 | 4.25%, 05/15/25 (c) | 837,276 | ||||||
| 15,000 | 6.38%, 05/15/21 (c) | 18,062 | ||||||
| 3,250,000 | Louisiana Public Facilities Authority, Solid Waste Disposal Revenue, Louisiana Pellets, Inc. Project, Series A (RB) 7.50%, 07/01/23 | 3,362,125 | ||||||
| 2,025,000 | Parish of St. Charles, Valero Project (RB) 4.00%, 06/01/22 (p) | 2,159,926 | ||||||
| 6,595,000 | Saint John, Louisiana Marathon Oil Corp. Project, Series A (RB) 5.13%, 06/01/17 (c) | 6,792,454 | ||||||
| Tobacco Settlement Financing Corp. (RB) | ||||||||
| 2,750,000 | 5.00%, 05/15/20 | 3,103,072 | ||||||
| 2,160,000 | 5.00%, 05/15/23 | 2,496,463 | ||||||
| 4,000,000 | 5.25%, 05/15/23 (c) | 4,349,400 | ||||||
| 45,036,410 | ||||||||
| Maine: 0.5% | ||||||||
| 50,000 | Maine Health & Higher Educational Facilities Authority (RB) 5.25%, 07/01/21 | 54,885 | ||||||
| 2,000,000 | Maine Health & Higher Educational Facilities Authority, Eastern Maine Medical Center Obligated Group Issue (RB) 5.00%, 07/01/23 (c) | 2,154,220 | ||||||
| Maine Health and Higher Educational Facilities Authority, General Medical Center Issue (RB) | ||||||||
| 1,735,000 | 6.00%, 07/01/21 (c) | 1,939,765 | ||||||
| 2,220,000 | 6.75%, 07/01/21 (c) | 2,461,070 | ||||||
| 50,000 | 6.95%, 07/01/21 (c) | 55,923 | ||||||
| 55,000 | 7.50%, 07/01/21 (c) | 65,208 | ||||||
See Notes to Financial Statements
| 24 |
| Principal Amount | Value | |||||||
| Maine: (continued) | ||||||||
| $ | 2,000,000 | Rumford, Maine Solid Waste Disposal, Boise Cascade Corp. (RB) 6.88%, 11/30/15 (c) | $ | 2,007,740 | ||||
| 8,738,811 | ||||||||
| Maryland: 1.8% | ||||||||
| 1,000,000 | Anne Arundel County Consolidated Special Taxing District (ST) 5.25%, 07/01/24 (c) | 1,015,980 | ||||||
| 2,445,000 | Baltimore, Maryland, Convention Center Hotel Revenue, Series A (RB) 5.25%, 09/01/16 (c) | 2,476,369 | ||||||
| City of Baltimore, Maryland (RB) (XLCA) | ||||||||
| 105,000 | 4.60%, 09/01/16 (c) | 104,770 | ||||||
| 45,000 | 5.00%, 09/01/16 (c) | 45,560 | ||||||
| 25,000 | 5.25%, 09/01/16 (c) | 25,524 | ||||||
| County of Howard, Maryland (RB) | ||||||||
| 60,000 | 5.25%, 04/01/17 (c) | 57,102 | ||||||
| 2,990,000 | 5.25%, 04/01/17 (c) | 2,916,595 | ||||||
| 2,000,000 | 5.25%, 04/01/17 (c) | 2,004,840 | ||||||
| 2,900,000 | Frederick County, Maryland Urbana Community Development Authority, Series B (ST) 5.50%, 07/01/20 (c) | 3,015,536 | ||||||
| 2,000,000 | Maryland Economic Development Corp., Chesapeake Bay Conference Center Project, Series A (RB) 5.00%, 12/01/16 (c)(d) | 1,140,000 | ||||||
| 5,015,000 | Maryland Economic Development Corp., CNX Marine Terminal, Inc. Port of Baltimore Facility (RB) 5.75%, 09/01/20 (c) | 4,984,860 | ||||||
| Maryland Health & Higher Educational Facilities Authority, Meritus Medical Center Issue (RB) | ||||||||
| 1,270,000 | 4.25%, 07/01/25 (c) | 1,291,095 | ||||||
| 500,000 | 5.00%, 07/01/25 (c) | 539,290 | ||||||
| 1,950,000 | 5.00%, 07/01/25 (c) | 2,149,212 | ||||||
| 545,000 | Maryland Health & Higher Educational Facilities Authority, Washington County Hospital Issue (RB) 5.75%, 01/01/18 (c) | 603,598 | ||||||
| 30,000 | Maryland Health & Higher Educational Facilities Authority, Western Maryland Health System Issue (RB) 5.00%, 07/01/22 | 34,633 | ||||||
| 20,000 | Maryland Health and Higher Educational Facilities Authority (RB) 5.75%, 01/01/18 (c) | 22,150 | ||||||
| 1,815,000 | Maryland Health and Higher Educational Facilities Authority, Meritus Medical Center (RB) 4.00%, 07/01/25 (c) | 1,860,302 | ||||||
| Principal Amount | Value | |||||||
| Maryland: (continued) | ||||||||
| Maryland Health and Higher Educational Facilities Authority, Western Maryland Health System Issue (RB) | ||||||||
| $ | 1,000,000 | 5.00%, 07/01/19 | $ | 1,116,550 | ||||
| 3,000,000 | 5.00%, 07/01/24 | 3,504,240 | ||||||
| 45,000 | Mayor and City Council of Baltimore, Convention Center Hotel, Series A (RB) (XLCA) 5.25%, 09/01/16 (c) | 46,115 | ||||||
| 28,954,321 | ||||||||
| Massachusetts: 0.5% | ||||||||
| 175,000 | Massachusetts Development Finance Agency, Covanta Energy Project, Series B (RB) 4.88%, 11/01/17 (c) | 173,313 | ||||||
| Massachusetts Development Finance Agency, Emerson College (RB) | ||||||||
| 500,000 | 5.00%, 01/01/25 (c) | 523,150 | ||||||
| 500,000 | 5.00%, 01/01/25 (c) | 521,620 | ||||||
| 500,000 | 5.00%, 01/01/25 (c) | 531,690 | ||||||
| 280,000 | Massachusetts Development Finance Agency, Orchard Cove (RB) 5.25%, 11/30/15 (c) | 281,954 | ||||||
| 100,000 | Massachusetts Development Finance Agency, Series A (RB) 5.50%, 01/01/20 (c) | 110,898 | ||||||
| 1,110,000 | Massachusetts Development Finance Agency, Series C (RB) 5.25%, 11/01/17 (c) | 1,121,477 | ||||||
| Massachusetts Development Finance Agency, Series D (RB) | ||||||||
| 500,000 | 4.00%, 07/01/25 (c) | 491,440 | ||||||
| 3,325,000 | 5.00%, 07/01/25 (c) | 3,586,278 | ||||||
| Massachusetts Development Finance Agency, Series H (RB) | ||||||||
| 50,000 | 5.00%, 07/01/16 | 51,135 | ||||||
| 50,000 | 5.00%, 07/01/17 | 52,753 | ||||||
| 175,000 | 5.13%, 07/01/21 (c) | 190,318 | ||||||
| 320,000 | 5.50%, 07/01/21 (c) | 348,464 | ||||||
| 45,000 | Massachusetts Health & Educational Facilities Authority (RB) 4.75%, 07/01/18 (c) | 47,646 | ||||||
| 70,000 | Massachusetts Health & Educational Facilities Authority, Series D (RB) 5.00%, 11/30/15 (c) | 70,204 | ||||||
| Massachusetts Health & Educational Facilities Authority, Series G (RB) | ||||||||
| 140,000 | 5.00%, 07/01/20 (c) | 154,001 | ||||||
| 60,000 | 5.00%, 07/01/20 (c) | 66,194 | ||||||
| Massachusetts Health & Educational Facilities Authority, Suffolk University Issue, Series A (RB) | ||||||||
| 20,000 | 6.00%, 07/01/19 (c) | 22,694 | ||||||
| 75,000 | 6.25%, 07/01/19 (c) | 85,505 | ||||||
| 45,000 | Massachusetts Health and Educational Facilities Authority (RB) 5.00%, 07/01/18 (c) | 47,246 | ||||||
| 8,477,980 | ||||||||
See Notes to Financial Statements
| 25 |
HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal Amount | Value | |||||||
| Michigan: 2.3% | ||||||||
| $ | 340,000 | City of Detroit MI Sewage Disposal System Revenue (RB) 5.25%, 07/01/22 (c) | $ | 369,369 | ||||
| 25,000 | City of Detroit, Michigan Sewage Disposal System Revenue (RB) 5.00%, 07/01/22 | 28,368 | ||||||
| City of Detroit, Michigan Sewage Disposal System Revenue, Series A (RB) | ||||||||
| 265,000 | 5.00%, 07/01/20 | 296,055 | ||||||
| 165,000 | 5.00%, 07/01/21 | 186,170 | ||||||
| 750,000 | 5.50%, 07/01/17 (c) | 791,955 | ||||||
| 25,000 | City of Detroit, Michigan Water Supply System Revenue (RB) 5.00%, 07/01/21 (c) | 26,292 | ||||||
| City of Detroit, Michigan Water Supply System Revenue, Series A (RB) | ||||||||
| 25,000 | 5.00%, 07/01/21 (c) | 26,776 | ||||||
| 120,000 | 5.25%, 07/01/21 (c) | 129,602 | ||||||
| 25,000 | 5.25%, 07/01/21 (c) | 27,496 | ||||||
| 50,000 | City of Detroit, Michigan Water Supply System Revenue, Series C (RB) 4.50%, 07/01/21 (c) | 52,414 | ||||||
| 990,000 | City of Flint Hospital Building Authority, Hurley Medical Center (RB) 7.38%, 07/01/20 (c) | 1,118,532 | ||||||
| 2,000,000 | City of Flint Hospital Building Authority, Hurley Medical Center, Series B (RB) 4.75%, 07/01/23 (c) | 1,864,360 | ||||||
| 310,000 | Detroit Local Development Finance Authority, Series A (TA) 5.50%, 11/30/15 (c) | 301,286 | ||||||
| 150,000 | Detroit Water Supply System, Senior Lien, Series C (RB) 5.25%, 07/01/21 (c) | 165,794 | ||||||
| Kent Hospital Finance Authority, Metropolitan Hospital Project, Series A (RB) | ||||||||
| 2,510,000 | 5.25%, 11/30/15 (c) | 2,514,970 | ||||||
| 1,000,000 | 5.75%, 11/30/15 (c) | 1,003,030 | ||||||
| 1,450,000 | 6.00%, 11/30/15 (c) | 1,453,436 | ||||||
| 1,500,000 | Kentwood, Michigan Economic Development Corp., Holland Home Obligated Group (RB) 5.63%, 05/15/22 (c) | 1,555,890 | ||||||
| 250,000 | Michigan Finance Authority (RB) 5.50%, 11/15/25 (c) | 255,898 | ||||||
| Michigan Finance Authority, Public Lighting Authority Local Project, Series B (RB) | ||||||||
| 520,000 | 5.00%, 07/01/24 (c) | 551,460 | ||||||
| 100,000 | 5.00%, 07/01/24 (c) | 106,875 | ||||||
| 650,000 | 5.00%, 07/01/24 (c) | 703,567 | ||||||
| 500,000 | Michigan Finance Authority, Series C (RB) 5.00%, 07/01/22 (c) | 528,350 | ||||||
| 4,000,000 | Michigan Finance Authority, Thomas M Cooley Law School Project (RB) 6.75%, 07/01/24 (c) | 4,224,760 | ||||||
| Principal Amount | Value | |||||||
| Michigan: (continued) | ||||||||
| $ | 250,000 | Michigan Finance Authority, Water Supply System, Series D-4 (RB) 5.00%, 07/01/17 | $ | 265,590 | ||||
| 1,000,000 | Michigan Municipal Bond Authority, Series C (RB) (AMBAC) 4.75%, 05/01/17 (c) | 999,120 | ||||||
| 3,000,000 | Michigan Solid Waste Disposal, Genesee Power Station Project (RB) 7.50%, 11/30/15 (c) | 2,954,430 | ||||||
| 1,500,000 | Michigan Strategic Fund, Series A (TA) 4.12%, 07/01/18 (c) (p) | 1,517,460 | ||||||
| Michigan Tobacco Settlement Finance Authority, Series A (RB) | ||||||||
| 2,140,000 | 5.13%, 06/01/17 (c) | 1,953,413 | ||||||
| 1,225,000 | 6.00%, 06/01/17 (c) | 1,091,303 | ||||||
| 5,375,000 | 6.00%, 06/01/17 (c) | 4,962,146 | ||||||
| 6,000,000 | 6.88%, 06/01/18 (c) | 5,988,660 | ||||||
| 50,000,000 | Michigan Tobacco Settlement Finance Authority, Series B (RB) 11.24%, 06/01/17 (c) ^ | 721,500 | ||||||
| 38,736,327 | ||||||||
| Minnesota: 0.9% | ||||||||
| City of Blaine, Minnesota, Crest View Senior Communities Project (RB) | ||||||||
| 500,000 | 5.75%, 07/01/25 (c) | 514,890 | ||||||
| 500,000 | 6.13%, 07/01/25 (c) | 520,845 | ||||||
| City of Deephaven MN (RB) | ||||||||
| 500,000 | 5.25%, 07/01/25 (c) | 501,465 | ||||||
| 1,000,000 | 5.50%, 07/01/25 (c) | 1,002,890 | ||||||
| 2,100,000 | City of Victoria, Minnesota Private School Facility, Holy Family Catholic High School Project (RB) 5.00%, 09/01/22 (c) | 2,095,695 | ||||||
| 750,000 | Rice County Educational Facility, St. Mary’s School Project (RB) 5.00%, 08/01/22 | 771,885 | ||||||
| 3,500,000 | Saint Paul Housing & Redevelopment Authority, Episcopal Homes Project (RB) 5.00%, 05/01/23 (c) | 3,534,825 | ||||||
| Saint Paul, Minnesota Housing & Redevelopment Authority, Carondelet Village Project, Series A (RB) | ||||||||
| 500,000 | 6.00%, 08/01/17 (c) | 505,700 | ||||||
| 500,000 | 6.00%, 08/01/17 (c) | 507,030 | ||||||
| Wayzata, Minnesota Folkestone Senior Living Community, Series A (RB) | ||||||||
| 2,200,000 | 5.75%, 05/01/19 (c) | 2,358,884 | ||||||
| 2,500,000 | 6.00%, 05/01/19 (c) | 2,693,900 | ||||||
| 15,008,009 | ||||||||
| Mississippi: 0.0% | ||||||||
| 280,000 | Mississippi Development Bank, Series A (RB) (XLCA) 5.00%, 03/01/16 (c) | 281,697 | ||||||
See Notes to Financial Statements
| 26 |
| Principal Amount | Value | |||||||
| Mississippi: (continued) | ||||||||
| Mississippi Hospital Equipment and Facilities Authority, Series A (RB) | ||||||||
| $ | 120,000 | 5.00%, 08/15/17 (c) | $ | 125,124 | ||||
| 75,000 | 5.00%, 08/15/17 (c) | 78,739 | ||||||
| 80,000 | Parkway East Public Improvement District (AGO) (SA) 4.63%, 05/01/16 (c) | 80,822 | ||||||
| 566,382 | ||||||||
| Missouri: 0.6% | ||||||||
| 1,000,000 | Citizens Memorial Hospital District of Polk County, Missouri Hospital (RB) 5.00%, 08/01/19 (c) | 1,013,540 | ||||||
| 1,000,000 | City of Blue Springs MO (TA) 4.00%, 06/01/24 (c) | 1,001,420 | ||||||
| City of Liberty MO (TA) | ||||||||
| 500,000 | 5.75%, 06/01/25 (c) | 498,230 | ||||||
| 500,000 | 6.00%, 06/01/25 (c) | 501,775 | ||||||
| 30,000 | City of Nevada, Missouri (RB) (ACA) 4.30%, 11/30/15 (c) | 25,148 | ||||||
| Kansas City, Missouri Industrial Development Authority, Missouri Health Care Facilities First Mortgage, Series A (RB) | ||||||||
| 2,170,000 | 6.25%, 11/30/15 (c) | 2,176,401 | ||||||
| 2,500,000 | 6.50%, 11/30/15 (c) | 2,491,575 | ||||||
| St. Louis, Missouri Industrial Development Authority, Confluence Academy Project, Series A (RB) | ||||||||
| 485,000 | 5.00%, 11/30/15 (c) | 488,754 | ||||||
| 1,150,000 | 5.25%, 11/30/15 (c) | 1,135,429 | ||||||
| 570,000 | 5.35%, 11/30/15 (c) | 547,536 | ||||||
| 9,879,808 | ||||||||
| Nebraska: 0.0% | ||||||||
| 20,000 | Public Power Generation Agency, Whelan Energy Center Unit 2, Series A (RB) (AMBAC) 5.00%, 01/01/17 (c) | 20,557 | ||||||
| Nevada: 0.2% | ||||||||
| City of North Las Vegas (GO) | ||||||||
| 735,000 | 5.00%, 06/01/21 (c) | 641,552 | ||||||
| 1,000,000 | 5.00%, 06/01/21 (c) | 891,260 | ||||||
| State of Nevada Department of Business and Industry (RB) | ||||||||
| 1,000,000 | 5.00%, 12/15/25 (c) | 981,290 | ||||||
| 1,000,000 | 5.13%, 12/15/25 (c) | 972,290 | ||||||
| 3,486,392 | ||||||||
| New Jersey: 5.7% | ||||||||
| 1,055,000 | Burlington, Vermont Bridge Commission, Burlington County, New Jersey, The Evergreens Project (RB) 5.63%, 01/01/18 (c) | 1,071,701 | ||||||
| Camden County, New Jersey Improvement Authority, Series A (RB) | ||||||||
| 1,000,000 | 5.00%, 02/15/24 (c) | 1,083,030 | ||||||
| 1,000,000 | 5.00%, 02/15/24 (c) | 1,073,490 | ||||||
| 2,500,000 | 5.00%, 02/15/24 (c) | 2,741,050 | ||||||
| 1,000,000 | 5.00%, 02/15/24 (c) | 1,127,660 | ||||||
| 1,000,000 | 5.00%, 02/15/24 (c) | 1,106,210 | ||||||
| Principal Amount | Value | |||||||
| New Jersey: (continued) | ||||||||
| Casino Reinvestment Development Authority (RB) | ||||||||
| $ | 7,000,000 | 5.25%, 11/01/24 (c) | $ | 7,029,820 | ||||
| 2,500,000 | 5.25%, 11/01/24 (c) | 2,533,975 | ||||||
| 100,000 | City of Atlantic City NJ (GO) 4.00%, 11/01/16 | 94,678 | ||||||
| 235,000 | City of Atlantic City, New Jersey, Series A (GO) 5.50%, 02/15/18 | 215,953 | ||||||
| 3,745,000 | Gloucester County, New Jersey Pollution Control Financing Authority, Series A (RB) 5.00%, 12/01/24 | 4,190,805 | ||||||
| New Jersey Economic Development Authority (RB) | ||||||||
| 35,000 | 5.00%, 06/15/22 (c) | 37,924 | ||||||
| 500,000 | 5.50%, 01/01/24 (c) | 571,175 | ||||||
| New Jersey Economic Development Authority, Cigarette Tax Revenue (RB) | ||||||||
| 100,000 | 4.00%, 06/15/19 | 104,868 | ||||||
| 495,000 | 4.25%, 06/15/22 (c) | 481,694 | ||||||
| 1,150,000 | 5.00%, 06/15/17 | 1,205,246 | ||||||
| 200,000 | 5.00%, 06/15/19 | 217,314 | ||||||
| 135,000 | 5.00%, 06/15/22 (c) | 140,069 | ||||||
| 840,000 | 5.00%, 06/15/22 (c) | 915,860 | ||||||
| 175,000 | 5.00%, 06/15/22 (c) | 188,445 | ||||||
| 50,000 | 5.00%, 06/15/22 | 55,043 | ||||||
| 500,000 | 5.00%, 06/15/22 (c) | 522,870 | ||||||
| New Jersey Economic Development Authority, Continental Airlines, Inc. Project (RB) | ||||||||
| 5,655,000 | 4.88%, 09/15/19 | 5,954,432 | ||||||
| 2,400,000 | 5.25%, 08/20/22 (c) | 2,614,584 | ||||||
| 2,215,000 | 5.50%, 11/30/15 (c) | 2,221,822 | ||||||
| 60,000 | 5.50%, 06/20/23 (c) | 66,016 | ||||||
| 235,000 | 5.63%, 03/05/24 (c) | 264,232 | ||||||
| 350,000 | 5.63%, 03/05/24 (c) | 393,537 | ||||||
| 2,935,000 | 5.75%, 09/15/22 (c) | 3,281,535 | ||||||
| 8,120,000 | New Jersey Economic Development Authority, Gloucester Marine Project A (RB) 6.63%, 01/01/16 (c) | 8,134,454 | ||||||
| 15,000 | New Jersey Economic Development Authority, Kapkowski Road Landfill Reclamation Improvement District Project (SA) 5.75%, 04/01/31 | 17,128 | ||||||
| New Jersey Economic Development Authority, The Goethals Bridge Replacement Project (RB) | ||||||||
| 1,350,000 | 5.13%, 01/01/24 (c) | 1,450,872 | ||||||
| 1,900,000 | 5.38%, 01/01/24 (c) | 2,048,675 | ||||||
| 2,000,000 | New Jersey Health Care Facilities Financing Authority, St. Joseph’s Healthcare System (RB) 6.63%, 07/01/18 (c) | 2,211,920 | ||||||
See Notes to Financial Statements
| 27 |
HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal Amount | Value | |||||||
| New Jersey: (continued) | ||||||||
| New Jersey Health Care Facilities Financing Authority, St. Peter’s University System (RB) | ||||||||
| $ | 100,000 | 5.00%, 07/01/21 | $ | 107,316 | ||||
| 170,000 | 6.00%, 07/01/21 (c) | 188,780 | ||||||
| 2,050,000 | 6.25%, 07/01/21 (c) | 2,236,919 | ||||||
| New Jersey Tobacco Settlement Financing Corp., Series A (RB) | ||||||||
| 15,550,000 | 5.00%, 06/01/17 (c) | 12,556,780 | ||||||
| 6,700,000 | 5.00%, 06/01/17 (c) | 5,896,067 | ||||||
| 5,400,000 | Pollution Control Financing Authority, Chambers Project, Series A (RB) 5.00%, 12/01/23 | 5,842,908 | ||||||
| Tobacco Settlement Financing Corp., Senior Series 1A (RB) | ||||||||
| 3,535,000 | 4.50%, 06/01/17 (c) | 3,560,558 | ||||||
| 25,000 | 5.00%, 06/01/17 (c) | 26,265 | ||||||
| 2,330,000 | Tobacco Settlement Financing Corp., Senior Series A-1 (RB) 4.75%, 06/01/17 (c) | 1,887,277 | ||||||
| 500,000 | Tobacco Settlement Financing Corp., Series 1A (RB) 5.00%, 06/01/17 | 531,415 | ||||||
| 6,800,000 | Tobacco Settlement Financing Corp., Series A (RB) 4.63%, 06/01/17 (c) | 6,663,320 | ||||||
| 94,865,692 | ||||||||
| New Mexico: 0.6% | ||||||||
| 1,060,000 | County of Otero, New Mexico Jail Project (RB) 5.75%, 10/01/16 (c) | 1,083,002 | ||||||
| 660,000 | Farmington, New Mexico Pollution Control, San Juan Project, Series F (RB) 6.25%, 06/01/20 (c) | 738,164 | ||||||
| 2,850,000 | Otero County, New Mexico Jail Project Revenue (RB) 6.00%, 10/01/16 (c) | 2,897,053 | ||||||
| 3,500,000 | Otero County, New Mexico Jail Project Revenue (RB) 6.00%, 10/01/16 (c) | 3,500,035 | ||||||
| 1,000,000 | Winrock Town Center Tax Increment Development District No. 1 (TA) 5.75%, 05/01/20 (c) | 1,038,790 | ||||||
| 9,257,044 | ||||||||
| New York: 9.6% | ||||||||
| Brooklyn Arena Local Development Corp. (RB) | ||||||||
| 110,000 | 4.53%, 07/15/33 ^ | 48,386 | ||||||
| 90,000 | 4.62%, 07/15/32 ^ | 41,604 | ||||||
| 90,000 | 6.00%, 01/15/20 (c) | 103,637 | ||||||
| 1,625,000 | 6.25%, 01/15/20 (c) | 1,852,386 | ||||||
| 6,220,000 | 6.38%, 01/15/20 (c) | 7,121,029 | ||||||
| Build NYC Resource Corp. (RB) | ||||||||
| 5,000,000 | 5.00%, 11/01/24 (c) | 5,090,600 | ||||||
| 1,000,000 | 5.50%, 11/01/24 (c) | 1,070,990 | ||||||
| Principal Amount | Value | |||||||
| New York: (continued) | ||||||||
| Build NYC Resource Corp., Pratt Paper, Inc. Project (RB) | ||||||||
| $ | 225,000 | 3.75%, 01/01/20 | $ | 233,510 | ||||
| 1,050,000 | 4.50%, 01/01/25 | 1,126,513 | ||||||
| 600,000 | 5.00%, 01/01/25 (c) | 639,438 | ||||||
| 2,400,000 | 5.25%, 11/01/24 (c) | 2,557,488 | ||||||
| 3,560,000 | Chautauqua County, New York Industrial Development, NRG Dunkirk Power Project (RB) 5.88%, 02/01/20 (c) | 3,738,427 | ||||||
| 2,000,000 | Dutchess County Industrial Development Agency (RB) 5.00%, 08/01/17 (c) | 1,863,500 | ||||||
| 15,000 | Dutchess County Industrial Development Agency, Series A-1 (RB) 4.50%, 08/01/17 (c) | 15,279 | ||||||
| 2,570,000 | Dutchess County Industrial Development Agency, Series A-2 (RB) 4.50%, 08/01/17 (c) | 2,408,244 | ||||||
| Erie County, New York Tobacco Asset Securitization Corp., Series A (RB) | ||||||||
| 310,000 | 5.00%, 11/30/15 (c) | 296,174 | ||||||
| 115,000 | 5.00%, 11/30/15 (c) | 112,559 | ||||||
| 500,000 | Jefferson County Industrial Development Agency (RB) 5.25%, 01/01/24 | 481,340 | ||||||
| 500,000 | Jefferson County Industrial Development Agency, ReEnergy Black River LLC Project (RB) 4.75%, 01/01/20 | 493,850 | ||||||
| 30,000 | Nassau County Local Economic Assistance Corp., Winthrop University Hospital Project (RB) 4.25%, 07/01/22 (c) | 30,363 | ||||||
| Nassau County Local Economic Assistance Corp., Winthrop- University Hospital Association Project (RB) | ||||||||
| 915,000 | 5.00%, 07/01/22 (c) | 977,348 | ||||||
| 1,000,000 | 5.00%, 07/01/22 (c) | 1,094,570 | ||||||
| Nassau County Tobacco Settlement Corp., Series A (RB) | ||||||||
| 5,355,000 | 5.00%, 06/01/16 (c) | 4,811,093 | ||||||
| 2,625,000 | 5.13%, 06/01/16 (c) | 2,278,605 | ||||||
| 5,000,000 | Nassau County Tobacco Settlement Corp., Series A-2 (RB) 5.25%, 06/01/16 (c) | 5,018,700 | ||||||
| New Rochelle Industrial Development Agency (RB) | ||||||||
| 1,500,000 | 5.25%, 01/01/16 (c) | 1,483,155 | ||||||
| 310,000 | 5.50%, 01/01/16 (c) | 312,192 | ||||||
| New York City Industrial Development Agency (RB) (AMBAC) | ||||||||
| 30,000 | 5.00%, 01/01/17 (c) | 30,974 | ||||||
| 35,000 | 5.75%, 11/30/15 (c) | 26,675 | ||||||
See Notes to Financial Statements
| 28 |
| Principal Amount | Value | |||||||
| New York: (continued) | ||||||||
| New York City Industrial Development Agency, British Airways Plc Project (RB) | ||||||||
| $ | 4,405,000 | 5.25%, 11/30/15 (c) | $ | 4,427,069 | ||||
| 2,500,000 | 7.63%, 11/30/15 (c) | 2,512,525 | ||||||
| 2,000,000 | New York City Industrial Development Agency, Bronx Parking Development Company, LLC Project (RB) 5.88%, 10/01/17 (c) (d) | 600,000 | ||||||
| 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) | 2,048,800 | ||||||
| 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) | 1,021,730 | ||||||
| 380,000 | 5.25%, 12/01/16 (c) | 389,131 | ||||||
| New York City Industrial Development Agency, Queens Baseball Stadium Project (RB) | ||||||||
| 1,970,000 | 4.75%, 01/01/17 (c) | 1,980,697 | ||||||
| 815,000 | 5.00%, 01/01/17 (c) | 832,042 | ||||||
| 1,000,000 | 5.00%, 01/01/17 (c) | 1,035,390 | ||||||
| 110,000 | 5.00%, 01/01/17 (c) | 113,189 | ||||||
| 2,000,000 | New York City Industrial Development Agency, Transportation Infrastructure Properties, LLC, Series A (RB) 5.00%, 07/01/22 (c) | 2,131,440 | ||||||
| New York City Industrial Development Agency, Yankee Stadium Project (RB) (FGIC) | ||||||||
| 1,500,000 | 4.50%, 09/01/16 (c) | 1,508,985 | ||||||
| 800,000 | 5.00%, 09/01/16 (c) | 814,352 | ||||||
| 45,000 | New York Counties Tobacco Trust II (RB) 5.63%, 11/30/15 (c) | 45,321 | ||||||
| New York Counties Tobacco Trust IV, Series A (RB) | ||||||||
| 115,000 | 5.00%, 11/16/15 (c) | 101,761 | ||||||
| 360,000 | 5.00%, 11/16/15 (c) | 324,792 | ||||||
| New York Dormitory Authority, Pace University, Series A (RB) | ||||||||
| 1,020,000 | 4.00%, 05/01/22 | 1,066,267 | ||||||
| 180,000 | 5.00%, 05/01/23 (c) | 195,680 | ||||||
| 140,000 | 5.00%, 05/01/23 (c) | 154,122 | ||||||
| 115,000 | 5.00%, 05/01/23 | 127,078 | ||||||
| New York Dormitory Authority, Yeshiva University (RB) | ||||||||
| 30,000 | 3.50%, 09/01/16 | 30,545 | ||||||
| 10,000 | 3.50%, 09/01/16 | 10,268 | ||||||
| 1,700,000 | 5.00%, 09/01/19 (c) | 1,857,301 | ||||||
| 370,000 | 5.00%, 09/01/19 (c) | 424,050 | ||||||
| 2,500,000 | New York Liberty Development Corp. (RB) 5.15%, 11/15/24 (c) | 2,600,625 | ||||||
| Principal Amount | Value | |||||||
| New York: (continued) | ||||||||
| New York Liberty Development Corp., 3 World Trade Center Project (RB) | ||||||||
| $ | 21,500,000 | 5.00%, 11/15/24 (c) | $ | 21,764,665 | ||||
| 1,000,000 | 5.38%, 11/15/24 (c) | 1,049,940 | ||||||
| 1,000,000 | 7.25%, 11/15/24 (c) | 1,186,690 | ||||||
| 2,000,000 | New York Liberty Development Corp., 7 World Trade Center Project (RB) 5.00%, 03/15/22 (c) | 2,136,780 | ||||||
| New York State Dormitory Authority (RB) | ||||||||
| 275,000 | 4.00%, 09/01/19 (c) | 304,898 | ||||||
| 1,280,000 | 4.00%, 09/01/19 (c) | 1,314,227 | ||||||
| 15,000 | 5.00%, 09/01/17 | 16,205 | ||||||
| 85,000 | 5.00%, 09/01/17 | 89,608 | ||||||
| 85,000 | 5.00%, 09/01/19 (c) | 85,082 | ||||||
| 15,000 | 5.00%, 09/01/19 (c) | 17,191 | ||||||
| 85,000 | 5.00%, 09/01/19 (c) | 88,903 | ||||||
| 15,000 | 5.00%, 09/01/19 (c) | 17,191 | ||||||
| 25,000 | 5.00%, 11/01/21 (c) | 29,965 | ||||||
| 50,000 | 5.00%, 11/01/21 (c) | 49,021 | ||||||
| 45,000 | 5.50%, 07/01/35 | 53,523 | ||||||
| 25,000 | New York State Dormitory Authority, Medical Center of Queens (RB) (FHA) 4.75%, 02/15/17 (c) | 25,948 | ||||||
| New York State Dormitory Authority, Orange Regional Medical Center (RB) | ||||||||
| 1,000,000 | 5.00%, 06/01/25 (c) | 1,040,090 | ||||||
| 3,020,000 | 6.13%, 12/01/18 (c) | 3,317,138 | ||||||
| 365,000 | New York State Dormitory Authority, Pace University, Series A (RB) 5.00%, 05/01/19 | 395,456 | ||||||
| 2,250,000 | New York State Environmental Facilities Corp., Solid Waste Disposal, Casella Waste Systems, Inc. Project (RB) 3.75%, 12/02/19 (p) | 2,248,965 | ||||||
| 1,625,000 | Niagara Area Development Corp., Covanta Energy Project, Series A (RB) 5.25%, 11/01/17 (c) | 1,641,802 | ||||||
| Onondaga Civic Development Corp., St. Joseph’s Hospital Health Center Project (RB) | ||||||||
| 5,965,000 | 4.50%, 07/01/22 (c) | 5,978,302 | ||||||
| 3,140,000 | 5.00%, 07/01/22 (c) | 3,267,767 | ||||||
| Onondaga Civic Development Corp., St. Joseph’s Hospital Health Center Project, Series A (RB) | ||||||||
| 1,000,000 | 4.63%, 07/01/19 (c) | 1,054,450 | ||||||
| 200,000 | 5.00%, 07/01/19 | 216,476 | ||||||
| 1,250,000 | 5.13%, 07/01/19 (c) | 1,314,300 | ||||||
| 75,000 | Orange County Industrial Development Agency, The glen Arden, Inc. Project (RB) 5.70%, 11/30/15 (c) | 66,704 | ||||||
| 20,000 | Oyster Bay, New York Public Improvement (GO) 3.50%, 08/15/17 (c) | 20,244 | ||||||
See Notes to Financial Statements
| 29 |
HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal Amount | Value | |||||||
| New York: (continued) | ||||||||
| Port Authority of New York and New Jersey, JFK International Air Terminal LLC Project, Series 8 (RB) | ||||||||
| $ | 265,000 | 5.00%, 12/01/20 | $ | 300,033 | ||||
| 110,000 | 6.00%, 12/01/20 (c) | 127,445 | ||||||
| 30,000 | Suffolk County Economic Development Corp., Catholic Health Services of Long Island (RB) 5.00%, 07/01/18 | 32,899 | ||||||
| Suffolk Tobacco Asset Securitization Corp. (RB) | ||||||||
| 65,000 | 5.38%, 06/01/18 (c) | 65,082 | ||||||
| 10,000 | 6.00%, 06/01/18 (c) | 9,113 | ||||||
| 5,500,000 | 6.63%, 06/01/22 (c) | 5,533,000 | ||||||
| 1,000,000 | Syracuse Industrial Development Agency (RB) (XLCA) 5.00%, 01/01/17 (c) | 1,011,380 | ||||||
| 500,000 | Town of Oyster Bay, New York (GO) 3.25%, 08/15/17 (c) | 505,170 | ||||||
| 50,000 | Town of Oyster Bay, New York Public Improvement (GO) 3.00%, 08/15/17 (c) | 50,563 | ||||||
| 1,165,000 | Tsasc, Inc., New York City Tobacco Settlement, Series 0 (RB) 5.00%, 06/01/16 (c) | 1,180,366 | ||||||
| Tsasc, Inc., New York City Tobacco Settlement, Series 1 (RB) | ||||||||
| 7,530,000 | 5.00%, 06/01/16 (c) | 7,196,195 | ||||||
| 10,675,000 | 5.13%, 06/01/16 (c) | 9,922,092 | ||||||
| 950,000 | Ulster County Industrial Development Agency (RB) 6.00%, 09/15/17 (c) | 934,981 | ||||||
| 2,000,000 | Ulster County Industrial Development Agency, Civic Facility (RB) 6.00%, 09/15/17 (c) | 1,992,580 | ||||||
| 830,000 | Westchester County Healthcare Corp. (RB) 6.13%, 11/01/20 (c) | 951,072 | ||||||
| Westchester County Local Development Corp. (RB) | ||||||||
| 550,000 | 5.00%, 05/01/24 (c) | 593,379 | ||||||
| 1,290,000 | 5.50%, 05/01/24 (c) | 1,422,289 | ||||||
| Westchester, New York Tobacco Asset Securitization Corp. (RB) | ||||||||
| 5,115,000 | 5.13%, 11/30/15 (c) | 4,989,324 | ||||||
| 1,600,000 | 5.13%, 11/30/15 (c) | 1,600,176 | ||||||
| 158,920,459 | ||||||||
| North Carolina: 0.5% | ||||||||
| 3,000,000 | Gaston County, North Carolina Industrial Facilities & Pollution Control Financing Authority (RB) 5.75%, 11/30/15 (c) | 2,989,170 | ||||||
| North Carolina Department of Transportation, I-77 Hot Lanes Project (RB) | ||||||||
| 250,000 | 5.00%, 06/30/25 (c) | 267,160 | ||||||
| 1,000,000 | 5.00%, 06/30/25 (c) | 1,048,330 | ||||||
| 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) | $ | 252,816 | ||||
| 1,330,000 | 5.00%, 03/01/22 (c) | 1,369,115 | ||||||
| 820,000 | 5.00%, 03/01/22 (c) | 850,061 | ||||||
| 1,395,000 | North Carolina Medical Care Commission, Retirement Facilities, Galloway Ridge Project (RB) 6.00%, 01/01/20 (c) | 1,509,711 | ||||||
| 8,286,363 | ||||||||
| North Dakota: 0.1% | ||||||||
| City of Grand Forks, North Dakota, Altru Health System Obligated Group (RB) | ||||||||
| 25,000 | 4.00%, 12/01/21 (c) | 25,363 | ||||||
| 640,000 | 5.00%, 12/01/21 (c) | 672,435 | ||||||
| City of Williston, North Dakota, Eagle Crest Apartments LLC Project (RB) | ||||||||
| 460,000 | 6.25%, 09/01/23 | 462,525 | ||||||
| 205,000 | 7.75%, 09/01/23 (c) | 211,253 | ||||||
| 1,371,576 | ||||||||
| Ohio: 6.6% | ||||||||
| 102,650,000 | Buckeye, Ohio Tobacco Settlement Financing Authority (RB) 11.95%, 06/01/17 (c) ^ | 1,276,966 | ||||||
| Buckeye, Ohio Tobacco Settlement Financing Authority, Series A-2 (RB) | ||||||||
| 12,110,000 | 5.13%, 06/01/17 (c) | 10,838,813 | ||||||
| 2,170,000 | 5.38%, 06/01/17 (c) | 1,980,125 | ||||||
| 7,880,000 | 5.75%, 06/01/17 (c) | 6,877,664 | ||||||
| 20,545,000 | 5.88%, 06/01/17 (c) | 17,643,224 | ||||||
| 13,605,000 | 5.88%, 06/01/17 (c) | 12,142,190 | ||||||
| 4,965,000 | 6.00%, 06/01/17 (c) | 4,316,968 | ||||||
| 350,000 | 6.50%, 06/01/17 (c) | 326,400 | ||||||
| 540,000 | Buckeye, Ohio Tobacco Settlement Financing Authority, Series A-3 (RB) 6.25%, 06/01/22 (c) | 493,544 | ||||||
| 50,500,000 | Buckeye, Ohio Tobacco Settlement Financing Authority, Series B (RB) 8.91%, 06/01/17 (c) ^ | 3,579,945 | ||||||
| 90,000 | City of Cleveland, Airport System Revenue, Series A (RB) (AMBAC) 5.00%, 01/01/17 (c) | 93,697 | ||||||
| 650,000 | City of Cleveland, Ohio Airport Special Revenue, Continental Airlines, Inc. Project (RB) 5.70%, 11/30/15 (c) | 656,598 | ||||||
| City of Cleveland, Ohio Airport System Revenue, Series A (RB) | ||||||||
| 250,000 | 5.00%, 01/01/22 (c) | 280,755 | ||||||
| 40,000 | 5.25%, 01/01/19 | 44,465 | ||||||
| 385,000 | Cleveland, Ohio Airport System Revenue (RB) 5.00%, 01/01/22 (c) | 428,905 | ||||||
| 2,000,000 | County of Franklin, First Community Village Obligated Group (RB) 5.63%, 07/01/20 (c) | 1,884,620 | ||||||
See Notes to Financial Statements
| 30 |
| Principal Amount | Value | |||||||
| Ohio: (continued) | ||||||||
| County of Hamilton, Ohio (RB) | ||||||||
| $ | 65,000 | 5.00%, 06/01/20 | $ | 74,742 | ||||
| 4,000,000 | 5.25%, 06/01/22 (c) | 4,579,520 | ||||||
| 1,500,000 | 5.25%, 06/01/22 (c) | 1,728,015 | ||||||
| 6,000,000 | County of Hamilton, Ohio The Christ Hospital Project (RB) 5.00%, 06/01/22 (c) | 6,422,460 | ||||||
| County of Lucas, Ohio Lutheran Homes Society, Inc. Obligated Group Project (RB) | ||||||||
| 2,300,000 | 6.63%, 11/01/20 (c) | 2,484,345 | ||||||
| 500,000 | 7.00%, 11/01/20 (c) | 543,690 | ||||||
| 2,000,000 | County of Muskingum, Ohio, Genesis HealthCare System Obligated Group Project (RB) 5.00%, 02/15/23 (c) | 2,072,680 | ||||||
| 750,000 | Dayton-Montgomery County Port Authority (RB) 7.00%, 01/15/25 (c) | 751,905 | ||||||
| 2,920,000 | Lorain County, Ohio Port Authority, United States Steel Corp. Project (RB) 6.75%, 12/01/20 (c) | 2,937,170 | ||||||
| Muskingum County, Ohio Hospital Facilities, Genesis HealthCare System Obligated Group Project (RB) | ||||||||
| 3,000,000 | 5.00%, 02/15/23 (c) | 3,054,750 | ||||||
| 4,000,000 | 5.00%, 02/15/23 (c) | 4,052,320 | ||||||
| 3,020,000 | Ohio Air Quality Development Authority, AK Steel Corp. Project, Series A (RB) 6.75%, 02/01/22 (c) | 2,707,551 | ||||||
| 1,000,000 | Ohio Air Quality Development Authority, FirstEnergy Generation Project, Series A (RB) 3.75%, 12/03/18 (p) | 1,023,970 | ||||||
| 655,000 | Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project, Series E (RB) 5.63%, 10/01/19 | 725,851 | ||||||
| 35,000 | Ohio Air Quality Development Authority, Series A (RB) 5.70%, 08/01/20 | 38,464 | ||||||
| 1,100,000 | Ohio Airport Special Revenue, Continental Airlines, Inc. Project (RB) 5.38%, 11/30/15 (c) | 1,104,785 | ||||||
| 2,500,000 | Ohio State Solid Waste Disposal, USG Corp. Project (RB) 5.60%, 11/30/15 (c) | 2,514,075 | ||||||
| 125,000 | Ohio State Water Development Authority, FirstEnergy Nuclear Generation Project, Series B (RB) 4.00%, 06/03/19 (p) | 128,569 | ||||||
| Principal Amount | Value | |||||||
| Ohio: (continued) | ||||||||
| Southeastern Ohio Port Authority, Hospital Facilities Revenue, Memorial Health System Obligated Group Project (RB) | ||||||||
| $ | 250,000 | 5.00%, 12/01/24 (c) | $ | 252,718 | ||||
| 245,000 | 5.00%, 12/01/24 (c) | 249,283 | ||||||
| 70,000 | 5.50%, 12/01/24 (c) | 73,044 | ||||||
| 3,400,000 | 5.75%, 12/01/22 (c) | 3,635,824 | ||||||
| 2,850,000 | 6.00%, 12/01/22 (c) | 3,072,471 | ||||||
| 2,000,000 | State of Ohio, Portsmouth Bypass Project (RB) 5.00%, 06/30/25 (c) | 2,148,840 | ||||||
| 40,000 | Toledo-Lucas County Port Authority (SA) 5.38%, 11/30/15 (c) | 40,080 | ||||||
| 109,282,001 | ||||||||
| Oklahoma: 0.3% | ||||||||
| 2,010,254 | Kingfisher, Oklahoma Hospital Authority (RB) 6.50%, 11/30/15 (c) | 2,011,621 | ||||||
| 1,000,000 | Oklahoma Development Finance Authority, Great Plains Regional Medical Center Project (RB) 5.13%, 12/01/17 (c) | 1,000,060 | ||||||
| Oklahoma Development Finance Authority, Inverness Village Community (RB) | ||||||||
| 275,000 | 5.25%, 01/01/19 (c) | 277,607 | ||||||
| 1,000,000 | 6.00%, 01/01/22 (c) | 1,036,820 | ||||||
| 1,000,000 | Tulsa Airports Improvement Trust (RB) 5.00%, 06/01/25 (c)(p) | 1,101,440 | ||||||
| 5,427,548 | ||||||||
| Oregon: 0.1% | ||||||||
| 305,000 | Hospital Facilities Authority of Multnomah County, Series A (RB) 5.00%, 10/01/19 | 324,224 | ||||||
| Oregon State Facilities Authority, Concordia University Project, Series A (RB) | ||||||||
| 645,000 | 6.13%, 09/01/20 (c) | 688,228 | ||||||
| 750,000 | 6.38%, 09/01/20 (c) | 801,278 | ||||||
| 1,813,730 | ||||||||
| Pennsylvania: 5.3% | ||||||||
| Allegheny County, Pennsylvania Industrial Development Authority, United States Steel Corp. Project (RB) | ||||||||
| 1,345,000 | 5.75%, 08/01/22 (c) | 1,200,601 | ||||||
| 365,000 | 6.50%, 05/01/17 | 373,935 | ||||||
| 1,790,000 | 6.75%, 11/01/19 (c) | 1,845,955 | ||||||
| 1,100,000 | 6.75%, 12/01/21 (c) | 1,127,379 | ||||||
| 2,500,000 | 6.88%, 11/01/19 (c) | 2,542,100 | ||||||
| Allentown Neighborhood Improvement Zone Development Authority (RB) | ||||||||
| 1,815,000 | 5.00%, 05/01/22 (c) | 1,881,102 | ||||||
| 150,000 | 5.00%, 05/01/22 (c) | 157,365 | ||||||
| 3,980,000 | 5.00%, 05/01/22 (c) | 4,086,425 | ||||||
See Notes to Financial Statements
| 31 |
HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal Amount | Value | |||||||
| Pennsylvania: (continued) | ||||||||
| $ | 5,490,000 | Beaver County, Pennsylvania Industrial Development Authority, Pollution Control, Series B (RB) 3.50%, 06/01/20 (p) | $ | 5,575,864 | ||||
| Cumberland County, Pennsylvania Municipal Authority (RB) | ||||||||
| 250,000 | 4.00%, 01/01/25 (c) | 246,325 | ||||||
| 400,000 | 5.25%, 01/01/22 (c) | 415,956 | ||||||
| 8,890,000 | Delaware County, Pennsylvania Authority, Series A (RB) 5.00%, 12/15/16 (c) | 9,156,255 | ||||||
| Delaware River Port Authority (RB) | ||||||||
| 100,000 | 5.00%, 01/01/21 | 113,215 | ||||||
| 2,445,000 | 5.00%, 01/01/23 (c) | 2,754,464 | ||||||
| 2,715,000 | 5.00%, 01/01/23 (c) | 3,081,063 | ||||||
| 100,000 | Delaware River Port Authority, Port District Project (RB) 5.00%, 01/01/22 | 114,307 | ||||||
| 6,200,000 | Harrisburg, Philadelphia University Revenue, Series B (RB) 6.00%, 09/01/17 (c)(d) | 4,935,944 | ||||||
| 1,500,000 | Lancaster County Hospital Authority, Brethren Village Project, Series A (RB) 6.50%, 07/01/17 (c) | 1,541,985 | ||||||
| 1,250,000 | Lehigh County, Pennsylvania General Purpose Authority, Bibles Fellowship Church Homes, Inc. Project (RB) 5.25%, 07/01/22 (c) | 1,263,900 | ||||||
| 80,000 | Lycoming County Authority, Susquehanna Health System Project, Series A (RB) 5.50%, 07/01/19 (c) | 87,750 | ||||||
| Montgomery County Industrial Development Authority, Whitemarsh Continuing Care Retirement Community Project (RB) | ||||||||
| 250,000 | 5.00%, 01/01/25 (c) | 253,100 | ||||||
| 2,000,000 | 5.25%, 01/01/25 (c) | 2,001,300 | ||||||
| 940,000 | 5.38%, 01/01/25 (c) | 930,487 | ||||||
| 1,250,000 | Moon Industrial Development Authority, Baptist Homes Society (RB) 6.00%, 07/01/25 (c) | 1,246,437 | ||||||
| Pennsylvania Economic Development Financing Authority (RB) | ||||||||
| 5,100,000 | 5.00%, 06/30/26 (c) | 5,594,394 | ||||||
| 1,000,000 | 5.00%, 09/01/20 (p) | 1,010,170 | ||||||
| 1,100,000 | 6.40%, 09/01/25 (c) | 1,152,151 | ||||||
| 85,000 | Pennsylvania Economic Development Financing Authority, Colver Project, Series F (RB) (AMBAC) 4.63%, 12/01/15 (c) | 85,240 | ||||||
| Principal Amount | Value | |||||||
| Pennsylvania: (continued) | ||||||||
| Pennsylvania Economic Development Financing Authority, Pennsylvania Rapid Bridge Replacement Project (RB) | ||||||||
| $ | 1,190,000 | 4.13%, 06/30/26 (c) | $ | 1,149,421 | ||||
| 450,000 | 5.00%, 12/31/24 | 516,924 | ||||||
| 3,380,000 | 5.00%, 06/30/26 (c) | 3,616,194 | ||||||
| 1,135,000 | 5.00%, 06/30/26 (c) | 1,297,237 | ||||||
| 2,515,000 | 5.00%, 06/30/26 (c) | 2,710,944 | ||||||
| 500,000 | 5.00%, 06/30/26 (c) | 531,400 | ||||||
| 1,000,000 | 5.00%, 06/30/26 | 1,146,790 | ||||||
| 1,800,000 | Pennsylvania Economic Development Financing Authority, Solid Waste Disposal, USG Corp. Project (RB) 6.00%, 11/30/15 (c) | 1,802,880 | ||||||
| 2,170,000 | Pennsylvania Higher Educational Facilities Authority (RB) 6.00%, 07/01/20 (c) | 2,268,171 | ||||||
| Philadelphia Authority for Industrial Development, First Philadelphia Preparatory Charter School Project, Series A (RB) | ||||||||
| 350,000 | 5.88%, 06/15/22 | 372,922 | ||||||
| 1,000,000 | 7.25%, 06/15/24 (c) | 1,129,690 | ||||||
| Philadelphia Authority for Industrial Development, Greater Philadelphia Health Action, Inc. Project, Series A (RB) | ||||||||
| 500,000 | 6.38%, 06/01/25 (c) | 494,770 | ||||||
| 500,000 | 6.50%, 06/01/25 (c) | 494,460 | ||||||
| 500,000 | 6.63%, 06/01/25 (c) | 494,280 | ||||||
| 2,130,000 | Philadelphia Authority for Industrial Development. Esperanza Charter School Project (RB) 8.20%, 01/01/23 (c) | 2,297,737 | ||||||
| Philadelphia Gas Works Co. (RB) (AMBAC) | ||||||||
| 345,000 | 5.00%, 10/01/17 (c) | 358,607 | ||||||
| 135,000 | 5.00%, 10/01/17 (c) | 140,837 | ||||||
| 250,000 | 5.00%, 10/01/17 | 268,953 | ||||||
| Philadelphia Hospitals & Higher Education Facilities Authority, Temple University Health System Obligated Group, Series A (RB) | ||||||||
| 880,000 | 5.00%, 07/01/17 (c) | 892,382 | ||||||
| 2,100,000 | 5.50%, 07/01/17 (c) | 2,154,684 | ||||||
| 1,455,000 | 5.63%, 07/01/22 (c) | 1,575,139 | ||||||
| 4,175,000 | 5.63%, 07/01/22 (c) | 4,479,608 | ||||||
| Susquehanna Area Regional Airport Authority (RB) | ||||||||
| 650,000 | 5.00%, 01/01/23 (c) | 709,085 | ||||||
| 1,500,000 | 5.00%, 01/01/23 | 1,666,380 | ||||||
| 87,344,664 | ||||||||
See Notes to Financial Statements
| 32 |
| Principal | ||||||||
| Amount | Value | |||||||
| Puerto Rico: 2.8% | ||||||||
| $ | 1,105,000 | Children’s Trust Fund (RB) 5.63%, 11/30/15 (c) | $ | 1,105,033 | ||||
| Commonwealth of Puerto Rico (GO) | ||||||||
| 195,000 | 5.00%, 11/30/15 (c) | 122,119 | ||||||
| 45,000 | 5.75%, 07/01/21 (c) | 28,688 | ||||||
| 25,000 | Commonwealth of Puerto Rico, Public Improvement (GO) 5.25%, 07/01/18 | 17,458 | ||||||
| Commonwealth of Puerto Rico, Public Improvement, Series A (GO) | ||||||||
| 65,000 | 4.00%, 07/01/20 | 42,007 | ||||||
| 420,000 | 4.50%, 07/01/22 (c) | 260,400 | ||||||
| 110,000 | 4.75%, 07/01/22 (c) | 68,613 | ||||||
| 110,000 | 5.00%, 11/30/15 (c) | 70,125 | ||||||
| 160,000 | 5.00%, 11/30/15 (c) | 101,200 | ||||||
| 20,000 | 5.00%, 07/01/16 (c) | 12,850 | ||||||
| 20,000 | 5.00%, 07/01/17 (c) | 12,800 | ||||||
| 105,000 | 5.00%, 07/01/17 (c) | 67,463 | ||||||
| 50,000 | 5.00%, 07/01/17 (c) | 34,107 | ||||||
| 140,000 | 5.00%, 07/01/18 (c) | 91,000 | ||||||
| 275,000 | 5.00%, 07/01/22 | 176,688 | ||||||
| 330,000 | 5.13%, 11/30/15 (c) | 209,138 | ||||||
| 250,000 | 5.25%, 11/30/15 (c) | 163,750 | ||||||
| 20,000 | 5.25%, 11/30/15 (c) | 12,975 | ||||||
| 85,000 | 5.25%, 07/01/16 (c) | 55,144 | ||||||
| 90,000 | 5.25%, 07/01/16 | 73,919 | ||||||
| 70,000 | 5.25%, 07/01/18 (c) | 44,625 | ||||||
| 100,000 | 5.25%, 07/01/22 (c) | 64,125 | ||||||
| 100,000 | 5.50%, 07/01/16 | 86,128 | ||||||
| 220,000 | 5.50%, 07/01/17 | 164,322 | ||||||
| 10,000 | 5.50%, 07/01/17 | 8,507 | ||||||
| 150,000 | 5.50%, 07/01/18 | 105,123 | ||||||
| 65,000 | 5.50%, 07/01/18 (c) | 41,356 | ||||||
| 500,000 | 5.50%, 07/01/18 | 350,410 | ||||||
| 100,000 | 5.50%, 07/01/18 (c) | 65,251 | ||||||
| 100,000 | 5.50%, 07/01/19 | 69,105 | ||||||
| 450,000 | 6.50%, 07/01/21 (c) | 293,625 | ||||||
| 8,960,000 | 8.00%, 07/01/20 (c) | 6,529,600 | ||||||
| Commonwealth of Puerto Rico, Public Improvement, Series B (GO) | ||||||||
| 135,000 | 5.00%, 07/01/16 (c) | 84,375 | ||||||
| 840,000 | 5.75%, 07/01/19 (c) | 535,500 | ||||||
| 30,000 | Commonwealth of Puerto Rico, Public Improvement, Series C (GO) 6.00%, 07/01/19 (c) | 19,200 | ||||||
| Commonwealth of Puerto Rico, Public Improvement, Series D (GO) | ||||||||
| 100,000 | 4.25%, 07/01/16 (c) | 66,989 | ||||||
| 50,000 | 4.50%, 07/01/16 (c) | 32,688 | ||||||
| 10,000 | 5.00%, 07/01/16 (c) | 6,811 | ||||||
| Commonwealth of Puerto Rico, Public Improvement, Series E (GO) | ||||||||
| 305,000 | 5.38%, 07/01/21 (c) | 194,068 | ||||||
| 355,000 | 5.50%, 07/01/21 (c) | 226,313 | ||||||
| 85,000 | 5.63%, 07/01/16 (c) | 54,295 | ||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority (RB) | ||||||||
| 125,000 | 4.25%, 07/01/22 (c) | 88,281 | ||||||
| 225,000 | 5.13%, 07/01/22 (c) | 153,563 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Puerto Rico: (continued) | ||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, Series A (RB) | ||||||||
| $ | 30,000 | 5.25%, 07/01/22 (c) | $ | 21,488 | ||||
| 2,205,000 | 6.00%, 07/01/22 (c) | 1,549,012 | ||||||
| Puerto Rico Commonwealth Aqueduct and Sewer Authority, Series A (RB) | ||||||||
| 1,490,000 | 5.00%, 07/01/22 (c) | 1,024,375 | ||||||
| 1,740,000 | 5.25%, 07/01/22 (c) | 1,191,900 | ||||||
| 700,000 | 5.75%, 07/01/22 (c) | 484,750 | ||||||
| 360,000 | 6.00%, 07/01/18 (c) | 254,700 | ||||||
| 1,500,000 | 6.00%, 07/01/18 (c) | 1,057,500 | ||||||
| 13,000,000 | Puerto Rico Commonwealth Children’s Trust Tobacco Settlement Asset-Backed Bond, Series A (RB) 7.05%, 11/30/15 (c) ^ | 1,157,000 | ||||||
| 1,000,000 | Puerto Rico Commonwealth Highways and Transportation Authority, Series N (RB) 5.50%, 07/01/23 | 372,500 | ||||||
| 3,000,000 | Puerto Rico Commonwealth Infrastructure Financing Authority, Series B (RB) 5.00%, 07/01/16 (c) | 727,500 | ||||||
| Puerto Rico Commonwealth Public Improvement, Series A (GO) | ||||||||
| 100,000 | 5.75%, 07/01/21 (c) | 63,375 | ||||||
| 305,000 | 6.00%, 07/01/21 (c) | 195,200 | ||||||
| 655,000 | Puerto Rico Commonwealth Public Improvement, Series A (GO) 5.00%, 07/01/22 (c) | 409,375 | ||||||
| 100,000 | Puerto Rico Commonwealth, Public Improvement, Series A (GO) 5.00%, 07/01/21 | 65,000 | ||||||
| 35,000 | Puerto Rico Convention Center District Authority (RB) (FGIC) 5.00%, 07/01/16 (c) | 22,010 | ||||||
| Puerto Rico Convention Center District Authority, Series A (RB) (FGIC) | ||||||||
| 315,000 | 4.13%, 07/01/16 (c) | 203,216 | ||||||
| 395,000 | 4.25%, 07/01/16 (c) | 240,970 | ||||||
| 125,000 | 4.50%, 07/01/16 (c) | 92,815 | ||||||
| 220,000 | 4.75%, 07/01/16 (c) | 141,924 | ||||||
| 345,000 | 5.00%, 07/01/16 (c) | 231,188 | ||||||
| 275,000 | 5.00%, 07/01/16 (c) | 174,655 | ||||||
| 350,000 | 5.00%, 07/01/16 (c) | 221,414 | ||||||
| 620,000 | 5.00%, 07/01/16 (c) | 390,662 | ||||||
| Puerto Rico Electric Power Authority, Series A (RB) | ||||||||
| 890,000 | 4.80%, 07/01/22 (c) | 569,600 | ||||||
| 350,000 | 7.00%, 07/01/23 (c) | 224,000 | ||||||
| Puerto Rico Electric Power Authority, Series AAA (RB) | ||||||||
| 150,000 | 5.25%, 07/01/20 (c) | 96,000 | ||||||
| 90,000 | 5.25%, 07/01/20 (c) | 58,163 | ||||||
| 325,000 | 5.25%, 07/01/20 (c) | 210,844 | ||||||
See Notes to Financial Statements
| 33 |
HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal | ||||||||
| Amount | Value | |||||||
| Puerto Rico: (continued) | ||||||||
| Puerto Rico Electric Power Authority, Series CCC (RB) | ||||||||
| $ | 25,000 | 4.80%, 07/01/20 (c) | $ | 16,000 | ||||
| 40,000 | 5.00%, 11/30/15 (c) | 25,600 | ||||||
| 125,000 | 5.00%, 07/01/20 (c) | 80,781 | ||||||
| Puerto Rico Electric Power Authority, Series DDD (RB) | ||||||||
| 165,000 | 5.00%, 07/01/20 (c) | 106,631 | ||||||
| 975,000 | 5.00%, 07/01/20 (c) | 632,531 | ||||||
| 525,000 | 5.00%, 07/01/20 | 340,594 | ||||||
| Puerto Rico Electric Power Authority, Series TT (RB) | ||||||||
| 100,000 | 4.20%, 07/01/17 (c) | 64,725 | ||||||
| 925,000 | 5.00%, 07/01/17 (c) | 592,000 | ||||||
| 110,000 | 5.00%, 07/01/17 (c) | 70,400 | ||||||
| 25,000 | 5.00%, 07/01/17 (c) | 16,031 | ||||||
| 375,000 | 5.00%, 07/01/17 | 242,531 | ||||||
| 260,000 | 5.00%, 07/01/17 (c) | 168,675 | ||||||
| 60,000 | Puerto Rico Electric
Power Authority, Series VV (RB) 5.50%, 07/01/18 (c) | 38,400 | ||||||
| Puerto Rico Electric Power Authority, Series WW (RB) | ||||||||
| 85,000 | 5.38%, 07/01/18 (c) | 54,931 | ||||||
| 45,000 | 5.50%, 07/01/18 (c) | 29,194 | ||||||
| Puerto Rico Electric Power Authority, Series ZZ (RB) | ||||||||
| 190,000 | 4.25%, 07/01/20 | 123,263 | ||||||
| 25,000 | 5.00%, 07/01/17 | 16,169 | ||||||
| 385,000 | 5.00%, 07/01/18 | 249,095 | ||||||
| 500,000 | 5.25%, 07/01/20 (c) | 320,625 | ||||||
| 25,000 | 5.25%, 07/01/20 (c) | 16,156 | ||||||
| 50,000 | 5.25%, 07/01/20 | 32,438 | ||||||
| 175,000 | 5.25%, 07/01/20 (c) | 112,656 | ||||||
| 290,000 | Puerto Rico Government
Development, Series B (RB) 5.00%, 12/01/16 | 143,628 | ||||||
| Puerto Rico Highways & Transportation Authority (RB) | ||||||||
| 35,000 | 4.75%, 07/01/18 (c) | 13,038 | ||||||
| 100,000 | 5.00%, 11/30/15 (c) | 37,250 | ||||||
| 40,000 | 5.00%, 11/30/15 (c) | 25,706 | ||||||
| 50,000 | 5.00%, 11/30/15 (c) | 18,625 | ||||||
| 100,000 | 5.25%, 11/30/15 (c) | 75,076 | ||||||
| 300,000 | 5.30%, 07/01/20 (c) | 197,625 | ||||||
| 30,000 | 5.75%, 11/30/15 (c) | 11,175 | ||||||
| 65,000 | Puerto Rico Highways
& Transportation Authority, Series G (RB) (FGIC) 5.00%, 11/30/15 (c) | 41,120 | ||||||
| Puerto Rico Highways and Transportation Authority (RB) | ||||||||
| 890,000 | 5.00%, 11/30/15 (c) | 331,525 | ||||||
| 100,000 | 5.00%, 01/01/16 (c) | 37,250 | ||||||
| 285,000 | 5.00%, 01/01/16 (c) | 106,163 | ||||||
| 390,000 | 5.25%, 11/30/15 (c) | 267,634 | ||||||
| 845,000 | 5.75%, 11/30/15 (c) | 551,464 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Puerto Rico: (continued) | ||||||||
| $ | 305,000 | Puerto Rico Highways and Transportation Authority, Series G (RB) 5.00%, 11/30/15 (c) | $ | 113,619 | ||||
| Puerto Rico Highways and Transportation Authority, Series I (RB) (FGIC) | ||||||||
| 200,000 | 5.00%, 11/30/15 (c) | 122,510 | ||||||
| 50,000 | 5.00%, 11/30/15 (c) | 31,131 | ||||||
| 315,000 | 5.00%, 11/30/15 (c) | 199,275 | ||||||
| 185,000 | Puerto Rico Highways and Transportation Authority, Series J (RB) (FGIC) 5.00%, 11/30/15 (c) | 120,516 | ||||||
| Puerto Rico Highways and Transportation Authority, Series K (RB) | ||||||||
| 50,000 | 5.00%, 11/30/15 (c) | 18,625 | ||||||
| 400,000 | 5.00%, 11/30/15 (c) | 149,000 | ||||||
| 205,000 | 5.00%, 11/30/15 (c) | 75,963 | ||||||
| 500,000 | 5.00%, 11/30/15 (c) | 186,425 | ||||||
| 115,000 | 5.00%, 11/30/15 (c) | 42,884 | ||||||
| Puerto Rico Highways and Transportation Authority, Series M (RB) | ||||||||
| 1,020,000 | 5.00%, 07/01/17 (c) | 379,950 | ||||||
| 1,500,000 | 5.00%, 07/01/17 (c) | 558,750 | ||||||
| 295,000 | 5.00%, 07/01/17 (c) | 109,896 | ||||||
| Puerto Rico Highways and Transportation Authority, Series N (RB) | ||||||||
| 385,000 | 5.50%, 07/01/21 | 143,413 | ||||||
| 1,055,000 | 5.50%, 07/01/22 | 392,988 | ||||||
| 2,000,000 | 5.50%, 07/01/24 | 745,000 | ||||||
| 1,500,000 | 5.50%, 07/01/25 | 558,750 | ||||||
| 1,500,000 | 5.50%, 07/01/26 | 558,750 | ||||||
| 50,000 | 21.06%, 07/01/20 ^ | 17,584 | ||||||
| Puerto Rico Infrastructure Financing Authority (RB) (FGIC) | ||||||||
| 160,000 | 4.00%, 07/01/18 | 105,682 | ||||||
| 345,000 | 4.00%, 12/15/21 | 163,013 | ||||||
| 100,000 | 4.63%, 12/15/21 (c) | 46,251 | ||||||
| 290,000 | 5.00%, 11/30/15 (c) | 72,871 | ||||||
| 515,000 | 5.00%, 07/01/16 (c) | 153,223 | ||||||
| 55,000 | 5.00%, 07/01/16 (c) | 15,813 | ||||||
| 80,000 | 5.00%, 07/01/16 (c) | 26,600 | ||||||
| 1,065,000 | 5.00%, 07/01/16 (c) | 322,173 | ||||||
| 100,000 | 5.00%, 12/15/21 (c) | 47,251 | ||||||
| 1,000,000 | 5.00%, 12/15/21 (c) | 477,500 | ||||||
| 860,000 | 5.25%, 12/15/21 (c) | 410,659 | ||||||
| 100,000 | 5.50%, 07/01/19 | 64,126 | ||||||
| 35,000 | 5.50%, 07/01/21 | 21,179 | ||||||
| 40,000 | Puerto Rico Infrastructure Financing Authority, Series A (RB) (FGIC) 5.50%, 07/01/25 | 22,602 | ||||||
| 190,000 | Puerto Rico Infrastructure Financing Authority, Series B (RB) 5.00%, 07/01/16 (c) | 64,695 | ||||||
See Notes to Financial Statements
| 34 |
| Principal | ||||||||
| Amount | Value | |||||||
| Puerto Rico: (continued) | ||||||||
| $ | 100,000 | Puerto Rico Infrastructure Financing Authority, Series C (RB) (FGIC) 5.50%, 07/01/20 | $ | 62,018 | ||||
| Puerto Rico Public Buildings Authority (RB) (COMWLTH GTD) | ||||||||
| 250,000 | 5.00%, 07/01/17 (c) | 140,000 | ||||||
| 1,500,000 | 5.50%, 07/01/17 (c) (p) | 1,512,450 | ||||||
| 230,000 | 5.63%, 07/01/19 (c) | 132,250 | ||||||
| 40,000 | 7.00%, 11/30/15 (c) | 25,401 | ||||||
| Puerto Rico Public Buildings Authority, Series D (RB) (COMWLTH GTD) | ||||||||
| 325,000 | 5.25%, 11/30/15 (c) | 185,250 | ||||||
| 35,000 | 5.25%, 11/30/15 (c) | 20,475 | ||||||
| Puerto Rico Public Buildings Authority, Series I (RB) (COMWLTH GTD) | ||||||||
| 705,000 | 5.00%, 11/30/15 (c) | 394,800 | ||||||
| 1,670,000 | 5.25%, 11/30/15 (c) | 956,075 | ||||||
| Puerto Rico Public Buildings Authority, Series N (RB) (COMWLTH GTD) | ||||||||
| 1,485,000 | 5.00%, 07/01/17 (c) | 839,025 | ||||||
| 30,000 | 5.25%, 07/01/17 | 21,993 | ||||||
| 25,000 | 5.50%, 07/01/17 (c) | 17,083 | ||||||
| Puerto Rico Public Buildings Authority, Series P (RB) (COMWLTH GTD) | ||||||||
| 35,000 | 6.00%, 07/01/19 (c) | 22,453 | ||||||
| 20,000 | 6.00%, 07/01/19 | 13,070 | ||||||
| 1,165,000 | 6.75%, 07/01/19 (c) | 728,125 | ||||||
| 745,000 | Puerto Rico Public Buildings Authority, Series Q (RB) (COMWLTH GTD) 5.50%, 11/30/15 (c) | 432,100 | ||||||
| Puerto Rico Public Buildings Authority, Series S (RB) (COMWLTH GTD) | ||||||||
| 170,000 | 5.50%, 07/01/16 (c) | 103,277 | ||||||
| 505,000 | 5.75%, 07/01/16 (c) | 312,095 | ||||||
| 1,655,000 | 6.00%, 07/01/21 (c) | 988,863 | ||||||
| Puerto Rico Public Buildings Authority, Series U (RB) (COMWLTH GTD) | ||||||||
| 110,000 | 5.00%, 07/01/20 | 69,687 | ||||||
| 200,000 | 5.25%, 07/01/22 (c) | 112,500 | ||||||
| Puerto Rico Sales Tax Financing Corp. (RB) | ||||||||
| 730,000 | 5.25%, 08/01/21 (c) | 329,413 | ||||||
| 125,000 | 5.25%, 08/01/21 (c) | 78,125 | ||||||
| 190,000 | 5.50%, 08/01/19 (c) | 88,825 | ||||||
| 500,000 | 5.50%, 02/01/20 (c) | 226,875 | ||||||
| 855,000 | 6.00%, 08/01/19 (c) | 399,713 | ||||||
| 265,000 | 6.00%, 08/01/20 (c) | 123,888 | ||||||
| Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue, Series C (RB) | ||||||||
| 1,520,000 | 5.00%, 08/01/21 (c) | 946,200 | ||||||
| 150,000 | 5.25%, 08/01/20 (c) | 67,688 | ||||||
| 680,000 | 7.89%, 08/01/34 ^ | 118,925 | ||||||
| Puerto Rico Sales Tax Financing Corp., Series A (RB) | ||||||||
| 150,000 | 5.00%, 08/01/19 (c) | 73,125 | ||||||
| 100,000 | 8.69%, 08/01/35 ^ | 11,044 | ||||||
| 50,000 | 8.70%, 08/01/34 ^ | 5,888 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Puerto Rico: (continued) | ||||||||
| University of Puerto Rico, Series P (RB) | ||||||||
| $ | 90,000 | 5.00%, 06/01/16 (c) | $ | 38,477 | ||||
| 135,000 | 5.00%, 06/01/16 (c) | 57,717 | ||||||
| 115,000 | 5.00%, 06/01/16 (c) | 49,166 | ||||||
| 90,000 | 5.00%, 06/01/16 (c) | 48,645 | ||||||
| 500,000 | 5.00%, 06/01/16 (c) | 218,755 | ||||||
| 445,000 | 5.00%, 06/01/16 (c) | 190,246 | ||||||
| 45,367,950 | ||||||||
| Rhode Island: 0.7% | ||||||||
| 3,000,000 | Rhode Island Health And Educational Building Corp., Tockwotton Home (RB) 8.38%, 01/01/21 (c) | 3,552,300 | ||||||
| Tobacco Settlement Financing Corp. (RB) | ||||||||
| 2,000,000 | 4.50%, 06/01/25 (c) | 1,999,940 | ||||||
| 1,000,000 | 5.00%, 06/01/25 (c) | 1,041,680 | ||||||
| 50,500,000 | 6.59%, 06/01/17 (c) ^ | 4,517,730 | ||||||
| Tobacco Settlement Financing Corp., Series A (RB) | ||||||||
| 400,000 | 5.00%, 06/01/20 | 453,708 | ||||||
| 30,000 | 5.00%, 06/01/23 | 34,147 | ||||||
| 40,000 | Tobacco Settlement Financing Corp/RI (RB) 4.00%, 06/01/18 | 42,789 | ||||||
| 11,642,294 | ||||||||
| South Carolina: 1.0% | ||||||||
| 75,000 | South Carolina Jobs Economic Development Authority, Palmetto Health, Series A (RB) 5.00%, 08/01/23 (c) | 81,824 | ||||||
| 155,000 | South Carolina Jobs-Economic Development Authority (RB) 5.75%, 08/01/19 (c) | 169,971 | ||||||
| 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) | 3,511,686 | ||||||
| 3,100,000 | 5.63%, 05/01/17 (c) | 3,116,895 | ||||||
| 4,000,000 | South Carolina Jobs-Economic Development Authority, Hospital Improvement, Hampton Regional Medical Center Project (RB) 5.25%, 11/01/16 (c) | 3,849,880 | ||||||
| 600,000 | South Carolina Jobs-Economic Development Authority, Palmetto Health (RB) 5.38%, 08/01/19 (c) | 665,304 | ||||||
| 4,370,000 | South Carolina Jobs-Economic Development Authority, Palmetto Health, Series A (RB) 5.25%, 08/01/23 (c) | 4,850,044 | ||||||
| 16,245,604 | ||||||||
See Notes to Financial Statements
| 35 |
HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal | ||||||||
| Amount | Value | |||||||
| South Dakota: 0.4% | ||||||||
| Sioux Falls, South Dakota Health Facilities, Dow Rummel Village Project (RB) | ||||||||
| $ | 5,175,000 | 5.00%, 11/15/16 (c) | $ | 5,188,300 | ||||
| 1,250,000 | 5.00%, 11/15/16 (c) | 1,269,562 | ||||||
| 6,457,862 | ||||||||
| Tennessee: 1.0% | ||||||||
| Chattanooga-Hamilton County, Tennessee Hospital Authority, Series A (RB) | ||||||||
| 500,000 | 5.00%, 10/01/24 (c) | 532,895 | ||||||
| 3,500,000 | 5.00%, 10/01/24 (c) | 3,706,185 | ||||||
| 975,000 | 5.00%, 10/01/24 (c) | 1,055,028 | ||||||
| 225,000 | Clarksville Natural Gas Acquisition Corp. (RB) 5.00%, 12/15/19 | 253,708 | ||||||
| 110,000 | County of Claiborne, Tennessee (GO) 4.13%, 04/01/20 (c) | 116,659 | ||||||
| Johnson City Health & Educational Facilities Board (RB) | ||||||||
| 100,000 | 5.38%, 07/01/20 (c) | 111,818 | ||||||
| 350,000 | 5.50%, 07/01/16 (c) | 360,423 | ||||||
| 180,000 | 5.63%, 07/01/20 (c) | 200,723 | ||||||
| Shelby County, Tennessee Health, Educational and Housing Facility Board, The Village at Germantown (RB) | ||||||||
| 2,000,000 | 5.25%, 12/01/22 (c) | 2,031,780 | ||||||
| 2,500,000 | 5.38%, 12/01/22 (c) | 2,549,225 | ||||||
| Shelby County, Tennessee Health, Educational and Housing Facility Board, Trezevant Manor Project, Series A (RB) | ||||||||
| 1,150,000 | 5.38%, 09/01/23 (c) | 1,152,449 | ||||||
| 3,000,000 | 5.50%, 09/01/23 (c) | 3,018,690 | ||||||
| 1,000,000 | 5.63%, 09/01/16 (c) | 1,029,150 | ||||||
| 395,000 | Sullivan County, Tennessee Health, Educational and Housing Facilities Board, Series C (RB) 5.25%, 09/01/16 (c) | 407,620 | ||||||
| 70,000 | Tennessee Energy Acquisition Corp. (RB) 5.63%, 09/01/26 | 81,450 | ||||||
| 16,607,803 | ||||||||
| Texas: 7.6% | ||||||||
| 5,000 | Beaumont, Texas Independent School District (GO) (AGO) 5.00%, 02/15/17 (c) | 5,205 | ||||||
| 50,000 | Brazoria County, Texas Environmental Facilities (RB) 5.13%, 05/15/17 (c) | 52,812 | ||||||
| 2,500,000 | Brazoria County, Texas Health Facilities Development Corp. (RB) 5.25%, 07/01/22 (c) | 2,543,350 | ||||||
| 10,000 | Central Texas Regional Mobility Authority, Senior Lien (RB) 6.00%, 01/01/21 (c) | 11,647 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Texas: (continued) | ||||||||
| Central Texas Regional Mobility Authority, Senior Lien, Series A (RB) | ||||||||
| $ | 1,205,000 | 5.00%, 01/01/23 (c) | $ | 1,292,483 | ||||
| 1,260,000 | 5.00%, 01/01/23 (c) | 1,367,906 | ||||||
| Central Texas Regional Mobility Authority, Subordinated Lien (RB) | ||||||||
| 350,000 | 5.00%, 01/01/23 (c) | 370,913 | ||||||
| 400,000 | 5.00%, 01/01/23 (c) | 431,376 | ||||||
| 2,255,000 | 6.25%, 01/01/21 (c) | 2,620,265 | ||||||
| City of Houston, Texas Airport System Special Facilities, United Airlines, Inc. (RB) | ||||||||
| 7,000,000 | 4.75%, 07/01/24 | 7,632,030 | ||||||
| 650,000 | 5.00%, 07/01/24 (c) | 688,350 | ||||||
| City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Series B-1 (RB) | ||||||||
| 2,000,000 | 5.00%, 07/15/25 (c) | 2,097,000 | ||||||
| 2,500,000 | 5.00%, 07/15/25 (c) | 2,674,275 | ||||||
| 1,000,000 | City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Series B-2 (RB) 5.00%, 07/15/20 | 1,074,270 | ||||||
| 2,900,000 | City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Series C (RB) 5.00%, 07/15/20 | 3,084,179 | ||||||
| Clifton Higher Education Finance Corp (RB) | ||||||||
| 500,000 | 5.13%, 08/15/25 (c) | 501,680 | ||||||
| 500,000 | 5.50%, 08/15/25 (c) | 510,960 | ||||||
| 850,000 | Dallas County Flood Control District No 1 (GO) 5.00%, 04/01/23 (c) | 850,468 | ||||||
| 580,000 | Grand Parkway Transportation Corp. (RB) 5.50%, 10/01/23 (c) | 634,352 | ||||||
| Gregg County Health Facilities Development Corp., Series C (RB) | ||||||||
| 95,000 | 5.00%, 07/01/22 (c) | 94,855 | ||||||
| 2,850,000 | 5.00%, 07/01/22 (c) | 2,883,601 | ||||||
| 2,500,000 | Gulf Coast Industrial Development Authority, CITGO Petroleum Corp. Project (RB) 4.88%, 10/01/22 (c) | 2,606,275 | ||||||
| 1,000,000 | Harris County, Texas Cultural Education Facilities, Brazos Presbyterian Homes, Inc. Project, Series A (RB) 5.13%, 01/01/23 (c) | 988,270 | ||||||
| 130,000 | Harrison County Health Facilities Development Corp (RB) 5.25%, 07/01/20 (c) | 134,048 | ||||||
| 2,050,000 | Houston, Texas Airport System Special Facilities Revenue, Continental Airlines, Inc. Terminal Improvement Projects (RB) 6.50%, 07/15/21 (c) | 2,374,207 | ||||||
| 340,000 | IAH Public Facility Corp. (RB) 6.13%, 11/30/15 (c) | 136,000 | ||||||
See Notes to Financial Statements
| 36 |
| Principal | ||||||||
| Amount | Value | |||||||
| Texas: (continued) | ||||||||
| $ | 675,000 | La Vernia Higher Education Finance Corp., Meridian World School, Series A (RB) 5.50%, 08/15/24 (c) | $ | 674,939 | ||||
| Love Field Airport Modernization Corp., Southwest Airline Co. (RB) | ||||||||
| 250,000 | 5.00%, 11/01/18 | 274,503 | ||||||
| 615,000 | 5.00%, 11/01/22 (c) | 676,174 | ||||||
| 280,000 | 5.00%, 11/01/22 | 320,782 | ||||||
| 1,100,000 | 5.25%, 11/01/20 (c) | 1,201,673 | ||||||
| 280,000 | Matagorda County Navigation District No 1 (RB) 4.00%, 06/03/23 (c) | 285,317 | ||||||
| 2,900,000 | Matagorda County, Texas Navigation District No. 1 (RB) 4.00%, 06/03/23 (c) | 2,955,071 | ||||||
| New Hope Cultural Education Facilities Corp., Series A (RB) | ||||||||
| 1,500,000 | 5.00%, 04/01/24 (c) | 1,531,935 | ||||||
| 500,000 | 5.00%, 07/01/25 (c) | 512,290 | ||||||
| 265,000 | Port Freeport, Texas (RB) 4.95%, 05/15/17 (c) | 280,163 | ||||||
| 2,000,000 | Port of Bay City Authority of Matagorda County, Texas, Hoechst Celanese Corp. Project (RB) 6.50%, 11/30/15 (c) | 2,003,340 | ||||||
| 2,060,000 | Red River Authority of Texas, Celanese Project, Series B (RB) 6.70%, 11/30/15 (c) | 2,070,733 | ||||||
| 1,000,000 | Red River Health Facilities Development Corp., Eden Home, Inc. Project (RB) 7.25%, 12/01/21 (c) | 955,150 | ||||||
| Sam Rayburn Municipal Power Agency, Power Supply System (RB) | ||||||||
| 400,000 | 5.00%, 10/01/17 | 430,876 | ||||||
| 2,715,000 | 5.00%, 10/01/21 | 3,184,885 | ||||||
| 1,275,000 | San Antonio Convention Hotel Finance Corp (RB) (AMBAC) 5.00%, 11/30/15 (c) | 1,275,038 | ||||||
| San Antonio, Texas Convention Hotel Finance Corp. (RB) (AMBAC) | ||||||||
| 85,000 | 4.75%, 11/30/15 (c) | 84,994 | ||||||
| 500,000 | 5.00%, 11/30/15 (c) | 499,980 | ||||||
| 9,900,000 | Sanger Industrial Development Corp., Texas Pellets Project, Series B (RB) 8.00%, 07/01/22 (c) | 10,718,730 | ||||||
| 70,000 | Tarrant County Cultural Education Facilities Finance Corp., Series C-1 (RB) 7.50%, 11/15/15 (c) | 70,157 | ||||||
| 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) | 1,052,804 | ||||||
| 40,000 | Texas Municipal Gas Acquisition & Supply Corp III., Gas Supply (RB) 5.00%, 12/15/22 (c) | 44,226 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Texas: (continued) | ||||||||
| Texas Municipal Gas Acquisition & Supply Corp. I (RB) | ||||||||
| $ | 95,000 | 5.25%, 12/15/24 | $ | 112,514 | ||||
| 40,000 | 5.25%, 12/15/25 | 47,493 | ||||||
| 495,000 | 5.25%, 12/15/26 | 581,655 | ||||||
| Texas Municipal Gas Acquisition & Supply Corp. III (RB) | ||||||||
| 1,540,000 | 5.00%, 12/15/22 (c) | 1,683,282 | ||||||
| 60,000 | 5.00%, 12/15/22 (c) | 65,267 | ||||||
| 125,000 | 5.00%, 12/15/22 (c) | 135,403 | ||||||
| 2,600,000 | 5.00%, 12/15/22 (c) | 2,859,090 | ||||||
| 2,240,000 | 5.00%, 12/15/22 (c) | 2,569,795 | ||||||
| 1,570,000 | 5.00%, 12/15/22 (c) | 1,764,413 | ||||||
| 1,000,000 | 5.00%, 12/15/22 (c) | 1,113,680 | ||||||
| Texas Municipal Gas Acquisition and Supply Corp. I, Senior Lien Series A (RB) | ||||||||
| 25,000 | 5.00%, 12/15/16 | 26,145 | ||||||
| 95,000 | 5.25%, 12/15/18 | 105,797 | ||||||
| 45,000 | 5.25%, 12/15/22 | 52,890 | ||||||
| 130,000 | 5.25%, 12/15/23 | 153,176 | ||||||
| 450,000 | 5.63%, 12/15/17 | 474,597 | ||||||
| Texas Municipal Gas Acquisition and Supply Corp. III (RB) | ||||||||
| 5,000 | 5.00%, 12/15/18 | 5,532 | ||||||
| 500,000 | 5.00%, 12/15/21 | 580,290 | ||||||
| 910,000 | 5.00%, 12/15/22 (c) | 1,033,269 | ||||||
| 1,615,000 | 5.00%, 12/15/22 | 1,892,667 | ||||||
| 10,535,000 | Texas Municipal Gas Acquisition and Supply Corp., Senior Lien, Series D (RB) 6.25%, 12/15/26 | 12,792,545 | ||||||
| 2,000,000 | Texas Private Activity Bond Surface Transportation Corp., LBJ Infrastructure Group, LLC Project, Senior Lien (RB) 7.00%, 06/30/20 (c) | 2,368,000 | ||||||
| 2,000,000 | Texas Private Activity Bond Surface Transportation Corp., Senior Lien (RB) 7.00%, 09/01/23 (c) | 2,492,480 | ||||||
| Texas Transportation Commission, Central Texas Turnpike System, Series C (RB) | ||||||||
| 5,500,000 | 5.00%, 08/15/24 (c) | 5,933,125 | ||||||
| 4,000,000 | 5.00%, 08/15/24 (c) | 4,361,520 | ||||||
| 500,000 | 5.00%, 08/15/24 (c) | 551,480 | ||||||
| Town of Westlake, Texas (SA) | ||||||||
| 1,000,000 | 6.13%, 09/01/25 (c) | 968,700 | ||||||
| 1,000,000 | 6.25%, 09/01/25 (c) | 965,710 | ||||||
| 1,000,000 | 6.38%, 09/01/25 (c) | 963,780 | ||||||
| Travis County, Texas Health Facilities Development Corp., First Mortgage Revenue, Longhorn Village Project, Series A (RB) | ||||||||
| 705,000 | 6.00%, 01/01/21 (c) | 759,518 | ||||||
| 2,950,000 | 7.00%, 01/01/21 (c) | 3,349,784 | ||||||
| 2,480,000 | 7.13%, 01/01/21 (c) | 2,769,267 | ||||||
See Notes to Financial Statements
| 37 |
HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal | ||||||||
| Amount | Value | |||||||
| Texas: (continued) | ||||||||
| Tyler Health Facilities Development Corp. (RB) | ||||||||
| $ | 80,000 | 5.25%, 11/01/17 (c) | $ | 80,158 | ||||
| 2,590,000 | 5.25%, 11/01/17 (c) | 2,619,526 | ||||||
| 450,000 | 5.38%, 11/01/17 (c) | 450,257 | ||||||
| 125,447,342 | ||||||||
| Vermont: 0.1% | ||||||||
| 1,100,000 | Vermont Economic Development Authority, Wake Robin Corp. Project (RB) 5.40%, 05/01/22 (c) | 1,122,297 | ||||||
| Virgin Islands: 1.0% | ||||||||
| 130,000 | Virgin Islands Public Finance Authority (RB) 5.00%, 10/01/20 (c) | 145,245 | ||||||
| Virgin Islands Public Finance Authority, Series A (RB) | ||||||||
| 450,000 | 5.00%, 10/01/20 | 495,783 | ||||||
| 470,000 | 5.00%, 10/01/20 (c) | 510,415 | ||||||
| 4,150,000 | 5.00%, 10/01/22 (c) | 4,429,087 | ||||||
| 1,000,000 | 6.75%, 10/01/19 (c) | 1,157,280 | ||||||
| 25,000 | Virgin Islands Public Finance Authority, Series A-1 (RB) 5.00%, 10/01/19 (c) | 27,411 | ||||||
| Virgin Islands Public Finance Authority, Series B (RB) | ||||||||
| 170,000 | 5.00%, 10/01/19 (c) | 189,417 | ||||||
| 1,000,000 | 5.00%, 10/01/19 | 1,116,820 | ||||||
| 1,300,000 | 5.25%, 10/01/20 (c) | 1,439,412 | ||||||
| Virgin Islands Public Finance Authority, Series C (RB) | ||||||||
| 250,000 | 5.00%, 10/01/19 (c) | 279,005 | ||||||
| 4,250,000 | 5.00%, 10/01/24 (c) | 4,501,727 | ||||||
| 110,000 | Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Loan Note, Diageo Project, Series A (RB) 6.63%, 10/01/19 (c) | 128,580 | ||||||
| 145,000 | Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Senior Lien, Series B (RB) 5.00%, 10/01/19 (c) | 156,226 | ||||||
| Virgin Islands Water and Power Authority, Series B (RB) | ||||||||
| 1,070,000 | 5.00%, 07/01/17 (c) | 1,080,604 | ||||||
| 1,125,000 | 5.00%, 07/01/17 (c) | 1,137,319 | ||||||
| 16,794,331 | ||||||||
| Virginia: 2.3% | ||||||||
| Albemarle County, Virginia Economic Development Authority, Series A (RB) | ||||||||
| 640,000 | 4.63%, 01/01/23 (c) | 623,258 | ||||||
| 1,500,000 | 5.00%, 01/01/23 (c) | 1,533,390 | ||||||
| Bristol Industrial Development Authority, Series B (RB) | ||||||||
| 1,750,000 | 5.00%, 11/01/24 (c) | 1,746,500 | ||||||
| 250,000 | 6.35%, 11/01/24 (c) | 249,340 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Virginia: (continued) | ||||||||
| Cherry Hill Community Development Authority (SA) | ||||||||
| $ | 200,000 | 5.15%, 03/01/25 (c) | $ | 201,162 | ||||
| 500,000 | 5.40%, 03/01/25 (c) | 508,015 | ||||||
| 650,000 | Chesterfield
Economic Development Authority, Brandermill Woods Project (RB) 4.13%, 01/01/22 (c) | 659,334 | ||||||
| 2,750,000 | City of Chesapeake,
Virginia Chesapeake Expressway Toll Road Revenue (RB) 5.00%, 07/15/22 (c) | 2,910,022 | ||||||
| 1,000,000 | County of Botetourt,
Virginia Industrial Development Authority (RB) 6.00%, 07/01/24 (c) | 1,022,930 | ||||||
| Fairfax County, Virginia Economic Development Authority, Series A (RB) | ||||||||
| 430,000 | 4.00%, 12/01/22 | 439,026 | ||||||
| 1,000,000 | 5.00%, 12/01/23 (c) | 1,017,240 | ||||||
| 2,000,000 | 5.00%, 12/01/23 (c) | 2,027,780 | ||||||
| 1,520,000 | 5.13%, 10/01/17 (c) | 1,569,142 | ||||||
| Fairfax County, Virginia Mosaic District Community Development Authority, Series A (SA) | ||||||||
| 1,450,000 | 6.63%, 03/01/21 (c) | 1,639,732 | ||||||
| 1,000,000 | 6.88%, 03/01/21 (c) | 1,139,160 | ||||||
| Hanover County, Virginia Economic Development Authority, Series A (RB) | ||||||||
| 570,000 | 4.00%, 07/01/22 | 584,381 | ||||||
| 1,500,000 | 5.00%, 07/01/22 (c) | 1,522,815 | ||||||
| 1,500,000 | 5.00%, 07/01/22 (c) | 1,528,815 | ||||||
| 1,000,000 | Peninsula Ports Authority, Residential Care Facility Revenue, Series C (RB) 5.40%, 12/01/16 (c) | 976,290 | ||||||
| 355,000 | Stafford County Economic Development Authority (RB) 5.25%, 06/15/16 (c) | 361,557 | ||||||
| 60,000 | Tobacco Settlement Financing Corp. (RB) 12.35%, 06/01/17 (c) ^ | 1,414 | ||||||
| 7,650,000 | Tobacco Settlement Financing Corp., Senior Series B-1 (RB) 5.00%, 06/01/17 (c) | 5,774,755 | ||||||
| 1,000,000 | Virginia College Building Authority, Marymount University Project, Series A (RB) 5.00%, 07/01/25 (c) | 1,006,790 | ||||||
| 300,000 | Virginia College Building Authority, Marymount University Project, Series B (RB) 5.25%, 07/01/25 (c) | 319,629 | ||||||
See Notes to Financial Statements
| 38 |
| Principal | ||||||||
| Amount | Value | |||||||
| Virginia: (continued) | ||||||||
| Virginia Small Business Financing Authority, Elizabeth River Crossing Opco, LLC Project (RB) | ||||||||
| $ | 2,045,000 | 5.50%, 07/01/22 (c) | $ | 2,215,185 | ||||
| 3,000,000 | 6.00%, 07/01/22 (c) | 3,426,540 | ||||||
| 2,750,000 | Virginia Small Business Financing Authority, Senior Lien 95 Express Lanes, LLC Project (RB) 5.00%, 01/01/22 (c) | 2,850,017 | ||||||
| 37,854,219 | ||||||||
| Washington: 1.2% | ||||||||
| 1,000,000 | Greater Wenatchee Regional Events Center Public Facilities, Series A (RB) 5.50%, 09/01/22 (c) | 1,045,580 | ||||||
| King County Public Hospital District No. 4, Snoqualmie Valley Hospital, Series A (GO) | ||||||||
| 1,000,000 | 5.00%, 12/01/25 (c) | 979,840 | ||||||
| 500,000 | 5.75%, 12/01/25 (c) | 497,980 | ||||||
| 500,000 | 6.00%, 12/01/25 (c) | 495,940 | ||||||
| 250,000 | 6.25%, 12/01/25 (c) | 245,005 | ||||||
| 2,900,000 | Port of Seattle Industrial Development Corp., Delta Air Lines, Inc. Project (RB) 5.00%, 04/01/23 (c) | 3,020,031 | ||||||
| 300,000 | Washington Health Care Facilities Authority (RB) 5.00%, 07/01/25 (c) | 323,325 | ||||||
| 100,000 | Washington Health Care Facilities Authority, Central Washington Health Services (RB) 7.00%, 07/01/19 (c) | 121,017 | ||||||
| 3,000,000 | Washington State Housing Finance Commission, Mirabella Project, Series A (RB) 6.75%, 10/01/22 (c) | 3,167,100 | ||||||
| Washington State Housing Finance Commission, Skyline at First Hill Project, Series A (RB) | ||||||||
| 1,100,000 | 5.25%, 01/01/17 | 1,106,930 | ||||||
| 5,800,000 | 5.63%, 01/01/17 (c) | 5,453,682 | ||||||
| 2,850,000 | 5.63%, 01/01/17 (c) | 2,858,464 | ||||||
| 19,314,894 | ||||||||
| West Virginia: 0.7% | ||||||||
| 1,000,000 | County of Pleasants, West Virginia (RB) 5.25%, 10/15/17 (c) | 1,029,980 | ||||||
| 5,275,000 | Philippi, West Virginia, The Philippi Municipal Building Commission, Series A (RB) 7.75%, 10/01/22 (c) (d) | 3,165,000 | ||||||
| 2,000,000 | West Virginia Hospital Finance Authority, Highland Hospital Obligated Group (RB) 9.13%, 10/01/21 (c) | 2,141,140 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| West Virginia: (continued) | ||||||||
| West Virginia Hospital Finance Authority, Thomas Health System, Inc. (RB) | ||||||||
| $ | 2,000,000 | 6.50%, 10/01/18 (c) | $ | 2,057,820 | ||||
| 1,500,000 | 6.50%, 10/01/18 (c) | 1,578,765 | ||||||
| 2,005,000 | 6.75%, 10/01/18 (c) | 2,074,654 | ||||||
| 12,047,359 | ||||||||
| Wisconsin: 0.9% | ||||||||
| 1,660,000 | New York City Industrial Development Agency, Transportation Infrastructure Properties LLC, Series B (RB) 5.00%, 07/01/22 | 1,787,040 | ||||||
| 500,000 | Public Finance Authority, National Gypsum Comp. (RB) 5.25%, 11/01/24 (c) | 515,905 | ||||||
| 1,000,000 | Public Finance Authority, Rose Villa Project, Series A (RB) 5.00%, 11/15/24 | 1,044,670 | ||||||
| 2,500,000 | Public Finance Authority, Roseman University of Health Sciences Project (RB) 5.88%, 04/01/25 (c) | 2,577,250 | ||||||
| 2,730,000 | Public Finance Authority, Transportation Infrastructure Properties, LLC Obligated Group, Series G (RB) 5.00%, 07/01/22 (c) | 2,829,863 | ||||||
| 1,750,000 | Wisconsin Health & Educational Facilities Authority, Wheaton Franciscan Healthcare System, Series B (RB) 5.13%, 08/15/16 (c) | 1,791,545 | ||||||
| 1,000,000 | Wisconsin Health and Educational Facilities Authority, Sauk-Prairie Memorial Hospital, Inc., Series A (RB) 5.13%, 02/01/23 (c) | 1,040,700 | ||||||
| 450,000 | Wisconsin Health and Educational Facilities Authority, Wheaton Franciscan Healthcare System, Series A (RB) 5.25%, 08/15/16 (c) | 460,796 | ||||||
| 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) | 3,102,625 | ||||||
| 15,150,394 | ||||||||
| Total Municipal Bonds (Cost: $1,585,004,837) | 1,609,931,312 | |||||||
See Notes to Financial Statements
| 39 |
HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Number | ||||||||
| of Shares | Value | |||||||
| MONEY MARKET FUND: 0.4% (Cost: $7,220,621) | ||||||||
| 7,220,621 | Dreyfus Tax Exempt Cash Management Fund - Class B Shares | $ | 7,220,621 | |||||
| Total Investments: 97.7% (Cost: $1,592,225,458) | 1,617,151,933 | |||||||
| Other assets less liabilities: 2.3% | 37,860,684 | |||||||
| NET ASSETS: 100.0% | $ | 1,655,012,617 | ||||||
| ACA | Credit Agricole SA |
| AGM | Assured Guaranty Municipal Corp. |
| 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. |
| FHA | Federal Housing Association |
| 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 |
| Summary of Investments by Sector (unaudited) | % of Investments | Value | ||||||
| Education | 8.5 | % | $ | 137,341,174 | ||||
| Health Care | 28.2 | 455,980,585 | ||||||
| Healthcare Facilities | 0.0 | 86,822 | ||||||
| Housing | 0.2 | 3,271,742 | ||||||
| Industrial Revenue | 39.5 | 638,064,496 | ||||||
| Leasing | 1.5 | 24,868,498 | ||||||
| Local | 2.7 | 43,276,466 | ||||||
| Power | 1.7 | 28,055,815 | ||||||
| Solid Waste/Resource Recovery | 0.2 | 3,234,593 | ||||||
| Special Tax | 6.1 | 98,663,026 | ||||||
| State | 0.7 | 11,667,560 | ||||||
| Transportation | 8.0 | 128,469,688 | ||||||
| Water & Sewer | 2.3 | 36,950,847 | ||||||
| Money Market Fund | 0.4 | 7,220,621 | ||||||
| 100.0 | % | $ | 1,617,151,933 | |||||
The summary of inputs used to value the Fund’s investments as of October 31, 2015 is as follows:
| Level 2 | Level 3 | ||||||||||||||||
| Level 1 | Significant | Significant | |||||||||||||||
| Quoted | Observable | Unobservable | |||||||||||||||
| Prices | Inputs | Inputs | Value | ||||||||||||||
| Municipal Bonds* | $ | — | $ | 1,609,931,312 | $ | — | $ | 1,609,931,312 | |||||||||
| Money Market Fund | 7,220,621 | — | — | 7,220,621 | |||||||||||||
| Total | $ | 7,220,621 | $ | 1,609,931,312 | $ | — | $ | 1,617,151,933 | |||||||||
* See Schedule of Investments for security type and geographic sector breakouts.
There were no transfers between levels during the period ended October 31, 2015.
See Notes to Financial Statements
| 40 |
INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
October 31, 2015 (unaudited)
| Principal | ||||||||
| Amount | Value | |||||||
| MUNICIPAL BONDS: 98.7% | ||||||||
| Alabama: 0.6% | ||||||||
| $ | 100,000 | Alabama Federal Aid Highway Finance Authority (RB) 5.00%, 09/01/22 (c) | $ | 115,052 | ||||
| Alabama Public School & College Authority, Series B (RB) | ||||||||
| 500,000 | 5.00%, 07/01/24 (c) | 598,050 | ||||||
| 2,785,000 | 5.00%, 07/01/24 (c) | 3,360,075 | ||||||
| 1,500,000 | 5.00%, 07/01/24 (c) | 1,828,110 | ||||||
| 35,000 | Birmingham Airport Authority (RB) (AGM) 5.25%, 07/01/20 (c) | 39,223 | ||||||
| 95,000 | Birmingham Water Works Board, Series A (RB) 5.00%, 01/01/21 (c) | 108,950 | ||||||
| 50,000 | City of Huntsville, Alabama, Series A (GO) 5.00%, 09/01/21 (c) | 57,614 | ||||||
| 640,000 | Shelby County Board of Education, Capital Outlay School Warrants (RB) 4.25%, 02/01/21 (c) | 680,109 | ||||||
| 900,000 | State of Alabama, Series A (GO) 5.00%, 08/01/23 | 1,104,309 | ||||||
| 7,891,492 | ||||||||
| Alaska: 0.0% | ||||||||
| 70,000 | Alaska Housing Finance Corp., Series A (RB) 5.00%, 12/01/20 (c) | 81,705 | ||||||
| Arizona: 2.4% | ||||||||
| 2,240,000 | Apache County Industrial Development Authority, Series A (RB) 4.50%, 03/01/22 (c) | 2,402,803 | ||||||
| 320,000 | Arizona Board of Regents, University of Arizona Projects, Series C (CP) 5.00%, 06/01/22 (c) | 356,512 | ||||||
| Arizona Department of Transportation State Highway Fund Revenue, Series A (RB) | ||||||||
| 1,000,000 | 4.00%, 07/01/22 (c) | 1,071,150 | ||||||
| 1,275,000 | 5.00%, 07/01/22 (c) | 1,494,950 | ||||||
| 310,000 | 5.25%, 07/01/21 (c) | 368,203 | ||||||
| Arizona Sports and Tourism Authority, Series A (RB) | ||||||||
| 215,000 | 5.00%, 07/01/22 (c) | 231,351 | ||||||
| 1,310,000 | 5.00%, 07/01/22 (c) | 1,434,712 | ||||||
| Arizona State Transportation Board, Subordinated Highway Revenue, Series A (RB) | ||||||||
| 680,000 | 5.00%, 07/01/21 (c) | 808,228 | ||||||
| 1,200,000 | 5.00%, 07/01/21 (c) | 1,423,428 | ||||||
| 2,000,000 | 5.00%, 07/01/22 (c) | 2,386,000 | ||||||
| 85,000 | 5.00%, 07/01/22 (c) | 103,362 | ||||||
| 60,000 | Arizona Water Infrastructure Finance Authority, Series A (RB) 5.00%, 10/01/22 (c) | 72,853 | ||||||
| City of Glendale, Municipal Property Corp., Series C (RB) | ||||||||
| 520,000 | 5.00%, 01/01/18 (c) | 557,003 | ||||||
| 1,290,000 | 5.00%, 01/01/18 (c) | 1,396,425 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Arizona: (continued) | ||||||||
| City of Mesa, Arizona (RB) | ||||||||
| $ | 1,165,000 | 3.25%, 07/01/24 (c) | $ | 1,168,460 | ||||
| 740,000 | 3.25%, 07/01/24 (c) | 747,792 | ||||||
| 625,000 | 4.00%, 07/01/24 (c) | 697,562 | ||||||
| City of Phoenix Civic Improvement Corp. (RB) | ||||||||
| 1,250,000 | 4.00%, 07/01/24 (c) | 1,368,612 | ||||||
| 950,000 | 5.00%, 07/01/21 (c) | 1,124,619 | ||||||
| 1,820,000 | 5.00%, 07/01/24 (c) | 2,214,904 | ||||||
| 100,000 | 5.00%, 07/01/24 (c) | 118,072 | ||||||
| City of Phoenix, Arizona (GO) | ||||||||
| 260,000 | 4.00%, 07/01/22 | 297,492 | ||||||
| 1,500,000 | 4.00%, 07/01/24 (c) | 1,711,770 | ||||||
| 1,045,000 | City of Phoenix, Series A (GO) 4.00%, 07/01/22 (c) | 1,148,643 | ||||||
| 5,000 | Regional Transportation Authority of Pima County (RB) 5.00%, 06/01/21 (c) | 5,822 | ||||||
| Salt River Project Agricultural Improvement and Power District, Series A (RB) | ||||||||
| 300,000 | 5.00%, 12/01/21 (c) | 360,747 | ||||||
| 1,000,000 | 5.00%, 12/01/21 (c) | 1,199,270 | ||||||
| 660,000 | 5.00%, 12/01/21 (c) | 794,495 | ||||||
| 2,365,000 | 5.00%, 12/01/21 (c) | 2,794,153 | ||||||
| 275,000 | 5.00%, 06/01/22 (c) | 320,246 | ||||||
| 30,179,639 | ||||||||
| Arkansas: 0.7% | ||||||||
| 770,000 | City of Little Rock, Arkansas Sewer Revenue (RB) 4.70%, 04/01/25 (c) | 886,817 | ||||||
| 220,000 | City of Rogers, Arkansas (RB) 4.00%, 11/01/21 (c) | 235,129 | ||||||
| State of Arkansas, Federal Highway Grant Anticipation (GO) | ||||||||
| 2,685,000 | 4.00%, 10/01/23 (c) | 3,061,195 | ||||||
| 125,000 | 5.00%, 10/01/23 | 154,049 | ||||||
| 3,425,000 | 5.00%, 10/01/24 (c) | 4,193,810 | ||||||
| 8,531,000 | ||||||||
| California: 15.1% | ||||||||
| Alameda County, California Joint Powers Authority, Series A (RB) | ||||||||
| 25,000 | 5.25%, 12/01/23 (c) | 30,202 | ||||||
| 1,880,000 | 5.25%, 12/01/23 (c) | 2,294,296 | ||||||
| 50,000 | Bay Area Toll Authority, Series F-1 (RB) 5.00%, 04/01/22 (c) | 60,281 | ||||||
| 2,270,000 | Bay Area Water Supply and Conservation Agency, Series A (RB) 5.00%, 04/01/23 (c) | 2,676,784 | ||||||
| 1,175,000 | California Health Facilities Financing Authority, Adventist Health System, Series A (RB) 5.00%, 03/01/23 (c) | 1,401,681 | ||||||
| 105,000 | California Health Facilities Financing Authority, Catholic Healthcare, Series A (RB) 5.25%, 03/01/21 (c) | 123,488 | ||||||
See Notes to Financial Statements
| 41 |
INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal | ||||||||
| Amount | Value | |||||||
| California: (continued) | ||||||||
| $ | 100,000 | California
Health Facilities Financing Authority, Children’s Hospital Los Angeles, Series A (RB) 5.00%, 11/15/22 (c) | $ | 110,390 | ||||
| 1,000,000 | California Health
Facilities Financing Authority, Providence Health and Services, Series A (RB) 5.00%, 10/01/24 (c) | 1,176,680 | ||||||
| 25,000 | California Health
Facilities Financing Authority, St. Joseph Health System, Series A (RB) 5.00%, 07/01/23 (c) | 29,967 | ||||||
| 150,000 | California Infrastructure
and Economic Development Bank (RB) 5.00%, 02/01/23 (c) | 171,701 | ||||||
| California State Department of Veterans Affairs, Series A (RB) | ||||||||
| 50,000 | 3.15%, 06/01/21 (c) | 54,145 | ||||||
| 595,000 | 3.50%, 06/01/21 (c) | 624,197 | ||||||
| 150,000 | 3.88%, 06/01/21 (c) | 157,634 | ||||||
| California State Public Works Board, Department of Corrections and Rehabilitation, Series A (RB) | ||||||||
| 100,000 | 4.00%, 09/01/24 (c) | 107,298 | ||||||
| 75,000 | 5.00%, 09/01/24 (c) | 89,895 | ||||||
| 500,000 | 5.00%, 09/01/24 (c) | 605,475 | ||||||
| 50,000 | 5.00%, 09/01/24 (c) | 59,450 | ||||||
| California State Public Works Board, Department of Corrections and Rehabilitation, Series C (RB) | ||||||||
| 210,000 | 4.00%, 06/01/22 (c) | 225,034 | ||||||
| 950,000 | 5.00%, 06/01/22 (c) | 1,119,632 | ||||||
| 75,000 | 5.25%, 10/01/24 (c) | 89,332 | ||||||
| 675,000 | 5.25%, 10/01/24 (c) | 832,106 | ||||||
| 225,000 | California State
Public Works Board, Department of Corrections and Rehabilitation, Series D (RB) 5.00%, 09/01/24 (c) | 272,464 | ||||||
| California State Public Works Board, Department of Corrections and Rehabilitation, Series G (RB) | ||||||||
| 1,655,000 | 5.00%, 09/01/23 (c) | 1,956,375 | ||||||
| 280,000 | 5.00%, 09/01/23 | 339,654 | ||||||
| 180,000 | California State
Public Works Board, Department of General Services, Series F (RB) 5.00%, 05/01/25 | 219,685 | ||||||
| California State Public Works Board, Department of State Hospitals, Series E (RB) | ||||||||
| 1,500,000 | 5.00%, 06/01/23 (c) | 1,753,920 | ||||||
| 410,000 | 5.00%, 06/01/23 (c) | 475,727 | ||||||
| 1,520,000 | 5.00%, 06/01/23 (c) | 1,788,751 | ||||||
| 350,000 | 5.00%, 06/01/23 (c) | 418,029 | ||||||
| 50,000 | 5.00%, 06/01/23 (c) | 59,335 | ||||||
| California State Public Works Board, Judicial Council of California, Series A (RB) | ||||||||
| 55,000 | 4.00%, 03/01/23 (c) | 58,405 | ||||||
| 210,000 | 5.00%, 03/01/23 | 253,359 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| California: (continued) | ||||||||
| $ | 350,000 | 5.00%, 03/01/23 (c) | $ | 414,396 | ||||
| California State Public Works Board, Judicial Council of California, Series B (RB) | ||||||||
| 1,000,000 | 5.00%, 10/01/24 (c) | 1,190,600 | ||||||
| 950,000 | 5.00%, 10/01/24 | 1,158,088 | ||||||
| California State Public Works Board, Judicial Council of California, Series D (RB) | ||||||||
| 165,000 | 5.00%, 12/01/21 (c) | 192,258 | ||||||
| 50,000 | 5.25%, 12/01/21 (c) | 59,884 | ||||||
| California State Public Works Board, Regents of the University, Series G (RB) | ||||||||
| 50,000 | 5.00%, 12/01/21 | 60,675 | ||||||
| 505,000 | 5.00%, 12/01/21 (c) | 612,812 | ||||||
| 1,370,000 | 5.00%, 12/01/21 (c) | 1,662,481 | ||||||
| California State Public Works Board, Various Capital Projects, Series A (RB) | ||||||||
| 100,000 | 5.00%, 10/01/21 (c) | 116,698 | ||||||
| 500,000 | 5.00%, 04/01/22 (c) | 589,790 | ||||||
| California State Public Works Board, Various Capital Projects, Series G (RB) | ||||||||
| 1,250,000 | 5.00%, 11/01/22 (c) | 1,454,550 | ||||||
| 125,000 | 5.00%, 11/01/22 (c) | 149,535 | ||||||
| California State Public Works Board, Various Capital Projects, Series I (RB) | ||||||||
| 150,000 | 4.00%, 11/01/23 (c) | 165,864 | ||||||
| 90,000 | 5.00%, 11/01/23 (c) | 108,230 | ||||||
| 1,750,000 | 5.00%, 11/01/23 | 2,127,317 | ||||||
| 750,000 | California State Trustees, University Systemwide Revenue, Series A (RB) 5.00%, 11/01/23 (c) | 921,007 | ||||||
| 1,195,000 | California State University, Systemwide, Series A (RB) 4.00%, 11/01/22 (c) | 1,280,777 | ||||||
| 500,000 | California State Veterans, Series CL (GO) 3.50%, 12/01/24 (c) | 502,700 | ||||||
| California State, Various Purpose (GO) | ||||||||
| 515,000 | 3.50%, 02/01/22 (c) | 544,885 | ||||||
| 1,090,000 | 5.00%, 04/01/18 (c) | 1,197,594 | ||||||
| 3,715,000 | 5.00%, 04/01/18 (c) | 4,060,235 | ||||||
| 965,000 | 5.00%, 09/01/18 (c) | 1,073,099 | ||||||
| 1,250,000 | 5.00%, 09/01/18 (c) | 1,394,487 | ||||||
| 200,000 | 5.00%, 11/01/21 | 239,588 | ||||||
| 100,000 | 5.00%, 02/01/22 (c) | 117,904 | ||||||
| 500,000 | 5.00%, 04/01/22 (c) | 597,760 | ||||||
| 1,000,000 | 5.00%, 09/01/22 (c) | 1,206,050 | ||||||
| 855,000 | 5.00%, 10/01/22 | 1,036,303 | ||||||
| 925,000 | 5.00%, 10/01/22 | 1,121,146 | ||||||
| 770,000 | 5.00%, 12/01/22 | 934,695 | ||||||
| 1,400,000 | 5.00%, 09/01/23 (c) | 1,656,032 | ||||||
| 1,950,000 | 5.00%, 09/01/23 (c) | 2,381,223 | ||||||
| 1,475,000 | 5.00%, 09/01/23 | 1,803,571 | ||||||
| 755,000 | 5.00%, 09/01/23 (c) | 914,033 | ||||||
| 830,000 | 5.25%, 09/01/22 | 1,017,895 | ||||||
See Notes to Financial Statements
| 42 |
| Principal | ||||||||
| Amount | Value | |||||||
| California: (continued) | ||||||||
| $ | 500,000 | California Statewide Communities Development Authority, Series B (RB) 5.00%, 07/01/24 (c) | $ | 569,195 | ||||
| Chabot-Las Positas Community College District (GO) | ||||||||
| 500,000 | 5.00%, 08/01/23 (c) | 583,255 | ||||||
| 250,000 | 5.00%, 08/01/23 (c) | 303,138 | ||||||
| 250,000 | City and County of San Francisco, Series A (GO) 4.00%, 06/15/22 (c) | 273,203 | ||||||
| 550,000 | City and County of San Francisco, Series R1 (GO) 5.00%, 12/15/21 (c) | 661,688 | ||||||
| 240,000 | City of Bakersfield, California Wastewater Revenue, Series A (RB) 5.00%, 09/15/20 (c) | 274,164 | ||||||
| City of Los Angeles Department of Water and Power, Series A (RB) | ||||||||
| 1,000,000 | 5.00%, 07/01/21 (c) | 1,189,770 | ||||||
| 500,000 | 5.00%, 01/01/23 (c) | 586,815 | ||||||
| 400,000 | City of Los Angeles Department of Water and Power, Series B (RB) 5.00%, 07/01/23 (c) | 476,664 | ||||||
| 175,000 | City of Los Angeles, California Department of Airports (RB) 5.00%, 05/15/22 | 210,672 | ||||||
| 600,000 | City of Los Angeles, California Wastewater System Revenue, Series A (RB) 5.00%, 06/01/23 (c) | 720,330 | ||||||
| 1,250,000 | City of Los Angeles, Series B (GO) 5.00%, 09/01/21 | 1,508,625 | ||||||
| 1,525,000 | City of San Francisco, Public Utilities Commission Water Revenue (RB) 5.50%, 11/01/20 (c) | 1,817,312 | ||||||
| 500,000 | City of Torrance, Memorial Medical Center, Series A (RB) 4.75%, 09/01/20 (c) | 540,180 | ||||||
| 470,000 | Contra Costa Community College District (GO) 4.00%, 08/01/22 (c) | 494,661 | ||||||
| 60,000 | County of San Diego, California (CP) 5.00%, 10/15/24 (c) | 69,815 | ||||||
| 255,000 | County of Santa Clara, California, Series B (GO) 3.00%, 08/01/22 (c) | 251,522 | ||||||
| East Bay Municipal Utility District Water System Revenue, Series A (RB) | ||||||||
| 70,000 | 5.00%, 06/01/20 (c) | 81,129 | ||||||
| 1,000,000 | 5.00%, 06/01/24 (c) | 1,191,860 | ||||||
| East Bay Municipal Utility District Water System Revenue, Series B (RB) | ||||||||
| 900,000 | 5.00%, 06/01/27 | 1,145,700 | ||||||
| 1,750,000 | 5.00%, 06/01/29 | 2,232,387 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| California: (continued) | ||||||||
| $ | 675,000 | Fontana Unified School District, San Bernardino County (GO) 3.00%, 08/01/22 (c) | $ | 670,032 | ||||
| Golden State Tobacco Securitization Corp. (RB) | ||||||||
| 1,025,000 | 5.00%, 06/01/23 (c) | 1,167,434 | ||||||
| 300,000 | 5.00%, 06/01/23 (c) | 343,221 | ||||||
| 80,000 | Golden State Tobacco Securitization Corp., Series A (RB) 5.00%, 06/01/22 | 95,042 | ||||||
| Huntington Beach Union High School District (GO) | ||||||||
| 50,000 | 5.00%, 08/01/23 (c) | 59,327 | ||||||
| 535,000 | 5.00%, 08/01/23 (c) | 654,722 | ||||||
| Los Angeles Community College District (GO) | ||||||||
| 1,000,000 | 4.00%, 08/01/24 (c) | 1,085,170 | ||||||
| 2,100,000 | 5.00%, 08/01/24 (c) | 2,475,564 | ||||||
| 1,500,000 | 5.00%, 08/01/24 (c) | 1,778,535 | ||||||
| 1,555,000 | 5.00%, 08/01/24 (c) | 1,892,575 | ||||||
| 1,160,000 | Los Angeles Department of Water & Power, Series B (RB) 5.00%, 01/01/24 (c) | 1,371,851 | ||||||
| 600,000 | Los Angeles Department of Water and Power, Series A (RB) 3.25%, 01/01/25 (c) | 597,792 | ||||||
| Los Angeles Unified School District, Series A (GO) | ||||||||
| 880,000 | 2.00%, 07/01/22 | 903,267 | ||||||
| 130,000 | 5.00%, 07/01/22 | 157,992 | ||||||
| 750,000 | 5.00%, 10/01/22 | 904,155 | ||||||
| 1,630,000 | 5.00%, 07/01/24 | 2,019,880 | ||||||
| 600,000 | Los Angeles, California Unified School District (GO) 5.00%, 07/01/24 (c) | 728,082 | ||||||
| Los Angeles, California Unified School District, Series C (GO) | ||||||||
| 1,320,000 | 5.00%, 07/01/24 | 1,635,731 | ||||||
| 550,000 | 5.00%, 07/01/24 (c) | 660,704 | ||||||
| 500,000 | 5.00%, 07/01/24 (c) | 586,980 | ||||||
| 2,400,000 | 5.00%, 07/01/24 (c) | 2,862,384 | ||||||
| 1,600,000 | 5.00%, 07/01/24 (c) | 1,893,216 | ||||||
| 25,000 | Los Angeles, California Wastewater System Revenue (RB) 5.00%, 06/01/23 | 30,701 | ||||||
| 340,000 | Metropolitan Water District of Southern California, Series C (RB) 5.00%, 10/01/21 (c) | 404,920 | ||||||
| Metropolitan Water District of Southern California, Series G (RB) | ||||||||
| 205,000 | 5.00%, 07/01/22 (c) | 245,984 | ||||||
| 50,000 | 5.00%, 07/01/22 (c) | 59,581 | ||||||
| 50,000 | Modesto Irrigation District Electric System, Series A (RB) 5.00%, 07/01/21 (c) | 58,629 | ||||||
| 300,000 | Modesto Irrigation District Electric System, Series B (RB) 5.00%, 10/01/20 (c) | 347,499 | ||||||
See Notes to Financial Statements
| 43 |
INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal | ||||||||
| Amount | Value | |||||||
| California: (continued) | ||||||||
| $ | 1,720,000 | Ohlone Community College District (GO) 5.00%, 08/01/22 (c) | $ | 2,029,600 | ||||
| 500,000 | Orange County Sanitation District, Wastewater Refunding, Series A (RB) 5.00%, 02/01/22 | 606,880 | ||||||
| 1,260,000 | Rancho Cucamonga Redevelopment Agency (AGM) (TA) 5.00%, 09/01/22 | 1,510,664 | ||||||
| 175,000 | Rancho Santiago Community College District (GO) 5.00%, 09/01/23 (c) | 212,566 | ||||||
| Regents of the University of California, Medical Center Pooled Revenue, Series J (RB) | ||||||||
| 360,000 | 5.25%, 05/15/23 (c) | 426,755 | ||||||
| 2,250,000 | 5.25%, 05/15/23 (c) | 2,694,487 | ||||||
| 65,000 | Regents of the University of California, Series AB (RB) 3.25%, 05/15/21 (c) | 71,341 | ||||||
| Regents of the University of California, Series AF (RB) | ||||||||
| 455,000 | 5.00%, 05/15/23 (c) | 548,926 | ||||||
| 425,000 | 5.00%, 05/15/23 (c) | 497,836 | ||||||
| 1,205,000 | 5.00%, 05/15/23 (c) | 1,432,444 | ||||||
| 2,775,000 | Regents of the University of California, Series AK (RB) 5.00%, 05/15/23 (p) | 3,378,118 | ||||||
| 645,000 | Regents of the University of California, Series AM (RB) 5.00%, 05/15/24 (c) | 765,460 | ||||||
| Regents of the University of California, Series AO (RB) | ||||||||
| 50,000 | 5.00%, 05/15/22 | 60,744 | ||||||
| 225,000 | 5.00%, 05/15/23 | 276,381 | ||||||
| 500,000 | 5.00%, 05/15/25 (c) | 610,635 | ||||||
| Regents of the University of California, Series G (RB) | ||||||||
| 870,000 | 5.00%, 05/15/22 (c) | 1,048,533 | ||||||
| 125,000 | 5.00%, 05/15/22 (c) | 150,909 | ||||||
| 1,900,000 | 5.00%, 05/15/22 (c) | 2,266,567 | ||||||
| 330,000 | Regents of the University of California, Series I (RB) 5.00%, 05/15/25 (c) | 393,403 | ||||||
| Riverside County Transportation Commission, Series A (RB) | ||||||||
| 490,000 | 5.25%, 06/01/23 (c) | 589,955 | ||||||
| 190,000 | 5.25%, 06/01/23 (c) | 231,412 | ||||||
| 50,000 | Riverside County, California Asset Leasing Corp. (RB) 4.00%, 06/01/22 (c) | 52,749 | ||||||
| 625,000 | Sacramento City Financing Authority, Master Lease Program Facilities (RB) 3.38%, 12/01/25 (c) | 630,581 | ||||||
| Sacramento County Sanitation Districts Financing Authority, Series A (RB) | ||||||||
| 20,000 | 5.00%, 12/01/21 (c) | 23,781 | ||||||
| 1,650,000 | 5.00%, 12/01/21 (c) | 1,971,403 | ||||||
| 100,000 | 5.00%, 06/01/24 (c) | 121,249 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| California: (continued) | ||||||||
| $ | 250,000 | 5.00%, 06/01/24 (c) | $ | 293,748 | ||||
| 750,000 | San Bernardino Community College District, Series A (GO) 5.00%, 08/01/23 | 914,812 | ||||||
| 500,000 | San Bernardino Unified School District (GO) (AGM) 5.00%, 08/01/23 (c) | 580,215 | ||||||
| San Diego Community College District (GO) | ||||||||
| 825,000 | 5.00%, 08/01/21 (c) | 971,330 | ||||||
| 240,000 | 5.00%, 08/01/22 (c) | 284,359 | ||||||
| San Diego County Water Authority, Series A (RB) | ||||||||
| 500,000 | 4.50%, 05/01/21 (c) | 554,535 | ||||||
| 450,000 | 4.50%, 05/01/21 (c) | 504,004 | ||||||
| 500,000 | 5.00%, 05/01/21 (c) | 584,730 | ||||||
| 1,405,000 | 5.00%, 11/01/22 (c) | 1,712,526 | ||||||
| 1,085,000 | San Diego Unified School District, Series C (GO) 5.00%, 07/01/23 (c) | 1,285,410 | ||||||
| 310,000 | San Diego, California Water Authority, Series A (RB) 5.00%, 11/01/22 (c) | 365,744 | ||||||
| 430,000 | San Dieguito Union High School District (GO) 4.00%, 08/01/23 (c) | 458,883 | ||||||
| 455,000 | San Francisco Bay Area Rapid Transit District, Series A (RB) 5.00%, 07/01/22 (c) | 531,959 | ||||||
| 710,000 | San Francisco City and County International Airport, Second Series B (RB) 5.00%, 05/01/22 (c) | 846,213 | ||||||
| San Francisco Community College District (GO) | ||||||||
| 750,000 | 5.00%, 06/15/24 | 924,540 | ||||||
| 50,000 | 5.00%, 06/15/25 (c) | 61,101 | ||||||
| San Francisco Public Utilities Commission Water Revenue, Sub-Series A (RB) | ||||||||
| 1,250,000 | 5.00%, 11/01/21 (c) | 1,497,425 | ||||||
| 1,000,000 | 5.00%, 11/01/21 (c) | 1,201,750 | ||||||
| San Francisco Unified School District, Proposition A (GO) | ||||||||
| 500,000 | 2.00%, 06/15/22 | 512,185 | ||||||
| 500,000 | 3.00%, 06/15/24 (c) | 497,220 | ||||||
| 605,000 | 3.25%, 06/15/24 (c) | 601,908 | ||||||
| 500,000 | 5.00%, 06/15/24 (c) | 615,470 | ||||||
| 1,215,000 | San Francisco Unified School District, Series B (GO) 4.00%, 06/15/22 (c) | 1,319,259 | ||||||
| 345,000 | San Francisco, California Bay Area Toll Authority, Series F (RB) 5.00%, 04/01/22 (c) | 411,071 | ||||||
| 1,000,000 | San Joaquin County Transportation Authority, Series A (RB) 5.00%, 03/01/21 (c) | 1,151,890 | ||||||
| 600,000 | San Jose Financing Authority Lease, Series A (RB) 5.00%, 06/01/23 (c) | 702,018 | ||||||
See Notes to Financial Statements
| 44 |
| Principal | ||||||||
| Amount | Value | |||||||
| California: (continued) | ||||||||
| $ | 950,000 | San Ramon Valley Unified School District (GO) 5.00%, 08/01/22 (c) | $ | 1,121,000 | ||||
| 385,000 | Santa Clara County, California Financing Authority, Series A (RB) 4.00%, 02/01/22 (c) | 429,960 | ||||||
| State of California, Department of Water Resources, Series AS (RB) | ||||||||
| 2,320,000 | 5.00%, 12/01/24 (c) | 2,788,269 | ||||||
| 50,000 | 5.00%, 12/01/24 (c) | 62,017 | ||||||
| 75,000 | State of California, Department of Water Resources, Series O (RB) 5.00%, 05/01/22 | 91,076 | ||||||
| State of California, Various Purpose (GO) | ||||||||
| 300,000 | 3.00%, 02/01/22 (c) | 320,427 | ||||||
| 700,000 | 3.00%, 12/01/22 | 757,015 | ||||||
| 500,000 | 3.25%, 04/01/23 (c) | 514,950 | ||||||
| 310,000 | 3.38%, 09/01/22 (c) | 313,292 | ||||||
| 1,085,000 | 3.50%, 09/01/22 (c) | 1,096,143 | ||||||
| 855,000 | 4.00%, 09/01/22 (c) | 949,153 | ||||||
| 500,000 | 4.00%, 05/01/23 | 572,620 | ||||||
| 700,000 | 5.00%, 09/01/18 (c) | 776,132 | ||||||
| 190,000 | 5.00%, 09/01/18 (c) | 210,104 | ||||||
| 265,000 | 5.00%, 12/01/21 | 317,979 | ||||||
| 500,000 | 5.00%, 02/01/22 | 599,930 | ||||||
| 140,000 | 5.00%, 02/01/22 (c) | 164,167 | ||||||
| 1,085,000 | 5.00%, 02/01/22 (c) | 1,298,995 | ||||||
| 250,000 | 5.00%, 09/01/22 (c) | 302,408 | ||||||
| 765,000 | 5.00%, 10/01/22 | 927,218 | ||||||
| 1,900,000 | 5.00%, 04/01/23 (c) | 2,244,717 | ||||||
| 695,000 | 5.00%, 09/01/23 (c) | 827,564 | ||||||
| 250,000 | 5.00%, 09/01/23 (c) | 305,285 | ||||||
| 850,000 | 5.00%, 10/01/23 | 1,040,527 | ||||||
| 1,500,000 | 5.00%, 10/01/23 | 1,836,225 | ||||||
| 250,000 | 5.00%, 11/01/23 (c) | 298,618 | ||||||
| 1,000,000 | 5.00%, 12/01/23 (c) | 1,216,840 | ||||||
| 210,000 | 5.00%, 12/01/23 (c) | 244,994 | ||||||
| 1,000,000 | 5.00%, 12/01/23 (c) | 1,196,300 | ||||||
| 200,000 | 5.00%, 12/01/23 (c) | 241,714 | ||||||
| 2,350,000 | 5.00%, 12/01/23 (c) | 2,752,766 | ||||||
| 1,425,000 | 5.00%, 12/01/23 (c) | 1,749,444 | ||||||
| 270,000 | 5.00%, 03/01/24 | 330,666 | ||||||
| 1,780,000 | 5.00%, 05/01/24 | 2,185,769 | ||||||
| 3,750,000 | 5.00%, 10/01/24 (c) | 4,461,487 | ||||||
| 1,750,000 | 5.00%, 10/01/24 (c) | 2,147,582 | ||||||
| 1,000,000 | 5.00%, 10/01/24 (c) | 1,227,190 | ||||||
| 1,500,000 | 5.00%, 02/01/25 (c) | 1,763,010 | ||||||
| 5,000,000 | 5.00%, 03/01/25 | 6,164,850 | ||||||
| 800,000 | 5.00%, 03/01/25 (c) | 963,936 | ||||||
| 660,000 | 5.00%, 03/01/25 (c) | 803,821 | ||||||
| 2,000,000 | 5.00%, 08/01/25 (c) | 2,389,740 | ||||||
| 1,000,000 | 5.00%, 08/01/25 (c) | 1,201,510 | ||||||
| 600,000 | 5.00%, 08/01/25 | 743,004 | ||||||
| 50,000 | 5.25%, 09/01/21 (c) | 60,451 | ||||||
| 60,000 | Ventura County Public Financing Authority, Series A (RB) 5.00%, 11/01/22 (c) | 69,944 | ||||||
| 188,641,082 | ||||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Colorado: 0.6% | ||||||||
| Adams 12 Five Star Schools (GO) (SAW) | ||||||||
| $ | 1,300,000 | 4.00%, 12/15/22 (c) | $ | 1,485,484 | ||||
| 25,000 | 4.00%, 12/15/22 | 28,946 | ||||||
| 375,000 | Board of Governors of Colorado State University System, Series A (RB) 5.00%, 03/01/29 | 463,384 | ||||||
| Colorado Higher Education, Series A (CP) | ||||||||
| 1,500,000 | 5.00%, 11/01/23 | 1,825,890 | ||||||
| 25,000 | 5.00%, 11/01/24 | 30,728 | ||||||
| 40,000 | 5.00%, 11/01/26 | 49,602 | ||||||
| 490,000 | Denver, Colorado Airport System Revenue, Series B (RB) 5.00%, 11/15/22 (c) | 564,774 | ||||||
| 25,000 | Denver, Colorado City & County School District No. 1, Series A (GO) (SAW) 4.00%, 12/01/21 (c) | 27,116 | ||||||
| 40,000 | Denver, Colorado City & County School District No. 1, Series B (GO) (SAW) 5.00%, 12/01/22 (c) | 47,676 | ||||||
| 165,000 | Joint School District No. 28J in Adams and Arapahoe Counties (GO) 5.00%, 12/01/22 (c) | 200,048 | ||||||
| Regional Transportation District, Fastracks Project, Series A (RB) | ||||||||
| 175,000 | 5.00%, 11/01/22 (c) | 212,917 | ||||||
| 75,000 | 5.00%, 11/01/22 (c) | 88,434 | ||||||
| 50,000 | 5.00%, 11/01/27 | 61,541 | ||||||
| 1,110,000 | Regional Transportation District, Series A (CP) 5.00%, 06/01/20 (c) | 1,267,931 | ||||||
| 500,000 | University of Colorado Enterprise System, Series A (RB) 4.00%, 06/01/22 | 571,585 | ||||||
| 6,926,056 | ||||||||
| Connecticut: 3.2% | ||||||||
| Connecticut State Health and Educational Facility Authority, Series A (RB) | ||||||||
| 1,000,000 | 5.00%, 07/01/21 (c) | 1,136,200 | ||||||
| 1,245,000 | 5.00%, 07/01/24 (c) | 1,431,538 | ||||||
| 125,000 | 5.00%, 07/01/24 (c) | 146,639 | ||||||
| Connecticut State, Special Tax Revenue, Transportation Infrastructure Purposes, Series A (RB) | ||||||||
| 440,000 | 5.00%, 01/01/23 (c) | 516,080 | ||||||
| 1,000,000 | 5.00%, 10/01/23 (c) | 1,155,070 | ||||||
| State of Connecticut, Series A (GO) | ||||||||
| 2,355,000 | 5.00%, 10/15/23 (c) | 2,771,364 | ||||||
| 1,650,000 | 5.00%, 10/15/23 (c) | 1,953,451 | ||||||
| 55,000 | 5.00%, 10/15/23 (c) | 65,553 | ||||||
| 125,000 | 5.00%, 03/01/24 (c) | 143,193 | ||||||
| 2,500,000 | 5.00%, 03/01/24 (c) | 2,954,675 | ||||||
See Notes to Financial Statements
| 45 |
INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal | ||||||||
| Amount | Value | |||||||
| Connecticut: (continued) | ||||||||
| State of Connecticut, Series B (GO) | ||||||||
| $ | 5,000 | 5.00%, 05/15/21 (c) | $ | 5,870 | ||||
| 2,500,000 | 5.00%, 04/15/22 (c) | 2,892,550 | ||||||
| 1,000,000 | 5.00%, 04/15/22 (c) | 1,151,850 | ||||||
| 405,000 | 5.00%, 04/15/22 (c) | 476,539 | ||||||
| 2,500,000 | 5.00%, 03/01/23 (c) | 2,926,825 | ||||||
| 290,000 | 5.00%, 06/15/25 (c) | 336,542 | ||||||
| State of Connecticut, Series C (GO) | ||||||||
| 1,215,000 | 5.00%, 07/15/23 (c) | 1,432,035 | ||||||
| 1,360,000 | 5.00%, 12/15/23 | 1,637,046 | ||||||
| 1,000,000 | 5.00%, 06/15/25 | 1,212,450 | ||||||
| State of Connecticut, Series D (GO) | ||||||||
| 620,000 | 5.00%, 11/01/21 (c) | 711,326 | ||||||
| 960,000 | 5.00%, 11/01/21 (c) | 1,121,856 | ||||||
| State of Connecticut, Series E (GO) | ||||||||
| 500,000 | 4.00%, 09/01/24 (c) | 545,795 | ||||||
| 1,000,000 | 5.00%, 09/15/22 (c) | 1,181,640 | ||||||
| 2,500,000 | 5.00%, 08/15/23 (c) | 2,986,150 | ||||||
| 225,000 | 5.00%, 08/15/23 (c) | 267,341 | ||||||
| 2,020,000 | State of Connecticut, Series F (GO) 5.00%, 11/15/24 (c) | 2,393,660 | ||||||
| State of Connecticut, Series G (GO) | ||||||||
| 795,000 | 5.00%, 10/15/22 (c) | 941,041 | ||||||
| 480,000 | 5.00%, 10/15/22 (c) | 570,566 | ||||||
| 440,000 | State of Connecticut, Transportation Infrastructure, Series A (RB) 5.00%, 10/01/23 (c) | 505,204 | ||||||
| University of Connecticut, Series A (RB) | ||||||||
| 65,000 | 5.00%, 02/15/21 (c) | 73,678 | ||||||
| 500,000 | 5.00%, 02/15/23 (c) | 590,740 | ||||||
| 1,000,000 | 5.00%, 08/15/23 (c) | 1,173,420 | ||||||
| 2,000,000 | 5.00%, 02/15/25 (c) | 2,357,320 | ||||||
| 39,765,207 | ||||||||
| Delaware: 0.3% | ||||||||
| State of Delaware (GO) | ||||||||
| 325,000 | 5.00%, 07/01/20 (c) | 378,378 | ||||||
| 100,000 | 5.00%, 03/01/22 | 121,244 | ||||||
| 500,000 | State of Delaware, Series A (GO) 5.00%, 08/01/23 (c) | 615,125 | ||||||
| State of Delaware, Series B (GO) | ||||||||
| 750,000 | 5.00%, 07/01/23 | 925,185 | ||||||
| 1,000,000 | 5.00%, 07/01/24 (c) | 1,224,920 | ||||||
| 3,264,852 | ||||||||
| District of Columbia: 0.5% | ||||||||
| 25,000 | District of Columbia, Income Tax Secured Revenue, Series A (RB) 5.00%, 06/01/20 (c) | 28,927 | ||||||
| District of Columbia, Income Tax Secured Revenue, Series C (RB) | ||||||||
| 60,000 | 5.00%, 12/01/21 | 72,034 | ||||||
| 395,000 | 5.00%, 12/01/22 (c) | 464,828 | ||||||
| 100,000 | 5.00%, 12/01/22 (c) | 115,068 | ||||||
| 1,250,000 | District of Columbia, Income Tax Secured Revenue, Series G (RB) 5.00%, 12/01/21 (c) | 1,451,075 | ||||||
| 250,000 | District of Columbia, Provident Group- Howard Properties, LLC Issue (RB) 5.00%, 10/01/22 (c) | 250,568 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| District of Columbia: (continued) | ||||||||
| District of Columbia, Series A (GO) | ||||||||
| $ | 200,000 | 5.00%, 06/01/23 | $ | 243,546 | ||||
| 1,000,000 | 5.00%, 06/01/23 (c) | 1,185,940 | ||||||
| District of Columbia, Water and Sewer Authority, Subordinated Lien, Series B (RB) | ||||||||
| 1,000,000 | 5.00%, 10/01/25 (c) | 1,168,440 | ||||||
| 1,000,000 | 5.00%, 10/01/25 (c) | 1,198,760 | ||||||
| 50,000 | District of Columbia, Water and Sewer Authority, Subordinated Lien, Series C (RB) 5.00%, 10/01/22 | 60,494 | ||||||
| 90,000 | Metropolitan Washington Airports Authority, Series A (RB) 5.00%, 10/01/20 (c) | 103,837 | ||||||
| 6,343,517 | ||||||||
| Florida: 4.0% | ||||||||
| Broward County, Florida Water and Sewer Utility Revenue, Series B (RB) | ||||||||
| 25,000 | 5.00%, 10/01/22 (c) | 30,229 | ||||||
| 70,000 | 5.00%, 10/01/22 (c) | 84,894 | ||||||
| 500,000 | City of Jacksonville (RB) 5.00%, 10/01/24 (c) | 577,650 | ||||||
| 750,000 | City of Jacksonville, Better Jacksonville Sales Tax Revenue (RB) 5.00%, 10/01/22 (c) | 872,925 | ||||||
| 1,185,000 | City of Jacksonville, Better Jacksonville Sales Tax, Series A (RB) 5.00%, 10/01/25 | 1,449,385 | ||||||
| City of Jacksonville, Florida (RB) | ||||||||
| 120,000 | 5.00%, 10/01/22 | 142,948 | ||||||
| 390,000 | 5.00%, 10/01/22 (c) | 457,170 | ||||||
| 50,000 | 5.00%, 10/01/22 (c) | 58,997 | ||||||
| City of Jacksonville, Florida, Series A (RB) | ||||||||
| 500,000 | 5.00%, 10/01/22 (c) | 581,255 | ||||||
| 1,225,000 | 5.00%, 10/01/22 (c) | 1,403,115 | ||||||
| City of Jacksonville, Florida, Series C (RB) | ||||||||
| 250,000 | 5.00%, 10/01/22 (c) | 293,580 | ||||||
| 100,000 | 5.00%, 10/01/22 (c) | 118,274 | ||||||
| 1,795,000 | 5.00%, 10/01/22 (c) | 2,130,629 | ||||||
| City of Jacksonville, Series A (RB) | ||||||||
| 700,000 | 5.00%, 10/01/22 (c) | 823,004 | ||||||
| 495,000 | 5.00%, 10/01/22 (c) | 585,808 | ||||||
| 350,000 | City of Jacksonville, Series B (RB) 5.00%, 10/01/22 | 420,178 | ||||||
| City of Orlando, Florida, Series A (RB) | ||||||||
| 750,000 | 5.25%, 05/01/24 (c) | 889,882 | ||||||
| 2,420,000 | 5.25%, 05/01/24 (c) | 2,895,627 | ||||||
| 330,000 | City of Tampa, Florida Water & Wastewater System Revenue (RB) 5.00%, 10/01/21 (c) | 390,558 | ||||||
| 50,000 | City of Tampa, H. Lee Moffitt Cancer Center Project, Series A (RB) 5.00%, 09/01/22 (c) | 56,524 | ||||||
See Notes to Financial Statements
| 46 |
| Principal | ||||||||
| Amount | Value | |||||||
| Florida: (continued) | ||||||||
| $ | 1,400,000 | County of Miami-Dade, Building Better Communities Program, Series B (GO) 4.00%, 07/01/24 (c) | $ | 1,429,778 | ||||
| County of Miami-Dade, Florida Aviation Revenue (RB) | ||||||||
| 70,000 | 4.00%, 10/01/22 (c) | 77,844 | ||||||
| 25,000 | 5.50%, 10/01/20 (c) | 29,391 | ||||||
| 25,000 | County of Miami-Dade, Florida Transit System Sales Surtax Revenue (RB) 3.38%, 07/01/22 (c) | 25,380 | ||||||
| County of Miami-Dade, Florida, Series A (RB) | ||||||||
| 65,000 | 5.00%, 10/01/22 (c) | 75,072 | ||||||
| 1,440,000 | 5.00%, 10/01/22 | 1,701,115 | ||||||
| County of Orange, Florida Sales Tax Revenue (RB) | ||||||||
| 155,000 | 5.00%, 01/01/22 | 185,786 | ||||||
| 50,000 | 5.00%, 01/01/22 (c) | 57,803 | ||||||
| 250,000 | 5.00%, 01/01/24 | 305,560 | ||||||
| 500,000 | County of Palm Beach, Florida (RB) 5.00%, 06/01/22 (c) | 601,195 | ||||||
| 50,000 | County of Palm Beach, Public Improvement (RB) 5.00%, 06/01/22 (c) | 59,845 | ||||||
| 50,000 | Florida Department of Management Services, Series A (CP) 5.00%, 08/01/25 | 60,747 | ||||||
| Florida State Board of Education, Public Education Capital Outlay, Series A (GO) | ||||||||
| 500,000 | 4.75%, 06/01/20 (c) | 574,575 | ||||||
| 50,000 | 5.00%, 06/01/20 (c) | 59,400 | ||||||
| Florida State Board of Education, Public Education Capital Outlay, Series B (GO) | ||||||||
| 650,000 | 3.00%, 06/01/24 (c) | 663,825 | ||||||
| 480,000 | 5.00%, 06/01/20 (c) | 563,299 | ||||||
| Florida State Board of Education, Public Education Capital Outlay, Series C (GO) | ||||||||
| 1,170,000 | 3.00%, 06/01/21 (c) | 1,234,584 | ||||||
| 35,000 | 3.00%, 06/01/22 (c) | 34,357 | ||||||
| 610,000 | 3.00%, 06/01/24 (c) | 598,794 | ||||||
| 1,000,000 | 4.00%, 06/01/21 (c) | 1,078,670 | ||||||
| 570,000 | 4.00%, 06/01/22 (c) | 619,014 | ||||||
| 500,000 | Florida State Board of Education, Public Education Capital Outlay, Series D (GO) 5.00%, 06/01/21 (c) | 596,205 | ||||||
| 750,000 | Florida State Board of Education, Public Education Capital Outlay, Series E (GO) 5.00%, 06/01/21 (c) | 881,542 | ||||||
| Florida State Board of Education, Public Education Capital Outlay, Series F (GO) | ||||||||
| 215,000 | 4.00%, 06/01/21 (c) | 229,603 | ||||||
| 690,000 | 5.00%, 06/01/21 (c) | 796,315 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Florida: (continued) | ||||||||
| Florida State Department of Transportation, Full Faith and Credit Right-of-Way, Series A (GO) | ||||||||
| $ | 1,000,000 | 5.00%, 07/01/21 (c) | $ | 1,190,970 | ||||
| 1,300,000 | 5.00%, 07/01/21 (c) | 1,551,368 | ||||||
| Florida State, Right-of-Way Acquisition and Bridge Construction, Series B (GO) | ||||||||
| 475,000 | 5.00%, 07/01/21 (c) | 561,459 | ||||||
| 100,000 | 5.00%, 07/01/21 (c) | 118,857 | ||||||
| 95,000 | JEA Electric System Revenue, Series A (RB) 5.00%, 10/01/23 (c) | 110,610 | ||||||
| JEA Water and Sewer System Revenue, Series A (RB) | ||||||||
| 250,000 | 5.00%, 04/01/21 (c) | 291,750 | ||||||
| 65,000 | 5.00%, 10/01/22 (c) | 78,407 | ||||||
| 350,000 | Miami Beach Health Facilities Authority, Mount Sinai Medical Center of Florida (RB) 4.00%, 11/15/22 (c) | 365,705 | ||||||
| Miami-Dade County, Florida School Board Foundation, Inc., Series A (CP) | ||||||||
| 305,000 | 4.00%, 08/01/22 (c) | 328,110 | ||||||
| 240,000 | 4.00%, 08/01/22 (c) | 259,106 | ||||||
| Miami-Dade County, Florida Seaport General Obligation, Series C (GO) | ||||||||
| 1,365,000 | 5.00%, 10/01/21 (c) | 1,607,929 | ||||||
| 700,000 | 5.00%, 10/01/21 (c) | 826,301 | ||||||
| Miami-Dade County, Florida Subordinate Special Obligation, Series A (RB) | ||||||||
| 500,000 | 5.00%, 10/01/22 (c) | 571,005 | ||||||
| 1,565,000 | 5.00%, 10/01/22 (c) | 1,833,444 | ||||||
| 70,000 | Miami-Dade County, Series A (RB) 5.00%, 10/01/22 (c) | 82,743 | ||||||
| 30,000 | Miami-Dade County, Water and Sewer System (RB) 5.00%, 10/01/24 | 36,816 | ||||||
| 200,000 | Orange County Health Facilities Authority (RB) 5.13%, 10/01/19 (c) | 224,986 | ||||||
| Orlando and Orange County Expressway Authority (RB) (AGM) | ||||||||
| 340,000 | 3.00%, 07/01/22 (c) | 353,328 | ||||||
| 100,000 | 5.00%, 07/01/22 | 119,576 | ||||||
| 1,550,000 | 5.00%, 07/01/22 (c) | 1,838,501 | ||||||
| 30,000 | 5.00%, 07/01/22 (c) | 35,935 | ||||||
| 135,000 | Orlando and Orange County Expressway Authority, Series B (RB) (AGM) 5.00%, 07/01/23 (c) | 159,832 | ||||||
| Orlando Utilities Commission, Series A (RB) | ||||||||
| 200,000 | 5.00%, 10/01/22 | 241,686 | ||||||
| 1,065,000 | 5.00%, 10/01/24 | 1,307,926 | ||||||
| 70,000 | Orlando Utilities Commission, Series C (RB) 5.00%, 10/01/22 | 84,590 | ||||||
See Notes to Financial Statements
| 47 |
INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal | ||||||||
| Amount | Value | |||||||
| Florida: (continued) | ||||||||
| Palm Beach County Solid Waste Authority (RB) | ||||||||
| $ | 50,000 | 5.00%, 10/01/21 (c) | $ | 60,204 | ||||
| 1,790,000 | 5.00%, 10/01/21 (c) | 2,075,917 | ||||||
| 145,000 | 5.00%, 10/01/21 (c) | 174,500 | ||||||
| 130,000 | 5.00%, 10/01/21 (c) | 156,940 | ||||||
| 220,000 | School Board of Miami-Dade County, Series A (CP) 5.00%, 05/01/23 | 262,332 | ||||||
| School Board of Miami-Dade County, Series B (CP) (AGM) | ||||||||
| 545,000 | 5.00%, 05/01/25 (c) | 639,367 | ||||||
| 65,000 | 5.63%, 05/01/21 (c) | 76,383 | ||||||
| 265,000 | School Board of Miami-Dade County, Series D (CP) 5.00%, 11/01/24 (c) | 303,799 | ||||||
| 500,000 | St. Johns River Power Park (RB) 3.00%, 10/01/19 (c) | 512,440 | ||||||
| 85,000 | State of Florida, Board of Education, Lottery Revenue, Series A (RB) 5.00%, 07/01/21 (c) | 101,079 | ||||||
| 800,000 | State of Florida, Board of Education, Public Education Capital Outlay Refunding, Series B (GO) 4.00%, 06/01/21 (c) | 888,464 | ||||||
| 30,000 | State of Florida, Department of Transportation Turnpike, Series A (RB) 3.00%, 07/01/22 (c) | 29,823 | ||||||
| Tampa-Hillsborough County Expressway Authority, Series A (RB) | ||||||||
| 2,000,000 | 4.00%, 07/01/22 (c) | 2,123,560 | ||||||
| 1,020,000 | 5.00%, 07/01/22 (c) | 1,168,747 | ||||||
| 50,000 | Tohopekaliga Water Authority, Utility System, Series A (RB) 5.75%, 10/01/21 (c) | 61,463 | ||||||
| 49,618,289 | ||||||||
| Georgia: 1.6% | ||||||||
| 750,000 | City of Atlanta, Public Improvement (GO) 4.50%, 12/01/24 (c) | 866,490 | ||||||
| 1,500,000 | City of Austin, Water and Wastewater System Revenue (RB) 5.00%, 05/01/25 (c) | 1,772,010 | ||||||
| 275,000 | Georgia Housing and Finance Authority, Single Family Mortgage, Subseries B-1 (RB) 3.00%, 06/01/24 (c) | 266,371 | ||||||
| 305,000 | Metropolitan Atlanta Rapid Transit Authority, Series A (RB) 3.00%, 07/01/22 (c) | 313,162 | ||||||
| 500,000 | Municipal Electric Authority of Georgia, Combined Cycle Project, Series A (RB) 5.00%, 11/01/22 | 599,585 | ||||||
| Municipal Electric Authority of Georgia, Power Revenue, Series GG (RB) | ||||||||
| 1,000,000 | 5.00%, 01/01/23 (c) | 1,184,480 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Georgia: (continued) | ||||||||
| $ | 1,495,000 | 5.00%, 01/01/23 | $ | 1,791,608 | ||||
| State of Georgia, Series A (GO) | ||||||||
| 65,000 | 3.00%, 07/01/22 (c) | 65,586 | ||||||
| 1,000,000 | 3.00%, 02/01/24 (c) | 1,010,920 | ||||||
| 1,255,000 | 5.00%, 07/01/22 (c) | 1,500,679 | ||||||
| 1,950,000 | 5.00%, 07/01/22 (c) | 2,341,209 | ||||||
| 4,600,000 | 5.00%, 02/01/25 | 5,772,264 | ||||||
| State of Georgia, Series C (GO) | ||||||||
| 335,000 | 5.00%, 07/01/21 (c) | 396,774 | ||||||
| 1,750,000 | 5.00%, 07/01/21 (c) | 2,082,097 | ||||||
| 40,000 | State of Georgia, Series I (GO) 4.00%, 11/01/21 (c) | 44,045 | ||||||
| 500,000 | State of Georgia, Series J (GO) 4.50%, 11/01/21 (c) | 586,900 | ||||||
| 20,594,180 | ||||||||
| Guam: 0.1% | ||||||||
| 1,165,000 | Government of Guam Business Privilege Tax, Series B-1 (RB) 5.00%, 01/01/22 (c) | 1,261,998 | ||||||
| Hawaii: 2.3% | ||||||||
| 65,000 | City & County of Honolulu, Hawaii (GO) 5.00%, 12/01/20 (c) | 75,869 | ||||||
| 575,000 | City & County of Honolulu, Hawaii, Series A (GO) 5.00%, 11/01/22 (c) | 677,994 | ||||||
| 40,000 | City & County of Honolulu, Hawaii, Series B (GO) 5.00%, 11/01/22 (c) | 47,909 | ||||||
| City and County of Honolulu, Series B (GO) | ||||||||
| 650,000 | 5.00%, 12/01/20 (c) | 762,846 | ||||||
| 500,000 | 5.00%, 12/01/20 (c) | 587,075 | ||||||
| 50,000 | State of Hawaii, Airports System Revenue, Series A (RB) 5.25%, 07/01/20 (c) | 58,307 | ||||||
| State of Hawaii, Series DZ (GO) | ||||||||
| 800,000 | 5.00%, 12/01/21 (c) | 952,776 | ||||||
| 2,260,000 | 5.00%, 12/01/21 (c) | 2,657,308 | ||||||
| 500,000 | 5.00%, 12/01/21 (c) | 590,730 | ||||||
| 1,425,000 | 5.00%, 12/01/21 (c) | 1,671,055 | ||||||
| 800,000 | 5.00%, 12/01/21 (c) | 955,832 | ||||||
| 800,000 | 5.00%, 12/01/21 (c) | 958,904 | ||||||
| 2,685,000 | 5.00%, 12/01/21 (c) | 3,167,145 | ||||||
| 2,800,000 | 5.00%, 12/01/21 (c) | 3,313,380 | ||||||
| State of Hawaii, Series EA (GO) | ||||||||
| 330,000 | 5.00%, 12/01/21 (c) | 396,822 | ||||||
| 350,000 | 5.00%, 12/01/21 | 419,972 | ||||||
| 600,000 | 5.00%, 12/01/21 (c) | 719,178 | ||||||
| 100,000 | State of Hawaii, Series EE (GO) 5.00%, 11/01/22 (c) | 118,480 | ||||||
| State of Hawaii, Series EO (GO) | ||||||||
| 1,850,000 | 5.00%, 08/01/24 (c) | 2,249,988 | ||||||
| 3,345,000 | 5.00%, 08/01/24 (c) | 4,103,914 | ||||||
| 3,295,000 | 5.00%, 08/01/24 (c) | 3,915,350 | ||||||
| 28,400,834 | ||||||||
| Illinois: 4.0% | ||||||||
| Board of Trustees of the University of Illinois, Series A (RB) | ||||||||
| 1,155,000 | 4.00%, 04/01/23 (c) | 1,193,138 | ||||||
See Notes to Financial Statements
| 48 |
| Principal | ||||||||
| Amount | Value | |||||||
| Illinois: (continued) | ||||||||
| $ | 1,500,000 | 5.00%, 04/01/23 (c) | $ | 1,711,830 | ||||
| Chicago Midway International Airport, Second Lien, Series B (RB) | ||||||||
| 70,000 | 5.00%, 01/01/23 (c) | 80,758 | ||||||
| 200,000 | 5.00%, 01/01/23 | 233,722 | ||||||
| 1,000,000 | 5.00%, 01/01/24 (c) | 1,140,640 | ||||||
| Chicago O’Hare International Airport, Senior Lien, Series B (RB) | ||||||||
| 500,000 | 5.00%, 01/01/23 (c) | 577,905 | ||||||
| 500,000 | 5.00%, 01/01/25 (c) | 566,690 | ||||||
| 3,000,000 | 5.25%, 01/01/23 (c) | 3,406,980 | ||||||
| 600,000 | Chicago O’Hare International Airport, Senior Lien, Series D (RB) 5.00%, 01/01/23 (c) | 693,486 | ||||||
| 500,000 | Chicago O’Hare International Airport, Third Lien, Series C (RB) 5.25%, 01/01/20 (c) | 571,390 | ||||||
| Chicago Transit Authority, Sales Tax (RB) | ||||||||
| 790,000 | 5.25%, 12/01/21 (c) | 865,500 | ||||||
| 300,000 | 5.25%, 12/01/21 (c) | 325,932 | ||||||
| 180,000 | 5.25%, 12/01/21 (c) | 199,802 | ||||||
| 765,000 | 5.25%, 12/01/21 (c) | 857,664 | ||||||
| 200,000 | 5.25%, 12/01/21 (c) | 223,404 | ||||||
| 1,435,000 | City of Chicago, Illinois Wastewater Transmission Revenue (RB) 5.00%, 01/01/24 (c) | 1,584,412 | ||||||
| City of Chicago, Illinois Waterworks Revenue (RB) | ||||||||
| 225,000 | 5.00%, 11/01/22 (c) | 240,161 | ||||||
| 70,000 | 5.00%, 11/01/22 (c) | 76,826 | ||||||
| 535,000 | City of Chicago, Illinois, Series A (GO) 5.00%, 01/01/24 (c) | 538,884 | ||||||
| 150,000 | City of Chicago, Motor Fuel Tax Revenue (RB) (AGM) 5.00%, 01/01/24 (c) | 158,952 | ||||||
| City of Chicago, Series A (GO) | ||||||||
| 1,000,000 | 5.25%, 01/01/24 (c) | 1,019,870 | ||||||
| 1,160,000 | 5.25%, 01/01/24 (c) | 1,182,260 | ||||||
| 925,000 | City of Chicago, Series C (GO) 5.00%, 01/01/22 (c) | 932,252 | ||||||
| City of Chicago, Waterworks Revenue, Second Lien (RB) | ||||||||
| 135,000 | 5.00%, 11/01/22 (c) | 146,591 | ||||||
| 30,000 | 5.00%, 11/01/22 (c) | 33,399 | ||||||
| 40,000 | 5.00%, 11/01/24 (c) | 44,269 | ||||||
| 610,000 | 5.00%, 11/01/24 (c) | 672,641 | ||||||
| 500,000 | Cook County Community College District No. 508 (GO) 5.25%, 12/01/23 (c) | 569,370 | ||||||
| County of Cook, Illinois, Series A (GO) | ||||||||
| 750,000 | 5.00%, 11/15/21 | 825,225 | ||||||
| 1,310,000 | 5.25%, 11/15/21 (c) | 1,398,399 | ||||||
| 595,000 | 5.25%, 11/15/21 (c) | 650,145 | ||||||
| 465,000 | County of Cook, Illinois, Series G (GO) 5.00%, 11/15/20 (c) | 496,029 | ||||||
| County of Cook, Series C (GO) | ||||||||
| 370,000 | 5.00%, 11/15/22 (c) | 401,202 | ||||||
| 200,000 | 5.00%, 11/15/22 (c) | 219,598 | ||||||
| 75,000 | Illinois Finance Authority, Advocate Care Network, Series A (RB) | |||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Illinois: (continued) | ||||||||
| 5.00%, 06/01/23 (c) | $ | 89,232 | ||||||
| $ | 30,000 | Illinois Finance Authority, Advocate Health Care Network, Series A (RB) 5.00%, 08/01/24 (c) | 35,187 | |||||
| Illinois Finance Authority, OSF Healthcare System, Series A (RB) | ||||||||
| 45,000 | 4.50%, 05/15/22 (c) | 50,248 | ||||||
| 75,000 | 5.00%, 05/15/22 | 86,918 | ||||||
| 75,000 | Illinois Finance Authority, Rush University Medical Center Obligated Group (RB) 5.00%, 05/15/25 (c) | 85,418 | ||||||
| Illinois Finance Authority, Trinity Health Credit Group (RB) | ||||||||
| 1,035,000 | 5.00%, 12/01/21 (c) | 1,195,114 | ||||||
| 1,105,000 | 5.00%, 12/01/21 (c) | 1,284,806 | ||||||
| 135,000 | Illinois Finance Authority, University of Chicago, Series A (RB) 5.00%, 10/01/24 (c) | 159,789 | ||||||
| 170,000 | Illinois Municipal Electric Agency, Power Supply System, Series A (RB) 5.00%, 08/01/25 (c) | 194,817 | ||||||
| 450,000 | Illinois Railsplitter Tobacco Settlement Authority (RB) 5.50%, 06/01/21 (c) | 526,216 | ||||||
| 400,000 | Illinois State Toll Highway Authority, Series A (RB) 5.00%, 01/01/23 (c) | 457,544 | ||||||
| 130,000 | Illinois State Toll Highway Authority, Series A-1 (RB) 5.25%, 01/01/20 (c) | 147,664 | ||||||
| 500,000 | Illinois State Toll Highway Authority, Series C (RB) 5.00%, 01/01/25 (c) | 565,845 | ||||||
| 1,000,000 | Illinois State, Series A (GO) 4.00%, 01/01/22 (c) | 1,015,800 | ||||||
| 1,115,000 | Kane Cook and DuPage Counties, Illinois School District No. U-46 Elgin, Series D (GO) 5.00%, 01/01/24 (c) | 1,269,216 | ||||||
| 10,000 | McHenry County Conservation District (GO) 5.00%, 02/01/25 (c) | 12,042 | ||||||
| 50,000 | Metropolitan Pier and Exposition Authority, Series B-1 (RB) (AGM) 3.76%, 06/15/26 ^ | 33,636 | ||||||
| 200,000 | Metropolitan Water Reclamation District of Greater Chicago, Series C (GO) 5.00%, 12/01/21 (c) | 222,764 | ||||||
| State of Illinois (RB) | ||||||||
| 1,695,000 | 4.00%, 06/15/21 (c) | 1,796,327 | ||||||
| 500,000 | 4.00%, 08/01/22 (c) | 494,410 | ||||||
| 1,025,000 | 4.25%, 06/15/21 (c) | 1,067,025 | ||||||
| 500,000 | 4.50%, 02/01/24 (c) | 497,995 | ||||||
| 2,000,000 | 5.00%, 01/01/22 (c) | 2,094,760 | ||||||
| 25,000 | 5.00%, 03/01/22 (c) | 26,875 | ||||||
| 1,750,000 | 5.00%, 05/01/22 | 1,917,212 | ||||||
| 985,000 | 5.00%, 08/01/23 | 1,078,092 | ||||||
See Notes to Financial Statements
| 49 |
INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal | ||||||||
| Amount | Value | |||||||
| Illinois: (continued) | ||||||||
| $ | 2,000,000 | 5.00%, 02/01/24 (c) | $ | 2,171,300 | ||||
| 960,000 | 5.00%, 04/01/24 (c) | 1,005,581 | ||||||
| 500,000 | 5.00%, 04/01/24 (c) | 535,020 | ||||||
| 250,000 | 5.00%, 05/01/24 (c) | 271,978 | ||||||
| 690,000 | 5.25%, 07/01/23 (c) | 734,664 | ||||||
| 700,000 | 5.25%, 07/01/23 (c) | 742,959 | ||||||
| 1,540,000 | 5.50%, 07/01/23 (c) | 1,689,934 | ||||||
| 370,000 | 5.50%, 07/01/23 (c) | 408,591 | ||||||
| 75,000 | State of Illinois, Series A (GO) 5.00%, 04/01/22 | 82,172 | ||||||
| 2,000,000 | Will and Cook County Community High School District No. 210, Series A (GO) 5.00%, 01/01/23 (c) | 2,246,280 | ||||||
| 50,132,757 | ||||||||
| Indiana: 0.3% | ||||||||
| 500,000 | Carmel City, Indiana Redevelopment Authority, Series A (RB) 2.63%, 08/01/22 (c) | 497,435 | ||||||
| 870,000 | Indiana Finance Authority, Hospital Revenue, Parkview Health System Obligated Group, Series A (RB) 5.00%, 05/01/22 | 1,020,058 | ||||||
| 1,200,000 | Indiana Finance Authority, Series A (RB) 5.00%, 02/01/22 (c) | 1,440,624 | ||||||
| 100,000 | Indiana Finance Authority, Series B (RB) 5.00%, 02/01/21 (c) | 116,534 | ||||||
| 500,000 | Indianapolis, Indiana Local Public Improvement Bond Bank, Series K (RB) 5.00%, 06/01/21 (c) | 576,470 | ||||||
| 140,000 | Zionsville Community Schools Building Corp. (RB) 3.00%, 07/15/24 (c) | 140,316 | ||||||
| 3,791,437 | ||||||||
| Kansas: 0.6% | ||||||||
| 540,000 | City of Wichita, Kansas (GO) 3.00%, 06/01/23 (c) | 542,176 | ||||||
| 260,000 | Kansas Development Finance Authority, Department of Health and Environment, Series SRF-1 (RB) 5.00%, 03/01/20 (c) | 300,802 | ||||||
| 25,000 | Kansas Development Finance Authority, Hospital Revenue, Series A (RB) 5.00%, 05/15/22 (c) | 28,760 | ||||||
| 2,035,000 | Kansas Development Finance Authority, State of Kansas Projects, Series A (RB) 5.00%, 05/01/23 (c) | 2,344,585 | ||||||
| 700,000 | State of Kansas, Department of Transportation, Highway Revenue, Series A (RB) 5.00%, 09/01/24 (c) | 852,026 | ||||||
| 2,500,000 | Wyandotte County Unified Government, Utility System Revenue, Series A (RB) 5.00%, 09/01/22 (c) | 2,842,775 | ||||||
| 6,911,124 | ||||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Kentucky: 2.0% | ||||||||
| Commonwealth of Kentucky State Property and Building Commission, Project No. 100, Series A (RB) | ||||||||
| $ | 475,000 | 5.00%, 08/01/21 (c) | $ | 556,985 | ||||
| 2,005,000 | 5.00%, 08/01/21 (c) | 2,320,246 | ||||||
| Commonwealth of Kentucky State Property and Building Commission, Project No. 106, Series A (RB) | ||||||||
| 450,000 | 5.00%, 10/01/23 (c) | 522,900 | ||||||
| 540,000 | 5.00%, 10/01/23 (c) | 636,314 | ||||||
| 125,000 | Commonwealth of Kentucky State Property and Building Commission, Project No. 108, Series A (RB) 5.00%, 08/01/25 (c) | 145,978 | ||||||
| Commonwealth of Kentucky State Property and Building Commission, Project No. 108, Series B (RB) | ||||||||
| 1,000,000 | 5.00%, 08/01/23 | 1,189,660 | ||||||
| 500,000 | 5.00%, 08/01/25 | 604,100 | ||||||
| 835,000 | Commonwealth of Kentucky State Property and Building Commission, Project No. 99, Series A (RB) 5.00%, 11/01/20 (c) | 967,640 | ||||||
| Kentucky Asset Liability Commission Project, Federal Highway Trust, First Series A (RB) | ||||||||
| 250,000 | 5.00%, 09/01/23 | 296,700 | ||||||
| 3,250,000 | 5.00%, 09/01/24 (c) | 3,802,760 | ||||||
| 350,000 | 5.00%, 09/01/24 (c) | 414,939 | ||||||
| 615,000 | 5.25%, 09/01/22 | 734,544 | ||||||
| 1,000,000 | 5.25%, 09/01/23 (c) | 1,201,400 | ||||||
| 780,000 | 5.25%, 09/01/23 | 939,557 | ||||||
| 1,000,000 | 5.25%, 09/01/23 (c) | 1,210,120 | ||||||
| 750,000 | Kentucky Municipal Power Agency, Prairie State Project, Series A (RB) 5.00%, 09/01/24 | 880,762 | ||||||
| 300,000 | Lexington Fayette Urban County Government Public Facilities Corp. Eastern State Hospital Project, Series A (RB) 5.25%, 06/01/21 (c) | 341,340 | ||||||
| 220,000 | Louisville and Jefferson County, Metropolitan Government Catholic Health Initiatives, Series A (RB) 5.00%, 06/01/22 (c) | 251,145 | ||||||
| Louisville and Jefferson County, Metropolitan Sewer and Drainage System, Series A (RB) | ||||||||
| 500,000 | 5.00%, 11/15/21 (c) | 587,920 | ||||||
| 780,000 | 5.00%, 11/15/21 (c) | 923,988 | ||||||
| Turnpike Authority of Kentucky Economic Development Road, Revitalization Projects, Series A (RB) | ||||||||
| 65,000 | 5.00%, 07/01/22 (c) | 76,655 | ||||||
| 600,000 | 5.00%, 07/01/22 (c) | 713,322 | ||||||
| 50,000 | 5.00%, 07/01/22 (c) | 59,616 | ||||||
| 500,000 | 5.00%, 07/01/23 (c) | 581,320 | ||||||
| 470,000 | 5.00%, 07/01/23 (c) | 553,209 | ||||||
| 450,000 | 5.00%, 07/01/23 (c) | 526,585 | ||||||
See Notes to Financial Statements
| 50 |
| Principal | ||||||||
| Amount | Value | |||||||
| Kentucky: (continued) | ||||||||
| $ | 1,015,000 | 5.00%, 07/01/23 (c) | $ | 1,222,202 | ||||
| 125,000 | 5.00%, 07/01/23 (c) | 148,281 | ||||||
| 50,000 | Turnpike Authority of Kentucky Economic Development Road, Revitalization Projects, Series B (RB) 5.00%, 07/01/26 | 61,368 | ||||||
| 2,000,000 | University of Kentucky, Series B (RB) 5.00%, 04/01/25 (c) | 2,400,120 | ||||||
| 24,871,676 | ||||||||
| Louisiana: 2.6% | ||||||||
| 250,000 | City of Lafayette, Louisiana Utilities Revenue (RB) 5.00%, 11/01/22 (c) | 301,243 | ||||||
| 250,000 | East Baton Rouge Sewerage Commission, Series B (RB) 5.00%, 02/01/25 (c) | 289,648 | ||||||
| Louisiana Public Facilities Authority, Hurricane Recovery Program (RB) | ||||||||
| 1,950,000 | 5.00%, 06/01/22 | 2,303,437 | ||||||
| 985,000 | 5.00%, 06/01/24 (c) | 1,136,976 | ||||||
| 3,150,000 | 5.00%, 06/01/24 (c) | 3,651,543 | ||||||
| 1,850,000 | 5.00%, 06/01/24 (c) | 2,181,483 | ||||||
| 1,515,000 | Louisiana Stadium and Exposition District, Series A (RB) 5.00%, 07/01/23 (c) | 1,739,871 | ||||||
| Louisiana State, Series A (GO) | ||||||||
| 3,200,000 | 4.00%, 02/01/24 (c) | 3,434,432 | ||||||
| 250,000 | 5.00%, 05/15/20 (c) | 289,255 | ||||||
| 250,000 | 5.00%, 02/01/24 (c) | 302,493 | ||||||
| 500,000 | Louisiana State, Series B (RB) 5.00%, 05/01/20 (c) | 577,150 | ||||||
| 1,000,000 | Louisiana State, Series C (GO) 5.00%, 07/15/23 (c) | 1,190,990 | ||||||
| 50,000 | State of Louisiana, Gasoline and Fuels Tax Revenue, Series A-1 (RB) 5.00%, 05/01/22 (c) | 58,790 | ||||||
| 2,000,000 | State of Louisiana, Gasoline and Fuels Tax Revenue, Series B (RB) 5.00%, 05/01/24 (c) | 2,366,980 | ||||||
| State of Louisiana, Series A (GO) | ||||||||
| 60,000 | 5.00%, 05/15/20 (c) | 69,564 | ||||||
| 5,280,000 | 5.00%, 08/01/22 (c) | 6,259,598 | ||||||
| 2,100,000 | 5.00%, 08/01/22 (c) | 2,482,347 | ||||||
| 750,000 | 5.00%, 02/01/24 (c) | 893,152 | ||||||
| State of Louisiana, Series C (GO) | ||||||||
| 1,380,000 | 5.00%, 07/15/22 (c) | 1,634,458 | ||||||
| 75,000 | 5.00%, 07/15/22 (c) | 89,867 | ||||||
| 500,000 | State of Louisiana, Series D-1 (GO) 5.00%, 12/01/24 (c) | 609,080 | ||||||
| 31,862,357 | ||||||||
| Maine: 0.0% | ||||||||
| 65,000 | Maine Turnpike Authority (RB) 5.00%, 07/01/25 (c) | 78,803 | ||||||
| Maryland: 2.3% | ||||||||
| 75,000 | Community Development Administration, Department of Housing, Series A (RB) 4.00%, 09/01/23 (c) | 77,441 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Maryland: (continued) | ||||||||
| $ | 600,000 | County of Anne Arundel, Maryland (GO) 5.00%, 04/01/25 | $ | 751,908 | ||||
| County of Baltimore, Maryland (GO) | ||||||||
| 2,050,000 | 3.00%, 08/01/22 (c) | 2,072,447 | ||||||
| 75,000 | 3.00%, 02/01/24 (c) | 77,493 | ||||||
| 500,000 | 5.00%, 08/01/22 | 608,935 | ||||||
| 525,000 | County of Harford, Series B (GO) 3.00%, 07/01/24 (c) | 553,691 | ||||||
| 1,650,000 | County of Howard, Series A (GO) 3.00%, 02/15/23 (c) | 1,660,708 | ||||||
| County of Montgomery, Maryland (GO) | ||||||||
| 3,000,000 | 5.00%, 11/01/24 (c) | 3,726,120 | ||||||
| 2,000,000 | 5.00%, 11/01/24 (c) | 2,414,720 | ||||||
| 1,000,000 | Howard County, Maryland, Consolidated Public Improvement, Series B (GO) 5.00%, 08/15/21 (c) | 1,191,860 | ||||||
| 1,430,000 | Maryland Health and Higher Educational Facilities Authority, Johns Hopkins University, Series A (RB) 5.00%, 07/01/22 (c) | 1,709,937 | ||||||
| 1,250,000 | Maryland Health and Higher Educational Facilities Authority, Meritus Medical Center (RB) 4.00%, 07/01/25 (c) | 1,281,200 | ||||||
| 300,000 | Maryland Health and Higher Educational Facilities Authority, Series B (RB) 5.00%, 08/15/23 (c) | 338,019 | ||||||
| 1,500,000 | Maryland Health and Higher Educational Facilities Authority, Western Maryland Health System Issue (RB) 5.00%, 07/01/24 | 1,752,120 | ||||||
| 1,000,000 | Montgomery and Price George’s Counties, Maryland Washington Suburban Sanitary District, Consolidated Public Improvement (GO) 3.00%, 06/01/21 (c) | 1,074,930 | ||||||
| Prince George’s County, Maryland, Series A (GO) | ||||||||
| 140,000 | 4.00%, 09/01/24 (c) | 156,769 | ||||||
| 445,000 | 4.00%, 09/01/24 (c) | 503,958 | ||||||
| 260,000 | Prince George’s County, Maryland, Series B (GO) 2.75%, 03/01/23 (c) | 261,888 | ||||||
| 1,300,000 | State of Maryland (GO) 4.00%, 08/01/23 (c) | 1,432,587 | ||||||
| 50,000 | State of Maryland, Department of Transportation (RB) 5.00%, 02/15/21 (c) | 57,697 | ||||||
| 1,645,000 | State of Maryland, First Series B (GO) 3.00%, 03/15/20 (c) | 1,697,360 | ||||||
| 1,255,000 | State of Maryland, Second Series B (GO) 4.00%, 08/01/22 (c) | 1,388,319 | ||||||
See Notes to Financial Statements
| 51 |
INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal | ||||||||
| Amount | Value | |||||||
| Maryland: (continued) | ||||||||
| $ | 850,000 | State of Maryland, Second Series C (GO) 5.00%, 08/01/22 | $ | 1,033,370 | ||||
| 750,000 | State of Maryland, State and Local Facilities Loan, First Series A (GO) 5.00%, 03/01/22 (c) | 902,295 | ||||||
| 45,000 | State of Maryland, State and Local Facilities Loan, First Series B (GO) 3.00%, 03/15/20 (c) | 47,723 | ||||||
| 1,530,000 | Washington Suburban Sanitary District, Second Series (GO) 4.00%, 06/01/24 (c) | 1,670,301 | ||||||
| 28,443,796 | ||||||||
| Massachusetts: 2.7% | ||||||||
| 280,000 | City of Boston, Massachusetts, Series A (GO) 5.00%, 04/01/22 | 339,469 | ||||||
| 300,000 | City of Boston, Series A (GO) 4.00%, 03/01/24 (c) | 328,896 | ||||||
| 100,000 | Commonwealth of Massachusetts Federal Highway Grant Anticipation, Series A (RB) 5.00%, 06/15/22 (c) | 120,768 | ||||||
| 500,000 | Commonwealth of Massachusetts, Accelerated Bridge Program, Series A (RB) 5.00%, 06/15/24 (c) | 612,820 | ||||||
| Commonwealth of Massachusetts, Consolidated Loan, Series C (GO) | ||||||||
| 855,000 | 3.00%, 07/01/22 (c) | 856,522 | ||||||
| 515,000 | 4.00%, 07/01/22 (c) | 556,844 | ||||||
| 3,200,000 | 5.00%, 07/01/22 (c) | 3,810,976 | ||||||
| 685,000 | Commonwealth of Massachusetts, Series A (GO) 5.00%, 04/01/21 (c) | 814,581 | ||||||
| 1,000,000 | Commonwealth of Massachusetts, Series A (GO) 5.00%, 04/01/21 (c) | 1,161,950 | ||||||
| Commonwealth of Massachusetts, Series B (GO) | ||||||||
| 1,920,000 | 5.00%, 06/01/20 (c) | 2,225,261 | ||||||
| 70,000 | 5.00%, 06/01/20 (c) | 81,298 | ||||||
| Commonwealth of Massachusetts, Series C (GO) | ||||||||
| 2,270,000 | 4.00%, 07/01/22 (c) | 2,425,813 | ||||||
| 2,325,000 | 5.00%, 08/01/25 | 2,899,879 | ||||||
| Commonwealth of Massachusetts, Series D (GO) | ||||||||
| 425,000 | 5.00%, 10/01/21 (c) | 508,797 | ||||||
| 60,000 | 5.00%, 10/01/21 (c) | 71,905 | ||||||
| 1,300,000 | Commonwealth of Massachusetts, Series D (GO) 4.25%, 10/01/21 (c) | 1,435,499 | ||||||
| 1,150,000 | Commonwealth of Massachusetts, Series E (GO) 4.00%, 12/01/19 (c) | 1,280,099 | ||||||
| Commonwealth of Massachusetts, Series F (GO) | ||||||||
| 500,000 | 3.00%, 11/01/22 (c) | 500,940 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Massachusetts: (continued) | ||||||||
| $ | 1,350,000 | 5.00%, 11/01/22 (c) | $ | 1,641,519 | ||||
| 1,775,000 | 5.00%, 11/01/22 (c) | 2,137,526 | ||||||
| 150,000 | Massachusetts Development Finance Agency, Series L (RB) 5.00%, 07/01/21 (c) | 169,922 | ||||||
| Massachusetts Educational Financing Authority, Education Loan, Issue I, Series A (RB) | ||||||||
| 260,000 | 5.15%, 01/01/20 (c) | 279,219 | ||||||
| 75,000 | 5.20%, 01/01/20 (c) | 80,486 | ||||||
| 130,000 | Massachusetts Housing Finance Agency, Series 162 (RB) 2.90%, 06/01/22 (c) | 124,478 | ||||||
| Massachusetts School Building Authority, Dedicated Sales Tax, Series A (RB) | ||||||||
| 500,000 | 5.00%, 08/15/22 (c) | 596,405 | ||||||
| 1,000,000 | 5.00%, 08/15/22 (c) | 1,196,320 | ||||||
| Massachusetts School Building Authority, Dedicated Sales Tax, Series B (RB) | ||||||||
| 40,000 | 5.00%, 08/15/22 (c) | 47,046 | ||||||
| 750,000 | 5.00%, 08/15/22 (c) | 887,287 | ||||||
| 1,000,000 | 5.00%, 01/15/25 (c) | 1,205,150 | ||||||
| Massachusetts State Transportation Fund, Series A (RB) | ||||||||
| 600,000 | 4.00%, 06/01/21 (c) | 643,644 | ||||||
| 575,000 | 5.00%, 06/01/23 | 702,012 | ||||||
| 375,000 | Massachusetts State, Federal Highway Grant, Series A (RB) 5.00%, 06/15/22 | 454,710 | ||||||
| 450,000 | Massachusetts Water Pollution Abatement Trust (RB) 5.00%, 08/01/24 | 559,804 | ||||||
| 10,000 | Massachusetts Water Resources Authority, Series C (RB) 5.00%, 08/01/21 (c) | 11,906 | ||||||
| 1,500,000 | Massachusetts Water Resources Authority, Series F (RB) 5.00%, 08/01/24 | 1,861,935 | ||||||
| 100,000 | The Massachusetts Clean Water Trust (RB) 3.25%, 08/01/20 (c) | 100,084 | ||||||
| 730,000 | University of Massachusetts Building Authority, Series 1 (RB) 5.00%, 11/01/25 (c) | 902,112 | ||||||
| 33,633,882 | ||||||||
| Michigan: 0.8% | ||||||||
| 420,000 | City Royal Oak, Hospital Finance Authority, William Beaumont Hospital Obligated Group, Series D (RB) 5.00%, 03/01/24 (c) | 470,614 | ||||||
| 70,000 | Detroit Water and Sewerage Department, Sewage Disposal System, Senior Lien, Series A (RB) 5.00%, 07/01/22 (c) | 78,480 | ||||||
| 210,000 | Detroit Water Supply System, Senior Lien, Series C (RB) 5.25%, 07/01/21 (c) | 232,111 | ||||||
See Notes to Financial Statements
| 52 |
| Principal Amount | Value | |||||||
| Michigan: (continued) | ||||||||
| $ | 1,000,000 | Detroit, Michigan School District, School
Building and Site Improvement, Series A (GO) 5.00%, 05/01/22 (c) | $ | 1,108,470 | ||||
| Michigan Finance Authority, Beaumont Health Credit Group, Series A (RB) | ||||||||
| 50,000 | 5.00%, 08/01/24 (c) | 56,936 | ||||||
| 2,500,000 | 5.00%, 08/01/24 (c) | 2,911,100 | ||||||
| 750,000 | Michigan Finance Authority, Clean Water Revolving Fund (RB) 5.00%, 10/01/22 | 911,212 | ||||||
| Michigan Finance Authority, Detroit Water and Sewerage Department, Senior Lien Series D-2 (RB) (AGM) | ||||||||
| 185,000 | 5.00%, 07/01/24 (c) | 207,622 | ||||||
| 20,000 | 5.00%, 07/01/24 | 23,362 | ||||||
| 250,000 | Michigan Finance Authority, Hospital Revenue and Refunding
Bonds (RB) 5.00%, 11/01/22 (c) | 286,240 | ||||||
| 775,000 | Michigan Finance Authority, Hospital Revenue and Refunding
Bonds, Series A (RB) 5.00%, 06/01/22 (c) | 936,130 | ||||||
| 100,000 | Michigan Finance Authority, Oakwood Obligated Group (RB)
5.00%, 11/01/22 | 118,053 | ||||||
| 260,000 | Michigan Finance Authority, Revenue Unemployment Obligation
Assessment, Series B (RB) 5.00%, 07/01/16 (c) | 268,172 | ||||||
| Michigan Finance Authority, Series C-3 (RB) (AGM) | ||||||||
| 750,000 | 5.00%, 07/01/24 (c) | 832,192 | ||||||
| 405,000 | 5.00%, 07/01/24 (c) | 453,231 | ||||||
| 50,000 | Michigan Finance Authority, Trinity Health Credit Group
(RB) 5.00%, 06/01/22 (c) | 56,531 | ||||||
| 80,000 | Michigan Finance Authority, Trinity Health Credit Group,
Series A (RB) 5.00%, 12/01/20 (c) | 91,236 | ||||||
| Michigan State Building Authority, Series 1-A (RB) | ||||||||
| 25,000 | 5.00%, 10/15/23 (c) | 29,737 | ||||||
| 50,000 | 5.00%, 10/15/23 | 60,237 | ||||||
| 425,000 | 5.13%, 10/15/21 (c) | 490,097 | ||||||
| 9,621,763 | ||||||||
| Minnesota: 1.2% | ||||||||
| 1,000,000 | City of Rochester, Minnesota (RB) 4.50%, 11/15/21 (p) | 1,158,600 | ||||||
| 1,185,000 | Minnesota Public Facilities Authority, Series C (RB)
3.25%, 03/01/20 (c) | 1,265,864 | ||||||
| Minnesota State, General Fund Appropriation, Series B (RB) | ||||||||
| 2,000,000 | 5.00%, 03/01/22 (c) | 2,335,340 | ||||||
| 1,400,000 | 5.00%, 03/01/22 (c) | 1,677,774 | ||||||
| Principal Amount | Value | |||||||
| Minnesota: (continued) | ||||||||
| Minnesota State, State Trunk Highway, Series B (GO) | ||||||||
| $ | 480,000 | 5.00%, 10/01/21 (c) | $ | 568,973 | ||||
| 1,000,000 | 5.00%, 08/01/23 (c) | 1,213,340 | ||||||
| 585,000 | State of Minnesota, State General Fund Appropriation,
Series B (RB) 3.00%, 03/01/22 (c) | 568,994 | ||||||
| State of Minnesota, State Trunk Highway Refunding, Series B (GO) | ||||||||
| 385,000 | 3.00%, 08/01/24 (c) | 391,822 | ||||||
| 225,000 | 4.00%, 08/01/24 (c) | 258,586 | ||||||
| 1,000,000 | 4.00%, 08/01/24 (c) | 1,137,290 | ||||||
| State of Minnesota, State Trunk Highway Refunding, Series E (GO) | ||||||||
| 1,050,000 | 3.00%, 08/01/24 (c) | 1,096,011 | ||||||
| 570,000 | 3.00%, 08/01/24 | 609,820 | ||||||
| 1,180,000 | State of Minnesota, Various Purpose, Series A (GO) 5.00%, 08/01/23 | 1,450,739 | ||||||
| State of Minnesota, Various Purpose, Series D (GO) | ||||||||
| 25,000 | 3.50%, 10/01/23 (c) | 26,544 | ||||||
| 500,000 | 5.00%, 10/01/23 | 616,195 | ||||||
| 985,000 | State of Minnesota, Various Purpose, Series F (GO) 4.00%, 10/01/23 (c) | 1,126,870 | ||||||
| 15,502,762 | ||||||||
| Mississippi: 0.6% | ||||||||
| 1,000,000 | Mississippi Development Bank, Desoto County Highway Construction
Project (RB) 5.00%, 01/01/23 (c) | 1,128,630 | ||||||
| 450,000 | Mississippi Development Bank, Madison County Highway
Refunding Project, Series C (RB) 5.00%, 01/01/27 | 545,742 | ||||||
| 1,760,000 | Mississippi Development Bank, Magnolia Regional Health
Center Project, Series A (RB) 6.25%, 10/01/21 (c) | 2,041,706 | ||||||
| Mississippi Development Bank, Marshall County Industrial Development Authority (RB) | ||||||||
| 75,000 | 5.00%, 01/01/22 (c) | 85,317 | ||||||
| 50,000 | 5.00%, 01/01/22 (c) | 57,246 | ||||||
| 100,000 | 5.00%, 01/01/22 (c) | 116,104 | ||||||
| State of Mississippi, Series C (GO) | ||||||||
| 1,635,000 | 5.00%, 10/01/24 | 2,010,919 | ||||||
| 835,000 | 5.00%, 10/01/25 | 1,032,887 | ||||||
| 7,018,551 | ||||||||
| Missouri: 1.2% | ||||||||
| 1,325,000 | City of Kansas City, Series A (GO) 5.00%, 02/01/22 (c) | 1,576,816 | ||||||
| Curators of the University of Missouri, Series A (RB) | ||||||||
| 175,000 | 5.00%, 11/01/24 (c) | 208,327 | ||||||
| 300,000 | 5.00%, 11/01/24 (c) | 370,395 | ||||||
See Notes to Financial Statements
| 53 |
INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal Amount | Value | |||||||
| Missouri: (continued) | ||||||||
| Health and Educational Facilities Authority of the State of Missouri, Series A (RB) | ||||||||
| $ | 960,000 | 5.00%, 06/01/24 (c) | $ | 1,103,414 | ||||
| 500,000 | 5.00%, 06/01/24 (c) | 595,505 | ||||||
| 1,000,000 | 5.00%, 06/01/24 (c) | 1,142,080 | ||||||
| 505,000 | Kansas City Industrial Development Authority, Series
A (RB) 5.50%, 09/01/21 (c) | 595,930 | ||||||
| Missouri Highway and Transportation Commission, First Lien, Series A (RB) | ||||||||
| 1,000,000 | 5.00%, 05/01/22 | 1,210,910 | ||||||
| 1,000,000 | 5.00%, 05/01/24 | 1,240,270 | ||||||
| 500,000 | 5.00%, 05/01/24 (c) | 611,800 | ||||||
| 500,000 | 5.00%, 05/01/26 | 631,060 | ||||||
| 290,000 | Missouri Joint Municipal Electric Utility Commission,
Iatan 2 Project, Series A (RB) 5.00%, 01/01/24 (c) | 328,544 | ||||||
| 640,000 | Missouri Joint Municipal Electric Utility Commission,
Plum Point Project, Series A (RB) 5.00%, 01/01/25 | 766,746 | ||||||
| Missouri State Board of Public Buildings, Series A (RB) | ||||||||
| 1,000,000 | 1.00%, 10/01/19 (c) | 807,150 | ||||||
| 1,200,000 | 2.50%, 10/01/20 (c) | 1,203,852 | ||||||
| 10,000 | 3.00%, 10/01/20 (c) | 10,220 | ||||||
| 2,155,000 | 4.00%, 10/01/20 (c) | 2,386,361 | ||||||
| 250,000 | Missouri State Environmental Improvement and Energy Resources
Authority, Series A (RB) 5.00%, 07/01/23 | 306,988 | ||||||
| 15,096,368 | ||||||||
| Nebraska: 0.8% | ||||||||
| 25,000 | Central Plains Energy Project, Gas Project No. 3 (RB)
5.00%, 09/01/22 (c) | 27,982 | ||||||
| City of Lincoln, Nebraska Electric System Revenue (RB) | ||||||||
| 250,000 | 3.25%, 09/01/22 (c) | 245,133 | ||||||
| 150,000 | 5.00%, 09/01/22 | 181,551 | ||||||
| 1,000,000 | Douglas County School District 0001 (GO) 5.00%, 06/15/24 | 1,234,500 | ||||||
| Nebraska Public Power District, Series A (RB) | ||||||||
| 250,000 | 3.88%, 01/01/22 (c) | 268,763 | ||||||
| 250,000 | 5.00%, 01/01/22 (c) | 292,143 | ||||||
| 350,000 | Nebraska Public Power District, Series C (RB) 5.00%, 01/01/18 (c) | 379,971 | ||||||
| Omaha Public Power District, Electric System, Series AA (RB) | ||||||||
| 130,000 | 2.25%, 08/01/19 (c) | 130,930 | ||||||
| 1,080,000 | 5.00%, 02/01/24 (c) | 1,280,815 | ||||||
| Principal Amount | Value | |||||||
| Nebraska: (continued) | ||||||||
| Public Power Generation Agency, Whelan Energy Unit 2, Series A (RB) | ||||||||
| $ | 2,750,000 | 5.00%, 01/01/23 | $ | 3,209,745 | ||||
| 505,000 | 5.00%, 01/01/24 | 591,941 | ||||||
| 1,400,000 | 5.00%, 01/01/25 (c) | 1,580,824 | ||||||
| 9,424,298 | ||||||||
| Nevada: 0.3% | ||||||||
| County of Clark, Flood Control (GO) | ||||||||
| 1,090,000 | 5.00%, 05/01/25 (c) | 1,274,799 | ||||||
| 420,000 | 5.00%, 05/01/25 (c) | 501,572 | ||||||
| Las Vegas Valley Water District, Series B (GO) | ||||||||
| 50,000 | 5.00%, 06/01/21 (c) | 57,875 | ||||||
| 200,000 | 5.00%, 06/01/22 (c) | 237,198 | ||||||
| 50,000 | Las Vegas Valley Water District, Series C (GO) 5.00%, 06/01/21 (c) | 57,733 | ||||||
| 760,000 | State of Nevada, Capital Improvement and Cultural Affairs,
Series B (GO) 5.00%, 11/01/24 | 939,033 | ||||||
| 175,000 | State of Nevada, Motor Vehicle Fuel Tax (RB) 5.00%, 12/01/23 | 215,138 | ||||||
| 3,283,348 | ||||||||
| New Hampshire: 0.4% | ||||||||
| 3,225,000 | City of Manchester, New Hampshire General Airport Revenue
(RB) 5.00%, 01/01/23 | 3,695,721 | ||||||
| 1,000,000 | State of New Hampshire, Series A (GO) 5.00%, 03/01/25 | 1,249,210 | ||||||
| 4,944,931 | ||||||||
| New Jersey: 5.1% | ||||||||
| 800,000 | Camden County, New Jersey Improvement Authority, Series
A (RB) 5.00%, 02/15/24 (c) | 884,968 | ||||||
| County of Union, New Jersey (GO) | ||||||||
| 260,000 | 3.00%, 03/01/21 | 278,369 | ||||||
| 10,000 | 3.00%, 03/01/21 | 10,818 | ||||||
| 635,000 | 3.00%, 03/01/22 (c) | 672,929 | ||||||
| 20,000 | 3.00%, 03/01/22 | 21,615 | ||||||
| 15,000 | 3.00%, 03/01/22 (c) | 16,211 | ||||||
| Garden State, New Jersey Preservation Trust Open Space and Farmland Preservation, Series A (RB) | ||||||||
| 560,000 | 4.00%, 11/01/21 | 619,942 | ||||||
| 1,000,000 | 4.00%, 11/01/22 (c) | 1,090,980 | ||||||
| 125,000 | New Jersey Building Authority, Series A (RB) 5.00%, 06/15/22 | 135,060 | ||||||
| 2,000,000 | New Jersey Economic Development Authority, Cigarette
Tax Revenue (RB) 5.00%, 06/15/22 | 2,201,720 | ||||||
See Notes to Financial Statements
| 54 |
| Principal Amount | Value | |||||||
| New Jersey: (continued) | ||||||||
| New Jersey Economic Development Authority, School Facilities Construction Refunding, Series EE (RB) | ||||||||
| $ | 325,000 | 5.25%, 03/01/21 (c) | $ | 348,316 | ||||
| 175,000 | 5.25%, 03/01/21 (c) | 208,957 | ||||||
| 770,000 | 5.25%, 03/01/21 (c) | 823,707 | ||||||
| 405,000 | 5.50%, 03/01/21 (c) | 488,754 | ||||||
| 150,000 | 5.50%, 03/01/21 (c) | 164,910 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction Refunding, Series GG (RB) | ||||||||
| 2,000,000 | 5.00%, 03/01/21 (c) | 2,157,600 | ||||||
| 1,000,000 | 5.25%, 03/01/21 (c) | 1,054,450 | ||||||
| 500,000 | 5.25%, 03/01/21 (c) | 530,175 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction Refunding, Series II (RB) | ||||||||
| 1,000,000 | 5.00%, 03/01/21 | 1,082,350 | ||||||
| 500,000 | 5.00%, 03/01/22 (c) | 528,815 | ||||||
| 980,000 | 5.00%, 03/01/22 (c) | 1,027,530 | ||||||
| 1,000,000 | 5.00%, 03/01/22 | 1,082,630 | ||||||
| 735,000 | 5.00%, 03/01/22 (c) | 781,584 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction Refunding, Series NN (RB) | ||||||||
| 1,450,000 | 5.00%, 03/01/22 | 1,569,813 | ||||||
| 2,120,000 | 5.00%, 03/01/23 (c) | 2,198,779 | ||||||
| 2,325,000 | 5.00%, 03/01/23 (c) | 2,447,086 | ||||||
| 1,060,000 | 5.00%, 03/01/23 (c) | 1,135,705 | ||||||
| 1,940,000 | 5.00%, 03/01/23 (c) | 2,063,287 | ||||||
| 1,905,000 | 5.00%, 03/01/23 (c) | 2,009,965 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction Refunding, Series PP (RB) | ||||||||
| 1,000,000 | 5.00%, 06/15/24 (c) | 1,044,040 | ||||||
| 1,350,000 | 5.00%, 06/15/24 (c) | 1,417,365 | ||||||
| 1,115,000 | New Jersey Economic Development Authority, School Facilities
Construction Refunding, Series UU (RB) 5.00%, 06/15/24 (c) | 1,158,429 | ||||||
| New Jersey Educational Facilities Authority, Capital Improvement, Series A (RB) | ||||||||
| 360,000 | 5.00%, 09/01/21 | 386,842 | ||||||
| 1,000,000 | 5.00%, 09/01/24 (c) | 1,047,900 | ||||||
| 230,000 | New Jersey Educational Facilities Authority, Higher Education
Facilities Trust (RB) 5.00%, 06/15/24 (c) | 237,795 | ||||||
| 500,000 | New Jersey Environmental Infrastructure Trust, Series
A-R (RB) 4.00%, 09/01/23 | 577,575 | ||||||
| Principal Amount | Value | |||||||
| New Jersey: (continued) | ||||||||
| New Jersey Health Care Facilities Financing Authority, Barnabas Health Issue, Series A (RB) | ||||||||
| $ | 1,190,000 | 4.00%, 07/01/22 (c) | $ | 1,269,444 | ||||
| 75,000 | 4.63%, 07/01/21 (c) | 83,820 | ||||||
| 250,000 | 5.00%, 07/01/22 (c) | 285,473 | ||||||
| 200,000 | New Jersey Health Care Facilities Financing Authority,
Greystone Parks Psychiatric Hospital Project, Series B (RB) 5.00%, 09/15/23 | 216,314 | ||||||
| New Jersey Health Care Facilities Financing Authority, Meridian Health System (RB) | ||||||||
| 750,000 | 5.00%, 07/01/22 (c) | 847,620 | ||||||
| 500,000 | 5.00%, 07/01/22 (c) | 582,885 | ||||||
| 165,000 | New Jersey State Transportation Trust Fund Authority,
Series A (RB) 3.59%, 12/15/30 ^ | 73,854 | ||||||
| 3,150,000 | New Jersey State Transportation Trust Fund Authority,
Series D (RB) 5.00%, 12/15/23 | 3,409,402 | ||||||
| New Jersey State Turnpike Authority, Series A (RB) | ||||||||
| 125,000 | 5.00%, 07/01/22 (c) | 147,158 | ||||||
| 900,000 | 5.00%, 07/01/22 (c) | 1,015,398 | ||||||
| 400,000 | 5.00%, 07/01/22 (c) | 455,708 | ||||||
| 500,000 | 5.00%, 01/01/23 | 596,625 | ||||||
| 750,000 | 5.00%, 07/01/24 (c) | 877,942 | ||||||
| 640,000 | 5.00%, 07/01/24 (c) | 754,573 | ||||||
| New Jersey State Turnpike Authority, Series B (RB) | ||||||||
| 325,000 | 5.00%, 01/01/23 (c) | 379,100 | ||||||
| 1,000,000 | 5.00%, 01/01/23 (c) | 1,176,510 | ||||||
| 500,000 | 5.00%, 01/01/23 | 596,625 | ||||||
| New Jersey Transportation Trust Fund Authority, Series A (RB) | ||||||||
| 1,100,000 | 5.00%, 06/15/24 | 1,182,764 | ||||||
| 50,000 | 5.25%, 06/15/21 (c) | 53,580 | ||||||
| New Jersey Transportation Trust Fund Authority, Series AA (RB) | ||||||||
| 1,400,000 | 5.00%, 06/15/22 (c) | 1,461,572 | ||||||
| 1,950,000 | 5.00%, 06/15/22 (c) | 2,101,008 | ||||||
| 750,000 | 5.00%, 06/15/23 (c) | 772,447 | ||||||
| 2,050,000 | 5.00%, 06/15/23 (c) | 2,169,535 | ||||||
| 3,400,000 | 5.25%, 06/15/23 (c) | 3,594,106 | ||||||
| New Jersey Transportation Trust Fund Authority, Series D (RB) | ||||||||
| 925,000 | 5.00%, 12/15/24 | 994,292 | ||||||
| 3,000,000 | 5.25%, 12/15/23 | 3,298,950 | ||||||
| 20,000 | New Jersey Turnpike, Series A (RB) 5.00%, 07/01/22 (c) | 22,513 | ||||||
| 880,000 | Newark, New Jersey Qualified General Improvement, Series
A (GO) 4.00%, 10/01/20 (c) | 914,971 | ||||||
| 500,000 | State of New Jersey, Various Purpose (GO) 4.00%, 06/01/19 (c) | 537,555 | ||||||
| 63,378,715 | ||||||||
See Notes to Financial Statements
| 55 |
INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal Amount | Value | |||||||
| New Mexico: 0.6% | ||||||||
| $ | 2,125,000 | Albuquerque Bernalillo County Water Utility
Authority, Senior Lien (RB) 5.00%, 07/01/25 (c) | $ | 2,613,112 | ||||
| 540,000 | Albuquerque Bernalillo County Water Utility Authority,
Series A (RB) 5.00%, 07/01/24 | 662,413 | ||||||
| 65,000 | Albuquerque Bernalillo County Water Utility Authority,
Series B (RB) 5.00%, 07/01/23 | 78,627 | ||||||
| 100,000 | Albuquerque Municipal School District No. 12, Series
B (GO) (SAW) 5.00%, 08/01/22 | 120,439 | ||||||
| New Mexico Finance Authority, State Transportation, Senior Lien (RB) | ||||||||
| 425,000 | 4.00%, 06/15/22 (c) | 472,392 | ||||||
| 340,000 | 5.00%, 06/15/22 | 412,032 | ||||||
| 3,135,000 | New Mexico Finance Authority, State Transportation, Senior
Lien, Series B-1 (RB) 5.00%, 06/15/24 (c) | 3,776,640 | ||||||
| 8,135,655 | ||||||||
| New York: 15.2% | ||||||||
| 270,000 | Battery Park City Authority, Series A (RB) 5.00%, 11/01/23 | 335,178 | ||||||
| 5,000 | City of Monroe, Industrial Development Agency, Rochester
Schools Modernization Project (RB) (SAW) 5.00%, 05/01/23 (c) | 5,932 | ||||||
| City of New York, New York, Series A-1 (GO) | ||||||||
| 250,000 | 5.00%, 08/01/21 (c) | 295,243 | ||||||
| 610,000 | 5.25%, 08/01/23 (c) | 747,592 | ||||||
| City of New York, New York, Series B (GO) | ||||||||
| 55,000 | 3.38%, 08/01/24 (c) | 55,476 | ||||||
| 250,000 | 5.00%, 08/01/22 (c) | 295,518 | ||||||
| 1,000,000 | City of New York, New York, Series D (GO) 5.00%, 02/01/23 (c) | 1,162,470 | ||||||
| City of New York, New York, Series D-1 (GO) | ||||||||
| 1,100,000 | 5.00%, 10/01/21 (c) | 1,287,022 | ||||||
| 3,455,000 | 5.00%, 08/01/23 (c) | 4,159,129 | ||||||
| 925,000 | City of New York, New York, Series E (GO) 5.25%, 08/01/22 | 1,122,145 | ||||||
| 1,295,000 | City of New York, New York, Series F (GO) 5.00%, 02/01/22 (c) | 1,485,818 | ||||||
| 50,000 | City of New York, New York, Series F-1 (GO) 5.00%, 03/01/23 (c) | 58,136 | ||||||
| 1,325,000 | City of New York, New York, Series G-1 (GO) 5.00%, 04/01/22 (c) | 1,551,641 | ||||||
| 995,000 | City of New York, New York, Series H (GO) 5.00%, 08/01/23 (c) | 1,203,313 | ||||||
| Principal Amount | Value | |||||||
| New York: (continued) | ||||||||
| $ | 120,000 | City of New York, New York, Series I (GO)
5.00%, 08/01/23 (c) | $ | 144,172 | ||||
| City of New York, New York, Series I-1 (GO) | ||||||||
| 400,000 | 5.00%, 03/01/23 | 480,168 | ||||||
| 1,225,000 | 5.00%, 03/01/24 (c) | 1,413,025 | ||||||
| City of New York, New York, Series J (GO) | ||||||||
| 960,000 | 5.00%, 08/01/23 (c) | 1,145,069 | ||||||
| 645,000 | 5.00%, 08/01/23 | 777,986 | ||||||
| City of New York, Series B (GO) | ||||||||
| 1,450,000 | 5.00%, 08/01/22 (c) | 1,692,164 | ||||||
| 1,000,000 | 5.00%, 08/01/22 (c) | 1,189,690 | ||||||
| 450,000 | City of New York, Series E (GO) 5.00%, 02/01/23 (c) | 538,231 | ||||||
| City of New York, Series F (GO) | ||||||||
| 500,000 | 5.00%, 02/01/22 (c) | 584,395 | ||||||
| 55,000 | 5.00%, 02/01/22 (c) | 65,310 | ||||||
| City of New York, Series I (GO) | ||||||||
| 1,000,000 | 5.00%, 08/01/22 | 1,197,360 | ||||||
| 1,000,000 | 5.00%, 08/01/22 (c) | 1,175,200 | ||||||
| 1,300,000 | City of New York, Subseries F-1 (GO) 5.00%, 03/01/23 (c) | 1,555,658 | ||||||
| Erie County, New York Industrial Development Agency School Facilities, City School District of Buffalo, Series A (RB) | ||||||||
| 500,000 | 5.00%, 05/01/21 (c) | 587,595 | ||||||
| 250,000 | 5.00%, 05/01/22 (c) | 298,468 | ||||||
| 725,000 | 5.00%, 11/01/25 (c) | 874,408 | ||||||
| Long Island Power Authority Electric System, Series B (RB) | ||||||||
| 1,960,000 | 5.00%, 09/01/22 (c) | 2,244,455 | ||||||
| 400,000 | 5.00%, 09/01/22 | 469,500 | ||||||
| Metropolitan Transportation Authority Series A (RB) | ||||||||
| 500,000 | 3.00%, 11/15/22 (c) | 500,940 | ||||||
| 2,565,000 | 4.69%, 11/15/30 ^ | 1,520,378 | ||||||
| 2,050,000 | 5.00%, 11/15/22 (c) | 2,401,595 | ||||||
| 50,000 | Metropolitan Transportation Authority Series A-1 (RB)
5.00%, 11/15/23 | 60,254 | ||||||
| Metropolitan Transportation Authority, Series B (RB) | ||||||||
| 600,000 | 3.00%, 11/15/22 (c) | 612,228 | ||||||
| 500,000 | 5.00%, 11/15/22 | 600,825 | ||||||
| Metropolitan Transportation Authority, Series C (RB) | ||||||||
| 50,000 | 5.00%, 11/15/21 | 59,451 | ||||||
| 250,000 | 5.00%, 11/15/21 (c) | 290,403 | ||||||
| Metropolitan Transportation Authority, Series D (RB) | ||||||||
| 650,000 | 5.00%, 11/15/17 (c) | 705,841 | ||||||
| 205,000 | 5.00%, 11/15/19 (c) | 233,823 | ||||||
| 100,000 | 5.00%, 11/15/21 (c) | 117,834 | ||||||
| 285,000 | 5.00%, 11/15/21 | 338,868 | ||||||
| 750,000 | 5.00%, 11/15/22 (c) | 875,460 | ||||||
| 125,000 | 5.00%, 11/15/22 (c) | 148,219 | ||||||
| 750,000 | 5.00%, 11/15/22 (c) | 871,245 | ||||||
See Notes to Financial Statements
| 56 |
| Principal Amount | Value | |||||||
| New York: (continued) | ||||||||
| Metropolitan Transportation Authority, Series E (RB) | ||||||||
| $ | 500,000 | 5.00%, 11/15/22 (c) | $ | 583,640 | ||||
| 300,000 | 5.00%, 11/15/22 (c) | 355,725 | ||||||
| Metropolitan Transportation Authority, Series F (RB) | ||||||||
| 845,000 | 3.13%, 11/15/22 (c) | 876,088 | ||||||
| 2,155,000 | 5.00%, 11/15/22 (c) | 2,539,905 | ||||||
| 1,000,000 | 5.00%, 11/15/22 (c) | 1,154,680 | ||||||
| 1,200,000 | 5.00%, 11/15/22 | 1,441,980 | ||||||
| 1,550,000 | 5.00%, 11/15/22 (c) | 1,837,912 | ||||||
| Metropolitan Transportation Authority, Series H (RB) | ||||||||
| 100,000 | 4.00%, 11/15/21 | 113,130 | ||||||
| 350,000 | 5.00%, 11/15/22 (c) | 415,012 | ||||||
| 1,300,000 | 5.00%, 11/15/22 (c) | 1,553,656 | ||||||
| Nassau County, Series A (GO) | ||||||||
| 1,230,000 | 3.00%, 04/01/21 (c) | 1,271,635 | ||||||
| 500,000 | 4.00%, 04/01/21 (c) | 522,745 | ||||||
| 850,000 | Nassau County, Series C (GO) 4.00%, 10/01/20 (c) | 924,936 | ||||||
| 400,000 | New York City Municipal Water Finance Authority, Water
and Sewer System, Series BB (RB) 5.00%, 06/15/20 (c) | 461,792 | ||||||
| New York City Municipal Water Finance Authority, Water and Sewer System, Series FF (RB) | ||||||||
| 1,745,000 | 5.00%, 12/15/19 (c) | 1,996,001 | ||||||
| 510,000 | 5.00%, 06/15/25 (c) | 615,927 | ||||||
| 110,000 | New York City Municipal Water Finance Authority, Water
and Sewer System, Series GG (RB) 5.00%, 06/15/21 (c) | 129,743 | ||||||
| 190,000 | New York City Municipal Water Finance Authority, Water
and Sewer System, Series HH (RB) 5.00%, 06/15/21 (c) | 222,102 | ||||||
| New York City Transitional Finance Authority, Building Aid Revenue, Series S-1 (RB) | ||||||||
| 1,000,000 | 5.00%, 07/15/22 | 1,198,230 | ||||||
| 800,000 | 5.00%, 07/15/22 (c) | 925,808 | ||||||
| 2,700,000 | New York City Transitional Finance Authority, Building
Aid Revenue, Subseries F-1 (RB) 5.00%, 05/01/22 (c) | 3,131,973 | ||||||
| 500,000 | New York City Transitional Finance Authority, Building
Aid Revenue, Subseries S-2A (RB) 4.00%, 07/15/21 (c) | 540,960 | ||||||
| New York City Transitional Finance Authority, Future Tax Secured Revenue, Series A (RB) | ||||||||
| 700,000 | 5.00%, 11/01/21 | 837,228 | ||||||
| 515,000 | 5.00%, 11/01/21 | 615,961 | ||||||
| 450,000 | New York City Transitional Finance Authority, Future
Tax Secured Revenue, Subseries D-1 (RB) 5.25%, 02/01/21 (c) | 537,255 | ||||||
| Principal Amount | Value | |||||||
| New York: (continued) | ||||||||
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A (RB) | ||||||||
| $ | 615,000 | 5.00%, 11/01/21 (c) | $ | 732,078 | ||||
| 1,500,000 | 5.00%, 11/01/21 (c) | 1,770,540 | ||||||
| 1,045,000 | 5.00%, 11/01/21 (c) | 1,246,570 | ||||||
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B (RB) | ||||||||
| 1,000,000 | 5.00%, 02/01/21 (c) | 1,171,920 | ||||||
| 1,000,000 | 5.00%, 11/01/21 | 1,196,040 | ||||||
| 600,000 | 5.00%, 11/01/21 (c) | 702,642 | ||||||
| 2,000,000 | New York City Transitional Finance Authority, Future
Tax Secured Subordinate, Subseries C-1 (RB) 5.00%, 11/01/22 (c) | 2,409,940 | ||||||
| 425,000 | New York City Transitional Finance Authority, Future
Tax Secured Subordinate, Subseries E-1 (RB) 5.00%, 02/01/22 | 507,990 | ||||||
| 545,000 | New York City Transitional Finance Authority, Series
A (RB) 5.00%, 11/01/21 (c) | 645,334 | ||||||
| 575,000 | New York City Transitional Finance Authority, Series
C (RB) 5.00%, 11/01/22 | 694,531 | ||||||
| New York City Transitional Finance Authority, Series I (RB) | ||||||||
| 500,000 | 5.00%, 05/01/23 (c) | 578,995 | ||||||
| 290,000 | 5.00%, 05/01/23 (c) | 340,332 | ||||||
| 255,000 | New York City Transitional Finance Authority, Subseries
A-1 (RB) 3.50%, 08/01/24 (c) | 262,948 | ||||||
| 575,000 | New York City Transitional Finance Authority, Subseries
C-1 (RB) 5.00%, 11/01/22 (c) | 687,861 | ||||||
| New York City Transitional Finance Authority, Subseries D-1 (RB) | ||||||||
| 1,660,000 | 5.00%, 02/01/24 (c) | 1,924,405 | ||||||
| 400,000 | 5.25%, 02/01/21 (c) | 468,720 | ||||||
| 400,000 | New York City Transitional Finance Authority, Subseries
E-1 (RB) 5.00%, 02/01/18 (c) | 436,120 | ||||||
| 700,000 | New York City Transitional Finance Authority, Subseries
F-1 (RB) 5.00%, 02/01/23 (c) | 842,471 | ||||||
| New York City, Series A (GO) | ||||||||
| 1,000,000 | 5.00%, 08/01/24 | 1,216,210 | ||||||
| 70,000 | 5.00%, 08/01/25 | 85,792 | ||||||
| 550,000 | New York City, Series B (GO) 5.00%, 08/01/21 (c) | 649,863 | ||||||
| 655,000 | New York City, Series C (GO) 5.00%, 08/01/22 (c) | 754,671 | ||||||
| 500,000 | New York City, Series E (GO) 5.00%, 08/01/20 (c) | 580,045 | ||||||
| New York City, Series I (GO) | ||||||||
| 1,350,000 | 5.00%, 08/01/22 | 1,616,436 | ||||||
| 1,500,000 | 5.00%, 08/01/22 (c) | 1,784,535 | ||||||
| 820,000 | 5.00%, 08/01/23 (c) | 978,080 | ||||||
See Notes to Financial Statements
| 57 |
INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal Amount | Value | |||||||
| New York: (continued) | ||||||||
| $ | 360,000 | New York City, Series J (GO) 5.00%, 08/01/23 (c) | $ | 432,515 | ||||
| New York City, Subseries D-1 (GO) | ||||||||
| 2,000,000 | 5.00%, 10/01/21 (c) | 2,326,700 | ||||||
| 2,500,000 | 5.00%, 10/01/21 (c) | 2,946,450 | ||||||
| 100,000 | New York City, Subseries G-1 (GO) 5.00%, 04/01/22 | 119,218 | ||||||
| 250,000 | New York Liberty Development Corp., 7 World Trade Center
Project, Class 1 (RB) 5.00%, 03/15/22 (c) | 295,093 | ||||||
| 770,000 | New York State Dormitory Authority, Icahn School of Medicine
Sinai, Series A (RB) 5.00%, 07/01/25 (c) | 879,525 | ||||||
| 100,000 | New York State Dormitory Authority, Series A (RB) 5.00%, 07/01/22 (c) | 115,575 | ||||||
| 145,000 | New York State Dormitory Authority, State Personal Income
Tax (RB) 5.00%, 12/15/21 | 173,790 | ||||||
| New York State Dormitory Authority, State Personal Income Tax, Series A (RB) | ||||||||
| 500,000 | 4.00%, 12/15/22 | 571,340 | ||||||
| 2,775,000 | 5.00%, 12/15/22 (c) | 3,288,042 | ||||||
| 2,000,000 | 5.00%, 12/15/22 (c) | 2,418,080 | ||||||
| 1,000,000 | 5.00%, 12/15/22 (c) | 1,200,920 | ||||||
| 825,000 | 5.00%, 12/15/22 | 999,298 | ||||||
| 570,000 | 5.00%, 12/15/22 (c) | 673,318 | ||||||
| 1,000,000 | 5.00%, 12/15/22 (c) | 1,179,820 | ||||||
| 170,000 | 5.00%, 12/15/22 (c) | 198,744 | ||||||
| 1,500,000 | 5.00%, 02/15/24 (c) | 1,744,740 | ||||||
| 800,000 | 5.00%, 02/15/24 | 972,752 | ||||||
| 250,000 | 5.00%, 02/15/24 (c) | 302,718 | ||||||
| 295,000 | 5.00%, 02/15/24 (c) | 353,994 | ||||||
| 500,000 | New York State Dormitory Authority, State Personal Income
Tax, Series A (RB) 5.00%, 03/15/21 (c) | 590,140 | ||||||
| New York State Dormitory Authority, State Personal Income Tax, Series B (RB) | ||||||||
| 500,000 | 5.00%, 03/15/22 (c) | 590,185 | ||||||
| 665,000 | 5.00%, 03/15/22 (c) | 778,010 | ||||||
| 1,300,000 | 5.00%, 03/15/22 (c) | 1,555,099 | ||||||
| 1,000,000 | 5.00%, 02/15/25 (c) | 1,169,750 | ||||||
| New York State Dormitory Authority, State Personal Income Tax, Series E (RB) | ||||||||
| 300,000 | 5.00%, 02/15/20 (c) | 342,966 | ||||||
| 1,625,000 | 5.00%, 08/15/21 (c) | 1,930,825 | ||||||
| New York State Dormitory Authority, State Sales Tax, Series A (RB) | ||||||||
| 900,000 | 5.00%, 03/15/23 | 1,097,082 | ||||||
| 625,000 | 5.00%, 03/15/23 (c) | 731,769 | ||||||
| 1,415,000 | 5.00%, 03/15/24 (c) | 1,649,098 | ||||||
| New York State Dormitory Authority, State University Education Facilities Issue, Series A (RB) | ||||||||
| 1,050,000 | 5.00%, 05/15/22 (c) | 1,243,347 | ||||||
| Principal Amount | Value | |||||||
| New York: (continued) | ||||||||
| $ | 645,000 | 5.00%, 05/15/22 (c) | $ | 760,313 | ||||
| 250,000 | 5.00%, 05/15/22 (c) | 298,740 | ||||||
| 250,000 | 5.00%, 05/15/22 (c) | 298,233 | ||||||
| New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series A (RB) | ||||||||
| 440,000 | 4.00%, 06/15/22 (c) | 492,809 | ||||||
| 1,000,000 | 5.00%, 06/15/22 (c) | 1,211,160 | ||||||
| 750,000 | 5.00%, 06/15/22 (c) | 909,420 | ||||||
| 3,600,000 | 5.00%, 06/15/23 (c) | 4,345,056 | ||||||
| 1,250,000 | 5.00%, 06/15/24 (c) | 1,534,250 | ||||||
| 1,585,000 | 5.00%, 06/15/24 (c) | 1,878,177 | ||||||
| New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series D (RB) | ||||||||
| 600,000 | 5.00%, 06/15/22 | 727,956 | ||||||
| 1,200,000 | 5.00%, 06/15/22 (c) | 1,433,448 | ||||||
| 765,000 | New York State Thruway Authority, Highway and Bridge
Trust Fund (RB) 5.00%, 04/01/21 (c) | 885,051 | ||||||
| 1,000,000 | New York State Thruway Authority, Second General Highway
and Bridge Trust Fund, Series A (RB) 5.00%, 04/01/20 (c) | 1,169,250 | ||||||
| 1,285,000 | New York State Thruway Authority, Second General Highway
and Bridge Trust Fund, Series A-1 (RB) 5.00%, 04/01/21 (c) | 1,475,257 | ||||||
| 800,000 | New York State Thruway Authority, Series A (RB) 5.00%, 03/15/23 (c) | 919,224 | ||||||
| New York State Thruway Authority, Series I (RB) | ||||||||
| 2,910,000 | 5.00%, 01/01/22 (c) | 3,384,068 | ||||||
| 1,000,000 | 5.00%, 01/01/22 (c) | 1,169,200 | ||||||
| New York State Thruway Authority, Series J (RB) | ||||||||
| 2,120,000 | 5.00%, 01/01/24 (c) | 2,479,891 | ||||||
| 1,000,000 | 5.00%, 01/01/24 (c) | 1,178,590 | ||||||
| New York State Thruway Authority, State Personal Income Tax, Series A (RB) | ||||||||
| 250,000 | 5.00%, 03/15/21 (c) | 293,943 | ||||||
| 60,000 | 5.00%, 09/15/21 (c) | 71,042 | ||||||
| 250,000 | New York State Urban Development Corp., Series D (RB)
5.00%, 03/15/23 | 301,683 | ||||||
| New York State Urban Development Corp., State Personal Income, Series A (RB) | ||||||||
| 680,000 | 3.50%, 03/15/21 (c) | 712,878 | ||||||
| 1,000,000 | 4.00%, 03/15/21 (c) | 1,107,130 | ||||||
| 700,000 | 4.00%, 03/15/21 (c) | 768,985 | ||||||
| 2,000,000 | New York State Urban Development Corp., State Personal
Income, Series A-1 (RB) 5.00%, 03/15/23 (c) | 2,338,720 | ||||||
See Notes to Financial Statements
| 58 |
| Principal Amount | Value | |||||||
| New York: (continued) | ||||||||
| New York State Urban Development Corp., State Personal Income, Series C (RB) | ||||||||
| $ | 1,250,000 | 5.00%, 03/15/22 | $ | 1,492,787 | ||||
| 1,000,000 | 5.00%, 03/15/23 (c) | 1,158,420 | ||||||
| 1,550,000 | 5.00%, 03/15/23 (c) | 1,806,835 | ||||||
| 690,000 | 5.00%, 03/15/23 (c) | 816,546 | ||||||
| 115,000 | New York State Urban Development Corp., State Personal
Income, Series D (RB) 5.00%, 03/15/22 | 137,336 | ||||||
| New York State, Series A (GO) | ||||||||
| 500,000 | 3.50%, 02/15/21 (c) | 544,995 | ||||||
| 1,050,000 | 4.00%, 02/15/21 (c) | 1,146,999 | ||||||
| New York State, Series E (GO) | ||||||||
| 1,000,000 | 4.00%, 12/15/21 (c) | 1,096,420 | ||||||
| 800,000 | 4.00%, 12/15/21 (c) | 882,424 | ||||||
| 250,000 | Port Authority of New York and New Jersey, Series 179
(RB) 5.00%, 12/01/23 (c) | 301,320 | ||||||
| Port Authority of New York and New Jersey, Series 183 (RB) | ||||||||
| 565,000 | 3.00%, 06/15/24 (c) | 574,017 | ||||||
| 750,000 | 3.25%, 06/15/24 (c) | 757,867 | ||||||
| 1,200,000 | Port Authority of New York and New Jersey, Series 190
(RB) 5.00%, 05/01/20 (c) | 1,371,672 | ||||||
| Sales Tax Asset Receivable Corp., Series A (RB) | ||||||||
| 300,000 | 3.00%, 10/15/24 (c) | 304,716 | ||||||
| 1,000,000 | 5.00%, 10/15/24 (c) | 1,199,310 | ||||||
| 1,010,000 | 5.00%, 10/15/24 (c) | 1,236,694 | ||||||
| 65,000 | State of New York, Series E (GO) 5.00%, 12/15/21 (c) | 77,990 | ||||||
| 1,025,000 | Suffolk County, New York Economic Development Corp. (RB)
5.00%, 07/01/21 (c) | 1,124,763 | ||||||
| 1,000,000 | Suffolk County, New York Public Improvement, Series A
(GO) 4.00%, 05/15/19 (c) | 1,044,860 | ||||||
| 50,000 | Tobacco Settlement Financing Corp. (RB) 5.00%, 06/01/17 (c) | 53,411 | ||||||
| 65,000 | Town of Brookhaven, New York (GO) 3.00%, 02/01/23 (c) | 67,665 | ||||||
| Town of Brookhaven, Series A (GO) | ||||||||
| 640,000 | 3.00%, 02/01/23 | 686,957 | ||||||
| 250,000 | 4.00%, 02/01/23 (c) | 273,478 | ||||||
| Town of Oyster Bay, New York (GO) (AGM) | ||||||||
| 265,000 | 3.00%, 03/01/21 (c) | 274,108 | ||||||
| 485,000 | 4.00%, 08/01/22 (c) | 514,997 | ||||||
| 875,000 | Town of Oyster Bay, New York Public Improvement, Series
B (GO) (AGM) 4.00%, 11/01/20 (c) | 957,740 | ||||||
| Triborough Bridge and Tunnel Authority, Series A (RB) | ||||||||
| 1,000,000 | 5.00%, 01/01/22 (c) | 1,185,080 | ||||||
| 455,000 | 5.00%, 01/01/22 (c) | 536,308 | ||||||
| Principal Amount | Value | |||||||
| New York: (continued) | ||||||||
| $ | 1,370,000 | 5.00%, 05/15/23 (c) | $ | 1,651,740 | ||||
| 1,000,000 | 5.00%, 05/15/23 (c) | 1,184,950 | ||||||
| 900,000 | 5.00%, 05/15/23 (c) | 1,051,551 | ||||||
| Triborough Bridge and Tunnel Authority, Series B (RB) | ||||||||
| 500,000 | 5.00%, 11/15/22 (c) | 596,475 | ||||||
| 1,980,000 | 5.00%, 11/15/22 | 2,399,562 | ||||||
| 1,000,000 | 5.00%, 11/15/22 (c) | 1,208,230 | ||||||
| 1,310,000 | 5.00%, 11/15/23 (c) | 1,535,490 | ||||||
| Utility Debt Securitization Authority, Series E (RB) | ||||||||
| 1,250,000 | 5.00%, 12/15/23 (c) | 1,476,162 | ||||||
| 1,675,000 | 5.00%, 12/15/23 (c) | 1,987,521 | ||||||
| 900,000 | 5.00%, 12/15/23 (c) | 1,075,230 | ||||||
| 189,431,927 | ||||||||
| North Carolina: 0.9% | ||||||||
| 140,000 | County of New Hanover, North Carolina (RB) 5.00%, 10/01/21 (c) | 159,937 | ||||||
| 1,805,000 | County of Wake, North Carolina (GO) 3.00%, 09/01/24 (c) | 1,920,213 | ||||||
| 90,000 | County of Wake, Public Improvement (GO) 5.00%, 09/01/24 | 112,485 | ||||||
| 1,000,000 | North Carolina Municipal Power Agency No. 1, Series B
(RB) 5.00%, 01/01/22 (c) | 1,137,560 | ||||||
| North Carolina State Capital Improvement Limited Obligation Bonds, Series A (RB) | ||||||||
| 500,000 | 4.50%, 05/01/20 (c) | 558,685 | ||||||
| 815,000 | 5.00%, 05/01/20 (c) | 952,368 | ||||||
| 20,000 | North Carolina State Capital Improvement Limited Obligation
Bonds, Series B (RB) 5.00%, 11/01/21 (c) | 23,870 | ||||||
| 750,000 | North Carolina State Capital Improvement Limited Obligation
Bonds, Series C (RB) 5.00%, 05/01/21 (c) | 875,812 | ||||||
| North Carolina State, Series C (GO) | ||||||||
| 400,000 | 5.00%, 05/01/22 | 485,740 | ||||||
| 540,000 | 5.00%, 05/01/24 (c) | 662,629 | ||||||
| State of North Carolina, Series A (RB) | ||||||||
| 95,000 | 2.25%, 05/01/23 (c) | 93,511 | ||||||
| 1,000,000 | 5.00%, 06/01/23 | 1,231,210 | ||||||
| State of North Carolina, Series B (RB) | ||||||||
| 250,000 | 5.00%, 06/01/24 | 307,058 | ||||||
| 75,000 | 5.00%, 06/01/26 | 93,513 | ||||||
| State of North Carolina, Series C (RB) | ||||||||
| 1,040,000 | 5.00%, 05/01/24 (c) | 1,244,849 | ||||||
| 1,315,000 | 5.00%, 05/01/24 | 1,637,951 | ||||||
| 150,000 | The Charlotte-Mecklenburg Hospital Authority (RB) 5.00%, 01/15/22 (c) | 169,287 | ||||||
| 11,666,678 | ||||||||
See Notes to Financial Statements
| 59 |
INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal Amount | Value | |||||||
| Ohio: 3.4% | ||||||||
| $ | 20,000 | American Municipal Power, Inc., AMP Fremont
Energy Center, Series B (RB) 4.00%, 02/15/22 (c) | $ | 20,868 | ||||
| 670,000 | American Municipal Power, Inc., Prairie State Energy
Campus, Series A (RB) 5.00%, 02/15/20 (c) | 758,520 | ||||||
| City of Columbus, Ohio Sewerage Revenue (RB) | ||||||||
| 250,000 | 5.00%, 12/01/24 (c) | 293,145 | ||||||
| 300,000 | 5.00%, 12/01/24 (c) | 358,935 | ||||||
| 500,000 | 5.00%, 12/01/24 (c) | 603,175 | ||||||
| City of Columbus, Ohio, Series A (GO) | ||||||||
| 1,890,000 | 3.00%, 02/15/24 (c) | 1,953,088 | ||||||
| 800,000 | 4.00%, 02/15/24 (c) | 871,720 | ||||||
| 440,000 | 5.00%, 02/15/22 | 529,918 | ||||||
| 750,000 | 5.00%, 07/01/23 | 917,955 | ||||||
| 100,000 | 5.00%, 08/15/23 (c) | 120,316 | ||||||
| 1,975,000 | 5.00%, 02/15/24 (c) | 2,425,023 | ||||||
| 3,045,000 | City of Columbus, Various Purpose, Series 1 (GO) 5.00%, 07/01/23 (c) | 3,695,412 | ||||||
| City of Columbus, Various Purpose, Series A (GO) | ||||||||
| 750,000 | 3.00%, 07/01/25 (c) | 778,717 | ||||||
| 300,000 | 3.00%, 07/01/25 (c) | 299,658 | ||||||
| 500,000 | 3.00%, 07/01/25 (c) | 505,860 | ||||||
| 750,000 | 3.10%, 07/01/25 (c) | 742,995 | ||||||
| 1,250,000 | 3.20%, 07/01/25 (c) | 1,246,912 | ||||||
| 1,000,000 | 5.00%, 08/15/22 (c) | 1,201,960 | ||||||
| 2,000,000 | 5.00%, 08/15/22 (c) | 2,392,640 | ||||||
| 870,000 | County of Hamilton, Ohio Healthcare Facilities, The Christ
Hospital Project (RB) 4.00%, 06/01/22 (c) | 898,432 | ||||||
| 750,000 | Dayton Metro Library, Series A (GO) 3.25%, 12/01/21 (c) | 753,690 | ||||||
| 1,220,000 | Hamilton County, Ohio Sewer System Improvement, Series
A (RB) 5.00%, 12/01/22 | 1,481,849 | ||||||
| Ohio State Common Schools, Series A (GO) | ||||||||
| 750,000 | 5.00%, 09/15/22 | 909,150 | ||||||
| 2,675,000 | 5.00%, 09/15/23 | 3,271,445 | ||||||
| Ohio State Common Schools, Series B (GO) | ||||||||
| 1,750,000 | 4.00%, 09/15/21 (c) | 1,896,282 | ||||||
| 80,000 | 5.00%, 09/15/21 (c) | 95,958 | ||||||
| 85,000 | ProMedica Healthcare Obligated Group, Ohio Hospital,
Series D (RB) 5.00%, 11/15/21 (c) | 97,134 | ||||||
| 125,000 | State of Ohio, Cleveland Clinic Health System Obligation
Group, Series A (RB) 5.00%, 01/01/22 | 148,698 | ||||||
| 895,000 | State of Ohio, Higher Education, Series C (GO) 5.00%, 08/01/23 | 1,092,401 | ||||||
| Principal Amount | Value | |||||||
| Ohio: (continued) | ||||||||
| State of Ohio, Highway Capital Improvement, Series R (GO) | ||||||||
| $ | 3,000,000 | 5.00%, 05/01/24 (c) | $ | 3,598,530 | ||||
| 1,000,000 | 5.00%, 05/01/24 (c) | 1,220,990 | ||||||
| 1,100,000 | State of Ohio, Major New State Infrastructure Project
(RB) 5.00%, 06/15/22 (c) | 1,307,966 | ||||||
| 3,000,000 | State of Ohio, Series A (GO) 5.00%, 09/15/26 | 3,764,790 | ||||||
| 650,000 | State of Ohio, Turnpike Commission, Series A (RB) 5.25%, 02/15/27 | 811,668 | ||||||
| 1,345,000 | State of Ohio, University Hospitals Health System, Series
A (RB) 5.00%, 01/15/23 (c) | 1,507,745 | ||||||
| 42,573,545 | ||||||||
| Oklahoma: 0.1% | ||||||||
| 65,000 | Grand River Dam Authority, Series A (RB) 5.00%, 06/01/24 (c) | 75,833 | ||||||
| 1,000,000 | Oklahoma Capital Improvement Authority (RB) 5.00%, 07/01/24 (c) | 1,173,110 | ||||||
| 500,000 | Oklahoma Development Finance Authority (RB) 5.00%, 08/15/22 | 599,215 | ||||||
| 1,848,158 | ||||||||
| Oregon: 0.6% | ||||||||
| 100,000 | Beaverton School District 48J, Washington and Multnomah
Counties, Oregon, Series B (GO) 4.00%, 06/15/22 (c) | 111,674 | ||||||
| 500,000 | Clackamas County School District No. 12 North Clackamas
(GO) (SBG) 5.00%, 06/15/24 (c) | 594,610 | ||||||
| Metro, Oregon, Series A (GO) | ||||||||
| 500,000 | 4.00%, 06/01/22 (c) | 549,025 | ||||||
| 785,000 | 5.00%, 06/01/22 | 948,751 | ||||||
| 400,000 | 5.00%, 06/01/22 (c) | 481,232 | ||||||
| 75,000 | Metro, Series A (GO) 5.00%, 06/01/22 (c) | 90,645 | ||||||
| State of Oregon Department of Transportation, Highway User Tax, Senior Lien, Series A (RB) | ||||||||
| 100,000 | 5.00%, 11/15/21 | 120,300 | ||||||
| 90,000 | 5.00%, 11/15/21 | 108,270 | ||||||
| 10,000 | 5.00%, 11/15/22 | 12,193 | ||||||
| 200,000 | 5.00%, 11/15/23 | 245,974 | ||||||
| 745,000 | 5.00%, 11/15/24 (c) | 898,731 | ||||||
| 225,000 | 5.00%, 11/15/24 | 281,358 | ||||||
| 65,000 | 5.00%, 11/15/24 (c) | 78,765 | ||||||
| 200,000 | 5.00%, 11/15/24 (c) | 237,526 | ||||||
| 1,850,000 | State of Oregon, Department of Administrative Services,
Lottery Revenue, Series D (RB) 5.00%, 04/01/25 (c) | 2,256,371 | ||||||
| 500,000 | State of Oregon, Series F (GO) 5.00%, 05/01/23 (c) | 606,590 | ||||||
See Notes to Financial Statements
| 60 |
| Principal Amount | Value | |||||||
| Oregon: (continued) | ||||||||
| $ | 50,000 | Tri-County Metropolitan Transportation District,
Series A (RB) 5.00%, 10/01/21 | $ | 59,022 | ||||
| 7,681,037 | ||||||||
| Pennsylvania: 2.8% | ||||||||
| 270,000 | City of Philadelphia, Pennsylvania Water & Wastewater
Revenue, Series A (RB) 5.00%, 01/01/22 | 317,220 | ||||||
| Commonwealth of Pennsylvania, First Refunding Series (GO) | ||||||||
| 500,000 | 4.00%, 07/01/23 | 559,360 | ||||||
| 1,765,000 | 5.00%, 07/01/22 | 2,100,791 | ||||||
| 500,000 | 5.00%, 07/01/23 | 596,995 | ||||||
| Commonwealth of Pennsylvania, First Series (GO) | ||||||||
| 925,000 | 5.00%, 11/15/21 (c) | 1,075,627 | ||||||
| 570,000 | 5.00%, 11/15/21 (c) | 655,848 | ||||||
| 1,095,000 | 5.00%, 11/15/21 (c) | 1,275,336 | ||||||
| 1,000,000 | 5.00%, 11/15/21 | 1,182,720 | ||||||
| 720,000 | 5.00%, 11/15/21 (c) | 844,366 | ||||||
| 5,000,000 | 5.00%, 06/01/22 (c) | 5,829,300 | ||||||
| 2,155,000 | 5.00%, 06/01/22 (c) | 2,505,274 | ||||||
| 640,000 | 5.00%, 06/01/22 | 760,768 | ||||||
| 1,250,000 | 5.00%, 06/01/22 (c) | 1,467,325 | ||||||
| 2,650,000 | 5.00%, 04/01/23 (c) | 3,070,184 | ||||||
| 2,250,000 | 5.00%, 04/01/23 (c) | 2,628,202 | ||||||
| 2,150,000 | 5.00%, 04/01/23 (c) | 2,535,280 | ||||||
| Commonwealth of Pennsylvania, Second Series (GO) | ||||||||
| 300,000 | 4.00%, 10/15/23 (c) | 321,288 | ||||||
| 1,000,000 | 5.00%, 10/15/23 (c) | 1,145,030 | ||||||
| 860,000 | 5.00%, 10/15/23 (c) | 989,989 | ||||||
| 500,000 | 5.00%, 10/15/23 (c) | 595,535 | ||||||
| 420,000 | 5.00%, 10/15/23 (c) | 495,247 | ||||||
| 500,000 | 5.00%, 10/15/23 (c) | 584,480 | ||||||
| Hospitals and Higher Education Facilities Authority, Children’s Hospital of Philadelphia Project, Series D (RB) | ||||||||
| 25,000 | 5.00%, 07/01/21 (c) | 28,964 | ||||||
| 305,000 | 5.00%, 07/01/21 (c) | 346,886 | ||||||
| 940,000 | Monroeville, Pennsylvania Finance Authority (RB) 5.00%, 02/15/26 | 1,140,446 | ||||||
| 25,000 | Pennsylvania Economic Development Financing Authority,
Unemployment Compensation, Series B (RB) 5.00%, 07/01/16 (c) | 25,772 | ||||||
| 500,000 | Pennsylvania Higher Educational Facilities Authority,
Series AM (RB) 4.00%, 06/15/21 (c) | 532,030 | ||||||
| Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania, Health System, Series A (RB) | ||||||||
| 250,000 | 5.00%, 08/15/22 (c) | 290,953 | ||||||
| 40,000 | 5.00%, 08/15/22 (c) | 47,461 | ||||||
| Principal Amount | Value | |||||||
| Pennsylvania: (continued) | ||||||||
| $ | 400,000 | Pennsylvania Turnpike Commission, Series
C (RB) 5.00%, 12/01/24 (c) | $ | 458,684 | ||||
| 60,000 | St. Mary Hospital Authority, Catholic Health East Issue,
Series A (RB) 5.00%, 05/15/20 (c) | 68,852 | ||||||
| 34,476,213 | ||||||||
| Puerto Rico: 0.1% | ||||||||
| 500,000 | Puerto Rico Commonwealth, Public Improvement, Series
A (GO) 5.50%, 07/01/21 (c) | 508,875 | ||||||
| 500,000 | Puerto Rico Electric Power Authority, Series DDD (RB)
(AGM) 3.65%, 11/30/15 (c) | 449,735 | ||||||
| 958,610 | ||||||||
| Rhode Island: 0.3% | ||||||||
| 385,000 | Rhode Island Health and Educational Building Corp. (RB)
(AGM) 5.00%, 05/15/25 (c) | 448,413 | ||||||
| State of Rhode Island, Series A (GO) | ||||||||
| 1,275,000 | 5.50%, 08/01/21 (c) | 1,543,591 | ||||||
| 470,000 | 5.50%, 08/01/21 (c) | 569,297 | ||||||
| State of Rhode Island, Series D (GO) | ||||||||
| 1,000,000 | 5.00%, 08/01/24 (c) | 1,191,720 | ||||||
| 250,000 | 5.00%, 08/01/24 (c) | 300,318 | ||||||
| 175,000 | 5.00%, 08/01/24 | 211,755 | ||||||
| 4,265,094 | ||||||||
| South Carolina: 1.3% | ||||||||
| 325,000 | Berkeley County, South Carolina School District, Series
A (GO) 3.00%, 03/01/24 (c) | 337,636 | ||||||
| Charleston Educational Excellence Finance Corp. (RB) | ||||||||
| 920,000 | 5.00%, 12/01/23 (c) | 1,061,763 | ||||||
| 50,000 | 5.00%, 12/01/23 (c) | 60,635 | ||||||
| 300,000 | 5.00%, 12/01/23 | 365,301 | ||||||
| 895,000 | Charleston Educational Excellence Finance Corp., County
School District (RB) 5.00%, 12/01/24 | 1,105,925 | ||||||
| 1,750,000 | City of Charleston, Waterworks and Sewer System Revenue
(RB) 5.00%, 01/01/22 (c) | 2,090,795 | ||||||
| 2,000,000 | Greenville Hospital System Board of Trustees (RB) 5.00%, 05/01/22 (c) | 2,290,160 | ||||||
| Richland County, South Carolina School District No. 1, Series A (GO) | ||||||||
| 500,000 | 4.00%, 09/01/21 (c) | 546,935 | ||||||
| 1,305,000 | 4.00%, 09/01/21 (c) | 1,467,681 | ||||||
| 465,000 | 5.00%, 09/01/21 (c) | 549,467 | ||||||
| 500,000 | 5.00%, 09/01/21 (c) | 590,520 | ||||||
| South Carolina Jobs Economic Development Authority, Bon Secours Health System Obligated Group (RB) | ||||||||
| 975,000 | 3.75%, 11/01/22 (c) | 992,423 | ||||||
| 350,000 | 5.00%, 11/01/22 (c) | 393,621 | ||||||
See Notes to Financial Statements
| 61 |
INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal Amount | Value | |||||||
| South Carolina: (continued) | ||||||||
| South Carolina Jobs Economic Development Authority, Palmetto Health, Series A (RB) | ||||||||
| $ | 130,000 | 5.00%, 08/01/23 (c) | $ | 141,827 | ||||
| 395,000 | 5.25%, 08/01/23 (c) | 438,391 | ||||||
| 625,000 | South Carolina State Economic Development, Series A (GO)
2.00%, 04/01/20 (c) | 630,006 | ||||||
| 245,000 | South Carolina State Ports Authority (RB) 5.25%, 07/01/20 (c) | 286,545 | ||||||
| 900,000 | South Carolina State Public Service Authority, Series
A (RB) 5.00%, 12/01/21 (c) | 1,044,774 | ||||||
| South Carolina State Public Service Authority, Series B (RB) | ||||||||
| 1,100,000 | 4.00%, 12/01/21 | 1,245,431 | ||||||
| 650,000 | 5.00%, 12/01/21 | 773,298 | ||||||
| 16,413,134 | ||||||||
| Tennessee: 0.6% | ||||||||
| 1,200,000 | County of Shelby, Tennessee (GO) 5.00%, 03/01/24 | 1,478,928 | ||||||
| 680,000 | Knox County Health Educational and Housing Facility Board,
Series A (RB) 5.00%, 01/01/23 (c) | 786,427 | ||||||
| 25,000 | Memphis Center City Revenue Finance Corp. (RB) (AGM)
4.50%, 11/01/21 (c) | 27,071 | ||||||
| 245,000 | Memphis Center City Revenue Finance Corp., Series B (RB)
(AGM) 5.25%, 11/01/21 (c) | 285,236 | ||||||
| 1,485,000 | Memphis, Tennessee General Improvement Refunding, Series
A (GO) 5.00%, 11/01/23 | 1,813,749 | ||||||
| Metropolitan Government of Nashville & Davidson County, Tennessee (RB) | ||||||||
| 1,060,000 | 5.00%, 07/01/22 | 1,263,117 | ||||||
| 500,000 | 5.00%, 07/01/23 | 611,970 | ||||||
| 75,000 | Metropolitan Government of Nashville & Davidson County,
Tennessee, Series D (GO) 5.00%, 07/01/20 (c) | 87,392 | ||||||
| 975,000 | State of Tennessee, Series A (GO) 5.00%, 08/01/22 | 1,188,817 | ||||||
| 275,000 | Tennessee State School Bond Authority, Higher Educational
Facilities, Series A (RB) 3.50%, 05/01/18 (c) | 284,163 | ||||||
| 7,826,870 | ||||||||
| Texas: 9.1% | ||||||||
| 750,000 | Austin Independent School District, Series B (GO) 5.00%, 08/01/24 | 920,160 | ||||||
| 500,000 | Board of Regents, A and M University System, Series A
(RB) 5.50%, 07/01/25 (c) | 640,845 | ||||||
| Principal Amount | Value | |||||||
| Texas: (continued) | ||||||||
| Brownsville, Texas Utilities System Revenue, Series A (RB) | ||||||||
| $ | 245,000 | 5.00%, 09/01/22 | $ | 290,293 | ||||
| 500,000 | 5.00%, 09/01/23 (c) | 576,800 | ||||||
| 500,000 | Cities of Dallas and Fort Worth, International Airport
Joint Revenue Series F (RB) 5.00%, 11/01/23 (c) | 598,845 | ||||||
| City of Austin, Texas, Water & Wastewater System Revenue (RB) | ||||||||
| 1,000,000 | 3.70%, 05/15/23 (c) | 1,086,190 | ||||||
| 50,000 | 5.00%, 11/15/22 (c) | 59,648 | ||||||
| 50,000 | 5.00%, 05/15/23 (c) | 60,051 | ||||||
| 1,000,000 | 5.00%, 05/15/24 (c) | 1,179,200 | ||||||
| 650,000 | 5.00%, 05/15/24 (c) | 756,229 | ||||||
| 1,000,000 | 5.00%, 05/15/24 (c) | 1,170,870 | ||||||
| City of Austin, Water and Wastewater System Revenue (RB) | ||||||||
| 650,000 | 5.00%, 11/15/21 | 777,803 | ||||||
| 400,000 | 5.00%, 11/15/21 (c) | 476,112 | ||||||
| 50,000 | City of Dallas and Fort Worth, Texas International Airport
(RB) 5.00%, 11/01/20 (c) | 57,374 | ||||||
| 4,750,000 | City of Dallas, Texas (GO) 5.00%, 02/15/24 (c) | 5,771,677 | ||||||
| 30,000 | City of Dallas, Waterworks and Sewer System, Series A
(RB) 5.00%, 10/01/22 (c) | 36,253 | ||||||
| City of Fort Worth and Dallas, Texas International Airport, Series G (RB) | ||||||||
| 50,000 | 5.00%, 11/01/20 (c) | 58,151 | ||||||
| 3,240,000 | 5.00%, 11/01/20 (c) | 3,778,326 | ||||||
| 1,000,000 | City of Fort Worth, Texas (GO) 5.00%, 03/01/22 (c) | 1,187,180 | ||||||
| 1,000,000 | City of Frisco (GO) 5.00%, 02/15/23 (c) | 1,199,290 | ||||||
| 300,000 | City of Houston, Series A (GO) 5.00%, 03/01/22 | 361,719 | ||||||
| 1,000,000 | City of Houston, Texas Combined Utility System Revenue
(RB) 5.00%, 11/15/24 (c) | 1,192,940 | ||||||
| 1,325,000 | City of Houston, Texas Combined Utility System Revenue,
First Lien, Series D (RB) 5.00%, 11/15/21 (c) | 1,559,644 | ||||||
| 500,000 | City of Laredo, Waterworks and Sewer System (RB) 5.25%, 03/01/20 (c) | 576,865 | ||||||
| City of San Antonio, Electric and Gas Systems Revenue (RB) | ||||||||
| 1,865,000 | 5.00%, 02/01/22 | 2,232,834 | ||||||
| 1,500,000 | 5.00%, 08/01/22 (c) | 1,794,990 | ||||||
| 1,040,000 | 5.00%, 02/01/23 | 1,257,911 | ||||||
| 500,000 | 5.25%, 02/01/25 | 626,885 | ||||||
| City of San Antonio, General Improvement (GO) | ||||||||
| 1,550,000 | 5.00%, 02/01/24 (c) | 1,857,365 | ||||||
| 100,000 | 5.00%, 02/01/24 | 122,432 | ||||||
See Notes to Financial Statements
| 62 |
| Principal Amount | Value | |||||||
| Texas: (continued) | ||||||||
| $ | 300,000 | City of San Antonio, Public Facilities Corp. Improvement (RB) 3.00%, 09/15/22 (c) | $ | 292,080 | ||||
| 1,070,000 | City of San Antonio, Texas (GO) 5.00%, 02/01/24 (c) | 1,262,835 | ||||||
| City of San Antonio, Water System Revenue (RB) | ||||||||
| 1,000,000 | 5.00%, 05/15/22 (c) | 1,184,140 | ||||||
| 1,025,000 | 5.00%, 05/15/22 (c) | 1,228,329 | ||||||
| City of San Antonio, Water System Revenue, Series A (RB) | ||||||||
| 515,000 | 5.00%, 05/15/20 (c) | 593,177 | ||||||
| 55,000 | 5.00%, 05/15/20 (c) | 63,715 | ||||||
| 50,000 | Clear Creek Independent School District, Series A (GO) 5.00%, 02/15/25 (c) | 59,564 | ||||||
| 1,000,000 | Clear Creek Independent School District, Series B (GO) 5.00%, 02/15/22 (c) | 1,183,980 | ||||||
| 585,000 | Comal Independent School District, Series A (GO) 4.00%, 02/01/21 (c) | 623,692 | ||||||
| 165,000 | Conroe Independent School District (GO) 5.00%, 02/15/20 (c) | 191,456 | ||||||
| 500,000 | Conroe Independent School District, Series A (GO) 5.00%, 02/15/21 (c) | 569,420 | ||||||
| County of Denton, Texas (GO) | ||||||||
| 875,000 | 5.00%, 07/15/20 (c) | 1,002,251 | ||||||
| 1,000,000 | 5.00%, 07/15/20 (c) | 1,156,670 | ||||||
| 250,000 | County of Harris, Subordinate Lien, Series A (GO) 5.00%, 08/15/22 (c) | 299,255 | ||||||
| County of Harris, Texas (GO) | ||||||||
| 670,000 | 5.00%, 10/01/20 (c) | 791,699 | ||||||
| 500,000 | 5.00%, 08/15/22 (c) | 590,140 | ||||||
| Cypress-Fairbanks Independent School District, Series C (GO) | ||||||||
| 100,000 | 5.00%, 02/15/23 | 121,437 | ||||||
| 700,000 | 5.00%, 02/15/24 (c) | 845,257 | ||||||
| 75,000 | Dallas Area Rapid Transit, Senior Lien, Series A (RB) 5.00%, 12/01/22 | 90,875 | ||||||
| Dallas Independent School District (GO) | ||||||||
| 100,000 | 5.00%, 02/15/21 (c) | 118,037 | ||||||
| 835,000 | 5.00%, 08/15/22 (c) | 991,329 | ||||||
| 100,000 | 5.00%, 08/15/22 (c) | 120,692 | ||||||
| 100,000 | 5.00%, 08/15/22 | 120,976 | ||||||
| 100,000 | Dallas Independent School District, Series A (GO) 5.00%, 08/15/24 | 122,870 | ||||||
| 385,000 | Dallas, Texas, Series A (GO) 5.00%, 02/15/23 (c) | 443,709 | ||||||
| 1,330,000 | Denton Independent School District (GO) 5.00%, 02/15/25 (c) | 1,644,798 | ||||||
| Principal Amount | Value | |||||||
| Texas: (continued) | ||||||||
| $ | 750,000 | Fort Bend, Texas Independent School District (GO) 5.00%, 08/15/22 (c) | $ | 903,592 | ||||
| 70,000 | Fort Worth, Texas Independent School District (GO) 5.00%, 02/15/20 (c) | 79,559 | ||||||
| 250,000 | Fort Worth, Texas Water and Sewer System Revenue (RB) 5.00%, 02/15/21 (c) | 293,285 | ||||||
| Harris County, Houston Sports Authority, Senior Lien, Series A (RB) | ||||||||
| 965,000 | 5.00%, 11/15/24 (c) | 1,107,627 | ||||||
| 2,225,000 | 5.00%, 11/15/24 (c) | 2,578,530 | ||||||
| 2,755,000 | Harris County, Texas Cultural Education Facilities Finance Corp. (RB) 5.00%, 12/01/24 (c) | 3,152,161 | ||||||
| 425,000 | Harris County, Texas Cultural Education Facilities Finance Corp., Series 1 (RB) 5.00%, 10/01/23 | 512,822 | ||||||
| Harris County, Texas Cultural Education Facilities Finance Corp., Series A (RB) | ||||||||
| 50,000 | 5.00%, 12/01/22 (c) | 57,430 | ||||||
| 120,000 | 5.00%, 12/01/22 (c) | 138,416 | ||||||
| 725,000 | Harris County, Texas Cypress-Fairbanks Independent School District (GO) 5.00%, 02/15/21 (c) | 853,753 | ||||||
| 500,000 | Harris County, Texas Flood Control District (GO) 5.00%, 10/01/24 (c) | 603,250 | ||||||
| 500,000 | Harris County, Texas Flood Control District, Series A (GO) 5.00%, 10/01/24 (c) | 597,500 | ||||||
| Harris County, Texas Unlimited Tax Road Refunding, Series A (GO) | ||||||||
| 500,000 | 5.00%, 10/01/20 (c) | 587,425 | ||||||
| 1,980,000 | 5.00%, 10/01/22 (c) | 2,394,117 | ||||||
| 250,000 | Houston, Texas Independent School District, Series A (GO) 5.00%, 02/15/23 (c) | 301,325 | ||||||
| Houston, Texas Public Improvement Refunding, Series A (GO) | ||||||||
| 2,000,000 | 5.00%, 03/01/21 (c) | 2,333,500 | ||||||
| 2,090,000 | 5.00%, 03/01/23 (c) | 2,516,778 | ||||||
| 750,000 | 5.00%, 03/01/24 (c) | 885,780 | ||||||
| 35,000 | Hurst-Euless-Bedford Independent School District (GO) 5.00%, 08/15/20 (c) | 40,894 | ||||||
| 120,000 | Katy Independent School District, Fort Bend, Harris and Waller Counties, Series A (GO) 5.00%, 02/15/25 (c) | 145,814 | ||||||
| 350,000 | Leander Independent School District, Series A (GO) 5.00%, 08/15/23 (c) | 420,273 | ||||||
| 155,000 | Lower Colorado River Authority, LCRA Transmission Services Corp. Project (RB) 4.00%, 05/15/22 (c) | 162,628 | ||||||
See Notes to Financial Statements
| 63 |
INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal Amount | Value | |||||||
| Texas: (continued) | ||||||||
| $ | 55,000 | Lower Colorado River Authority, LCRA Transmission Services Corp. Project, Series A (RB) 5.00%, 05/15/23 (c) | $ | 62,643 | ||||
| Lower Colorado River Authority, Series A (RB) | ||||||||
| 350,000 | 5.00%, 05/15/20 (c) | 399,665 | ||||||
| 1,990,000 | 5.00%, 05/15/20 (c) | 2,228,103 | ||||||
| 990,000 | 5.00%, 05/15/22 (c) | 1,156,449 | ||||||
| 2,370,000 | Lower Colorado River Authority, Series B (RB) 5.00%, 05/15/22 (c) | 2,718,793 | ||||||
| 845,000 | Matagorda County, Texas Navigation District No. 1 (RB) 4.00%, 06/03/23 (c) | 861,047 | ||||||
| 500,000 | New Hope Cultural Education Facilities Corp. (RB) 5.00%, 07/01/25 (c) | 533,920 | ||||||
| North Texas Municipal Water District (RB) | ||||||||
| 650,000 | 4.00%, 03/01/22 (c) | 688,714 | ||||||
| 85,000 | 5.00%, 09/01/25 (c) | 103,573 | ||||||
| 305,000 | 5.25%, 03/01/22 (c) | 369,663 | ||||||
| 1,485,000 | North Texas Tollway Authority, Second Tier, Series A (RB) 5.00%, 01/01/25 (c) | 1,674,308 | ||||||
| 750,000 | North Texas Tollway Authority, Second Tier, Series B (RB) 5.00%, 01/01/24 (c) | 837,097 | ||||||
| North Texas Tollway Authority, Special Project, Series D (RB) | ||||||||
| 550,000 | 5.00%, 09/01/21 (c) | 635,376 | ||||||
| 530,000 | 5.25%, 09/01/21 (c) | 633,265 | ||||||
| 1,080,000 | 5.25%, 09/01/21 (c) | 1,287,781 | ||||||
| 2,975,000 | Northside Independent School District (GO) 5.00%, 08/15/21 (c) | 3,490,002 | ||||||
| 500,000 | Pasadena Independent School District, Unlimited Tax School Building (GO) 5.00%, 02/15/23 (c) | 595,175 | ||||||
| 200,000 | Port of Houston Authority of Harris County Texas, Series D-0 (GO) 5.00%, 10/01/20 (c) | 235,074 | ||||||
| 415,000 | Port of Houston Authority of Harris County, Series D-1 (GO) 5.00%, 10/01/20 (c) | 492,779 | ||||||
| 635,000 | Regents of the University of Houston, Series A (RB) 5.00%, 02/15/21 (c) | 735,863 | ||||||
| 2,715,000 | San Antonio Electric and Gas Systems (RB) 5.25%, 02/01/24 | 3,370,645 | ||||||
| San Antonio Independent School District, Unlimited Tax School Building (GO) | ||||||||
| 750,000 | 5.00%, 02/15/23 | 911,917 | ||||||
| 1,695,000 | 5.00%, 02/15/24 | 2,078,324 | ||||||
| Principal Amount | Value | |||||||
| Texas: (continued) | ||||||||
| $ | 1,325,000 | San Antonio, Texas Independent School District (GO) 5.00%, 02/15/21 (c) | $ | 1,526,811 | ||||
| State of Texas, Transportation Commission (GO) | ||||||||
| 50,000 | 5.00%, 04/01/24 (c) | 59,384 | ||||||
| 750,000 | 5.00%, 04/01/24 (c) | 903,360 | ||||||
| State of Texas, Transportation Commission, Series A (GO) | ||||||||
| 1,355,000 | 5.00%, 04/01/22 (c) | 1,592,098 | ||||||
| 50,000 | 5.00%, 04/01/22 | 60,146 | ||||||
| 2,955,000 | 5.00%, 10/01/24 (c) | 3,492,455 | ||||||
| Tarrant County, Cultural Education Facilities Finance Corp. (RB) | ||||||||
| 50,000 | 5.00%, 11/15/21 (c) | 56,301 | ||||||
| 30,000 | 5.00%, 10/01/23 (c) | 35,588 | ||||||
| Tarrant County, Texas Cultural Education Facilities Finance Corp. (RB) | ||||||||
| 820,000 | 5.00%, 10/01/23 (c) | 945,271 | ||||||
| 235,000 | 5.25%, 10/01/23 (c) | 274,313 | ||||||
| 250,000 | Texas A and M University (RB) 5.00%, 05/15/22 | 301,303 | ||||||
| Texas Municipal Gas Acquisition & Supply Corp. III (RB) | ||||||||
| 225,000 | 5.00%, 12/15/22 (c) | 247,421 | ||||||
| 230,000 | 5.00%, 12/15/22 (c) | 256,146 | ||||||
| Texas Municipal Gas Acquisition and Supply Corp. III (RB) | ||||||||
| 500,000 | 5.00%, 12/15/22 (c) | 567,730 | ||||||
| 50,000 | 5.00%, 12/15/22 (c) | 56,192 | ||||||
| 1,000,000 | 5.00%, 12/15/22 | 1,171,930 | ||||||
| 1,000,000 | 5.00%, 12/15/22 (c) | 1,147,230 | ||||||
| 500,000 | Texas Public Finance Authority (GO) 5.00%, 10/01/21 (c) | 592,680 | ||||||
| Texas Transportation Commission State Highway Fund, First Tier, Series A (RB) | ||||||||
| 1,000,000 | 5.00%, 04/01/23 | 1,214,810 | ||||||
| 2,690,000 | 5.00%, 04/01/24 | 3,304,665 | ||||||
| 650,000 | University of Texas, Revenue Financing System, Series A (RB) 5.00%, 02/15/22 (c) | 774,260 | ||||||
| 75,000 | Ysleta Independent School District (GO) 5.00%, 08/15/24 (c) | 89,047 | ||||||
| 113,413,041 | ||||||||
| Utah: 0.0% | ||||||||
| 605,000 | Board of Education of Cache County School District (GO) (SBG) 4.00%, 06/15/24 (c) | 651,089 | ||||||
| Virgin Islands: 0.0% | ||||||||
| 500,000 | Virgin Islands Public Finance Authority, Series A (RB) 5.00%, 10/01/20 (c) | 542,995 | ||||||
| Virginia: 3.0% | ||||||||
| 835,000 | Commonwealth of Virginia, Series A-2 (GO) 4.00%, 06/01/21 (c) | 912,062 | ||||||
See Notes to Financial Statements
| 64 |
| Principal Amount | Value | |||||||
| Virginia: (continued) | ||||||||
| $ | 1,000,000 | Commonwealth of Virginia, Series B (GO) (SAW) 5.00%, 06/01/25 (c) | $ | 1,235,680 | ||||
| 1,340,000 | County of Fairfax, Public Improvement, Series A (GO) (SAW) 5.00%, 10/01/23 | 1,650,304 | ||||||
| 2,500,000 | County of Loudoun, Series A (GO) (SAW) 5.00%, 12/01/22 (c) | 3,027,325 | ||||||
| 1,965,000 | Fairfax County Economic Development Authority Transportation District Improvement, Silver Line Phase I Project (RB) (ST) 5.00%, 04/01/20 (c) | 2,265,468 | ||||||
| Fairfax County, Public Improvement, Series B (GO) (SAW) | ||||||||
| 225,000 | 5.00%, 04/01/23 | 275,423 | ||||||
| 2,075,000 | 5.00%, 04/01/24 | 2,565,385 | ||||||
| 485,000 | Fairfax County, Virginia Economic Development Authority (RB) 5.00%, 10/01/24 (c) | 574,900 | ||||||
| 500,000 | Fairfax County, Virginia Industrial Development Authority (RB) 5.00%, 05/15/22 | 599,865 | ||||||
| 485,000 | Virginia College Building Authority, 21st Century College & Equipment Programs Educational Facilities, Series A (RB) 5.00%, 02/01/24 | 592,971 | ||||||
| 2,000,000 | Virginia College Building Authority, 21st Century College & Equipment Programs Educational Facilities, Series B (RB) (SAW) 5.00%, 09/01/23 | 2,434,180 | ||||||
| Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series A (RB) | ||||||||
| 425,000 | 3.00%, 02/01/22 (c) | 432,021 | ||||||
| 2,000,000 | 5.00%, 02/01/22 (c) | 2,380,100 | ||||||
| 1,890,000 | 5.00%, 09/01/22 (c) | 2,274,048 | ||||||
| 100,000 | Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series B (RB) 5.00%, 02/01/22 (c) | 119,005 | ||||||
| 1,850,000 | Virginia College Building Authority, Educational Facilities, Public Higher Education Financing Program, Series B (RB) 4.00%, 09/01/22 (c) | 2,014,594 | ||||||
| 45,000 | Virginia Commonwealth Transportation Board (RB) 4.00%, 05/15/21 (c) | 48,226 | ||||||
| Virginia Commonwealth Transportation Board (RB) | ||||||||
| 500,000 | 4.00%, 05/15/21 (c) | 538,510 | ||||||
| 150,000 | 5.25%, 05/15/21 (c) | 180,099 | ||||||
| Principal Amount | Value | |||||||
| Virginia: (continued) | ||||||||
| Virginia Commonwealth Transportation Board, Series A (RB) | ||||||||
| $ | 450,000 | 5.00%, 03/15/23 (c) | $ | 529,861 | ||||
| 1,450,000 | 5.00%, 03/15/23 (c) | 1,738,753 | ||||||
| Virginia Public Building Authority, Series A (RB) | ||||||||
| 475,000 | 3.00%, 08/01/24 (c) | 478,634 | ||||||
| 20,000 | 5.00%, 08/01/21 (c) | 23,571 | ||||||
| Virginia Public Building Authority, Series C (RB) | ||||||||
| 400,000 | 4.00%, 08/01/24 (c) | 454,240 | ||||||
| 1,750,000 | 5.00%, 08/01/23 | 2,135,980 | ||||||
| 870,000 | Virginia Public School Authority, Series A (RB) (SAW) 5.00%, 08/01/24 | 1,074,415 | ||||||
| 1,000,000 | Virginia Public School Authority, Series B (RB) (SAW) 4.00%, 08/01/24 (c) | 1,123,790 | ||||||
| 350,000 | Virginia Resources Authority, Series B (RB) 5.00%, 11/01/21 (c) | 417,952 | ||||||
| 750,000 | Virginia Small Business Financing Authority (RB) 5.25%, 10/01/24 (c) | 864,562 | ||||||
| 1,850,000 | Virginia State Public Building Authority, School Financing, Series A (RB) 5.00%, 08/01/22 | 2,235,965 | ||||||
| 1,535,000 | Virginia State Public School Authority, School Financing, Series A (RB) (SAW) 5.00%, 08/01/23 | 1,874,788 | ||||||
| 250,000 | Virginia State, Resources Authority, Clean Water State (RB) 5.00%, 10/01/23 (c) | 307,273 | ||||||
| 37,379,950 | ||||||||
| Washington: 3.4% | ||||||||
| 350,000 | Bellevue School District No. 405, King County (GO) 4.38%, 06/01/21 (c) | 390,121 | ||||||
| 550,000 | Central Puget Sound Regional Transit Authority, Sale Tax , Series S-1 (RB) 5.00%, 11/01/22 (c) | 648,516 | ||||||
| 450,000 | Central Puget Sound Regional Transit Authority, Sale Tax and Motor Vehicle Excise Tax, Series P-1 (RB) 5.00%, 02/01/22 (c) | 537,574 | ||||||
| 85,000 | County of King, Washington Sewer Revenue, Series B (RB) 5.00%, 01/01/21 (c) | 98,113 | ||||||
| Energy Northwest Colombia Generating Station Electric, Series A (RB) | ||||||||
| 260,000 | 5.00%, 07/01/21 (c) | 307,944 | ||||||
| 350,000 | 5.00%, 07/01/21 (c) | 416,419 | ||||||
| 200,000 | Energy Northwest Generating Station, Series A (RB) 5.00%, 07/01/23 | 243,990 | ||||||
| 5,000 | Energy Northwest, Series C (RB) 5.00%, 07/01/24 (c) | 6,098 | ||||||
See Notes to Financial Statements
| 65 |
INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal Amount | Value | |||||||
| Washington: (continued) | ||||||||
| $ | 30,000 | King County, Washington Limited Tax Sewer Revenue, Series A (GO) 5.00%, 07/01/23 | $ | 36,983 | ||||
| 15,000 | King County, Washington School District No. 409 Tahoma (GO) (SBG) 5.00%, 12/01/23 (c) | 17,726 | ||||||
| 1,025,000 | King County, Washington Sewer Revenue, Series A (RB) 5.00%, 01/01/23 (c) | 1,220,078 | ||||||
| 975,000 | Pierce County School District No. 10 Tacoma (GO) (SBG) 5.00%, 12/01/24 | 1,201,161 | ||||||
| 75,000 | Port of Seattle, Intermediate Lien, Series A (RB) 5.00%, 08/01/22 | 88,915 | ||||||
| 20,000 | Port of Seattle, Washington, Series A (RB) 5.00%, 08/01/22 (c) | 22,659 | ||||||
| State of Washington Various Purpose, Series D (GO) | ||||||||
| 250,000 | 5.00%, 02/01/22 | 299,800 | ||||||
| 535,000 | 5.00%, 02/01/23 | 648,308 | ||||||
| State of Washington, Federal Highway Grant Anticipation, SR 520 Corridor Program, Series C (RB) | ||||||||
| 200,000 | 5.00%, 09/01/23 (c) | 239,254 | ||||||
| 115,000 | 5.00%, 09/01/23 | 138,394 | ||||||
| 850,000 | State of Washington, Motor Vehicle Fuel Tax, Series D (GO) 3.00%, 07/01/23 (c) | 831,189 | ||||||
| State of Washington, Motor Vehicle Fuel Tax, Series E (GO) | ||||||||
| 1,725,000 | 5.00%, 02/01/22 | 2,068,620 | ||||||
| 500,000 | 5.00%, 02/01/23 (c) | 598,410 | ||||||
| 1,500,000 | 5.00%, 02/01/24 (c) | 1,817,475 | ||||||
| 800,000 | 5.25%, 02/01/22 | 971,184 | ||||||
| State of Washington, Motor Vehicle Fuel Tax, Series R-B (GO) | ||||||||
| 520,000 | 3.13%, 07/01/22 (c) | 519,074 | ||||||
| 300,000 | 5.00%, 07/01/24 (c) | 362,730 | ||||||
| 4,250,000 | 5.00%, 07/01/24 | 5,217,215 | ||||||
| State of Washington, Motor Vehicle Fuel Tax, Series R-D (GO) | ||||||||
| 2,000,000 | 5.00%, 07/01/22 (c) | 2,411,000 | ||||||
| 355,000 | 5.00%, 07/01/23 (c) | 430,264 | ||||||
| 1,000,000 | 5.00%, 01/01/25 (c) | 1,178,370 | ||||||
| 50,000 | State of Washington, Motor Vehicle Fuel Tax, SR 520 Corridor Program, Series C (GO) 5.00%, 06/01/21 (c) | 57,875 | ||||||
| 1,695,000 | State of Washington, State and Local Agency Real and Personal Property, Series C (CP) 5.00%, 01/01/26 (c) | 1,991,506 | ||||||
| State of Washington, Various Purpose, Series A (GO) | ||||||||
| 855,000 | 4.00%, 07/01/22 | 977,710 | ||||||
| 55,000 | 5.00%, 08/01/20 (c) | 64,577 | ||||||
| 250,000 | 5.00%, 08/01/21 (c) | 293,150 | ||||||
| 300,000 | 5.00%, 08/01/21 (c) | 357,369 | ||||||
| Principal Amount | Value | |||||||
| Washington: (continued) | ||||||||
| $ | 1,000,000 | 5.00%, 07/01/22 | $ | 1,206,190 | ||||
| 1,750,000 | 5.00%, 08/01/22 (c) | 2,107,682 | ||||||
| 835,000 | 5.00%, 08/01/23 (c) | 1,013,807 | ||||||
| 1,675,000 | State of Washington, Various Purpose, Series D (GO) 5.00%, 02/01/23 (c) | 1,986,098 | ||||||
| 375,000 | State of Washington, Various Purpose, Series R-A (GO) 5.00%, 07/01/21 (c) | 445,714 | ||||||
| 25,000 | State of Washington, Various Purpose, Series R-B (GO) 5.00%, 07/01/20 (c) | 29,045 | ||||||
| State of Washington, Various Purpose, Series R-C (GO) | ||||||||
| 295,000 | 4.00%, 07/01/23 (c) | 315,458 | ||||||
| 625,000 | 5.00%, 07/01/22 (c) | 751,256 | ||||||
| 50,000 | 5.00%, 01/01/25 (c) | 58,654 | ||||||
| 350,000 | 5.00%, 01/01/25 (c) | 417,739 | ||||||
| 1,800,000 | Tobacco Settlement Authority (RB) 5.00%, 06/01/22 | 2,085,426 | ||||||
| 50,000 | University of Washington General Revenue, Series A (RB) 5.00%, 07/01/21 | 59,638 | ||||||
| University of Washington, General Revenue, Series A (RB) | ||||||||
| 1,000,000 | 5.00%, 04/01/21 (c) | 1,163,630 | ||||||
| 500,000 | 5.00%, 04/01/21 (c) | 583,500 | ||||||
| 1,000,000 | Washington Federal Highway Grant Anticipation, SR 520 Corridor Program, Series F (RB) 5.00%, 09/01/22 | 1,193,290 | ||||||
| Washington Health Care Facilities Authority, Series B (RB) | ||||||||
| 250,000 | 4.00%, 10/01/21 (p) | 282,040 | ||||||
| 1,365,000 | 5.00%, 10/01/21 (p) | 1,616,324 | ||||||
| 42,025,262 | ||||||||
| West Virginia: 0.1% | ||||||||
| West Virginia University Board of Governors, Series A (RB) | ||||||||
| 875,000 | 5.00%, 10/01/21 | 1,032,876 | ||||||
| 580,000 | 5.00%, 10/01/22 (c) | 694,219 | ||||||
| 1,727,095 | ||||||||
| Wisconsin: 0.9% | ||||||||
| 560,000 | Public Finance Authority, Renown Regional Medical Center Project, Series A (RB) 5.00%, 06/01/25 (c) | 622,048 | ||||||
| State of Wisconsin, Clean Water Revenue, Series 4 (RB) | ||||||||
| 185,000 | 5.00%, 06/01/20 (c) | 212,199 | ||||||
| 35,000 | 5.00%, 06/01/20 (c) | 40,396 | ||||||
| 50,000 | 5.00%, 06/01/20 (c) | 57,877 | ||||||
| State of Wisconsin, Series 2 (GO) | ||||||||
| 1,300,000 | 5.00%, 11/01/21 | 1,560,624 | ||||||
| 140,000 | 5.00%, 11/01/21 (c) | 169,138 | ||||||
| State of Wisconsin, Series 3 (GO) | ||||||||
| 25,000 | 5.00%, 11/01/22 (c) | 29,674 | ||||||
| 385,000 | 5.00%, 11/01/22 (c) | 463,074 | ||||||
See Notes to Financial Statements
| 66 |
| Principal Amount | Value | |||||||
| Wisconsin: (continued) | ||||||||
| State of Wisconsin, Series 4 (GO) | ||||||||
| $ | 1,500,000 | 5.00%, 11/01/24 (c) | $ | 1,821,840 | ||||
| 550,000 | 5.00%, 11/01/24 (c) | 679,057 | ||||||
| 300,000 | State of Wisconsin, Series A (GO) 4.00%, 05/01/21 (c) | 325,041 | ||||||
| State of Wisconsin, Series B (GO) | ||||||||
| 500,000 | 4.50%, 05/01/21 (c) | 553,180 | ||||||
| 75,000 | 5.00%, 05/01/21 (c) | 88,919 | ||||||
| State of Wisconsin, Series C (GO) | ||||||||
| 755,000 | 4.00%, 05/01/21 (c) | 820,043 | ||||||
| 750,000 | 4.00%, 05/01/21 (c) | 816,637 | ||||||
| 205,000 | Wisconsin Health and Educational Facilities Authority, Aurora Health Care, Inc., Series A (RB) 5.00%, 07/15/21 (c) | 229,391 | ||||||
| 90,000 | Wisconsin Health and Educational Facilities Authority, Gundersen Lutheran, Series A (RB) 4.75%, 10/15/21 (c) | 99,086 | ||||||
| 1,000,000 | Wisconsin State Transportation, Series 0 (RB) 5.00%, 07/01/23 (c) | 1,173,230 | ||||||
| Principal Amount | Value | |||||||
| Wisconsin: (continued) | ||||||||
| Wisconsin State Transportation, Series 1 (RB) | ||||||||
| $ | 75,000 | 5.00%, 07/01/22 (c) | $ | 87,534 | ||||
| 35,000 | 5.00%, 07/01/22 (c) | 41,490 | ||||||
| 800,000 | 5.00%, 07/01/23 (c) | 955,816 | ||||||
| 10,846,294 | ||||||||
| Total Municipal Bonds (Cost: $1,209,592,577) | 1,231,359,066 | |||||||
| Number of Shares | ||||||||
| MONEY MARKET FUND: 0.1% (Cost: $1,112,354) |
||||||||
| 1,112,354 | Dreyfus Tax Exempt Cash Management Fund – Class B Shares | 1,112,354 | ||||||
| Total Investments: 98.8% (Cost: $1,210,704,931) | 1,232,471,420 | |||||||
| Other assets less liabilities: 1.2% | 14,693,574 | |||||||
| NET ASSETS: 100.0% | $ | 1,247,164,994 | ||||||
| AGM | Assured Guaranty Municipal Corp. |
| CP | Certificate of Participation |
| GO | General Obligation |
| RB | Revenue Bond |
| SAW | State Aid Withholding |
| SBG | School Board Guaranteed |
| ST | Special Tax |
| TA | Tax Allocation |
| (c) | Callable Security – the redemption date shown is when the security may be redeemed by the issuer |
| (p) | Puttable Security – the redemption date shown is when the security may be redeemed by the investor |
| ^ | Zero Coupon Bond – the rate shown is the effective yield at purchase date |
| Summary of Investments by Sector (unaudited) | % of Investments | Value | ||||||
| Education | 6.3 | % | $ | 78,204,210 | ||||
| Health Care | 4.7 | 58,314,487 | ||||||
| Housing | 0.1 | 1,385,971 | ||||||
| Industrial Revenue | 0.5 | 6,224,339 | ||||||
| Leasing | 8.7 | 106,670,578 | ||||||
| Local | 17.7 | 217,979,055 | ||||||
| Power | 5.6 | 69,493,354 | ||||||
| Pre-Refunded | 0.1 | 697,711 | ||||||
| Solid Waste/Resource Recovery | 0.2 | 2,882,558 | ||||||
| Special Tax | 9.4 | 115,689,943 | ||||||
| State | 28.1 | 345,733,071 | ||||||
| Transportation | 11.3 | 139,397,939 | ||||||
| Water & Sewer | 7.2 | 88,685,850 | ||||||
| Money Market Fund | 0.1 | 1,112,354 | ||||||
| 100.0 | % | $ | 1,232,471,420 | |||||
See Notes to Financial Statements
| 67 |
INTERMEDIATE MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
The summary of inputs used to value the Fund’s investments as of October 31, 2015 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | ||||||||||||||
| Municipal Bonds* | $ | — | $ | 1,231,359,066 | $ | — | $ | 1,231,359,066 | |||||||||
| Money Market Fund | 1,112,354 | — | — | 1,112,354 | |||||||||||||
| Total | $ | 1,112,354 | $ | 1,231,359,066 | $ | — | $ | 1,232,471,420 | |||||||||
* See Schedule of Investments for security type and geographic sector breakouts.
There were no transfers between levels during the period ended October 31, 2015.
See Notes to Financial Statements
| 68 |
SCHEDULE OF INVESTMENTS
October 31, 2015 (unaudited)
| Principal Amount | Value | |||||||
| MUNICIPAL BONDS: 98.0% | ||||||||
| Arizona: 1.9% | ||||||||
| $ | 600,000 | Arizona Board of Regents, Arizona State University Projects, Series A (RB) 5.00%, 07/01/22 (c) | $ | 668,082 | ||||
| 900,000 | Arizona Health Facilities Authority, Series A (RB) 3.75%, 01/01/22 (c) | 870,156 | ||||||
| 400,000 | Salt River Project Agricultural Improvement & Power District, Arizona Salt River Project Electric System, Seriers A (RB) 5.00%, 06/01/25 (c) | 457,192 | ||||||
| 1,995,430 | ||||||||
| California: 17.1% | ||||||||
| 140,000 | Bay Area Toll Authority, Series F-1 (RB) 5.00%, 04/01/24 (c) | 153,787 | ||||||
| 280,000 | Bay Area Toll Authority, Series S-2 (RB) 5.00%, 10/01/20 (c) | 312,001 | ||||||
| 120,000 | Bay Area Toll Authority, Series S-4 (RB) 5.25%, 04/01/23 (c) | 133,762 | ||||||
| 250,000 | California Health Facilities Financing Authority (RB) 4.50%, 11/15/21 (c) | 268,830 | ||||||
| California Health Facilities Financing Authority, Series A (RB) | ||||||||
| 520,000 | 4.00%, 03/01/23 (c) | 519,116 | ||||||
| 100,000 | 4.00%, 08/15/24 (c) | 103,136 | ||||||
| 400,000 | 5.00%, 08/15/23 (c) | 436,836 | ||||||
| 495,000 | California State Public Works Board, Series A (RB) 5.00%, 03/01/23 (c) | 555,499 | ||||||
| 975,000 | California State University, Series A (RB) 5.00%, 11/01/24 (c) | 1,135,192 | ||||||
| 500,000 | California Statewide Communities Development Authority (RB) 5.00%, 08/01/22 (c) | 565,500 | ||||||
| 500,000 | California Statewide Communities Development Authority, Loma Linda University Medical Center, Series A (RB) 5.25%, 12/01/24 (c) | 523,115 | ||||||
| City of Los Angeles Department of Airports (RB) | ||||||||
| 500,000 | 5.00%, 05/15/22 (c) | 567,145 | ||||||
| 135,000 | 5.00%, 05/15/25 (c) | 155,303 | ||||||
| 50,000 | City of San Francisco CA Public Utilities Commission Water Revenue, Series A (RB) 4.00%, 05/01/22 (c) | 50,974 | ||||||
| 470,000 | East Bay Municipal Utility District Water System Revenue (RB) 4.00%, 06/01/25 (c) | 483,564 | ||||||
| 305,000 | El Camino Community College District, Series C (GO) 4.00%, 08/01/22 (c) | 312,232 | ||||||
| 500,000 | Golden State Tobacco Securitization Corp (RB) 5.00%, 06/01/25 (c) | 557,115 | ||||||
| Principal Amount | Value | |||||||
| California: (continued) | ||||||||
| $ | 335,000 | Los Angeles Department of Water and Power, Series A (RB) 5.00%, 07/01/24 (c) | $ | 381,089 | ||||
| 400,000 | Pasadena Unified School District (GO) 4.13%, 05/01/22 (c) | 414,404 | ||||||
| 500,000 | Port of Los Angeles, Harbor Department, Series B (RB) 5.00%, 08/01/24 (c) | 564,470 | ||||||
| 475,000 | Regents of University of California, Series AI (RB) 5.00%, 05/15/23 (c) | 542,041 | ||||||
| 465,000 | San Jose, California Financing Authority Lease, Series A (RB) 5.00%, 06/01/23 (c) | 520,898 | ||||||
| 250,000 | San Mateo Union High School District, Series A (GO) 5.00%, 09/01/23 (c) | 277,995 | ||||||
| 650,000 | Santa Clara County, Series B (GO) 3.38%, 08/01/22 (c) | 640,601 | ||||||
| 100,000 | Semitropic Improvement District, Series A (RB) 4.00%, 12/01/22 (c) | 103,044 | ||||||
| State of California (GO) | ||||||||
| 700,000 | 5.00%, 10/01/24 (c) | 809,305 | ||||||
| 500,000 | 5.00%, 10/01/24 (c) | 565,955 | ||||||
| 500,000 | 5.00%, 08/01/25 (c) | 583,450 | ||||||
| 350,000 | 5.00%, 08/01/25 (c) | 406,808 | ||||||
| State of California, Various Purpose (GO) | ||||||||
| 30,000 | 4.00%, 04/01/23 (c) | 30,773 | ||||||
| 50,000 | 4.38%, 02/01/22 (c) | 52,690 | ||||||
| 800,000 | 4.50%, 12/01/23 (c) | 854,088 | ||||||
| 650,000 | 5.00%, 04/01/22 (c) | 728,481 | ||||||
| 890,000 | 5.00%, 09/01/22 (c) | 1,003,769 | ||||||
| 300,000 | 5.00%, 04/01/23 (c) | 337,251 | ||||||
| 1,200,000 | 5.00%, 11/01/23 (c) | 1,359,384 | ||||||
| 470,000 | Walnut Energy Center Authority, Series A (RB) 5.00%, 07/01/24 (c) | 538,488 | ||||||
| 400,000 | West Valley-Mission Community College District (GO) 4.00%, 08/01/22 (c) | 415,068 | ||||||
| 17,963,159 | ||||||||
| Colorado: 1.4% | ||||||||
| Colorado Health Facilities Authority, The Evangelical Lutheran Good Samaritan Society Project (RB) | ||||||||
| 115,000 | 5.00%, 06/01/22 (c) | 121,452 | ||||||
| 400,000 | 5.00%, 06/01/22 (c) | 430,332 | ||||||
| 230,000 | Regional Transportation District, Series A (CP) 5.00%, 06/01/23 (c) | 257,156 | ||||||
| 650,000 | University of Colorado Hospital Authority, Series A (RB) 5.00%, 11/15/22 (c) | 714,967 | ||||||
| 1,523,907 | ||||||||
See Notes to Financial Statements
| 69 |
LONG MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal Amount | Value | |||||||
| Connecticut: 0.8% | ||||||||
| $ | 400,000 | Connecticut State Health & Educational Facility Authority, Series A (RB) 5.00%, 07/01/21 (c) | $ | 428,208 | ||||
| 370,000 | State of Connecticut, Series F (GO) 5.00%, 11/15/24 (c) | 421,870 | ||||||
| 850,078 | ||||||||
| District of Columbia: 1.9% | ||||||||
| 725,000 | District of Columbia (RB) 5.00%, 01/15/26 (c) | 796,014 | ||||||
| 500,000 | District of Columbia, Association of American Medical College Issue, Series B (RB) 5.00%, 10/01/21 (c) | 541,645 | ||||||
| 650,000 | Metropolitan Washington Airports Authority, Dulles Toll Road Revenue, Series A (RB) 5.00%, 04/01/22 (c) | 684,151 | ||||||
| 2,021,810 | ||||||||
| Florida: 7.9% | ||||||||
| 400,000 | Broward County, Florida, Water & Sewer Utility Revenue, Series A (RB) 5.00%, 10/01/22 (c) | 451,700 | ||||||
| 400,000 | Central Florida Expressway Authority, Series A (RB) 5.00%, 07/01/23 (c) | 449,412 | ||||||
| 1,150,000 | City of Tampa, Florida Health System, Series A (RB) 5.00%, 05/15/22 (c) | 1,290,553 | ||||||
| 600,000 | Collier County, Florida, Industrial Development Authority (RB) 6.25%, 04/01/21 (c) | 700,902 | ||||||
| 10,000 | County of Broward, Florida Airport System Revenue (RB) 5.00%, 10/01/22 (c) | 11,075 | ||||||
| 975,000 | County of Miami-Dade, Building Better Communities Program, Series B (GO) 4.00%, 07/01/24 (c) | 991,399 | ||||||
| 615,000 | County of Miami-Dade, Florida Transit System Sales Surtax Revenue (RB) 5.00%, 07/01/22 (c) | 698,246 | ||||||
| 400,000 | County of Miami-Dade, Florida Water & Sewer System Revenue (RB) 5.00%, 10/01/22 (c) | 443,512 | ||||||
| 285,000 | Jacksonville Transportation Authority (RB) 5.00%, 08/01/25 (c) | 327,117 | ||||||
| 1,100,000 | Miami-Dade County, Florida Transit System (RB) 5.00%, 07/01/22 (c) | 1,232,550 | ||||||
| 825,000 | Orange County, Florida Health Facilities Authority, Hospital Revenue, Orlando Health, Inc., Series A (RB) 5.00%, 04/01/22 (c) | 864,072 | ||||||
| 750,000 | Tampa Hillsborough County Expressway Authority, Series B (RB) 5.00%, 07/01/22 (c) | 816,270 | ||||||
| 8,276,808 | ||||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Georgia: 1.1% | ||||||||
| $ | 750,000 | Private Colleges & Universities Authority, Emory University, Series A (RB) 5.00%, 10/01/23 (c) | $ | 856,020 | ||||
| 250,000 | Valdosta & Lowndes County, Georgia Hospital Authority, South Georgia Medical Project, Series B (RB) 5.00%, 10/01/21 (c) | 273,763 | ||||||
| 1,129,783 | ||||||||
| Idaho: 0.2% | ||||||||
| 250,000 | Idaho Health Facilities Authority, Series A (RB) 5.00%, 03/01/22 (c) | 268,605 | ||||||
| Illinois: 5.7% | ||||||||
| 760,000 | Chicago Board of Education, Series B (GO) 5.00%, 12/01/22 (c) | 676,810 | ||||||
| 420,000 | City of Chicago, Sales Tax, Series A (RB) 4.38%, 01/01/22 (c) | 388,836 | ||||||
| 900,000 | Illinois Finance Authority, Advocate Health Care Network (RB) 4.00%, 06/01/22 (c) | 880,992 | ||||||
| 500,000 | Illinois Finance Authority, Chicago University Medical Center, Series C (RB) 5.50%, 02/15/21 (c) | 566,870 | ||||||
| 400,000 | Illinois Finance Authority, Northwestern Healthcare (RB) 4.00%, 08/15/22 (c) | 416,624 | ||||||
| 400,000 | Illinois Metropolitan Pier & Exposition Authority, McCormick Place Expansion Project, Series B (RB) 4.25%, 06/15/22 (c) | 370,516 | ||||||
| State of Illinois (GO) (AGM) | ||||||||
| 735,000 | 4.25%, 04/01/24 (c) | 716,427 | ||||||
| 250,000 | 4.38%, 04/01/24 (c) | 247,653 | ||||||
| 455,000 | 5.00%, 03/01/22 (c) | 467,121 | ||||||
| 500,000 | 5.25%, 02/01/24 (c) | 528,015 | ||||||
| State of Illinois, Series A (GO) (AGM) | ||||||||
| 500,000 | 4.13%, 04/01/23 (c) | 479,855 | ||||||
| 300,000 | 4.50%, 01/01/22 (c) | 280,161 | ||||||
| 6,019,880 | ||||||||
| Indiana: 1.8% | ||||||||
| Carmel Redevelopment Authority, Series A (RB) | ||||||||
| 25,000 | 4.00%, 08/01/22 (c) | 26,188 | ||||||
| 45,000 | 4.00%, 08/01/22 (c) | 47,417 | ||||||
| 400,000 | Indiana Finance Authority, Community Health Network, Series A (RB) 4.00%, 05/01/23 (c) | 394,664 | ||||||
| 275,000 | Indiana Finance Authority, Educational Facilities, Marian University Project (RB) 6.38%, 09/15/21 (c) | 311,740 | ||||||
| 500,000 | Indiana Finance Authority, King’s Daughters’ Hospital & Health Services (RB) 5.50%, 08/15/20 (c) | 545,710 | ||||||
See Notes to Financial Statements
| 70 |
| Principal Amount | Value | |||||||
| Indiana: (continued) | ||||||||
| $ | 500,000 | Indiana Finance Authority, Wastewater Utility, CWA Authority Project (RB) 5.25%, 10/01/21 (c) | $ | 581,940 | ||||
| 1,907,659 | ||||||||
| Kentucky: 0.3% | ||||||||
| 250,000 | Kentucky Public Transportation Infrastructure Authority, Downtown Crossing Project, Series A (RB) 5.75%, 07/01/23 (c) | 277,210 | ||||||
| Louisiana: 2.1% | ||||||||
| 100,000 | Lafayette, Louisiana Utilities Revenue (RB) 4.75%, 11/01/20 (c) | 109,415 | ||||||
| 750,000 | Louisiana Local Government Environmental Facilities and Community Development Authority, Act 360 Project (RB) 5.00%, 10/01/24 (c) | 828,187 | ||||||
| Louisiana Local Government Environmental Facilities and Community Development Authority, East Baton Rouge Commission Project, Series A (RB) | ||||||||
| 375,000 | 4.00%, 02/01/23 (c) | 371,621 | ||||||
| 400,000 | 5.00%, 02/01/24 (c) | 438,116 | ||||||
| 395,000 | Louisiana Public Facilities Authority, Loyola University Project (RB) 5.00%, 10/01/21 (c) | 420,505 | ||||||
| 2,167,844 | ||||||||
| Maine: 0.4% | ||||||||
| 350,000 | Maine Health and Higher Educational Facilities Authority, Eastern Maine Medical Center Obligated Group Issue (RB) 5.00%, 07/01/23 (c) | 376,988 | ||||||
| Maryland: 1.3% | ||||||||
| 400,000 | City of Baltimore, Maryland (RB) 5.00%, 01/01/25 (c) | 447,316 | ||||||
| Maryland Health & Higher Educational Facilities Authority (RB) | ||||||||
| 255,000 | 4.00%, 07/01/24 (c) | 256,680 | ||||||
| 475,000 | 5.00%, 02/15/25 (c) | 532,218 | ||||||
| 135,000 | Maryland Health & Higher Educational Facilities Authority, Series A (RB) 4.00%, 07/01/22 (c) | 135,859 | ||||||
| 1,372,073 | ||||||||
| Massachusetts: 2.3% | ||||||||
| 300,000 | Commonwealth of Massachusetts, Series A (GO) 4.00%, 12/01/21 (c) | 317,910 | ||||||
| 325,000 | Massachusetts Bay Transportation Authority, Series A (RB) 4.00%, 07/01/22 (c) | 335,150 | ||||||
| 425,000 | Massachusetts Development Finance Agency, Harvard University Issue, Series B (RB) 5.25%, 02/01/21 (c) | 499,647 | ||||||
| Principal Amount | Value | |||||||
| Massachusetts: (continued) | ||||||||
| Massachusetts School Building Authority, Senior Dedicated Sales Tax Bonds, Series B (RB) | ||||||||
| $ | 400,000 | 5.00%, 10/15/21 (c) | $ | 455,176 | ||||
| 300,000 | 5.00%, 10/15/21 (c) | 348,582 | ||||||
| 400,000 | Metropolitan Boston Transit Parking Corp., Systemwide Senior Lien Parking (RB) 5.25%, 07/01/21 (c) | 453,848 | ||||||
| 2,410,313 | ||||||||
| Michigan: 2.2% | ||||||||
| Karegnondi Water Authority, Michigan Water Supply System, Series A (RB) | ||||||||
| 345,000 | 4.50%, 11/01/23 (c) | 368,374 | ||||||
| 120,000 | 5.00%, 11/01/23 (c) | 130,276 | ||||||
| 500,000 | L’Anse Creuse Public Schools (GO) (Q-SBLF) 3.75%, 05/01/25 (c) | 489,010 | ||||||
| 400,000 | Lansing, Michigan Board of Water & Light, Utility System, Series A (RB) 5.00%, 07/01/21 (c) | 453,348 | ||||||
| 700,000 | Michigan Finance Authority (RB) 4.00%, 06/01/25 (c) | 713,391 | ||||||
| 150,000 | Michigan Finance Authority Hospital Revenue & Refunding Bonds, Series MI (RB) 5.00%, 12/01/21 (c) | 164,709 | ||||||
| 2,319,108 | ||||||||
| Minnesota: 1.5% | ||||||||
| 400,000 | Minneapolis-St Paul Metropolitan Airports Commission, Series A (RB) 5.00%, 01/01/24 (c) | 454,396 | ||||||
| 400,000 | State of Minnesota, Series A (RB) 5.00%, 06/01/23 (c) | 444,672 | ||||||
| 600,000 | Western Minnesota Municipal Power Agency, Series A (RB) 5.00%, 01/01/24 (c) | 686,244 | ||||||
| 1,585,312 | ||||||||
| Missouri: 1.5% | ||||||||
| Health & Educational Facilities Authority of the State of Missouri, Series A (RB) | ||||||||
| 765,000 | 4.00%, 06/01/24 (c) | 791,959 | ||||||
| 85,000 | 5.00%, 11/15/23 (c) | 92,246 | ||||||
| 50,000 | Health & Educational Facilities Authority of the State of Missouri, Series B (RB) 5.00%, 06/01/20 (c) | 55,417 | ||||||
| 250,000 | Health & Educational Facilities Authority of the State of Missouri, Series F (RB) 4.00%, 11/15/24 (c) | 246,553 | ||||||
| 350,000 | Metropolitan St Louis Sewer District, Series A (RB) 5.00%, 05/01/22 (c) | 397,418 | ||||||
| 40,000 | Missouri Joint Municipal Electric Utility Commission, Series A (RB) 5.00%, 01/01/24 (c) | 44,676 | ||||||
| 1,628,269 | ||||||||
See Notes to Financial Statements
| 71 |
LONG MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal Amount | Value | |||||||
| Nebraska: 2.8% | ||||||||
| Central Plains Energy Project, Nebraska Gas Project No. 3 (RB) | ||||||||
| $ | 1,250,000 | 5.00%, 09/01/22 (c) | $ | 1,342,475 | ||||
| 400,000 | 5.25%, 09/01/22 (c) | 442,152 | ||||||
| 555,000 | Omaha Public Power District, Series A (RB) 5.25%, 02/01/25 (c) | 636,285 | ||||||
| 250,000 | Omaha Public Power District, Series B (RB) 5.00%, 02/01/21 (c) | 276,118 | ||||||
| 235,000 | Omaha School District (GO) 3.13%, 12/15/24 (c) | 229,106 | ||||||
| 2,926,136 | ||||||||
| Nevada: 2.1% | ||||||||
| 1,000,000 | Las Vegas Valley Water District (GO) 4.00%, 06/01/22 (c) | 1,012,680 | ||||||
| 400,000 | Las Vegas Valley, Nevada Water District, Series B (GO) 4.00%, 06/01/22 (c) | 407,876 | ||||||
| 730,000 | Washoe County, Nevada Highway Revenue (RB) 5.00%, 02/01/19 (c) | 805,161 | ||||||
| 2,225,717 | ||||||||
| New Jersey: 2.4% | ||||||||
| 130,000 | New Jersey Educational Facilities Authority, Series A (RB) 5.00%, 07/01/24 (c) | 144,041 | ||||||
| 150,000 | New Jersey Health Care Facilities Financing Authority, Series A (RB) 5.25%, 07/01/23 (c) | 169,212 | ||||||
| New Jersey State Transportation Trust Fund Authority, Series B (RB) | ||||||||
| 1,000,000 | 5.00%, 06/15/21 (c) | 1,018,060 | ||||||
| 750,000 | 5.25%, 06/15/21 (c) | 777,217 | ||||||
| 400,000 | New Jersey State Turnpike Authority, Series A (RB) 5.00%, 07/01/22 (c) | 442,348 | ||||||
| 2,550,878 | ||||||||
| New York: 13.3% | ||||||||
| 255,000 | City of New York, Series A (GO) 3.50%, 08/01/24 (c) | 256,520 | ||||||
| 600,000 | Long Island Power Authority, Electric System General Revenue, Series A (RB) 5.00%, 09/01/22 (c) | 654,954 | ||||||
| 300,000 | Metropolitan Transportation Authority, Series A (RB) 5.00%, 05/15/25 (c) | 333,882 | ||||||
| 25,000 | Metropolitan Transportation Authority, Series B (RB) 4.25%, 11/15/22 (c) | 25,797 | ||||||
| 375,000 | Metropolitan Transportation Authority, Series C (RB) 5.00%, 05/15/23 (c) | 427,384 | ||||||
| 25,000 | Metropolitan Transportation Authority, Series D (RB) 5.00%, 11/15/23 (c) | 27,921 | ||||||
| Principal Amount | Value | |||||||
| New York: (continued) | ||||||||
| Metropolitan Transportation Authority, Series E (RB) | ||||||||
| $ | 900,000 | 3.50%, 11/15/22 (c) | $ | 907,263 | ||||
| 550,000 | 5.00%, 11/15/22 (c) | 612,249 | ||||||
| 650,000 | 5.00%, 11/15/23 (c) | 730,314 | ||||||
| 150,000 | Nassau County, New York General Improvement, Series A (GO) 4.00%, 04/01/22 (c) | 152,286 | ||||||
| New York City Municipal Water Finance Authority, Water & Sewer System, Series AA (RB) | ||||||||
| 305,000 | 5.00%, 06/15/21 (c) | 337,620 | ||||||
| 500,000 | 5.00%, 06/15/24 (c) | 560,875 | ||||||
| 500,000 | New York City Municipal Water Finance Authority, Water & Sewer System, Series CC (RB) 5.00%, 12/15/21 (c) | 565,000 | ||||||
| 20,000 | New York City Municipal Water Finance Authority, Water & Sewer System, Series DD (RB) 5.00%, 06/15/24 (c) | 22,772 | ||||||
| New York City Municipal Water Finance Authority, Water & Sewer System, Series EE (RB) | ||||||||
| 500,000 | 5.00%, 06/15/23 (c) | 566,875 | ||||||
| 485,000 | 5.00%, 06/15/23 (c) | 538,714 | ||||||
| 845,000 | 5.00%, 06/15/24 (c) | 962,100 | ||||||
| 495,000 | New York City Transitional Finance Authority Future Tax Secured Revenue (RB) 5.13%, 02/01/21 (c) | 567,087 | ||||||
| 600,000 | New York City Transitional Finance Authority, Future Tax Secured, Series E-1 (RB) 5.00%, 02/01/22 (c) | 674,352 | ||||||
| New York Liberty Development Corp., 4 World Trade Center Project (RB) | ||||||||
| 600,000 | 5.00%, 11/15/21 (c) | 657,762 | ||||||
| 1,050,000 | 5.75%, 11/15/21 (c) | 1,198,869 | ||||||
| 500,000 | New York Liberty Development Corp., Secured by Port Authority Consolidated Bonds (RB) 5.00%, 12/15/21 (c) | 559,315 | ||||||
| 450,000 | New York State Dormitory Authority, Columbia University, Series A (RB) 5.00%, 04/01/21 (c) | 515,637 | ||||||
| New York State Dormitory Authority, Series A (RB) | ||||||||
| 300,000 | 5.00%, 03/15/23 (c) | 336,420 | ||||||
| 135,000 | 5.00%, 03/15/24 (c) | 153,980 | ||||||
| 400,000 | New York State Dormitory Authority, State Personal Income Tax, Series C (RB) 5.00%, 03/15/21 (c) | 453,764 | ||||||
| 300,000 | New York State Thruway Authority, Series I (RB) 5.00%, 01/01/22 (c) | 334,032 | ||||||
See Notes to Financial Statements
| 72 |
| Principal Amount | Value | |||||||
| New York: (continued) | ||||||||
| Port Authority of New York & New Jersey, Series 171 (RB) | ||||||||
| $ | 50,000 | 4.00%, 01/15/22 (c) | $ | 52,720 | ||||
| 15,000 | 4.50%, 01/15/22 (c) | 16,361 | ||||||
| 25,000 | Port Authority of New York & New Jersey, Series 184 (RB) 5.00%, 09/01/24 (c) | 28,394 | ||||||
| Triborough Bridge and Tunnel Authority, Series A (RB) | ||||||||
| 635,000 | 4.00%, 11/15/22 (c) | 661,060 | ||||||
| 35,000 | 4.00%, 11/15/22 (c) | 37,364 | ||||||
| 13,929,643 | ||||||||
| North Carolina: 1.7% | ||||||||
| 380,000 | Charlotte-Mecklenburg Hospital Authority, Carolina HealthCare System, Series A (RB) 5.25%, 01/15/21 (c) | 421,230 | ||||||
| North Carolina Medical Care Commission, Series B (RB) | ||||||||
| 650,000 | 4.00%, 12/01/22 (c) | 662,434 | ||||||
| 250,000 | 5.00%, 12/01/22 (c) | 274,465 | ||||||
| 370,000 | Town of Cary, North Carolina Combined Utility Systems Revenue (RB) 4.00%, 12/01/22 (c) | 389,799 | ||||||
| 1,747,928 | ||||||||
| Ohio: 4.0% | ||||||||
| 400,000 | Akron, Bath Copley Joint Township Hospital District (RB) 5.00%, 05/15/23 (c) | 431,176 | ||||||
| 500,000 | Butler County, Ohio Hospital Facilities Revenue (RB) 5.50%, 11/01/20 (c) | 568,975 | ||||||
| 500,000 | Clermont County Port Authority (RB) 4.25%, 12/01/25 (c) | 501,615 | ||||||
| 1,150,000 | Northeast Ohio Regional Sewer District (RB) 5.00%, 11/15/24 (c) | 1,300,627 | ||||||
| Ohio Higher Educational Facility Commission, Series A (RB) | ||||||||
| 60,000 | 4.00%, 01/01/22 (c) | 62,186 | ||||||
| 900,000 | 5.00%, 01/01/22 (c) | 1,008,549 | ||||||
| 350,000 | Ohio State Hospital, University Hospital Health System, Inc., Series A (RB) 5.00%, 01/15/22 (c) | 377,387 | ||||||
| 4,250,515 | ||||||||
| Oregon: 1.4% | ||||||||
| 650,000 | Portland, Oregon Sewer System, Second Lien, Series B (RB) 4.00%, 10/01/24 (c) | 668,148 | ||||||
| 700,000 | State of Oregon, Series N (GO) 5.00%, 08/01/23 (c) | 785,764 | ||||||
| 1,453,912 | ||||||||
| Pennsylvania: 3.9% | ||||||||
| Berks County Municipal Authority, Reading Hospital and Medical Center Project, Series A (RB) | ||||||||
| 50,000 | 5.00%, 05/01/22 (c) | 53,781 | ||||||
| 55,000 | 5.00%, 05/01/22 (c) | 59,654 | ||||||
| Principal Amount | Value | |||||||
| Pennsylvania: (continued) | ||||||||
| $ | 85,000 | Commonwealth of Pennsylvania (GO) 4.00%, 06/15/24 (c) | $ | 87,751 | ||||
| Dauphin County, General Authority Health System, Pinnacle Health System Project, Series A (RB) | ||||||||
| 320,000 | 4.00%, 06/01/22 (c) | 320,544 | ||||||
| 270,000 | 5.00%, 06/01/22 (c) | 290,965 | ||||||
| 400,000 | Delaware River Port Authority (RB) 5.00%, 01/01/24 (c) | 443,444 | ||||||
| 400,000 | Monroeville Finance Authority (RB) 5.00%, 08/15/22 (c) | 437,684 | ||||||
| 400,000 | Pennsylvania Higher Educational Facilities Authority (RB) 5.00%, 11/01/22 (c) | 417,488 | ||||||
| 500,000 | Pennsylvania Turnpike Commission (RB) 5.00%, 12/01/22 (c) | 537,225 | ||||||
| 5,000 | Pennsylvania Turnpike Commission, Turnpike Subordinate Revenue, Series A (RB) 6.00%, 12/01/20 (c) | 5,910 | ||||||
| 500,000 | Philadelphia Authority for Industrial Development (RB) 5.00%, 04/01/25 (c) | 551,650 | ||||||
| 500,000 | State College Area School District (GO) (SAW) 5.00%, 03/15/25 (c) | 565,390 | ||||||
| 250,000 | Westmoreland County, Municipal Authority (RB) 5.00%, 08/15/23 (c) | 278,760 | ||||||
| 4,050,246 | ||||||||
| South Carolina: 2.7% | ||||||||
| 225,000 | Greenville Health System (RB) 5.00%, 05/01/24 (c) | 247,698 | ||||||
| South Carolina State Public Service Authority (RB) | ||||||||
| 500,000 | 4.00%, 12/01/24 (c) | 504,160 | ||||||
| 500,000 | 4.00%, 06/01/25 (c) | 504,350 | ||||||
| 500,000 | 5.00%, 06/01/25 (c) | 541,505 | ||||||
| 75,000 | South Carolina State Public Service Authority, Series C (RB) 5.00%, 12/01/21 (c) | 83,405 | ||||||
| 500,000 | South Carolina State Public Service Authority, Series E (RB) 5.50%, 12/01/23 (c) | 554,215 | ||||||
| 400,000 | South Carolina Transportation Infrastructure Bank, Series B (RB) 3.63%, 10/01/22 (c) | 402,548 | ||||||
| 2,837,881 | ||||||||
| Tennessee: 0.4% | ||||||||
| 100,000 | Chattanooga Health Educational & Housing Facility Board, Series A (RB) 5.25%, 01/01/23 (c) | 108,226 | ||||||
| 250,000 | Chattanooga-Hamilton County, Tennessee Hospital Authority, Series A (RB) 5.00%, 10/01/24 (c) | 266,448 | ||||||
| 374,674 | ||||||||
See Notes to Financial Statements
| 73 |
LONG MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal Amount | Value | |||||||
| Texas: 6.1% | ||||||||
| $ | 50,000 | Central Texas Regional Mobility Authority, Senior Lien, Series A (RB) 5.00%, 01/01/23 (c) | $ | 54,282 | ||||
| 250,000 | Central Texas Turnpike System, Series B (RB) 5.00%, 08/15/24 (c) | 275,345 | ||||||
| 225,000 | City Public Service Board of San Antonio, Texas (RB) 5.00%, 02/01/24 (c) | 251,361 | ||||||
| 500,000 | Dallas, Texas Fort Worth International Airport (RB) 5.00%, 11/01/20 (c) | 557,570 | ||||||
| 180,000 | Houston Community College System (GO) 5.00%, 02/15/20 (c) | 202,514 | ||||||
| 525,000 | Houston, Texas Combine Utility System, First Lien, Series D (RB) 5.00%, 11/15/21 (c) | 581,611 | ||||||
| 900,000 | Lower Colorado River Authority (RB) 5.00%, 05/15/23 (c) | 991,809 | ||||||
| Lower Colorado River Authority, Transmission Services Corporation Project (RB) | ||||||||
| 580,000 | 4.00%, 05/15/22 (c) | 589,332 | ||||||
| 505,000 | 4.00%, 05/15/22 (c) | 517,544 | ||||||
| 300,000 | Southwest Independent School District (GO) 5.00%, 02/01/22 (c) | 331,929 | ||||||
| 330,000 | Tarrant County Cultural Education Facilities Finance Corp (RB) 5.00%, 05/15/23 (c) | 365,742 | ||||||
| 200,000 | Tarrant County Cultural Education Facilities Finance Corp, Series A (RB) 4.00%, 05/15/23 (c) | 201,942 | ||||||
| 1,150,000 | Texas Transportation Commission, Series A (RB) 5.00%, 08/15/22 (c) | 1,247,485 | ||||||
| 250,000 | Texas Water and Wastewater System (RB) 5.00%, 05/15/24 (c) | 281,768 | ||||||
| 6,450,234 | ||||||||
| Utah: 0.7% | ||||||||
| 220,000 | Utah Transit Authority, Series A (RB) 5.00%, 06/15/25 (c) | 254,712 | ||||||
| 500,000 | Utah Transit Authority, Subordinated Sales Tax (RB) 4.00%, 06/15/22 (c) | 506,660 | ||||||
| 761,372 | ||||||||
| Virginia: 1.7% | ||||||||
| 500,000 | Virginia College Building Authority, Liberty University Projects (RB) 5.00%, 03/01/20 (c) | 563,830 | ||||||
| 650,000 | Virginia Commonwealth University Health System Authority (RB) 4.75%, 07/01/21 (c) | 694,798 | ||||||
| 500,000 | Virginia Small Business Financing Authority, Hampton University (RB) 4.00%, 10/01/24 (c) | 499,980 | ||||||
| 1,758,608 | ||||||||
| Principal Amount | Value | |||||||
| Washington: 2.1% | ||||||||
| $ | 305,000 | Energy Northwest Columbia Generating Station, Series A (RB) 4.00%, 07/01/25 (c) | $ | 316,129 | ||||
| 575,000 | King County, Washington Sewer Revenue (RB) 5.00%, 01/01/22 (c) | 637,157 | ||||||
| 700,000 | University of Washington, General Revenue & Refunding Bonds, 2011-A (RB) 5.00%, 04/01/21 (c) | 802,102 | ||||||
| 390,000 | Washington Health Care Facilities Authority, Catholic Health Initiative, Series A (RB) 5.00%, 02/01/21 (c) | 416,809 | ||||||
| 2,172,197 | ||||||||
| Wisconsin: 1.3% | ||||||||
| 780,000 | University of Wisconsin Hospitals & Clinics Authority, Series A (RB) 4.00%, 04/01/23 (c) | 781,466 | ||||||
| 550,000 | Wisconsin Health & Educational Facilities Authority (RB) 4.00%, 08/15/23 (c) | 561,418 | ||||||
| 1,342,884 | ||||||||
| Total Municipal Bonds
(Cost: $100,659,700) |
102,927,061 | |||||||
| Number of Shares | ||||||||
| MONEY MARKET FUND: 2.6% (Cost: $2,688,511) | ||||||||
| 2,688,511 | Dreyfus Tax Exempt Cash Management Fund – Class B Shares | 2,688,511 | ||||||
| Total Investments: 100.6% (Cost: $103,348,211) | 105,615,572 | |||||||
| Liabilities in excess of other assets: (0.6)% | (622,405 | ) | ||||||
| NET ASSETS: 100.0% | $ | 104,993,167 | ||||||
See Notes to Financial Statements
| 74 |
| 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 |
| Summary of Investments by Sector (unaudited) | % of Investments | Value | ||||||
| Education | 8.8 | % | $ | 9,297,787 | ||||
| Health Care | 22.8 | 24,129,226 | ||||||
| Industrial Revenue | 4.0 | 4,200,573 | ||||||
| Leasing | 4.5 | 4,705,837 | ||||||
| Local | 7.5 | 7,874,470 | ||||||
| Power | 8.2 | 8,710,530 | ||||||
| Special Tax | 7.5 | 7,908,309 | ||||||
| State | 10.5 | 11,064,481 | ||||||
| Transportation | 12.5 | 13,193,728 | ||||||
| Water & Sewer | 11.2 | 11,842,120 | ||||||
| Money Market Fund | 2.5 | 2,688,511 | ||||||
| 100.0 | % | $ | 105,615,572 | |||||
The summary of inputs used to value the Fund’s investments as of October 31, 2015 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | ||||||||||||||
| Municipal Bonds* | $ | — | $ | 102,927,061 | $ | — | $ | 102,927,061 | |||||||||
| Money Market Fund | 2,688,511 | — | — | 2,688,511 | |||||||||||||
| Total | $ | 2,688,511 | $ | 102,927,061 | $ | — | $ | 105,615,572 | |||||||||
* See Schedule of Investments for security type and geographic sector breakouts.
There were no transfers between levels during the period ended October 31, 2015.
See Notes to Financial Statements
| 75 |
PRE-REFUNDED MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
October 31, 2015 (unaudited)
| Principal Amount | Value | |||||||
| MUNICIPAL BONDS: 96.8% | ||||||||
| Alabama: 0.9% | ||||||||
| $ | 170,000 | Alabama Public School & College Authority (RB) 5.00%, 12/01/17 (c) | $ | 185,217 | ||||
| Arizona: 0.6% | ||||||||
| 100,000 | Arizona Water Infrastructure Finance Authority, Revenue Water Quality, Series A (RB) 5.00%, 10/01/18 (c) | 111,957 | ||||||
| California: 8.2% | ||||||||
| 275,000 | California State Economic Recovery, Series A (GO) 5.00%, 07/01/19 (c) | 315,804 | ||||||
| 105,000 | California State Public Works Board, Various University of California Projects, Series B (RB) 5.00%, 06/01/18 | 116,558 | ||||||
| 140,000 | California State Public Works Board, Various University of California Projects, Series E (RB) 5.00%, 04/01/19 (c) | 159,832 | ||||||
| 175,000 | City of Los Angeles, Department of Airports, Series C (RB) 5.25%, 05/15/18 (c) | 195,078 | ||||||
| 225,000 | Clovis California Unified School District, Series A (GO) 3.95%, 08/01/19 ^ | 216,596 | ||||||
| 230,000 | Foothill Eastern Transportation Corridor Agency California, Senior Lien Series A (RB) 3.53%, 01/01/20 ^ | 219,834 | ||||||
| 305,000 | Orange County, California Water District Revenue, Series B (CP) 5.00%, 08/15/32 (c) | 393,389 | ||||||
| 1,617,091 | ||||||||
| Colorado: 5.2% | ||||||||
| Colorado Regional Transportation District, FasTracks Project, Series A (RB) (AMBAC) | ||||||||
| 80,000 | 4.38%, 11/01/16 (c) | 83,242 | ||||||
| 400,000 | 5.00%, 11/01/16 (c) | 418,684 | ||||||
| 470,000 | 5.00%, 11/01/16 (c) | 491,954 | ||||||
| 25,000 | Eagle County School District No. Re-50J (GO) (AGM) (SAW) 5.00%, 12/01/16 (c) | 26,227 | ||||||
| 1,020,107 | ||||||||
| Florida: 1.9% | ||||||||
| 105,000 | Hillsborough County, Industrial Development Authority Revenue (RB) 5.63%, 08/15/18 (c) | 118,810 | ||||||
| 225,000 | Miami-Dade County, Florida School Board, Series B (CP) (AGO) 5.25%, 05/01/18 (c) | 250,420 | ||||||
| 369,230 | ||||||||
| Georgia: 1.0% | ||||||||
| 175,000 | Georgia State, Series G (GO) 5.00%, 12/01/17 (c) | 190,853 | ||||||
| Principal Amount | Value | |||||||
| Hawaii: 0.8% | ||||||||
| $ | 155,000 | State of Hawaii, Series DJ GO) (AMBAC) 5.00%, 04/01/17 (c) | $ | 164,889 | ||||
| Idaho: 0.8% | ||||||||
| 145,000 | Idaho Housing & Finance Association, Federal Highway Trust Fund, Series A (RB) (AGO) 5.25%, 07/15/18 (c) | 162,264 | ||||||
| Illinois: 9.3% | ||||||||
| Illinois Finance Authority, The University of Chicago, Series B (RB) | ||||||||
| 25,000 | 5.50%, 07/01/18 (c) | 28,063 | ||||||
| 325,000 | 5.50%, 07/01/18 (c) | 365,277 | ||||||
| 500,000 | 5.50%, 07/01/18 (c) | 561,965 | ||||||
| 550,000 | 5.75%, 07/01/18 (c) | 621,769 | ||||||
| Metropolitan Water Reclamation District of Greater Chicago (GO) | ||||||||
| 25,000 | 5.00%, 12/01/16 (c) | 26,241 | ||||||
| 230,000 | 5.00%, 12/01/16 (c) | 241,413 | ||||||
| 1,844,728 | ||||||||
| Kentucky: 1.4% | ||||||||
| 240,000 | Louisville & Jefferson County, Kentucky Metro Government Health, Jewish Hospital & Saint Mary’s Health Care (RB) 6.13%, 02/01/18 (c) | 269,078 | ||||||
| Maryland: 9.1% | ||||||||
| County of Baltimore, Catholic Health Initiatives, Series A (RB) | ||||||||
| 50,000 | 4.50%, 09/01/16 (c) | 51,611 | ||||||
| 50,000 | 5.00%, 09/01/16 (c) | 51,816 | ||||||
| County of Montgomery, Public Improvement, Series A (GO) | ||||||||
| 370,000 | 5.00%, 07/01/19 (c) | 424,179 | ||||||
| 110,000 | 5.00%, 07/01/19 (c) | 126,107 | ||||||
| 400,000 | State of Maryland, Second Series A (GO) 5.00%, 08/15/17 (c) | 431,864 | ||||||
| State of Maryland, Second Series B (GO) | ||||||||
| 340,000 | 5.00%, 08/01/19 (c) | 390,225 | ||||||
| 290,000 | 5.00%, 08/15/19 (c) | 333,860 | ||||||
| 1,809,662 | ||||||||
| Massachusetts: 6.3% | ||||||||
| 225,000 | Commonwealth of Massachusetts, Series E (GO) (AMBAC) 5.00%, 11/01/16 (c) | 235,510 | ||||||
| 500,000 | Massachusetts Bay Transportation Authority, Series C (RB) 5.00%, 07/01/18 (c) | 556,100 | ||||||
| 175,000 | Massachusetts State Water Resources Authority, Series A (RB) 6.50%, 07/15/19 | 193,226 | ||||||
| 250,000 | Massachusetts Water Pollution Abatement Trust, Pool Program, Series 13 (RB) 5.00%, 08/01/17 (c) | 269,255 | ||||||
| 1,254,091 | ||||||||
See Notes to Financial Statements
| 76 |
| Principal Amount | Value | |||||||
| Michigan: 0.3% | ||||||||
| $ | 55,000 | Royal Oak Hospital Finance Authority, William Beaumont Hospital Obligated Group, Series V (RB) 8.00%, 09/01/18 (c) | $ | 65,816 | ||||
| Minnesota: 0.6% | ||||||||
| 100,000 | City of St. Louis Park, Health Care Facilities, Series A (RB) 5.50%, 07/01/18 (c) | 112,252 | ||||||
| Missouri: 1.1% | ||||||||
| 205,000 | Curators of the University of Missouri System Facilities, Series A (RB) 5.00%, 11/01/17 (c) | 223,044 | ||||||
| Nebraska: 1.0% | ||||||||
| 175,000 | Nebraska Public Power District, Series B (RB) 5.00%, 01/01/18 (c) | 191,209 | ||||||
| New Mexico: 1.6% | ||||||||
| 270,000 | New Mexico Hospital Equipment Loan Council, Presbyterian Healthcare Services, Series A (RB) 6.13%, 08/01/18 (c) | 309,066 | ||||||
| New York: 5.5% | ||||||||
| 175,000 | New York Metropolitan Transportation Authority, Dedicated Tax, Series A (RB) 6.00%, 04/01/20 | 199,988 | ||||||
| 245,000 | New York State Dormitory Authority, Series A (RB) 5.50%, 05/01/19 (c) | 283,654 | ||||||
| 75,000 | Triborough Bridge & Tunnel Authority, Series A (RB) 5.00%, 05/15/18 (c) | 82,995 | ||||||
| 425,000 | Triborough Bridge & Tunnel Authority, Series B (RB) 5.50%, 01/01/22 (c) | 517,093 | ||||||
| 1,083,730 | ||||||||
| North Carolina: 0.1% | ||||||||
| 25,000 | North Carolina Infrastructure Finance Corp., Series A (CP) (AGM) 5.00%, 05/01/17 (c) | 26,709 | ||||||
| Oklahoma: 1.7% | ||||||||
| 295,000 | Oklahoma Municipal Power Authority, Power Supply System, Series A (RB) 5.88%, 01/01/18 (c) | 327,506 | ||||||
| Oregon: 5.5% | ||||||||
| 175,000 | North Clackamas School District No. 12, Series B (GO) (AGM) (SBG) 5.00%, 06/15/17 (c) | 187,642 | ||||||
| 330,000 | Oregon State Lottery (RB) 5.00%, 04/01/19 (c) | 374,953 | ||||||
| 130,000 | Oregon State, Department of Administrative Services Lottery, Series A (RB) 5.00%, 04/01/19 (c) | 147,709 | ||||||
| 20,000 | Redmond School District No. 2J, Deschutes and Jefferson Counties, Series A (GO) (SBG) 5.50%, 06/15/18 (c) | 22,438 | ||||||
| Principal Amount | Value | |||||||
| Oregon: (continued) | ||||||||
| $ | 320,000 | State of Oregon Department of Transportation, Senior Lien, Series A (RB) 5.00%, 05/15/19 (c) | $ | 364,531 | ||||
| 1,097,273 | ||||||||
| Pennsylvania: 2.7% | ||||||||
| 10,000 | Central Bucks, Pennsylvania School District (GO) (SAW) 5.00%, 05/15/18 (c) | 11,085 | ||||||
| 300,000 | Commonwealth of Pennsylvania, Series A (GO) 5.00%, 11/01/17 (c) | 326,406 | ||||||
| 175,000 | Pennsylvania Higher Educational Facilities Authority, Series A (RB) 5.00%, 09/01/19 | 201,416 | ||||||
| 538,907 | ||||||||
| Puerto Rico: 1.4% | ||||||||
| 235,000 | Puerto Rico Highways & Transportation Authority (RB) (NATL) 5.50%, 07/01/19 | 272,522 | ||||||
| Texas: 14.2% | ||||||||
| 400,000 | Conroe Independent School District, Series A (GO) 5.75%, 02/15/18 (c) | 445,908 | ||||||
| 300,000 | Dallas Independent School District (GO) 6.25%, 02/15/18 (c) | 337,821 | ||||||
| 900,000 | Fort Worth Independent School District (GO) 5.00%, 02/15/18 (c) | 988,038 | ||||||
| 230,000 | Harris County Health Facilities Development Corp. (RB) 7.25%, 12/01/18 (c) | 274,427 | ||||||
| 200,000 | Keller, Texas Independent School District (GO) 5.50%, 02/15/19 (c) | 229,812 | ||||||
| 475,000 | North Texas Tollway Authority, Second Tier, Series F (RB) 5.75%, 01/01/18 (c) | 526,072 | ||||||
| 2,802,078 | ||||||||
| Utah: 3.5% | ||||||||
| 180,000 | State of Utah (GO) 5.00%, 07/01/18 (c) | 200,196 | ||||||
| 200,000 | State of Utah, Series A (GO) 5.00%, 07/01/18 (c) | 222,440 | ||||||
| 250,000 | Utah Transit Authority (RB) (AGM) 5.00%, 06/15/18 (c) | 277,242 | ||||||
| 699,878 | ||||||||
| Virginia: 2.9% | ||||||||
| 495,000 | Richmond, Virginia Metropolitan Transportation Authority (RB) 5.25%, 07/15/22 | 575,190 | ||||||
| Washington: 7.6% | ||||||||
| 250,000 | City of Seattle, Washington Solid Waste Revenue (RB) (NATL) 5.00%, 02/01/17 (c) | 264,227 | ||||||
| 250,000 | City of Seattle, Washington Water System Improvement Revenue (RB) 5.00%, 02/01/18 (c) | 274,042 | ||||||
See Notes to Financial Statements
| 77 |
PRE-REFUNDED MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal Amount | Value | |||||||
| Washington: (continued) | ||||||||
| $ | 50,000 | Washington State Various Purpose, Motor Vehicle Fuel Tax, Series D (GO) 5.00%, 01/01/18 (c) | $ | 54,631 | ||||
| 465,000 | Washington State Various Purpose, Series A (GO) 5.00%, 07/01/17 (c) | 499,108 | ||||||
| Washington State Various Purpose, Series C (GO) | ||||||||
| 175,000 | 5.00%, 01/01/18 (c) | 191,209 | ||||||
| 205,000 | 5.00%, 01/01/18 (c) | 223,987 | ||||||
| 1,507,204 | ||||||||
| Wisconsin: 1.6% | ||||||||
| 285,000 | Wisconsin Department of Transportation, Series A (RB) 5.00%, 07/01/18 (c) | 316,179 | ||||||
| Total Municipal Bonds (Cost: $18,967,282) | 19,147,730 | |||||||
| Number of Shares | Value | |||||||
| MONEY MARKET FUND: 1.8% (Cost: $353,930) | ||||||||
| 353,930 | Dreyfus Tax Exempt Cash Management Fund – Class B Shares | $ | 353,930 | |||||
| Total Investments: 98.6% (Cost: $19,321,212) | 19,501,660 | |||||||
| Other assets less liabilities: 1.4% | 273,705 | |||||||
| NET ASSETS: 100.0% | $ | 19,775,365 | ||||||
| AGM | Assured Guaranty Municipal Corp. |
| AGO | Assured Guaranty Ltd. |
| AMBAC | American Municipal Bond Assurance Corp. |
| CP | Certificate of Participation |
| GO | General Obligation |
| NATL | National Public Finance Guarantee Corp. |
| RB | Revenue Bond |
| SAW | State Aid Withholding |
| SBG | School Board Guaranteed |
| (c) | Callable Security – the redemption date shown is when the security may be redeemed by the issuer |
| ^ | Zero Coupon Bond – the rate shown is the effective yield at purchase date |
| Summary of Investments by Sector (unaudited) | % of Investments | Value | ||||||
| Education | 11.2 | % | $ | 2,186,751 | ||||
| Health Care | 7.9 | 1,536,530 | ||||||
| Leasing | 4.9 | 946,908 | ||||||
| Local | 16.8 | 3,283,507 | ||||||
| Power | 2.7 | 518,715 | ||||||
| Solid Waste/Resource Recovery | 1.3 | 264,227 | ||||||
| Special Tax | 13.1 | 2,549,872 | ||||||
| State | 19.4 | 3,780,982 | ||||||
| Transportation | 16.6 | 3,231,758 | ||||||
| Water & Sewer | 4.3 | 848,480 | ||||||
| Money Market Fund | 1.8 | 353,930 | ||||||
| 100.0 | % | $ | 19,501,660 | |||||
The summary of inputs used to value the Fund’s investments as of October 31, 2015 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | ||||||||||||||
| Municipal Bonds* | $ | — | $ | 19,147,730 | $ | — | $ | 19,147,730 | |||||||||
| Money Market Fund | 353,930 | — | — | 353,930 | |||||||||||||
| Total | $ | 353,930 | $ | 19,147,730 | $ | — | $ | 19,501,660 | |||||||||
* See Schedule of Investments for security type and geographic sector breakouts.
There were no transfers between levels during the period ended October 31, 2015.
See Notes to Financial Statements
| 78 |
SHORT HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
October 31, 2015 (unaudited)
| Principal Amount | Value | |||||||
| MUNICIPAL BONDS: 98.3% | ||||||||
| Alabama: 0.4% | ||||||||
| Alabama Industrial Development Authority, Solid Waste Disposal, Pine City Fiber Company Project (RB) | ||||||||
| $ | 150,000 | 6.45%, 11/30/15 (c) | $ | 150,426 | ||||
| 150,000 | 6.45%, 11/30/15 (c) | 150,579 | ||||||
| 60,000 | Health Care Authority of Cullman County, Series A (RB) 6.25%, 02/01/19 (c) | 64,382 | ||||||
| 365,387 | ||||||||
| Arizona: 4.3% | ||||||||
| Arizona Health Facilities Authority, Phoenix Children’s Hospital, Series A (RB) | ||||||||
| 300,000 | 5.00%, 02/01/20 | 336,936 | ||||||
| 250,000 | 5.00%, 02/01/21 | 284,600 | ||||||
| 1,055,000 | Arizona Health Facilities Authority, The Beatitudes Campus Project (RB) 5.10%, 10/01/16 (c) | 1,065,866 | ||||||
| 250,000 | Industrial Development Authority of Phoenix, Great Hearts Academies Project,
Series A (RB) 3.75%, 07/01/24 | 249,625 | ||||||
| Industrial Development Authority of the City of Phoenix, Series A (RB) | ||||||||
| 500,000 | 3.00%, 07/01/20 | 498,265 | ||||||
| 500,000 | 4.00%, 07/01/25 | 504,370 | ||||||
| 550,000 | Industrial Development Authority of the Town of Florence, Inc., Legacy
Traditional School Project (RB) 5.00%, 07/01/23 | 582,224 | ||||||
| 10,000 | Mohave County Industrial Development Authority, Correctional Facilities
Contract Revenue (RB) 7.50%, 05/01/19 | 10,595 | ||||||
| 750,000 | Peoria Industrial Development Authority, Sierra Winds Life Care Community
Project, Series A (RB) 5.00%, 11/15/19 | 777,367 | ||||||
| Salt Verde Financial Corp. (RB) | ||||||||
| 65,000 | 5.25%, 12/01/21 | 75,134 | ||||||
| 50,000 | 5.25%, 12/01/23 | 58,209 | ||||||
| 65,000 | 5.25%, 12/01/24 | 76,036 | ||||||
| 4,519,227 | ||||||||
| California: 7.4% | ||||||||
| Alameda Corridor Transportation Authority, Sub Lien, Series A (RB) (AMBAC) | ||||||||
| 155,000 | 1.88%, 10/01/18 ^ | 147,341 | ||||||
| 160,000 | 1.97%, 10/01/17 ^ | 155,738 | ||||||
| 50,000 | 2.51%, 10/01/20 ^ | 44,648 | ||||||
| 280,000 | California Communities Development Authority, Daughters of Charity Health
System, Series G (RB) 5.00%, 11/30/15 (c) | 260,859 | ||||||
| 500,000 | California Municipal Finance Authority, Julian Charter School Project,
Series A (RB) 5.00%, 03/01/25 | 502,930 | ||||||
| Principal Amount | Value | |||||||
| California: (continued) | ||||||||
| $ | 150,000 | California Municipal Finance Authority, Rocketship Education, Series A (RB) 6.00%, 06/01/22 (c) | $ | 160,233 | ||||
| 50,000 | California Pollution Control Financing Authority, Pacific Gas and Electric Co. (RB) (FGIC) 4.75%, 06/01/17 (c) | 52,456 | ||||||
| 250,000 | City of Fremont, Community Facilities District No. 1 (ST) 5.00%, 09/01/25 (c) | 273,320 | ||||||
| 30,000 | City of Modesto, Community Center refinancing, Series A (CP) (AMBAC) 5.00%, 11/01/23 | 31,573 | ||||||
| 600,000 | City of San Buenaventura, Community Memorial Health System (RB) 6.50%, 12/01/21 | 708,150 | ||||||
| 750,000 | Foothill Transportation Corridor Agency, Tall Road Revenue, Series B-1 (RB) 5.00%, 07/15/17 (c) (p) | 789,015 | ||||||
| 250,000 | Foothill Transportation Corridor Agency, Tall Road Revenue, Series B-2 (RB) 5.00%, 07/15/19 (c) (p) | 271,747 | ||||||
| 600,000 | Foothill Transportation Corridor Agency, Tall Road Revenue, Series B-3 (RB) 5.42%, 07/15/22 (c) (p) | 673,722 | ||||||
| 400,000 | Golden State Tobacco Securitization Corp., Series A-1 (RB) 5.00%, 06/01/17 | 425,196 | ||||||
| Inland Empire Tobacco Securitization Authority, Series A (RB) | ||||||||
| 135,000 | 4.63%, 06/01/17 (c) | 133,722 | ||||||
| 580,000 | 5.00%, 06/01/17 (c) | 580,238 | ||||||
| 250,000 | Lake Elsinore Public Financing Authority, Local Agency Revenue (ST) 5.00%, 09/01/24 | 279,455 | ||||||
| 50,000 | Lincoln Public Financing Authority, Subordinated Series B (SA) 5.38%, 09/02/21 | 55,333 | ||||||
| 15,000 | Oakland Unified School District, Series A (GO) 6.25%, 08/01/19 | 17,571 | ||||||
| 500,000 | Poway Unified School District Public Financing Authority, Series A (ST) 5.00%, 09/01/24 | 565,005 | ||||||
| 100,000 | San Francisco Redevelopment Agency, Community Facilities District No. 6, Series A (ST) 5.00%, 08/01/22 (c) | 112,771 | ||||||
| 500,000 | San Joaquin Hills Transportation Corridor Agency, Series A (RB) 5.00%, 01/15/17 | 525,030 | ||||||
| San Jose Redevelopment Agency, Series D (AMBAC) (TA) | ||||||||
| 100,000 | 5.00%, 08/01/17 (c) | 105,886 | ||||||
| 20,000 | 5.00%, 08/01/17 (c) | 21,324 | ||||||
| 155,000 | Vernon Electric System Revenue, Series A (RB) 5.13%, 08/01/19 (c) | 170,959 | ||||||
See Notes to Financial Statements
| 79 |
SHORT HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal Amount | Value | |||||||
| California: (continued) | ||||||||
| $ | 745,000 | Western Hills Water District, Diablo Grande Community Facilities District No. 1 (ST) 4.00%, 09/01/21 | $ | 747,607 | ||||
| 7,811,829 | ||||||||
| Colorado: 0.2% | ||||||||
| 250,000 | Colorado Health Facilities Authority, Health and Residential, Volunteers of America Care Facilities (RB) 5.20%, 11/30/15 (c) | 250,142 | ||||||
| Connecticut: 0.4% | ||||||||
| 150,000 | Connecticut State Resources Recovery Authority, American Refunding Fuel Comp. Project, Series A (RB) 6.45%, 11/30/15 (c) | 150,120 | ||||||
| 200,000 | Harbor Point Infrastructure Improvement District, Harbor Point Project, Series A (TA) 7.00%, 04/01/20 (c) | 222,644 | ||||||
| 372,764 | ||||||||
| Florida: 1.7% | ||||||||
| 200,000 | County of Alachua, Florida Industrial Development, Florida Retirement Village, Inc. Project, Series A (RB) 5.63%, 11/15/17 (c) | 207,860 | ||||||
| Mid-Bay Bridge Authority, First Senior Lien, Series A (RB) | ||||||||
| 250,000 | 5.00%, 10/01/23 | 287,810 | ||||||
| 250,000 | 5.00%, 10/01/24 | 289,037 | ||||||
| 250,000 | Northern Palm Beach County Improvement District, Unit of Development No. 2C (SA) 4.50%, 08/01/24 | 249,985 | ||||||
| 500,000 | Palm Beach County Health Facilities Authority, Sinai Residences of Boca Raton Project, Series C (RB) 6.00%, 06/01/21 | 553,460 | ||||||
| 200,000 | Village Community Development District No. 10 (SA) 4.50%, 05/01/22 (c) | 217,330 | ||||||
| 1,805,482 | ||||||||
| Georgia: 1.3% | ||||||||
| 750,000 | DeKalb County, Georgia Hospital Authority, DeKalb Medical Center, Inc. Project (RB) 5.25%, 09/01/20 | 823,327 | ||||||
| 500,000 | Greene County Development Authority, Glen-I LLC Project, Series A (RB) 6.13%, 01/01/25 | 501,320 | ||||||
| 1,324,647 | ||||||||
| Guam: 1.5% | ||||||||
| A. B. Won Pat International Airport Authority, Series C (RB) | ||||||||
| 25,000 | 5.00%, 10/01/16 | 25,840 | ||||||
| 45,000 | 5.00%, 10/01/17 | 47,960 | ||||||
| 750,000 | 5.00%, 10/01/21 | 851,700 | ||||||
| Principal Amount | Value | |||||||
| Guam: (continued) | ||||||||
| Government of Guam, Series A (GO) | ||||||||
| $ | 150,000 | 5.00%, 11/15/17 (c) | $ | 162,441 | ||||
| 445,000 | 6.00%, 11/15/19 | 482,020 | ||||||
| 1,569,961 | ||||||||
| Hawaii: 0.2% | ||||||||
| 160,000 | Kuakini, Hawaii Health System, Special Purpose Revenue, Series A (RB) 6.30%, 11/30/15 (c) | 160,646 | ||||||
| Idaho: 0.7% | ||||||||
| 500,000 | Idaho Health Facilities Authority, Series B-1 (RB) 6.50%, 11/20/15 (c) | 500,245 | ||||||
| 200,000 | Idaho Health Facilities Authority, Series B-2 (RB) 6.00%, 11/20/15 (c) | 200,074 | ||||||
| 700,319 | ||||||||
| Illinois: 8.2% | ||||||||
| Chicago Board of Education, Series A (GO) (AMBAC) | ||||||||
| 15,000 | 3.12%, 12/01/16 ^ | 14,534 | ||||||
| 275,000 | 5.50%, 12/01/19 | 282,549 | ||||||
| Chicago Board of Education, Series B (GO) (AMBAC) | ||||||||
| 65,000 | 5.00%, 12/01/15 (c) | 64,661 | ||||||
| 60,000 | 5.00%, 12/01/18 | 61,092 | ||||||
| Chicago Board of Education, Series C (GO) | ||||||||
| 110,000 | 4.25%, 12/01/18 | 107,978 | ||||||
| 90,000 | 5.00%, 12/01/17 | 91,093 | ||||||
| 500,000 | 5.00%, 12/01/18 (c) | 494,475 | ||||||
| Chicago Board of Education, Series F (GO) | ||||||||
| 90,000 | 5.00%, 12/01/18 | 90,250 | ||||||
| 250,000 | 5.00%, 12/01/19 | 249,535 | ||||||
| 345,000 | 5.00%, 12/01/20 | 341,188 | ||||||
| 900,000 | City of Chicago, Series A (GO) 5.00%, 01/01/18 (c) | 918,756 | ||||||
| 505,000 | City of Chicago, Series A-2 (GO) (AMBAC) 5.50%, 01/01/18 | 516,686 | ||||||
| 150,000 | City of Chicago, Series B (GO) 5.00%, 01/01/20 | 154,643 | ||||||
| 60,000 | Illinois Finance Authority, Institute of Technology, Series A (RB) 5.00%, 04/01/16 (c) | 60,675 | ||||||
| 70,000 | Illinois Finance Authority, Park Place of Elmhurst Project, Series A (RB) 8.00%, 11/20/15 (c) | 39,973 | ||||||
| 135,000 | Illinois Finance Authority, Peace Village (RB) 5.25%, 08/15/23 | 140,806 | ||||||
| 50,000 | Illinois Finance Authority, Swedish Covenant Hospital, Series A (RB) 5.50%, 02/15/20 (c) | 55,836 | ||||||
| 1,000,000 | Illinois Finance Authority, The Admiral At The Lake Project, Series A (RB) 7.63%, 05/15/20 (c) | 1,162,500 | ||||||
See Notes to Financial Statements
| 80 |
| Principal Amount | Value | |||||||
| Illinois: (continued) | ||||||||
| Illinois Railsplitter Tobacco Settlement Authority (RB) | ||||||||
| $ | 95,000 | 5.00%, 06/01/17 | $ | 100,615 | ||||
| 700,000 | 5.00%, 06/01/18 | 761,278 | ||||||
| 590,000 | 5.00%, 06/01/19 | 655,944 | ||||||
| 100,000 | 5.13%, 06/01/19 | 111,608 | ||||||
| 625,000 | 5.25%, 06/01/20 | 713,669 | ||||||
| 40,000 | 5.25%, 06/01/21 | 46,344 | ||||||
| 100,000 | 5.38%, 06/01/21 | 116,514 | ||||||
| 1,020,000 | 5.50%, 06/01/21 (c) | 1,192,757 | ||||||
| Metropolitan Pier and Exposition Authority, Dedicated State Tax Revenue (RB) | ||||||||
| 85,000 | 1.23%, 06/15/17 ^ | 81,478 | ||||||
| 20,000 | 1.23%, 06/15/17 ^ | 19,776 | ||||||
| 10,000 | 1.38%, 06/15/16 ^ | 9,980 | ||||||
| 40,000 | 1.38%, 06/15/16 ^ | 39,736 | ||||||
| 8,696,929 | ||||||||
| Indiana: 0.8% | ||||||||
| 265,000 | Indiana Finance Authority, Environmental Improvement Revenue, United States Steel Corp. Project (RB) 6.00%, 12/01/19 | 272,290 | ||||||
| 385,000 | Indiana Finance Authority, Ohio River Bridges East End Crossing Project, Series B (RB) 5.00%, 01/01/17 (c) | 401,089 | ||||||
| 150,000 | Indianapolis Airport Authority, Federal Express Corp. Project (RB) 5.10%, 01/15/17 | 157,034 | ||||||
| 830,413 | ||||||||
| Iowa: 4.8% | ||||||||
| 410,000 | City of Coralville, Marriott Hotel and Convention Center, Series D (CP) 5.25%, 06/01/16 (c) | 411,525 | ||||||
| Iowa Finance Authority, Iowa Fertilizer Co. Project (RB) | ||||||||
| 2,655,000 | 5.00%, 12/01/19 | 2,809,096 | ||||||
| 750,000 | 5.50%, 12/01/18 (c) | 795,600 | ||||||
| Iowa Higher Education Loan Authority, Wartburg College Project (RB) | ||||||||
| 600,000 | 2.50%, 10/01/20 | 591,792 | ||||||
| 500,000 | 4.00%, 10/01/25 | 495,945 | ||||||
| 5,103,958 | ||||||||
| Kansas: 0.1% | ||||||||
| 115,000 | Overland Park Development Corp., Overland Park Convention Center Hotel, Series B (RB) (AMBAC) 5.13%, 01/01/17 (c) | 118,235 | ||||||
| Kentucky: 1.0% | ||||||||
| 10,000 | Kentucky Economic Development Finance Authority, Owensboro Medical Health System, Inc., Series A (RB) 5.25%, 06/01/20 (c) | 11,136 | ||||||
| Principal Amount | Value | |||||||
| Kentucky: (continued) | ||||||||
| $ | 925,000 | Kentucky Public Transportation Infrastructure Authority, Downtown Crossing Project, Series A (RB) 5.00%, 07/01/17 | $ | 985,375 | ||||
| 996,511 | ||||||||
| Louisiana: 5.6% | ||||||||
| City of New Orleans, Louisiana Sewerage Service (RB) | ||||||||
| 500,000 | 5.00%, 06/01/18 | 547,360 | ||||||
| 725,000 | 5.00%, 06/01/19 | 814,342 | ||||||
| 670,000 | 5.00%, 06/01/20 | 766,601 | ||||||
| 20,000 | 5.00%, 06/01/22 | 23,277 | ||||||
| 600,000 | Louisiana Local Government Environmental Facilities & Community Development Authority, Series A (RB) 5.50%, 11/15/25 | 609,408 | ||||||
| 70,000 | Louisiana Public Facilities Authority, Lake Charles Memorial Hospital Project (RB) 6.25%, 12/01/19 | 75,835 | ||||||
| 500,000 | Louisiana Public Facilities Authority, Solid Waste Disposal Revenue, Louisiana Pellets, Inc. Project (RB) 7.00%, 07/01/24 | 499,935 | ||||||
| 750,000 | Louisiana Public Facilities Authority, Solid Waste Disposal Revenue, Louisiana Pellets, Inc. Project, Series A (RB) 7.50%, 07/01/23 | 775,875 | ||||||
| 710,000 | Parish of St. Charles, Valero Project (RB) 4.00%, 06/01/22 (p) | 757,307 | ||||||
| Tobacco Settlement Financing Corp., Series A (RB) | ||||||||
| 230,000 | 5.00%, 05/15/20 | 259,530 | ||||||
| 650,000 | 5.00%, 05/15/21 | 741,370 | ||||||
| 5,870,840 | ||||||||
| Maine: 0.3% | ||||||||
| Health and Higher Education Facilities Authority, Maine General Medical Center Issue (RB) | ||||||||
| 90,000 | 5.00%, 07/01/19 | 96,674 | ||||||
| 155,000 | 5.00%, 07/01/20 | 167,676 | ||||||
| 264,350 | ||||||||
| Maryland: 2.3% | ||||||||
| 500,000 | City of Westminster, The Lutheran Village at Millers Grant, Inc. (RB) 4.88%, 07/01/23 | 530,620 | ||||||
| 250,000 | Maryland Economic Development Corp., CNX Marine Terminal, Inc. Port of Baltimore Facility (RB) 5.75%, 09/01/20 (c) | 248,497 | ||||||
| Maryland Health and Higher Educational Facilities Authority, Western Maryland Health System Issue (RB) | ||||||||
| 200,000 | 5.00%, 07/01/19 | 223,310 | ||||||
| 750,000 | 5.00%, 07/01/24 | 876,060 | ||||||
See Notes to Financial Statements
| 81 |
SHORT HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal Amount | Value | |||||||
| Maryland: (continued) | ||||||||
| Mayor and City Council of Baltimore, Convention Center Hotel, Series A (RB) (XLCA) | ||||||||
| $ | 110,000 | 5.25%, 09/01/16 (c) | $ | 112,460 | ||||
| 210,000 | 5.25%, 09/01/16 (c) | 215,202 | ||||||
| 220,000 | 5.25%, 09/01/16 (c) | 226,994 | ||||||
| 2,433,143 | ||||||||
| Massachusetts: 0.2% | ||||||||
| 130,000 | Massachusetts Development Finance Agency (RB) 5.00%, 07/01/22 (c) | 157,808 | ||||||
| 75,000 | Massachusetts Health & Educational Facilities Authority, Series G (RB) 5.00%, 07/01/20 (c) | 82,743 | ||||||
| 240,551 | ||||||||
| Michigan: 3.9% | ||||||||
| 600,000 | Detroit Wayne County Stadium Authority (RB) 5.00%, 10/01/16 | 601,980 | ||||||
| Michigan Finance Authority, Sewage Disposal System, Series C-8 (RB) | ||||||||
| 250,000 | 5.00%, 07/01/17 | 264,230 | ||||||
| 250,000 | 5.00%, 07/01/18 | 270,262 | ||||||
| 750,000 | Michigan Finance Authority, Water Supply System, Series D-4 (RB) 5.00%, 07/01/17 | 796,770 | ||||||
| 900,000 | Michigan Solid Waste Disposal, Genesee Power Station Project (RB) 7.50%, 11/30/15 (c) | 886,329 | ||||||
| 500,000 | Michigan Strategic Fund, Series A (TA) 4.12%, 07/01/18 (c) (p) | 505,820 | ||||||
| Michigan Tobacco Settlement Finance Authority, Series A (RB) | ||||||||
| 790,000 | 5.13%, 06/01/17 (c) | 721,120 | ||||||
| 85,000 | 5.25%, 06/01/17 (c) | 78,145 | ||||||
| 4,124,656 | ||||||||
| Minnesota: 0.6% | ||||||||
| 355,000 | City of Blaine, Senior Housing and Health Facility, Series A (RB) 5.13%, 07/01/25 | 365,192 | ||||||
| 250,000 | Rice County Educational Facility, St. Mary’s School Project (RB) 5.00%, 08/01/22 | 257,295 | ||||||
| 622,487 | ||||||||
| Mississippi: 0.0% | ||||||||
| 25,000 | Mississippi Business Finance Corp., System Energy Resources, Inc. (RB) 5.88%, 11/25/15 (c) | 25,168 | ||||||
| Missouri: 0.7% | ||||||||
| 500,000 | City of Liberty, Liberty Commons Project, Series A (TA) 5.13%, 06/01/25 | 501,295 | ||||||
| 140,000 | Kansas City, Missouri Industrial Development Authority, Missouri Health Care Facilities First Mortgage, Series A (RB) 6.25%, 11/30/15 (c) | 140,413 | ||||||
| Principal Amount | Value | |||||||
| Missouri: (continued) | ||||||||
| $ | 115,000 | St. Louis, Missouri Industrial Development Authority, Confluence Academy Project, Series A (RB) 5.00%, 11/30/15 (c) | $ | 115,890 | ||||
| 757,598 | ||||||||
| Nebraska: 0.2% | ||||||||
| 200,000 | Public Power Generation Agency, Whelan Energy Center Unit 2, Series A (RB) (AMBAC) 5.00%, 01/01/17 (c) | 210,500 | ||||||
| New Hampshire: 0.0% | ||||||||
| 15,000 | New Hampshire Higher Educational and Health Facilities Authority, Franklin Pierce College (RB) (ACA) 5.25%, 11/30/15 (c) | 14,664 | ||||||
| New Jersey: 6.7% | ||||||||
| 85,000 | City of Atlantic City, New Jersey, Series A (GO) 5.50%, 02/15/18 | 78,111 | ||||||
| 750,000 | Gloucester County, New Jersey Pollution Control Financing Authority, Series A (RB) 5.00%, 12/01/24 | 839,280 | ||||||
| New Jersey Economic Development Authority, Cigarette Tax Revenue (RB) | ||||||||
| 80,000 | 4.00%, 06/15/19 | 83,894 | ||||||
| 750,000 | 5.00%, 06/15/17 | 786,030 | ||||||
| 600,000 | 5.00%, 06/15/19 | 651,942 | ||||||
| 150,000 | 5.00%, 06/15/22 (c) | 163,547 | ||||||
| 165,000 | 5.00%, 06/15/22 | 181,642 | ||||||
| New Jersey Economic Development Authority, Continental Airlines, Inc. Project (RB) | ||||||||
| 230,000 | 4.88%, 09/15/19 | 242,178 | ||||||
| 225,000 | 5.13%, 08/20/22 (c) | 246,053 | ||||||
| 500,000 | New Jersey Economic Development Authority, Long Gate Project (RB) 4.38%, 01/01/24 | 510,030 | ||||||
| 400,000 | New Jersey Health Care Facilities Financing Authority, St. Peter’s University System (RB) 5.00%, 07/01/21 | 429,264 | ||||||
| 795,000 | Pollution Control Financing Authority, Chambers Project, Series A (RB) 5.00%, 12/01/23 | 860,206 | ||||||
| Tobacco Settlement Financing Corp., Senior Series 1A (RB) | ||||||||
| 1,355,000 | 4.50%, 06/01/17 (c) | 1,364,797 | ||||||
| 75,000 | 5.00%, 06/01/17 (c) | 78,794 | ||||||
| Tobacco Settlement Financing Corp., Series 1A (RB) | ||||||||
| 500,000 | 5.00%, 06/01/17 (c) | 529,190 | ||||||
| 40,000 | 5.00%, 06/01/17 | 42,513 | ||||||
| 7,087,471 | ||||||||
| New Mexico: 1.4% | ||||||||
| 705,000 | County of Otero, Jail Project (RB) 5.75%, 10/01/16 (c) | 720,298 | ||||||
See Notes to Financial Statements
| 82 |
| Principal Amount | Value | |||||||
| New Mexico: (continued) | ||||||||
| $ | 150,000 | Otero County, New Mexico Jail Project Revenue (RB) 6.00%, 10/01/16 (c) | $ | 152,477 | ||||
| 585,000 | Winrock Town Center Tax Increment Development District No 1 (TA) 5.25%, 05/01/20 (c) | 598,075 | ||||||
| 1,470,850 | ||||||||
| New York: 6.9% | ||||||||
| 750,000 | Build NYC Resource Corp., Pratt Paper, Inc. Project (RB) 3.75%, 01/01/20 | 778,365 | ||||||
| 400,000 | Jefferson County Industrial Development Agency, Reenergy Black River LLC Project (RB) 4.75%, 01/01/20 | 395,080 | ||||||
| 545,000 | New York City Industrial Development Agency, Civic Facility, Series A (RB) 5.00%, 12/01/16 (c) | 563,535 | ||||||
| New York City Industrial Development Agency, Queens Baseball Stadium Project (RB) (AMBAC) | ||||||||
| 25,000 | 5.00%, 01/01/17 (c) | 26,017 | ||||||
| 100,000 | 5.00%, 01/01/17 (c) | 104,127 | ||||||
| 65,000 | 5.00%, 01/01/17 (c) | 67,721 | ||||||
| 205,000 | New York City Industrial Development Agency, Transportation Infrastructure Properties LLC, Series A (RB) 5.00%, 07/01/22 | 230,492 | ||||||
| New York Dormitory Authority, Pace University, Series A (RB) | ||||||||
| 250,000 | 4.00%, 05/01/22 | 261,340 | ||||||
| 45,000 | 5.00%, 05/01/19 | 48,755 | ||||||
| 250,000 | 5.00%, 05/01/21 | 274,742 | ||||||
| 165,000 | 5.00%, 05/01/23 | 182,330 | ||||||
| New York Dormitory Authority, Yeshiva University (RB) | ||||||||
| 45,000 | 3.50%, 09/01/16 | 45,817 | ||||||
| 5,000 | 3.50%, 09/01/16 | 5,134 | ||||||
| 135,000 | 5.00%, 09/01/19 (c) | 147,492 | ||||||
| 15,000 | 5.00%, 09/01/19 (c) | 17,191 | ||||||
| 50,000 | New York State Dormitory Authority, Montefiore Medical Center (RB) (FHA) 5.00%, 02/01/18 (c) | 53,271 | ||||||
| 155,000 | New York State Dormitory Authority, Orange Regional Medical Center (RB) 6.00%, 12/01/16 | 162,665 | ||||||
| 50,000 | New York State Dormitory Authority, United Health Services Hospitals, Inc. (RB) (FHA) 3.00%, 08/01/16 | 50,860 | ||||||
| 750,000 | New York State Environmental Facilities Corp., Solid Waste Disposal, Casella Waste Systems, Inc. Project (RB) 3.75%, 12/02/19 (p) | 749,655 | ||||||
| 500,000 | Onondaga Civic Development Corp., St. Joseph’s Hospital Health Center Project, Series A (RB) 5.00%, 07/01/19 | 541,190 | ||||||
| Principal Amount | Value | |||||||
| New York: (continued) | ||||||||
| $ | 520,000 | Port Authority of New York and New Jersey, JFK International Air Terminal LLC Project, Series 8 (RB) 5.00%, 12/01/20 | $ | 588,744 | ||||
| Suffolk County Economic Development Corp., Catholic Health Services of Long Island (RB) | ||||||||
| 445,000 | 5.00%, 07/01/18 | 488,000 | ||||||
| 25,000 | 5.00%, 07/01/21 (c) | 28,250 | ||||||
| Town of Oyster Bay, New York Public Improvement (GO) | ||||||||
| 35,000 | 3.00%, 08/15/17 (c) | 35,584 | ||||||
| 55,000 | 3.00%, 08/15/17 (c) | 55,619 | ||||||
| 605,000 | 3.00%, 08/15/17 (c) | 620,875 | ||||||
| 50,000 | 3.00%, 08/15/17 (c) | 50,993 | ||||||
| 70,000 | TSASC, Inc., Tobacco Settlement, Series 1 (RB) 4.75%, 06/01/16 (c) | 70,981 | ||||||
| 575,000 | Westchester County Healthcare Corp., Senior Lien, Series B (RB) 5.00%, 11/01/19 | 646,743 | ||||||
| 7,291,568 | ||||||||
| Ohio: 5.6% | ||||||||
| 25,000 | Buckeye Tobacco Settlement Financing Authority, Series A-1 (RB) 5.00%, 06/01/17 | 26,579 | ||||||
| Buckeye, Ohio Tobacco Settlement Financing Authority, Series A-2 (RB) | ||||||||
| 2,250,000 | 5.13%, 06/01/17 (c) | 2,013,817 | ||||||
| 275,000 | 5.38%, 06/01/17 (c) | 250,937 | ||||||
| 340,000 | City of Cleveland, Airport System Revenue, Series A (RB) (AMBAC) 5.00%, 01/01/17 (c) | 353,967 | ||||||
| City of Cleveland, Airport System Revenue, Series C (RB) (AMBAC) | ||||||||
| 50,000 | 5.00%, 01/01/17 (c) | 52,125 | ||||||
| 90,000 | 5.25%, 01/01/21 | 103,030 | ||||||
| 150,000 | City of Cleveland, Ohio Airport Special Revenue, Continental Airlines, Inc. Project (RB) 5.70%, 11/30/15 (c) | 151,523 | ||||||
| 75,000 | County of Hamilton, Healthcare Facilities, Christ Hospital Project (RB) 5.25%, 06/01/22 (c) | 87,779 | ||||||
| County of Muskingum, Genesis HealthCare System Obligated Group Project (RB) | ||||||||
| 50,000 | 4.00%, 02/15/23 | 51,398 | ||||||
| 135,000 | 5.00%, 02/15/20 | 147,181 | ||||||
| 10,000 | Ohio Air Quality Development Authority, AK Steel Corp. Project (RB) 6.75%, 02/01/22 (c) | 8,965 | ||||||
| 935,000 | Ohio Air Quality Development Authority, FirstEnergy Generation Project, Series A (RB) 3.75%, 12/03/18 (p) | 957,412 | ||||||
See Notes to Financial Statements
| 83 |
SHORT HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal Amount | Value | |||||||
| Ohio: (continued) | ||||||||
| $ | 240,000 | Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project, Series E (RB) 5.63%, 10/01/19 | $ | 265,961 | ||||
| 210,000 | Ohio Air Quality Development Authority, Series A (RB) 5.70%, 08/01/20 | 230,782 | ||||||
| 650,000 | Ohio Air Quality Development Authority, Series C (RB) 5.63%, 06/01/18 | 693,459 | ||||||
| 530,000 | Ohio State Water Development Authority, FirstEnergy Nuclear Generation Project, Series B (RB) 4.00%, 06/03/19 (p) | 545,131 | ||||||
| 5,940,046 | ||||||||
| Oregon: 0.2% | ||||||||
| 225,000 | Hospital Facilities Authority of Multnomah County, Series A (RB) 5.00%, 10/01/19 | 239,182 | ||||||
| Pennsylvania: 7.2% | ||||||||
| 300,000 | Allegheny County Industrial Development Authority, Environmental Improvement (RB) 5.50%, 11/01/16 | 302,472 | ||||||
| Allegheny County, Pennsylvania Industrial Development Authority, United States Steel Corp. Project (RB) | ||||||||
| 100,000 | 6.50%, 05/01/17 | 102,448 | ||||||
| 225,000 | 6.75%, 11/01/19 (c) | 232,033 | ||||||
| 750,000 | Beaver County, Pennsylvania Industrial Development Authority, Pollution Control, Series B (RB) 3.50%, 06/01/20 (p) | 761,730 | ||||||
| 135,000 | Delaware River Port Authority, Port District Project (RB) 5.00%, 01/01/22 | 154,314 | ||||||
| 500,000 | Montgomery County Industrial Development Authority, Pollution Control, Peco Energy Company Project (RB) 2.60%, 09/01/20 (p) | 498,190 | ||||||
| 610,000 | Montgomery County Industrial Development Authority, Whitemarsh Continuing Care Retirement Community Project (RB) 4.00%, 01/01/25 | 611,110 | ||||||
| 500,000 | Moon Industrial Development Authority, Baptist Homes Society (RB) 5.00%, 07/01/20 | 517,165 | ||||||
| 150,000 | Pennsylvania Economic Development Financing Authority, Health System, Albert Einstein Healthcare, Series A (RB) 6.25%, 10/15/19 (c) | 174,569 | ||||||
| Pennsylvania Economic Development Financing Authority, Pennsylvania Rapid Bridge Replacement Project (RB) | ||||||||
| 750,000 | 5.00%, 06/30/19 | 829,477 | ||||||
| 250,000 | 5.00%, 12/31/19 | 279,035 | ||||||
| Principal Amount | Value | |||||||
| Pennsylvania: (continued) | ||||||||
| $ | 250,000 | 5.00%, 12/31/20 | $ | 282,130 | ||||
| 250,000 | 5.00%, 12/31/21 | 284,237 | ||||||
| 250,000 | 5.00%, 12/31/23 | 286,130 | ||||||
| 750,000 | 5.00%, 12/31/24 | 861,540 | ||||||
| 150,000 | Philadelphia Authority for Industrial Development, First Philadelphia Preparatory Charter School Project, Series A (RB) 5.88%, 06/15/22 | 159,824 | ||||||
| 500,000 | Philadelphia Hospital and Higher Education Facilities Authority, Series A (RB) 5.00%, 07/01/17 | 525,675 | ||||||
| Philadelphia Hospital and Higher Education Facilities Authority, Series B (RB) | ||||||||
| 100,000 | 5.00%, 07/01/17 (c) | 103,028 | ||||||
| 240,000 | 5.00%, 07/01/17 | 249,986 | ||||||
| 400,000 | Susquehanna Area Regional Airport Authority, Series C (RB) 3.00%, 01/01/17 | 403,880 | ||||||
| 7,618,973 | ||||||||
| Puerto Rico: 4.7% | ||||||||
| 150,000 | Commonwealth of Puerto Rico, Public Improvement (GO) 22.53%, 07/01/17 ^ | 108,332 | ||||||
| Commonwealth of Puerto Rico, Public Improvement, Series A (GO) | ||||||||
| 375,000 | 4.00%, 07/01/21 | 237,660 | ||||||
| 45,000 | 5.00%, 07/01/16 (c) | 30,696 | ||||||
| 35,000 | 5.00%, 07/01/16 (c) | 24,310 | ||||||
| 25,000 | 5.00%, 07/01/17 (c) | 17,054 | ||||||
| 50,000 | 5.00%, 07/01/17 (c) | 32,125 | ||||||
| 120,000 | 5.00%, 07/01/17 (c) | 83,348 | ||||||
| 70,000 | 5.00%, 07/01/17 (c) | 45,500 | ||||||
| 790,000 | 5.00%, 07/01/18 (c) | 519,425 | ||||||
| 70,000 | 5.00%, 07/01/20 | 46,025 | ||||||
| 150,000 | 5.25%, 11/30/15 (c) | 98,250 | ||||||
| 125,000 | 5.25%, 07/01/16 (c) | 80,625 | ||||||
| 80,000 | 5.25%, 07/01/16 (c) | 51,900 | ||||||
| 30,000 | 5.50%, 07/01/17 | 22,408 | ||||||
| 50,000 | 5.50%, 07/01/17 | 37,346 | ||||||
| 25,000 | 5.50%, 07/01/17 | 21,268 | ||||||
| 65,000 | 5.50%, 07/01/18 | 45,553 | ||||||
| 50,000 | 5.50%, 07/01/18 (c) | 32,626 | ||||||
| 65,000 | 5.50%, 07/01/18 | 45,553 | ||||||
| 40,000 | 5.50%, 07/01/19 | 30,900 | ||||||
| 150,000 | 5.50%, 07/01/19 | 103,658 | ||||||
| 70,000 | 5.50%, 07/01/21 | 52,675 | ||||||
| Commonwealth of Puerto Rico, Public Improvement, Series D (GO) | ||||||||
| 105,000 | 4.25%, 07/01/16 (c) | 70,338 | ||||||
| 10,000 | 5.00%, 07/01/16 (c) | 6,811 | ||||||
| Puerto Rico Convention Center District Authority, Series A (RB) (FGIC) | ||||||||
| 100,000 | 4.13%, 07/01/16 (c) | 64,513 | ||||||
| 100,000 | 4.75%, 07/01/16 (c) | 64,511 | ||||||
| 10,000 | 5.00%, 07/01/16 (c) | 9,875 | ||||||
See Notes to Financial Statements
| 84 |
| Principal Amount | Value | |||||||
| Puerto Rico: (continued) | ||||||||
| $ | 60,000 | Puerto Rico Electric Power Authority, Series JJ (RB) (XLCA) 5.38%, 07/01/17 | $ | 57,198 | ||||
| Puerto Rico Electric Power Authority, Series QQ (RB) (XLCA) | ||||||||
| 45,000 | 5.50%, 07/01/17 | 42,984 | ||||||
| 95,000 | 5.50%, 07/01/18 | 89,933 | ||||||
| Puerto Rico Electric Power Authority, Series TT (RB) | ||||||||
| 20,000 | 4.20%, 07/01/17 (c) | 12,945 | ||||||
| 15,000 | 5.00%, 07/01/17 (c) | 9,705 | ||||||
| Puerto Rico Electric Power Authority, Series ZZ (RB) | ||||||||
| 180,000 | 5.00%, 07/01/18 | 116,460 | ||||||
| 50,000 | 5.00%, 07/01/19 | 32,363 | ||||||
| 500,000 | Puerto Rico Government Development, Series B (RB) 5.00%, 12/01/16 | 247,635 | ||||||
| 95,000 | Puerto Rico Highways & Transportation Authority, Series BB (RB) (AMBAC) 5.25%, 07/01/17 | 95,252 | ||||||
| 100,000 | Puerto Rico Highways & Transportation Authority, Series K (RB) 5.00%, 11/30/15 (c) | 37,250 | ||||||
| Puerto Rico Highways and Transportation Authority (RB) | ||||||||
| 140,000 | 5.00%, 01/01/16 (c) | 52,150 | ||||||
| 405,000 | 5.75%, 11/30/15 (c) | 264,311 | ||||||
| Puerto Rico Highways and Transportation Authority, Series A (RB) (AMBAC) | ||||||||
| 200,000 | 5.22%, 07/01/17 ^ | 180,888 | ||||||
| 100,000 | 5.25%, 07/01/18 ^ | 85,195 | ||||||
| Puerto Rico Highways and Transportation Authority, Series K (RB) | ||||||||
| 75,000 | 5.00%, 11/30/15 (c) | 27,791 | ||||||
| 95,000 | 5.00%, 11/30/15 (c) | 35,426 | ||||||
| Puerto Rico Highways and Transportation Authority, Series M (RB) | ||||||||
| 100,000 | 4.00%, 07/01/17 | 37,285 | ||||||
| 10,000 | 4.13%, 07/01/17 (c) | 3,706 | ||||||
| 100,000 | 5.00%, 07/01/17 (c) | 37,250 | ||||||
| 40,000 | Puerto Rico Highways and Transportation Authority, Series N (RB) 5.50%, 07/01/21 | 14,900 | ||||||
| 75,000 | Puerto Rico Infrastructure Financing Authority, Series C (RB) (FGIC) 5.50%, 07/01/20 | 46,514 | ||||||
| 70,000 | Puerto Rico Public Buildings Authority, Series F (RB) (COMWLTH GTD) 5.25%, 07/01/19 | 45,483 | ||||||
| 360,000 | Puerto Rico Public Buildings Authority, Series H (RB) (AMBAC) (COMWLTH GTD) 5.50%, 07/01/18 | 364,486 | ||||||
| Principal Amount | Value | |||||||
| Puerto Rico: (continued) | ||||||||
| Puerto Rico Public Buildings Authority, Series M (RB) (COMWLTH GTD) | ||||||||
| $ | 65,000 | 5.50%, 07/01/19 | $ | 42,315 | ||||
| 40,000 | 5.75%, 07/01/16 | 31,622 | ||||||
| Puerto Rico Public Buildings Authority, Series N (RB) (COMWLTH GTD) | ||||||||
| 40,000 | 5.25%, 07/01/17 | 29,324 | ||||||
| 65,000 | 5.50%, 07/01/17 (c) | 42,315 | ||||||
| Puerto Rico Public Buildings Authority, Series P (RB) (COMWLTH GTD) | ||||||||
| 35,000 | 5.75%, 07/01/18 | 23,959 | ||||||
| 70,000 | 6.00%, 07/01/19 (c) | 44,906 | ||||||
| 40,000 | Puerto Rico Public Buildings Authority, Series Q (RB) (COMWLTH GTD) 5.13%, 11/30/15 (c) | 24,300 | ||||||
| 35,000 | Puerto Rico Public Buildings Authority, Series U (RB) (COMWLTH GTD) 5.00%, 07/01/20 | 22,173 | ||||||
| 65,000 | Puerto Rico Sales Tax Financing Corp. (RB) 5.00%, 08/01/18 | 35,309 | ||||||
| 65,000 | Puerto Rico Sales Tax Financing Corp., First Subordinate Series A (RB) 4.75%, 02/01/20 (c) | 32,094 | ||||||
| 200,000 | Puerto Rico Sales Tax Financing Corp., Senior Series C (RB) 5.00%, 08/01/21 (c) | 140,000 | ||||||
| 175,000 | Puerto Rico Sales Tax Financing Corp., Subseries A (RB) 4.63%, 08/01/19 | 91,805 | ||||||
| University of Puerto Rico, Series P (RB) | ||||||||
| 70,000 | 5.00%, 06/01/16 (c) | 29,926 | ||||||
| 175,000 | 5.00%, 06/01/16 (c) | 74,816 | ||||||
| 250,000 | 5.00%, 06/01/16 (c) | 109,378 | ||||||
| 375,000 | 5.00%, 06/01/16 (c) | 184,095 | ||||||
| 40,000 | 5.00%, 06/01/16 (c) | 18,030 | ||||||
| 195,000 | University of Puerto Rico, Series Q (RB) 5.00%, 06/01/16 (c) | 105,398 | ||||||
| 5,002,160 | ||||||||
| Rhode Island: 1.6% | ||||||||
| Tobacco Settlement Financing Corp., Series A (RB) | ||||||||
| 1,050,000 | 4.00%, 06/01/17 | 1,100,274 | ||||||
| 500,000 | 5.00%, 06/01/20 | 567,135 | ||||||
| 1,667,409 | ||||||||
| South Carolina: 0.5% | ||||||||
| 75,000 | South Carolina Jobs-Economic Development Authority, Hospital Revenue (RB) (CIFG) 5.00%, 05/01/16 (c) | 73,694 | ||||||
| 335,000 | South Carolina Jobs-Economic Development Authority, Palmetto Health (RB) 5.38%, 08/01/19 (c) | 371,461 | ||||||
| 40,000 | South Carolina Jobs-Economic Development Authority, Tuomey Healthcare System (RB) (AMBAC) 5.00%, 11/30/15 (c) | 39,997 | ||||||
| 485,152 | ||||||||
See Notes to Financial Statements
| 85 |
SHORT HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal Amount | Value | |||||||
| South Dakota: 0.2% | ||||||||
| $ | 250,000 | Sioux Falls, South Dakota Health Facilities, Dow Rummel Village Project (RB) 5.00%, 11/15/16 (c) | $ | 253,912 | ||||
| Tennessee: 0.1% | ||||||||
| Clarksville Natural Gas Acquisition Corp. (RB) | ||||||||
| 50,000 | 5.00%, 12/15/17 | 53,877 | ||||||
| 30,000 | 5.00%, 12/15/19 | 33,828 | ||||||
| 25,000 | 5.00%, 12/15/21 | 28,813 | ||||||
| 116,518 | ||||||||
| Texas: 9.3% | ||||||||
| 300,000 | Central Texas Turnpike System, Series C (RB) 5.00%, 08/15/24 | 352,326 | ||||||
| City of Houston, Texas Airport System Special Facilities, United Airlines, Inc. (RB) | ||||||||
| 750,000 | 4.50%, 07/01/20 | 785,895 | ||||||
| 1,000,000 | 4.75%, 07/01/24 | 1,090,290 | ||||||
| 500,000 | City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Series B-2 (RB) 5.00%, 07/15/20 | 537,135 | ||||||
| 250,000 | Clifton Higher Education Finance Corp., International Leadership of Texas, Series A (RB) 4.63%, 08/15/25 | 254,217 | ||||||
| 500,000 | Gulf Coast Industrial Development Authority, CITGO Petroleum Corp. Project (RB) 4.88%, 10/01/22 (c) | 521,255 | ||||||
| 250,000 | La Vernia Higher Education Finance Corp., Series A (RB) 4.20%, 08/15/25 | 249,987 | ||||||
| 750,000 | Love Field Airport Modernization Corp., Southwest Airline Co. (RB) 5.00%, 11/01/18 | 823,507 | ||||||
| 20,000 | Maverick County Public Facility Corp., Series A-1 (RB) 6.25%, 08/01/17 (c) (d) | 3,600 | ||||||
| New Hope Cultural Education Facilities Corp., NCCD-College Station Properties LLC, Series A (RB) | ||||||||
| 250,000 | 5.00%, 07/01/23 | 278,542 | ||||||
| 250,000 | 5.00%, 07/01/24 | 277,790 | ||||||
| 350,000 | New Hope Cultural Education Facilities Finance Corp., Wesleyan Homes, Inc. (RB) 5.00%, 01/01/24 | 360,006 | ||||||
| 500,000 | Sam Rayburn Municipal Power Agency, Power Supply System (RB) 5.00%, 10/01/21 | 586,535 | ||||||
| 70,000 | Tarrant County Cultural Education Facilities Finance Corp., Series C-1 (RB) 7.50%, 11/15/15 (c) | 70,157 | ||||||
| Principal Amount | Value | |||||||
| Texas: (continued) | ||||||||
| Texas Municipal Gas Acquisition and Supply Corp. I, Senior Lien Series A (RB) | ||||||||
| $ | 100,000 | 5.00%, 12/15/16 | $ | 104,579 | ||||
| 75,000 | 5.25%, 12/15/18 | 83,524 | ||||||
| 20,000 | 5.25%, 12/15/19 | 22,741 | ||||||
| 375,000 | 5.25%, 12/15/21 | 437,516 | ||||||
| 230,000 | 5.25%, 12/15/22 | 270,326 | ||||||
| 15,000 | 5.25%, 12/15/23 | 17,674 | ||||||
| 50,000 | 5.25%, 12/15/24 | 59,218 | ||||||
| 220,000 | 5.63%, 12/15/17 | 232,025 | ||||||
| Texas Municipal Gas Acquisition and Supply Corp. III (RB) | ||||||||
| 20,000 | 5.00%, 12/15/18 | 22,128 | ||||||
| 1,000,000 | 5.00%, 12/15/21 | 1,160,580 | ||||||
| 100,000 | 5.00%, 12/15/22 (c) | 114,723 | ||||||
| 750,000 | 5.00%, 12/15/22 | 878,947 | ||||||
| 225,000 | Travis County, Texas Health Facilities Development Corp., First Mortgage Revenue, Longhorn Village Project, Series A (RB) 6.00%, 01/01/21 (c) | 242,399 | ||||||
| 9,837,622 | ||||||||
| Vermont: 0.2% | ||||||||
| 150,000 | Vermont Economic Development Authority, Recovery Zone Facility (RB) 5.00%, 12/15/20 | 172,398 | ||||||
| Virgin Islands: 2.1% | ||||||||
| Virgin Islands Public Finance Authority, Series A (RB) | ||||||||
| 800,000 | 5.00%, 10/01/20 | 881,392 | ||||||
| 85,000 | 6.75%, 10/01/19 | 94,436 | ||||||
| 400,000 | Virgin Islands Public Finance Authority, Series B (RB) 5.00%, 10/01/19 | 446,728 | ||||||
| 750,000 | Virgin Islands Public Finance Authority, Series C (RB) 5.00%, 10/01/19 (c) | 837,015 | ||||||
| 2,259,571 | ||||||||
| Virginia: 0.6% | ||||||||
| 25,000 | Chesterfield Economic Development Authority, Brandermill Woods Project (RB) 4.13%, 01/01/22 (c) | 25,359 | ||||||
| 570,000 | Industrial Development Authority of Botetourt County, Residential Care Facility, Series A (RB) 4.75%, 07/01/23 | 579,718 | ||||||
| 605,077 | ||||||||
| Washington: 0.8% | ||||||||
| 335,000 | King County Public Hospital District No. 4, Series A (RB) 5.00%, 12/01/25 | 329,784 | ||||||
| 450,000 | Washington State Housing Finance Commission, Rockwood Retirement Communities Project, Series B-1 (RB) 5.88%, 11/20/15 (c) | 450,634 | ||||||
See Notes to Financial Statements
| 86 |
| Principal Amount | Value | |||||||
| Washington: (continued) | ||||||||
| $ | 100,000 | Washington State Housing Finance Commission, Skyline at First Hill Project, Series A (RB) 5.25%, 01/01/17 | $ | 100,630 | ||||
| 881,048 | ||||||||
| West Virginia: 0.5% | ||||||||
| 500,000 | Mason County Pollution Control, Appalachian Power Co. Project, Series L (RB) 1.63%, 10/01/18 (p) | 500,920 | ||||||
| 65,000 | West Virginia Hospital Finance Authority, Thomas health System, Inc. (RB) 6.25%, 10/01/18 (c) | 68,210 | ||||||
| 569,130 | ||||||||
| Wisconsin: 2.9% | ||||||||
| 900,000 | New York City Industrial Development Agency, Transportation Infrastructure Properties LLC, Series B (RB) 5.00%, 07/01/22 | 968,877 | ||||||
| 750,000 | Public Finance Authority, Rose Villa Project, Series B-1 (RB) 4.50%, 11/20/15 (c) | 751,245 | ||||||
| 500,000 | Public Finance Authority, Roseman University of Health Project (RB) 5.00%, 04/01/25 | 519,255 | ||||||
| Principal Amount | Value | |||||||
| Wisconsin: (continued) | ||||||||
| $ | 480,000 | Wisconsin Public Finance Authority, Continuing Care Retirement Community, Series A (RB) 7.00%, 06/01/20 | $ | 546,374 | ||||
| 210,000 | Wisconsin State Health and Educational Facilities Authority, Wheaton Franciscan Health Care System (RB) 5.25%, 08/15/16 (c) | 217,153 | ||||||
| 3,002,904 | ||||||||
| Total Municipal Bonds (Cost: $104,325,770) | 103,691,398 | |||||||
| Number of Shares | ||||||||
| MONEY MARKET FUND: 0.1% (Cost: $153,257) | ||||||||
| 153,257 | Dreyfus Tax Exempt Cash Management Fund – Class B Shares | 153,257 | ||||||
| Total Investments: 98.4% (Cost: $104,479,027) | 103,844,655 | |||||||
| Other assets less liabilities: 1.6% | 1,656,160 | |||||||
| NET ASSETS: 100.0% | $ | 105,500,815 | ||||||
| ACA | Credit Agricole SA |
| AMBAC | American Municipal Bond Assurance Corp. |
| CIFG | CDC Ixis Financial Guaranty |
| COMWLTH GTD | Commonwealth Guaranteed |
| CP | Certificate of Participation |
| FGIC | Financial Guaranty Insurance Co. |
| 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 |
See Notes to Financial Statements
| 87 |
SHORT HIGH-YIELD MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Summary of Investments by Sector (unaudited) | % of Investments | Value | ||||||
| Education | 7.5 | % | $ | 7,841,502 | ||||
| Health Care | 21.5 | 22,368,583 | ||||||
| Industrial Revenue | 36.5 | 37,910,478 | ||||||
| Leasing | 1.9 | 2,000,951 | ||||||
| Local | 4.7 | 4,848,173 | ||||||
| Power | 3.4 | 3,505,960 | ||||||
| Solid Waste/Resource Recovery | 0.9 | 886,329 | ||||||
| Special Tax | 9.0 | 9,371,266 | ||||||
| State | 2.4 | 2,488,847 | ||||||
| Transportation | 8.7 | 8,986,467 | ||||||
| Water & Sewer | 3.4 | 3,482,842 | ||||||
| Money Market Fund | 0.1 | 153,257 | ||||||
| 100.0 | % | $ | 103,844,655 | |||||
The summary of inputs used to value the Fund’s investments as of October 31, 2015 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | ||||||||||||||
| Municipal Bonds* | $ | — | $ | 103,691,398 | $ | — | $ | 103,691,398 | |||||||||
| Money Market Fund | 153,257 | — | — | 153,257 | |||||||||||||
| Total | $ | 153,257 | $ | 103,691,398 | $ | — | $ | 103,844,655 | |||||||||
| * | See Schedule of Investments for security type and geographic sector breakouts. |
There were no transfers between levels during the period ended October 31, 2015.
See Notes to Financial Statements
| 88 |
SCHEDULE OF INVESTMENTS
October 31, 2015 (unaudited)
| Principal Amount |
Value | |||||||
| MUNICIPAL BONDS: 98.5% | ||||||||
| Alabama: 0.4% | ||||||||
| $ | 950,000 | Alabama Federal Aid Highway Finance Authority (RB) 5.00%, 09/01/19 | $ | 1,084,938 | ||||
| 100,000 | Alabama Public School and College Authority, Series B (RB) 5.00%, 03/01/19 | 113,118 | ||||||
| 1,198,056 | ||||||||
| Alaska: 0.0% | ||||||||
| 55,000 | State of Alaska, Series A (GO) 4.00%, 08/01/17 | 58,235 | ||||||
| Arizona: 1.6% | ||||||||
| 630,000 | Arizona Board of Regents, University of Arizona Projects, Series C (CP) 5.00%, 06/01/19 | 712,813 | ||||||
| 75,000 | Arizona Transportation Board, Grant Anticipation, Series A (RB) 5.00%, 07/01/18 | 83,226 | ||||||
| Arizona Transportation Board, Subordinated Highway Revenue, Series A (RB) | ||||||||
| 75,000 | 4.00%, 07/01/18 | 81,299 | ||||||
| 865,000 | 5.00%, 07/01/17 | 928,448 | ||||||
| 50,000 | 5.00%, 07/01/19 | 57,186 | ||||||
| 115,000 | 5.00%, 07/01/21 | 136,962 | ||||||
| 250,000 | City of Chandler (GO) 4.00%, 07/01/21 | 285,822 | ||||||
| 750,000 | City of Phoenix, Civic Improvement Corp., Junior Lien (RB) 5.00%, 07/01/21 | 894,570 | ||||||
| 590,000 | City of Scottsdale (GO) 3.00%, 07/01/18 | 625,034 | ||||||
| Maricopa County Community College District, Series D (GO) | ||||||||
| 255,000 | 3.00%, 07/01/18 | 269,795 | ||||||
| 100,000 | 4.00%, 07/01/19 | 111,016 | ||||||
| 4,186,171 | ||||||||
| Arkansas: 0.5% | ||||||||
| State of Arkansas, Federal Highway Grant Anticipation (GO) | ||||||||
| 125,000 | 5.00%, 04/01/18 | 137,940 | ||||||
| 1,000,000 | 5.00%, 04/01/18 | 1,103,520 | ||||||
| 1,241,460 | ||||||||
| California: 14.6% | ||||||||
| 1,000,000 | Bay Area Toll Authority, Toll Bridge Revenue, Series B (RB) 1.50%, 10/01/17 (c) (p) | 1,011,320 | ||||||
| 2,250,000 | Bay Area Toll Authority, Toll Bridge Revenue, Series C (RB) 1.87%, 10/01/18 (c) (p) | 2,289,375 | ||||||
| 500,000 | Bay Area Toll Authority, Toll Bridge Revenue, Series E (RB) 2.00%, 10/01/20 (c) (p) | 506,795 | ||||||
| 80,000 | Bay Area Toll Authority, Toll Bridge Revenue, Series F-1 (RB) 5.00%, 04/01/19 | 91,187 | ||||||
| Principal Amount |
Value | |||||||
| California: (continued) | ||||||||
| $ | 200,000 | Bay Area Water Supply and Conservation Agency, Series A (RB) 4.00%, 10/01/17 | $ | 213,120 | ||||
| California Health Facilities Financing Authority, Catholic Healthcare West, Series A (RB) | ||||||||
| 50,000 | 5.00%, 03/01/19 | 56,454 | ||||||
| 800,000 | 5.00%, 03/01/21 | 938,960 | ||||||
| 725,000 | California Health Facilities Financing Authority, St. Joseph Health System, Series C (RB) 5.00%, 10/15/19 (p) | 833,315 | ||||||
| California State Department of Water Resources, Central Valley Project, Series AM (RB) | ||||||||
| 315,000 | 4.00%, 12/01/18 | 345,961 | ||||||
| 250,000 | 5.00%, 12/01/18 | 282,155 | ||||||
| 500,000 | California State Department of Water Resources, Power Supply Revenue, Series N (RB) 5.00%, 05/01/20 | 586,190 | ||||||
| 50,000 | California State Public Works Board, Department of Correction and Rehabilitation, Series A (RB) 4.00%, 09/01/17 | 53,015 | ||||||
| 85,000 | California State Public Works Board, Department of Correction and Rehabilitation, Series E (RB) 5.00%, 09/01/20 | 99,661 | ||||||
| California State Public Works Board, Department of State Hospital, Series E (RB) | ||||||||
| 310,000 | 5.00%, 06/01/20 | 361,683 | ||||||
| 700,000 | 5.00%, 06/01/21 | 829,318 | ||||||
| 520,000 | California State Public Works Board, Series E (RB) 4.00%, 06/01/17 | 547,082 | ||||||
| 50,000 | California State Public Works Board, Series F (RB) 4.00%, 10/01/17 | 53,310 | ||||||
| 1,075,000 | California State Public Works Board, Series G (RB) 4.00%, 11/01/17 | 1,145,703 | ||||||
| California State Public Works Board, Various Capital Projects, Series A (RB) | ||||||||
| 150,000 | 5.00%, 04/01/17 | 159,372 | ||||||
| 160,000 | 5.00%, 04/01/19 | 181,450 | ||||||
| 290,000 | California State Public Works Board, Various Capital Projects, Series G (RB) 5.00%, 11/01/18 | 325,017 | ||||||
| California State Public Works Board, Various Capital Projects, Series I (RB) | ||||||||
| 75,000 | 5.00%, 11/01/19 | 86,329 | ||||||
| 750,000 | 5.00%, 11/01/20 | 882,510 | ||||||
| 100,000 | California State Public Works Board, Various Judicial Projects, Series A (RB) 3.00%, 03/01/17 | 103,257 | ||||||
See Notes to Financial Statements
| 89 |
SHORT MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal Amount |
Value | |||||||
| California: (continued) | ||||||||
| California State University, Series A (RB) | ||||||||
| $ | 75,000 | 5.00%, 11/01/16 | $ | 78,557 | ||||
| 75,000 | 5.00%, 11/01/18 | 84,436 | ||||||
| California State Various Purpose (GO) | ||||||||
| 100,000 | 2.00%, 04/01/17 | 102,216 | ||||||
| 1,370,000 | 4.00%, 09/01/17 | 1,456,214 | ||||||
| 230,000 | 4.00%, 02/01/18 | 247,064 | ||||||
| 1,055,000 | 4.00%, 02/01/19 | 1,161,027 | ||||||
| 430,000 | 5.00%, 02/01/17 | 454,639 | ||||||
| 1,225,000 | 5.00%, 04/01/17 | 1,303,694 | ||||||
| 1,550,000 | 5.00%, 10/01/17 | 1,680,758 | ||||||
| 1,375,000 | 5.00%, 10/01/17 | 1,490,995 | ||||||
| 400,000 | 5.00%, 11/01/17 | 435,128 | ||||||
| 50,000 | 5.00%, 12/01/17 | 54,563 | ||||||
| 75,000 | 5.00%, 03/01/18 | 82,460 | ||||||
| 1,400,000 | 5.00%, 04/01/18 | 1,543,864 | ||||||
| 1,385,000 | 5.00%, 09/01/18 | 1,547,557 | ||||||
| 1,050,000 | 5.00%, 09/01/18 | 1,173,238 | ||||||
| 1,000,000 | 5.00%, 09/01/18 | 1,117,370 | ||||||
| 50,000 | 5.00%, 02/01/19 | 56,620 | ||||||
| 200,000 | 5.00%, 02/01/20 | 232,596 | ||||||
| 1,000,000 | 5.00%, 04/01/20 | 1,167,360 | ||||||
| 300,000 | 5.00%, 09/01/20 | 353,127 | ||||||
| 1,550,000 | 5.00%, 09/01/20 | 1,824,489 | ||||||
| 25,000 | 5.00%, 10/01/20 | 29,476 | ||||||
| 1,000,000 | California Statewide Communities Development Authority, Pollution Control, Series A (RB) 1.37%, 04/02/18 (p) | 1,006,050 | ||||||
| 500,000 | City of Los Angeles, Series B (GO) 5.00%, 09/01/21 | 603,450 | ||||||
| City of Los Angeles, Wastewater System Revenue, Series A (RB) | ||||||||
| 50,000 | 5.00%, 06/01/18 | 55,518 | ||||||
| 200,000 | 5.00%, 06/01/19 | 229,012 | ||||||
| 660,000 | 5.00%, 06/01/19 | 755,740 | ||||||
| 50,000 | East Bay Municipal Utility District, Water System Revenue, Series B (RB) 5.00%, 06/01/18 | 55,572 | ||||||
| Golden State Tobacco Securitization Corp., Series A (RB) | ||||||||
| 55,000 | 5.00%, 06/01/19 | 62,541 | ||||||
| 310,000 | 5.00%, 06/01/21 | 364,730 | ||||||
| 220,000 | Los Angeles Community College District, series A (GO) 5.00%, 08/01/20 | 259,085 | ||||||
| 100,000 | Los Angeles County Metropolitan Transportation Authority, Series B (RB) 5.00%, 06/01/19 | 114,658 | ||||||
| Los Angeles Department of Water & Power, Series A (RB) | ||||||||
| 50,000 | 4.50%, 07/01/21 | 58,611 | ||||||
| 75,000 | 5.00%, 07/01/19 | 86,099 | ||||||
| 100,000 | 5.00%, 07/01/20 | 117,711 | ||||||
| 275,000 | Los Angeles Unified School District, Series A (GO) 4.00%, 07/01/18 | 298,933 | ||||||
| Principal Amount |
Value | |||||||
| California: (continued) | ||||||||
| $ | 750,000 | Los Angeles Unified School District, Series C (GO) 5.00%, 07/01/17 | $ | 805,920 | ||||
| Metropolitan Water District of Southern California, Series C (RB) | ||||||||
| 100,000 | 4.00%, 10/01/17 | 106,560 | ||||||
| 100,000 | 4.00%, 10/01/18 | 109,544 | ||||||
| 140,000 | 5.00%, 07/01/17 | 150,438 | ||||||
| 1,050,000 | 5.00%, 07/01/18 | 1,170,466 | ||||||
| 175,000 | 5.00%, 07/01/19 | 201,103 | ||||||
| 95,000 | Regents of the University of California (RB) 5.00%, 05/15/21 | 113,755 | ||||||
| 400,000 | Regents of the University of California, Series AO (RB) 5.00%, 05/15/21 | 478,968 | ||||||
| 75,000 | Sacramento City Financing Authority, EPA Building, Series A (RB) 4.00%, 05/01/18 | 80,832 | ||||||
| 125,000 | Sacramento City Financing Authority, Series B (RB) 5.00%, 08/15/17 | 134,957 | ||||||
| 290,000 | San Diego County Water Authority, Series A (RB) 4.00%, 05/01/18 | 314,273 | ||||||
| 135,000 | San Jose Financing Authority, Civil Center Project, Series A (RB) 5.00%, 06/01/20 | 157,507 | ||||||
| 10,000 | Santa Clara County, California Financing Authority Lease, Capital Projects, Series A (RB) 4.00%, 02/01/17 | 10,431 | ||||||
| 70,000 | Santa Clara Valley Transportation Authority, Series B (RB) 5.00%, 04/01/17 | 74,507 | ||||||
| 80,000 | Sonoma County Junior College District (GO) 5.00%, 08/01/19 | 91,913 | ||||||
| 105,000 | State of California Department of Water Resources, Central Valley Project, Series AI (RB) 5.00%, 12/01/18 | 118,505 | ||||||
| 80,000 | State of California Department of Water Resources, Central Valley Project, Series AM (RB) 5.00%, 12/01/19 | 92,920 | ||||||
| 100,000 | State of California Department of Water Resources, Central Valley Project, Series AS (RB) 5.00%, 12/01/19 | 116,150 | ||||||
| 100,000 | State of California Department of Water Resources, Power Supply Revenue, Series M (RB) 5.00%, 05/01/18 | 110,734 | ||||||
| State of California Department of Water Resources, Power Supply Revenue, Series N (RB) | ||||||||
| 40,000 | 4.00%, 05/01/18 | 43,306 | ||||||
| 75,000 | 5.00%, 05/01/18 | 83,051 | ||||||
See Notes to Financial Statements
| 90 |
| Principal Amount | Value | |||||||
| California: (continued) | ||||||||
| $ | 100,000 | University of California, Series AF (RB) 5.00%, 05/15/20 | $ | 117,383 | ||||
| 38,410,920 | ||||||||
| Colorado: 1.0% | ||||||||
| 1,000,000 | City and County of Denver, Series A (GO) 5.00%, 08/01/17 | 1,077,020 | ||||||
| 50,000 | Colorado Department of Transportation (RB) 4.00%, 12/15/16 | 52,044 | ||||||
| Colorado Health Facilities Authority, Series A (RB) | ||||||||
| 50,000 | 5.00%, 02/01/17 | 52,692 | ||||||
| 65,000 | 5.00%, 02/01/18 | 70,946 | ||||||
| 125,000 | 5.00%, 02/01/19 | 140,056 | ||||||
| 100,000 | 5.00%, 02/01/21 | 116,371 | ||||||
| Metro Wastewater Reclamation District, Series A (RB) | ||||||||
| 175,000 | 5.00%, 04/01/17 | 186,114 | ||||||
| 100,000 | 5.00%, 04/01/18 | 110,403 | ||||||
| Regional Transportation District, Series A (CP) | ||||||||
| 250,000 | 5.00%, 06/01/18 | 276,097 | ||||||
| 350,000 | 5.00%, 06/01/20 | 406,997 | ||||||
| 100,000 | State of Colorado Department of Transportation (RB) 5.00%, 12/15/16 | 105,199 | ||||||
| 2,593,939 | ||||||||
| Connecticut: 2.8% | ||||||||
| 770,000 | Connecticut State, Health and Educational Facilities Authority, Series A-3 (RB) 0.88%, 02/08/18 (p) | 770,254 | ||||||
| 500,000 | Connecticut State, Special Tax Revenue, Transportation
Infrastructure Purposes, Series A (RB) 5.00%, 12/01/20 | 589,220 | ||||||
| State of Connecticut, Series A (RB) | ||||||||
| 100,000 | 4.00%, 09/01/18 | 108,685 | ||||||
| 1,000,000 | 5.00%, 09/01/20 | 1,171,460 | ||||||
| 75,000 | State of Connecticut, Series B (RB) 5.00%, 01/01/19 | 84,478 | ||||||
| State of Connecticut, Series C (GO) | ||||||||
| 850,000 | 5.00%, 06/15/17 | 910,545 | ||||||
| 250,000 | 5.00%, 07/15/19 | 284,835 | ||||||
| 500,000 | 5.00%, 06/01/20 | 579,495 | ||||||
| 500,000 | 5.00%, 06/01/21 | 586,820 | ||||||
| State of Connecticut, Series D (GO) | ||||||||
| 500,000 | 4.00%, 06/15/18 | 540,895 | ||||||
| 145,000 | 5.00%, 06/15/20 | 168,242 | ||||||
| 750,000 | 5.00%, 11/01/20 | 875,790 | ||||||
| 280,000 | State of Connecticut, Series E (GO) 5.00%, 09/01/18 | 312,032 | ||||||
| 250,000 | State of Connecticut, Special Tax Revenue, Series A (RB) 5.00%, 01/01/20 | 289,190 | ||||||
| 7,271,941 | ||||||||
| Principal Amount | Value | |||||||
| Delaware: 0.2% | ||||||||
| $ | 500,000 | State of Delaware, Series B (GO) 5.00%, 02/01/17 | $ | 528,715 | ||||
| District of Columbia: 0.2% | ||||||||
| District of Columbia, Series A (GO) | ||||||||
| 160,000 | 5.00%, 06/01/19 | 182,541 | ||||||
| 80,000 | 5.00%, 12/01/19 | 92,677 | ||||||
| 75,000 | District of Columbia, Series C (RB) 5.00%, 12/01/17 | 81,729 | ||||||
| 50,000 | District of Columbia, Series D (GO) 5.00%, 06/01/19 | 57,044 | ||||||
| 413,991 | ||||||||
| Florida: 5.3% | ||||||||
| Broward County School Board, Series A (CP) | ||||||||
| 175,000 | 5.00%, 07/01/18 | 193,902 | ||||||
| 155,000 | 5.00%, 07/01/19 | 176,495 | ||||||
| 50,000 | Broward County, Airport System Revenue, Series P-2 (RB) 5.00%, 10/01/18 | 55,719 | ||||||
| Broward County, Airport System Revenue, Series Q-1 (RB) | ||||||||
| 150,000 | 5.00%, 10/01/17 | 162,025 | ||||||
| 265,000 | 5.00%, 10/01/18 | 295,308 | ||||||
| Citizens Property Insurance Corp., Series A-1 (RB) | ||||||||
| 500,000 | 5.00%, 06/01/19 | 565,350 | ||||||
| 70,000 | 5.00%, 06/01/19 | 79,149 | ||||||
| 85,000 | 5.00%, 06/01/20 | 98,228 | ||||||
| City of Jacksonville, Series B (RB) | ||||||||
| 475,000 | 5.00%, 10/01/17 | 514,026 | ||||||
| 65,000 | 5.00%, 10/01/19 | 74,402 | ||||||
| 1,600,000 | City of Jacksonville, Series C (RB) | |||||||
| 5.00%, 10/01/18 | 1,785,440 | |||||||
| 750,000 | County of Orange, Series C (RB) 5.00%, 01/01/21 | 885,540 | ||||||
| Florida Department of Environmental Protection, Series A (RB) | ||||||||
| 205,000 | 5.00%, 07/01/20 | 239,274 | ||||||
| 125,000 | 5.00%, 07/01/20 | 145,899 | ||||||
| JEA Electric System, Series Three A (RB) | ||||||||
| 65,000 | 5.00%, 10/01/18 | 72,693 | ||||||
| 200,000 | 5.00%, 10/01/19 | 229,840 | ||||||
| 150,000 | JEA Electric System, Series Three C (RB) 5.00%, 10/01/18 | 167,752 | ||||||
| 690,000 | JEA Electric System, Series Three D (RB) 5.00%, 10/01/19 | 792,948 | ||||||
| 110,000 | Miami-Dade County Building Better Communities Program, Series B (GO) 5.00%, 07/01/20 | 128,500 | ||||||
| Miami-Dade County Expressway Authority, Toll System Revenue, Series A (RB) | ||||||||
| 205,000 | 5.00%, 07/01/18 | 227,027 | ||||||
| 50,000 | 5.00%, 07/01/20 | 58,138 | ||||||
| 500,000 | 5.00%, 07/01/21 | 589,235 | ||||||
| 50,000 | Miami-Dade County Expressway Authority, Toll System Revenue, Series B (RB) 5.00%, 07/01/20 | 58,138 | ||||||
See Notes to Financial Statements
| 91 |
SHORT MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal Amount | Value | |||||||
| Florida: (continued) | ||||||||
| $ | 100,000 | Miami-Dade County School Board Foundation, Inc., Series A (CP) 5.00%, 05/01/20 | $ | 115,242 | ||||
| 165,000 | Miami-Dade County School Board Foundation, Inc., Series D (CP) 5.00%, 11/01/19 | 188,258 | ||||||
| 130,000 | Orange County Expressway Authority (RB) 5.00%, 07/01/19 | 148,279 | ||||||
| Orange County, Sales Tax, Series C (RB) | ||||||||
| 280,000 | 5.00%, 01/01/19 | 315,664 | ||||||
| 900,000 | 5.00%, 01/01/20 | 1,041,876 | ||||||
| 275,000 | Palm Beach County, Public Improvement (RB) 5.00%, 06/01/18 | 304,452 | ||||||
| Reedy Creek Improvement District, Series A (GO) | ||||||||
| 265,000 | 5.00%, 06/01/20 | 309,181 | ||||||
| 300,000 | 5.00%, 06/01/21 | 356,130 | ||||||
| State of Florida, Board of Education, Full Faith and Credit, Series A (GO) | ||||||||
| 50,000 | 5.00%, 06/01/19 | 57,139 | ||||||
| 50,000 | 5.00%, 06/01/19 | 57,139 | ||||||
| State of Florida, Board of Education, Full Faith and Credit, Series B (GO) | ||||||||
| 50,000 | 5.00%, 06/01/18 | 55,423 | ||||||
| 85,000 | 5.00%, 06/01/20 | 99,544 | ||||||
| 1,000,000 | State of Florida, Board of Education, Lottery Revenue, Series F (RB) 5.00%, 07/01/18 | 1,108,840 | ||||||
| 100,000 | State of Florida, Board of Education, Public Education Capital Outlay, Series A (GO) 5.00%, 06/01/18 | 110,845 | ||||||
| 55,000 | State of Florida, Board of Education, Public Education Capital Outlay, Series B (GO) 5.00%, 06/01/17 | 58,842 | ||||||
| 595,000 | State of Florida, Department of Environmental Protection, Series B (RB) 5.00%, 07/01/18 | 659,099 | ||||||
| 1,000,000 | State of Florida, Department of Transportation, Full Faith and Credit, Series A (GO) 5.00%, 07/01/19 | 1,145,270 | ||||||
| 90,000 | State of Florida, Department of Transportation, Turnpike Revenue, Series A (RB) 5.00%, 07/01/18 | 99,922 | ||||||
| 50,000 | State of Florida, Department of Transportation, Turnpike Revenue, Series B (RB) 5.00%, 07/01/17 | 53,625 | ||||||
| 80,000 | State of Florida, Department of Transportation, Turnpike Revenue, Series C (RB) 5.00%, 07/01/21 | 94,752 | ||||||
| 13,974,550 | ||||||||
| Principal Amount | Value | |||||||
| Georgia: 3.1% | ||||||||
| $ | 75,000 | Chatham County Hospital Authority, Memorial Health University Medical Center, Inc. (RB) 5.00%, 01/01/21 | $ | 87,900 | ||||
| 70,000 | City of Atlanta, Airport General Revenue, Series A (RB) 5.00%, 01/01/19 | 78,940 | ||||||
| 400,000 | City of Atlanta, Airport Passenger Facility, Series B (RB) 5.00%, 01/01/17 | 420,952 | ||||||
| 600,000 | City of Atlanta, Department of Aviation, Series A (RB) 5.00%, 01/01/17 | 632,004 | ||||||
| 315,000 | City of Atlanta, Department of Aviation, Series C (RB) 5.00%, 01/01/20 | 364,379 | ||||||
| 330,000 | Forsyth County School District (GO) 5.00%, 02/01/19 | 374,032 | ||||||
| 1,200,000 | Fulton County Development Authority, Georgia Tech Athletic Association Project, Series A (RB) 5.00%, 10/01/19 | 1,372,104 | ||||||
| 125,000 | Fulton County, Water and Sewerage Revenue (RB) 5.00%, 01/01/18 | 136,634 | ||||||
| 60,000 | Georgia State Road and Tollway Authority, Series A (RB) 5.00%, 03/01/17 | 63,660 | ||||||
| 1,415,000 | Gwinnett County School District, Series A (GO) 4.50%, 10/01/17 | 1,519,823 | ||||||
| 250,000 | Gwinnett County Water and Sewerage Authority (RB) 5.00%, 08/01/20 | 293,910 | ||||||
| Municipal Electric Authority of Georgia, Series A (RB) | ||||||||
| 500,000 | 5.00%, 11/01/17 | 541,720 | ||||||
| 1,000,000 | 5.00%, 01/01/20 | 1,153,670 | ||||||
| 50,000 | 5.00%, 01/01/21 | 58,519 | ||||||
| 280,000 | Richmond County Board of Education (GO) 5.00%, 10/01/17 | 303,285 | ||||||
| State of Georgia, Series A (GO) | ||||||||
| 75,000 | 5.00%, 02/01/18 | 82,354 | ||||||
| 25,000 | 5.00%, 07/01/19 | 28,690 | ||||||
| 50,000 | 5.00%, 02/01/21 | 59,512 | ||||||
| 190,000 | State of Georgia, Series C (GO) 5.00%, 07/01/18 | 211,586 | ||||||
| 500,000 | State of Georgia, Series F (GO) 5.00%, 12/01/16 | 525,200 | ||||||
| 8,308,874 | ||||||||
| Hawaii: 0.8% | ||||||||
| 150,000 | City and County Honolulu, Wastewater System Revenue, Series B (RB) 5.00%, 07/01/20 | 174,931 | ||||||
| 1,000,000 | State of Hawaii, Series DZ (GO) 5.00%, 12/01/19 | 1,157,160 | ||||||
| 500,000 | State of Hawaii, Series EA (GO) 5.00%, 12/01/16 | 524,810 | ||||||
See Notes to Financial Statements
| 92 |
| Principal Amount | Value | |||||||
| Hawaii: (continued) | ||||||||
| $ | 235,000 | State of Hawaii, Series EH (GO) 5.00%, 08/01/19 | $ | 269,435 | ||||
| 2,126,336 | ||||||||
| Illinois: 4.1% | ||||||||
| Chicago O’Hare International Airport, Third Lien, Series B (RB) | ||||||||
| 480,000 | 5.00%, 01/01/17 | 504,168 | ||||||
| 150,000 | 5.00%, 01/01/19 | 167,562 | ||||||
| 90,000 | 5.00%, 01/01/20 | 102,885 | ||||||
| 500,000 | City of Chicago, Modern Schools Across Chicago Program, Series A (GO) 4.00%, 12/01/17 | 505,650 | ||||||
| 250,000 | City of Chicago, Series A (GO) 5.00%, 01/01/20 | 257,737 | ||||||
| 215,000 | City of Chicago, Water Revenue (RB) 5.00%, 11/01/20 | 240,933 | ||||||
| 615,000 | County of Cook, Series A (GO) 5.00%, 11/15/19 | 667,447 | ||||||
| 50,000 | Illinois State Toll Highway Authority, Series A (RB) 5.00%, 12/01/19 | 57,405 | ||||||
| 75,000 | Illinois State Toll Highway Authority, Series D (RB) 5.00%, 01/01/18 | 81,575 | ||||||
| State of Illinois (GO) | ||||||||
| 1,250,000 | 5.00%, 03/01/17 | 1,310,875 | ||||||
| 2,600,000 | 5.00%, 08/01/17 | 2,760,446 | ||||||
| 500,000 | 5.00%, 02/01/20 | 545,150 | ||||||
| 1,000,000 | State of Illinois, Department of Employment Security, Series B (RB) 5.00%, 12/15/16 (c) | 1,050,720 | ||||||
| 550,000 | State of Illinois, Sales Tax, Junior Obligation (RB) 5.00%, 06/15/18 | 603,916 | ||||||
| State of Illinois, Series A (GO) | ||||||||
| 500,000 | 3.00%, 01/01/18 | 508,270 | ||||||
| 850,000 | 4.00%, 01/01/17 | 876,987 | ||||||
| 500,000 | 5.00%, 04/01/17 | 525,655 | ||||||
| 10,767,381 | ||||||||
| Indiana: 0.7% | ||||||||
| Indiana Finance Authority, Wastewater Utility, First Lien, Series A (RB) | ||||||||
| 100,000 | 5.00%, 10/01/17 | 108,057 | ||||||
| 710,000 | 5.00%, 10/01/19 | 811,239 | ||||||
| 640,000 | 5.00%, 10/01/20 | 748,250 | ||||||
| 200,000 | Indianapolis Local Public Improvement Bond Bank, Series K (RB) 5.00%, 06/01/19 | 226,516 | ||||||
| 1,894,062 | ||||||||
| Iowa: 0.5% | ||||||||
| Iowa Finance Authority (RB) | ||||||||
| 575,000 | 5.00%, 08/01/18 | 641,683 | ||||||
| 200,000 | 5.00%, 08/01/19 | 229,624 | ||||||
| 285,000 | 5.00%, 08/01/20 | 334,770 | ||||||
| 1,206,077 | ||||||||
| Principal Amount | Value | |||||||
| Kansas: 0.1% | ||||||||
| $ | 125,000 | Kansas Development Authority, Department of Commerce, Series K (RB) 5.00%, 12/01/19 | $ | 140,980 | ||||
| 50,000 | State of Kansas Department of Transportation, Highway Revenue, Series B (RB) 5.00%, 09/01/19 | 57,588 | ||||||
| 50,000 | State of Kansas Department of Transportation, Highway Revenue, Series C (RB) 5.00%, 09/01/19 | 57,588 | ||||||
| 256,156 | ||||||||
| Kentucky: 0.9% | ||||||||
| 50,000 | Kentucky Asset Liability Commission Project, Series A (RB) 5.00%, 09/01/19 | 56,700 | ||||||
| 200,000 | Kentucky Public Transportation Infrastructure Authority, Downtown Crossing Project, Series A (RB) 5.00%, 07/01/17 | 213,054 | ||||||
| Kentucky State Property and Building Commission, Project No. 100, Series A (RB) | ||||||||
| 400,000 | 5.00%, 08/01/17 | 430,080 | ||||||
| 500,000 | 5.00%, 08/01/19 | 567,535 | ||||||
| Kentucky Turnpike Authority, Series A (RB) | ||||||||
| 50,000 | 5.00%, 07/01/18 | 55,359 | ||||||
| 205,000 | 5.00%, 07/01/19 | 232,956 | ||||||
| 55,000 | 5.00%, 07/01/20 | 63,898 | ||||||
| 50,000 | Louisville/Jefferson County Metropolitan Government, Series A (RB) 5.00%, 12/01/19 | 57,191 | ||||||
| 600,000 | University of Kentucky, Series D (RB) 5.25%, 10/01/20 | 713,274 | ||||||
| 2,390,047 | ||||||||
| Louisiana: 0.9% | ||||||||
| City of Lafayette, Utilities Revenue (RB) | ||||||||
| 60,000 | 5.00%, 11/01/19 | 68,785 | ||||||
| 150,000 | 5.00%, 11/01/20 | 175,315 | ||||||
| State of Louisiana Gasoline & Fuels Tax Revenue (RB) | ||||||||
| 110,000 | 5.00%, 05/01/19 | 125,224 | ||||||
| 145,000 | 5.00%, 05/01/20 | 168,816 | ||||||
| 1,350,000 | State of Louisiana, Series A (GO) 5.00%, 11/15/19 | 1,553,553 | ||||||
| State of Louisiana, Series C (GO) | ||||||||
| 50,000 | 5.00%, 08/01/19 | 57,109 | ||||||
| 250,000 | 5.00%, 07/15/20 | 292,012 | ||||||
| 2,440,814 | ||||||||
| Maine: 0.0% | ||||||||
| |
50,000 |
|
|
Maine Municipal Bond Bank, Series C (RB) 5.00%, 11/01/19 |
|
|
57,405 |
|
See Notes to Financial Statements
| 93 |
SHORT MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal Amount | Value | |||||||
| Maryland: 4.0% | ||||||||
| Baltimore County Consolidated Public Improvement (GO) | ||||||||
| $ | 60,000 | 5.00%, 08/01/17 | $ | 64,643 | ||||
| 1,900,000 | 5.00%, 08/01/18 | 2,119,260 | ||||||
| 250,000 | Baltimore County Consolidated Public Improvement, Series B (GO) 5.00%, 08/01/19 | 287,327 | ||||||
| Maryland Department of Transportation (RB) | ||||||||
| 380,000 | 5.00%, 05/01/17 | 405,559 | ||||||
| 500,000 | 5.00%, 06/01/18 | 554,090 | ||||||
| 50,000 | Maryland Economic Development Corp. (RB) 5.00%, 06/01/20 | 58,409 | ||||||
| Maryland Health and Higher Educational Facilities Authority (RB) | ||||||||
| 250,000 | 5.00%, 07/01/19 | 279,137 | ||||||
| 100,000 | 5.00%, 08/15/19 | 114,401 | ||||||
| Montgomery County, Consolidated Public Improvement, Series A (GO) | ||||||||
| 50,000 | 5.00%, 11/01/17 | 54,391 | ||||||
| 100,000 | 5.00%, 07/01/20 | 117,661 | ||||||
| 25,000 | 5.00%, 11/01/20 | 29,616 | ||||||
| 300,000 | 5.00%, 07/01/21 | 359,814 | ||||||
| Prince George’s County, Consolidated Public Improvement, Series B (GO) | ||||||||
| 50,000 | 4.00%, 03/01/19 | 55,205 | ||||||
| 90,000 | 4.00%, 03/01/21 | 102,661 | ||||||
| 750,000 | State of Maryland Department of Transportation (RB) 5.00%, 05/01/19 | 854,632 | ||||||
| 100,000 | State of Maryland, Second Series B (GO) 5.00%, 08/01/19 | 114,891 | ||||||
| State of Maryland, State and Local Facilities Loan, First Series A (GO) | ||||||||
| 450,000 | 5.00%, 03/01/17 | 477,202 | ||||||
| 140,000 | 5.00%, 03/01/19 | 159,006 | ||||||
| 2,000,000 | State of Maryland, State and Local Facilities Loan, First Series B (GO) 4.50%, 08/01/19 | 2,261,140 | ||||||
| 1,330,000 | State of Maryland, State and Local Facilities Loan, First Series C (GO) 5.00%, 08/01/18 | 1,483,096 | ||||||
| 100,000 | State of Maryland, State and Local Facilities Loan, Second Series A (GO) 5.00%, 08/01/17 | 107,738 | ||||||
| 200,000 | State of Maryland, State and Local Facilities Loan, Second Series B (GO) 5.00%, 08/01/18 | 223,022 | ||||||
| 200,000 | State of Maryland, State and Local Facilities Loan, Second Series C (GO) 5.25%, 08/01/20 | 237,528 | ||||||
| 10,520,429 | ||||||||
| Massachusetts: 2.1% | ||||||||
| 50,000 | City of Boston, Series B (GO) 5.00%, 02/01/20 | 58,262 | ||||||
| 335,000 | Commonwealth of Massachusetts, Series A (GO) 5.00%, 12/01/18 | 377,542 | ||||||
| Principal Amount | Value | |||||||
| Massachusetts: (continued) | ||||||||
| Commonwealth of Massachusetts, Series B (GO) | ||||||||
| $ | 100,000 | 5.00%, 08/01/19 | $ | 114,812 | ||||
| 500,000 | 5.00%, 08/01/20 | 587,820 | ||||||
| 1,000,000 | Commonwealth of Massachusetts, Series E (GO) 5.00%, 12/01/16 | 1,050,290 | ||||||
| 1,000,000 | Massachusetts Development Finance Agency, Partners Health Care System Issue, Series K (RB) 5.00%, 01/18/18 (p) | 1,093,710 | ||||||
| Massachusetts School Building Authority, Senior Dedicated Sales Tax, Series B (RB) | ||||||||
| 1,100,000 | 5.00%, 08/15/18 | 1,230,658 | ||||||
| 200,000 | 5.00%, 08/15/19 | 229,926 | ||||||
| 555,000 | Massachusetts Water Pollution Abatement Trust, Series 16-B (RB) 5.00%, 08/01/18 | 619,363 | ||||||
| 80,000 | Massachusetts Water Resources Authority, Series C (RB) 5.00%, 08/01/18 | 89,162 | ||||||
| 5,451,545 | ||||||||
| Michigan: 2.5% | ||||||||
| 75,000 | Michigan Finance Authority, Braumont Health Credit Group, Series A (RB) 4.00%, 08/01/20 | 82,753 | ||||||
| 1,165,000 | Michigan Finance Authority, Clean Water Revolving Revenue (RB) 5.00%, 10/01/17 | 1,262,347 | ||||||
| 120,000 | Michigan Finance Authority, School District of the City of Detroit (RB) (SAW) 5.00%, 06/01/19 | 130,583 | ||||||
| Michigan Finance Authority, Unemployment Obligation Assessment, Series A (RB) | ||||||||
| 645,000 | 4.00%, 01/01/19 | 708,816 | ||||||
| 1,000,000 | 5.00%, 07/01/17 | 1,073,700 | ||||||
| 200,000 | 5.00%, 01/01/18 | 218,796 | ||||||
| 850,000 | 5.00%, 07/01/18 | 944,894 | ||||||
| 100,000 | 5.00%, 07/01/19 | 114,488 | ||||||
| Michigan Finance Authority, Unemployment Obligation Assessment, Series B (RB) | ||||||||
| 175,000 | 5.00%, 07/01/19 (c) | 199,404 | ||||||
| 55,000 | 5.00%, 07/01/19 (c) | 62,670 | ||||||
| 500,000 | Michigan State Hospital Finance Authority, Ascension Health Senior Credit Group, Series F-1 (RB) 2.00%, 05/30/18 (p) | 512,535 | ||||||
| Royal Oak Hospital Finance Authority, William Beaumont Hospital Obligation Group, Series D (RB) | ||||||||
| 310,000 | 2.25%, 09/01/20 | 317,282 | ||||||
| 375,000 | 5.00%, 09/01/19 | 423,904 | ||||||
See Notes to Financial Statements
| 94 |
| Principal Amount | Value | |||||||
| Michigan: (continued) | ||||||||
| $ | 570,000 | Wayne Country Airport Authority, Series A-D (RB) 5.00%, 12/01/18 | $ | 633,914 | ||||
| 6,686,086 | ||||||||
| Minnesota: 1.9% | ||||||||
| 2,050,000 | City of Rochester, Minnesota Health Care Facilities, Mayo Clinic, Series A (RB) 4.00%, 11/15/18 (p) | 2,235,053 | ||||||
| 1,755,000 | City of Rochester, Minnesota Health Care Facilities, Mayo Clinic, Series B (RB) 4.00%, 11/15/18 (p) | 1,909,580 | ||||||
| 675,000 | Regents of University of Minnesota, Series A (RB) 5.00%, 12/01/18 | 758,963 | ||||||
| 50,000 | State of Minnesota, State Trunk Highway, Series B (GO) 5.00%, 10/01/18 | 56,056 | ||||||
| 4,959,652 | ||||||||
| Mississippi: 0.4% | ||||||||
| Mississippi Development Bank, Highway Construction Project (RB) | ||||||||
| 825,000 | 5.00%, 01/01/18 | 899,357 | ||||||
| 175,000 | 5.00%, 01/01/21 | 204,249 | ||||||
| 1,103,606 | ||||||||
| Missouri: 1.2% | ||||||||
| Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Series A (RB) | ||||||||
| 50,000 | 5.00%, 10/01/17 | 54,148 | ||||||
| 45,000 | 5.00%, 10/01/19 | 51,714 | ||||||
| 700,000 | 5.00%, 10/01/20 | 821,303 | ||||||
| Curators of the University of Missouri System Facilities, Series A (RB) | ||||||||
| 155,000 | 4.00%, 11/01/19 | 173,216 | ||||||
| 115,000 | 5.00%, 11/01/19 | 133,004 | ||||||
| 475,000 | Missouri Highway and Transportation Commission, First Lien, Series A (RB) 5.00%, 05/01/19 | 541,794 | ||||||
| 500,000 | Missouri Highway and Transportation Commission, Senior Lien, Series C (RB) 5.00%, 02/01/17 | 528,520 | ||||||
| 900,000 | State of Missouri, Series A (CP) 2.13%, 10/01/18 | 927,378 | ||||||
| 3,231,077 | ||||||||
| Nebraska: 0.8% | ||||||||
| 50,000 | Nebraska Public Power District, Series A (RB) 5.00%, 01/01/21 | 58,791 | ||||||
| 300,000 | Nebraska Public Power District, Series B (RB) 5.00%, 01/01/20 | 345,444 | ||||||
| 1,000,000 | Nebraska Public Power District, Series C (RB) 5.00%, 01/01/18 (c) | 1,093,750 | ||||||
| Principal Amount | Value | |||||||
| Nebraska: (continued) | ||||||||
| Omaha Public Power District, Electric System Revenue, Series B (RB) | ||||||||
| $ | 75,000 | 5.00%, 02/01/19 | $ | 84,956 | ||||
| 400,000 | 5.00%, 02/01/21 | 473,192 | ||||||
| 2,056,133 | ||||||||
| Nevada: 0.3% | ||||||||
| 220,000 | Clark County School District, Series A (GO) 5.00%, 06/15/19 | 249,812 | ||||||
| 50,000 | Clark County School District, Series B (GO) 5.00%, 06/15/19 | 56,776 | ||||||
| 25,000 | State of Nevada, Capital Improvement, Series A (GO) 5.00%, 08/01/19 | 28,663 | ||||||
| 500,000 | State of Nevada, Unemployment Compensation (RB) 5.00%, 06/01/17 | 535,170 | ||||||
| 870,421 | ||||||||
| New Jersey: 5.7% | ||||||||
| Garden State Preservation Trust, Open Space and Farmland, Series A (RB) | ||||||||
| 65,000 | 4.00%, 11/01/19 | 71,221 | ||||||
| 250,000 | 5.00%, 11/01/20 | 287,127 | ||||||
| New Jersey Building Authority, Series A (RB) | ||||||||
| 500,000 | 5.00%, 06/15/18 | 528,560 | ||||||
| 575,000 | 5.00%, 06/15/19 | 616,130 | ||||||
| 200,000 | New Jersey Economic Development Authority (RB) 5.00%, 03/01/20 | 216,104 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction, Series EE (RB) | ||||||||
| 440,000 | 5.00%, 09/01/17 | 474,663 | ||||||
| 185,000 | 5.00%, 09/01/18 | 197,116 | ||||||
| 275,000 | New Jersey Economic Development Authority, School Facilities Construction, Series GG (RB) 5.00%, 09/01/16 | 285,805 | ||||||
| 300,000 | New Jersey Economic Development Authority, School Facilities Construction, Series PP (RB) 5.00%, 06/15/19 | 323,382 | ||||||
| 500,000 | New Jersey Educational Facilities Authority, Series B (RB) 5.00%, 06/01/19 | 534,700 | ||||||
| 1,000,000 | New Jersey Health Care Facilities Financing Authority, Greystone Park Psychiatric Hospital Project, Series B (RB) 5.00%, 09/15/18 | 1,060,960 | ||||||
| 1,455,000 | New Jersey State, Series S (GO) 5.00%, 08/15/19 | 1,632,335 | ||||||
| New Jersey Transit Corp., Series A (RB) | ||||||||
| 1,000,000 | 5.00%, 09/15/18 | 1,090,380 | ||||||
| 350,000 | 5.00%, 09/15/19 | 387,607 | ||||||
See Notes to Financial Statements
| 95 |
SHORT MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal | ||||||||
| Amount | Value | |||||||
| New Jersey: (continued) | ||||||||
| New Jersey Transportation Trust Fund Authority, Series A (RB) | ||||||||
| $ | 1,000,000 | 5.00%, 12/15/19 | $ | 1,084,090 | ||||
| 265,000 | 5.00%, 06/15/20 | 287,671 | ||||||
| New Jersey Transportation Trust Fund Authority, Series AA (RB) | ||||||||
| 625,000 | 4.00%, 06/15/18 | 648,725 | ||||||
| 245,000 | 5.00%, 06/15/18 | 260,462 | ||||||
| 250,000 | 5.00%, 06/15/19 | 269,397 | ||||||
| 870,000 | 5.00%, 06/15/20 | 944,428 | ||||||
| 1,945,000 | New Jersey Transportation Trust Fund Authority, Series B (RB) 5.00%, 06/15/18 | 2,067,749 | ||||||
| 1,450,000 | New Jersey Transportation Trust Fund Authority, Series D (RB) 5.00%, 12/15/17 | 1,530,605 | ||||||
| 150,000 | State of New Jersey, Series Q (GO) 5.00%, 08/15/18 | 164,586 | ||||||
| 14,963,803 | ||||||||
| New Mexico: 0.9% | ||||||||
| 600,000 | Albuquerque Bernalillo County Water Utility Authority, Senior Lien (RB) 5.00%, 07/01/21 | 715,656 | ||||||
| State of New Mexico Severance Tax, Series A (RB) | ||||||||
| 55,000 | 5.00%, 07/01/17 | 59,025 | ||||||
| 55,000 | 5.00%, 07/01/17 | 59,025 | ||||||
| 325,000 | 5.00%, 07/01/18 | 360,555 | ||||||
| 1,000,000 | 5.00%, 07/01/19 (c) | 1,139,070 | ||||||
| 75,000 | 5.00%, 07/01/19 (c) | 85,459 | ||||||
| 2,418,790 | ||||||||
| New York: 16.5% | ||||||||
| City of New York, Series A (GO) | ||||||||
| 1,750,000 | 5.00%, 08/01/17 | 1,882,877 | ||||||
| 50,000 | 5.00%, 08/01/19 | 57,148 | ||||||
| 750,000 | City of New York, Series A-1 (GO) 5.00%, 08/01/18 | 833,947 | ||||||
| 1,000,000 | City of New York, Series B (GO) 5.00%, 08/01/20 | 1,168,590 | ||||||
| City of New York, Series D (GO) | ||||||||
| 600,000 | 5.00%, 10/01/17 | 649,416 | ||||||
| 165,000 | 5.00%, 08/01/19 | 188,588 | ||||||
| City of New York, Series G (GO) | ||||||||
| 1,000,000 | 5.00%, 08/01/19 | 1,142,960 | ||||||
| 370,000 | 5.00%, 08/01/20 | 432,378 | ||||||
| City of New York, Series I (GO) | ||||||||
| 250,000 | 5.00%, 08/01/17 | 268,982 | ||||||
| 300,000 | 5.00%, 08/01/17 | 322,779 | ||||||
| 325,000 | 5.00%, 08/01/18 | 361,377 | ||||||
| 230,000 | 5.00%, 08/01/19 | 262,881 | ||||||
| 1,000,000 | 5.00%, 08/01/20 | 1,168,590 | ||||||
| 250,000 | City of New York, Subseries 1 (GO) 5.00%, 08/01/17 | 268,982 | ||||||
| 960,000 | Erie County Industrial Development Agency, City School District, Series A (RB) (SAW) 5.00%, 05/01/19 | 1,090,378 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| New York: (continued) | ||||||||
| $ | 130,000 | Metropolitan Transportation Authority, Series B (RB) 5.00%, 11/15/19 | $ | 149,380 | ||||
| Metropolitan Transportation Authority, Series C (RB) | ||||||||
| 130,000 | 4.00%, 11/15/16 | 134,822 | ||||||
| 200,000 | 5.00%, 11/15/17 | 217,352 | ||||||
| 100,000 | 5.00%, 11/15/18 | 112,006 | ||||||
| 65,000 | 5.00%, 11/15/18 | 72,804 | ||||||
| 175,000 | 5.00%, 11/15/20 | 205,406 | ||||||
| Metropolitan Transportation Authority, Series D (RB) | ||||||||
| 1,375,000 | 5.00%, 11/15/16 | 1,440,134 | ||||||
| 80,000 | 5.00%, 11/15/16 | 83,790 | ||||||
| 520,000 | 5.00%, 11/15/17 | 565,115 | ||||||
| 60,000 | 5.00%, 11/15/17 | 65,206 | ||||||
| 550,000 | 5.00%, 11/15/18 | 616,033 | ||||||
| 280,000 | 5.00%, 11/15/19 | 321,742 | ||||||
| 150,000 | 5.00%, 11/15/19 | 172,362 | ||||||
| 215,000 | 5.00%, 11/15/20 | 252,356 | ||||||
| 50,000 | 5.00%, 11/15/20 | 58,688 | ||||||
| Metropolitan Transportation Authority, Series F (RB) | ||||||||
| 395,000 | 5.00%, 11/15/17 | 429,270 | ||||||
| 150,000 | 5.00%, 11/15/18 | 168,009 | ||||||
| 75,000 | 5.00%, 11/15/19 | 86,181 | ||||||
| 75,000 | New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A (RB) 5.00%, 11/01/20 | 88,331 | ||||||
| 125,000 | New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C (RB) 5.00%, 11/01/18 | 140,252 | ||||||
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series E (RB) | ||||||||
| 100,000 | 5.00%, 11/01/17 | 108,677 | ||||||
| 150,000 | 5.00%, 11/01/18 | 168,303 | ||||||
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series I (RB) | ||||||||
| 650,000 | 5.00%, 05/01/18 | 719,088 | ||||||
| 60,000 | 5.00%, 05/01/19 | 68,326 | ||||||
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Subseries E-1 (RB) | ||||||||
| 50,000 | 5.00%, 02/01/18 | 54,726 | ||||||
| 25,000 | 5.00%, 02/01/19 | 28,267 | ||||||
| 270,000 | New York City Transitional Finance Authority, Series B (RB) 5.00%, 11/01/20 | 317,990 | ||||||
| New York City Transitional Finance Authority, Series D (RB) | ||||||||
| 50,000 | 4.00%, 02/01/18 | 53,663 | ||||||
| 1,000,000 | 5.00%, 11/01/19 | 1,153,590 | ||||||
| 500,000 | New York City Transitional Finance Authority, Subseries F-1 (RB) 5.00%, 02/01/20 | 579,910 | ||||||
See Notes to Financial Statements
| 96 |
| Principal | ||||||||
| Amount | Value | |||||||
| New York: (continued) | ||||||||
| $ | 500,000 | New York State Dormitory Authority, Colombia University, Series A (RB) 5.00%, 10/01/18 | $ | 561,170 | ||||
| 40,000 | New York State Dormitory Authority, New York State University, Series A (RB) 5.00%, 07/01/21 | 47,448 | ||||||
| 115,000 | New York State Dormitory Authority, Series A (RB) (SAW) 5.00%, 10/01/19 | 131,873 | ||||||
| New York State Dormitory Authority, State Personal Income Tax (RB) | ||||||||
| 260,000 | 5.00%, 02/15/18 | 285,186 | ||||||
| 500,000 | 5.00%, 02/15/20 | 580,625 | ||||||
| 500,000 | New York State Dormitory Authority, State Personal Income Tax, Series A (RB) 5.00%, 02/15/20 | 580,625 | ||||||
| New York State Dormitory Authority, State Personal Income Tax, Series B (RB) | ||||||||
| 1,000,000 | 5.00%, 03/15/17 | 1,061,510 | ||||||
| 50,000 | 5.00%, 03/15/18 | 54,994 | ||||||
| 400,000 | 5.00%, 03/15/19 | 453,932 | ||||||
| 630,000 | 5.00%, 03/15/20 | 732,936 | ||||||
| New York State Dormitory Authority, State Personal Income Tax, Series C (RB) | ||||||||
| 75,000 | 4.00%, 03/15/18 | 80,737 | ||||||
| 1,400,000 | 4.00%, 03/15/19 | 1,542,492 | ||||||
| 75,000 | 5.00%, 03/15/17 | 79,581 | ||||||
| 1,675,000 | 5.00%, 03/15/19 | 1,900,840 | ||||||
| 125,000 | 5.00%, 03/15/20 | 145,424 | ||||||
| 1,000,000 | 5.00%, 03/15/20 | 1,163,390 | ||||||
| New York State Dormitory Authority, State Sales Tax, Series A (RB) | ||||||||
| 60,000 | 4.00%, 03/15/17 | 62,893 | ||||||
| 920,000 | 4.00%, 03/15/20 | 1,034,200 | ||||||
| 300,000 | 5.00%, 03/15/20 | 349,992 | ||||||
| New York State Environmental Facilities Corp., Sate Clean Water and Drinking Water, Series A (RB) | ||||||||
| 1,250,000 | 5.00%, 06/15/20 | 1,466,250 | ||||||
| 280,000 | 5.00%, 06/15/20 | 328,440 | ||||||
| 165,000 | 5.00%, 06/15/20 | 193,545 | ||||||
| New York State Environmental Facilities Corp., Sate Clean Water and Drinking Water, Series B (RB) | ||||||||
| 600,000 | 4.00%, 06/15/20 | 676,908 | ||||||
| 820,000 | 5.00%, 06/15/19 | 938,646 | ||||||
| 600,000 | New York State Environmental Facilities Corp., Sate Clean Water and Drinking Water, Series D (RB) 5.00%, 06/15/20 | 703,800 | ||||||
| 80,000 | New York State Thruway Authority, Junior Indebtedness Obligations, Series A (RB) 3.00%, 05/01/19 | 84,910 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| New York: (continued) | ||||||||
| $ | 800,000 | New York State Thruway Authority, Second General Highway & Bridge Trust Fund, Series A (RB) 5.00%, 04/01/19 | $ | 908,688 | ||||
| 2,455,000 | New York State Thruway Authority, Series A (RB) 5.00%, 05/01/19 | 2,773,978 | ||||||
| 580,000 | New York State Thruway Authority, Series J (RB) 5.00%, 01/01/17 | 610,520 | ||||||
| New York State Thruway Authority, State Personal Income Tax, Series A (RB) | ||||||||
| 275,000 | 5.00%, 03/15/18 | 302,877 | ||||||
| 450,000 | 5.00%, 03/15/19 | 510,354 | ||||||
| 150,000 | New York State Urban Development Corp., State Personal Income Tax, Series A (RB) 5.00%, 03/15/19 | 170,170 | ||||||
| New York State Urban Development Corp., State Personal Income Tax, Series C (RB) | ||||||||
| 250,000 | 5.00%, 03/15/17 | 265,270 | ||||||
| 500,000 | 5.00%, 03/15/18 | 550,065 | ||||||
| 55,000 | 5.00%, 03/15/20 | 63,885 | ||||||
| 55,000 | Port Authority of New York and New Jersey, One Hundred Eightieth Series (RB) 3.00%, 06/01/17 | 57,066 | ||||||
| 60,000 | Port Authority of New York and New Jersey, One Hundred Seventy-Fifth Series (RB) 5.00%, 12/01/18 | 67,541 | ||||||
| 275,000 | State of New York Municipal Bond Bank Agency, Special School Purpose, Series A (RB) (SAW) 5.00%, 12/01/19 | 316,910 | ||||||
| Tobacco Settlement Financing Corp. (RB) | ||||||||
| 1,000,000 | 5.00%, 06/01/17 | 1,071,000 | ||||||
| 1,100,000 | 5.00%, 06/01/18 | 1,215,720 | ||||||
| 500,000 | Town of Oyster Bay, New York Public Improvement, Series A (GO) (AGM) 3.00%, 03/01/18 | 522,095 | ||||||
| 90,000 | Town of Oyster Bay, New York Public Improvement, Series B (GO) (AGM) 4.00%, 11/01/20 | 99,775 | ||||||
| 85,000 | Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels, Series B (RB) 5.00%, 11/15/19 | 98,216 | ||||||
| 43,578,129 | ||||||||
| North Carolina: 2.1% | ||||||||
| 1,000,000 | Country of Wake, Series B (GO) 5.00%, 02/01/20 | 1,165,700 | ||||||
| 100,000 | County of Guilford, Series A (GO) 5.00%, 03/01/21 | 119,031 | ||||||
See Notes to Financial Statements
| 97 |
SHORT MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal | ||||||||
| Amount | Value | |||||||
| North Carolina: (continued) | ||||||||
| County of Mecklenburg, Series A (GO) | ||||||||
| $ | 250,000 | 5.00%, 12/01/17 | $ | 272,812 | ||||
| 140,000 | 5.00%, 12/01/18 | 157,916 | ||||||
| 130,000 | County of Wake, Public Improvement (GO) 5.00%, 09/01/18 | 145,453 | ||||||
| 330,000 | North Carolina Eastern Municipal Power Agency, Power System Revenue, Series B (RB) 5.00%, 01/01/21 | 390,720 | ||||||
| North Carolina Municipal Power Agency No. 1, Catawba Electric Revenue, Series A (RB) | ||||||||
| 40,000 | 4.00%, 01/01/19 | 43,813 | ||||||
| 80,000 | 4.00%, 01/01/19 | 87,416 | ||||||
| 40,000 | 4.00%, 01/01/20 | 44,426 | ||||||
| 60,000 | 4.00%, 01/01/20 | 67,027 | ||||||
| 20,000 | 5.00%, 01/01/18 | 21,785 | ||||||
| 5,000 | 5.00%, 01/01/18 | 5,457 | ||||||
| 1,000,000 | North Carolina State, Capital Improvement Limited Obligation Bonds, Series B (RB) 5.00%, 11/01/18 | 1,122,960 | ||||||
| 1,000,000 | North Carolina State, Grant Anticipation Revenue (RB) 5.00%, 03/01/19 | 1,123,830 | ||||||
| 300,000 | North Carolina Turnpike Authority, Monroe Connector System (RB) 5.00%, 07/01/18 | 333,156 | ||||||
| 100,000 | State of North Carolina, Capital Improvement, Series A (RB) 5.00%, 05/01/19 | 113,803 | ||||||
| 200,000 | State of North Carolina, Series C (GO) 5.00%, 05/01/20 | 234,476 | ||||||
| 5,449,781 | ||||||||
| Ohio: 2.2% | ||||||||
| 1,000,000 | City of Columbus, Various Purpose, Series A (GO) 5.00%, 07/01/19 | 1,146,820 | ||||||
| 55,000 | City of Columbus, Various Purpose, Series B (GO) 4.00%, 08/15/17 | 58,378 | ||||||
| 750,000 | Ohio Air Quality Development Authority, FirstEnergy Generation Project, Series A (RB) 3.75%, 12/03/18 (p) | 767,977 | ||||||
| 120,000 | Ohio State Hospital Revenue, Cleveland Clinic Health System, Series A (RB) 5.00%, 01/01/21 | 141,228 | ||||||
| 1,000,000 | Ohio State Water Development Authority, FirstEnergy Nuclear Generation Project, Series B (RB) 4.00%, 06/03/19 (p) | 1,028,550 | ||||||
| 120,000 | Ohio State Water Development Authority, Fresh Water, Series A (RB) 5.00%, 12/01/19 | 139,067 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Ohio: (continued) | ||||||||
| $ | 125,000 | Ohio State Water Development Authority, Water Pollution Control, Series A (RB) 5.00%, 06/01/18 | $ | 138,760 | ||||
| 100,000 | Ohio State, Higher Education, Series A (GO) 5.00%, 02/01/20 | 116,072 | ||||||
| 430,000 | State of Ohio, Common Schools, Series A (GO) 5.00%, 09/15/19 | 494,496 | ||||||
| State of Ohio, Higher Education, Series B (GO) | ||||||||
| 245,000 | 5.00%, 08/01/18 | 273,202 | ||||||
| 50,000 | 5.00%, 08/01/19 | 57,307 | ||||||
| 50,000 | State of Ohio, Higher Education, Series C (GO) 5.00%, 08/01/19 | 57,307 | ||||||
| 50,000 | State of Ohio, Highway Capital Improvement, Series Q (GO) 5.00%, 05/01/18 | 55,315 | ||||||
| 35,000 | State of Ohio, Highway Capital Improvement, Series R (GO) 5.00%, 05/01/19 | 39,857 | ||||||
| State of Ohio, Major New State Infrastructure Project, Series 1 (RB) | ||||||||
| 100,000 | 4.00%, 12/15/16 | 104,054 | ||||||
| 50,000 | 5.00%, 12/15/17 | 54,404 | ||||||
| 985,000 | State of Ohio, Third Frontier Research and Development, Series A (GO) 3.00%, 05/01/20 | 1,063,652 | ||||||
| 5,736,446 | ||||||||
| Oklahoma: 0.1% | ||||||||
| 100,000 | Grand River Dam Authority, Series A (RB) 3.00%, 06/01/18 | 105,412 | ||||||
| 50,000 | Oklahoma Development Finance Authority, Health System, Series A (RB) 5.00%, 08/15/18 | 55,631 | ||||||
| 161,043 | ||||||||
| Oregon: 1.1% | ||||||||
| 60,000 | City of Portland, Sewer System, First Lien, Series A (RB) 5.00%, 06/01/19 | 68,430 | ||||||
| 60,000 | Oregon State Facilities Authority, Legacy Health project, Series A (RB) 5.25%, 05/01/21 | 71,504 | ||||||
| Oregon State Facilities Authority, Legacy Health Project, Series A (RB) | ||||||||
| 200,000 | 5.00%, 05/01/17 | 212,956 | ||||||
| 600,000 | 5.25%, 05/01/19 | 684,180 | ||||||
| 50,000 | Oregon State Facilities Authority, Providence Health and Services, Series A (RB) 5.00%, 10/01/20 | 58,535 | ||||||
| Oregon State Lottery, Department of Administrative Services, Series B (RB) | ||||||||
| 615,000 | 5.00%, 04/01/19 | 700,110 | ||||||
| 130,000 | 5.00%, 04/01/20 | 151,879 | ||||||
See Notes to Financial Statements
| 98 |
| Principal | ||||||||
| Amount | Value | |||||||
| Oregon: (continued) | ||||||||
| $ | 65,000 | Oregon State Lottery, Department of Administrative Services, Series D (RB) 5.00%, 04/01/20 | $ | 75,635 | ||||
| 775,000 | Tri-County Metropolitan Transportation District (RB) 5.00%, 05/01/17 (c) | 825,080 | ||||||
| 50,000 | Tri-County Metropolitan Transportation District, Series A (RB) 5.00%, 10/01/20 | 58,071 | ||||||
| 2,906,380 | ||||||||
| Pennsylvania: 4.3% | ||||||||
| 40,000 | City of Philadelphia, Water and Wastewater Revenue, Series A (RB) 5.00%, 07/01/20 | 46,315 | ||||||
| Commonwealth of Pennsylvania, First Refunding Series (GO) | ||||||||
| 1,000,000 | 5.00%, 07/01/17 | 1,071,800 | ||||||
| 900,000 | 5.00%, 06/15/18 | 993,384 | ||||||
| 90,000 | 5.00%, 07/01/18 | 99,445 | ||||||
| 1,000,000 | 5.00%, 07/01/18 | 1,104,940 | ||||||
| Commonwealth of Pennsylvania, First Series (GO) | ||||||||
| 655,000 | 5.00%, 11/15/18 | 731,766 | ||||||
| 1,000,000 | 5.00%, 04/01/19 | 1,126,520 | ||||||
| 300,000 | 5.00%, 06/01/19 | 339,324 | ||||||
| 50,000 | Commonwealth of Pennsylvania, Public School Building Authority (RB) 5.00%, 04/01/18 | 54,111 | ||||||
| 500,000 | Commonwealth of Pennsylvania, Second Series (GO) 5.00%, 10/15/19 | 570,540 | ||||||
| 160,000 | County of Allegheny, Port Authority (RB) 5.00%, 03/01/19 | 178,813 | ||||||
| County of Allegheny, Series C-73 (GO) | ||||||||
| 60,000 | 4.00%, 12/01/17 | 63,905 | ||||||
| 835,000 | 5.00%, 12/01/19 | 956,509 | ||||||
| 275,000 | Pennsylvania Economic Development Financing Authority, Unemployment Compensation, Series B (RB) 5.00%, 01/01/19 (c) | 308,107 | ||||||
| Pennsylvania Economic Development, Unemployment Compensation, Series A (RB) | ||||||||
| 545,000 | 4.00%, 02/01/20 | 605,528 | ||||||
| 550,000 | 5.00%, 07/01/17 | 590,535 | ||||||
| 1,250,000 | 5.00%, 07/01/18 | 1,390,250 | ||||||
| 475,000 | 5.00%, 01/01/19 | 536,137 | ||||||
| 50,000 | 5.00%, 07/01/19 | 57,283 | ||||||
| Pennsylvania Economic Development, Unemployment Compensation, Series B (RB) | ||||||||
| 205,000 | 5.00%, 07/01/19 (c) | 233,587 | ||||||
| 35,000 | 5.00%, 07/01/19 (c) | 39,881 | ||||||
| 125,000 | Port Authority of Allegheny County, Series C-73 (RB) 5.00%, 03/01/17 | 132,281 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Pennsylvania: (continued) | ||||||||
| $ | 50,000 | Southeastern Pennsylvania Transportation Authority (RB) 5.00%, 06/01/20 | $ | 57,686 | ||||
| 11,288,647 | ||||||||
| South Carolina: 0.6% | ||||||||
| 50,000 | Beaufort County School District, Series A (GO) 5.00%, 03/01/18 | 54,949 | ||||||
| 125,000 | Berkeley County, Combined Utility System (RB) 5.00%, 06/01/17 | 133,690 | ||||||
| 75,000 | Charleston Educational Excellence Financing Corp., Series B (RB) 5.00%, 12/01/20 | 88,303 | ||||||
| 100,000 | County of Florence (GO) (SAW) 3.00%, 06/01/17 | 103,869 | ||||||
| 1,000,000 | South Carolina Public Service Authority, Series B (RB) 5.00%, 12/01/18 | 1,118,560 | ||||||
| 150,000 | South Carolina State Public Service Authority, Series B (RB) 4.00%, 12/01/19 | 166,401 | ||||||
| 1,665,772 | ||||||||
| Tennessee: 0.6% | ||||||||
| 900,000 | Metropolitan Government of Nashville and Davidson County, Water and Sewer Revenue (RB) 5.00%, 07/01/17 | 964,773 | ||||||
| Shelby County, Series A (GO) | ||||||||
| 25,000 | 4.00%, 03/01/18 | 26,917 | ||||||
| 75,000 | 5.00%, 03/01/21 | 89,231 | ||||||
| 200,000 | Summer County (GO) 5.00%, 06/01/20 | 234,316 | ||||||
| Tennessee School Board Authority, Higher Educational Facilities Second Program, Series C (RB) | ||||||||
| 130,000 | 5.00%, 05/01/19 | 147,068 | ||||||
| 150,000 | 5.00%, 11/01/19 | 173,421 | ||||||
| 1,635,726 | ||||||||
| Texas: 8.2% | ||||||||
| 50,000 | Alvin Independent School District, Series C (GO) 5.00%, 02/15/21 | 59,019 | ||||||
| 295,000 | Austin Independent School District, Series B (GO) 5.00%, 08/01/19 | 339,046 | ||||||
| 300,000 | City of Corpus Christi, Utility System Junior Lien (RB) 5.00%, 07/15/19 | 341,685 | ||||||
| City of Dallas (GO) | ||||||||
| 100,000 | 5.00%, 02/15/20 | 116,171 | ||||||
| 575,000 | 5.00%, 02/15/21 | 680,645 | ||||||
| 550,000 | City of Dallas, Fort Worth International Airport, Series B (RB) 5.00%, 11/01/18 | 615,026 | ||||||
| 100,000 | City of Dallas, Series A (GO) 5.00%, 02/15/18 | 109,806 | ||||||
See Notes to Financial Statements
| 99 |
SHORT MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal | ||||||||
| Amount | Value | |||||||
| Texas: (continued) | ||||||||
| $ | 50,000 | City of Dallas, Series C (GO) 4.00%, 02/15/19 | $ | 55,016 | ||||
| City of Dallas, Waterworks and Sewer System Revenue, Series A (RB) | ||||||||
| 50,000 | 5.00%, 10/01/18 | 56,040 | ||||||
| 150,000 | 5.00%, 10/01/20 | 176,619 | ||||||
| 1,250,000 | City of Fort Worth, Waterworks and Sewer System Revenue (RB) 5.00%, 02/15/18 | 1,373,175 | ||||||
| 50,000 | City of Frisco (GO) 5.00%, 02/15/19 | 56,629 | ||||||
| 750,000 | City of Houston, Combined Utility System, First Lien, Series C (RB) 5.00%, 05/15/20 | 874,582 | ||||||
| City of Houston, Series A (GO) | ||||||||
| 75,000 | 4.00%, 03/01/17 | 78,533 | ||||||
| 460,000 | 5.00%, 03/01/18 | 505,310 | ||||||
| 50,000 | 5.00%, 03/01/18 | 54,913 | ||||||
| 550,000 | 5.00%, 03/01/20 | 639,336 | ||||||
| 25,000 | 5.00%, 03/01/20 (c) | 28,900 | ||||||
| 640,000 | 5.00%, 03/01/20 | 742,483 | ||||||
| 1,350,000 | City of Houston, Texas, Series A (GO) 5.00%, 03/01/21 | 1,596,240 | ||||||
| 160,000 | City of San Antonio, Electric and Gas Revenue (RB) 5.00%, 02/01/20 | 185,643 | ||||||
| City of San Antonio, General Improvement (GO) | ||||||||
| 500,000 | 5.00%, 02/01/21 | 592,600 | ||||||
| 65,000 | 5.00%, 02/01/21 | 77,038 | ||||||
| 795,000 | City of San Antonio, Water System Revenue (RB) 5.00%, 05/15/20 | 927,439 | ||||||
| 1,000,000 | Clear Creek Independent School District, Series B (GO) 3.00%, 08/14/19 (p) | 1,062,080 | ||||||
| 50,000 | Cypress-Fairbanks Independent School District (GO) 4.00%, 02/15/18 | 53,691 | ||||||
| Dallas Independent School District (GO) | ||||||||
| 50,000 | 5.00%, 08/15/19 | 57,301 | ||||||
| 295,000 | 5.00%, 02/15/21 | 349,035 | ||||||
| 120,000 | Fort Bend Independent School District (GO) 5.00%, 08/15/21 | 143,390 | ||||||
| 250,000 | Harris County, Texas Metropolitan Transit Authority, Series B (RB) 5.00%, 11/01/16 | 261,575 | ||||||
| 50,000 | Houston Community College System (GO) 5.00%, 02/15/21 | 59,299 | ||||||
| 100,000 | Houston Independent School District (RB) 5.00%, 09/15/19 | 114,467 | ||||||
| 265,000 | Houston Independent School District, Series C (GO) 5.00%, 02/15/19 | 300,409 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Texas: (continued) | ||||||||
| $ | 100,000 | Lewisville Independent School District, Series A (GO) 4.00%, 08/15/18 | $ | 108,723 | ||||
| Lower Colorado River Authority, LCRA Transmission Service Corp. Project, Series A (RB) | ||||||||
| 300,000 | 5.00%, 05/15/17 | 319,842 | ||||||
| 175,000 | 5.00%, 05/15/20 | 202,312 | ||||||
| 60,000 | Lower Colorado River Authority, Series A (RB) 5.00%, 05/15/19 | 67,970 | ||||||
| 1,500,000 | Lower Colorado River Authority, Series B (RB) 5.00%, 05/15/19 | 1,699,245 | ||||||
| 200,000 | North East Independent School District, Series A (GO) 5.00%, 08/01/18 | 222,500 | ||||||
| 50,000 | North Texas Municipal Water District (RB) 5.00%, 09/01/20 | 58,675 | ||||||
| 195,000 | North Texas Tollway Authority, First Tier, Series B (RB) 5.00%, 01/01/20 | 223,940 | ||||||
| 500,000 | Northside Independent School District (GO) 2.00%, 08/01/19 (p) | 513,850 | ||||||
| 490,000 | Northside Independent School District, Series A (GO) 2.00%, 06/01/19 (p) | 501,770 | ||||||
| 1,000,000 | Texas Municipal Gas Acquisition & Supply Corp., Gas Supply (RB) 5.00%, 12/15/20 | 1,147,220 | ||||||
| 510,000 | Texas Public Finance Authority (GO) 5.00%, 10/01/18 | 571,924 | ||||||
| 1,020,000 | Texas Public Finance Authority, Series A (GO) 4.00%, 10/01/19 | 1,138,657 | ||||||
| Texas Transportation Commission (GO) | ||||||||
| 50,000 | 5.00%, 10/01/19 | 57,730 | ||||||
| 500,000 | 5.00%, 10/01/20 | 588,470 | ||||||
| 500,000 | Texas Transportation Commission, Highway Improvement, Series A (GO) 5.00%, 04/01/19 | 569,740 | ||||||
| 210,000 | Texas Transportation Commission, Series A (RB) 5.00%, 04/01/17 | 223,429 | ||||||
| Texas Transportation Commission, State Highway, First Tier, Series A (RB) | ||||||||
| 100,000 | 4.75%, 04/01/17 | 106,044 | ||||||
| 60,000 | 5.00%, 04/01/18 | 66,151 | ||||||
| 250,000 | 5.00%, 04/01/20 | 291,255 | ||||||
| 150,000 | University of Texas System, Board of Regents, Series A (RB) 5.00%, 08/15/17 | 161,865 | ||||||
| 21,524,453 | ||||||||
See Notes to Financial Statements
| 100 |
| Principal | ||||||||
| Amount | Value | |||||||
| Utah: 0.7% | ||||||||
| Intermountain Power Agency, Subordinated Power Supply, Series A (RB) | ||||||||
| $ | 75,000 | 5.00%, 07/01/18 | $ | 83,184 | ||||
| 35,000 | 5.00%, 07/01/19 | 39,921 | ||||||
| 50,000 | State of Utah, Series A (GO) 5.00%, 07/01/19 | 57,361 | ||||||
| 650,000 | State of Utah, Series C (GO) 5.00%, 07/01/18 | 723,664 | ||||||
| 925,000 | Utah State Board of Regents, Series EE-2 (RB) 4.50%, 11/01/17 | 995,929 | ||||||
| 1,900,059 | ||||||||
| Virginia: 1.0% | ||||||||
| 500,000 | City of Norfolk, Water Revenue (RB) 5.00%, 11/01/19 | 576,370 | ||||||
| 60,000 | Fairfax County, Public Improvement, Series B (GO) (SAW) 4.00%, 10/01/19 | 66,882 | ||||||
| 500,000 | Virginia College Building Authority, 21st Century College & Equipment Programs Educational Facilities, Series A (RB) 5.00%, 02/01/19 | 565,340 | ||||||
| 150,000 | Virginia College Building Authority, 21st Century College & Equipment Programs Educational Facilities, Series B (RB) 5.00%, 02/01/17 | 158,595 | ||||||
| 150,000 | Virginia College Building Authority, Public Higher Education Financing Program, Series A (RB) 5.00%, 09/01/19 | 171,972 | ||||||
| 500,000 | Virginia College Building Authority, Public Higher Education Financing Program, Series A-1 (RB) 5.00%, 09/01/17 | 540,535 | ||||||
| 50,000 | Virginia Commonwealth Transportation Board, Capital Project (RB) 5.00%, 05/15/19 | 57,052 | ||||||
| 500,000 | Virginia Commonwealth Transportation Board, U.S. Route 58 Corridor Development Program, Series B (RB) 5.00%, 05/15/20 | 584,980 | ||||||
| 2,721,726 | ||||||||
| Washington: 2.5% | ||||||||
| 30,000 | Central Puget Sound Regional Transit Authority, Sales Tax and Motor Vehicle Excise Tax, Series P-1 (RB) 5.00%, 02/01/19 | 33,972 | ||||||
| 555,000 | City of Seattle, Municipal Light and Power, Series B (RB) 5.00%, 06/01/19 | 633,399 | ||||||
| Energy Northwest, Columbia Generating Station Electric, Series A (RB) | ||||||||
| 150,000 | 5.00%, 07/01/18 | 166,746 | ||||||
| 1,200,000 | 5.00%, 07/01/19 | 1,374,780 | ||||||
| 65,000 | 5.00%, 07/01/20 | 76,157 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Washington: (continued) | ||||||||
| $ | 55,000 | Energy Northwest, Project 3 Electric Revenue, Series A (RB) 5.00%, 07/01/18 | $ | 61,140 | ||||
| 35,000 | Grant County Public Utility District No. 2, Series I (RB) 5.00%, 01/01/19 | 39,353 | ||||||
| 50,000 | Northwest Washington, Columbia Generating Electric Station, Series A (RB) 5.00%, 07/01/21 | 59,638 | ||||||
| 265,000 | Port of Seattle, Passenger Facility Charge Revenue, Series A (RB) 5.00%, 12/01/17 | 288,604 | ||||||
| 125,000 | Public Utility District No. 2 of Grant County, Series I (RB) 5.00%, 01/01/18 | 136,577 | ||||||
| 180,000 | Renton School District No. 403 (GO) (SBG) 5.00%, 12/01/18 | 202,565 | ||||||
| 75,000 | Washington Federal Highway Grant Anticipation, SR 520 Corridor Program, Series F (RB) 5.00%, 09/01/20 | 87,097 | ||||||
| Washington State Federal Highway Grant Anticipation, Series C (RB) | ||||||||
| 1,815,000 | 5.00%, 09/01/18 | 2,014,015 | ||||||
| 100,000 | 5.00%, 09/01/19 | 113,881 | ||||||
| Washington State Federal Highway Grant Anticipation, Series F (RB) | ||||||||
| 50,000 | 5.00%, 09/01/17 | 53,740 | ||||||
| 180,000 | 5.00%, 09/01/21 | 212,587 | ||||||
| Washington State, Various Purpose, Series R-A (GO) | ||||||||
| 60,000 | 5.00%, 07/01/17 | 64,401 | ||||||
| 500,000 | 5.00%, 07/01/20 | 585,325 | ||||||
| 75,000 | 5.00%, 07/01/20 | 87,799 | ||||||
| 250,000 | Washington State, Various Purpose, Series R-C (GO) 5.00%, 07/01/19 | 285,927 | ||||||
| 6,577,703 | ||||||||
| Wisconsin: 1.1% | ||||||||
| City of Milwaukee, Series N2 (GO) | ||||||||
| 135,000 | 5.00%, 05/01/17 | 143,849 | ||||||
| 250,000 | 5.00%, 05/01/19 | 283,400 | ||||||
| 100,000 | State of Wisconsin, Clean Water Revenue, Series 2 (RB) 5.00%, 06/01/20 | 116,866 | ||||||
| State of Wisconsin, Series 1 (GO) | ||||||||
| 1,380,000 | 5.00%, 05/01/17 | 1,471,108 | ||||||
| 230,000 | 5.00%, 05/01/20 | 269,206 | ||||||
| State of Wisconsin, Series 2 (GO) | ||||||||
| 305,000 | 5.00%, 11/01/18 | 342,793 | ||||||
| 150,000 | 5.00%, 05/01/19 | 171,148 | ||||||
| 50,000 | WPPI Energy Power Supply System, Series A (RB) 5.00%, 07/01/18 | 55,401 | ||||||
| 2,853,771 | ||||||||
| Total Municipal Bonds (Cost: $258,376,786) | 259,586,308 | |||||||
See Notes to Financial Statements
| 101 |
SHORT MUNICIPAL INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Number | ||||||||
| of Shares | Value | |||||||
| MONEY MARKET FUND: 0.3% (Cost: $807,541) | ||||||||
| 807,541 | Dreyfus Tax Exempt Cash Management Fund – Class B Shares | $ | 807,541 | |||||
| Value | ||||
| Total Investments: 98.8% (Cost: $259,184,327) | $ | 260,393,849 | ||
| Other assets less liabilities: 1.2% | 3,203,020 | |||
| NET ASSETS: 100.0% | $ | 263,596,869 | ||
| 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 | ||||||
| Education | 4.8 | % | $ | 12,442,684 | ||||
| Health Care | 5.4 | 13,950,845 | ||||||
| Industrial Revenue | 2.3 | 5,958,357 | ||||||
| Leasing | 7.4 | 19,307,326 | ||||||
| Local | 14.1 | 36,736,046 | ||||||
| Power | 6.5 | 16,946,993 | ||||||
| Special Tax | 12.7 | 33,166,531 | ||||||
| State | 23.4 | 60,964,908 | ||||||
| Transportation | 14.6 | 38,121,834 | ||||||
| Water & Sewer | 8.5 | 21,990,784 | ||||||
| Money Market Fund | 0.3 | 807,541 | ||||||
| 100.0 | % | $ | 260,393,849 | |||||
The summary of inputs used to value the Fund’s investments as of October 31, 2015 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | ||||||||||||||
| Municipal Bonds* | $ | — | $ | 259,586,308 | $ | — | $ | 259,586,308 | |||||||||
| Money Market Fund | 807,541 | — | — | 807,541 | |||||||||||||
| Total | $ | 807,541 | $ | 259,586,308 | $ | — | $ | 260,393,849 | |||||||||
* See Schedule of Investments for security type and geographic sector breakouts.
There were no transfers between levels during the period ended October 31, 2015.
See Notes to Financial Statements
| 102 |
[This page intentionally left blank.]
MARKET VECTORS ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
October 31, 2015 (unaudited)
| CEF Municipal Income ETF | High-Yield Municipal Index ETF | Intermediate Municipal Index ETF | |||||||||||||
| Assets: | |||||||||||||||
| Investments, at value (1) | $ | 52,456,347 | $ | 1,617,151,933 | $ | 1,232,471,420 | |||||||||
| Cash | 145 | 12,313,161 | — | ||||||||||||
| Receivables: | |||||||||||||||
| Investment securities sold | — | 36,866 | 1,184,195 | ||||||||||||
| Shares sold | — | 425,394 | — | ||||||||||||
| Dividends and interest | 179,767 | 28,878,810 | 14,965,804 | ||||||||||||
| Prepaid expenses | 538 | — | — | ||||||||||||
| Total assets | 52,636,797 | 1,658,806,164 | 1,248,621,419 | ||||||||||||
| Liabilities: | |||||||||||||||
| Payables: | |||||||||||||||
| Investment securities purchased | — | 2,920,526 | 1,209,046 | ||||||||||||
| Shares redeemed | — | 398,091 | — | ||||||||||||
| Due to Adviser | 11,834 | 471,746 | 243,879 | ||||||||||||
| Due to custodian | — | — | 500 | ||||||||||||
| Deferred Trustee fees | 1,529 | 3,184 | 3,000 | ||||||||||||
| Accrued expenses | 52,044 | — | — | ||||||||||||
| Total liabilities | 65,407 | 3,793,547 | 1,456,425 | ||||||||||||
| NET ASSETS | $ | 52,571,390 | $ | 1,655,012,617 | $ | 1,247,164,994 | |||||||||
| Shares outstanding | 2,000,000 | 53,700,000 | 52,700,000 | ||||||||||||
| Net asset value, redemption and offering price per share | $ | 26.29 | $ | 30.82 | $ | 23.67 | |||||||||
| Net assets consist of: | |||||||||||||||
| Aggregate paid in capital | $ | 54,878,233 | $ | 1,651,417,915 | $ | 1,221,700,961 | |||||||||
| Net unrealized appreciation (depreciation) | (1,115,466 | ) | 24,926,474 | 21,766,490 | |||||||||||
| Undistributed net investment income | 262,043 | 11,254,991 | 2,434,365 | ||||||||||||
| Accumulated net realized gain (loss) | (1,453,420 | ) | (32,586,763 | ) | 1,263,178 | ||||||||||
| $ | 52,571,390 | $ | 1,655,012,617 | $ | 1,247,164,994 | ||||||||||
| (1) Cost of investments | $ | 53,571,813 | $ | 1,592,225,459 | $ | 1,210,704,931 | |||||||||
See Notes to Financial Statements
| 104 |
| Long Municipal Index ETF | Pre-Refunded Municipal Index ETF | Short High-Yield Municipal Index ETF | Short Municipal Index ETF | |||||||||||||||
| $ | 105,615,572 | $ | 19,501,660 | $ | 103,844,655 | $ | 260,393,849 | |||||||||||
| — | — | — | — | |||||||||||||||
| 18,777 | — | — | — | |||||||||||||||
| 1,462 | — | — | — | |||||||||||||||
| 1,365,521 | 279,022 | 1,687,336 | 3,250,592 | |||||||||||||||
| — | — | — | — | |||||||||||||||
| 107,001,332 | 19,780,682 | 105,531,991 | 263,644,441 | |||||||||||||||
| 1,984,340 | — | — | — | |||||||||||||||
| — | — | — | — | |||||||||||||||
| 20,846 | 4,452 | 31,176 | 45,972 | |||||||||||||||
| 1,462 | — | — | — | |||||||||||||||
| 1,517 | 865 | — | 1,600 | |||||||||||||||
| — | — | — | — | |||||||||||||||
| 2,008,165 | 5,317 | 31,176 | 47,572 | |||||||||||||||
| $ | 104,993,167 | $ | 19,775,365 | $ | 105,500,815 | $ | 263,596,869 | |||||||||||
| 5,350,000 | 800,000 | 4,200,000 | 14,950,000 | |||||||||||||||
| $ | 19.62 | $ | 24.72 | $ | 25.12 | $ | 17.63 | |||||||||||
| $ | 104,553,000 | $ | 20,060,202 | $ | 106,423,505 | $ | 262,319,874 | |||||||||||
| 2,267,361 | 180,447 | (634,373 | ) | 1,209,522 | ||||||||||||||
| 331,634 | 11,183 | 637,708 | 267,861 | |||||||||||||||
| (2,158,828 | ) | (476,467 | ) | (926,025 | ) | (200,388 | ) | |||||||||||
| $ | 104,993,167 | $ | 19,775,365 | $ | 105,500,815 | $ | 263,596,869 | |||||||||||
| $ | 103,348,211 | $ | 19,321,212 | $ | 104,479,027 | $ | 259,184,327 | |||||||||||
See Notes to Financial Statements
| 105 |
MARKET VECTORS ETF TRUST
For the Six Months Ended October 31, 2015 (unaudited)
| CEF Municipal Income ETF | High-Yield Municipal Index ETF | Intermediate Municipal Index ETF | |||||||||||||
| Income: | |||||||||||||||
| Dividends | $ | 1,455,065 | $ | — | $ | — | |||||||||
| Interest | — | 41,440,718 | 14,727,747 | ||||||||||||
| Total income | 1,455,065 | 41,440,718 | 14,727,747 | ||||||||||||
| Expenses: | |||||||||||||||
| Management fees | 97,786 | 2,729,600 | 1,343,141 | ||||||||||||
| Professional fees | 17,883 | — | — | ||||||||||||
| Insurance | 343 | — | — | ||||||||||||
| Trustees’ fees and expenses | 961 | — | — | ||||||||||||
| Reports to shareholders | 1,440 | — | — | ||||||||||||
| Indicative optimized portfolio value fee | 2,792 | — | — | ||||||||||||
| Custodian fees | 1,343 | — | — | ||||||||||||
| Registration fees | 2,796 | — | — | ||||||||||||
| Transfer agent fees | 1,115 | — | — | ||||||||||||
| Fund accounting fees | 728 | — | — | ||||||||||||
| Interest | 242 | 884 | 76 | ||||||||||||
| Other | 2,804 | — | — | ||||||||||||
| Total expenses | 130,233 | 2,730,484 | 1,343,217 | ||||||||||||
| Waiver of management fees | (32,205 | ) | — | — | |||||||||||
| Net expenses | 98,028 | 2,730,484 | 1,343,217 | ||||||||||||
| Net investment income | 1,357,037 | 38,710,234 | 13,384,530 | ||||||||||||
| Net realized gain (loss) on: | |||||||||||||||
| Investments | (344,346 | ) | (6,317,080 | ) | 248,818 | ||||||||||
| In-kind redemptions | 84,584 | 4,259,957 | 2,918,005 | ||||||||||||
| Net realized gain (loss) | (259,762 | ) | (2,057,123 | ) | 3,166,823 | ||||||||||
| Net change in unrealized appreciation (depreciation) on: | |||||||||||||||
| Investments | (206,342 | ) | (11,631,508 | ) | 6,245,066 | ||||||||||
| Net change in unrealized appreciation (depreciation) | (206,342 | ) | (11,631,508 | ) | 6,245,066 | ||||||||||
| Net Increase in Net Assets Resulting from Operations | $ | 890,933 | $ | 25,021,603 | $ | 22,796,419 | |||||||||
See Notes to Financial Statements
| 106 |
| Long Municipal Index ETF | Pre-Refunded Municipal Index ETF | Short High-Yield Municipal Index ETF | Short Municipal Index ETF | |||||||||||||||
| $ | — | $ | — | $ | — | $ | — | |||||||||||
| 1,948,688 | 120,019 | 2,035,412 | 1,811,672 | |||||||||||||||
| 1,948,688 | 120,019 | 2,035,412 | 1,811,672 | |||||||||||||||
| 124,473 | 26,666 | 183,386 | 272,824 | |||||||||||||||
| — | — | — | — | |||||||||||||||
| — | — | — | — | |||||||||||||||
| — | — | — | — | |||||||||||||||
| — | — | — | — | |||||||||||||||
| — | — | — | — | |||||||||||||||
| — | — | — | — | |||||||||||||||
| — | — | — | — | |||||||||||||||
| — | — | — | — | |||||||||||||||
| — | — | — | — | |||||||||||||||
| — | — | 257 | 274 | |||||||||||||||
| — | — | — | — | |||||||||||||||
| 124,473 | 26,666 | 183,643 | 273,098 | |||||||||||||||
| — | — | — | — | |||||||||||||||
| 124,473 | 26,666 | 183,643 | 273,098 | |||||||||||||||
| 1,824,215 | 93,353 | 1,851,769 | 1,538,574 | |||||||||||||||
| (52,994 | ) | 7,435 | (373,533 | ) | (201,326 | ) | ||||||||||||
| 970,181 | 29,083 | 7,866 | 161,560 | |||||||||||||||
| 917,187 | 36,518 | (365,667 | ) | (39,766 | ) | |||||||||||||
| (849,819 | ) | 40,564 | (1,081,581 | ) | 1,389,740 | |||||||||||||
| (849,819 | ) | 40,564 | (1,081,581 | ) | 1,389,740 | |||||||||||||
| $ | 1,891,583 | $ | 170,435 | $ | 404,521 | $ | 2,888,548 | |||||||||||
See Notes to Financial Statements
| 107 |
MARKET VECTORS ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| CEF Municipal Income ETF | High-Yield Municipal Index ETF | |||||||||||||||||||
| For the Six Months Ended October 31, 2015 | For the Year Ended April 30, 2015 | For the Six Months Ended October 31, 2015 | For the Year Ended April 30, 2015 | |||||||||||||||||
| (unaudited) | (unaudited) | |||||||||||||||||||
| Operations: | ||||||||||||||||||||
| Net investment income | $ | 1,357,037 | $ | 2,114,964 | $ | 38,710,234 | $ | 67,406,407 | ||||||||||||
| Net realized gain (loss) | (259,762 | ) | 26,977 | (2,057,123 | ) | (2,891,828 | ) | |||||||||||||
| Net change in unrealized appreciation (depreciation) | (206,342 | ) | 1,383,885 | (11,631,508 | ) | 41,438,623 | ||||||||||||||
| Net increase in net assets resulting from operations | 890,933 | 3,525,826 | 25,021,603 | 105,953,202 | ||||||||||||||||
| Dividends to shareholders: | ||||||||||||||||||||
| Dividends from net investment income | (1,318,305 | ) | (2,054,565 | ) | (37,821,470 | ) | (62,359,330 | ) | ||||||||||||
| Share transactions:** | ||||||||||||||||||||
| Proceeds from sale of shares | 7,630,310 | 23,626,855 | 192,944,385 | 710,819,146 | ||||||||||||||||
| Cost of shares redeemed | (2,552,893 | ) | (9,118,780 | ) | (130,732,563 | ) | (126,625,437 | ) | ||||||||||||
| Increase (Decrease) in net assets resulting from share transactions | 5,077,417 | 14,508,075 | 62,211,822 | 584,193,709 | ||||||||||||||||
| Total increase (decrease) in net assets | 4,650,045 | 15,979,336 | 49,411,955 | 627,787,581 | ||||||||||||||||
| Net Assets, beginning of period | 47,921,345 | 31,942,009 | 1,605,600,662 | 977,813,081 | ||||||||||||||||
| Net Assets, end of period† | $ | 52,571,390 | $ | 47,921,345 | $ | 1,655,012,617 | $ | 1,605,600,662 | ||||||||||||
| † Including undistributed net investment income | $ | 262,043 | $ | 223,311 | $ | 11,254,991 | $ | 10,366,227 | ||||||||||||
| ** Shares of Common Stock Issued (no par value) | ||||||||||||||||||||
| Shares sold | 300,000 | 900,000 | 6,300,000 | 23,100,000 | ||||||||||||||||
| Shares redeemed | (100,000 | ) | (350,000 | ) | (4,300,000 | ) | (4,100,000 | ) | ||||||||||||
| Net increase (decrease) | 200,000 | 550,000 | 2,000,000 | 19,000,000 | ||||||||||||||||
See Notes to Financial Statements
| 108 |
| Intermediate Municipal Index ETF | Long Municipal Index ETF | Pre-Refunded Municipal Index ETF | ||||||||||||||||||||||||||
| For the Six Months Ended October 31, 2015 | For the Year Ended April 30, 2015 | For the Six Months Ended October 31, 2015 | For the Year Ended April 30, 2015 | For the Six Months Ended October 31, 2015 | For the Year Ended April 30, 2015 | |||||||||||||||||||||||
| (unaudited) | (unaudited) | (unaudited) | ||||||||||||||||||||||||||
| $ | 13,384,530 | $ | 19,473,947 | $ | 1,824,215 | $ | 3,375,353 | $ | 93,353 | $ | 233,231 | |||||||||||||||||
| 3,166,823 | 4,764,133 | 917,187 | (38,518 | ) | 36,518 | 259,473 | ||||||||||||||||||||||
| 6,245,066 | 4,463,137 | (849,819 | ) | 2,210,073 | 40,564 | (342,518 | ) | |||||||||||||||||||||
| 22,796,419 | 28,701,217 | 1,891,583 | 5,546,908 | 170,435 | 150,186 | |||||||||||||||||||||||
| (12,910,460 | ) | (18,805,590 | ) | (1,837,120 | ) | (3,307,095 | ) | (86,040 | ) | (231,520 | ) | |||||||||||||||||
| 297,129,840 | 569,005,154 | 17,568,085 | 47,344,587 | — | 7,390,247 | |||||||||||||||||||||||
| (102,656,337 | ) | (161,213,684 | ) | (21,401,240 | ) | (17,609,462 | ) | (2,468,779 | ) | (19,728,127 | ) | |||||||||||||||||
| 194,473,503 | 407,791,470 | (3,833,155 | ) | 29,735,125 | (2,468,779 | ) | (12,337,880 | ) | ||||||||||||||||||||
| 204,359,462 | 417,687,097 | (3,778,692 | ) | 31,974,938 | (2,384,384 | ) | (12,419,214 | ) | ||||||||||||||||||||
| 1,042,805,532 | 625,118,435 | 108,771,859 | 76,796,921 | 22,159,749 | 34,578,963 | |||||||||||||||||||||||
| $ | 1,247,164,994 | $ | 1,042,805,532 | $ | 104,993,167 | $ | 108,771,859 | $ | 19,775,365 | $ | 22,159,749 | |||||||||||||||||
| $ | 2,434,365 | $ | 1,960,295 | $ | 331,634 | $ | 344,539 | $ | 11,183 | $ | 3,870 | |||||||||||||||||
| 12,700,000 | 24,200,000 | 900,000 | 2,400,000 | — | 300,000 | |||||||||||||||||||||||
| (4,400,000 | ) | (6,900,000 | ) | (1,100,000 | ) | (900,000 | ) | (100,000 | ) | (800,000 | ) | |||||||||||||||||
| 8,300,000 | 17,300,000 | (200,000 | ) | 1,500,000 | (100,000 | ) | (500,000 | ) | ||||||||||||||||||||
See Notes to Financial Statements
| 109 |
MARKET VECTORS ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
(continued)
| Short High-Yield Municipal Index ETF | Short Municipal Index ETF | |||||||||||||||||||
| For the Six Months Ended October 31, 2015 | For the Year Ended April 30, 2015 | For the Six Months Ended October 31, 2015 | For the Year Ended April 30, 2015 | |||||||||||||||||
| (unaudited) | (unaudited) | |||||||||||||||||||
| Operations: | ||||||||||||||||||||
| Net investment income | $ | 1,851,769 | $ | 2,495,669 | $ | 1,538,574 | $ | 2,982,096 | ||||||||||||
| Net realized gain (loss) | (365,667 | ) | (386,042 | ) | (39,766 | ) | 435,597 | |||||||||||||
| Net change in unrealized appreciation (depreciation) | (1,081,581 | ) | 319,511 | 1,389,740 | (1,529,758 | ) | ||||||||||||||
| Net increase in net assets resulting from operations | 404,521 | 2,429,138 | 2,888,548 | 1,887,935 | ||||||||||||||||
| Dividends to shareholders: | ||||||||||||||||||||
| Dividends from net investment income | (1,655,020 | ) | (2,137,290 | ) | (1,524,660 | ) | (2,977,285 | ) | ||||||||||||
| Share transactions:** | ||||||||||||||||||||
| Proceeds from sale of shares | 15,125,794 | 81,242,317 | 47,290,219 | 114,601,149 | ||||||||||||||||
| Cost of shares redeemed | (7,545,718 | ) | (10,130,650 | ) | (59,598,454 | ) | (81,101,856 | ) | ||||||||||||
| Increase (Decrease) in net assets resulting from share transactions | 7,580,076 | 71,111,667 | (12,308,235 | ) | 33,499,293 | |||||||||||||||
| Total increase (decrease) in net assets | 6,329,577 | 71,403,515 | (10,944,347 | ) | 32,409,943 | |||||||||||||||
| Net Assets, beginning of period | 99,171,238 | 27,767,723 | 274,541,216 | 242,131,273 | ||||||||||||||||
| Net Assets, end of period† | $ | 105,500,815 | $ | 99,171,238 | $ | 263,596,869 | $ | 274,541,216 | ||||||||||||
| † Including undistributed net investment income | $ | 637,708 | $ | 440,959 | $ | 267,861 | $ | 253,947 | ||||||||||||
| ** Shares of Common Stock Issued (no par value) | ||||||||||||||||||||
| Shares sold | 600,000 | 3,200,000 | 2,700,000 | 6,500,000 | ||||||||||||||||
| Shares redeemed | (300,000 | ) | (400,000 | ) | (3,400,000 | ) | (4,600,000 | ) | ||||||||||||
| Net increase (decrease) | 300,000 | 2,800,000 | (700,000 | ) | 1,900,000 | |||||||||||||||
See Notes to Financial Statements
| 110 |
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) | Not Annualized |
| (d) | Annualized |
See Notes to Financial Statements
| 111 |
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. |
| (c) | Not Annualized |
| (d) | Annualized |
See Notes to Financial Statements
| 112 |
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
| 113 |
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. |
| (c) | Not Annualized |
| (d) | Annualized |
See Notes to Financial Statements
| 114 |
MARKET VECTORS ETF TRUST
October 31, 2015 (unaudited)
Note 1—Fund Organization—Market Vectors ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Trust was incorporated in Delaware as a statutory trust on March 15, 2001. The Trust operates as a series fund, and as of October 31, 2015, offers fifty four 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:
| Commencement | ||||
| Fund | 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 |
| 115 |
MARKET VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
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.
| 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 |
| 116 |
| streams or currencies based on a notional or contractual amount. Derivative instruments may involve a high degree of financial risk. The use of derivative instruments also involves the risk of loss if the investment adviser is incorrect in its expectation of the timing or level of fluctuations in securities prices, interest rates or currency prices. Investments in derivative instruments also include the risk of default by the counterparty, the risk that the investment may not be liquid and the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instruments. The Funds held no derivative instruments during the period ended October 31, 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 Income ETF, the Adviser voluntarily waived its fees and assumed certain fund expenses during this period to limit total annual operating expenses to the expense limitation listed below.
The current management fee rate, expense limitation and the amounts waived/assumed by the Adviser for the period ended October 31, 2015 are as follows:
| Management | Expense | Waiver of | Expenses Assumed | |||||
| Fund | Fee Rate | Limitations | Management Fees | by the Adviser | ||||
| CEF Municipal * | 0.40% | 0.40% | $32,205 | $— |
| * | The Adviser has agreed, at least until September 1, 2016, 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. |
| Unitary Management | ||||
| Fund | 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.
| 117 |
MARKET VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
Note 4—Investments—For the period ended October 31, 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 | $ | 2,591,166 | $ | 2,559,871 | ||||||
| High-Yield | 194,435,784 | 74,769,121 | ||||||||
| Intermediate | 216,375,242 | 7,790,815 | ||||||||
| Long | 6,409,411 | 2,235,635 | ||||||||
| Pre-Refunded | 6,345,509 | 6,051,302 | ||||||||
| Short High-Yield | 18,201,580 | 8,634,141 | ||||||||
| Short | 11,857,981 | 4,542,332 | ||||||||
Note 5—Income Taxes—As of October 31, 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 | ||||||||||||||||
| Gross Unrealized | Gross Unrealized | Appreciation | ||||||||||||||
| Fund | Cost of Investments | Appreciation | Depreciation | (Depreciation) | ||||||||||||
| CEF Municipal | $ | 53,567,458 | $ | 200,599 | $ | (1,311,710 | ) | $ | (1,111,111 | ) | ||||||
| High-Yield | 1,588,837,800 | 62,098,705 | (33,784,572 | ) | 28,314,133 | |||||||||||
| Intermediate | 1,210,679,649 | 25,295,102 | (3,503,331 | ) | 21,791,771 | |||||||||||
| Long | 103,336,815 | 3,176,643 | (897,886 | ) | 2,278,757 | |||||||||||
| Pre-Refunded | 19,321,168 | 181,647 | (1,155 | ) | 180,492 | |||||||||||
| Short High-Yield | 104,302,157 | 1,456,533 | (1,914,035 | ) | (457,502 | ) | ||||||||||
| Short | 259,184,923 | 1,844,659 | (635,733 | ) | 1,208,926 | |||||||||||
The tax character of dividends paid to shareholders during the year ended April 30, 2015 was as follows:
| Tax-Exempt Dividends | Ordinary Income | |||||||
| Fund | April 30, 2015 | April 30, 2015 | ||||||
| CEF Municipal | $ | 2,045,719 | $ | 8,846 | ||||
| High-Yield | 61,785,952 | 573,378 | ||||||
| Intermediate | 18,785,927 | 19,663 | ||||||
| Long | 3,305,557 | 1,538 | ||||||
| Pre-Refunded | 231,520 | — | ||||||
| Short High-Yield | 2,128,715 | 8,575 | ||||||
| Short | 2,977,285 | — | ||||||
The tax character of current year distributions will be determined at the end of the current fiscal year.
At April 30, 2015, the Funds had capital loss carryforwards available to offset future capital gains, as follows:
| No Expiration | No Expiration | Amount Expiring | ||||||||||||||||||
| Short-Term | Long-Term | in the Year Ended April 30, | ||||||||||||||||||
| Fund | Capital Losses | Capital Losses | 2019 | 2018 | 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.
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. Therefore, no provision for income tax is required in the Funds’ financial statements.
| 118 |
The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the period ended October 31, 2015, the Funds did not incur any interest or penalties.
Note 6—Capital Share Transactions—As of October 31, 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 period ended October 31, 2015, the Funds had in-kind contributions and redemptions as follows:
| Fund | In-Kind Contributions | In-Kind Redemptions | ||||||||
| CEF Municipal | $ | 7,629,979 | $ | 2,552,946 | ||||||
| High-Yield | 54,245,337 | 129,947,511 | ||||||||
| Intermediate | 97,444,429 | 105,566,005 | ||||||||
| Long | 12,514,960 | 20,307,738 | ||||||||
| Pre-Refunded | — | 2,428,502 | ||||||||
| Short High-Yield | 6,912,704 | 6,995,228 | ||||||||
| Short | 45,235,599 | 61,688,047 | ||||||||
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 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.
Puerto Rico municipal securities, in which certain Funds invest, currently experience significant financial difficulties. As a result, certain securities issued by this municipality are currently considered below-investment-grade securities. A credit rating downgrade, default, insolvency or bankruptcy, of one or several municipal security issuers of this territory, could affect the market values and marketability of municipal obligations of such territory held by the Funds.
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
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MARKET VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
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.
Note 9—Bank Line of Credit—Certain Funds may participate in a $200 million committed credit facility (“Facility”) to be utilized for temporary financing until the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of the Funds at the request of the shareholders and other temporary or emergency purposes. The Funds have agreed to pay commitment fees, pro rata, based on the unused but available balance. Interest is charged to the Funds at rates based on prevailing market rates in effect at the time of borrowings. During the period ended October 31, 2015, the following Funds borrowed under this facility:
| Days | Average Daily | Average | ||||||||
| Fund | Outstanding | Loan Balance | Interest Rate | |||||||
| High-Yield | 7 | $ | 2,970,056 | 1.53 | % | |||||
| Intermediate | 8 | 222,854 | 1.53 | |||||||
| Short High-Yield | 24 | 256,109 | 1.54 | |||||||
| Short | 20 | 326,687 | 1.52 | |||||||
As of October 31, 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 period ended October 31, 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 October 31, 2015:
| Fund | Ex-Date | Record Date | Payable Date | Per Share | ||||
| CEF Municipal | 11/2/15 | 11/4/15 | 11/6/15 | $0.1174 | ||||
| High-Yield | 11/2/15 | 11/4/15 | 11/6/15 | $0.1197 | ||||
| Intermediate | 11/2/15 | 11/4/15 | 11/6/15 | $0.0452 | ||||
| Long | 11/2/15 | 11/4/15 | 11/6/15 | $0.0561 | ||||
| Pre-Refunded | 11/2/15 | 11/4/15 | 11/6/15 | $0.0196 | ||||
| Short High-Yield | 11/2/15 | 11/4/15 | 11/6/15 | $0.0700 | ||||
| Short | 11/2/15 | 11/4/15 | 11/6/15 | $0.0175 | ||||
| CEF Municipal | 12/1/15 | 12/3/15 | 12/7/15 | $0.1126 | ||||
| High-Yield | 12/1/15 | 12/3/15 | 12/7/15 | $0.1206 | ||||
| Intermediate | 12/1/15 | 12/3/15 | 12/7/15 | $0.0454 | ||||
| Long | 12/1/15 | 12/3/15 | 12/7/15 | $0.0519 | ||||
| Pre-Refunded | 12/1/15 | 12/3/15 | 12/7/15 | $0.0169 | ||||
| Short High-Yield | 12/1/15 | 12/3/15 | 12/7/15 | $0.0678 | ||||
| Short | 12/1/15 | 12/3/15 | 12/7/15 | $0.0164 |
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APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS
(unaudited)
At a meeting held on June 9, 2015 (the “Renewal Meeting”), the Board of Trustees (the “Board”) of Market Vectors ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), approved (i) the continuation of the investment management agreements (the “Municipal Investment Management Agreements”) between the Trust and Van Eck Associates Corporation (the “Adviser”) with respect to the Market Vectors California Long Municipal Index ETF, High-Yield Municipal Index ETF, Intermediate Municipal Index ETF, Long Municipal Index ETF, Massachusetts Municipal Index ETF, New Jersey Municipal Index ETF, New York Long Municipal Index ETF, Ohio Municipal Index ETF, Pennsylvania Municipal Index ETF, Pre-Refunded Municipal Index ETF, Puerto Rico Municipal Index ETF, Short High-Yield Municipal Index ETF and Short Municipal Index ETF (the “Municipal Funds”) and (ii) the continuation of the investment management agreement between the Trust and the Adviser (the “CEF Investment Management Agreement,” and together with the Municipal Investment Management Agreements, the “Investment Management Agreements”) with respect to Market Vectors CEF Municipal Income ETF (the “CEF Muni Fund” and together with the Municipal Funds, the “Funds”).
The Board’s approval of the Investment Management Agreements was based on a comprehensive consideration of all of the information available to the Trustees and was not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations and how the Trustees considered those factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors.
In preparation for the Renewal Meeting, the Trustees held a meeting on May 15, 2015. At that meeting, the Trustees discussed the information the Adviser and Lipper Inc. (“Lipper”), an independent third party data provider, had provided to them in advance. The information provided to the Trustees included, among other things, information about the performance (for those Funds which had begun operations) and expenses of the Funds and the Funds’ peer funds (other index-based exchange-traded funds (“ETFs”)), information about the advisory services provided to the Funds and the personnel providing those services, and the profitability and other benefits enjoyed by the Adviser and its affiliates as a result of the Adviser’s relationship with the Funds. In reviewing performance information for the Funds against their peer groups, the Trustees considered that each Fund generally invests in a different group of issuers than the funds in its designated peer group. In addition, as noted below, the Trustees reviewed certain performance information for each Fund that was not provided by Lipper. For these and other reasons, the Trustees noted that the peer group information did not necessarily provide meaningful direct comparisons to the Funds.
The Independent Trustees’ consideration of the Investment Management Agreements was based, in part, on their review of information obtained through discussions with the Adviser at the Renewal Meeting and the May 15, 2015 meeting regarding the management of the Funds and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser, including the background and experience of the portfolio manager(s) and others involved in the management and administration of the Funds. The Trustees also considered the terms of, and scope of services that the Adviser provides under the Investment Management Agreements, including, with respect to the CEF Muni Fund, the Adviser’s commitment to waive certain fees and/or pay expenses of the CEF Muni Fund to the extent necessary to prevent the operating expenses of the CEF Muni Fund from exceeding agreed upon limits for a period of time and, with respect to the Municipal Funds, the Adviser’s agreement to pay all of the direct expenses of the Municipal Funds (excluding interest expense, offering costs, trading expenses, taxes and extraordinary expenses).
The Trustees concluded that the Adviser has the requisite expertise and skill to manage the Funds’ portfolios. In evaluating the performance over relevant periods of each of the Funds that had commenced operations prior to the date of the Renewal Meeting (the “Operating Funds”), the Trustees reviewed various performance metrics but relied principally on a comparison of the “gross” performance of each Operating Fund (i.e., measured without regard to the impact of fees and expenses) to the performance of its benchmark index, in each case incorporating any fair value adjustments to the underlying securities. Based on the foregoing, the Trustees concluded that the investment performance of the Operating Funds was satisfactory.
The Trustees also considered information relating to the financial condition of the Adviser and the current status, as they understood it, of the Adviser’s compliance environment.
As noted above, the Trustees were also provided various data from Lipper comparing the Operating Funds’ expenses and performance to that of other ETFs. The Trustees noted that the information provided showed that each Operating Fund, except the CEF Muni Fund, had a total expense ratio (after the effect of any applicable expense limitation) below
| 121 |
MARKET VECTORS ETF TRUST
APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS
(unaudited) (continued)
or equal to the average and/or median of its respective peer group of funds. With respect to the CEF Muni Fund, the Trustees reviewed the amount by which the CEF Muni Fund’s total expense ratio (after the effect of any applicable expense limitation) exceeded the average and median of its peer group. The Trustees noted that the CEF Muni Fund had unique investment characteristics as a “fund of closed-end funds,” which differentiated the Fund from those funds contained in its Lipper peer group because a portion of the fees attributable to the CEF Muni Fund were fees incurred by the funds in which it invests. The Trustees concluded, in light of this information and the other information available to them, that the fees paid by the Operating Funds were reasonable in light of the performance of the Operating Funds and the quality of services received.
The Trustees also considered the benefits, other than the fees under the Investment Management Agreements, received by the Adviser from serving as adviser to the Funds, including any benefits it may receive from serving as administrator to the Funds and from an affiliate of the Adviser serving as distributor for the Funds.
The Trustees also considered information provided by the Adviser about the overall profitability of the Adviser and its profitability or loss in respect of each Operating Fund. The Trustees reviewed each Fund’s asset size, expense ratio and expense cap and noted that the Investment Management Agreements do not include breakpoints in the advisory fee rates as asset levels in a Fund increase. The Trustees considered the potential variability in net assets of these Funds and the sustainability of any potential economies of scale which may exist. The Trustees also evaluated the extent to which management fees for the Operating Funds effectively incorporate the benefits of economies of scale. The Trustees also considered, with respect to the Municipal Funds, the risks being assumed by the Adviser under the unitary fee structure arrangement and the potential expense stability that may inure to the benefit of shareholders of the Municipal Funds. Based on the foregoing and the other information available to them, the Trustees determined that the advisory fee rate for each Fund is reasonable and appropriate in relation to the current asset size of each Fund and the other factors discussed above and currently reflects an appropriate sharing of any economies of scale which may exist with shareholders. The Trustees also determined that the profits earned by the Adviser in respect of the Funds that were profitable to the Adviser were reasonable in light of the nature and quality of the services received by such Funds.
The Trustees did not consider historical information about the cost of the services provided by the Adviser or the profitability to the Adviser of Market Vectors California Long Municipal Index ETF, Massachusetts Municipal Index ETF, New Jersey Municipal Index ETF, New York Long Municipal Index ETF, Ohio Municipal Index ETF, Pennsylvania Municipal Index ETF and Puerto Rico Municipal Index ETF because the Funds had not yet commenced operations at the time of the Renewal Meeting. The Trustees could not consider the historical performance or the quality of services previously provided to each of these Funds although they concluded that the nature, quality and extent of the services to be provided by the Adviser were appropriate based on the Trustees’ knowledge of the Adviser and its personnel and the operations of the other series of the Trust.
The Independent Trustees were advised by and met in executive session with their independent counsel at the Renewal Meeting and at their May 15, 2015 meeting, as part of their consideration of the Investment Management Agreements.
In voting to approve the continuation of the Investment Management Agreements, the Trustees, including the Independent Trustees, concluded that the terms of each Investment Management Agreement are reasonable and fair in light of the services to be performed, expenses to be incurred and such other matters as the Trustees considered relevant in the exercise of their reasonable judgment. The Trustees further concluded that each Investment Management Agreement is in the best interest of each Fund and such Fund’s shareholders.
* * *
At a meeting held on June 9, 2015, (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”), 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 6-8 Year Municipal Index ETF, Market Vectors 8-12 Year Municipal Index ETF and Market Vectors 12-17 Year Municipal Index ETF (each, a “Fund” and together, the “Funds”).
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
| 122 |
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 each 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 Funds, 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 manager and others proposed to be involved in the management and administration of the Funds. In evaluating the terms of the Investment Management Agreement and the proposal for each Fund to adopt a unitary fee structure, the Trustees considered the risks being assumed by the Adviser under the unitary fee structure arrangement and the potential expense stability that may inure to the benefit of shareholders of each 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 agreement to pay all of the direct expenses of the Funds (excluding interest expense, offering costs, trading expenses, taxes and extraordinary expenses).
The Trustees considered the benefits, other than the fees under the Investment Management Agreement, that the Adviser would receive from serving as adviser to each Fund, including any benefits it may receive from serving as administrator to each Fund and from an affiliate of the Adviser serving as distributor to each Fund.
The Trustees did not consider historical information about the cost of the services provided by the Adviser or the profitability of each of the Funds to the Adviser because the Funds had not yet commenced operations. In addition, because the Funds had not yet commenced operations, the Trustees could not consider the historical performance or the quality of services previously provided to each of the Funds 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, 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 each Fund and such Fund’s shareholders.
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This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by a Market Vectors ETF Trust (the “Trust”) Prospectus, which includes more complete information. An investor should consider the investment objective, risks, and charges and expenses of the Funds carefully before investing. The prospectus contains this and other information about the investment company. Please read the prospectus carefully before investing.
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 1.800.826.2333, 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 1.800.826.2333 or by visiting vaneck.com.
Investment Adviser:
Van Eck Associates Corporation
Distributor:
Van Eck Securities Corporation
666 Third Avenue
New York, NY
10017
vaneck.com
Account Assistance:
1.800.826.2333
www.vaneck.com
MUNISAR
 |
SEMI-ANNUAL REPORT O C T O B E R 3 1 , 2 0 1 5 ( u n a u d i t e d ) |
| MARKET VECTORS® | |
| CORPORATE BOND ETFs | |
| Fallen Angel High Yield Bond ETF | ANGL® |
| Investment Grade Floating Rate ETF | FLTR® |
| Treasury-Hedged High Yield Bond ETF | THHY® |
| MARKET VECTORS® | |
| EQUITY INCOME ETFs | |
| BDC Income ETF | BIZD® |
| Mortgage REIT Income ETF | MORT® |
| Preferred Securities ex Financials ETF | PFXF® |
| MARKET VECTORS® | |
| INTERNATIONAL BOND ETFs | |
| ChinaAMC China Bond ETF | CBON® |
| Emerging Markets Aggregate Bond ETF | EMAG® |
| Emerging Markets High Yield Bond ETF | HYEM® |
| International High Yield Bond ETF | IHY® |
| J.P. Morgan EM Local Currency Bond ETF | EMLC® |
800.826.2333
vaneck.com
The information contained in the management discussion represents the opinions of Market Vectors ETF Trust 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 ETF Trust are as of October 31, 2015, and are subject to change.
(unaudited)
Given its impressive performance in the high yield bond asset class, we are again profiling Market Vectors Fallen Angel High Yield Bond ETF (NYSE Arca: ANGL). As of October 31, 2015, ANGL had, since inception, outperformed the average active manager1 by over 2.79%.
Fallen Angels Outperformed Active High Yield Bond Fund Managers
Although much of its relative performance in 2015 can be attributed to lower average energy allocations, it is ANGL’s approach of targeting fallen angels that has, since the Fund’s inception, resulted in a passive index-based strategy that has outperformed both the broad high yield bond market2 and active high yield bond managers.
ANGL Outperformed Active Managers
Since Inception*
5/1/2012 –10/31/2015
Source: Morningstar. Data as of October 31, 2015.
| * | While the Fund commenced April 10, 2012, the Morningstar High Yield Bond Fund category universe only reports on a monthly basis, not daily, and therefore reflects May 1, 2012 as the earliest start date for peer group performance comparison. |
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. Current data may differ from data quoted. Past performance is no guarantee of future results; Market Vectors Fallen Angel High Yield Bond ETF commenced on April 10, 2012. An investor cannot invest directly in an index. The results assume that no cash was added to or assets withdrawn from the Index. Index returns do not represent Fund returns. The Index does not charge management fees or brokerage expenses, nor does the Index lend securities, and no revenues from securities lending were added to the performance shown. The broad high yield bond market index and active high yield bond funds are represented by the BofA Merrill Lynch US High Yield Index and Morningstar High Yield Bond Fund category average, respectively. As of October 31, 2015, the Morningstar High Yield Bond Fund category comprised only active mutual funds. The Morningstar High Yield Bond category average reflects an equal weighted average of the High Yield Bond category, and is a total return reflecting reinvestment of dividends and net of any fees reflected in the expense ratios and NAV. See footnotes below.
Fallen angels are high yield bonds that were originally investment grade issues, and make up approximately 12% of the broad high yield bond universe.3 As detailed in our last letter, a portfolio of fallen angels captures a value proposition derived from both the downgraded bonds’ potential to be oversold prior to entering their index, and their relatively higher average credit quality than bonds originally issued as high yield bonds.
This combination of factors has allowed fallen angels to outperform the broad high yield bond market over the long term. In ten of the last 11 years, the BofA Merrill Lynch US Fallen Angel High Yield Index (the price and yield performance of which, before fees and expenses, ANGL seeks to replicate as closely as possible),
| 1 |
MARKET VECTORS INCOME ETFs
(unaudited)
outperformed the average active high yield manager.4 Given the compelling historical risk/return profile of fallen angels, we believe they continue to warrant serious consideration in investors’ high yield allocations.
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 1.800.826.2333 or visit www.vaneck.com.
Thank you for participating in the Market Vectors ETF Trust. You will find the performance comparison of each of the funds for the six months ended October 31, 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
November 30, 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 | As represented by the Morningstar Active High Yield Bond Fund category. The Morningstar High Yield Bond Fund category is comprised of open-end mutual funds with an investment objective to seek returns via significant exposure to low quality bonds, those that are either unrated or rated by a major agency as BB or lower. |
| 2 | As represented by the BofA Merrill Lynch US High Yield Index. |
| 3 | Source: FactSet. Data as of October 31, 2015. Represented by the BofA Merrill Lynch US Fallen Angel High Yield Index and the BofA Merrill Lynch US High Yield Index. The BofA Merrill Lynch US Fallen Angel High Yield Index (H0FA) is a subset of the BofA Merrill Lynch US High Yield Index including securities that were rated investment grade at point of issuance. |
| 4 | Data as of October 31, 2015. Active high yield bond funds are represented by the Morningstar High Yield Bond Fund category average. As of October 31, 2015, the Morningstar High Yield Bond Fund category comprised only active mutual funds. |
| 2 |
Management Discussion (unaudited)
The suite of Market Vectors Income ETFs can most accurately be divided into three groups: equity income, international bonds, and corporate bonds. Over the six months ended October 31, 2015, except for Market Vectors ChinaAMC China Bond ETF, none of the funds posted positive returns.
Source: Van Eck Global. Returns based on NAV. The performance data quoted represents past performance. Past performance is not a guarantee of future results. Bonds and bond funds will decrease in value as interest rates rise. Performance information for the Funds reflects temporary waivers of expenses and/or fees. Had the Funds incurred all expenses, investment returns would have been reduced. Investment return and value of the shares of the Funds will fluctuate so that an investor’s shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than performance data quoted.
EQUITY INCOME
Business Development Companies (BDCs)
BDCs typically lend to, and invest in, small privately held companies. An improving economy and increased lending benefit the industry, as do active buy-out and IPO markets.1 Over the six-month period, BDCs posted a performance of -9.78%, having endured downward pricing pressure from investor concern about rising interest rates. At the end of the period under review, BDCs were trading at a discount of approximately 18% to book value. The industry ended the period offering a dividend yield of 9.87%, as measured by the Market Vectors US Business Development Index.2
Mortgage REITs
Mortgage REITs (mREITs) borrow at short-term rates and lend at long-term rates, potentially profiting from the spread. As such, they can be affected by yield curve movements. A potential U.S. Federal Reserve increase combined with a deteriorating market could result in a flattening yield curve, which would hurt mREITs. However, if rates rise and the markets strengthen, that could result in a rate increase being reflected across the yield spectrum or a steepening curve, which could bode well for mREITs. The six-month period was challenging for mREITs, as investor concern over a rate rise weighed on returns. The Fund posted a performance of -10.93%. However, over the same period, Mortgage REITs offered a dividend yield of 12.21%, as measured by the Market Vectors Global Mortgage REITs Index.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 excludes traditional financial companies which have been more volatile than other sectors historically. Over the six-month period ending October 31, 2015, REITs contributed the most positively to performance, while the energy and materials sectors detracted the most from performance. The industry ended the period offering a current yield of 6.71%, as measured by the Wells Fargo Hybrid and Preferred Securities ex Financials Index.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 is now a US$6.5 trillion market.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.
All sectors contributed positively to performance. Government bonds contributed the most to returns and bonds from issuers in the basic materials sector contributed the least.
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.
Over the six-month period ending October 31, 2015, three key themes helped move emerging markets debt markets: rate policy divergence between the U.S. and Europe/Japan and the expected path of rates in the U.S.; U.S. dollar strength; and the continued weakness of commodity prices. No doubt all of these factors were interrelated and weighed heavily on emerging markets borrowers. However, performance during the six-month period under review was, more than anything else, a story of U.S. dollar strength.
In terms of local currency, bonds denominated in Nigerian Naira contributed most to the Fund’s total return, while the bonds denominated in Brazilian Real 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.
Sovereign bonds denominated in hard currency contributed positively to performance. Sovereign bonds denominated in soft currency, together with corporates denominated in both hard and soft currency 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 growing asset class. They offer investors exposure to corporations, quasi-sovereign, and agency issuers from emerging market countries.
While Chinese, Russian, and Ukrainian bonds were the greatest contributors to the Fund’s total return, Brazilian bonds were by far the greatest detractors. On a sector level, financial and government bonds were the greatest contributors to total return and the energy sector detracted by far the most from performance.
International High Yield Bonds
Non-U.S. high yield bonds have continued to provide an opportunity to diversify not only geographically, but also in terms of currency, with bonds denominated, for example, in Euros, Sterling, and Canadian dollars.
The financial sector made the largest positive contribution to overall Fund performance, with the energy sector detracting most from performance. Only Sterling-denominated bonds contributed positively to Fund total return. And while both Euro- and Canadian dollar-denominated bonds detracted from Fund performance, U.S. dollar-denominated bonds performed far worse than bonds denominated in either of these two currencies.
| 4 |
CORPORATE BOND
Fallen Angel Bonds
Fallen angels 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 U.S. bonds originally issued as high yield bonds.6
Banking and real estate were the two best performing sectors during the period under review, while basic industry and telecommunications sectors were the largest detractors from the Fund’s performance.
Arc Properties Operating Partnership 2.0% 02/06/17 bond (sold by end of period) and Springleaf Finance Corporation 6.9% 12/15/17 bond (1.5% of Fund net assets†) were the top two performing bonds, while Cliffs Natural Resources 7.75% 03/31/20 bond (0.2% of Fund net assets†) and ArcelorMittal 7.5% 03/01/41 bond (0.6% of Fund net assets†) were the bottom two performing bonds.
Investment Grade Floating Rate Notes
Floating rate notes (FRNs) are investment grade-rated corporate debt issues with variable coupons that reset to current interest rates, based on a particular benchmark. The coupons on these securities fluctuate with that benchmark. The combination of low average years to maturity, typically in the 1-5 year range, and floating interest rates creates the potential for relatively low price fluctuations. In addition, as short-term interest rates rise, portfolio securities reset to higher yields.
The top two performing notes were Goldman Sachs FRN 03/22/16, rated A- (1.6% of Fund net assets†) and Sinopec Group Overseas Development FRN 04/10/19, rated AA- (0.7% of Fund net assets†). The bottom two performing notes were BBB-rated Glencore Funding FRN 01/15/19 (0.4% of Fund net assets) and Royal Bank of Canada FRN 03/06/20, rated AA- (1.9% of Fund net assets†)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 128 basis points and the 5-year U.S. Treasury declined eight basis points over the course of the year, negatively contributing to the Fund’s performance.
The top performing bonds were Caesars Entertainment Operating Co. 10% 12/15/18 (0.5% of Fund net assets† before being sold out of the Fund in the beginning of July) and Spectrum Brands 5.75% 07/15/25 (0.8% of Fund net assets†).The bottom performing bonds were Avaya 10.5% 03/01/21 (0.3% of Fund net assets†) and Linn Energy 8.625% 04/15/20 (0.2% of Fund net assets†).
| † | All Fund assets referenced are Total Net Assets as of October 31, 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 seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Market Vectors® US Business Development Companies Index (MVBIZDTG), which includes companies which are treated as Business Development Companies. To be eligible for the Index and qualify as a BDC, a company must be organized under the laws of, and have its principal place of business in the U.S., be registered with the Securities Exchange Commission and have elected to be regulated as a BDC under the Investment Company Act of 1940. As of October 31, 2015 the 30-day SEC yield for Market Vectors BDC Income ETF was 9.54%. 30-Day SEC Yield is calculated as of the most recent month end, and is a standard yield calculation developed by the Securities |
| 5 |
MARKET VECTORS INCOME ETFs
(unaudited)
| 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 9.40% as of October 31, 2015. Dividend yield measures the yield percentage a company pays out to its shareholders in the form of dividends, and is calculated as the dividend per share divided by the price per share. The average dividend yield presented is based on the Fund’s underlying index and is not adjusted for Fund fees and expenses. The Fund’s distribution may be lower than the 30-Day SEC yield and dividend yield presented. | |
| 3 | Market Vectors® Mortgage REIT Income ETF (MORT) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Market Vectors® Global Mortgage REITs Index (MVMORTTR) which is a rules-based index intended to give investors a means of tracking the overall performance of publicly traded U.S. and non-U.S. mortgage REITs that derive at least 50% of their revenues from mortgage-related activity. As of October 31, 2015, the 30-day SEC yield for Market Vectors Mortgage REIT Income ETF was 11.91%. 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 11.77% as of October 31, 2015. Dividend yield measures the yield percentage a company pays out to its shareholders in the form of dividends, and is calculated as the dividend per share divided by the price per share. The average dividend yield presented is based on the Fund’s underlying index and is not adjusted for Fund fees and expenses. The Fund’s distribution may be lower than the 30-Day SEC yield and dividend yield presented. |
| 4 | Market Vectors® Preferred Securities ex Financials ETF (PFXF) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Wells Fargo® Hybrid and Preferred Securities ex Financials Index (WHPSL) which is a rules-based index designed to track the performance of convertible or exchangeable and non-convertible preferred securities, issued by U.S. or foreign issuers that are not financial services companies or banks and that are listed on U.S. national securities exchanges. As of October 31, 2015, the 30-day SEC yield for Market Vectors Preferred Securities ex Financials ETF was 6.48%. 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 6.38% as of October 31, 2015. |
| 5 | Financial Times: HSBC to sell ‘panda bond’ in a first for foreign banks in China, http://www.ft.com/intl/cms/s/0/aeee4b2c-61ac-11e5-97e9-7f0bf5e7177b.html#axzz3p2lUS5Db |
| 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 |
October 31, 2015 (unaudited)
| Total Return | Share Price1 | NAV | MVBIZDTG2 | |||||||||
| Six Months | (9.89 | )% | (9.78 | )% | (9.76 | )% | ||||||
| One Year | (10.14 | )% | (9.89 | )% | (9.72 | )% | ||||||
| Life* (annualized) | (0.93 | )% | (0.89 | )% | (0.62 | )% | ||||||
| Life* (cumulative) | (2.51 | )% | (2.39 | )% | (1.68 | )% | ||||||
| * since 2/11/13 | ||||||||||||
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 800.826.2333 or by visiting vaneck.com.
Gross Expense Ratio 0.53% / Net Expense Ratio 0.41%
Van Eck Associates Corporation (the “Adviser”) has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses) from exceeding 0.40% of the Fund’s average daily net assets per year until at least September 1, 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.
Market Vectors US Business Development Companies Index (MVBIZDTG) (the “Index”) is the exclusive property of Market Vectors Index Solutions GmbH (a wholly owned subsidiary of the Adviser), which has contracted with Solactive AG to maintain and calculate the Index. Solactive AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards Market Vectors Index Solutions GmbH, Solactive AG has no obligation to point out errors in the Index to third parties. Market Vectors BDC Income ETF (the “Fund”) is not sponsored, endorsed, sold or promoted by Market Vectors Index Solutions GmbH and Market Vectors Index Solutions GmbH makes no representation regarding the advisability of investing in the Fund.
Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. Investors cannot invest directly in the Index. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.
| 2 | Market Vectors® US Business Development Companies Index (MVBIZDTG) (the “Index”) includes companies which are treated as Business Development Companies. To be eligible for the Index and qualify as a BDC, a company must be organized under the laws of, and have its principal place of business in the U.S., be registered with the Securities Exchange Commission and have elected to be regulated as a BDC under the Investment Company Act of 1940. |
| 7 |
PERFORMANCE COMPARISON
October 31, 2015 (unaudited)
| Total Return | Share Price1 | NAV | CDHATRID2 | |||||||||
| Six Months | 0.62 | % | 1.64 | % | 3.05 | % | ||||||
| Life* | 1.21 | % | 2.42 | % | 3.63 | % | ||||||
| * since 11/10/14 | ||||||||||||
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 800.826.2333 or by visiting vaneck.com.
Gross Expense Ratio 0.90% / 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.
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) (the “Index”) 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. |
| 8 |
EMERGING MARKETS AGGREGATE BOND ETF
PERFORMANCE COMPARISON
October 31, 2015 (unaudited)
| Total Return | Share Price1 | NAV | MVEMAG2 | |||||||||
| Six Months | (4.07 | )% | (4.00 | )% | (4.37 | )% | ||||||
| One Year | (7.14 | )% | (6.82 | )% | (7.11 | )% | ||||||
| Life* (annualized) | 0.63 | % | 0.70 | % | 1.97 | % | ||||||
| Life* (cumulative) | 2.85 | % | 3.18 | % | 9.12 | % | ||||||
| * since 5/11/11 | ||||||||||||
| Effective December 10, 2013, Market Vectors® LatAm Aggregate Bond ETF (BONO) changed its name to Market Vectors Emerging Markets Aggregate Bond ETF (EMAG). The Fund’s investment objective changed to seeking to replicate as closely as possible, before fees and expenses, the price and yield performance of the Market Vectors® EM Aggregate Bond Index (MVEMAG), from seeking to replicate as closely as possible, before fees and expenses, the price and yield performance of the BofA Merrill Lynch Broad Latin America Bond Index (LATS). Performance data prior to December 9, 2013, reflects that of BONO and LATS. Performance data from December 10, 2013, and on, reflects that of EMAG and MVEMAG. All Index history reflects a blend of the performance of the aforementioned Indexes (MVEMAG and LATS). 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 800.826.2333 or by visiting vaneck.com.
Gross Expense Ratio 1.04% / 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, 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.
Market Vectors EM Aggregate Bond Index (the “Index”) is the exclusive property of Market Vectors Index Solutions GmbH (a wholly owned subsidiary of the Adviser), which has contracted with Solactive AG to maintain and calculate the Index. Solactive AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards Market Vectors Index Solutions GmbH, Solactive AG has no obligation to point out errors in the Index to third parties. Market Vectors Emerging Markets Aggregate Bond ETF (the “Fund”) is not sponsored, endorsed, sold or promoted by Market Vectors Index Solutions GmbH and Market Vectors Index Solutions GmbH makes no representation regarding the advisability of investing in the Fund.
Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. Investors cannot invest directly in the Index. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.
| 2 | The Market Vectors EM Aggregate Bond Index (MVEMAG) is comprised of sovereign bonds and corporate bonds denominated in U.S. dollars, Euros, or local emerging market currencies and includes both investment grade and below investment grade rated securities. |
| 9 |
EMERGING MARKETS HIGH YIELD BOND ETF
PERFORMANCE COMPARISON
October 31, 2015 (unaudited)
| Total Return | Share Price1 | NAV | EMHY2 | |||||||||
| Six Months | (1.68 | )% | (1.61 | )% | (1.24 | )% | ||||||
| One Year | (2.65 | )% | (1.79 | )% | (1.13 | )% | ||||||
| Life* (annualized) | 3.87 | % | 4.18 | % | 4.87 | % | ||||||
| Life* (cumulative) | 14.14 | % | 15.34 | % | 18.02 | % | ||||||
| * since 5/8/12 | ||||||||||||
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 800.826.2333 or by visiting vaneck.com.
Gross Expense Ratio 0.48% / Net Expense Ratio 0.40%
Van Eck Associates Corporation (the “Adviser”) has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses) from exceeding 0.40% of the Fund’s average daily net assets per year until at least September 1, 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.
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 Diversified High Yield US Emerging Markets 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. |
| 10 |
FALLEN ANGEL HIGH YIELD BOND ETF
PERFORMANCE COMPARISON
October 31, 2015 (unaudited)
| Total Return | Share Price1 | NAV | HOFA2 | |||||||||
| Six Months | (3.87 | )% | (3.33 | )% | (3.07 | )% | ||||||
| One Year | 0.31 | % | (0.07 | )% | 0.54 | % | ||||||
| Life* (annualized) | 7.36 | % | 7.42 | % | 8.96 | % | ||||||
| Life* (cumulative) | 28.76 | % | 28.99 | % | 35.71 | % | ||||||
| * since 4/10/12 | ||||||||||||
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 800.826.2333 or by visiting vaneck.com.
Gross Expense Ratio 0.69% / 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, 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.
Merrill Lynch, Pierce, Fenner & Smith Incorporated and its affiliates (“BofA Merrill Lynch”) indices and related information, the name “BofA Merrill Lynch”, and related trademarks, are intellectual property licensed from BofA Merrill Lynch, and may not be copied, used, or distributed without BofA Merrill Lynch’s prior written approval. The licensee’s products have not been passed on as to their legality or suitability, and are not regulated, issued, endorsed, sold, guaranteed, or promoted by BofA Merrill Lynch. BOFA MERRILL LYNCH MAKES NO WARRANTIES AND BEARS NO LIABILITY WITH RESPECT TO THE INDICES, ANY RELATED INFORMATION, ITS TRADEMARKS, OR THE PRODUCT(S) (INCLUDING WITHOUT LIMITATION, THEIR QUALITY, ACCURACY, SUITABILITY AND/OR COMPLETENESS).
Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. Investors cannot invest directly in the Index. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.
| 2 | The BofA Merrill Lynch US Fallen Angel High Yield Index (H0FA) is comprised of below investment grade corporate bonds denominated in U.S. dollars that were rated investment grade at the time of issuance. |
| 11 |
INTERNATIONAL HIGH YIELD BOND ETF
PERFORMANCE COMPARISON
October 31, 2015 (unaudited)
| Total Return | Share Price1 | NAV | HXUS2 | |||||||||
| Six Months | (2.92 | )% | (2.04 | )% | (1.70 | )% | ||||||
| One Year | (5.01 | )% | (4.25 | )% | (3.80 | )% | ||||||
| Life* (annualized) | 4.24 | % | 4.38 | % | 5.10 | % | ||||||
| Life* (cumulative) | 16.02 | % | 16.59 | % | 19.51 | % | ||||||
| * since 4/2/12 | ||||||||||||
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 800.826.2333 or by visiting vaneck.com.
Gross Expense Ratio 0.58%/ 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, 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.
Merrill Lynch, Pierce, Fenner & Smith Incorporated and its affiliates (“BofA Merrill Lynch”) indices and related information, the name “Bank of America Merrill Lynch”, and related trademarks, are intellectual property licensed from BofA Merrill Lynch, and may not be copied, used, or distributed without BofA Merrill Lynch’s prior written approval. The licensee’s products have not been passed on as to their legality or suitability, and are not regulated, issued, endorsed, sold, guaranteed, or promoted by BofA Merrill Lynch. BOFA MERRILL LYNCH MAKES NO WARRANTIES AND BEARS NO LIABILITY WITH RESPECT TO THE INDICES, ANY RELATED INFORMATION, ITS TRADEMARKS, OR THE PRODUCT(S) (INCLUDING WITHOUT LIMITATION, THEIR QUALITY, ACCURACY, SUITABILITY AND/OR COMPLETENESS).
Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. Investors cannot invest directly in the Index. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.
| 2 | The BofA Merrill Lynch Global Ex-US Issuers High Yield Constrained Index (HXUS) tracks the performance of below investment grade debt issued by non-U.S. corporations denominated in Euros, U.S. dollars, Canadian dollars or pound sterling issued in the major domestic or eurobond markets. |
| 12 |
INVESTMENT GRADE FLOATING RATE ETF
PERFORMANCE COMPARISON
October 31, 2015 (unaudited)
| Total Return | Share Price1 | NAV | MVFLTR2 | |||||||||
| Six Months | (0.34 | )% | (0.38 | )% | (0.15 | )% | ||||||
| One Year | (0.54 | )% | (0.38 | )% | 0.01 | % | ||||||
| Life* (annualized) | 0.67 | % | 0.71 | % | 1.18 | % | ||||||
| Life* (cumulative) | 3.08 | % | 3.24 | % | 5.45 | % | ||||||
| * since 4/25/11 | ||||||||||||
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 800.826.2333 or by visiting vaneck.com.
Gross Expense Ratio 0.46% / Net Expense Ratio 0.14%
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, 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.
Market Vectors Investment Grade Floating Rate ETF (the “Fund”) is not sponsored, issued or advised by Wells Fargo & Company, Wells Fargo Securities, LLC or any of their affiliates (together, “Wells Fargo”). The Market Vectors US Investment Grade Floating Rate Index (the “Index”) is the exclusive property of Market Vectors Index Solutions GmbH (the “Index Provider”), which has contracted with Wells Fargo to create and maintain and with Interactive Data Pricing and Reference Data, Inc. (the “Index Calculator”) to calculate the Index. Neither Wells Fargo nor the Index Calculator guarantees the accuracy and/or completeness of the Index or of any data supplied by it or its agents or makes any warranty as to the results to be obtained from investing in the Fund or tracking the Index. The Index is calculated by Interactive Data Pricing and Reference Data, Inc., which is not an adviser for or fiduciary to the Fund, and, like Wells Fargo, is not responsible for any direct, indirect or consequential damages associated with indicative optimized portfolio values and/or indicative intraday values. The Fund is not sponsored, endorsed, sold or promoted by Market Vectors Index Solutions GmbH.
Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. Investors cannot invest directly in the Index. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.
| 2 | Market Vectors® US Investment Grade Floating Rate Index (MVFLTR) is comprised of U.S. dollar-denominated floating rate notes issued by corporate entities or similar commercial entities that are public reporting companies in the U.S. and rated investment grade by at least one of three rating services: Moody’s Investors Service, Inc. (“Moody’s”), Standard & Poor’s Rating Services (“S&P”) or Fitch International Rating Agency (“Fitch”). Investment grade securities are those rated Baa3 or higher by Moody’s or rated BBB- or higher by S&P or Fitch. |
| 13 |
J.P. MORGAN EM LOCAL CURRENCY BOND ETF
PERFORMANCE COMPARISON
October 31, 2015 (unaudited)
| Total Return | Share Price1 | NAV | GBIEMCOR2 | |||||||||
| Six Months | (10.13 | )% | (9.88 | )% | (9.55 | )% | ||||||
| One Year | (17.22 | )% | (16.91 | )% | (16.51 | )% | ||||||
| Five Years | (3.36 | )% | (3.11 | )% | (2.40 | )% | ||||||
| Life* (annualized) | (1.46 | )% | (1.39 | )% | (0.62 | )% | ||||||
| Life* (cumulative) | (7.46 | )% | (7.13 | )% | (3.23 | )% | ||||||
| * since 7/22/10 | ||||||||||||
Commencement date for the Market Vectors J.P. Morgan EM 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 800.826.2333 or by visiting vaneck.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, 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.
Market Vectors J.P. Morgan EM Local Currency Bond ETF (EMLC) is not sponsored, endorsed, sold or promoted by J.P. Morgan and J.P. Morgan makes no representation regarding the advisability of investing in EMLC. J.P. Morgan does not warrant the completeness or accuracy of the J.P. Morgan GBI-EMG Core Index. “J.P. Morgan” is a registered service mark of JPMorgan Chase & Co. ©2014. JPMorgan Chase & Co. All rights reserved.
Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. Investors cannot invest directly in the Index. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.
| 2 | J.P. Morgan Government Bond Index–Emerging Markets Global Core (GBIEMCOR) is designed to track the performance of bonds issued by emerging market governments and denominated in the local currency of the issuer. |
| 14 |
PERFORMANCE COMPARISON
October 31, 2015 (unaudited)
| Total Return | Share Price1 | NAV | MVMORTTR2 | |||||||||
| Six Months | (10.80 | )% | (10.93 | )% | (12.16 | )% | ||||||
| One Year | (9.27 | )% | (9.37 | )% | (11.84 | )% | ||||||
| Life* (annualized) | 6.15 | % | 6.14 | % | 2.92 | % | ||||||
| Life* (cumulative) | 28.57 | % | 28.48 | % | 12.90 | % | ||||||
| * since 8/16/11 | ||||||||||||
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 800.826.2333 or by visiting vaneck.com.
Gross Expense Ratio 0.52% / 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, 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.
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. |
| 15 |
PREFERRED SECURITIES EX FINANCIALS ETF
PERFORMANCE COMPARISON
October 31, 2015 (unaudited)
| Total Return | Share Price1 | NAV | WHPSL2 | |||||||||
| Six Months | (2.18 | )% | (2.39 | )% | (2.30 | )% | ||||||
| One Year | 1.52 | % | 1.16 | % | 1.44 | % | ||||||
| Life* (annualized) | 5.44 | % | 5.29 | % | 5.38 | % | ||||||
| Life* (cumulative) | 19.05 | % | 18.51 | % | 18.85 | % | ||||||
| * since 7/16/12 | ||||||||||||
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 800.826.2333 or by visiting vaneck.com.
Gross Expense Ratio 0.47% / 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, 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.
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. |
| 16 |
TREASURY-HEDGED HIGH YIELD BOND ETF
PERFORMANCE COMPARISON
October 31, 2015 (unaudited)
| Total Return | Share Price1 | NAV | MVTHHY2 | |||||||||
| Six Months | (3.64 | )% | (3.35 | )% | (3.62 | )% | ||||||
| One Year | (3.83 | )% | (3.68 | )% | (4.03 | )% | ||||||
| Life* (annualized) | 0.93 | % | 1.07 | % | 1.39 | % | ||||||
| Life* (cumulative) | 2.46 | % | 2.82 | % | 3.67 | % | ||||||
| * since 3/21/13 | ||||||||||||
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 800.826.2333 or by visiting vaneck.com.
Gross Expense Ratio 2.15% / 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.
Market Vectors US Treasury-Hedged High Yield Bond Index (the “Index”) is the exclusive property of Market Vectors Index Solutions GmbH (the “Index Provider”), which has contracted with Interactive Data Pricing and Reference Data, LLC. (the “Calculation Agent “) to calculate the Index. The Calculation Agent is not an adviser for or a fiduciary to any account, fund or ETF managed by Van Eck Associates Corporation. The Calculation Agent is not responsible for any direct, indirect, or consequential damages associated with indicative optimized portfolio values and/or indicative intraday values. Market Vectors Treasury-Hedged High Yield Bond ETF (the “Fund”) is not sponsored, endorsed, sold or promoted by the Index Provider, which makes no representation regarding the advisability of investing in the Fund.
Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. Investors cannot invest directly in the Index. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.
| 2 | Market Vectors® US Treasury-Hedged High Yield Bond Index (MVTHHY) is comprised of long positions in below-investment grade corporate bonds, denominated in U.S. dollars, and an equivalent amount of short positions in Treasury notes and bonds. |
| 17 |
MARKET VECTORS ETF TRUST
(unaudited)
As a shareholder of a Fund, you incur operating expenses, including management fees and other Fund expenses. This disclosure is intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The disclosure is based on an investment of $1,000 invested at the beginning of the period and held for the period, May 1, 2015 to October 31, 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 Period.”
Hypothetical Example for Comparison Purposes
The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as program fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Beginning Account Value May 1, 2015 | Ending Account Value October 31, 2015 | Annualized Expense Ratio During Period | Expenses Paid During the Period* May 1, 2015- October 31, 2015 | |||||||||||
| BDC Income ETF | ||||||||||||||
| Actual | $1,000.00 | $ 902.20 | 0.41 | % | $1.96 | |||||||||
| Hypothetical** | $1,000.00 | $1,023.08 | 0.41 | % | $2.08 | |||||||||
| ChinaAMC China Bond ETF | ||||||||||||||
| Actual | $1,000.00 | $1,016.40 | 0.50 | % | $2.53 | |||||||||
| Hypothetical** | $1,000.00 | $1,022.62 | 0.50 | % | $2.54 | |||||||||
| Emerging Markets Aggregate Bond ETF | ||||||||||||||
| Actual | $1,000.00 | $ 960.00 | 0.49 | % | $2.41 | |||||||||
| Hypothetical** | $1,000.00 | $1,022.67 | 0.49 | % | $2.49 | |||||||||
| Emerging Markets High Yield Bond ETF | ||||||||||||||
| Actual | $1,000.00 | $ 983.90 | 0.40 | % | $1.99 | |||||||||
| Hypothetical** | $1,000.00 | $1,023.13 | 0.40 | % | $2.03 | |||||||||
| Fallen Angel High Yield Bond ETF | ||||||||||||||
| Actual | $1,000.00 | $ 966.70 | 0.40 | % | $1.98 | |||||||||
| Hypothetical** | $1,000.00 | $1,023.13 | 0.40 | % | $2.03 | |||||||||
| International High Yield Bond ETF | ||||||||||||||
| Actual | $1,000.00 | $ 979.60 | 0.40 | % | $1.99 | |||||||||
| Hypothetical** | $1,000.00 | $1,023.13 | 0.40 | % | $2.03 | |||||||||
| Investment Grade Floating Rate ETF | ||||||||||||||
| Actual | $1,000.00 | $ 996.20 | 0.14 | % | $0.70 | |||||||||
| Hypothetical** | $1,000.00 | $1,024.43 | 0.14 | % | $0.71 | |||||||||
| J.P. Morgan EM Local Currency Bond ETF | ||||||||||||||
| Actual | $1,000.00 | $ 901.20 | 0.47 | % | $2.25 | |||||||||
| Hypothetical** | $1,000.00 | $1,022.77 | 0.47 | % | $2.39 | |||||||||
| 18 |
| Beginning Account Value May 1, 2015 | Ending Account Value October 31, 2015 | Annualized Expense Ratio During Period | Expenses Paid During the Period* May 1, 2015- October 31, 2015 | |||||||||||
| Mortgage REIT Income ETF | ||||||||||||||
| Actual | $1,000.00 | $ 890.70 | 0.41 | % | $1.95 | |||||||||
| Hypothetical** | $1,000.00 | $1,023.08 | 0.41 | % | $2.08 | |||||||||
| Preferred Securities ex Financials ETF | ||||||||||||||
| Actual | $1,000.00 | $ 976.10 | 0.41 | % | $2.04 | |||||||||
| Hypothetical** | $1,000.00 | $1,023.08 | 0.41 | % | $2.08 | |||||||||
| Treasury-Hedged High Yield Bond ETF | ||||||||||||||
| Actual | $1,000.00 | $ 966.50 | 0.50 | % | $2.47 | |||||||||
| Hypothetical** | $1,000.00 | $1,022.62 | 0.50 | % | $2.54 | |||||||||
| * | Expenses are equal to the Fund’s annualized expense ratio (for the six months ended October 31, 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 |
October 31, 2015 (unaudited)
| Number of Shares | Value | |||||||
| COMMON STOCKS: 100.2% | ||||||||
| Investment Companies: 97.8% | ||||||||
| 637,993 | American Capital Ltd. * | $ | 8,159,930 | |||||
| 662,485 | Apollo Investment Corp. | 3,537,670 | ||||||
| 792,416 | Ares Capital Corp. | 12,068,496 | ||||||
| 326,212 | BlackRock Kelso Capital Corp. | 3,027,247 | ||||||
| 47,654 | Capital Southwest Corp. | 712,427 | ||||||
| 591,650 | Fifth Street Finance Corp. | 3,390,155 | ||||||
| 610,497 | FS Investment Corp. † | 5,958,451 | ||||||
| 86,776 | Gladstone Capital Corp. † | 751,480 | ||||||
| 121,661 | Gladstone Investment Corp. | 911,241 | ||||||
| 133,182 | Goldman Sachs BDC, Inc. | 2,664,972 | ||||||
| 206,015 | Golub Capital BDC, Inc. | 3,372,466 | ||||||
| 316,457 | Hercules Technology Growth Capital, Inc. | 3,531,660 | ||||||
| 161,869 | KCAP Financial, Inc. † | 794,777 | ||||||
| 150,724 | Main Street Capital Corp. † | 4,518,706 | ||||||
| 87,277 | MVC Capital, Inc. | 726,145 | ||||||
| 203,266 | New Mountain Finance Corp. † | 2,831,495 | ||||||
| 116,632 | PennantPark Floating Rate Capital Ltd. | 1,407,748 | ||||||
| 324,407 | PennantPark Investment Corp. | 2,241,652 | ||||||
| 895,252 | Prospect Capital Corp. † | 6,562,197 | ||||||
| 129,858 | Solar Capital Ltd. | 2,247,842 | ||||||
| 173,244 | TCP Capital Corp. † | 2,520,700 | ||||||
| 146,787 | THL Credit, Inc. | 1,682,179 | ||||||
| 248,957 | TICC Capital Corp. | 1,590,835 | ||||||
| 145,351 | Triangle Capital Corp. † | 2,495,677 | ||||||
| 77,706,148 | ||||||||
| Investment Management / Advisory Services: 2.4% | ||||||||
| 252,233 | Medley Capital Corp. † | 1,879,136 | ||||||
| Total Common Stocks (Cost: $93,346,923) | 79,585,284 | |||||||
| Principal Amount | ||||||||
| SHORT-TERM INVESTMENTS HELD AS | ||||||||
| COLLATERAL FOR SECURITIES LOANED: 11.0% | ||||||||
| Repurchase Agreements: 11.0% | ||||||||
| $ | 2,084,957 | Repurchase agreement dated 10/30/15 with BNP Paribas Securities Corp., 0.09%, due 11/2/15, proceeds $2,084,973; (collateralized by various U.S. government and agency obligations, 0.00% to 7.50%, due 8/1/16 to 11/1/45, valued at $2,126,656 including accrued interest) | 2,084,957 | |||||
| Principal Amount | Value | |||||||
| Repurchase Agreements: (continued) | ||||||||
| $ | 2,084,957 | Repurchase agreement dated 10/30/15 with Citigroup Global Markets, Inc., 0.10%, due 11/2/15, proceeds $2,084,974; (collateralized by various U.S. government and agency obligations, 2.00% to 6.50%, due 12/31/16 to 11/1/45, valued at $2,126,656 including accrued interest) | $ | 2,084,957 | ||||
| 2,084,957 | Repurchase agreement dated 10/30/15 with HSBC Securities USA, Inc., 0.06%, due 11/2/15, proceeds $2,084,967; (collateralized by various U.S. government and agency obligations, 0.00% to 8.95%, due 11/15/15 to 7/15/37, valued at $2,126,661 including accrued interest) | 2,084,957 | ||||||
| 2,084,957 | Repurchase agreement dated 10/30/15 with Mizuho Securities USA, Inc., 0.10%, due 11/2/15, proceeds $2,084,974; (collateralized by various U.S. government and agency obligations, 0.00% to 9.50%, due 3/1/18 to 12/15/43, valued at $2,126,656 including accrued interest) | 2,084,957 | ||||||
| 438,919 | Repurchase agreement dated 10/30/15 with Royal Bank of Scotland Plc, 0.07%, due 11/2/15, proceeds $438,922; (collateralized by various U.S. government and agency obligations, 0.07% to 3.38%, due 8/15/16 to 8/15/21, valued at $447,698 including accrued interest) | 438,919 | ||||||
| Total
Short-Term Investments Held as Collateral for Securities Loaned (Cost: $8,778,747) |
8,778,747 | |||||||
| Total Investments: 111.2% (Cost: $102,125,670) | 88,364,031 | |||||||
| Liabilities in excess of other assets: (11.2)% | (8,884,528 | ) | ||||||
| NET ASSETS: 100.0% | $ | 79,479,503 | ||||||
| * | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $8,554,200. |
See Notes to Financial Statements
| 20 |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited) | % of Investments | Value | |||||||
| Financial | 100.0 | % | $ | 79,585,284 | |||||
The summary of inputs used to value the Fund’s investments as of October 31, 2015 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
| Common Stocks* | $ | 79,585,284 | $ | — | $ | — | $ | 79,585,284 | ||||||||
| Repurchase Agreements | — | 8,778,747 | — | 8,778,747 | ||||||||||||
| Total | $ | 79,585,284 | $ | 8,778,747 | $ | — | $ | 88,364,031 | ||||||||
| * | See Schedule of Investments for security type and industry sector breakouts. |
There were no transfers between levels during the period ended October 31, 2015.
See Notes to Financial Statements
| 21 |
SCHEDULE OF INVESTMENTS
October 31, 2015 (unaudited)
| Principal Amount | Value | |||||||
| CORPORATE BONDS: 70.1% | ||||||||
| Basic Materials: 4.3% | ||||||||
| CNY | 3,500,000 | Hebei Iron & Steel Co. Ltd. 5.16%, 03/27/18 | $ | 576,175 | ||||
| 3,000,000 | Shandong Gold Mining Co. Ltd. 5.16%, 09/03/16 (p) | 488,168 | ||||||
| 1,064,343 | ||||||||
| Consumer, Cyclical: 4.5% | ||||||||
| 2,838,000 | Chongqing Changan Automobile Co. Ltd. 5.30%, 04/23/17 | 465,688 | ||||||
| 4,000,000 | Suning Commerce Group Co. Ltd. 5.20%, 12/14/17 | 655,225 | ||||||
| 1,120,913 | ||||||||
| Consumer, Non-cyclical: 2.7% | ||||||||
| 3,000,000 | Jiangsu Communications Holding Co. Ltd. 4.51%, 12/12/17 | 485,547 | ||||||
| 1,135,000 | Jiangxi Ganyue Expressway Co. Ltd. 5.15%, 04/19/23 | 190,579 | ||||||
| 676,126 | ||||||||
| Diversified: 4.8% | ||||||||
| 4,000,000 | Legend Holdings Corp. 5.80%, 10/31/16 (p) | 672,101 | ||||||
| 3,000,000 | Xiamen C&D Corp. Ltd. 7.30%, 10/28/16 (p) | 534,705 | ||||||
| 1,206,806 | ||||||||
| Energy: 7.8% | ||||||||
| 4,000,000 | China Longyuan Power Group Corp. Ltd. 4.80%, 02/09/17 | 646,560 | ||||||
| 2,680,000 | China Petroleum & Chemical Corp. 4.90%, 06/01/22 | 452,161 | ||||||
| 500,000 | China Three Gorges Corp. 4.15%, 05/11/26 | 78,987 | ||||||
| 4,000,000 | Offshore Oil Engineering Co. Ltd. 5.77%, 11/09/17 | 662,383 | ||||||
| 757,000 | Pingdingshan Tianan Coal Mining Co. Ltd. 5.07%, 04/17/23 | 118,053 | ||||||
| 1,958,144 | ||||||||
| Financial: 25.7% | ||||||||
| 28,500,000 | China Development Bank Corp. 5.84%, 01/03/19 | 4,924,962 | ||||||
| 1,959,000 | China Merchants Securities Co. Ltd. 5.08%, 05/26/25 | 328,076 | ||||||
| 2,400,800 | Chongqing Land Properties Co. Group 7.35%, 04/25/19 | 409,761 | ||||||
| 4,500,000 | Guangzhou Yue Xiu Holdings Ltd. 5.20%, 02/28/18 (p) | 755,245 | ||||||
| 6,418,044 | ||||||||
| Principal Amount | Value | |||||||
| Industrial: 12.2% | ||||||||
| CNY | 500,000 | China First Heavy Industries 5.10%, 09/03/17 | $ | 81,332 | ||||
| 587,000 | China Railway Corp. 4.63%, 08/25/21 | 96,947 | ||||||
| 1,431,000 | China Railway Group Ltd. 4.88%, 01/27/20 | 237,931 | ||||||
| 2,000,000 | CSR Corp. Ltd. 4.70%, 04/22/18 | 317,372 | ||||||
| 500,000 | Hubei Provincial Communications Investment Co. Ltd. 6.68%, 03/27/19 (p) | 92,630 | ||||||
| 567,000 | Hunan Provincial Expressway Construction Group 5.25%, 04/08/20 | 93,215 | ||||||
| Power Construction Corp. of China Ltd. | ||||||||
| 3,000,000 | 5.20%, 10/29/22 | 509,418 | ||||||
| 2,000,000 | 5.70%, 04/23/19 | 337,877 | ||||||
| 2,000,000 | Tianjin Infrastructure Construction & Investment Group Co. Ltd. 5.70%, 02/26/23 | 337,220 | ||||||
| 2,928,000 | Wuhan Metro Group Co. Ltd. 8.50%, 10/29/18 | 529,844 | ||||||
| 2,567,500 | XCMG Construction Machinery Co. Ltd. 4.89%, 10/26/17 | 419,055 | ||||||
| 3,052,841 | ||||||||
| Technology: 0.1% | ||||||||
| 100,000 | GoerTek, Inc. 0.50%, 12/12/20 | 22,702 | ||||||
| Utilities: 8.0% | ||||||||
| 4,000,000 | China Datang Corp. Renewable Power Co. Ltd. 5.40%, 11/08/16 | 648,991 | ||||||
| 316,000 | China Power Investment Corp. 5.02%, 12/08/18 | 52,318 | ||||||
| China Yangtze Power Co. Ltd. | ||||||||
| 507,000 | 4.76%, 09/20/22 | 83,463 | ||||||
| 2,384,000 | 5.35%, 09/24/17 | 391,252 | ||||||
| 3,000,000 | Datang International Power Generation Co. Ltd. 5.00%, 11/03/24 | 512,248 | ||||||
| 2,000,000 | GD Power Development Co. Ltd. 4.35%, 06/15/17 | 317,119 | ||||||
| 2,005,391 | ||||||||
| Total Corporate Bonds (Cost: $17,421,852) | 17,525,310 | |||||||
| GOVERNMENT OBLIGATIONS: 23.8% | ||||||||
| China Government Bond | ||||||||
| 15,347,000 | 3.40%, 04/17/23 | 2,500,705 | ||||||
| 642,000 | 4.11%, 05/15/25 | 109,956 | ||||||
| 19,641,000 | 4.26%, 07/31/21 | 3,342,157 | ||||||
| Total Government Obligations (Cost: $5,874,307) | 5,952,818 | |||||||
| Total Investments: 93.9% (Cost: $23,296,159) | 23,478,128 | |||||||
| Other assets less liabilities: 6.1% | 1,521,604 | |||||||
| NET ASSETS: 100.0% | $ | 24,999,732 | ||||||
See Notes to Financial Statements
| 22 |
| 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 | 4.5 | % | $ | 1,064,343 | ||||||
| Consumer, Cyclical | 4.8 | 1,120,913 | ||||||||
| Consumer, Non-cyclical | 2.9 | 676,126 | ||||||||
| Diversified | 5.1 | 1,206,806 | ||||||||
| Energy | 8.3 | 1,958,144 | ||||||||
| Financial | 27.3 | 6,418,044 | ||||||||
| Government | 25.4 | 5,952,818 | ||||||||
| Industrial | 13.0 | 3,052,841 | ||||||||
| Technology | 0.1 | 22,702 | ||||||||
| Utilities | 8.6 | 2,005,391 | ||||||||
| 100.0 | % | $ | 23,478,128 | |||||||
The summary of inputs used to value the Fund’s investments as of October 31, 2015 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
| Corporate Bonds* | $ | — | $ | 17,525,310 | $ | — | $ | 17,525,310 | ||||||||
| Government Obligations* | — | 5,952,818 | — | 5,952,818 | ||||||||||||
| Total | $ | — | $ | 23,478,128 | $ | — | $ | 23,478,128 | ||||||||
| * | See Schedule of Investments for security type and industry sector breakouts. |
There were no transfers between levels during the period ended October 31, 2015.
See Notes to Financial Statements
| 23 |
EMERGING MARKETS AGGREGATE BOND ETF
SCHEDULE OF INVESTMENTS
October 31, 2015 (unaudited)
| Principal Amount | Value | |||||||
| CORPORATE BONDS: 39.8% | ||||||||
| Argentina: 0.2% | ||||||||
| USD | 30,000 | Pan American Energy, LLC 7.88%, 05/07/21 Reg S | $ | 30,162 | ||||
| Austria: 0.4% | ||||||||
| 64,000 | ESAL GmbH 6.25%, 02/05/18 (c) Reg S | 62,560 | ||||||
| Bermuda: 1.2% | ||||||||
| 100,000 | Digicel Group Ltd. 7.13%, 04/01/17 (c) 144A | 83,000 | ||||||
| 100,000 | Qtel International Finance Ltd. 3.25%, 02/21/23 Reg S | 99,584 | ||||||
| 182,584 | ||||||||
| Brazil: 2.4% | ||||||||
| 150,000 | Banco do Brasil SA 5.88%, 01/26/22 Reg S | 135,000 | ||||||
| 102,000 | Itau Unibanco Holding SA 6.20%, 04/15/20 144A | 106,080 | ||||||
| EUR | 100,000 | Vale SA 4.38%, 03/24/18 | 111,337 | |||||
| 352,417 | ||||||||
| British Virgin Islands: 3.1% | ||||||||
| USD | 157,000 | CNOOC Finance Ltd. 3.88%, 05/02/22 Reg S | 160,665 | |||||
| 100,000 | CNPC General Capital Ltd. 3.95%, 04/19/22 144A | 102,685 | ||||||
| 100,000 | Gerdau Trade Inc 5.75%, 01/30/21 Reg S | 92,700 | ||||||
| 100,000 | Sinopec Group Overseas Development 4.38%, 10/17/23 Reg S | 104,833 | ||||||
| 460,883 | ||||||||
| Cayman Islands: 5.0% | ||||||||
| 100,000 | Alibaba Group Holding Ltd. 3.60%, 08/28/24 (c) 144A | 97,240 | ||||||
| 100,000 | China Overseas Finance Cayman VI Ltd. 4.25%, 05/08/19 Reg S | 104,071 | ||||||
| 100,000 | Country Garden Holdings Co., Ltd. 7.50%, 01/10/18 (c) Reg S | 103,893 | ||||||
| 100,000 | Hutchison Whampoa Ltd. 7.63%, 04/09/19 Reg S | 117,434 | ||||||
| 100,000 | QNB Finance Ltd. 2.75%, 10/31/18 Reg S | 101,687 | ||||||
| 100,000 | Saudi Electricity Global Sukuk Co. 2 3.47%, 04/08/23 144A | 100,658 | ||||||
| 100,000 | Swire Pacific MTN Financing Ltd. 5.50%, 08/19/19 Reg S | 111,025 | ||||||
| 736,008 | ||||||||
| Chile: 0.9% | ||||||||
| 119,600 | Corp. Nacional del Cobre de Chile 7.50%, 01/15/19 144A | 136,827 | ||||||
| China / Hong Kong: 0.8% | ||||||||
| 100,000 | CITIC Pacific Ltd. 6.63%, 04/15/21 Reg S | 115,118 | ||||||
| Principal Amount | Value | |||||||
| Colombia: 1.6% | ||||||||
| USD | 102,000 | Bancolombia SA 5.13%, 09/11/22 | $ | 101,592 | ||||
| 90,000 | Ecopetrol SA 5.88%, 09/18/23 | 91,125 | ||||||
| COP | 110,857,000 | Empresas Publicas de Medellin ESP 8.38%, 02/01/21 Reg S | 38,416 | |||||
| 231,133 | ||||||||
| Curacao: 0.3% | ||||||||
| USD | 40,000 | Teva Pharmaceutical 2.95%, 12/18/22 | 37,657 | |||||
| Czech Republic: 0.4% | ||||||||
| EUR | 50,000 | CEZ AS 4.50%, 06/29/20 Reg S | 64,433 | |||||
| India: 0.2% | ||||||||
| USD | 28,000 | ICICI Bank Ltd. 5.75%, 11/16/20 Reg S | 31,385 | |||||
| Indonesia: 0.5% | ||||||||
| 70,000 | Pertamina Persero Pt 4.30%, 05/20/23 144A | 66,395 | ||||||
| Ireland: 0.4% | ||||||||
| EUR | 50,000 | Vnesheconombank 3.04%, 02/21/18 Reg S | 53,993 | |||||
| Israel: 0.7% | ||||||||
| USD | 100,000 | Israel Electric Corp Ltd. 5.00%, 11/12/24 Reg S 144A | 104,085 | |||||
| Kazakhstan: 0.7% | ||||||||
| 100,000 | KazMunayGas National Co. 7.00%, 05/05/20 Reg S | 104,392 | ||||||
| Luxembourg: 2.9% | ||||||||
| 100,000 | EVRAZ Group SA 9.50%, 04/24/18 Reg S | 106,827 | ||||||
| 200,000 | Gaz Capital SA 6.51%, 03/07/22 Reg S | 208,895 | ||||||
| 100,000 | SB Cap SA 5.40%, 03/24/17 Reg S | 102,500 | ||||||
| 418,222 | ||||||||
| Malaysia: 0.9% | ||||||||
| 100,000 | Petronas Capital Ltd. 7.88%, 05/22/22 Reg S | 124,518 | ||||||
| Mexico: 4.4% | ||||||||
| America Movil SAB de CV | ||||||||
| EUR | 100,000 | 4.13%, 10/25/19 | 124,153 | |||||
| USD | 25,000 | 5.00%, 03/30/20 | 27,570 | |||||
| 100,000 | BBVA Bancomer SA 6.75%, 09/30/22 144A | 112,450 | ||||||
| 85,000 | Grupo Televisa SAB 6.63%, 01/15/40 | 93,580 | ||||||
| 64,000 | Pemex Project Funding Master Trust 6.63%, 06/15/38 | 62,000 | ||||||
| Petróleos Mexicanos | ||||||||
| 150,000 | 5.50%, 01/21/21 | 160,500 | ||||||
| EUR | 50,000 | 5.50%, 02/24/25 Reg S | 60,857 | |||||
| 641,110 | ||||||||
See Notes to Financial Statements
| 24 |
| Principal Amount | Value | |||||||
| Netherlands: 4.3% | ||||||||
| USD | 100,000 | Bharti Airtel International Netherlands BV 5.13%, 03/11/23 144A | $ | 106,298 | ||||
| 100,000 | Lukoil International Finance BV 7.25%, 11/05/19 Reg S | 108,500 | ||||||
| 128,000 | Majapahit Holding BV 7.75%, 01/20/20 Reg S | 144,768 | ||||||
| Petrobras International Finance Co. | ||||||||
| 128,000 | 3.50%, 02/06/17 | 124,032 | ||||||
| 77,000 | 6.75%, 01/27/41 | 54,716 | ||||||
| 100,000 | VimpelCom Holdings BV 5.95%, 02/13/23 144A | 96,125 | ||||||
| 634,439 | ||||||||
| Peru: 0.8% | ||||||||
| 108,000 | Banco de Credito del Peru 5.38%, 09/16/20 Reg S | 117,666 | ||||||
| South Africa: 0.6% | ||||||||
| 100,000 | Eskom Holdings SOC Ltd. 5.75%, 01/26/21 144A | 93,158 | ||||||
| Turkey: 1.7% | ||||||||
| 50,000 | Turkiye Garanti Bankasi AS 5.25%, 09/13/22 Reg S | 50,421 | ||||||
| 100,000 | Turkiye Is Bankasi 5.50%, 04/21/19 144A | 103,774 | ||||||
| 100,000 | Turkiye Vakiflar Bankasi Tao 6.00%, 11/01/22 144A | 95,619 | ||||||
| 249,814 | ||||||||
| United Arab Emirates: 2.3% | ||||||||
| 100,000 | Abu Dhabi National Energy Co. 6.25%, 09/16/19 Reg S | 113,487 | ||||||
| 100,000 | DP World Ltd. 6.85%, 07/02/37 Reg S | 106,125 | ||||||
| 100,000 | Dubai Electricity & Water Authority 7.38%, 10/21/20 Reg S | 121,325 | ||||||
| 340,937 | ||||||||
| United Kingdom: 1.0% | ||||||||
| 30,000 | AngloGold Ashanti Holdings Plc 8.50%, 07/30/16 (c) † | 32,436 | ||||||
| 128,000 | Vedanta Resources Plc 9.50%, 07/18/18 † Reg S | 120,640 | ||||||
| 153,076 | ||||||||
| United States: 1.4% | ||||||||
| 100,000 | Cemex Finance, LLC 6.00%, 04/01/19 (c) 144A | 95,750 | ||||||
| 100,000 | Reliance Holding USA, Inc. 5.40%, 02/14/22 144A | 109,796 | ||||||
| 205,546 | ||||||||
| Venezuela: 0.7% | ||||||||
| Petróleos de Venezuela SA | ||||||||
| 132,700 | 5.38%, 04/12/27 Reg S | 46,445 | ||||||
| 68,000 | 8.50%, 11/02/17 Reg S | 41,473 | ||||||
| 30,000 | 9.00%, 11/17/21 Reg S | 12,534 | ||||||
| 100,452 | ||||||||
| Total Corporate Bonds (Cost: $6,041,153) | 5,848,970 | |||||||
| Principal Amount | Value | |||||||
| GOVERNMENT OBLIGATIONS: 56.5% | ||||||||
| Argentina: 0.3% | ||||||||
| EUR | 60,000 | Provincia de Buenos Aires 4.00%, 05/15/35 (s) Reg S | $ | 41,154 | ||||
| Bahrain: 0.5% | ||||||||
| USD | 64,000 | Bahrain Government International Bonds 6.13%, 08/01/23 144A | 67,501 | |||||
| Brazil: 4.9% | ||||||||
| 28,000 | Banco Nacional de Desenvolvimento Economico e Social 6.50%, 06/10/19 Reg S | 28,140 | ||||||
| Brazilian Government International Bonds | ||||||||
| 88,000 | 4.88%, 01/22/21 † | 86,768 | ||||||
| 63,000 | 6.00%, 01/17/17 † | 65,804 | ||||||
| Letras do Tesouro Nacional | ||||||||
| BRL | 480,000 | 11.72%, 01/01/16 ^ | 122,105 | |||||
| 420,000 | 15.50%, 01/01/19 ^ | 68,563 | ||||||
| Notas do Tesouro Nacional, Series F | ||||||||
| 435,000 | 10.00%, 01/01/21 | 91,911 | ||||||
| 396,000 | 10.00%, 01/01/17 | 97,937 | ||||||
| 102,000 | 10.00%, 01/01/19 | 22,991 | ||||||
| 425,000 | 10.00%, 01/01/23 | 85,039 | ||||||
| 300,000 | 10.00%, 01/01/25 | 57,338 | ||||||
| 726,596 | ||||||||
| Cayman Islands: 0.8% | ||||||||
| EUR | 100,000 | IPIC GMTN Ltd. 4.88%, 05/14/16 Reg S | 113,179 | |||||
| Chile: 0.5% | ||||||||
| Chilean Government International Bonds | ||||||||
| USD | 50,000 | 3.88%, 08/05/20 | 53,925 | |||||
| CLP | 9,000,000 | 5.50%, 08/05/20 | 13,541 | |||||
| 67,466 | ||||||||
| China / Hong Kong: 0.9% | ||||||||
| USD | 128,000 | Bank of China Ltd. 5.55%, 02/11/20 Reg S | 140,488 | |||||
| Colombia: 2.5% | ||||||||
| Colombian Government International Bonds | ||||||||
| 128,000 | 7.38%, 03/18/19 | 146,752 | ||||||
| COP | 607,000,000 | 7.75%, 04/14/21 | 215,184 | |||||
| 361,936 | ||||||||
| Croatia: 0.7% | ||||||||
| USD | 100,000 | Croatia Government International Bonds 6.75%, 11/05/19 Reg S | 108,953 | |||||
| Czech Republic: 0.8% | ||||||||
| Czech Republic Government Bonds | ||||||||
| EUR | 35,000 | 3.88%, 05/24/22 Reg S | 47,043 | |||||
| CZK | 1,100,000 | 5.70%, 05/25/24 Reg S | 65,588 | |||||
| 112,631 | ||||||||
See Notes to Financial Statements
| 25 |
EMERGING MARKETS AGGREGATE BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal Amount | Value | |||||||
| Dominican Republic: 0.2% | ||||||||
| USD | 21,200 | Dominican Republic International Bonds 7.50%, 05/06/21 Reg S | $ | 23,108 | ||||
| Hungary: 2.2% | ||||||||
| Hungarian Government Bonds | ||||||||
| HUF | 24,040,000 | 5.50%, 02/12/16 | 86,583 | |||||
| USD | 100,000 | 6.38%, 03/29/21 | 115,240 | |||||
| HUF | 26,920,000 | 7.50%, 11/12/20 | 117,588 | |||||
| 319,411 | ||||||||
| Indonesia: 4.2% | ||||||||
| USD | 192,000 | Indonesian Government International Bonds 5.88%, 03/13/20 Reg S | 213,520 | |||||
| Indonesian Treasury Bonds | ||||||||
| IDR | 1,743,000,000 | 8.38%, 09/15/26 | 122,169 | |||||
| 430,000,000 | 8.38%, 03/15/24 | 30,719 | ||||||
| 1,479,000,000 | 10.50%, 08/15/30 | 119,343 | ||||||
| 1,682,000,000 | 11.00%, 11/15/20 | 134,441 | ||||||
| 620,192 | ||||||||
| Israel: 2.2% | ||||||||
| Israel Government Bonds | ||||||||
| ILS | 565,000 | 4.25%, 03/31/23 | 174,648 | |||||
| 385,000 | 5.00%, 01/31/20 | 117,598 | ||||||
| 135,000 | 5.50%, 02/28/17 | 37,483 | ||||||
| 329,729 | ||||||||
| Lebanon: 1.0% | ||||||||
| USD | 140,000 | Lebanon Government International Bonds 8.25%, 04/12/21 Reg S | 154,734 | |||||
| Lithuania: 0.4% | ||||||||
| 50,000 | Lithuania Government International Bonds 7.38%, 02/11/20 Reg S | 60,168 | ||||||
| Malaysia: 2.7% | ||||||||
| Malaysian Government Bonds | ||||||||
| MYR | 725,000 | 3.48%, 03/15/23 | 162,018 | |||||
| 670,000 | 3.89%, 03/15/27 | 149,375 | ||||||
| 351,000 | 5.73%, 07/30/19 | 87,483 | ||||||
| 398,876 | ||||||||
| Mexico: 5.4% | ||||||||
| Mexican Government International Bonds | ||||||||
| USD | 77,000 | 4.00%, 10/02/23 | 79,656 | |||||
| 73,000 | 5.63%, 01/15/17 | 77,125 | ||||||
| 102,000 | 6.05%, 01/11/40 | 115,642 | ||||||
| MXN | 1,460,100 | 7.50%, 06/03/27 | 97,552 | |||||
| 5,294,900 | 8.00%, 06/11/20 | 359,271 | ||||||
| 800,000 | 10.00%, 12/05/24 | 62,074 | ||||||
| 791,320 | ||||||||
| Nigeria: 0.7% | ||||||||
| NGN | 18,470,000 | Nigerian Government Bonds 16.39%, 01/27/22 | 105,614 | |||||
| Panama: 0.6% | ||||||||
| USD | 69,400 | Panamanian Government International Bonds 7.13%, 01/29/26 | 88,485 | |||||
| Principal Amount | Value | |||||||
| Peru: 1.2% | ||||||||
| Peruvian Government International Bonds | ||||||||
| PEN | 90,000 | 5.70%, 08/12/24 | $ | 25,405 | ||||
| USD | 62,000 | 7.35%, 07/21/25 | 80,135 | |||||
| PEN | 200,000 | 7.84%, 08/12/20 | 65,565 | |||||
| 171,105 | ||||||||
| Philippines: 1.1% | ||||||||
| USD | 142,000 | Philippine Government International Bonds 5.00%, 01/13/37 | 169,868 | |||||
| Poland: 4.1% | ||||||||
| Poland Government International Bonds | ||||||||
| PLN | 580,000 | 2.50%, 07/25/18 | 153,546 | |||||
| 625,000 | 4.00%, 10/25/23 | 179,088 | ||||||
| 450,000 | 5.75%, 04/25/29 | 154,718 | ||||||
| USD | 100,000 | 6.38%, 07/15/19 | 116,242 | |||||
| 603,594 | ||||||||
| Qatar: 0.8% | ||||||||
| 100,000 | Qatar Government International Bonds 5.25%, 01/20/20 Reg S | 113,250 | ||||||
| Romania: 1.3% | ||||||||
| Romanian Government International Bonds | ||||||||
| EUR | 50,000 | 4.63%, 09/18/20 Reg S | 64,208 | |||||
| RON | 450,000 | 5.90%, 07/26/17 | 121,278 | |||||
| 185,486 | ||||||||
| Russia: 3.1% | ||||||||
| Russian Federal Bonds | ||||||||
| RUB | 3,550,000 | 7.50%, 03/15/18 | 53,006 | |||||
| 4,550,000 | 7.50%, 02/27/19 | 66,592 | ||||||
| USD | 29,750 | 7.50%, 03/31/30 (s) Reg S | 35,438 | |||||
| RUB | 10,080,000 | 8.15%, 02/03/27 | 140,804 | |||||
| USD | 130,000 | 11.00%, 07/24/18 Reg S | 156,028 | |||||
| 451,868 | ||||||||
| Serbia: 0.3% | ||||||||
| 50,000 | Republic of Serbia 4.88%, 02/25/20 144A | 51,732 | ||||||
| South Africa: 3.8% | ||||||||
| South Africa Government International Bonds | ||||||||
| 78,000 | 5.50%, 03/09/20 † | 84,045 | ||||||
| ZAR | 2,604,300 | 7.75%, 02/28/23 | 185,382 | |||||
| 1,331,400 | 8.25%, 09/15/17 | 98,494 | ||||||
| 2,070,000 | 8.75%, 02/28/48 | 144,695 | ||||||
| 490,000 | 10.50%, 12/21/26 | 40,996 | ||||||
| 553,612 | ||||||||
| Thailand: 3.5% | ||||||||
| Thailand Government Bonds | ||||||||
| THB | 3,680,000 | 3.25%, 06/16/17 | 106,369 | |||||
| 8,863,000 | 3.63%, 06/16/23 † | 266,183 | ||||||
| 4,100,000 | 4.88%, 06/22/29 † | 141,847 | ||||||
| 514,399 | ||||||||
See Notes to Financial Statements
| 26 |
| Principal Amount | Value | |||||||
| Turkey: 4.5% | ||||||||
| Turkey Government International Bonds | ||||||||
| USD | 90,000 | 6.88%, 03/17/36 | $ | 103,778 | ||||
| TRY | 488,600 | 7.10%, 03/08/23 | 146,080 | |||||
| USD | 160,000 | 7.38%, 02/05/25 | 191,724 | |||||
| TRY | 357,100 | 9.00%, 03/08/17 | 121,360 | |||||
| 300,000 | 10.50%, 01/15/20 | 106,179 | ||||||
| 669,121 | ||||||||
| Ukraine: 0.5% | ||||||||
| USD | 100,000 | Ukraine Government International Bonds 7.75%, 09/23/20 (d) Reg S | 79,000 | |||||
| Uruguay: 0.5% | ||||||||
| 77,000 | Uruguay Government International Bonds 4.50%, 08/14/24 † | 80,272 | ||||||
| Venezuela: 0.3% | ||||||||
| 100,000 | Venezuelan Government International Bonds 9.25%, 05/07/28 Reg S | 39,750 | ||||||
| Total Government Obligations (Cost: $9,933,814) | 8,314,598 | |||||||
| Number of Shares | ||||||||
| MONEY MARKET FUND: 1.2% (Cost: $182,499) | ||||||||
| 182,499 | Dreyfus Government Cash Management Fund | 182,499 | ||||||
| Total Investments Before Collateral for Securities Loaned: 97.5% (Cost: $16,157,466) | 14,346,067 | |||||||
| Principal
Amount | Value | |||||||
| SHORT-TERM INVESTMENT HELD AS | ||||||||
| COLLATERAL FOR SECURITIES LOANED: 5.9% | ||||||||
| (Cost: $860,213) | ||||||||
| Repurchase Agreement: 5.9% | ||||||||
| USD | 860,213 | Repurchase agreement dated 10/30/15 with HSBC Securities USA, Inc., 0.07%, due 11/2/15, proceeds $860,218; (collateralized by various U.S. government and agency obligations, 2.50% to 8.00%, due 5/1/22 to 10/1/45, valued at $877,419 including accrued interest) | $ | 860,213 | ||||
| Total Investments: 103.4% (Cost: $17,017,679) | 15,206,280 | |||||||
| Liabilities in excess of other assets: (3.4)% | (494,775 | ) | ||||||
| NET ASSETS: 100.0% | $ | 14,711,505 | ||||||
See Notes to Financial Statements
| 27 |
EMERGING MARKETS AGGREGATE BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| BRL | Brazilian Real |
| CLP | Chilean Peso |
| 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 |
| (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 |
| ^ | 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 $815,445. |
| 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 $1,729,173, or 11.8% of net assets. |
| Summary of Investments
by Sector Excluding Collateral for Securities Loaned (unaudited) | %
of Investments | Value | ||||||
| Basic Materials | 5.0 | % | $ | 715,885 | ||||
| Communications | 5.1 | 727,550 | ||||||
| Consumer, Non-cyclical | 1.4 | 206,342 | ||||||
| Diversified | 1.6 | 228,459 | ||||||
| Energy | 12.4 | 1,774,523 | ||||||
| Financial | 9.2 | 1,320,131 | ||||||
| Government | 57.9 | 8,314,598 | ||||||
| Industrial | 0.7 | 95,750 | ||||||
| Utilities | 5.4 | 780,330 | ||||||
| Money Market Fund | 1.3 | 182,499 | ||||||
| 100.0 | % | $ | 14,346,067 | |||||
The summary of inputs used to value the Fund’s investments as of October 31, 2015 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
| Corporate Bonds* | $ | — | $ | 5,848,970 | $ | — | $ | 5,848,970 | ||||||||
| Government Obligations* | — | 8,314,598 | — | 8,314,598 | ||||||||||||
| Money Market Fund | 182,499 | — | — | 182,499 | ||||||||||||
| Repurchase Agreement | — | 860,213 | — | 860,213 | ||||||||||||
| Total | $ | 182,499 | $ | 15,023,781 | $ | — | $ | 15,206,280 | ||||||||
| * See Schedule of Investments for security type and geographic sector breakouts. |
| There were no transfers between levels during the period ended October 31, 2015. |
See Notes to Financial Statements
| 28 |
EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
October 31, 2015 (unaudited)
| Principal Amount | Value | |||||||
| CORPORATE BONDS: 86.8% | ||||||||
| Argentina: 2.4% | ||||||||
| $ | 750,000 | Banco
de Galicia y Buenos Aires SA 8.75%, 11/30/15 (c) 144A | $ | 777,188 | ||||
| Pan American Energy LLC | ||||||||
| 200,000 | 7.88%, 05/07/21 Reg S | 201,080 | ||||||
| 630,000 | 7.88%, 05/07/21 144A | 633,403 | ||||||
| 600,000 | Petrobras Argentina
SA 5.88%, 05/15/17 144A | 586,200 | ||||||
| 57,320 | Transportadora
de Gas del Sur SA 9.63%, 05/14/18 (c) 144A | 57,177 | ||||||
| YPF SA | ||||||||
| 2,280,000 | 8.50%, 07/28/25 144A | 2,252,640 | ||||||
| 2,260,000 | 8.75%, 04/04/24 144A | 2,301,697 | ||||||
| 1,195,000 | 8.88%, 12/19/18 144A | 1,239,812 | ||||||
| 8,049,197 | ||||||||
| Austria: 0.8% | ||||||||
| 1,050,000 | JBS Investments
GmbH 7.75%, 10/28/17 (c) 144A | 1,124,025 | ||||||
| 1,350,000 | Sappi
Papier Holding GmbH 6.63%, 04/15/16 (c) 144A | 1,363,500 | ||||||
| 2,487,525 | ||||||||
| Azerbaijan: 0.3% | ||||||||
| 900,000 | International
Bank of Azerbaijan OJSC 5.63%, 06/11/19 Reg S | 834,822 | ||||||
| Bangladesh: 0.2% | ||||||||
| 600,000 | Banglalink
Digital Communications Ltd. 8.63%, 05/06/17 (c) 144A | 621,000 | ||||||
| Barbados: 0.5% | ||||||||
| 1,730,000 | Columbus
International, Inc. 7.38%, 03/30/18 (c) 144A | 1,805,687 | ||||||
| Bermuda: 3.3% | ||||||||
| 750,000 | China Oil &
Gas Group Ltd. 5.25%, 04/25/16 (c) 144A | 753,626 | ||||||
| Digicel Group Ltd. | ||||||||
| 1,400,000 | 7.13%, 04/01/17 (c) 144A | 1,162,000 | ||||||
| 2,750,000 | 8.25%, 09/30/16 (c) 144A | 2,447,500 | ||||||
| Digicel Ltd. | ||||||||
| 2,525,000 | 6.00%, 04/15/16 (c) 144A | 2,285,125 | ||||||
| 1,900,000 | 6.75%, 03/01/18 (c) 144A | 1,719,500 | ||||||
| 700,000 | GCX Ltd. 7.00%, 08/01/16 (c) 144A | 685,761 | ||||||
| 750,000 | GeoPark Latin
America Ltd., Agencia en Chile 7.50%, 02/11/17 (c) Reg S | 523,125 | ||||||
| 400,000 | Hopson Development
Holdings Ltd. 9.88%, 01/16/16 (c) Reg S | 418,501 | ||||||
| Inkia Energy Ltd. | ||||||||
| 500,000 | 8.38%, 04/04/16 (c) Reg S | 513,750 | ||||||
| 550,000 | 8.38%, 04/04/16 (c) 144A | 565,125 | ||||||
| 11,074,013 | ||||||||
| Brazil: 4.6% | ||||||||
| 650,000 | Banco ABC Brasil
SA 7.88%, 04/08/20 144A | 589,875 | ||||||
| Banco Bradesco SA | ||||||||
| 800,000 | 5.75%, 03/01/22 † 144A | 772,800 | ||||||
| 1,250,000 | 5.90%, 01/16/21 † 144A | 1,246,875 | ||||||
| Principal Amount | Value | |||||||
| Brazil: (continued) | ||||||||
| Banco BTG Pactual SA | ||||||||
| $ | 700,000 | 5.75%, 09/28/22 Reg S | $ | 588,000 | ||||
| 75,000 | 5.75%, 09/28/22 144A | 63,000 | ||||||
| Banco do Brasil SA | ||||||||
| 950,000 | 5.88%, 01/26/22 144A | 855,000 | ||||||
| 1,700,000 | 8.50%, 10/20/20 (c) † 144A | 1,541,985 | ||||||
| Banco do Estado do Rio Grande do Sul SA | ||||||||
| 400,000 | 7.38%, 02/02/22 Reg S | 331,000 | ||||||
| 50,000 | 7.38%, 02/02/22 144A | 41,375 | ||||||
| 700,000 | Banco Pan SA | |||||||
| 8.50%, 04/23/20 144A | 640,154 | |||||||
| 438,000 | Banco Votorantim SA | |||||||
| 7.38%, 01/21/20 144A | 433,620 | |||||||
| Centrais Eletricas Brasileiras SA | ||||||||
| 820,000 | 5.75%, 10/27/21 † 144A | 656,820 | ||||||
| 1,250,000 | 6.88%, 07/30/19 144A | 1,120,313 | ||||||
| 225,000 | Hypermarcas SA
6.50%, 04/20/16 (c) 144A | 226,688 | ||||||
| Itau Unibanco Holding SA | ||||||||
| 3,680,000 | 5.13%, 05/13/23 144A | 3,330,400 | ||||||
| 1,000,000 | 5.75%, 01/22/21 144A | 1,005,000 | ||||||
| 1,170,000 | Oi SA 5.75%, 02/10/22 † 144A | 737,100 | ||||||
| 1,270,000 | Telemar
Norte Leste SA 5.50%, 10/23/20 144A | 876,300 | ||||||
| 15,056,305 | ||||||||
| British Virgin Islands: 2.2% | ||||||||
| 800,000 | Arcos Dorados
Holdings, Inc. 6.63%, 09/27/23 144A | 668,000 | ||||||
| 500,000 | Central American
Bottling Corp. 6.75%, 02/09/17 (c) 144A | 525,000 | ||||||
| 1,560,000 | Gold Fields Orogen
Holding BVI Ltd. 4.88%, 10/07/20 144A | 1,271,400 | ||||||
| 500,000 | Road King 2012
Ltd. 9.88%, 11/30/15 (c) Reg S | 525,625 | ||||||
| 650,000 | Sparkle Assets
Ltd. 6.88%, 01/30/17 (c) † Reg S | 691,129 | ||||||
| 700,000 | Star Energy Geothermal
Wayang Windu Ltd. 6.13%, 03/28/17 (c) 144A | 684,250 | ||||||
| 1,100,000 | Studio City Finance
Ltd. 8.50%, 12/01/15 (c) † 144A | 1,119,250 | ||||||
| 1,400,000 | Trillion Chance
Ltd. 8.50%, 01/10/17 (c) Reg S | 1,435,007 | ||||||
| 400,000 | Yingde
Gases Investment Ltd. 8.13%, 04/22/16 (c) Reg S | 376,000 | ||||||
| 7,295,661 | ||||||||
| Canada: 0.8% | ||||||||
| Pacific Rubiales Energy Corp. | ||||||||
| 1,375,000 | 5.13%, 03/28/18 (c) 144A | 508,750 | ||||||
| 2,305,000 | 5.38%, 01/26/17 (c) 144A | 1,014,200 | ||||||
| 2,878,000 | 5.63%, 01/19/20 (c) † 144A | 1,093,640 | ||||||
| 2,616,590 | ||||||||
See Notes to Financial Statements
| 29 |
EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal Amount | Value | |||||||
| Cayman Islands: 12.8% | ||||||||
| $ | 1,975,000 | Agile
Property Holdings Ltd. 8.88%, 11/30/15 (c) Reg S | $ | 2,014,500 | ||||
| 600,000 | Agromercantil
Senior Trust 6.25%, 04/10/19 144A | 604,500 | ||||||
| 1,060,000 | Alpha Star Holding
Ltd. 4.97%, 04/09/19 Reg S | 979,847 | ||||||
| 900,000 | Batelco International
Finance No. 1 Ltd. 4.25%, 05/01/20 Reg S | 898,056 | ||||||
| 600,000 | CAR, Inc. 6.13%, 02/04/18 (c) 144A | 622,589 | ||||||
| 700,000 | Cementos Progreso
Trust 7.13%, 05/06/18 (c) 144A | 729,750 | ||||||
| 1,000,000 | Central China
Real Estate Ltd. 6.50%, 06/04/16 (c) † Reg S | 1,002,499 | ||||||
| 800,000 | China Hongqiao
Group Ltd. 7.63%, 06/26/17 † Reg S | 810,840 | ||||||
| 600,000 | China SCE Property
Holdings Ltd. 11.50%, 11/30/15 (c) † Reg S | 637,500 | ||||||
| 800,000 | China Shanshui
Cement Group Ltd. 7.50%, 03/10/18 (c) Reg S | 753,052 | ||||||
| 1,130,000 | CIFI Holdings
Group Co. Ltd. 8.88%, 01/27/17 (c) † Reg S | 1,196,354 | ||||||
| 1,300,000 | Comcel Trust
6.88%, 02/06/19 (c) 144A | 1,049,750 | ||||||
| Country Garden Holdings Co. Ltd. | ||||||||
| 1,400,000 | 7.50%, 03/09/18 (c) † Reg S | 1,487,861 | ||||||
| 1,460,000 | 7.50%, 01/10/18 (c) 144A | 1,516,832 | ||||||
| 600,000 | DIP Sukuk Ltd.
4.29%, 02/20/19 Reg S | 615,000 | ||||||
| 850,000 | Emaar Sukuk Ltd.
6.40%, 07/18/19 † Reg S | 955,247 | ||||||
| 2,090,000 | Evergrande Real
Estate Group Ltd. 8.75%, 10/30/16 (c) 144A | 2,118,842 | ||||||
| 500,000 | Future Land Development
Holdings Ltd. 10.25%, 07/21/17 (c) † Reg S | 544,827 | ||||||
| 400,000 | Geely Automobile
Holdings Ltd. 5.25%, 10/06/17 (c) 144A | 412,000 | ||||||
| 1,660,000 | Global A&T
Electronics Ltd. 10.00%, 02/01/16 (c) † 144A | 1,423,450 | ||||||
| 200,000 | Glorious Property
Holdings Ltd. 13.25%, 03/04/16 (c) Reg S | 177,000 | ||||||
| Greenland Hong Kong Holdings Ltd. | ||||||||
| 650,000 | 4.38%, 08/07/17 Reg S | 658,096 | ||||||
| 200,000 | 4.75%, 10/18/16 † Reg S | 201,940 | ||||||
| 1,300,000 | Greentown China
Holdings Ltd. 8.50%, 02/04/16 (c) † Reg S | 1,370,225 | ||||||
| 950,000 | Guanay Finance
Ltd. 6.00%, 12/15/20 144A | 964,250 | ||||||
| 950,000 | Industrial Senior
Trust 5.50%, 11/01/22 144A | 870,556 | ||||||
| 1,540,000 | KWG Property
Holdings Ltd. 8.98%, 01/14/17 (c) Reg S | 1,638,639 | ||||||
| 940,000 | Longfor Properties
Co. Ltd. 6.75%, 01/29/18 (c) Reg S | 980,586 | ||||||
| 1,000,000 | MAF Global Securities
Ltd. 7.13%, 10/29/18 (c) Reg S | 1,039,330 | ||||||
| 1,025,000 | Marfrig Overseas
Ltd. 9.50%, 11/30/15 (c) 144A | 1,030,125 | ||||||
| Principal Amount | Value | |||||||
| Cayman Islands: (continued) | ||||||||
| $ | 1,755,000 | MCE
Finance Ltd. 5.00%, 02/15/16 (c) † 144A | $ | 1,651,981 | ||||
| 650,000 | MIE Holdings
Corp. 7.50%, 04/25/17 (c) 144A | 383,880 | ||||||
| 200,000 | Mongolian Mining
Corp. 8.88%, 11/30/15 (c) Reg S | 88,800 | ||||||
| 1,353,000 | Odebrecht Drilling
Norbe VIII/IX Ltd. 6.35%, 06/30/20 (c) † 144A | 676,500 | ||||||
| 1,132,625 | Odebrecht Offshore
Drilling Finance Ltd. 6.75%, 12/01/21 (c) 144A | 390,189 | ||||||
| 500,000 | Parkson Retail
Group Ltd. 4.50%, 05/03/18 † Reg S | 469,631 | ||||||
| 900,000 | Shelf Drilling
Holdings Ltd. 8.63%, 11/30/15 (c) 144A | 695,250 | ||||||
| Shimao Property Holdings Ltd. | ||||||||
| 1,925,000 | 6.63%, 01/14/17 (c) † Reg S | 2,012,141 | ||||||
| 1,200,000 | 8.38%, 02/10/19 (c) † Reg S | 1,295,134 | ||||||
| 600,000 | SOHO China Ltd.
5.75%, 11/07/15 (c) Reg S | 615,000 | ||||||
| 1,130,000 | Sunac China Holdings
Ltd. 12.50%, 11/30/15 (c) Reg S | 1,211,925 | ||||||
| 700,000 | Suzano Trading
Ltd. 5.88%, 01/23/21 † 144A | 705,600 | ||||||
| 675,000 | TAM Capital 3,
Inc. 8.38%, 06/03/16 (c) 144A | 546,750 | ||||||
| 1,840,000 | Wynn Macau Ltd.
5.25%, 10/15/16 (c) † 144A | 1,692,800 | ||||||
| 700,000 | Yuzhou
Properties Co., Ltd. 8.63%, 01/24/17 (c) Reg S | 734,154 | ||||||
| 42,473,778 | ||||||||
| Chile: 1.0% | ||||||||
| 910,000 | AES Gener SA
8.38%, 06/18/19 (c) † 144A | 946,400 | ||||||
| 350,000 | Automotores Gildemeister
SA 8.25%, 05/24/16 (c) 144A | 136,500 | ||||||
| 950,000 | CorpGroup Banking
SA 6.75%, 03/15/18 (c) † 144A | 908,438 | ||||||
| 1,000,000 | Latam Airlines
Group SA 7.25%, 06/09/20 † 144A | 930,000 | ||||||
| 500,000 | Masisa
SA 9.50%, 05/05/17 (c) 144A | 447,500 | ||||||
| 3,368,838 | ||||||||
| China / Hong Kong: 1.5% | ||||||||
| Bank of East Asia Ltd. | ||||||||
| 1,000,000 | 4.25%, 11/20/19 (c) Reg S | 995,426 | ||||||
| 700,000 | 8.50%, 11/05/19 (c) † Reg S | 800,650 | ||||||
| 400,000 | Chalieco Hong
Kong Corp. Ltd. 6.88%, 02/28/17 (c) Reg S | 414,500 | ||||||
| 850,000 | China CITIC Bank
International Ltd. 6.88%, 06/24/20 Reg S | 950,088 | ||||||
| 500,000 | Chong Hing Bank
Ltd. 6.50%, 09/25/19 (c) Reg S | 520,141 | ||||||
| 1,015,000 | Yancoal International
Resources Development Co. Ltd. 5.73%, 05/16/22 Reg S | 886,146 | ||||||
| 600,000 | Zoomlion
HK SPV Co. Ltd. 6.13%, 12/20/22 144A | 513,000 | ||||||
| 5,079,951 | ||||||||
See Notes to Financial Statements
| 30 |
| Principal Amount | Value | |||||||
| Colombia: 1.1% | ||||||||
| $ | 1,000,000 | Banco
Davivienda SA 5.88%, 07/09/22 † 144A | $ | 1,021,250 | ||||
| 600,000 | Banco GNB Sudameris
SA 3.88%, 05/02/18 † 144A | 591,750 | ||||||
| Colombia Telecomunicaciones SA ESP | ||||||||
| 1,110,000 | 5.38%, 09/27/17 (c) 144A | 993,450 | ||||||
| 1,000,000 | 8.50%, 03/30/20 (c) 144A | 898,750 | ||||||
| 3,505,200 | ||||||||
| Croatia: 0.2% | ||||||||
| Agrokor D.D. | ||||||||
| 550,000 | 8.88%, 02/01/16 (c) Reg S | 591,690 | ||||||
| 50,000 | 8.88%, 02/01/16 (c) 144A | 53,790 | ||||||
| 645,480 | ||||||||
| Dominican Republic: 0.5% | ||||||||
| Aeropuertos Dominicanos Siglo XXI SA | ||||||||
| 800,000 | 9.75%, 11/13/15 (c) (s) Reg S | 805,000 | ||||||
| 275,000 | 9.75%, 11/13/15 (c) (s) 144A | 276,719 | ||||||
| 700,000 | Banco
de Reservas de la Republica Dominicana 7.00%, 02/01/23 144A | 703,917 | ||||||
| 1,785,636 | ||||||||
| Georgia: 0.6% | ||||||||
| Bank of Georgia JSC | ||||||||
| 450,000 | 7.75%, 07/05/17 Reg S | 469,611 | ||||||
| 500,000 | 7.75%, 07/05/17 144A | 521,790 | ||||||
| 920,000 | Georgian
Railway JSC 7.75%, 07/11/22 144A | 965,731 | ||||||
| 1,957,132 | ||||||||
| Hungary: 0.4% | ||||||||
| 1,160,000 | MFB Magyar Fejlesztesi
Bank Zrt 6.25%, 10/21/20 144A | 1,297,866 | ||||||
| India: 1.8% | ||||||||
| 600,000 | Bank of Baroda
6.63%, 05/25/17 (c) Reg S | 623,230 | ||||||
| ICICI Bank Ltd. | ||||||||
| 900,000 | 6.38%, 04/30/17 (c) † Reg S | 926,415 | ||||||
| 800,000 | 6.38%, 04/30/17 (c) 144A | 823,480 | ||||||
| 890,000 | Indian Overseas
Bank 4.63%, 02/21/18 Reg S | 918,607 | ||||||
| 1,100,000 | JSW Steel Ltd.
4.75%, 11/12/19 † Reg S | 947,925 | ||||||
| 600,000 | Reliance Communications
Ltd. 6.50%, 11/06/20 Reg S | 619,200 | ||||||
| 1,000,000 | Tata
Motors Ltd. 4.63%, 04/30/20 † Reg S | 1,030,100 | ||||||
| 5,888,957 | ||||||||
| Indonesia: 1.6% | ||||||||
| 900,000 | Bank Negara Indonesia
Persero Tbk PT 4.13%, 04/27/17 † Reg S | 920,250 | ||||||
| 900,000 | Berau Coal Energy
Tbk PT 7.25%, 11/30/15 (c) 144A | 274,500 | ||||||
| Gajah Tunggal Tbk PT | ||||||||
| 600,000 | 7.75%, 02/06/16 (c) † Reg S | 324,000 | ||||||
| 250,000 | 7.75%, 02/06/16 (c) 144A | 135,000 | ||||||
| Perusahaan Listrik Negara PT | ||||||||
| 1,750,000 | 5.25%, 10/24/42 144A | 1,448,125 | ||||||
| 2,175,000 | 5.50%, 11/22/21 Reg S | 2,249,341 | ||||||
| 5,351,216 | ||||||||
| Principal Amount | Value | |||||||
| Ireland: 3.5% | ||||||||
| $ | 500,000 | AK
Transneft OJSC 8.70%, 08/07/18 144A | $ | 554,523 | ||||
| Alfa Bank OJSC | ||||||||
| 400,000 | 7.75%, 04/28/21 144A | 412,942 | ||||||
| 720,000 | 7.88%, 09/25/17 Reg S | 762,024 | ||||||
| 300,000 | Brunswick Rail
Finance Ltd. 6.50%, 11/01/17 Reg S | 144,000 | ||||||
| 250,000 | Credit Bank of
Moscow 7.70%, 02/01/18 Reg S | 254,323 | ||||||
| 300,000 | EDC Finance Ltd.
4.88%, 04/17/20 144A | 267,855 | ||||||
| 400,000 | EuroChem Mineral
& Chemical Co. OJSC 5.13%, 12/12/17 144A | 403,480 | ||||||
| 1,000,000 | Gazprombank OJSC
7.25%, 05/03/19 Reg S | 1,015,465 | ||||||
| 700,000 | Metalloinvest
Finance Ltd. 5.63%, 04/17/20 144A | 669,690 | ||||||
| 850,000 | Mobile Telesystems
OJSC 5.00%, 05/30/23 144A | 791,563 | ||||||
| 700,000 | Nomos Bank 7.25%, 04/25/18 144A | 716,625 | ||||||
| 300,000 | Phosagro OAO
4.20%, 02/13/18 144A | 300,188 | ||||||
| 200,000 | Raspadskaya OJSC
7.75%, 04/27/17 144A | 203,789 | ||||||
| 1,250,000 | Rosneft Oil Co.
4.20%, 03/06/22 144A | 1,121,835 | ||||||
| 400,000 | SCF Capital Ltd.
5.38%, 10/27/17 144A | 397,396 | ||||||
| 525,000 | Sibur Securities
Ltd. 3.91%, 01/31/18 144A | 509,775 | ||||||
| 300,000 | Vimpel Communications
OJSC 9.13%, 04/30/18 144A | 332,099 | ||||||
| 2,690,000 | Vnesheconombank
6.90%, 07/09/20 144A | 2,757,613 | ||||||
| 11,615,185 | ||||||||
| Israel: 0.4% | ||||||||
| 1,170,000 | B
Communications Ltd. 7.38%, 02/15/17 (c) † 144A | 1,275,300 | ||||||
| Kazakhstan: 1.5% | ||||||||
| Halyk Savings Bank of Kazakhstan JSC | ||||||||
| 100,000 | 7.25%, 05/03/17 Reg S | 102,532 | ||||||
| 1,465,000 | 7.25%, 05/03/17 144A | 1,502,088 | ||||||
| Kazkommertsbank JSC | ||||||||
| 550,000 | 7.50%, 11/29/16 Reg S | 529,925 | ||||||
| 650,000 | 7.50%, 11/29/16 144A | 626,275 | ||||||
| 1,000,000 | Samruk-Energy
JSC 3.75%, 12/20/17 Reg S | 955,000 | ||||||
| 1,470,000 | Zhaikmunai
International BV 7.13%, 11/13/16 (c) 144A | 1,205,400 | ||||||
| 4,921,220 | ||||||||
| Luxembourg: 8.4% | ||||||||
| 700,000 | ALROSA Finance
SA 7.75%, 11/03/20 144A | 744,450 | ||||||
| 500,000 | Andrade Gutierrez
International SA 4.00%, 04/30/18 144A | 342,500 | ||||||
| 1,530,000 | Consolidated
Energy Finance SA 6.75%, 10/15/16 (c) 144A | 1,530,000 | ||||||
See Notes to Financial Statements
| 31 |
EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal Amount | Value | |||||||
| Luxembourg: (continued) | ||||||||
| $ | 600,000 | Cosan
Luxembourg SA 5.00%, 03/14/18 (c) Reg S | $ | 507,000 | ||||
| 1,450,000 | CSN Resources
SA 6.50%, 07/21/20 144A | 855,500 | ||||||
| 1,200,000 | Evraz Group SA
6.75%, 04/27/18 144A | 1,212,000 | ||||||
| 450,000 | Far East Capital
Ltd. SA 8.00%, 05/02/16 (c) 144A | 279,216 | ||||||
| 1,300,000 | Gazprom Neft
OAO 6.00%, 11/27/23 144A | 1,258,010 | ||||||
| Gazprom OAO | ||||||||
| 1,000,000 | 4.95%, 07/19/22 144A | 969,162 | ||||||
| 200,000 | 6.21%, 11/22/16 144A | 207,554 | ||||||
| 1,000,000 | 7.29%, 08/16/37 144A | 1,007,500 | ||||||
| 1,300,000 | 9.25%, 04/23/19 144A | 1,464,937 | ||||||
| MHP SA | ||||||||
| 200,000 | 8.25%, 04/02/20 Reg S | 173,560 | ||||||
| 1,075,000 | 8.25%, 04/02/20 144A | 932,885 | ||||||
| 890,000 | Minerva Luxembourg
SA 7.75%, 01/31/18 (c) 144A | 883,325 | ||||||
| 600,000 | MOL Group Finance
SA 6.25%, 09/26/19 Reg S | 653,670 | ||||||
| Offshore Drilling Holding SA | ||||||||
| 700,000 | 8.38%, 09/20/17 (c) † Reg S | 563,500 | ||||||
| 820,000 | 8.38%, 09/20/17 (c) † 144A | 660,100 | ||||||
| 1,610,000 | Puma International
Financing SA 6.75%, 02/01/17 (c) 144A | 1,635,792 | ||||||
| 650,000 | QGOG Constellation
SA 6.25%, 11/09/16 (c) Reg S | 331,500 | ||||||
| Rosneft Finance SA | ||||||||
| 200,000 | 7.25%, 02/02/20 144A | 212,484 | ||||||
| 720,000 | 7.88%, 03/13/18 144A | 768,172 | ||||||
| Russian Agricultural Bank OJSC | ||||||||
| 1,480,000 | 5.10%, 07/25/18 144A | 1,479,963 | ||||||
| 300,000 | 6.00%, 06/03/16 (c) Reg S | 283,470 | ||||||
| Sberbank of Russia | ||||||||
| 1,000,000 | 4.95%, 02/07/17 144A | 1,018,495 | ||||||
| 1,300,000 | 5.13%, 10/29/22 144A | 1,222,413 | ||||||
| 1,150,000 | 6.13%, 02/07/22 144A | 1,183,919 | ||||||
| Severstal OAO | ||||||||
| 400,000 | 5.90%, 10/17/22 144A | 391,062 | ||||||
| 700,000 | 6.70%, 10/25/17 144A | 740,075 | ||||||
| 250,000 | Sistema JSFC
6.95%, 05/17/19 144A | 251,750 | ||||||
| 550,000 | TMK OAO 7.75%, 01/27/18 Reg S | 562,245 | ||||||
| 700,000 | Topaz Marine
SA 8.63%, 11/01/16 (c) 144A | 642,628 | ||||||
| VTB Bank OJSC | ||||||||
| 980,000 | 6.00%, 04/12/17 144A | 1,009,912 | ||||||
| 600,000 | 6.88%, 05/29/18 144A | 631,425 | ||||||
| 1,150,000 | VTB
Bank SA 6.95%, 10/17/22 144A | 1,102,781 | ||||||
| 27,712,955 | ||||||||
| Marshall Islands: 0.2% | ||||||||
| 750,000 | Navios
South American Logistics, Inc. 7.25%, 05/01/17 (c) 144A | 633,750 | ||||||
| Principal Amount | Value | |||||||
| Mexico: 6.1% | ||||||||
| $ | 1,030,000 | Axtel
SAB de CV 9.00%, 01/31/16 (c) (s) 144A | $ | 1,058,325 | ||||
| BBVA Bancomer SA | ||||||||
| 1,200,000 | 6.01%, 05/17/17 (c) Reg S | 1,230,000 | ||||||
| 1,175,000 | 7.25%, 04/22/20 144A | 1,310,219 | ||||||
| Cemex SAB de CV | ||||||||
| 1,320,000 | 5.88%, 03/25/16 (c) † 144A | 1,337,820 | ||||||
| 1,725,000 | 6.50%, 12/10/17 (c) 144A | 1,755,187 | ||||||
| 1,800,000 | 7.25%, 01/15/18 (c) 144A | 1,849,500 | ||||||
| 621,000 | Controladora
Mabe SA de CV 7.88%, 10/28/19 Reg S | 680,306 | ||||||
| 800,000 | Credito Real
SAB de CV 7.50%, 03/13/17 (c) † 144A | 828,800 | ||||||
| 910,000 | Elementia SAB
de CV 5.50%, 01/15/20 (c) 144A | 894,075 | ||||||
| Empresas ICA SAB de CV | ||||||||
| 1,300,000 | 8.88%, 05/29/19 (c) 144A | 373,750 | ||||||
| 665,000 | 8.90%, 02/04/16 (c) † Reg S | 187,863 | ||||||
| 1,000,000 | Grupo Elektra
SAB de CV 7.25%, 11/30/15 (c) Reg S | 962,500 | ||||||
| 500,000 | Grupo Idesa SA
de CV 7.88%, 12/18/17 (c) 144A | 511,250 | ||||||
| 600,000 | Grupo KUO SAB
de CV 6.25%, 12/04/17 (c) 144A | 576,000 | ||||||
| 750,000 | Grupo Papelero
Scribe SAB de CV 8.88%, 11/30/15 (c) 144A | 693,750 | ||||||
| 700,000 | Grupo Posadas
SAB de CV 7.88%, 06/30/19 (c) 144A | 675,500 | ||||||
| 500,000 | Metalsa SA de
CV 4.90%, 04/24/23 144A | 443,750 | ||||||
| 800,000 | Office Depot
de Mexico SA de CV 6.88%, 09/20/17 (c) 144A | 816,000 | ||||||
| 600,000 | Servicios Corporativos
Javer SAPI de CV 9.88%, 04/06/16 (c) 144A | 616,500 | ||||||
| 995,000 | Sixsigma Networks
Mexico SA de CV 8.25%, 11/07/17 (c) 144A | 975,100 | ||||||
| 850,000 | Tenedora Nemak
SA 5.50%, 02/28/18 (c) 144A | 873,375 | ||||||
| 1,000,000 | TV Azteca SAB
de CV 7.63%, 09/18/17 (c) † Reg S | 832,500 | ||||||
| 600,000 | Unifin
Financiera SAPI de CV 6.25%, 07/22/17 (c) 144A | 582,000 | ||||||
| 20,064,070 | ||||||||
| Mongolia: 0.2% | ||||||||
| 800,000 | Trade
& Development Bank of Mongolia LLC 9.38%, 05/19/20 144A | 802,172 | ||||||
| Morocco: 0.2% | ||||||||
| 500,000 | BMCE
Bank 6.25%, 11/27/18 Reg S | 519,475 | ||||||
| Netherlands: 7.2% | ||||||||
| Access Finance BV | ||||||||
| 200,000 | 7.25%, 07/25/17 Reg S | 199,009 | ||||||
| 950,000 | 7.25%, 07/25/17 144A | 945,295 | ||||||
| 1,020,000 | Ajecorp BV 6.50%, 05/14/17 (c) † 144A | 527,850 | ||||||
| 750,000 | Cimpor Financial
Operations BV 5.75%, 07/17/19 (c) 144A | 501,563 | ||||||
See Notes to Financial Statements
| 32 |
| Principal Amount |
Value | |||||||
| Netherlands: (continued) | ||||||||
| $ | 700,000 | Credit Europe Bank NV 8.00%, 01/24/18 (c) Reg S |
$ | 719,250 | ||||
| FBN Finance Co. BV | ||||||||
| 920,000 | 8.00%, 07/23/19 (c) 144A | 715,300 | ||||||
| 400,000 | 8.25%, 08/07/18 (c) 144A | 328,524 | ||||||
| 930,000 | Greenko Dutch BV 8.00%, 08/01/17 (c) 144A |
990,218 | ||||||
| 850,000 | GTB Finance BV 7.50%, 05/19/16 144A |
865,300 | ||||||
| 1,775,000 | Indo Energy Finance II BV 6.38%, 01/24/18 (c) 144A |
807,625 | ||||||
| 865,000 | Listrindo Capital BV 6.95%, 02/21/16 (c) † Reg S |
897,502 | ||||||
| Majapahit Holding BV | ||||||||
| 2,580,000 | 7.75%, 01/20/20 144A | 2,917,980 | ||||||
| 2,235,000 | 8.00%, 08/07/19 144A | 2,525,550 | ||||||
| 1,160,000 | Metinvest BV 8.75%, 02/14/18 144A |
736,786 | ||||||
| 690,000 | Myriad International Holdings BV | |||||||
| 6.38%, 07/28/17 144A | 725,931 | |||||||
| Petrobras Global Finance BV | ||||||||
| 2,835,000 | 4.38%, 05/20/23 | 2,073,094 | ||||||
| 1,050,000 | 6.25%, 03/17/24 | 843,623 | ||||||
| 1,700,000 | 7.88%, 03/15/19 † | 1,615,000 | ||||||
| 1,880,000 | Petrobras International Finance Co. | |||||||
| 5.38%, 01/27/21 | 1,534,550 | |||||||
| VimpelCom Holdings BV | ||||||||
| 770,000 | 5.95%, 02/13/23 144A | 740,163 | ||||||
| 760,000 | 7.50%, 03/01/22 144A | 803,221 | ||||||
| 1,960,000 | VTR Finance BV | |||||||
| 6.88%, 01/15/19 (c) 144A | 1,901,200 | |||||||
| 23,914,534 | ||||||||
| Nigeria: 0.4% | ||||||||
| 500,000 | Fidelity Bank Plc | |||||||
| 6.88%, 05/09/18 144A | 412,500 | |||||||
| 1,000,000 | Zenith Bank Plc | |||||||
| 6.25%, 04/22/19 144A | 924,340 | |||||||
| 1,336,840 | ||||||||
| Panama: 0.6% | ||||||||
| 600,000 | AES El Salvador Trust II | |||||||
| 6.75%, 03/28/18 (c) 144A | 545,250 | |||||||
| 500,000 | AES Panama SRL | |||||||
| 6.00%, 06/25/19 (c) 144A | 497,500 | |||||||
| 1,050,000 | Avianca Holdings SA | |||||||
| 8.38%, 05/10/17 (c) † 144A | 863,625 | |||||||
| 1,906,375 | ||||||||
| Paraguay: 0.4% | ||||||||
| 600,000 | Banco Regional SAECA | |||||||
| 8.13%, 01/24/19 144A | 618,000 | |||||||
| 600,000 | Telefonica Celular del Paraguay SA | |||||||
| 6.75%, 12/13/17 (c) 144A | 549,000 | |||||||
| 1,167,000 | ||||||||
| Peru: 1.9% | ||||||||
| 500,000 | Cementos Pacasmayo SAA | |||||||
| 4.50%, 02/08/23 144A | 474,375 | |||||||
| 675,000 | Cia Minera Ares SAC | |||||||
| 7.75%, 01/23/18 (c) 144A | 658,125 | |||||||
| Principal Amount |
Value | |||||||
| Peru: (continued) | ||||||||
| $ | 750,000 | Corp Azucarera del Peru SA | ||||||
| 6.38%, 08/02/17 (c) Reg S | $ | 629,063 | ||||||
| 300,000 | Corp Lindley SA | |||||||
| 6.75%, 11/23/21 144A | 333,000 | |||||||
| 575,000 | Ferreycorp SAA | |||||||
| 4.88%, 04/26/17 (c) 144A | 554,875 | |||||||
| 700,000 | InRetail Consumer | |||||||
| 5.25%, 10/10/18 (c) 144A | 714,000 | |||||||
| 775,000 | InRetail Shopping Malls | |||||||
| 6.50%, 07/09/18 (c) 144A | 796,313 | |||||||
| 1,150,000 | Union Andina de Cementos SAA | |||||||
| 5.88%, 10/30/18 (c) 144A | 1,154,312 | |||||||
| 1,050,000 | Volcan Cia Minera SAA | |||||||
| 5.38%, 02/02/22 † 144A | 947,625 | |||||||
| 6,261,688 | ||||||||
| Philippines: 0.2% | ||||||||
| 800,000 | Security Bank Corp. | |||||||
| 3.95%, 02/03/20 Reg S | 822,786 | |||||||
| Russia: 0.1% | ||||||||
| Ukrlandfarming Plc | ||||||||
| 400,000 | 10.88%, 03/26/18 Reg S | 190,000 | ||||||
| 225,000 | 10.88%, 03/26/18 144A | 106,875 | ||||||
| 296,875 | ||||||||
| Saudi Arabia: 0.5% | ||||||||
| Dar Al-Arkan Sukuk Co. Ltd. | ||||||||
| 1,200,000 | 5.75%, 05/24/18 Reg S | 1,186,500 | ||||||
| 600,000 | 6.50%, 05/28/19 Reg S | 604,103 | ||||||
| 1,790,603 | ||||||||
| Singapore: 1.5% | ||||||||
| 2,090,000 | ABJA Investment Co. Pte Ltd. | |||||||
| 5.95%, 07/31/24 Reg S | 1,955,111 | |||||||
| 111,000 | Bakrie Telecom Pte Ltd. | |||||||
| 11.50%, 05/07/15 (d) * Reg S | 5,128 | |||||||
| 500,000 | Pratama Agung Pte Ltd. | |||||||
| 6.25%, 02/24/18 (c) Reg S | 492,340 | |||||||
| 118,000 | STATS ChipPAC Ltd. | |||||||
| 4.50%, 03/20/16 (c) 144A | 117,705 | |||||||
| 1,060,000 | TBG Global Pte Ltd. | |||||||
| 4.63%, 04/03/16 (c) 144A | 1,060,000 | |||||||
| 600,000 | Theta Capital Pte Ltd. | |||||||
| 6.13%, 11/14/16 (c) Reg S | 583,626 | |||||||
| Yanlord Land Group Ltd. | ||||||||
| 200,000 | 10.63%, 11/30/15 (c) Reg S | 211,500 | ||||||
| 600,000 | 10.63%, 11/30/15 (c) 144A | 634,500 | ||||||
| 5,059,910 | ||||||||
| South Africa: 2.0% | ||||||||
| 600,000 | African Bank Ltd. | |||||||
| 6.00%, 06/15/16 (d) * Reg S | 506,250 | |||||||
| Eskom Holdings SOC Ltd. | ||||||||
| 2,920,000 | 5.75%, 01/26/21 † 144A | 2,720,228 | ||||||
| 2,200,000 | 6.75%, 08/06/23 † 144A | 2,049,850 | ||||||
| 1,440,000 | 7.13%, 02/11/25 † 144A | 1,342,685 | ||||||
| 6,619,013 | ||||||||
See Notes to Financial Statements
| 33 |
EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal Amount |
Value | |||||||
| South Korea: 0.7% | ||||||||
| Woori Bank Co. Ltd. | ||||||||
| $ | 700,000 | 5.00%, 06/10/20 (c) 144A | $ | 701,913 | ||||
| 1,450,000 | 6.21%, 05/02/17 (c) 144A | 1,529,753 | ||||||
| 2,231,666 | ||||||||
| Spain: 0.3% | ||||||||
| 1,075,000 | Cemex Espana Luxembourg | |||||||
| 9.88%, 04/30/16 (c) 144A | 1,151,594 | |||||||
| Sri Lanka: 0.8% | ||||||||
| Bank of Ceylon | ||||||||
| 900,000 | 5.33%, 04/16/18 Reg S | 896,625 | ||||||
| 670,000 | 6.88%, 05/03/17 Reg S | 689,263 | ||||||
| 75,000 | 6.88%, 05/03/17 144A | 77,156 | ||||||
| 1,000,000 | National Savings Bank | |||||||
| 8.88%, 09/18/18 144A | 1,071,250 | |||||||
| 2,734,294 | ||||||||
| Sweden: 0.3% | ||||||||
| 950,000 | Eileme 2 AB | |||||||
| 11.63%, 01/31/16 (c) Reg S | 1,030,845 | |||||||
| Thailand: 0.4% | ||||||||
| 1,160,000 | Krung Thai Bank PCL | |||||||
| 5.20%, 12/26/19 (c) † Reg S | 1,184,326 | |||||||
| Trinidad and Tobago: 0.8% | ||||||||
| Petroleum Co. of Trinidad & Tobago Ltd. | ||||||||
| 1,122,917 | 6.00%, 05/08/22 144A | 1,084,176 | ||||||
| 500,000 | 9.75%, 08/14/19 Reg S | 537,500 | ||||||
| 925,000 | 9.75%, 08/14/19 144A | 994,375 | ||||||
| 2,616,051 | ||||||||
| Turkey: 3.5% | ||||||||
| 900,000 | Albaraka Turk Katilim Bankasi AS | |||||||
| 6.25%, 06/30/19 Reg S | 906,894 | |||||||
| 800,000 | Arcelik AS | |||||||
| 5.00%, 04/03/23 144A | 752,780 | |||||||
| Finansbank AS | ||||||||
| 300,000 | 5.15%, 11/01/17 Reg S | 307,005 | ||||||
| 1,015,000 | 6.25%, 04/30/19 144A | 1,063,953 | ||||||
| 1,300,000 | Tupras Turkiye Petrol Rafinerileri AS | |||||||
| 4.13%, 05/02/18 144A | 1,307,020 | |||||||
| 2,350,000 | Turkiye Is Bankasi SA | |||||||
| 6.00%, 10/24/22 † 144A | 2,314,068 | |||||||
| Turkiye Sise ve Cam Fabrikalari AS | ||||||||
| 400,000 | 4.25%, 05/09/20 † Reg S | 393,480 | ||||||
| 600,000 | 4.25%, 05/09/20 144A | 590,220 | ||||||
| Turkiye Vakiflar Bankasi Tao | ||||||||
| 1,000,000 | 6.00%, 11/01/22 † Reg S | 956,190 | ||||||
| 1,200,000 | 6.00%, 11/01/22 † 144A | 1,147,428 | ||||||
| 1,850,000 | Yapi ve Kredi Bankasi AS | |||||||
| 5.50%, 12/06/22 144A | 1,775,565 | |||||||
| 11,514,603 | ||||||||
| United Kingdom: 3.4% | ||||||||
| AngloGold Ashanti Holdings Plc | ||||||||
| 895,000 | 5.13%, 08/01/22 | 819,484 | ||||||
| 1,590,000 | 5.38%, 04/15/20 | 1,530,534 | ||||||
| 550,000 | 6.50%, 04/15/40 | 442,750 | ||||||
| 1,260,000 | DTEK Finance Plc | |||||||
| 7.88%, 04/04/18 144A | 623,700 | |||||||
| 1,000,000 | Hikma Pharmaceuticals Plc | |||||||
| 4.25%, 04/10/20 Reg S | 1,005,450 | |||||||
| Principal Amount |
Value | |||||||
| United Kingdom: (continued) | ||||||||
| $ | 900,000 | Oschadbank | ||||||
| 9.38%, 03/10/23 (s) 144A | $ | 803,700 | ||||||
| 450,000 | Polyus Gold International Ltd. | |||||||
| 5.63%, 04/29/20 144A | 442,125 | |||||||
| 700,000 | Ukraine Railways | |||||||
| 9.50%, 05/21/18 144A | 565,250 | |||||||
| Vedanta Resources Plc | ||||||||
| 1,300,000 | 6.00%, 01/31/19 † Reg S | 1,046,973 | ||||||
| 1,850,000 | 6.00%, 01/31/19 † 144A | 1,489,923 | ||||||
| 2,235,000 | 8.25%, 06/07/21 † 144A | 1,799,175 | ||||||
| 600,000 | West China Cement Ltd. | |||||||
| 6.50%, 09/11/17 (c) † Reg S | 621,170 | |||||||
| 11,190,234 | ||||||||
| United States: 2.0% | ||||||||
| Cemex Finance LLC | ||||||||
| 1,955,000 | 6.00%, 04/01/19 (c) 144A | 1,871,912 | ||||||
| 1,610,000 | 9.38%, 10/12/17 (c) 144A | 1,758,925 | ||||||
| JBS USA LLC | ||||||||
| 1,100,000 | 5.75%, 06/15/20 (c) 144A | 1,069,750 | ||||||
| 1,500,000 | 7.25%, 11/30/15 (c) 144A | 1,576,875 | ||||||
| 910,000 | Rolta Americas LLC | |||||||
| 8.88%, 07/24/17 (c) 144A | 472,290 | |||||||
| 6,749,752 | ||||||||
| Venezuela: 2.7% | ||||||||
| 1,350,000 | CA La Electricidad de Caracas | |||||||
| 8.50%, 04/10/18 Reg S | 573,750 | |||||||
| Petroleos de Venezuela SA | ||||||||
| 1,315,000 | 5.25%, 04/12/17 Reg S | 742,975 | ||||||
| 2,020,000 | 5.38%, 04/12/27 Reg S | 707,000 | ||||||
| 480,000 | 5.50%, 04/12/37 Reg S | 165,600 | ||||||
| 3,960,000 | 6.00%, 05/16/24 144A | 1,420,650 | ||||||
| 3,000,000 | 6.00%, 11/15/26 144A | 1,067,700 | ||||||
| 3,280,000 | 8.50%, 11/02/17 † 144A | 2,000,472 | ||||||
| 1,050,000 | 9.00%, 11/17/21 † Reg S | 438,690 | ||||||
| 575,000 | 9.00%, 11/17/21 144A | 240,235 | ||||||
| 1,400,000 | 9.75%, 05/17/35 144A | 588,000 | ||||||
| 1,795,000 | 12.75%, 02/17/22 † 144A | 901,988 | ||||||
| 8,847,060 | ||||||||
| Total Corporate Bonds (Cost: $313,589,918) |
287,165,030 | |||||||
| GOVERNMENT OBLIGATIONS: 7.5% | ||||||||
| Argentina: 2.2% | ||||||||
| City of Buenos Aires, Argentina | ||||||||
| 815,000 | 8.95%, 02/19/21 144A | 863,900 | ||||||
| 650,000 | 9.95%, 03/01/17 144A | 679,250 | ||||||
| Provincia de Buenos Aires | ||||||||
| 1,050,000 | 9.38%, 09/14/18 144A | 1,071,000 | ||||||
| 1,400,000 | 9.95%, 06/09/21 144A | 1,445,500 | ||||||
| 1,025,000 | 10.88%, 01/26/21 144A | 1,091,625 | ||||||
| 1,025,000 | 10.88%, 01/26/21 Reg S | 1,091,625 | ||||||
| Provincia de Cordoba | ||||||||
| 500,000 | 12.38%, 08/17/17 Reg S | 523,750 | ||||||
| 600,000 | 12.38%, 08/17/17 144A | 628,500 | ||||||
| 7,395,150 | ||||||||
See Notes to Financial Statements
| 34 |
| Principal Amount |
Value | |||||||
| Azerbaijan: 0.9% | ||||||||
| State Oil Co. of the Azerbaijan Republic | ||||||||
| $ | 2,900,000 | 4.75%, 03/13/23 Reg S | $ | 2,516,382 | ||||
| 500,000 | 5.45%, 02/09/17 Reg S | 511,250 | ||||||
| 3,027,632 | ||||||||
| Costa Rica: 1.2% | ||||||||
| 900,000 | Banco de Costa Rica | |||||||
| 5.25%, 08/12/18 144A | 916,875 | |||||||
| 1,540,000 | Banco Nacional de Costa Rica | |||||||
| 6.25%, 11/01/23 144A | 1,516,900 | |||||||
| 1,300,000 | Instituto Costarricense de Electricidad | |||||||
| 6.95%, 11/10/21 144A | 1,332,500 | |||||||
| 3,766,275 | ||||||||
| Hungary: 0.6% | ||||||||
| Magyar Export-Import Bank Zrt | ||||||||
| 620,000 | 4.00%, 01/30/20 144A | 632,524 | ||||||
| 1,100,000 | 5.50%, 02/12/18 Reg S | 1,170,177 | ||||||
| 1,802,701 | ||||||||
| India: 0.2% | ||||||||
| 700,000 | State Bank of India | |||||||
| 6.44%, 05/15/17 (c) Reg S | 717,522 | |||||||
| Mongolia: 0.3% | ||||||||
| 1,100,000 | Development Bank of Mongolia LLC | |||||||
| 5.75%, 03/21/17 Reg S | 1,072,537 | |||||||
| Mozambique: 0.3% | ||||||||
| 1,214,850 | Republic of Mozambique | |||||||
| 6.31%, 09/11/20 Reg S | 1,086,100 | |||||||
| Turkey: 0.5% | ||||||||
| Export Credit Bank of Turkey | ||||||||
| 150,000 | 5.88%, 04/24/19 Reg S | 157,551 | ||||||
| 1,540,000 | 5.88%, 04/24/19 144A | 1,617,527 | ||||||
| 1,775,078 | ||||||||
| Ukraine:1.3% | ||||||||
| Financing of Infrastructural Projects State Enterprise |
||||||||
| 100,000 | 7.40%, 04/20/18 Reg S | 78,596 | ||||||
| 1,075,000 | 7.40%, 04/20/18 144A | 844,907 | ||||||
| 2,025,000 | 8.38%, 11/03/17 144A | 1,599,750 | ||||||
| 1,780,000 | Ukreximbank | |||||||
| 9.75%, 01/22/45 144A | 1,593,883 | |||||||
| 4,117,136 | ||||||||
| Total Government Obligations (Cost: $24,771,798) |
24,760,131 | |||||||
| Number of Shares |
||||||||
| MONEY MARKET FUND: 2.2% (Cost: $7,059,435) |
||||||||
| 7,059,435 | Dreyfus Government Cash Management Fund |
7,059,435 | ||||||
| Total Investments Before Collateral for Securities Loaned: 96.5% |
||||||||
| (Cost: $345,421,151) | 318,984,596 | |||||||
| Principal Amount |
Value | |||||||
| SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 17.5% | ||||||||
| Repurchase Agreements: 17.5% | ||||||||
| $ | 13,775,568 | Repurchase agreement dated 10/30/15 with BNP Paribas Securities Corp., 0.09%, due 11/2/15, proceeds $13,775,671; (collateralized by various U.S. government and agency obligations, 0.00% to 7.50%, due 8/1/16 to 11/1/45, valued at $14,051,081 including accrued interest) | $ | 13,775,568 | ||||
| 13,775,568 | Repurchase agreement dated 10/30/15 with Citigroup Global Markets, Inc., 0.10%, due 11/2/15, proceeds $13,775,683; (collateralized by various U.S. government and agency obligations, 2.00% to 6.50%, due 12/31/16 to 11/1/45, valued at $14,051,079 including accrued interest) | 13,775,568 | ||||||
| 13,775,568 | Repurchase agreement dated 10/30/15 with Daiwa Capital Markets America, Inc., 0.09%, due 11/2/15, proceeds $13,775,671; (collateralized by various U.S. government and agency obligations, 0.00% to 7.50%, due 11/5/15 to 2/1/49, valued at $14,051,080 including accrued interest) | 13,775,568 | ||||||
| 13,775,568 | Repurchase agreement dated 10/30/15 with HSBC Securities USA, Inc., 0.06%, due 11/2/15, proceeds $13,775,637; (collateralized by various U.S. government and agency obligations, 0.00% to 8.95%, due 11/15/15 to 7/15/37, valued at $14,051,112 including accrued interest) | 13,775,568 | ||||||
| 2,900,727 | Repurchase agreement dated 10/30/15 with Royal Bank of Scotland Plc, 0.07%, due 11/2/15, proceeds $2,900,744; (collateralized by various U.S. government and agency obligations, 0.07% to 3.38%, due 8/15/16 to 8/15/21, valued at $2,958,742 including accrued interest) | 2,900,727 | ||||||
| Total Short-Term Investments Held As Collateral For Securities Loaned |
||||||||
| (Cost: $58,002,999) | 58,002,999 | |||||||
| Total Investments: 114.0% | ||||||||
| (Cost: $403,424,150) | 376,987,595 | |||||||
| Liabilities in excess of other assets: (14.0)% | (46,337,102 | ) | ||||||
| NET ASSETS: 100.0% | $ | 330,650,493 | ||||||
See Notes to Financial Statements
| 35 |
EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| (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 $52,863,128. |
| 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 $215,865,331, or 65.3% of net assets. |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited) | % of Investments | Value | ||||||
| Basic Materials | 7.6 | % | $ | 24,312,821 | ||||
| Communications | 8.7 | 27,829,804 | ||||||
| Consumer, Cyclical | 5.0 | 15,944,367 | ||||||
| Consumer, Non-cyclical | 4.4 | 14,213,296 | ||||||
| Diversified | 0.7 | 2,245,688 | ||||||
| Energy | 14.7 | 46,928,124 | ||||||
| Financial | 34.1 | 108,652,162 | ||||||
| Government | 7.8 | 24,760,131 | ||||||
| Industrial | 7.4 | 23,564,603 | ||||||
| Technology | 0.2 | 589,995 | ||||||
| Utilities | 7.2 | 22,884,170 | ||||||
| Money Market Fund | 2.2 | 7,059,435 | ||||||
| 100.0 | % | $ | 318,984,596 | |||||
The summary of inputs used to value the Fund’s investments as of October 31, 2015 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
| Corporate Bonds* | $ | — | $ | 287,165,030 | $ | — | $ | 287,165,030 | ||||||||
| Government Obligations* | — | 24,760,131 | — | 24,760,131 | ||||||||||||
| Money Market Fund | 7,059,435 | — | — | 7,059,435 | ||||||||||||
| Repurchase Agreements | — | 58,002,999 | — | 58,002,999 | ||||||||||||
| Total | $ | 7,059,435 | $ | 369,928,160 | $ | — | $ | 376,987,595 | ||||||||
| * | See Schedule of Investments for security type and geographic sector breakouts. |
There were no transfers between levels during the period ended October 31, 2015.
See Notes to Financial Statements
| 36 |
FALLEN ANGEL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
October 31, 2015 (unaudited)
| Principal Amount |
Value | |||||||
| CORPORATE BONDS: 97.9% | ||||||||
| Canada: 2.4% | ||||||||
| $ | 40,000 | Bombardier, Inc. | ||||||
| 6.00%, 04/15/17 (c) Reg S | $ | 31,000 | ||||||
| Teck Resources Ltd. | ||||||||
| 400,000 | 3.00%, 03/01/19 | 307,956 | ||||||
| 600,000 | 3.75%, 11/01/22 (c) | 384,000 | ||||||
| 700,000 | 6.25%, 01/15/41 (c) | 399,000 | ||||||
| 1,121,956 | ||||||||
| Cayman Islands: 4.3% | ||||||||
| Transocean, Inc. | ||||||||
| 310,000 | 3.00%, 10/15/17 | 285,355 | ||||||
| 385,000 | 4.30%, 07/15/22 (c) † | 253,569 | ||||||
| 355,000 | 6.00%, 03/15/18 † | 334,765 | ||||||
| 415,000 | 6.50%, 11/15/20 † | 334,424 | ||||||
| 455,000 | 6.80%, 03/15/38 | 291,200 | ||||||
| 550,000 | 6.88%, 12/15/21 | 436,562 | ||||||
| 90,000 | 7.38%, 04/15/18 | 86,063 | ||||||
| 2,021,938 | ||||||||
| Finland: 1.7% | ||||||||
| Nokia OYJ | ||||||||
| 315,000 | 5.38%, 05/15/19 | 337,837 | ||||||
| 150,000 | 6.63%, 05/15/39 | 157,700 | ||||||
| 90,000 | Stora Enso OYJ | |||||||
| 7.25%, 04/15/36 144A | 96,750 | |||||||
| 180,000 | UPM-Kymmene OYJ | |||||||
| 7.45%, 11/26/27 144A | 211,950 | |||||||
| 804,237 | ||||||||
| France: 2.3% | ||||||||
| 60,000 | Banque PSA Finance | |||||||
| 5.75%, 04/04/21 144A | 63,664 | |||||||
| 85,000 | BPCE SA | |||||||
| 12.50%, 09/30/19 (c) 144A | 110,500 | |||||||
| Credit Agricole SA | ||||||||
| 225,000 | 6.64%, 05/31/17 (c) Reg S | 231,469 | ||||||
| 350,000 | 8.38%, 10/13/19 (c) 144A | 398,160 | ||||||
| Societe Generale | ||||||||
| 100,000 | 5.92%, 04/05/17 (c) Reg S | 102,438 | ||||||
| 175,000 | 5.92%, 04/05/17 (c) 144A | 179,267 | ||||||
| 1,085,498 | ||||||||
| Italy: 1.3% | ||||||||
| 615,000 | Intesa Sanpaolo SpA | |||||||
| 5.02%, 06/26/24 144A | 617,063 | |||||||
| Japan: 1.6% | ||||||||
| 760,000 | SoftBank Corp. | |||||||
| 4.50%, 04/15/20 144A | 755,060 | |||||||
| Liberia: 0.3% | ||||||||
| 140,000 | Royal Caribbean Cruises | |||||||
| 7.25%, 03/15/18 | 154,000 | |||||||
| Luxembourg: 10.8% | ||||||||
| ArcelorMittal | ||||||||
| 505,000 | 5.25%, 02/25/17 | 510,050 | ||||||
| 500,000 | 6.13%, 06/01/18 | 502,500 | ||||||
| 735,000 | 6.25%, 03/01/21 † | 697,791 | ||||||
| 305,000 | 7.00%, 02/25/22 † | 290,512 | ||||||
| 330,000 | 7.50%, 03/01/41 | 280,612 | ||||||
| 450,000 | 7.75%, 10/15/39 | 385,875 | ||||||
| 405,000 | 10.60%, 06/01/19 | 449,550 | ||||||
| Principal Amount | Value | |||||||
| Luxembourg: (continued) | ||||||||
| Telecom Italia Capital | ||||||||
| $ | 380,000 | 6.00%, 09/30/34 | $ | 359,100 | ||||
| 430,000 | 6.38%, 11/15/33 | 417,857 | ||||||
| 405,000 | 7.00%, 06/04/18 | 448,537 | ||||||
| 480,000 | 7.72%, 06/04/38 | 513,600 | ||||||
| 200,000 | UniCredit Luxembourg Finance SA | |||||||
| 6.00%, 10/31/17 144A | 210,688 | |||||||
| 5,066,672 | ||||||||
| Netherlands: 0.9% | ||||||||
| 390,000 | Royal Bank of Scotland NV | |||||||
| 4.65%, 06/04/18 | 404,777 | |||||||
| Norway: 0.7% | ||||||||
| 325,000 | Eksportfinans ASA | |||||||
| 5.50%, 06/26/17 | 341,760 | |||||||
| Spain: 0.4% | ||||||||
| 200,000 | BBVA International Preferred SAU | |||||||
| 5.92%, 04/18/17 (c) † | 204,250 | |||||||
| Switzerland: 0.1% | ||||||||
| 50,000 | Credit Suisse | |||||||
| 5.86%, 05/15/17 (c) | 52,063 | |||||||
| United Kingdom: 5.8% | ||||||||
| 420,000 | Barclays Bank Plc Perpetual | |||||||
| 6.28%, 12/15/34 (c) | 462,447 | |||||||
| Lloyds Banking Group Plc | ||||||||
| 135,000 | 6.41%, 10/01/35 (c) 144A | 151,200 | ||||||
| 255,000 | 6.66%, 05/21/37 (c) 144A | 286,556 | ||||||
| Royal Bank of Scotland Group Plc | ||||||||
| 325,000 | 6.99%, 10/05/17 (c) 144A | 380,250 | ||||||
| 390,000 | 7.64%, 09/30/17 (c) | 409,305 | ||||||
| 100,000 | 7.65%, 09/30/31 (c) | 125,000 | ||||||
| Tesco Plc | ||||||||
| 405,000 | 5.50%, 11/15/17 144A | 428,441 | ||||||
| 310,000 | 6.15%, 11/15/37 144A | 287,392 | ||||||
| 200,000 | Virgin Media Secured Finance Plc | |||||||
| 5.25%, 01/15/21 | 212,750 | |||||||
| 2,743,341 | ||||||||
| United States: 65.3% | ||||||||
| ADT Corp. | ||||||||
| 240,000 | 2.25%, 07/15/17 | 239,400 | ||||||
| 330,000 | 3.50%, 07/15/22 | 311,025 | ||||||
| 160,000 | 4.13%, 06/15/23 † | 154,800 | ||||||
| 295,000 | 4.88%, 07/15/42 | 227,150 | ||||||
| 150,000 | Aecom Global II / URS Fox US LP | |||||||
| 5.00%, 01/01/22 (c) | 142,875 | |||||||
| Alcatel-Lucent USA, Inc. | ||||||||
| 380,000 | 6.45%, 03/15/29 | 402,800 | ||||||
| 135,000 | 6.50%, 01/15/28 | 142,931 | ||||||
| Alcoa, Inc. | ||||||||
| 555,000 | 5.40%, 01/15/21 (c) | 576,506 | ||||||
| 215,000 | 5.55%, 02/01/17 | 224,406 | ||||||
| 210,000 | 5.72%, 02/23/19 | 225,487 | ||||||
| 360,000 | 5.90%, 02/01/27 | 366,750 | ||||||
| 192,000 | 5.95%, 02/01/37 | 181,440 | ||||||
| 370,000 | 6.15%, 08/15/20 | 391,737 | ||||||
| 250,000 | 6.75%, 07/15/18 | 276,906 | ||||||
See Notes to Financial Statements
| 37 |
FALLEN ANGEL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal Amount | Value | |||||||
| United States: (continued) | ||||||||
| Allegheny Technologies, Inc. | ||||||||
| $ | 340,000 | 5.95%, 10/15/20 (c) | $ | 300,900 | ||||
| 150,000 | 7.63%, 05/15/23 (c) (s) | 128,250 | ||||||
| 177,000 | Ally Financial, Inc. | |||||||
| 8.00%, 11/01/31 | 216,825 | |||||||
| Avon Products, Inc. | ||||||||
| 305,000 | 6.35%, 03/15/20 (s) † | 249,337 | ||||||
| 395,000 | 6.75%, 03/15/23 (s) † | 287,856 | ||||||
| 158,000 | BAC Capital Trust XI | |||||||
| 6.63%, 05/23/36 | 183,105 | |||||||
| 135,000 | Belo Corp. | |||||||
| 7.25%, 09/15/27 | 140,063 | |||||||
| 115,000 | BMC Software, Inc. | |||||||
| 7.25%, 06/01/18 † | 101,631 | |||||||
| 80,000 | Brunswick Corp. | |||||||
| 7.13%, 08/01/27 | 85,600 | |||||||
| CenturyLink, Inc. | ||||||||
| 290,000 | 6.00%, 04/01/17 | 305,587 | ||||||
| 400,000 | 6.88%, 01/15/28 | 348,000 | ||||||
| 270,000 | 7.60%, 09/15/39 | 232,200 | ||||||
| 75,000 | Choice Hotels International, Inc. | |||||||
| 5.70%, 08/28/20 | 80,903 | |||||||
| 50,000 | Cincinnati Bell | |||||||
| 6.30%, 12/01/28 | 45,250 | |||||||
| 67,000 | Citigroup Capital III | |||||||
| 7.63%, 12/01/36 | 83,643 | |||||||
| 175,000 | Clear Channel Communications, Inc. | |||||||
| 7.25%, 10/15/27 | 117,250 | |||||||
| Cliffs Natural Resources, Inc. | ||||||||
| 180,000 | 5.95%, 01/15/18 † | 93,600 | ||||||
| 203,000 | 7.75%, 03/31/17 (c) † 144A | 83,230 | ||||||
| Commercial Metals Co. | ||||||||
| 255,000 | 6.50%, 07/15/17 | 265,837 | ||||||
| 30,000 | 7.35%, 08/15/18 | 32,363 | ||||||
| 60,000 | ConAgra Foods, Inc. | |||||||
| 9.75%, 03/01/21 | 75,953 | |||||||
| 90,000 | Cooper Tire & Rubber Co. | |||||||
| 7.63%, 03/15/27 | 94,500 | |||||||
| 50,000 | Countrywide Capital III | |||||||
| 8.05%, 06/15/27 | 62,564 | |||||||
| 110,000 | Crown Cork & Seal Co., Inc. | |||||||
| 7.38%, 12/15/26 | 120,588 | |||||||
| DCP Midstream LLC | ||||||||
| 370,000 | 4.75%, 09/30/21 144A | 329,296 | ||||||
| 450,000 | 5.35%, 03/15/20 144A | 419,857 | ||||||
| DCP Midstream Operating LP | ||||||||
| 290,000 | 2.50%, 11/01/17 (c) | 270,705 | ||||||
| 355,000 | 3.88%, 12/15/22 (c) | 301,567 | ||||||
| 65,000 | Dean Holding Co. | |||||||
| 6.90%, 10/15/17 | 68,169 | |||||||
| Dell, Inc. | ||||||||
| 340,000 | 4.63%, 04/01/21 | 330,650 | ||||||
| 220,000 | 5.88%, 06/15/19 | 228,492 | ||||||
| 210,000 | 6.50%, 04/15/38 | 179,025 | ||||||
| 330,000 | Dresdner Funding Trust I | |||||||
| 8.15%, 06/30/29 (c) 144A | 407,550 | |||||||
| 348,000 | Edgewell Personal Care | |||||||
| 4.70%, 05/24/22 | 356,852 | |||||||
| Principal Amount | Value | |||||||
| United States: (continued) | ||||||||
| $ | 455,000 | Embarq Corp. | ||||||
| 8.00%, 06/01/36 | $ | 479,741 | ||||||
| 151,000 | Energen Corp. | |||||||
| 4.63%, 06/01/21 (c) | 137,410 | |||||||
| 100,000 | Family Dollar Store, Inc. | |||||||
| 5.00%, 02/01/21 | 103,026 | |||||||
| 100,000 | Fifth Street Finance Corp. | |||||||
| 4.88%, 03/01/19 † | 101,431 | |||||||
| 90,000 | First Niagara Financial Group, Inc. | |||||||
| 7.25%, 12/15/21 | 107,967 | |||||||
| FirstEnergy Corp. | ||||||||
| 450,000 | 4.25%, 12/15/22 (c) | 455,543 | ||||||
| 471,000 | 7.38%, 11/15/31 | 563,460 | ||||||
| 405,000 | Frontier Communications Corp. | |||||||
| 9.00%, 08/15/31 | 368,347 | |||||||
| 150,000 | GenOn Americas Generation, LLC | |||||||
| 9.13%, 05/01/31 † | 112,500 | |||||||
| Genworth Holdings, Inc. | ||||||||
| 230,000 | 4.80%, 02/15/24 † | 168,475 | ||||||
| 60,000 | 6.15%, 11/15/16 (c) | 27,300 | ||||||
| 375,000 | 6.52%, 05/22/18 | 386,719 | ||||||
| 315,000 | 7.63%, 09/24/21 | 294,624 | ||||||
| 210,000 | 7.70%, 06/15/20 | 206,850 | ||||||
| 479,000 | Goldman Sachs Capital I | |||||||
| 6.35%, 02/15/34 | 562,460 | |||||||
| 50,000 | Goodyear Tire & Rubber Co. | |||||||
| 7.00%, 03/15/28 | 54,750 | |||||||
| 150,000 | Graham Holdings Co. | |||||||
| 7.25%, 02/01/19 | 161,396 | |||||||
| 135,000 | Harsco Corp. | |||||||
| 5.75%, 05/15/18 | 132,638 | |||||||
| HCA, Inc. | ||||||||
| 100,000 | 7.50%, 11/15/95 | 100,250 | ||||||
| 150,000 | 7.69%, 06/15/25 | 166,500 | ||||||
| 105,000 | 8.36%, 04/15/24 (p) | 123,900 | ||||||
| 70,000 | iHeartCommunications, Inc. | |||||||
| 6.88%, 06/15/18 † | 60,550 | |||||||
| Illinois Power Generating | ||||||||
| 100,000 | 7.00%, 04/15/18 † | 85,500 | ||||||
| 150,000 | 7.95%, 06/01/32 † | 117,750 | ||||||
| International Game Technology | ||||||||
| 35,000 | 5.50%, 06/15/20 | 35,088 | ||||||
| 165,000 | 7.50%, 06/15/19 | 177,788 | ||||||
| JC Penney Corp., Inc. | ||||||||
| 30,000 | 5.75%, 02/15/18 † | 29,325 | ||||||
| 515,000 | 7.40%, 04/01/37 | 395,262 | ||||||
| 75,000 | Knight Ridder, Inc. | |||||||
| 5.75%, 09/01/17 | 76,688 | |||||||
| L Brands, Inc. | ||||||||
| 215,000 | 6.90%, 07/15/17 | 232,737 | ||||||
| 205,000 | 6.95%, 03/01/33 | 214,737 | ||||||
| 50,000 | Land O’Lakes, Inc. | |||||||
| 6.00%, 08/15/22 (c) 144A | 53,875 | |||||||
| 50,000 | Leidos Holdings, Inc. | |||||||
| 4.45%, 09/01/20 (c) | 49,220 | |||||||
| Leidos, Inc. | ||||||||
| 130,000 | 5.50%, 07/01/33 | 118,797 | ||||||
| 160,000 | 7.13%, 07/01/32 | 166,909 | ||||||
See Notes to Financial Statements
| 38 |
| Principal Amount | Value | |||||||
| United States: (continued) | ||||||||
| $ | 330,000 | Leucadia National Corp. | ||||||
| 5.50%, 01/18/23 (c) | $ | 330,214 | ||||||
| Masco Corp. | ||||||||
| 190,000 | 5.85%, 03/15/17 | 200,925 | ||||||
| 175,000 | 6.50%, 08/15/32 | 179,375 | ||||||
| 230,000 | MDC Holdings, Inc. | |||||||
| 5.63%, 02/01/20 | 241,500 | |||||||
| Meccanica Holdings USA, Inc. | ||||||||
| 190,000 | 6.25%, 07/15/19 144A | 205,438 | ||||||
| 195,000 | 6.25%, 01/15/40 144A | 186,225 | ||||||
| 21,000 | Neiman Marcus Group LLC | |||||||
| 7.13%, 06/01/28 | 21,263 | |||||||
| 490,000 | New Albertsons, Inc. | |||||||
| 8.00%, 05/01/31 | 485,100 | |||||||
| NGPL Pipeco LLC | ||||||||
| 500,000 | 7.12%, 12/15/17 144A | 465,000 | ||||||
| 50,000 | 7.77%, 12/15/37 144A | 41,250 | ||||||
| 70,000 | Norbord Delaware GP I | |||||||
| 7.70%, 02/15/17 144A | 74,200 | |||||||
| NuStar Logistics, LP | ||||||||
| 235,000 | 4.80%, 09/01/20 | 229,125 | ||||||
| 80,000 | 8.15%, 04/15/18 | 85,600 | ||||||
| 320,000 | ONEOK, Inc. | |||||||
| 4.25%, 11/02/21 (c) | 275,200 | |||||||
| Pactiv LLC | ||||||||
| 225,000 | 7.95%, 12/15/25 | 218,812 | ||||||
| 50,000 | 8.13%, 06/15/17 | 53,875 | ||||||
| 310,000 | PPL Energy Supply LLC | |||||||
| 4.60%, 09/15/21 (c) | 266,453 | |||||||
| 100,000 | Provident Financing Trust I | |||||||
| 7.41%, 03/15/38 | 113,563 | |||||||
| PulteGroup, Inc. | ||||||||
| 30,000 | 6.38%, 05/15/33 | 31,080 | ||||||
| 175,000 | 7.63%, 10/15/17 | 191,625 | ||||||
| 130,000 | 7.88%, 06/15/32 | 151,125 | ||||||
| 100,000 | QEP Resources, Inc. | |||||||
| 6.80%, 03/01/20 | 98,500 | |||||||
| 50,000 | Red Oak Power LLC | |||||||
| 9.20%, 11/30/29 | 54,125 | |||||||
| 140,000 | Rite Aid Corp. | |||||||
| 7.70%, 02/15/27 | 178,150 | |||||||
| Rockies Express Pipeline | ||||||||
| 285,000 | 5.63%, 04/15/20 144A | 287,850 | ||||||
| 130,000 | 6.85%, 07/15/18 144A | 135,189 | ||||||
| 226,000 | 6.88%, 04/15/40 144A | 216,395 | ||||||
| RR Donnelley & Sons Co. | ||||||||
| 18,000 | 6.13%, 01/15/17 | 18,670 | ||||||
| 275,000 | 7.63%, 06/15/20 | 286,000 | ||||||
| Safeway, Inc. | ||||||||
| 50,000 | 5.00%, 08/15/19 | 49,750 | ||||||
| 370,000 | 7.25%, 02/01/31 † | 360,750 | ||||||
| 60,000 | Seacor Holdings, Inc. | |||||||
| 7.38%, 10/01/19 | 60,900 | |||||||
| 80,000 | Sealed Air Corp. | |||||||
| 6.88%, 07/15/33 144A | 82,000 | |||||||
| 80,000 | ServiceMaster Co. LLC | |||||||
| 7.45%, 08/15/27 | 82,200 | |||||||
| Principal Amount | Value | |||||||
| United States: (continued) | ||||||||
| SLM Corp. | ||||||||
| $ | 250,000 | 5.63%, 08/01/33 | $ | 184,375 | ||||
| 510,000 | 6.00%, 01/25/17 | 524,637 | ||||||
| 395,000 | 8.00%, 03/25/20 | 419,687 | ||||||
| 870,000 | 8.45%, 06/15/18 | 935,250 | ||||||
| 660,000 | Springleaf Finance Corp. | |||||||
| 6.90%, 12/15/17 | 696,300 | |||||||
| Sprint Capital Corp. | ||||||||
| 760,000 | 6.88%, 11/15/28 | 632,700 | ||||||
| 915,000 | 6.90%, 05/01/19 | 880,687 | ||||||
| 645,000 | 8.75%, 03/15/32 | 582,112 | ||||||
| Sprint Communications, Inc. | ||||||||
| 200,000 | 6.00%, 12/01/16 | 202,625 | ||||||
| 100,000 | 9.25%, 04/15/22 | 103,500 | ||||||
| 135,000 | Synovus Financial Corp. | |||||||
| 5.13%, 06/15/17 | 141,244 | |||||||
| 110,000 | Talen Energy Supply LLC | |||||||
| 6.50%, 05/01/18 | 112,063 | |||||||
| 150,000 | Tenet Healthcare Corp. | |||||||
| 6.88%, 11/15/31 | 135,750 | |||||||
| 42,000 | Textron Financial Corp. | |||||||
| 6.00%, 02/15/17 (c) 144A | 31,185 | |||||||
| Toll Brothers Finance Corp. | ||||||||
| 160,000 | 6.75%, 11/01/19 | 181,600 | ||||||
| 50,000 | 8.91%, 10/15/17 | 56,500 | ||||||
| 126,000 | Toys R Us, Inc. | |||||||
| 7.38%, 10/15/18 | 84,105 | |||||||
| 100,000 | TRW Automotive, Inc. | |||||||
| 4.45%, 09/01/23 (c) 144A | 95,750 | |||||||
| 190,000 | United States Cellular Corp. | |||||||
| 6.70%, 12/15/33 | 171,950 | |||||||
| 390,000 | United States Steel Corp. | |||||||
| 7.00%, 02/01/18 † | 343,200 | |||||||
| Vereit Operating Partnership LP | ||||||||
| 738,000 | 2.00%, 02/06/17 | 729,292 | ||||||
| 30,000 | 4.60%, 11/06/23 (c) | 29,213 | ||||||
| Vulcan Materials Co. | ||||||||
| 210,000 | 7.00%, 06/15/18 | 235,200 | ||||||
| 40,000 | 7.15%, 11/30/37 | 44,200 | ||||||
| 30,000 | Wendy’s International | |||||||
| 7.00%, 12/15/25 | 31,800 | |||||||
| 30,663,276 | ||||||||
| Total Corporate Bonds | ||||||||
| (Cost: $47,266,389) | 46,035,891 | |||||||
| Number of Shares |
||||||||
| MONEY MARKET FUND: 0.1% | ||||||||
| (Cost: $36,147) | ||||||||
| 36,147 | Dreyfus Government Cash | |||||||
| Management Fund | 36,147 | |||||||
| Total Investments Before Collateral for Securities Loaned: 98.0% |
||||||||
| (Cost: $47,302,536) | 46,072,038 | |||||||
See Notes to Financial Statements
| 39 |
FALLEN ANGEL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal Amount | Value | |||||||
| SHORT-TERM INVESTMENTS HELD AS | ||||||||
| COLLATERAL FOR SECURITIES LOANED: 9.0% | ||||||||
| Repurchase Agreements: 9.0% | ||||||||
| $ | 1,001,155 | Repurchase agreement dated | ||||||
| 10/30/15 with BNP Paribas | ||||||||
| Securities Corp., 0.09%, due | ||||||||
| 11/2/15, proceeds $1,001,163; | ||||||||
| (collateralized by various U.S. | ||||||||
| government and agency obligations, | ||||||||
| 0.00% to 7.50%, due 8/1/16 to | ||||||||
| 11/1/45, valued at $1,021,178 | ||||||||
| including accrued interest) | $ | 1,001,155 | ||||||
| 1,001,155 | Repurchase agreement dated | |||||||
| 10/30/15 with Citigroup Global | ||||||||
| Markets, Inc., 0.10%, due 11/2/15, | ||||||||
| proceeds $1,001,163; (collateralized | ||||||||
| by various U.S. government and | ||||||||
| agency obligations, 2.00% to | ||||||||
| 6.50%, due 12/31/16 to 11/1/45, | ||||||||
| valued at $1,021,178 including | ||||||||
| accrued interest) | 1,001,155 | |||||||
| 1,001,155 | Repurchase agreement dated | |||||||
| 10/30/15 with HSBC Securities | ||||||||
| USA, Inc., 0.06%, due 11/2/15, | ||||||||
| proceeds $1,001,160; (collateralized | ||||||||
| by various U.S. government and | ||||||||
| agency obligations, 0.00% to | ||||||||
| 8.95%, due 11/15/15 to 7/15/37, | ||||||||
| valued at $1,021,180 including | ||||||||
| accrued interest) | 1,001,155 | |||||||
| Principal Amount | Value | |||||||
| Repurchase Agreements: (continued) | ||||||||
| $ | 1,001,155 | Repurchase agreement dated | ||||||
| 10/30/15 with Mizuho Securities | ||||||||
| USA, Inc., 0.10%, due 11/2/15, | ||||||||
| proceeds $1,001,163; (collateralized | ||||||||
| by various U.S. government and | ||||||||
| agency obligations, 0.00% to | ||||||||
| 9.50%, due 3/1/18 to 12/15/43, | ||||||||
| valued at $1,021,178 including | ||||||||
| accrued interest) | $ | 1,001,155 | ||||||
| 210,763 | Repurchase agreement dated | |||||||
| 10/30/15 with Royal Bank of | ||||||||
| Scotland Plc, 0.07%, due 11/2/15, | ||||||||
| proceeds $210,764; (collateralized | ||||||||
| by various U.S. government and | ||||||||
| agency obligations, 0.07% to | ||||||||
| 3.38%, due 8/15/16 to 8/15/21, | ||||||||
| valued at $214,978 including | ||||||||
| accrued interest) | 210,763 | |||||||
| Total Short-Term Investments Held | ||||||||
| As Collateral For Securities Loaned | ||||||||
| (Cost: $4,215,383) | 4,215,383 | |||||||
| Total Investments: 107.0% | ||||||||
| (Cost: $51,517,919) | 50,287,421 | |||||||
| Liabilities in excess of other assets: (7.0)% | (3,296,150 | ) | ||||||
| NET ASSETS: 100.0% | $ | 46,991,271 | ||||||
| (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 |
| † | Security fully or partially on loan. Total market value of securities on loan is $4,060,738. |
| 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 $7,291,231, or 15.5% of net assets. |
See Notes to Financial Statements
| 40 |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited) | % of Investments | Value | ||||||
| Basic Materials | 17.4 | % | $ | 8,007,158 | ||||
| Communications | 18.5 | 8,495,422 | ||||||
| Consumer, Cyclical | 7.4 | 3,407,314 | ||||||
| Consumer, Non-cyclical | 9.0 | 4,154,270 | ||||||
| Diversified | 0.7 | 330,214 | ||||||
| Energy | 11.7 | 5,375,782 | ||||||
| Financial | 24.6 | 11,345,116 | ||||||
| Industrial | 4.9 | 2,264,203 | ||||||
| Technology | 1.9 | 889,018 | ||||||
| Utilities | 3.8 | 1,767,394 | ||||||
| Money Market Fund | 0.1 | 36,147 | ||||||
| 100.0 | % | $ | 46,072,038 | |||||
The summary of inputs used to value the Fund’s investments as of October 31, 2015 is as follows:
| Level
1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||||
| Corporate Bonds* | $ | — | $ | 46,035,891 | $ | — | $ | 46,035,891 | ||||||||||
| Money Market Fund | 36,147 | — | — | 36,147 | ||||||||||||||
| Repurchase Agreements | — | 4,215,383 | — | 4,215,383 | ||||||||||||||
| Total | $ | 36,147 | $ | 50,251,274 | $ | — | $ | 50,287,421 | ||||||||||
| * | See Schedule of Investments for security type and geographic sector breakouts. |
There were no transfers between levels during the period ended October 31, 2015.
See Notes to Financial Statements
| 41 |
INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
October 31, 2015 (unaudited)
| Principal Amount | Value | |||||||
| CORPORATE BONDS: 96.0% | ||||||||
| Argentina: 0.7% | ||||||||
| USD | 77,175 | Aeropuertos Argentinia 2000 SA | ||||||
| 10.75%, 12/22/15 (c) Reg S | $ | 80,061 | ||||||
| 100,000 | Arcor SAIC | |||||||
| 7.25%, 11/30/15 (c) 144A | 103,500 | |||||||
| 140,000 | Inversiones y Representaciones SA | |||||||
| 11.50%, 07/20/20 Reg S | 150,500 | |||||||
| Pan American Energy LLC | ||||||||
| 150,000 | 7.88%, 05/07/21 Reg S | 150,810 | ||||||
| 25,000 | 7.88%, 05/07/21 144A | 25,135 | ||||||
| 385,000 | YPF SA | |||||||
| 8.88%, 12/19/18 144A | 399,437 | |||||||
| 909,443 | ||||||||
| Australia: 0.8% | ||||||||
| 100,000 | Barminco Finance Pty Ltd. | |||||||
| 9.00%, 06/01/18 † 144A | 78,500 | |||||||
| FMG Resources August 2006 Pty Ltd. | ||||||||
| 565,000 | 6.88%, 04/01/17 (c) † 144A | 406,800 | ||||||
| 280,000 | 8.25%, 11/30/15 (c) † 144A | 239,050 | ||||||
| EUR | 300,000 | Origin Energy Finance Ltd. | ||||||
| 7.88%, 06/16/18 (c) Reg S | 338,030 | |||||||
| 1,062,380 | ||||||||
| Austria: 1.3% | ||||||||
| 550,000 | Hypo Alpe-Adria-Bank International AG | |||||||
| 4.38%, 01/24/17 (d) | 405,547 | |||||||
| USD | 300,000 | JBS Investments GmbH | ||||||
| 7.25%, 04/03/19 (c) † 144A | 309,750 | |||||||
| EUR | 300,000 | Raiffeisen Bank International | ||||||
| 4.50%, 02/21/20 (c) Reg S | 276,471 | |||||||
| USD | 300,000 | Sappi Papier Holding GmbH | ||||||
| 7.75%, 04/15/17 (c) 144A | 313,500 | |||||||
| EUR | 150,000 | Telekom Austria AG | ||||||
| 5.63%, 02/01/18 (c) Reg S | 173,066 | |||||||
| 200,000 | Wienerberger AG | |||||||
| 6.50%, 02/09/21 (c) | 226,022 | |||||||
| 1,704,356 | ||||||||
| Barbados: 0.2% | ||||||||
| USD | 250,000 | Columbus International, Inc. | ||||||
| 7.38%, 03/30/18 (c) 144A | 260,938 | |||||||
| Belgium: 0.2% | ||||||||
| EUR | 200,000 | Barry Callebaut Services NV | ||||||
| 5.63%, 06/15/21 Reg S | 260,496 | |||||||
| Bermuda: 0.8% | ||||||||
| USD | 200,000 | China Oil & Gas Group Ltd. | ||||||
| 5.25%, 04/25/16 (c) 144A | 200,967 | |||||||
| Digicel Group Ltd. | ||||||||
| 160,000 | 7.13%, 04/01/17 (c) 144A | 132,800 | ||||||
| 380,000 | 8.25%, 09/30/16 (c) 144A | 338,200 | ||||||
| 240,000 | Digicel Ltd. | |||||||
| 6.00%, 04/15/16 (c) 144A | 217,200 | |||||||
| 200,000 | Inkia Energy Ltd. | |||||||
| 8.38%, 04/04/16 (c) 144A | 205,500 | |||||||
| 1,094,667 | ||||||||
| Principal Amount | Value | |||||||
| Brazil: 2.1% | ||||||||
| USD | 520,000 | Banco Bradesco SA | ||||||
| 5.90%, 01/16/21 144A | $ | 518,700 | ||||||
| 180,000 | Banco BTG Pactual SA | |||||||
| 5.75%, 09/28/22 Reg S | 151,200 | |||||||
| 600,000 | Banco do Brasil SA | |||||||
| 5.88%, 01/19/23 144A | 526,500 | |||||||
| 425,000 | Cent Elet Brasileiras SA | |||||||
| 6.88%, 07/30/19 144A | 380,906 | |||||||
| 1,100,000 | Itau Unibanco Holding SA | |||||||
| 5.13%, 05/13/23 144A | 995,500 | |||||||
| Telemar Norte Leste SA | ||||||||
| EUR | 200,000 | 5.13%, 12/15/17 Reg S | 185,581 | |||||
| USD | 145,000 | 5.50%, 10/23/20 144A | 100,050 | |||||
| 2,858,437 | ||||||||
| British Virgin Islands: 1.2% | ||||||||
| 100,000 | Arcos Dorados Holdings, Inc. | |||||||
| 6.63%, 09/27/23 144A | 83,500 | |||||||
| 300,000 | Gold Fields Orogen Holding BVI Ltd. | |||||||
| 4.88%, 10/07/20 144A | 244,500 | |||||||
| 200,000 | Road King 2012 Ltd. | |||||||
| 9.88%, 11/30/15 (c) Reg S | 210,250 | |||||||
| 200,000 | Sparkle Assets Ltd. | |||||||
| 6.88%, 01/30/17 (c) † Reg S | 212,655 | |||||||
| 200,000 | Star Energy Geothermal Wayang Windu Ltd. | |||||||
| 6.13%, 03/28/17 (c) Reg S | 195,500 | |||||||
| 300,000 | Studio City Finance Ltd. | |||||||
| 8.50%, 12/01/15 (c) † 144A | 305,250 | |||||||
| 200,000 | Trillion Chance Ltd. | |||||||
| 8.50%, 01/10/17 (c) Reg S | 205,001 | |||||||
| 200,000 | Yingde Gases Investment Ltd. | |||||||
| 8.13%, 04/22/16 (c) 144A | 188,000 | |||||||
| 1,644,656 | ||||||||
| Canada: 5.2% | ||||||||
| Air Canada | ||||||||
| CAD | 100,000 | 7.63%, 10/01/16 (c) 144A | 81,782 | |||||
| USD | 200,000 | 8.75%, 04/01/17 (c) 144A | 218,950 | |||||
| 320,000 | Baytex Energy Corp. | |||||||
| 5.63%, 06/01/19 (c) 144A | 265,600 | |||||||
| Bombardier, Inc. | ||||||||
| EUR | 300,000 | 6.13%, 05/15/21 † Reg S | 298,256 | |||||
| USD | 570,000 | 6.13%, 01/15/23 144A | 444,600 | |||||
| CAD | 299,000 | 7.35%, 12/22/26 144A | 177,112 | |||||
| USD | 250,000 | Brookfield Residential | ||||||
| 6.50%, 12/15/15 (c) 144A | 251,875 | |||||||
| 100,000 | Cascades, Inc. | |||||||
| 5.50%, 07/15/17 (c) 144A | 97,625 | |||||||
| CAD | 135,000 | Corus Entertainment, Inc. | ||||||
| 4.25%, 02/11/20 Reg S | 96,992 | |||||||
| USD | 200,000 | Eldorado Gold Corp. | ||||||
| 6.13%, 12/15/16 (c) 144A | 185,500 | |||||||
| First Quantum Minerals Ltd. | ||||||||
| 221,000 | 6.75%, 02/15/17 (c) 144A | 169,341 | ||||||
| 321,000 | 7.00%, 02/15/18 (c) 144A | 239,145 | ||||||
| 200,000 | Gibson Energy, Inc. | |||||||
| 6.75%, 07/15/16 (c) 144A | 194,500 | |||||||
See Notes to Financial Statements
| 42 |
| Principal Amount | Value | |||||||
| Canada: (continued) | ||||||||
| CAD | 250,000 | Great Canadian Gaming Corp. | ||||||
| 6.63%, 07/25/17 (c) 144A | $ | 197,768 | ||||||
| USD | 200,000 | Hudbay Minerals, Inc. | ||||||
| 9.50%, 10/01/16 (c) | 175,500 | |||||||
| 200,000 | Iamgold Corp. | |||||||
| 6.75%, 10/01/16 (c) 144A | 152,000 | |||||||
| 250,000 | Jupiter Resources, Inc. | |||||||
| 8.50%, 10/01/17 (c) † 144A | 131,250 | |||||||
| 256,000 | Lightstream Resources | |||||||
| 8.63%, 02/01/16 (c) 144A | 67,840 | |||||||
| 250,000 | Lundin Mining Corp. | |||||||
| 7.50%, 11/01/17 (c) 144A | 253,125 | |||||||
| 400,000 | MEG Energy Corp. | |||||||
| 6.38%, 07/30/17 (c) 144A | 339,000 | |||||||
| 200,000 | New Gold, Inc. | |||||||
| 6.25%, 11/15/17 (c) 144A | 172,500 | |||||||
| 550,000 | New Red Finance, Inc. | |||||||
| 6.00%, 10/01/17 (c) 144A | 576,812 | |||||||
| 100,000 | Northern Blizzard Resources, Inc. | |||||||
| 7.25%, 02/01/17 (c) † 144A | 82,500 | |||||||
| 250,000 | NOVA Chemicals Corp. | |||||||
| 5.25%, 08/01/18 (c) 144A | 256,738 | |||||||
| Pacific Rubiales Energy Corp. | ||||||||
| 280,000 | 5.13%, 03/28/18 (c) 144A | 103,600 | ||||||
| 220,000 | 5.38%, 01/26/17 (c) 144A | 96,800 | ||||||
| 226,000 | 5.63%, 01/19/20 (c) † 144A | 85,880 | ||||||
| 280,000 | Precision Drilling Corp. | |||||||
| 6.50%, 12/15/16 (c) | 245,000 | |||||||
| Quebecor Media, Inc. | ||||||||
| 60,000 | 5.75%, 01/15/23 | 61,725 | ||||||
| CAD | 235,000 | 6.63%, 01/15/23 144A | 183,657 | |||||
| USD | 200,000 | Seven Generations Energy Ltd. | ||||||
| 8.25%, 05/15/16 (c) † 144A | 195,000 | |||||||
| 400,000 | Teck Resources Ltd. | |||||||
| 6.25%, 01/15/41 (c) | 228,000 | |||||||
| 200,000 | Telesat Canada / Telesat, LLC | |||||||
| 6.00%, 11/30/15 (c) 144A | 203,500 | |||||||
| 300,000 | Tervita Corp. | |||||||
| 9.75%, 11/30/15 (c) 144A | 151,500 | |||||||
| CAD | 250,000 | Videotron Ltd. | ||||||
| 6.88%, 06/15/16 (c) | 202,545 | |||||||
| 6,883,518 | ||||||||
| Cayman Islands: 4.8% | ||||||||
| USD | 430,000 | Agile Property Holdings Ltd. | ||||||
| 8.88%, 11/30/15 (c) Reg S | 438,600 | |||||||
| 200,000 | Alpha Star Holding Ltd. | |||||||
| 4.97%, 04/09/19 Reg S | 184,877 | |||||||
| GBP | 100,000 | Brakes Capital | ||||||
| 7.13%, 12/15/15 (c) Reg S | 160,690 | |||||||
| USD | 200,000 | CAR, Inc. | ||||||
| 6.13%, 02/04/18 (c) 144A | 207,530 | |||||||
| 200,000 | Central China Real Estate | |||||||
| 8.00%, 01/28/17 (c) † Reg S | 201,550 | |||||||
| 200,000 | CIFI Holdings Group Co. Ltd. | |||||||
| 7.75%, 06/05/18 (c) Reg S | 202,044 | |||||||
| 500,000 | Country Garden Holdings Co. Ltd. | |||||||
| 7.50%, 01/10/18 (c) 144A | 519,463 | |||||||
| Principal Amount |
Value | |||||||
| Cayman Islands: (continued) | ||||||||
| USD | 200,000 | Evergrande Real Estate Group Ltd. | ||||||
| 8.75%, 10/30/16 (c) 144A | $ | 202,760 | ||||||
| 150,000 | Global A&T Electronics Ltd. | |||||||
| 10.00%, 02/01/16 (c) 144A | 128,625 | |||||||
| 300,000 | Greenland Hong Kong Holdings Ltd. | |||||||
| 4.38%, 08/07/17 Reg S | 303,737 | |||||||
| 200,000 | Greentown China Holdings Ltd. | |||||||
| 8.50%, 02/04/16 (c) † Reg S | 210,804 | |||||||
| 200,000 | Industrial Senior Trust | |||||||
| 5.50%, 11/01/22 Reg S | 183,275 | |||||||
| 400,000 | KWG Property Holdings Ltd. | |||||||
| 8.98%, 01/14/17 (c) Reg S | 425,620 | |||||||
| 300,000 | Longfor Properties | |||||||
| 6.88%, 10/18/16 (c) † Reg S | 322,125 | |||||||
| 200,000 | MAF Global Securities Ltd. | |||||||
| 7.13%, 10/29/18 (c) Reg S | 207,866 | |||||||
| 300,000 | MIE Holdings Corp. | |||||||
| 7.50%, 04/25/17 (c) 144A | 177,175 | |||||||
| 200,000 | Mongolian Mining Corp. | |||||||
| 8.88%, 11/30/15 (c) Reg S | 88,800 | |||||||
| 289,952 | Odebrecht Offshore Drilling Finance Ltd. | |||||||
| 6.75%, 12/01/21 (c) 144A | 99,888 | |||||||
| 170,000 | Sable International Finance Ltd. | |||||||
| 8.75%, 02/01/16 (c) Reg S | 180,413 | |||||||
| 400,000 | Shimao Property Holdings Ltd. | |||||||
| 8.38%, 02/10/19 (c) † Reg S | 431,711 | |||||||
| 200,000 | Sunac China Holdings Ltd. | |||||||
| 9.38%, 04/05/16 (c) Reg S | 213,000 | |||||||
| 200,000 | Suzano Trading Ltd. | |||||||
| 5.88%, 01/23/21 144A | 201,600 | |||||||
| 200,000 | TAM Capital 3, Inc. | |||||||
| 8.38%, 06/03/16 (c) 144A | 162,000 | |||||||
| 200,000 | Texhong Textile Group Ltd. | |||||||
| 6.50%, 01/18/17 (c) Reg S | 205,211 | |||||||
| 285,000 | UPCB Finance IV Ltd. | |||||||
| 5.38%, 01/15/20 (c) 144A | 286,781 | |||||||
| 260,000 | Wynn Macau Ltd. | |||||||
| 5.25%, 10/15/16 (c) † 144A | 239,200 | |||||||
| 200,000 | Yuzhou Properties Co., Ltd. | |||||||
| 8.63%, 01/24/17 (c) Reg S | 209,758 | |||||||
| 6,395,103 | ||||||||
| China / Hong Kong: 0.2% | ||||||||
| 200,000 | China CITIC Bank International Ltd. | |||||||
| 6.88%, 06/24/20 † Reg S | 223,550 | |||||||
| 120,000 | Yancoal International Resources Development Co. Ltd. | |||||||
| 5.73%, 05/16/22 144A | 104,766 | |||||||
| 328,316 | ||||||||
See Notes to Financial Statements
| 43 |
INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal Amount | Value | |||||||
| Colombia: 0.4% | ||||||||
| USD | 100,000 | Banco Davivienda SA | ||||||
| 5.88%, 07/09/22 Reg S | $ | 102,125 | ||||||
| Banco GNB Sudameris SA | ||||||||
| 80,000 | 7.50%, 07/30/22 Reg S | 83,080 | ||||||
| 50,000 | 7.50%, 07/30/22 144A | 51,925 | ||||||
| 300,000 | Colombia Telecomunicaciones SA, ESP | |||||||
| 5.38%, 09/27/17 (c) Reg S | 268,500 | |||||||
| 505,630 | ||||||||
| Croatia: 0.3% | ||||||||
| Agrokor D.D. | ||||||||
| 175,000 | 8.88%, 02/01/16 (c) Reg S | 188,265 | ||||||
| 150,000 | 8.88%, 02/01/16 (c) 144A | 161,370 | ||||||
| 349,635 | ||||||||
| Denmark: 0.4% | ||||||||
| GBP | 200,000 | Danske Bank A/S | ||||||
| 5.68%, 02/15/17 (c) | 314,285 | |||||||
| USD | 220,000 | Welltec A/S | ||||||
| 8.00%, 11/30/15 (c) 144A | 202,950 | |||||||
| 517,235 | ||||||||
| Dominican Republic: 0.1% | ||||||||
| 100,000 | Aeropuertos Dominicanos Siglo XXI SA | |||||||
| 9.75%, 11/30/15 (c) Reg S | 100,625 | |||||||
| Finland: 0.5% | ||||||||
| 334,000 | Nokia OYJ | |||||||
| 5.38%, 05/15/19 | 358,215 | |||||||
| EUR | 100,000 | Stora Enso OYJ | ||||||
| 5.50%, 03/07/19 Reg S | 123,766 | |||||||
| USD | 210,000 | UPM-Kymmene OYJ | ||||||
| 7.45%, 11/26/27 144A | 247,275 | |||||||
| 729,256 | ||||||||
| France: 5.5% | ||||||||
| EUR | 200,000 | Accor SA | ||||||
| 4.13%, 06/30/20 (c) Reg S | 219,963 | |||||||
| Areva SA | ||||||||
| 200,000 | 3.13%, 12/20/22 (c) Reg S | 207,785 | ||||||
| 200,000 | 3.50%, 03/22/21 | 219,549 | ||||||
| 200,000 | 4.38%, 11/06/19 | 229,729 | ||||||
| 200,000 | 4.88%, 09/23/24 | 224,741 | ||||||
| 220,000 | BPCE SA | |||||||
| 12.50%, 09/30/19 (c) | 327,238 | |||||||
| 200,000 | Casino Guichard Perrachon | |||||||
| 4.87%, 01/31/19 (c) Reg S | 212,821 | |||||||
| USD | 290,000 | Cie Generale de Geophysique – Veritas | ||||||
| 6.50%, 06/01/16 (c) | 168,200 | |||||||
| Credit Agricole SA | ||||||||
| EUR | 300,000 | 8.20%, 03/31/18 (c) | 379,189 | |||||
| USD | 200,000 | 8.38%, 10/13/19 (c) 144A | 227,520 | |||||
| EUR | 200,000 | Faurecia | ||||||
| 9.38%, 12/15/16 † Reg S | 241,642 | |||||||
| 350,000 | Groupama SA | |||||||
| 7.88%, 10/27/19 (c) | 418,524 | |||||||
| 267,000 | Italcementi Finance SA | |||||||
| 6.63%, 03/19/20 (s) Reg S | 349,286 | |||||||
| Principal Amount | Value | |||||||
| France: (continued) | ||||||||
| EUR | 200,000 | Loxam SAS | ||||||
| 4.88%, 07/23/17 (c) 144A | $ | 229,767 | ||||||
| 100,000 | Médi-Partenaires SAS | |||||||
| 7.00%, 05/15/16 (c) Reg S | 118,446 | |||||||
| USD | 200,000 | Natixis SA | ||||||
| 10.00%, 04/30/18 (c) 144A | 230,500 | |||||||
| EUR | 200,000 | Nexans SA | ||||||
| 4.25%, 03/19/18 | 231,292 | |||||||
| Numericable Group SA | ||||||||
| 605,000 | 5.63%, 05/15/19 (c) 144A | 686,448 | ||||||
| USD | 600,000 | 6.00%, 05/15/17 (c) 144A | 603,000 | |||||
| EUR | 360,000 | Peugeot SA | ||||||
| 7.38%, 03/06/18 Reg S | 449,083 | |||||||
| USD | 300,000 | Rexel SA | ||||||
| 5.25%, 06/15/16 (c) 144A | 313,575 | |||||||
| EUR | 350,000 | Societe Generale SA | ||||||
| 9.38%, 09/04/19 (c) Reg S | 474,227 | |||||||
| 200,000 | Vallourec SA | |||||||
| 3.25%, 08/02/19 | 196,435 | |||||||
| 300,000 | Veolia Environnement | |||||||
| 4.45%, 04/16/18 (c) Reg S | 343,948 | |||||||
| 7,302,908 | ||||||||
| Germany: 3.3% | ||||||||
| 200,000 | Bayerische Landesbank | |||||||
| 5.75%, 10/23/17 † Reg S | 239,795 | |||||||
| 500,000 | Commerzbank AG | |||||||
| 7.75%, 03/16/21 | 670,332 | |||||||
| 204,000 | Deutsche Lufthansa AG | |||||||
| 6.50%, 07/07/16 Reg S | 234,938 | |||||||
| 150,000 | Franz Haniel & Cie. GmbH | |||||||
| 5.88%, 02/01/17 | 176,369 | |||||||
| 200,000 | Hapag-Lloyd AG | |||||||
| 7.75%, 11/30/15 (c) Reg S | 229,324 | |||||||
| 120,000 | KM Germany Holdings GmbH | |||||||
| 8.75%, 12/15/15 (c) 144A | 141,850 | |||||||
| USD | 200,000 | Norddeutsche Landesbank Girozentrale | ||||||
| 6.25%, 04/10/24 Reg S | 197,014 | |||||||
| EUR | 300,000 | Techem GmbH | ||||||
| 6.13%, 11/30/15 (c) Reg S | 348,487 | |||||||
| ThyssenKrupp AG | ||||||||
| 100,000 | 3.13%, 07/25/19 (c) Reg S | 115,263 | ||||||
| 595,000 | 4.00%, 08/27/18 | 700,025 | ||||||
| 42,000 | 4.38%, 02/28/17 | 48,424 | ||||||
| 180,000 | Trionista HoldCo GmbH | |||||||
| 5.00%, 04/30/16 (c) Reg S | 207,258 | |||||||
| Unitymedia Hessen GmbH & Co. | ||||||||
| 560,000 | 4.00%, 01/15/20 (c) Reg S | 620,911 | ||||||
| 360,000 | 5.50%, 09/15/17 (c) Reg S | 427,004 | ||||||
| 4,356,994 | ||||||||
| Hungary: 0.2% | ||||||||
| 180,000 | OTP Bank Plc | |||||||
| 5.27%, 09/19/16 | 205,796 | |||||||
See Notes to Financial Statements
| 44 |
| Principal Amount | Value | |||||||
| India: 0.2% | ||||||||
| ICICI Bank Ltd. | ||||||||
| USD | 110,000 | 6.38%, 04/30/17 (c) Reg S | $ | 113,229 | ||||
| 200,000 | 6.38%, 04/30/17 (c) 144A | 205,870 | ||||||
| 319,099 | ||||||||
| Indonesia: 0.1% | ||||||||
| 200,000 | Berau Coal Energy Tbk PT | |||||||
| 7.25%, 11/30/15 (c) 144A | 61,000 | |||||||
| 200,000 | Gajah Tunggal Tbk PT | |||||||
| 7.75%, 02/06/16 (c) 144A | 108,000 | |||||||
| 169,000 | ||||||||
| Ireland: 4.7% | ||||||||
| 700,000 | AerCap Ireland Capital Ltd. | |||||||
| 4.50%, 05/15/21 | 721,000 | |||||||
| 360,000 | Alfa Bank | |||||||
| 7.75%, 04/28/21 Reg S | 371,648 | |||||||
| EUR | 300,000 | Allied Irish Banks Plc | ||||||
| 2.75%, 04/16/19 Reg S | 347,218 | |||||||
| 450,000 | Ardagh Packaging Finance Plc | |||||||
| 4.25%, 06/30/17 (c) Reg S | 502,996 | |||||||
| 300,000 | Bank of Ireland | |||||||
| 4.25%, 06/11/19 (c) Reg S | 342,263 | |||||||
| USD | 200,000 | EuroChem Mineral & Chemical Co. OJSC | ||||||
| 5.13%, 12/12/17 144A | 201,740 | |||||||
| Gazprombank OJSC | ||||||||
| EUR | 500,000 | 4.00%, 07/01/19 Reg S | 528,989 | |||||
| USD | 200,000 | 7.25%, 05/03/19 Reg S | 203,093 | |||||
| 180,000 | Grifols Worldwide Operations Ltd. | |||||||
| 5.25%, 04/01/17 (c) | 186,750 | |||||||
| 200,000 | Metalloinvest Finance Ltd. | |||||||
| 5.63%, 04/17/20 144A | 191,340 | |||||||
| 250,000 | Mobile Telesystems OJSC | |||||||
| 5.00%, 05/30/23 144A | 232,813 | |||||||
| 200,000 | Nomos Bank | |||||||
| 7.25%, 04/25/18 144A | 204,750 | |||||||
| 350,000 | Novatek OAO | |||||||
| 4.42%, 12/13/22 144A | 315,000 | |||||||
| 510,000 | Rosneft Oil Co. | |||||||
| 4.20%, 03/06/22 144A | 457,709 | |||||||
| 675,000 | Russian Railways | |||||||
| 5.70%, 04/05/22 Reg S | 672,617 | |||||||
| 200,000 | SCF Capital Ltd. | |||||||
| 5.38%, 10/27/17 144A | 198,698 | |||||||
| 200,000 | Sibur Securities Ltd. | |||||||
| 3.91%, 01/31/18 144A | 194,200 | |||||||
| EUR | 306,000 | Smurfit Kappa Acquisitions | ||||||
| 5.13%, 06/15/18 (c) Reg S | 371,240 | |||||||
| 6,244,064 | ||||||||
| Israel: 0.2% | ||||||||
| USD | 240,000 | B Communications Ltd. | ||||||
| 7.38%, 02/15/17 (c) 144A | 261,600 | |||||||
| Principal Amount | Value | |||||||
| Italy: 6.8% | ||||||||
| EUR | 100,000 | Astaldi SpA | ||||||
| 7.13%, 12/01/16 (c) Reg S | $ | 115,243 | ||||||
| Banca Monte dei Paschi di Siena SpA | ||||||||
| EUR | 200,000 | 3.63%, 04/01/19 Reg S | 223,680 | |||||
| GBP | 100,000 | 5.75%, 09/30/16 | 156,232 | |||||
| EUR | 200,000 | Banca Popolare di Milano | ||||||
| 7.13%, 03/01/21 Reg S | 247,743 | |||||||
| 300,000 | Banca Popolare Di Vicenza | |||||||
| 5.00%, 10/25/18 Reg S | 337,848 | |||||||
| Banco Popolare SC | ||||||||
| 400,000 | 3.50%, 03/14/19 Reg S | 457,998 | ||||||
| 250,000 | 6.00%, 11/05/20 Reg S | 300,462 | ||||||
| 175,000 | Buzzi Unicem SpA | |||||||
| 6.25%, 09/28/18 Reg S | 216,136 | |||||||
| Enel SpA | ||||||||
| 200,000 | 6.50%, 01/10/19 (c) Reg S | 239,663 | ||||||
| USD | 445,000 | 8.75%, 09/24/23 (c) 144A | 513,975 | |||||
| Finmeccanica Finance SA | ||||||||
| EUR | 100,000 | 4.38%, 12/05/17 | 118,001 | |||||
| 186,000 | 5.25%, 01/21/22 | 232,406 | ||||||
| GBP | 175,000 | 8.00%, 12/16/19 | 313,789 | |||||
| EUR | 167,000 | Finmeccanica SpA | ||||||
| 4.88%, 03/24/25 | 205,207 | |||||||
| Intesa Sanpaolo SpA | ||||||||
| 250,000 | 5.00%, 09/23/19 Reg S | 303,947 | ||||||
| 300,000 | 6.63%, 09/13/23 Reg S | 404,125 | ||||||
| 200,000 | 8.05%, 06/20/18 (c) | 246,806 | ||||||
| 350,000 | 8.38%, 10/14/19 (c) Reg S | 454,287 | ||||||
| Telecom Italia SpA | ||||||||
| 800,000 | 5.25%, 02/10/22 Reg S | 1,021,783 | ||||||
| 800,000 | 5.38%, 01/29/19 Reg S | 994,973 | ||||||
| GBP | 150,000 | 6.38%, 06/24/19 | 252,879 | |||||
| UniCredit SpA | ||||||||
| EUR | 300,000 | 5.83%, 10/28/20 (c) Reg S | 362,872 | |||||
| 150,000 | 6.70%, 06/05/18 Reg S | 184,920 | ||||||
| 300,000 | 6.95%, 10/31/22 Reg S | 394,783 | ||||||
| 250,000 | Unipol Gruppo Finanziario SpA | |||||||
| 5.00%, 01/11/17 Reg S | 287,535 | |||||||
| 200,000 | UnipolSai SpA | |||||||
| 5.75%, 06/18/24 (c) Reg S | 215,391 | |||||||
| 250,000 | Veneto Banca SCPA | |||||||
| 4.00%, 01/20/17 Reg S | 279,299 | |||||||
| 9,081,983 | ||||||||
| Japan: 0.7% | ||||||||
| USD | 950,000 | SoftBank Corp. | ||||||
| 4.50%, 04/15/20 144A | 943,825 | |||||||
| Kazakhstan: 0.4% | ||||||||
| 200,000 | Halyk Savings Bank of Kazakhstan JSC | |||||||
| 7.25%, 05/03/17 Reg S | 205,063 | |||||||
| EUR | 204,000 | Kazkommertsbank JSC | ||||||
| 6.88%, 02/13/17 | 212,538 | |||||||
| USD | 200,000 | Zhaikmunai International BV | ||||||
| 7.13%, 11/13/16 (c) 144A | 164,000 | |||||||
| 581,601 | ||||||||
See Notes to Financial Statements
| 45 |
INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal Amount | Value | |||||||
| Luxembourg: 17.9% | ||||||||
| USD | 200,000 | Accudyne Industries Borrower | ||||||
| 7.75%, 12/15/15 (c) † 144A | $ | 174,500 | ||||||
| 200,000 | Aguila 3 SA | |||||||
| 7.88%, 11/30/15 (c) 144A | 205,250 | |||||||
| 200,000 | Albea Beauty Holdings SA | |||||||
| 8.38%, 11/30/15 (c) 144A | 211,250 | |||||||
| 220,000 | Alrosa Finance SA | |||||||
| 7.75%, 11/03/20 144A | 233,970 | |||||||
| Altice Financing SA | ||||||||
| 400,000 | 6.63%, 02/15/18 (c) 144A | 402,000 | ||||||
| 350,000 | 9.88%, 12/15/16 (c) 144A | 376,250 | ||||||
| 1,030,000 | Altice SA | |||||||
| 7.75%, 05/15/17 (c) 144A | 993,950 | |||||||
| ArcelorMittal | ||||||||
| 225,000 | 5.25%, 02/25/17 (s) | 227,250 | ||||||
| 340,000 | 6.13%, 06/01/18 | 341,700 | ||||||
| 390,000 | 7.00%, 02/25/22 (s) † | 371,475 | ||||||
| 575,000 | 7.50%, 03/01/41 (s) | 488,945 | ||||||
| 250,000 | 7.75%, 10/15/39 (s) | 214,375 | ||||||
| 340,000 | 10.60%, 06/01/19 (s) | 377,400 | ||||||
| 217,771 | Ardagh Finance Holdings SA | |||||||
| 8.63%, 06/15/16 (c) 144A | 229,204 | |||||||
| GBP | 100,000 | Cabot Financial Luxembourg SA | ||||||
| 6.50%, 04/01/17 (c) Reg S | 149,526 | |||||||
| USD | 324,000 | CHC Helikopter SA | ||||||
| 9.25%, 11/30/15 (c) † | 186,300 | |||||||
| EUR | 70,811 | Cirsa Funding Luxembourg SA | ||||||
| 8.75%, 11/30/15 (c) Reg S | 79,786 | |||||||
| 100,000 | Clariant Finance Luxembourg SA | |||||||
| 5.63%, 01/24/17 | 117,006 | |||||||
| USD | 200,000 | Consolidated Energy Finance SA | ||||||
| 6.75%, 10/15/16 (c) 144A | 200,000 | |||||||
| 240,000 | Convatec Healthcare E SA | |||||||
| 10.50%, 11/30/15 (c) 144A | 248,400 | |||||||
| 200,000 | Cosan Luxembourg SA | |||||||
| 5.00%, 03/14/18 (c) 144A | 169,000 | |||||||
| CSN Resources SA | ||||||||
| 220,000 | 6.50%, 07/21/20 Reg S | 129,800 | ||||||
| 200,000 | 6.50%, 07/21/20 144A | 118,000 | ||||||
| EUR | 175,000 | Dufry Finance SCA | ||||||
| 4.50%, 07/15/17 (c) Reg S | 204,904 | |||||||
| Evraz Group SA | ||||||||
| USD | 300,000 | 6.50%, 04/22/20 Reg S | 291,675 | |||||
| 180,000 | 6.50%, 04/22/20 144A | 175,005 | ||||||
| Fiat Chrysler Finance Europe | ||||||||
| EUR | 610,000 | 4.75%, 07/15/22 Reg S | 715,954 | |||||
| 250,000 | 6.63%, 03/15/18 Reg S | 302,743 | ||||||
| 620,000 | Fiat Finance & Trade SA | |||||||
| 7.00%, 03/23/17 Reg S | 730,532 | |||||||
| 450,000 | Fiat Industrial Finance Europe SA | |||||||
| 6.25%, 03/09/18 Reg S | 532,883 | |||||||
| 200,000 | Findus Bondco SA | |||||||
| 9.13%, 11/03/15 (c) Reg S | 231,011 | |||||||
| Principal Amount | Value | |||||||
| Luxembourg: (continued) | ||||||||
| EUR | 100,000 | Galapagos SA | ||||||
| 5.38%, 06/15/17 (c) 144A | $ | 106,405 | ||||||
| 71,429 | Gategroup Finance Luxembourg SA | |||||||
| 6.75%, 11/23/15 (c) Reg S | 82,898 | |||||||
| Gazprom Neft OAO | ||||||||
| USD | 400,000 | 4.38%, 09/19/22 144A | 357,000 | |||||
| 100,000 | 6.00%, 11/27/23 144A | 96,770 | ||||||
| Gazprom OAO | ||||||||
| 980,000 | 4.95%, 07/19/22 144A | 949,779 | ||||||
| 650,000 | 7.29%, 08/16/37 144A | 654,875 | ||||||
| 1,100,000 | 9.25%, 04/23/19 (p) 144A | 1,239,562 | ||||||
| EUR | 100,000 | Geo Debt Finance SCA | ||||||
| 7.50%, 11/30/15 (c) Reg S | 105,500 | |||||||
| USD | 250,000 | Gestamp Funding Luxembourg SA | ||||||
| 5.63%, 05/31/16 (c) 144A | 257,513 | |||||||
| EUR | 659,000 | HeidelbergCement Finance BV | ||||||
| 8.00%, 01/31/17 Reg S | 792,939 | |||||||
| Ineos Group Holdings SA | ||||||||
| 300,000 | 5.75%, 02/15/16 (c) 144A | 331,726 | ||||||
| 100,000 | 5.75%, 02/15/16 (c) Reg S | 110,575 | ||||||
| USD | 95,000 | International Automotive Components Group SA | ||||||
| 9.13%, 11/30/15 (c) 144A | 96,425 | |||||||
| EUR | 150,000 | Intralot Capital Luxembourg SA | ||||||
| 6.00%, 05/15/17 (c) Reg S | 155,424 | |||||||
| 250,000 | KION Finance SA | |||||||
| 6.75%, 02/15/16 (c) Reg S | 290,214 | |||||||
| 150,000 | Lecta SA | |||||||
| 8.88%, 05/15/16 (c) Reg S | 177,586 | |||||||
| USD | 120,000 | MHP SA | ||||||
| 8.25%, 04/02/20 144A | 104,136 | |||||||
| 350,000 | Millicom International Cellular | |||||||
| 6.63%, 10/15/17 (c) 144A | 308,000 | |||||||
| Minerva Luxembourg SA | ||||||||
| 195,000 | 7.75%, 01/31/18 (c) 144A | 193,538 | ||||||
| 150,000 | 12.25%, 02/10/17 (c) Reg S | 162,750 | ||||||
| 330,000 | MOL Group Finance SA | |||||||
| 6.25%, 09/26/19 Reg S | 359,519 | |||||||
| 200,000 | OAO TMK | |||||||
| 6.75%, 04/03/20 Reg S | 188,740 | |||||||
| 200,000 | Offshore Drilling Holding SA | |||||||
| 8.38%, 09/20/17 (c) † 144A | 161,000 | |||||||
| EUR | 470,000 | Olivetti Finance | ||||||
| 7.75%, 01/24/33 | 691,296 | |||||||
| 300,000 | Play Finance 2 SA | |||||||
| 5.25%, 02/01/16 (c) Reg S | 342,994 | |||||||
| USD | 300,000 | Puma International Financing SA | ||||||
| 6.75%, 02/01/17 (c) Reg S | 304,806 | |||||||
| Rosneft Finance SA | ||||||||
| 200,000 | 7.25%, 02/02/20 144A | 212,484 | ||||||
| 200,000 | 7.88%, 03/13/18 144A | 213,381 | ||||||
| Russian Agricultural Bank OJSC | ||||||||
| 360,000 | 5.30%, 12/27/17 144A | 363,600 | ||||||
| 350,000 | 6.00%, 06/03/16 (c) 144A | 330,715 | ||||||
See Notes to Financial Statements
| 46 |
| Principal | ||||||||
| Amount | Value | |||||||
| Luxembourg: (continued) | ||||||||
| Sberbank of Russia | ||||||||
| USD | 300,000 | 4.95%, 02/07/17 144A | $ | 305,549 | ||||
| 410,000 | 5.13%, 10/29/22 144A | 385,530 | ||||||
| 200,000 | 5.18%, 06/28/19 Reg S | 203,529 | ||||||
| 290,000 | 6.13%, 02/07/22 144A | 298,554 | ||||||
| 300,000 | Severstal OAO | |||||||
| 6.70%, 10/25/17 144A | 317,175 | |||||||
| EUR | 100,000 | Takko Luxembourg 2 SCA | ||||||
| 9.88%, 04/15/16 (c) Reg S | 72,907 | |||||||
| 250,000 | Telenet Finance V | |||||||
| Luxembourg SCA | ||||||||
| 6.25%, 08/15/17 (c) Reg S | 298,601 | |||||||
| USD | 100,000 | Tonon Luxembourg SA | ||||||
| 10.50%, 05/14/17 (c) 144A | 67,000 | |||||||
| 200,000 | Topaz Marine SA | |||||||
| 8.63%, 11/01/16 (c) 144A | 183,608 | |||||||
| EUR | 270,000 | UniCredit International Bank | ||||||
| Luxembourg SA | ||||||||
| 8.13%, 12/10/19 (c) Reg S | 339,676 | |||||||
| VTB Bank OJSC | ||||||||
| USD | 360,000 | 6.88%, 05/29/18 144A | 378,855 | |||||
| 600,000 | 6.95%, 10/17/22 144A | 575,364 | ||||||
| Wind Acquisition Finance SA | ||||||||
| EUR | 100,000 | 4.00%, 07/15/16 (c) Reg S | 112,536 | |||||
| 200,000 | 4.00%, 07/15/16 (c) 144A | 225,072 | ||||||
| USD | 200,000 | 6.50%, 04/30/16 (c) 144A | 211,750 | |||||
| 785,000 | 7.38%, 04/23/17 (c) 144A | 792,850 | ||||||
| 23,940,750 | ||||||||
| Marshall Islands: 0.2% | ||||||||
| 250,000 | Drill Rigs Holdings, Inc. | |||||||
| 6.50%, 11/30/15 (c) † 144A | 171,720 | |||||||
| 100,000 | Teekay Corp. | |||||||
| 8.50%, 01/15/20 | 100,270 | |||||||
| 271,990 | ||||||||
| Mexico: 1.3% | ||||||||
| 125,000 | Axtel SAB de CV | |||||||
| 9.00%, 01/31/16 (c) (s) 144A | 128,438 | |||||||
| 300,000 | BBVA Bancomer SA | |||||||
| 7.25%, 04/22/20 144A | 334,524 | |||||||
| 228,000 | Cemex SAB de CV | |||||||
| 9.50%, 06/15/16 (c) 144A | 245,955 | |||||||
| 265,000 | Empresas ICA SAB de CV | |||||||
| 8.90%, 02/04/16 (c) † Reg S | 74,863 | |||||||
| 250,000 | Grupo Elektra SAB de CV | |||||||
| 7.25%, 11/30/15 (c) Reg S | 240,625 | |||||||
| 200,000 | Grupo KUO SAB de CV | |||||||
| 6.25%, 12/04/17 (c) Reg S | 192,000 | |||||||
| 140,000 | Servicios Corporativos | |||||||
| Javer SAPI de CV | ||||||||
| 9.88%, 04/06/16 (c) Reg S | 143,850 | |||||||
| 170,000 | Tenedora Nemak SA | |||||||
| 5.50%, 02/28/18 (c) 144A | 174,675 | |||||||
| 200,000 | TV Azteca SAB de CV | |||||||
| 7.63%, 09/18/17 (c) † Reg S | 166,500 | |||||||
| 1,701,430 | ||||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Netherlands: 9.8% | ||||||||
| USD | 200,000 | Access Finance BV | ||||||
| 7.25%, 07/25/17 144A | $ | 199,009 | ||||||
| 200,000 | Carlson Wagonlit BV | |||||||
| 6.88%, 11/30/15 (c) 144A | 210,250 | |||||||
| 200,000 | Cimpor Financial Operations BV | |||||||
| 5.75%, 07/17/19 (c) 144A | 133,750 | |||||||
| EUR | 210,000 | Constellium NV | ||||||
| 4.63%, 05/15/17 (c) Reg S | 189,525 | |||||||
| USD | 200,000 | FBN Finance Co. BV | ||||||
| 8.00%, 07/23/19 (c) 144A | 155,500 | |||||||
| Fresenius Finance BV | ||||||||
| EUR | 191,000 | 2.88%, 07/15/20 144A | 224,485 | |||||
| 185,000 | 4.00%, 02/01/24 144A | 229,532 | ||||||
| 50,000 | 4.00%, 02/01/24 Reg S | 62,036 | ||||||
| 200,000 | Gas Natural Fenosa | |||||||
| Finance BV | ||||||||
| 4.13%, 11/18/22 (c) † Reg S | 217,541 | |||||||
| 200,000 | GRP Isolux Corsan Finance BV | |||||||
| 6.63%, 04/15/17 (c) Reg S | 102,732 | |||||||
| USD | 200,000 | GTB Finance BV | ||||||
| 6.00%, 11/08/18 144A | 190,000 | |||||||
| 300,000 | Indo Energy Finance II BV | |||||||
| 6.38%, 01/24/18 (c) 144A | 136,500 | |||||||
| 230,000 | InterGen NV | |||||||
| 7.00%, 06/30/18 (c) 144A | 199,525 | |||||||
| GBP | 249,000 | Koninklijke KPN NV | ||||||
| 6.88%, 03/14/20 (c) Reg S | 400,684 | |||||||
| EUR | 300,000 | LGE HoldCo VI BV | ||||||
| 7.13%, 05/15/19 (c) Reg S | 361,383 | |||||||
| USD | 200,000 | Listrindo Capital BV | ||||||
| 6.95%, 02/21/16 (c) 144A | 207,515 | |||||||
| Majapahit Holding BV | ||||||||
| 80,000 | 7.25%, 06/28/17 Reg S | 85,600 | ||||||
| 575,000 | 7.75%, 01/20/20 144A | 650,325 | ||||||
| 180,000 | Marfrig Holdings Europe BV | |||||||
| 8.38%, 05/09/18 Reg S | 176,850 | |||||||
| 500,000 | NXP BV / NXP Funding LLC | |||||||
| 5.75%, 03/15/18 (c) 144A | 527,500 | |||||||
| Petrobras Global Finance BV | ||||||||
| EUR | 1,400,000 | 2.75%, 01/15/18 | 1,381,753 | |||||
| USD | 650,000 | 4.38%, 05/20/23 | 475,312 | |||||
| 770,000 | 7.88%, 03/15/19 † | 731,500 | ||||||
| 2,075,000 | Petrobras International | |||||||
| Finance Co. | ||||||||
| 5.38%, 01/27/21 | 1,693,719 | |||||||
| Portugal Telecom International | ||||||||
| Finance BV | ||||||||
| EUR | 260,000 | 4.63%, 05/08/20 Reg S | 210,811 | |||||
| 200,000 | 5.88%, 04/17/18 † Reg S | 180,003 | ||||||
| 300,000 | Repsol International | |||||||
| Finance BV | ||||||||
| 3.88%, 03/25/21 (c) † Reg S | 307,369 | |||||||
| Schaeffler Finance BV | ||||||||
| 250,000 | 3.50%, 05/15/17 (c) 144A | 282,721 | ||||||
| USD | 425,000 | 6.88%, 11/30/15 (c) 144A | 440,937 | |||||
| EUR | 492,000 | 6.88%, 11/30/15 (c) Reg S | 565,907 | |||||
| USD | 250,000 | Sensata Technologies BV | ||||||
| 4.88%, 10/15/23 144A | 245,625 | |||||||
See Notes to Financial Statements
| 47 |
INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal | ||||||||
| Amount | Value | |||||||
| Netherlands: (continued) | ||||||||
| EUR | 400,000 | SNS Bank NV | ||||||
| 11.25%, 11/27/19 (c) (d) * Reg S | $ | 15,465 | ||||||
| 600,000 | Telefonica Europe BV | |||||||
| 6.50%, 09/18/18 (c) Reg S | 702,094 | |||||||
| 250,000 | UPC Holding BV | |||||||
| 6.38%, 09/15/17 (c) Reg S | 297,524 | |||||||
| VimpelCom Holdings BV | ||||||||
| USD | 200,000 | 5.95%, 02/13/23 144A | 192,250 | |||||
| 50,000 | 6.25%, 03/01/17 Reg S | 51,688 | ||||||
| 400,000 | 6.25%, 03/01/17 144A | 413,500 | ||||||
| 240,000 | VTR Finance BV | |||||||
| 6.88%, 01/15/19 (c) 144A | 232,800 | |||||||
| 13,081,220 | ||||||||
| Norway: 0.4% | ||||||||
| 250,000 | Eksportfinans ASA | |||||||
| 5.50%, 06/26/17 | 262,893 | |||||||
| EUR | 200,000 | Lock AS | ||||||
| 7.00%, 08/15/17 (c) Reg S | 232,014 | |||||||
| 130,000 | Norske Skog Holding AS | |||||||
| 8.00%, 02/24/18 (c) 144A | 61,606 | |||||||
| 556,513 | ||||||||
| Peru: 0.4% | ||||||||
| USD | 200,000 | Cia Minera Ares SAC | ||||||
| 7.75%, 01/23/18 (c) 144A | 195,000 | |||||||
| 97,000 | Corp. Azucarera del Peru SA | |||||||
| 6.38%, 08/02/17 (c) 144A | 81,359 | |||||||
| 200,000 | Corp. Lindley SA | |||||||
| 4.63%, 04/12/23 144A | 200,100 | |||||||
| 476,459 | ||||||||
| Portugal: 0.2% | ||||||||
| EUR | 300,000 | Novo Banco SA | ||||||
| 4.00%, 01/21/19 Reg S | 305,029 | |||||||
| Russia: 0.1% | ||||||||
| USD | 175,000 | Ukrlandfarming Plc | ||||||
| 10.88%, 03/26/18 144A | 83,125 | |||||||
| Saudi Arabia: 0.1% | ||||||||
| 200,000 | Dar Al-Arkan Sukuk Co. Ltd. | |||||||
| 5.75%, 05/24/18 Reg S | 197,750 | |||||||
| Singapore: 0.4% | ||||||||
| 350,000 | ABJA Investment Co. Pte Ltd. | |||||||
| 5.95%, 07/31/24 Reg S | 327,411 | |||||||
| 150,000 | Bakrie Telecom Pte Ltd. | |||||||
| 11.50%, 05/07/15 (d) * Reg S | 6,930 | |||||||
| 200,000 | Theta Capital Pte Ltd. | |||||||
| 6.13%, 11/14/16 (c) † Reg S | 194,542 | |||||||
| 528,883 | ||||||||
| South Africa: 0.5% | ||||||||
| EUR | 200,000 | Edcon Pty Ltd. | ||||||
| 9.50%, 11/30/15 (c) Reg S | 139,186 | |||||||
| Eskom Holdings SOC Ltd. | ||||||||
| USD | 300,000 | 5.75%, 01/26/21 144A | 279,476 | |||||
| 265,000 | 6.75%, 08/06/23 † 144A | 246,914 | ||||||
| 665,576 | ||||||||
| South Korea: 0.2% | ||||||||
| 200,000 | Woori Bank Co. Ltd. | |||||||
| 6.21%, 05/02/17 (c) 144A | 211,000 | |||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Spain: 1.2% | ||||||||
| Abengoa Finance SAU | ||||||||
| USD | 190,000 | 8.88%, 11/01/17 Reg S | $ | 98,800 | ||||
| EUR | 200,000 | 8.88%, 02/05/18 Reg S | 113,116 | |||||
| 100,000 | Abengoa SA | |||||||
| 8.50%, 03/31/16 | 94,409 | |||||||
| 200,000 | Banco de Sabadell SA | |||||||
| 2.50%, 12/05/16 Reg S | 225,623 | |||||||
| 400,000 | Bankia SA | |||||||
| 3.50%, 01/17/19 Reg S | 467,234 | |||||||
| 50,000 | Bankinter SA | |||||||
| 6.38%, 09/11/19 Reg S | 62,975 | |||||||
| USD | 100,000 | BBVA International | ||||||
| Preferred SAU | ||||||||
| 5.92%, 04/18/17 (c) | 102,125 | |||||||
| EUR | 200,000 | BPE Financiaciones SA | ||||||
| 2.50%, 02/01/17 | 225,213 | |||||||
| 200,000 | CaixaBank SA | |||||||
| 5.00%, 11/14/18 (c) Reg S | 232,932 | |||||||
| 1,622,427 | ||||||||
| Sri Lanka: 0.3% | ||||||||
| USD | 200,000 | Bank of Ceylon | ||||||
| 5.33%, 04/16/18 Reg S | 199,250 | |||||||
| 200,000 | National Savings Bank | |||||||
| 8.88%, 09/18/18 144A | 214,250 | |||||||
| 413,500 | ||||||||
| Sweden: 1.3% | ||||||||
| Eileme 2 AB | ||||||||
| 100,000 | 11.63%, 01/31/16 (c) Reg S | 108,510 | ||||||
| 125,000 | 11.63%, 01/31/16 (c) 144A | 135,638 | ||||||
| EUR | 25,000 | 11.75%, 01/31/16 (c) Reg S | 29,895 | |||||
| 150,000 | Perstorp Holding AB | |||||||
| 9.00%, 11/30/15 (c) 144A | 169,840 | |||||||
| 300,000 | Stena AB | |||||||
| 6.13%, 02/01/17 Reg S | 344,667 | |||||||
| 180,000 | TVN Finance Corporation III AB | |||||||
| 7.38%, 12/15/16 (c) Reg S | 215,340 | |||||||
| 150,000 | Unilabs Subholding AB | |||||||
| 8.50%, 11/09/15 (c) Reg S | 173,678 | |||||||
| 200,000 | Verisure Holding AB | |||||||
| 8.75%, 11/02/15 (c) Reg S | 230,596 | |||||||
| 300,000 | Volvo Treasury AB | |||||||
| 4.20%, 06/10/20 (c) Reg S | 330,502 | |||||||
| 1,738,666 | ||||||||
| Trinidad and Tobago: 0.2% | ||||||||
| USD | 277,083 | Petroleum Co. of Trinidad & Tobago Ltd. | ||||||
| 6.00%, 05/08/22 144A | 267,524 | |||||||
| Turkey: 0.9% | ||||||||
| 200,000 | Arcelik AS | |||||||
| 5.00%, 04/03/23 144A | 188,195 | |||||||
| 200,000 | Finansbank AS | |||||||
| 5.15%, 11/01/17 Reg S | 204,670 | |||||||
| 200,000 | Tupras Turkiye Petrol | |||||||
| Rafinerileri AS | ||||||||
| 4.13%, 05/02/18 144A | 201,080 | |||||||
| 225,000 | Turkiye Is Bankasi SA | |||||||
| 6.00%, 10/24/22 † 144A | 221,560 | |||||||
| 200,000 | Turkiye Vakiflar Bankasi T.A.O. | |||||||
| 6.00%, 11/01/22 144A | 191,238 | |||||||
See Notes to Financial Statements
| 48 |
| Principal | ||||||||
| Amount | Value | |||||||
| Turkey: (continued) | ||||||||
| USD | 270,000 | Yapi ve Kredi Bankasi A/S | ||||||
| 5.50%, 12/06/22 † 144A | $ | 259,137 | ||||||
| 1,265,880 | ||||||||
| United Kingdom: 12.3% | ||||||||
| 200,000 | Afren Plc | |||||||
| 6.63%, 12/09/16 (c) (d) * 144A | 5,500 | |||||||
| Algeco Scotsman Global | ||||||||
| Finance Plc | ||||||||
| 100,000 | 8.50%, 11/30/15 (c) 144A | 87,750 | ||||||
| 250,000 | 10.75%, 10/15/16 (c) † 144A | 138,750 | ||||||
| 275,000 | AngloGold Ashanti Holdings Plc | |||||||
| 5.13%, 08/01/22 | 251,797 | |||||||
| GBP | 100,000 | Arqiva Broadcast Finance Plc | ||||||
| 9.50%, 03/31/16 (c) Reg S | 168,684 | |||||||
| 57,821 | Bakkavor Finance 2 Plc | |||||||
| 8.25%, 11/30/15 (c) Reg S | 92,647 | |||||||
| 400,000 | Barclays Bank Plc | |||||||
| 14.00%, 06/15/19 (c) | 802,393 | |||||||
| 200,000 | Boparan Finance Plc | |||||||
| 5.50%, 07/15/17 (c) Reg S | 283,011 | |||||||
| USD | 200,000 | CEVA Group Plc | ||||||
| 7.00%, 03/01/17 (c) 144A | 181,750 | |||||||
| GBP | 150,000 | Co-Operative Bank Plc | ||||||
| 5.13%, 09/20/17 | 226,629 | |||||||
| 249,000 | Co-operative Group | |||||||
| Holdings Ltd. | ||||||||
| 6.88%, 07/08/20 (s) Reg S | 408,367 | |||||||
| 150,000 | Crown Newco 3 Plc | |||||||
| 8.88%, 11/30/15 (c) Reg S | 240,880 | |||||||
| 100,000 | Elli Finance UK Plc | |||||||
| 8.75%, 11/30/15 (c) Reg S | 139,108 | |||||||
| USD | 200,000 | EnQuest Plc | ||||||
| 7.00%, 04/15/17 (c) 144A | 125,000 | |||||||
| GBP | 175,000 | Enterprise Inns | ||||||
| 6.50%, 12/06/18 | 286,486 | |||||||
| EUR | 200,000 | Ephios Bondco Plc | ||||||
| 6.25%, 07/01/18 (c) Reg S | 231,977 | |||||||
| GBP | 135,000 | Gala Group Finance Plc | ||||||
| 8.88%, 11/30/15 (c) Reg S | 219,440 | |||||||
| 220,000 | HBOS Capital Funding LP | |||||||
| 6.46%, 11/30/18 (c) Reg S | 361,131 | |||||||
| 200,000 | Heathrow Finance Plc | |||||||
| 7.13%, 03/01/17 Reg S | 326,233 | |||||||
| USD | 200,000 | Inmarsat Finance Plc | ||||||
| 4.88%, 05/15/17 (c) 144A | 199,000 | |||||||
| EUR | 150,000 | International Personal | ||||||
| Finance Plc | ||||||||
| 5.75%, 04/07/21 Reg S | 156,584 | |||||||
| GBP | 200,000 | Investec Bank Plc | ||||||
| 9.63%, 02/17/22 Reg S | 372,938 | |||||||
| Jaguar Land Rover Plc | ||||||||
| 180,000 | 5.00%, 02/15/22 144A | 287,684 | ||||||
| 200,000 | 8.25%, 03/15/16 (c) Reg S | 323,706 | ||||||
| USD | 300,000 | KCA Deutag Finance Plc | ||||||
| 7.25%, 05/15/17 (c) 144A | 220,500 | |||||||
| EUR | 225,000 | Kerling Plc | ||||||
| 10.63%, 11/30/15 (c) Reg S | 252,631 | |||||||
| GBP | 100,000 | Ladbrokes Group Finance Plc | ||||||
| 5.13%, 09/16/22 Reg S | 155,204 | |||||||
| Principal | ||||||||
| Amount | Value | |||||||
| United Kingdom: (continued) | ||||||||
| USD | 450,000 | Lloyds TSB Bank Plc | ||||||
| 12.00%, 12/16/24 (c) 144A | $ | 650,250 | ||||||
| Lynx I Corp. | ||||||||
| GBP | 126,900 | 6.00%, 04/15/17 (c) 144A | 207,871 | |||||
| 450,000 | 6.00%, 04/15/17 (c) Reg S | 737,130 | ||||||
| 200,000 | Lynx II Corp. | |||||||
| 7.00%, 04/15/18 (c) 144A | 325,158 | |||||||
| 100,000 | Matalan Finance Plc | |||||||
| 6.88%, 05/30/16 (c) 144A | 137,363 | |||||||
| EUR | 150,000 | NBG Finance Plc | ||||||
| 4.38%, 04/30/19 Reg S | 131,986 | |||||||
| GBP | 100,000 | Odeon & UCI Finco Plc | ||||||
| 9.00%, 11/09/15 (c) Reg S | 161,387 | |||||||
| 150,000 | Old Mutual Plc | |||||||
| 8.00%, 06/03/21 Reg S | 250,508 | |||||||
| USD | 200,000 | Oschadbank | ||||||
| 9.63%, 03/20/25 (s) 144A | 165,000 | |||||||
| EUR | 250,000 | OTE Plc | ||||||
| 4.63%, 05/20/16 | 279,430 | |||||||
| USD | 200,000 | Polyus Gold International Ltd. | ||||||
| 5.63%, 04/29/20 144A | 196,500 | |||||||
| EUR | 200,000 | PPC Finance Plc | ||||||
| 5.50%, 05/01/16 (c) Reg S | 189,406 | |||||||
| 167,000 | ProSecure Funding LP | |||||||
| 4.67%, 06/30/16 | 187,793 | |||||||
| GBP | 120,000 | R&R Ice Cream Plc | ||||||
| 5.50%, 05/15/16 (c) Reg S | 191,119 | |||||||
| EUR | 232,000 | Rexam Plc | ||||||
| 6.75%, 06/29/17 (c) Reg S | 257,752 | |||||||
| Royal Bank of Scotland Group Plc | ||||||||
| 300,000 | 3.63%, 03/25/19 (c) Reg S | 340,720 | ||||||
| 250,000 | 4.35%, 01/23/17 | 286,511 | ||||||
| 146,000 | 4.63%, 09/22/16 (c) | 164,182 | ||||||
| USD | 300,000 | 5.13%, 05/28/24 | 308,123 | |||||
| 675,000 | 6.13%, 12/15/22 | 741,287 | ||||||
| EUR | 250,000 | 6.93%, 04/09/18 | 310,618 | |||||
| GBP | 100,000 | Stretford 79 Plc | ||||||
| 6.75%, 07/15/19 (c) Reg S | 137,374 | |||||||
| EUR | 800,000 | Tesco Corporate Treasury | ||||||
| Services Plc | ||||||||
| 1.38%, 07/01/19 Reg S | 866,402 | |||||||
| Tesco Plc | ||||||||
| GBP | 395,000 | 6.13%, 02/24/22 | 647,044 | |||||
| USD | 100,000 | 6.15%, 11/15/37 144A | 92,707 | |||||
| GBP | 100,000 | Thames Water Kemble | ||||||
| Finance Plc | ||||||||
| 7.75%, 04/01/19 Reg S | 170,231 | |||||||
| EUR | 200,000 | Thomas Cook Finance Plc | ||||||
| 7.75%, 06/15/16 (c) Reg S | 235,291 | |||||||
| USD | 100,000 | Towergate Finance Plc | ||||||
| 10.50%, 10/12/15 (d) * # Reg S | 0 | |||||||
| 350,000 | Tullow Oil Plc | |||||||
| 6.00%, 11/01/16 (c) 144A | 267,575 | |||||||
| GBP | 200,000 | Twinkle Pizza Plc | ||||||
| 6.63%, 08/01/17 (c) Reg S | 322,728 | |||||||
| USD | 445,000 | Vedanta Resources Plc | ||||||
| 6.00%, 01/31/19 † 144A | 358,387 | |||||||
See Notes to Financial Statements
| 49 |
INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal | ||||||||
| Amount | Value | |||||||
| United Kingdom: (continued) | ||||||||
| USD | 220,000 | Virgin Media Finance Plc | ||||||
| 4.88%, 02/15/22 | $ | 201,850 | ||||||
| GBP | 100,000 | Voyage Care Bondco Plc | ||||||
| 6.50%, 11/30/15 (c) Reg S | 158,378 | |||||||
| 125,000 | William Hill Plc | |||||||
| 4.25%, 06/05/20 Reg S | 195,801 | |||||||
| 16,419,642 | ||||||||
| United States: 5.6% | ||||||||
| USD | 600,000 | Alcatel-Lucent USA, Inc. | ||||||
| 6.45%, 03/15/29 | 636,000 | |||||||
| 200,000 | Ashtead Capital, Inc. | |||||||
| 6.50%, 07/15/17 (c) 144A | 215,500 | |||||||
| 235,000 | Calfrac Holdings LP | |||||||
| 7.50%, 12/01/15 (c) † 144A | 134,538 | |||||||
| 240,000 | Case New Holland, Inc. | |||||||
| 7.88%, 12/01/17 | 260,700 | |||||||
| 66,752 | CEDC Finance Corporation | |||||||
| International, Inc. | ||||||||
| 10.00%, 11/30/15 (c) | 34,044 | |||||||
| Cemex Finance LLC | ||||||||
| 485,000 | 6.00%, 04/01/19 (c) 144A | 464,387 | ||||||
| 500,000 | 9.38%, 10/12/17 (c) 144A | 546,250 | ||||||
| EUR | 160,000 | Deutsche Bank Contingent | ||||||
| Capital Trust IV | ||||||||
| 8.00%, 05/15/18 (c) Reg S | 185,360 | |||||||
| USD | 680,000 | Fresenius Medical Care US | ||||||
| Finance, Inc. | ||||||||
| 5.75%, 02/15/21 144A | 741,200 | |||||||
| 640,000 | JBS USA LLC / JBS USA | |||||||
| Finance, Inc. | ||||||||
| 7.25%, 11/30/15 (c) 144A | 672,800 | |||||||
| Neptune Finco Corp. | ||||||||
| 400,000 | 6.63%, 10/15/20 (c) 144A | 422,000 | ||||||
| 400,000 | 10.88%, 10/15/20 (c) 144A | 428,000 | ||||||
| 355,000 | RBS Capital Trust II | |||||||
| 6.43%, 01/03/34 (c) | 392,275 | |||||||
| 1,300,000 | Reynolds Group Issuer, Inc. | |||||||
| 5.75%, 11/30/15 (c) | 1,355,250 | |||||||
| 160,000 | UBS Preferred Funding Trust | |||||||
| 6.24%, 05/15/16 (c) † | 162,400 | |||||||
| 800,000 | ZF North America Capital, Inc. | |||||||
| 4.50%, 04/29/22 144A | 808,496 | |||||||
| 7,459,200 | ||||||||
| Venezuela: 1.4% | ||||||||
| 370,000 | C.A. La Electricidad de Caracas | |||||||
| 8.50%, 04/10/18 Reg S | 157,250 | |||||||
| Petroleos de Venezuela SA | ||||||||
| 425,000 | 5.38%, 04/12/27 Reg S | 148,750 | ||||||
| 345,000 | 5.50%, 04/12/37 Reg S | 119,025 | ||||||
| 400,000 | 6.00%, 05/16/24 144A | 143,500 | ||||||
| 400,000 | 8.50%, 11/02/17 Reg S | 243,960 | ||||||
| 260,000 | 8.50%, 11/02/17 144A | 158,574 | ||||||
| 90,000 | 9.00%, 11/17/21 Reg S | 37,602 | ||||||
| 825,000 | 9.00%, 11/17/21 † 144A | 344,685 | ||||||
| 700,000 | 9.75%, 05/17/35 144A | 294,000 | ||||||
| 405,000 | 12.75%, 02/17/22 † 144A | 203,513 | ||||||
| 1,850,859 | ||||||||
| Total Corporate Bonds | ||||||||
| (Cost: $142,726,577) | 128,128,984 | |||||||
| Principal | ||||||||
| Amount | Value | |||||||
| GOVERNMENT OBLIGATIONS: 0.8% | ||||||||
| Azerbaijan: 0.3% | ||||||||
| USD | 400,000 | State Oil Company of the | ||||||
| Azerbaijan Republic | ||||||||
| 4.75%, 03/13/23 Reg S | $ | 347,087 | ||||||
| Costa Rica: 0.1% | ||||||||
| 200,000 | Instituto Costarricense de | |||||||
| Electricidad | ||||||||
| 6.95%, 11/10/21 Reg S | 205,000 | |||||||
| India: 0.1% | ||||||||
| 200,000 | State Bank of India | |||||||
| 6.44%, 05/15/17 (c) Reg S | 205,006 | |||||||
| Turkey: 0.2% | ||||||||
| 200,000 | Export Credit Bank of Turkey | |||||||
| 5.88%, 04/24/19 Reg S | 210,068 | |||||||
| United Kingdom: 0.1% | ||||||||
| 200,000 | Ukreximbank | |||||||
| 9.75%, 01/22/25 144A | 179,088 | |||||||
| Total Government Obligations | ||||||||
| (Cost: $1,180,993) | 1,146,249 | |||||||
| Number of | ||||||||
| Shares | ||||||||
| MONEY MARKET FUND: 1.4% | ||||||||
| (Cost: $1,842,713) | ||||||||
| 1,842,713 | Dreyfus Government Cash | |||||||
| Management Fund | 1,842,713 | |||||||
| Total Investments Before Collateral | ||||||||
| for Securities Loaned: 98.2% | ||||||||
| (Cost: $145,750,283) | 131,117,946 | |||||||
| Principal | ||||||||
| Amount | ||||||||
| SHORT-TERM INVESTMENTS HELD AS | ||||||||
| COLLATERAL FOR SECURITIES LOANED: 6.7% | ||||||||
| Repurchase Agreements: 6.7% | ||||||||
| USD | 2,117,741 | Repurchase agreement dated 10/30/15 with BNP Paribas Securities Corp., 0.09%, due 11/2/15, proceeds $2,117,757; (collateralized by various U.S. government and agency obligations, 0.00% to 7.50%, due 8/1/16 to 11/1/45, valued at $2,160,096 including accrued interest) | 2,117,741 | |||||
| 2,117,741 | Repurchase agreement dated 10/30/15 with Citigroup Global Markets, Inc., 0.10%, due 11/2/15, proceeds $2,117,759; (collateralized by various U.S. government and agency obligations, 2.00% to 6.50%, due 12/31/16 to 11/1/45, valued at $2,160,096 including accrued interest) | 2,117,741 | ||||||
See Notes to Financial Statements
| 50 |
| Principal | ||||||||
| Amount | Value | |||||||
| Repurchase Agreements: (continued) | ||||||||
| USD | 2,117,741 | Repurchase agreement dated 10/30/15 with HSBC Securities USA, Inc., 0.06%, due 11/2/15, proceeds $2,117,752; (collateralized by various U.S. government and agency obligations, 0.00% to 8.95%, due 11/15/15 to 7/15/37, valued at $2,160,101 including accrued interest) | $ | 2,117,741 | ||||
| 2,117,741 | Repurchase agreement dated 10/30/15 with Mizuho Securities USA, Inc., 0.10%, due 11/2/15, proceeds $2,117,759; (collateralized by various U.S. government and agency obligations, 0.00% to 9.50%, due 3/1/18 to 12/15/43, valued at $2,160,096 including accrued interest) | 2,117,741 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Repurchase Agreements: (continued) | ||||||||
| USD | 445,902 | Repurchase agreement dated 10/30/15 with Royal Bank of Scotland Plc, 0.07%, due 11/2/15, proceeds $445,905; (collateralized by various U.S. government and agency obligations, 0.07% to 3.38%, due 8/15/16 to 8/15/21, valued at $454,820 including accrued interest) | $ | 445,902 | ||||
| Total Short-Term Investments Held | ||||||||
| As Collateral For Securities Loaned | ||||||||
| (Cost: $8,916,866) | 8,916,866 | |||||||
| Total Investments: 104.9% | ||||||||
| (Cost: $154,667,149) | 140,034,812 | |||||||
| Liabilities in excess of other assets: (4.9)% | (6,527,269) | |||||||
| NET ASSETS: 100.0% | $ | 133,507,543 | ||||||
| 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 $8,391,724. |
| # | 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 $0 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 $53,822,520, or 40.3% of net assets. |
See Notes to Financial Statements
| 51 |
INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Summary of Investments by Sector Excluding | % of | |||||||||
| Collateral for Securities Loaned (unaudited) | Investments | Value | ||||||||
| Basic Materials | 8.8 | % | $ | 11,509,851 | ||||||
| Communications | 15.9 | 20,798,513 | ||||||||
| Consumer, Cyclical | 9.6 | 12,626,607 | ||||||||
| Consumer, Non-cyclical | 8.4 | 11,055,607 | ||||||||
| Diversified | 0.8 | 1,049,098 | ||||||||
| Energy | 12.8 | 16,723,027 | ||||||||
| Financial | 27.6 | 36,236,800 | ||||||||
| Government | 0.9 | 1,146,249 | ||||||||
| Industrial | 9.7 | 12,767,965 | ||||||||
| Technology | 0.6 | 773,125 | ||||||||
| Utilities | 3.5 | 4,588,391 | ||||||||
| Money Market Fund | 1.4 | 1,842,713 | ||||||||
| 100.0 | % | $ | 131,117,946 | |||||||
The summary of inputs used to value the Fund’s investments as of October 31, 2015 is as follows:
| Level 2 | Level 3 | |||||||||||||||
| Level 1 | Significant | Significant | ||||||||||||||
| Quoted | Observable | Unobservable | ||||||||||||||
| Prices | Inputs | Inputs | Value | |||||||||||||
| Corporate Bonds* | $ | — | $ | 128,128,984 | $ | 0 | $ | 128,128,984 | ||||||||
| Government Obligations* | — | 1,146,249 | — | 1,146,249 | ||||||||||||
| Money Market Fund | 1,842,713 | — | — | 1,842,713 | ||||||||||||
| Repurchase Agreements | — | 8,916,866 | — | 8,916,866 | ||||||||||||
| Total | $ | 1,842,713 | $ | 138,192,099 | $ | 0 | $ | 140,034,812 | ||||||||
| * | See Schedule of Investments for security type and geographic sector breakouts. |
There were no transfers between Level 1 and Level 2 during the period ended October 31, 2015.
The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended October 31, 2015:
| Corporate Bonds | |||||
| United Kingdom | |||||
| Balance as of April 30, 2015 | $ | — | |||
| Realized gain (loss) | — | ||||
| Net change in unrealized appreciation (depreciation) | (6,915 | ) | |||
| Purchases | — | ||||
| Sales | — | ||||
| Transfers in and/or out of level 3† | 6,915 | ||||
| Balance as of October 31, 2015 | $ | 0 | |||
| † | Transfer from Level 2 to Level 3 resulted from lack of observable inputs to value the security. |
See Notes to Financial Statements
| 52 |
INVESTMENT GRADE FLOATING RATE ETF
SCHEDULE OF INVESTMENTS
October 31, 2015 (unaudited)
| Principal Amount | Value | |||||||
| FLOATING RATE NOTES: 99.2% | ||||||||
| Australia: 6.9% | ||||||||
| $ | 1,225,000 | Australia & New Zealand Banking Group Ltd. 0.88%, 05/15/18 | $ | 1,222,378 | ||||
| 130,000 | BHP Billiton Finance USA Ltd. 0.58%, 09/30/16 | 129,814 | ||||||
| 1,320,000 | Commonwealth Bank of Australia 0.74%, 03/12/18 144A | 1,313,301 | ||||||
| Macquarie Bank Ltd. | ||||||||
| 125,000 | 0.95%, 10/27/17 144A | 124,422 | ||||||
| 600,000 | 1.12%, 03/24/17 144A | 601,448 | ||||||
| 550,000 | National Australia Bank Ltd. 0.61%, 06/30/17 144A | 548,612 | ||||||
| Westpac Banking Corp. | ||||||||
| 500,000 | 0.69%, 12/01/17 | 498,576 | ||||||
| 965,000 | 0.76%, 05/25/18 | 961,193 | ||||||
| 720,000 | 1.06%, 07/30/18 | 721,341 | ||||||
| 6,121,085 | ||||||||
| British Virgin Islands: 1.2% | ||||||||
| 295,000 | CNPC General Capital Ltd. 1.21%, 05/14/17 144A | 293,864 | ||||||
| Sinopec Group Overseas Development 2014 Ltd. | ||||||||
| 200,000 | 1.10%, 04/10/17 144A | 199,950 | ||||||
| 600,000 | 1.24%, 04/10/19 144A | 601,606 | ||||||
| 1,095,420 | ||||||||
| Canada: 5.8% | ||||||||
| 125,000 | Bank of Montreal 0.84%, 07/15/16 | 125,286 | ||||||
| 100,000 | Bank of Nova Scotia 0.74%, 03/15/16 | 100,105 | ||||||
| 150,000 | Enbridge, Inc. 0.78%, 06/02/17 | 147,371 | ||||||
| Royal Bank of Canada | ||||||||
| 500,000 | 0.70%, 03/08/16 | 500,500 | ||||||
| 1,750,000 | 0.85%, 03/06/20 | 1,725,867 | ||||||
| Toronto-Dominion Bank | ||||||||
| 520,000 | 0.54%, 05/02/17 | 519,189 | ||||||
| 600,000 | 0.86%, 07/23/18 | 599,708 | ||||||
| 1,390,000 | 0.87%, 04/30/18 | 1,392,407 | ||||||
| 100,000 | TransCanada PipeLines Ltd. 1.01%, 06/30/16 | 99,961 | ||||||
| 5,210,394 | ||||||||
| Chile: 0.4% | ||||||||
| 360,000 | Banco Santander Chile 1.22%, 04/11/17 144A | 354,982 | ||||||
| China / Hong Kong: 0.2% | ||||||||
| 150,000 | Industrial & Commercial Bank of China Ltd. 1.50%, 11/13/17 | 150,670 | ||||||
| France: 2.8% | ||||||||
| 250,000 | Banque Federative du Credit Mutuel SA 1.17%, 01/20/17 144A | 251,262 | ||||||
| BNP Paribas SA | ||||||||
| 175,000 | 0.77%, 05/07/17 | 174,976 | ||||||
| 225,000 | 0.93%, 12/12/16 | 225,414 | ||||||
| Principal Amount | Value | |||||||
| France: (continued) | ||||||||
| $ | 450,000 | BPCE SA 0.96%, 06/17/17 | $ | 449,839 | ||||
| Credit Agricole SA | ||||||||
| 200,000 | 0.88%, 06/12/17 144A | 199,567 | ||||||
| 500,000 | 1.12%, 04/15/19 144A | 496,869 | ||||||
| 270,000 | Electricite de France SA 0.78%, 01/20/17 144A | 270,174 | ||||||
| 450,000 | Total Capital International SA 0.88%, 08/10/18 | 451,039 | ||||||
| 2,519,140 | ||||||||
| Germany: 1.0% | ||||||||
| Deutsche Bank AG | ||||||||
| 250,000 | 0.80%, 05/30/17 | 248,872 | ||||||
| 530,000 | 0.92%, 02/13/17 | 529,551 | ||||||
| 100,000 | 0.99%, 02/13/18 | 99,561 | ||||||
| 877,984 | ||||||||
| Japan: 3.7% | ||||||||
| Mizuho Bank Ltd. | ||||||||
| 100,000 | 0.75%, 04/16/17 144A | 99,671 | ||||||
| 525,000 | 0.78%, 09/25/17 144A | 522,913 | ||||||
| 600,000 | 0.97%, 03/26/18 144A | 596,063 | ||||||
| Sumitomo Mitsui Banking Corp. | ||||||||
| 585,000 | 0.64%, 07/11/17 | 581,912 | ||||||
| 100,000 | 0.67%, 05/02/17 | 100,007 | ||||||
| 175,000 | 0.75%, 01/10/17 | 174,756 | ||||||
| 350,000 | 0.90%, 01/16/18 | 348,564 | ||||||
| 225,000 | Sumitomo Mitsui Trust Bank Ltd. 1.11%, 09/16/16 144A | 225,649 | ||||||
| The Bank of Tokyo-Mitsubishi UFJ Ltd. | ||||||||
| 175,000 | 0.78%, 02/26/16 144A | 175,106 | ||||||
| 480,000 | 0.88%, 03/05/18 144A | 476,852 | ||||||
| 3,301,493 | ||||||||
| Luxembourg: 0.6% | ||||||||
| 575,000 | Actavis Funding SCS 1.59%, 03/12/20 | 568,711 | ||||||
| Mexico: 0.2% | ||||||||
| 150,000 | America Movil SAB de CV 1.34%, 09/12/16 | 149,864 | ||||||
| Netherlands: 3.7% | ||||||||
| Cooperatieve Centrale Raiffeisen-Boerenleenbank BA | ||||||||
| 270,000 | 0.65%, 04/28/17 † | 269,958 | ||||||
| 270,000 | 0.82%, 03/18/16 | 270,381 | ||||||
| 150,000 | ING Bank NV 1.28%, 03/07/16 144A | 150,287 | ||||||
| Nederlandse Waterschapsbank NV | ||||||||
| 600,000 | 0.52%, 10/18/16 144A | 600,950 | ||||||
| 1,005,000 | 0.54%, 02/14/18 144A | 1,007,135 | ||||||
| Shell International Finance BV | ||||||||
| 482,000 | 0.53%, 11/15/16 | 482,408 | ||||||
| 350,000 | 0.76%, 05/11/20 | 346,521 | ||||||
| 200,000 | Volkswagen International Finance NV 0.76%, 11/18/16 144A | 194,782 | ||||||
| 3,322,422 | ||||||||
See Notes to Financial Statements
| 53 |
INVESTMENT GRADE FLOATING RATE ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal | ||||||||
| Amount | Value | |||||||
| Norway: 1.3% | ||||||||
| Statoil ASA | ||||||||
| $ | 1,016,000 | 0.61%, 05/15/18 | $ | 1,005,467 | ||||
| 125,000 | 0.77%, 11/08/18 | 124,055 | ||||||
| 1,129,522 | ||||||||
| South Korea: 0.6% | ||||||||
| Export-Import Bank of Korea | ||||||||
| 50,000 | 1.07%, 01/14/17 | 50,107 | ||||||
| 50,000 | 1.18%, 09/17/16 | 50,163 | ||||||
| 180,000 | Hyundai Capital Services, Inc. | |||||||
| 1.14%, 03/18/17 144A | 179,599 | |||||||
| Kookmin Bank | ||||||||
| 200,000 | 1.20%, 01/27/17 144A | 200,818 | ||||||
| 50,000 | 1.57%, 10/11/16 144A | 50,315 | ||||||
| 531,002 | ||||||||
| Spain: 0.3% | ||||||||
| 270,000 | Telefonica Emisiones SAU | |||||||
| 0.98%, 06/23/17 | 269,199 | |||||||
| Sweden: 0.6% | ||||||||
| 250,000 | Nordea Bank AB | |||||||
| 0.68%, 04/04/17 144A | 250,083 | |||||||
| 300,000 | Svenska Handelsbanken AB | |||||||
| 0.80%, 03/21/16 | 300,374 | |||||||
| 550,457 | ||||||||
| Switzerland: 3.2% | ||||||||
| 1,050,000 | Credit Suisse | |||||||
| 0.82%, 05/26/17 | 1,047,413 | |||||||
| UBS AG | ||||||||
| 1,200,000 | 0.95%, 08/14/19 | 1,190,890 | ||||||
| 600,000 | 1.03%, 03/26/18 | 599,595 | ||||||
| 2,837,898 | ||||||||
| United Kingdom: 2.2% | ||||||||
| 200,000 | Barclays Bank Plc | |||||||
| 0.90%, 02/17/17 | 199,979 | |||||||
| 720,000 | BP Capital Markets Plc | |||||||
| 0.96%, 09/26/18 | 717,562 | |||||||
| 400,000 | HSBC Bank Plc | |||||||
| 0.96%, 05/15/18 144A | 399,344 | |||||||
| 450,000 | Lloyds Bank Plc | |||||||
| 0.86%, 03/16/18 | 448,794 | |||||||
| 200,000 | Standard Chartered Plc | |||||||
| 0.67%, 09/08/17 144A | 198,033 | |||||||
| 1,963,712 | ||||||||
| United States: 64.5% | ||||||||
| American Express Credit Corp. | ||||||||
| 310,000 | 0.55%, 06/05/17 | 308,301 | ||||||
| 850,000 | 0.89%, 03/18/19 | 841,898 | ||||||
| 250,000 | American Honda Finance Corp. | |||||||
| 0.64%, 12/11/17 | 249,376 | |||||||
| 200,000 | Amgen, Inc. | |||||||
| 0.71%, 05/22/17 | 199,483 | |||||||
| Apple, Inc. | ||||||||
| 215,000 | 0.35%, 05/03/16 | 215,037 | ||||||
| 265,000 | 0.37%, 05/05/17 | 264,979 | ||||||
| 1,500,000 | 0.55%, 05/03/18 | 1,501,674 | ||||||
| 800,000 | 0.56%, 02/07/20 | 795,466 | ||||||
| 750,000 | 0.60%, 05/06/19 | 747,790 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| United States: (continued) | ||||||||
| AT&T, Inc. | ||||||||
| $ | 400,000 | 0.70%, 02/12/16 | $ | 399,899 | ||||
| 525,000 | 1.26%, 06/30/20 | 521,104 | ||||||
| Bank of America Corp. | ||||||||
| 580,000 | 0.58%, 10/14/16 | 578,216 | ||||||
| 150,000 | 1.20%, 04/01/19 | 149,752 | ||||||
| 1,350,000 | 1.36%, 01/15/19 | 1,357,143 | ||||||
| 1,550,000 | 1.39%, 03/22/18 | 1,560,275 | ||||||
| Berkshire Hathaway Finance Corp. | ||||||||
| 165,000 | 0.47%, 01/10/17 | 165,003 | ||||||
| 500,000 | 0.62%, 01/12/18 | 499,760 | ||||||
| Chevron Corp. | ||||||||
| 610,000 | 0.49%, 11/15/17 | 609,546 | ||||||
| 450,000 | 0.50%, 03/02/18 | 447,951 | ||||||
| Cisco Systems, Inc. | ||||||||
| 505,000 | 0.61%, 03/03/17 | 505,395 | ||||||
| 128,000 | 0.65%, 06/15/18 | 127,844 | ||||||
| Citigroup, Inc. | ||||||||
| 662,000 | 0.60%, 06/09/16 | 659,472 | ||||||
| 600,000 | 0.82%, 05/01/17 | 598,093 | ||||||
| 1,565,000 | 1.01%, 04/27/18 | 1,560,430 | ||||||
| 720,000 | 1.28%, 07/25/16 | 721,891 | ||||||
| 526,000 | 2.02%, 05/15/18 | 536,388 | ||||||
| 400,000 | ConocoPhillips Co. | |||||||
| 1.22%, 05/15/22 | 399,615 | |||||||
| Daimler Finance North America LLC | ||||||||
| 300,000 | 0.68%, 03/10/17 144A | 298,224 | ||||||
| 150,000 | 0.98%, 08/01/16 144A | 149,928 | ||||||
| Exxon Mobil Corp. | ||||||||
| 300,000 | 0.38%, 03/15/17 | 299,820 | ||||||
| 800,000 | 0.49%, 03/15/19 | 796,838 | ||||||
| Ford Motor Credit Co. LLC | ||||||||
| 440,000 | 1.10%, 01/17/17 | 437,923 | ||||||
| 550,000 | 1.17%, 03/12/19 | 538,655 | ||||||
| 560,000 | 1.26%, 01/09/18 | 556,180 | ||||||
| General Electric Capital Corp. | ||||||||
| 932,000 | 0.68%, 05/05/26 | 874,116 | ||||||
| 560,000 | 0.83%, 01/14/19 | 560,169 | ||||||
| 945,000 | 1.34%, 03/15/23 | 941,936 | ||||||
| 500,000 | Glencore Funding LLC | |||||||
| 1.68%, 01/15/19 144A | 400,630 | |||||||
| Goldman Sachs Group, Inc. | ||||||||
| 1,434,000 | 0.77%, 03/22/16 | 1,434,162 | ||||||
| 700,000 | 1.14%, 12/15/17 | 700,585 | ||||||
| 750,000 | 1.34%, 10/23/19 | 752,013 | ||||||
| 1,250,000 | 1.42%, 11/15/18 | 1,257,205 | ||||||
| 800,000 | 1.48%, 03/23/20 (c) | 801,765 | ||||||
| 1,650,000 | 1.52%, 04/30/18 | 1,666,175 | ||||||
| 1,531,000 | 1.93%, 11/29/23 | 1,547,547 | ||||||
| 200,000 | HSBC Finance Corp. | |||||||
| 0.75%, 06/01/16 | 199,679 | |||||||
| International Business Machines Corp. | ||||||||
| 200,000 | 0.49%, 02/06/18 | 199,306 | ||||||
| 680,000 | 0.68%, 02/12/19 | 675,059 | ||||||
| 850,000 | 0.88%, 11/06/21 | 845,294 | ||||||
| 81,000 | John Deere Capital Corp. | |||||||
| 0.43%, 02/25/16 | 81,017 | |||||||
See Notes to Financial Statements
| 54 |
| Principal Amount | Value | |||||||
| United States: (continued) | ||||||||
| $ | 200,000 | Johnson & Johnson 0.40%, 11/28/16 | $ | 200,123 | ||||
| JPMorgan Chase & Co. | ||||||||
| 250,000 | 0.87%, 04/25/18 | 248,939 | ||||||
| 2,400,000 | 1.22%, 01/25/18 | 2,410,130 | ||||||
| 2,415,000 | 1.27%, 01/23/20 | 2,418,526 | ||||||
| 450,000 | Medtronic, Inc. 1.14%, 03/15/20 | 448,179 | ||||||
| Merck & Co., Inc. | ||||||||
| 675,000 | 0.68%, 05/18/18 | 676,257 | ||||||
| 600,000 | 0.69%, 02/10/20 | 596,475 | ||||||
| 450,000 | Metropolitan Life Global Funding I 0.70%, 04/10/17 144A | 450,401 | ||||||
| Morgan Stanley | ||||||||
| 300,000 | 1.06%, 07/23/19 | 296,947 | ||||||
| 300,000 | 1.06%, 01/05/18 | 300,200 | ||||||
| 1,200,000 | 1.17%, 01/24/19 | 1,195,794 | ||||||
| 1,050,000 | 1.46%, 01/27/20 | 1,055,633 | ||||||
| 960,000 | 1.60%, 04/25/18 | 973,368 | ||||||
| 680,000 | NBCUniversal Enterprise, Inc. 1.01%, 04/15/18 144A | 680,620 | ||||||
| 200,000 | Nissan Motor Acceptance Corp. 1.03%, 09/26/16 144A | 200,176 | ||||||
| Oracle Corp. | ||||||||
| 315,000 | 0.52%, 07/07/17 | 315,077 | ||||||
| 350,000 | 0.83%, 10/08/19 | 348,927 | ||||||
| 550,000 | 0.90%, 01/15/19 | 550,889 | ||||||
| Pfizer, Inc. | ||||||||
| 160,000 | 0.47%, 05/15/17 | 159,861 | ||||||
| 375,000 | 0.64%, 06/15/18 | 374,258 | ||||||
| 150,000 | Procter & Gamble Co. 0.39%, 11/04/16 | 150,082 | ||||||
| 400,000 | Roche Holdings, Inc. 0.67%, 09/30/19 144A | 397,866 | ||||||
| 385,000 | The Bank of New York Mellon Corp. 0.86%, 08/01/18 | 385,261 | ||||||
| 620,000 | The Bear Stearns Cos, LLC 0.72%, 11/21/16 | 619,167 | ||||||
| 225,000 | The Coca-Cola Co. 0.40%, 11/01/16 | 225,100 | ||||||
| 100,000 | The Kroger Co. 0.85%, 10/17/16 | 99,898 | ||||||
| Toyota Motor Credit Corp. | ||||||||
| 300,000 | 0.64%, 01/12/18 | 299,273 | ||||||
| 850,000 | 0.71%, 03/12/20 | 836,760 | ||||||
| 500,000 | 0.78%, 07/13/18 | 500,553 | ||||||
| 750,000 | US Bancorp 0.81%, 10/15/18 (c) | 750,765 | ||||||
| Principal Amount | Value | |||||||
| United States: (continued) | ||||||||
| $ | 545,000 | US Bank NA 0.53%, 08/11/17 (c) | $ | 543,491 | ||||
| Verizon Communications, Inc. | ||||||||
| 1,450,000 | 0.73%, 06/09/17 | 1,446,292 | ||||||
| 150,000 | 1.10%, 06/17/19 | 149,531 | ||||||
| 500,000 | 2.09%, 09/14/18 | 514,001 | ||||||
| 540,000 | Volkswagen Group of America Finance LLC 0.77%, 11/20/17 144A | 515,843 | ||||||
| 1,250,000 | Wachovia Corp. 0.61%, 06/15/17 | 1,246,826 | ||||||
| 450,000 | Wells Fargo & Co. 0.63%, 06/02/17 | 449,154 | ||||||
| 1,900,000 | Wells Fargo Bank 0.95%, 04/23/18 | 1,909,321 | ||||||
| 57,475,971 | ||||||||
| Total Floating Rate Notes (Cost: $88,898,803) | 88,429,926 | |||||||
| Number of Shares | ||||||||
| MONEY MARKET FUND:
0.8% (Cost: $693,494) | ||||||||
| 693,494 | Dreyfus Government Cash Management Fund | 693,494 | ||||||
| Total Investments Before Collateral for Securities Loaned: 100.0% | ||||||||
| (Cost: $89,592,297) | 89,123,420 | |||||||
| Principal Amount | ||||||||
| SHORT-TERM INVESTMENT HELD AS | ||||||||
| COLLATERAL FOR SECURITIES LOANED: 0.3% | ||||||||
| (Cost: $275,416) | ||||||||
| Repurchase Agreement: 0.3% | ||||||||
| $ | 275,416 | Repurchase agreement dated 10/30/15 with Royal Bank of Scotland Plc, 0.07%, due 11/2/15, proceeds $275,418; (collateralized by various U.S. government and agency obligations, 0.07% to 3.38%, due 8/15/16 to 8/15/21, valued at $280,924 including accrued interest) | 275,416 | |||||
| Total Investments:
100.3% (Cost: $89,867,713) | 89,398,836 | |||||||
| Liabilities in excess of other assets: (0.3)% | (250,912 | ) | ||||||
| NET ASSETS: 100.0% | $ | 89,147,924 | ||||||
See Notes to Financial Statements
| 55 |
INVESTMENT GRADE FLOATING RATE ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| (c) | Callable Security – the redemption date shown is when the security may be redeemed by the issuer |
| † | Security fully or partially on loan. Total market value of securities on loan is $269,958. |
| 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 $13,677,345, or 15.3% of net assets. |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited) | % of Investments | Value | ||||||
| Basic Materials | 0.6 | % | $ | 530,444 | ||||
| Communications | 5.3 | 4,763,749 | ||||||
| Consumer, Cyclical | 5.4 | 4,777,673 | ||||||
| Consumer, Non-cyclical | 4.6 | 4,096,293 | ||||||
| Energy | 7.9 | 7,023,574 | ||||||
| Financial | 67.9 | 60,508,521 | ||||||
| Technology | 7.2 | 6,459,498 | ||||||
| Utilities | 0.3 | 270,174 | ||||||
| Money Market Fund | 0.8 | 693,494 | ||||||
| 100.0 | % | $ | 89,123,420 | |||||
The summary of inputs used to value the Fund’s investments as of October 31, 2015 is as follows:
| Level
1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||||
| Floating Rate Notes* | $ | — | $ | 88,429,926 | $ | — | $ | 88,429,926 | ||||||||||
| Money Market Fund | 693,494 | — | — | 693,494 | ||||||||||||||
| Repurchase Agreement | — | 275,416 | — | 275,416 | ||||||||||||||
| Total | $ | 693,494 | $ | 88,705,342 | $ | — | $ | 89,398,836 | ||||||||||
| * | See Schedule of Investments for security type and geographic sector breakouts. |
There were no transfers between levels during the period ended October 31, 2015.
See Notes to Financial Statements
| 56 |
J.P. MORGAN EM LOCAL CURRENCY BOND ETF
SCHEDULE OF INVESTMENTS
October 31, 2015 (unaudited)
| Principal Amount | Value | |||||||
| CORPORATE BONDS: 5.5% | ||||||||
| Brazil: 0.8% | ||||||||
| BRL | 7,841,000 | Banco do Brasil SA | ||||||
| 9.75%, 07/18/17 † Reg S | $ | 1,886,989 | ||||||
| 2,969,000 | Banco Safra Cayman Islands Ltd. | |||||||
| 10.88%, 04/03/17 † Reg S | 713,737 | |||||||
| 9,736,000 | Banco Safra SA | |||||||
| 10.25%, 08/08/16 Reg S | 2,431,689 | |||||||
| 18,181,000 | Concessionaria Ecovias dos | |||||||
| Imigrantes SA (TIPS) | ||||||||
| 5.09%, 04/15/24 | 4,731,730 | |||||||
| 9,764,145 | ||||||||
| Colombia: 0.9% | ||||||||
| COP | 15,870,000,000 | Empresas Publicas de Medellin ESP | ||||||
| 8.38%, 02/01/21 Reg S | 5,499,478 | |||||||
| 19,450,000,000 | Financiera de Desarrollo Territorial SA Findeter | |||||||
| 7.88%, 05/12/24 (c) Reg S | 6,168,277 | |||||||
| 11,667,755 | ||||||||
| Germany: 0.8% | ||||||||
| TRY | 6,700,000 | KFW | ||||||
| 10.00%, 03/06/19 | 2,293,052 | |||||||
| Landwirtschaftliche Rentenbank | ||||||||
| ZAR | 93,300,000 | 6.00%, 03/18/19 Reg S | 6,429,396 | |||||
| BRL | 2,000,000 | 6.25%, 09/12/16 Reg S | 492,553 | |||||
| MXN | 12,922,000 | 8.50%, 02/22/16 | 793,848 | |||||
| 10,008,849 | ||||||||
| Mexico: 1.1% | ||||||||
| Petroleos Mexicanos | ||||||||
| 110,330,000 | 7.19%, 09/12/24 Reg S | 6,280,915 | ||||||
| 109,600,000 | 7.65%, 11/24/21 Reg S | 6,695,986 | ||||||
| 12,976,901 | ||||||||
| Russia: 0.1% | ||||||||
| RUB | 105,260,000 | Federal Hydrogenerating | ||||||
| Co. JSC | ||||||||
| 8.00%, 04/18/16 (p) | 1,645,377 | |||||||
| South Africa: 1.8% | ||||||||
| Eskom Holdings Ltd. | ||||||||
| ZAR | 5,350,000 | 7.85%, 04/02/26 | 352,504 | |||||
| 141,000,000 | 9.25%, 04/20/18 | 10,546,959 | ||||||
| 77,330,000 | 9.50%, 08/18/27 ^ | 1,254,103 | ||||||
| Transnet Ltd. | ||||||||
| 21,000,000 | 9.50%, 08/19/25 | 1,452,191 | ||||||
| 4,500,000 | 10.50%, 09/17/20 | 338,472 | ||||||
| 105,900,000 | 10.80%, 11/06/23 | 8,035,342 | ||||||
| 5,000,000 | 13.50%, 04/18/28 | 422,734 | ||||||
| 22,402,305 | ||||||||
| Total Corporate Bonds | ||||||||
| (Cost: $103,549,145) | 68,465,332 | |||||||
| Principal Amount | Value | |||||||
| GOVERNMENT OBLIGATIONS: 88.6% | ||||||||
| Brazil: 7.7% | ||||||||
| Brazilian Government | ||||||||
| International Bonds | ||||||||
| BRL | 2,590,000 | 8.50%, 01/05/24 † | $ | 566,024 | ||||
| 4,560,000 | 10.25%, 01/10/28 | 997,146 | ||||||
| 2,860,000 | 12.50%, 01/05/22 † | 740,736 | ||||||
| Letra do Tesouro Nacional | ||||||||
| 41,564,000 | 12.98%, 01/01/17 ^ | 9,156,732 | ||||||
| 29,989,000 | 12.99%, 01/01/18 ^ | 5,692,741 | ||||||
| 48,240,000 | 13.11%, 07/01/18 ^ | 8,492,118 | ||||||
| 46,800,000 | 14.17%, 07/01/17 ^ | 9,568,196 | ||||||
| 109,450,000 | 14.64%, 01/01/19 ^ | 17,867,318 | ||||||
| Nota do Tesouro Nacional, | ||||||||
| Series F | ||||||||
| 74,876,000 | 10.00%, 01/01/21 | 15,820,571 | ||||||
| 49,300,000 | 10.00%, 01/01/17 | 12,192,650 | ||||||
| 3,100,000 | 10.00%, 01/01/18 | 731,684 | ||||||
| 3,150,000 | 10.00%, 01/01/19 | 710,005 | ||||||
| 39,198,000 | 10.00%, 01/01/23 | 7,843,158 | ||||||
| 27,800,000 | 10.00%, 01/01/25 | 5,313,335 | ||||||
| 95,692,414 | ||||||||
| Chile: 2.9% | ||||||||
| CLP | 24,359,500,000 | Chilean Government | ||||||
| International Bonds | ||||||||
| 5.50%, 08/05/20 | 36,651,285 | |||||||
| Colombia: 4.6% | ||||||||
| COP | 1,787,000,000 | Colombian Government | ||||||
| International Bonds | ||||||||
| 7.75%, 04/14/21 | 633,500 | |||||||
| 21,018,000,000 | Colombian TES | |||||||
| 7.50%, 08/26/26 | 7,045,431 | |||||||
| 7,821,000,000 | Republic of Colombia | |||||||
| 9.85%, 06/28/27 | 3,163,292 | |||||||
| Titulos de Tesoreria | ||||||||
| 17,626,700,000 | 5.00%, 11/21/18 | 5,862,544 | ||||||
| 26,846,700,000 | 6.00%, 04/28/28 | 7,722,119 | ||||||
| 21,987,200,000 | 7.00%, 09/11/19 | 7,662,450 | ||||||
| 10,117,200,000 | 7.00%, 05/04/22 | 3,438,823 | ||||||
| 34,620,800,000 | 10.00%, 07/24/24 | 13,633,615 | ||||||
| 22,331,700,000 | 11.00%, 07/24/20 | 8,940,017 | ||||||
| 58,101,791 | ||||||||
| Hungary: 4.7% | ||||||||
| Hungarian Government Bonds | ||||||||
| HUF | 472,000,000 | 3.50%, 06/24/20 | 1,756,506 | |||||
| 1,463,020,000 | 4.00%, 04/25/18 | 5,489,720 | ||||||
| 107,200,000 | 5.50%, 02/12/16 | 386,093 | ||||||
| 1,483,800,000 | 5.50%, 12/20/18 | 5,832,033 | ||||||
| 1,051,610,000 | 5.50%, 06/24/25 | 4,389,834 | ||||||
| 2,596,380,000 | 6.00%, 11/24/23 | 10,961,570 | ||||||
| 1,248,330,000 | 6.50%, 06/24/19 | 5,081,704 | ||||||
| 1,473,760,000 | 6.75%, 02/24/17 | 5,637,844 | ||||||
| 1,649,280,000 | 6.75%, 11/24/17 | 6,529,035 | ||||||
| 1,379,530,000 | 7.00%, 06/24/22 | 6,030,875 | ||||||
| 1,651,700,000 | 7.50%, 11/12/20 | 7,214,690 | ||||||
| 59,309,904 | ||||||||
See Notes to Financial Statements
| 57 |
J.P. MORGAN EM LOCAL CURRENCY BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal Amount | Value | |||||||
| Indonesia: 6.0% | ||||||||
| Indonesian Treasury Bonds | ||||||||
| IDR | 9,240,000,000 | 5.63%, 05/15/23 | $ | 553,979 | ||||
| 65,316,000,000 | 6.12%, 05/15/28 | 3,706,962 | ||||||
| 51,833,000,000 | 6.63%, 05/15/33 | 2,939,627 | ||||||
| 48,762,000,000 | 7.00%, 05/15/22 | 3,230,073 | ||||||
| 28,621,000,000 | 7.00%, 05/15/27 | 1,796,153 | ||||||
| 48,943,000,000 | 8.25%, 07/15/21 | 3,490,541 | ||||||
| 59,054,000,000 | 8.25%, 06/15/32 | 3,943,905 | ||||||
| 4,822,000,000 | 8.38%, 09/15/26 | 337,979 | ||||||
| 174,229,000,000 | 8.38%, 03/15/34 | 11,918,053 | ||||||
| 214,613,000,000 | 8.38%, 03/15/24 | 15,331,874 | ||||||
| 183,192,000,000 | 9.00%, 03/15/29 | 13,283,752 | ||||||
| 34,711,000,000 | 9.50%, 07/15/31 | 2,587,867 | ||||||
| 49,242,000,000 | 10.50%, 08/15/30 | 3,973,426 | ||||||
| 11,097,000,000 | 11.00%, 11/15/20 | 886,974 | ||||||
| 39,489,000,000 | 11.00%, 09/15/25 | 3,244,797 | ||||||
| 45,291,000,000 | 12.80%, 06/15/21 | 3,873,955 | ||||||
| 75,099,917 | ||||||||
| Malaysia: 7.5% | ||||||||
| Malaysian Government Bonds | ||||||||
| MYR | 8,890,000 | 3.26%, 03/01/18 | 2,062,124 | |||||
| 13,450,000 | 3.31%, 10/31/17 | 3,150,941 | ||||||
| 5,174,000 | 3.39%, 03/15/17 | 1,210,398 | ||||||
| 20,005,000 | 3.42%, 08/15/22 | 4,484,361 | ||||||
| 51,593,000 | 3.48%, 03/15/23 | 11,529,666 | ||||||
| 6,130,000 | 3.49%, 03/31/20 | 1,409,786 | ||||||
| 12,430,000 | 3.58%, 09/28/18 | 2,906,893 | ||||||
| 7,330,000 | 3.65%, 10/31/19 | 1,701,632 | ||||||
| 4,322,000 | 3.73%, 06/15/28 | 944,089 | ||||||
| 28,271,000 | 3.89%, 07/31/20 | 6,588,551 | ||||||
| 7,700,000 | 3.89%, 03/15/27 | 1,716,697 | ||||||
| 29,442,000 | 4.01%, 09/15/17 | 6,996,052 | ||||||
| 15,620,000 | 4.05%, 09/30/21 | 3,634,911 | ||||||
| 4,510,000 | 4.13%, 04/15/32 | 1,003,145 | ||||||
| 39,352,000 | 4.16%, 07/15/21 | 9,238,010 | ||||||
| 44,152,000 | 4.24%, 02/07/18 | 10,467,601 | ||||||
| 28,040,000 | 4.38%, 11/29/19 | 6,686,261 | ||||||
| 27,485,000 | 4.39%, 04/15/26 | 6,469,781 | ||||||
| 18,200,000 | 4.50%, 04/15/30 | 4,291,790 | ||||||
| 30,563,000 | 5.73%, 07/30/19 | 7,617,493 | ||||||
| 94,110,182 | ||||||||
| Mexico: 7.3% | ||||||||
| Mexican Government | ||||||||
| International Bonds | ||||||||
| MXN | 135,360,000 | 4.75%, 06/14/18 | 8,263,014 | |||||
| 499,000 | 5.00%, 06/15/17 | 30,771 | ||||||
| 67,400,000 | 6.50%, 06/09/22 | 4,276,166 | ||||||
| 73,390,300 | 7.50%, 06/03/27 | 4,903,336 | ||||||
| 29,530,000 | 7.75%, 11/23/34 | 2,009,771 | ||||||
| 101,635,000 | 7.75%, 11/13/42 | 6,916,530 | ||||||
| 153,960,000 | 7.75%, 12/14/17 | 10,041,028 | ||||||
| 197,463,000 | 7.75%, 05/29/31 | 13,456,777 | ||||||
| 124,005,900 | 8.00%, 06/11/20 | 8,414,080 | ||||||
| 15,700,000 | 8.00%, 12/07/23 | 1,083,050 | ||||||
| 44,588,000 | 8.50%, 05/31/29 | 3,223,573 | ||||||
| 125,409,700 | 8.50%, 12/13/18 | 8,419,975 | ||||||
| 89,663,900 | 8.50%, 11/18/38 | 6,574,922 | ||||||
| 151,048,000 | 10.00%, 12/05/24 | 11,720,274 | ||||||
| 26,901,000 | 10.00%, 11/20/36 | 2,247,220 | ||||||
| 91,580,487 | ||||||||
| Principal Amount |
Value | |||||||
| Peru: 2.9% | ||||||||
| Peruvian Government Bonds | ||||||||
| PEN | 13,905,000 | 5.20%, 09/12/23 | $ | 3,850,883 | ||||
| 25,833,000 | 5.70%, 08/12/24 | 7,291,953 | ||||||
| 13,618,000 | 6.90%, 08/12/37 | 3,895,109 | ||||||
| 29,491,000 | 6.95%, 08/12/31 | 8,667,705 | ||||||
| 20,078,000 | 7.84%, 08/12/20 | 6,582,100 | ||||||
| 13,620,000 | 8.20%, 08/12/26 | 4,484,926 | ||||||
| 5,930,000 | 8.60%, 08/12/17 | 1,927,386 | ||||||
| 36,700,062 | ||||||||
| Philippines: 3.0% | ||||||||
| Philippine Government | ||||||||
| International Bonds | ||||||||
| PHP | 440,000,000 | 3.90%, 11/26/22 | 9,313,340 | |||||
| 543,500,000 | 4.95%, 01/15/21 | 12,106,039 | ||||||
| 659,500,000 | 6.25%, 01/14/36 | 15,735,597 | ||||||
| 37,154,976 | ||||||||
| Poland: 8.7% | ||||||||
| Polish Government Bonds | ||||||||
| PLN | 9,000,000 | 1.50%, 04/25/20 | 2,284,486 | |||||
| 37,975,000 | 2.50%, 07/25/18 | 10,053,293 | ||||||
| 27,480,000 | 3.25%, 07/25/25 | 7,496,205 | ||||||
| 46,142,000 | 3.25%, 07/25/19 | 12,570,019 | ||||||
| 25,264,000 | 3.75%, 04/25/18 | 6,885,352 | ||||||
| 34,373,000 | 4.00%, 10/25/23 | 9,849,284 | ||||||
| 24,766,000 | 4.75%, 04/25/17 | 6,728,092 | ||||||
| 49,173,000 | 5.25%, 10/25/17 | 13,673,276 | ||||||
| 66,272,000 | 5.25%, 10/25/20 | 19,768,140 | ||||||
| 25,491,000 | 5.50%, 10/25/19 | 7,525,243 | ||||||
| 26,871,000 | 5.75%, 09/23/22 | 8,444,643 | ||||||
| 10,423,000 | 5.75%, 10/25/21 | 3,230,680 | ||||||
| 108,508,713 | ||||||||
| Romania: 3.1% | ||||||||
| Romanian Government Bonds | ||||||||
| RON | 23,645,000 | 4.75%, 06/24/19 | 6,466,253 | |||||
| 9,205,000 | 4.75%, 02/24/25 | 2,542,254 | ||||||
| 18,130,000 | 5.60%, 11/28/18 | 5,048,272 | ||||||
| 21,450,000 | 5.75%, 04/29/20 | 6,135,974 | ||||||
| 16,210,000 | 5.85%, 04/26/23 | 4,771,589 | ||||||
| 23,390,000 | 5.90%, 07/26/17 | 6,303,736 | ||||||
| 11,480,000 | 5.95%, 06/11/21 | 3,348,097 | ||||||
| 14,330,000 | 6.75%, 06/11/17 | 3,885,161 | ||||||
| 38,501,336 | ||||||||
| Russia: 4.4% | ||||||||
| Russian Federal Bonds | ||||||||
| RUB | 219,796,000 | 6.20%, 01/31/18 | 3,192,667 | |||||
| 145,080,000 | 6.70%, 05/15/19 | 2,071,719 | ||||||
| 392,940,000 | 6.80%, 12/11/19 | 5,555,606 | ||||||
| 370,423,000 | 7.00%, 08/16/23 | 4,950,519 | ||||||
| 435,488,000 | 7.00%, 01/25/23 | 5,860,324 | ||||||
| 397,440,000 | 7.05%, 01/19/28 | 5,033,390 | ||||||
| 482,842,000 | 7.40%, 06/14/17 | 7,279,727 | ||||||
| 477,191,000 | 7.50%, 03/15/18 | 7,125,122 | ||||||
| 249,699,000 | 7.50%, 02/27/19 | 3,654,520 | ||||||
| 264,250,000 | 7.60%, 04/14/21 | 3,755,733 | ||||||
| 220,555,000 | 7.60%, 07/20/22 | 3,081,436 | ||||||
| 5,000,000 | 7.85%, 03/10/18 Reg S | 74,840 | ||||||
| 275,070,000 | 8.15%, 02/03/27 | 3,842,348 | ||||||
| 55,477,951 | ||||||||
See Notes to Financial Statements
| 58 |
| Principal | ||||||||
| Amount | Value | |||||||
| South Africa: 4.9% | ||||||||
| South African Government Bonds | ||||||||
| ZAR | 282,932,000 | 6.25%, 03/31/36 | $ | 15,359,087 | ||||
| 127,802,000 | 6.50%, 02/28/41 | 6,958,152 | ||||||
| 236,405,000 | 7.00%, 02/28/31 | 14,560,157 | ||||||
| 43,350,000 | 7.25%, 01/15/20 | 3,091,753 | ||||||
| 143,920,000 | 8.75%, 02/28/48 | 10,060,166 | ||||||
| 137,267,000 | 10.50%, 12/21/26 | 11,484,559 | ||||||
| 267 | 13.50%, 09/15/16 | 20 | ||||||
| 61,513,894 | ||||||||
| Supranational: 7.6% | ||||||||
| African Development Bank | ||||||||
| TRY | 2,225,000 | 4.55%, 12/21/17 | 664,993 | |||||
| IDR | 1,000,000,000 | 7.00%, 03/06/17 | 67,956 | |||||
| European Bank for | ||||||||
| Reconstruction & Development | ||||||||
| 123,500,000,000 | 7.38%, 04/15/19 | 8,166,564 | ||||||
| TRY | 5,005,000 | 8.00%, 10/11/18 | 1,625,551 | |||||
| European Investment Bank | ||||||||
| PLN | 21,450,000 | 4.25%, 10/25/22 | 6,372,162 | |||||
| ZAR | 73,100,000 | 7.50%, 01/30/19 | 5,265,202 | |||||
| 82,000,000 | 7.50%, 09/10/20 Reg S | 5,852,930 | ||||||
| 135,470,000 | 8.13%, 12/21/26 | 9,383,677 | ||||||
| TRY | 36,041,000 | 8.50%, 07/25/19 | 11,739,691 | |||||
| ZAR | 22,890,000 | 9.00%, 12/21/18 Reg S | 1,712,355 | |||||
| BRL | 9,570,000 | 9.65%, 10/22/19 ^ | 1,585,891 | |||||
| 12,000,000 | 9.81%, 08/27/21 ^ | 1,654,677 | ||||||
| Inter-American | ||||||||
| Development Bank | ||||||||
| IDR | 22,100,000,000 | 7.00%, 02/04/19 | 1,455,411 | |||||
| 86,600,000,000 | 7.25%, 07/17/17 | 5,898,607 | ||||||
| MXN | 92,700,000 | 8.00%, 01/26/16 | 5,695,003 | |||||
| BRL | 26,450,000 | 10.25%, 05/18/18 | 6,549,448 | |||||
| International Bank for | ||||||||
| Reconstruction & Development | ||||||||
| PLN | 11,000,000 | 1.13%, 08/07/17 Reg S | 2,870,140 | |||||
| MXN | 59,200,000 | 4.00%, 08/16/18 | 3,612,082 | |||||
| 53,150,000 | 7.50%, 03/05/20 | 3,604,698 | ||||||
| BRL | 4,065,000 | 9.50%, 03/02/17 | 1,023,851 | |||||
| TRY | 13,150,000 | 9.63%, 07/13/18 | 4,461,317 | |||||
| RUB | 170,000,000 | 10.30%, 03/05/19 | 2,788,367 | |||||
| International Finance Corp. | ||||||||
| MXN | 8,460,000 | 6.00%, 01/28/16 | 515,391 | |||||
| BRL | 12,000,000 | 10.50%, 04/17/18 | 3,001,210 | |||||
| 95,567,174 | ||||||||
| Thailand: 6.8% | ||||||||
| Thailand Government Bonds | ||||||||
| THB | 100,178,000 | 2.80%, 10/10/17 † | 2,884,510 | |||||
| 359,614,000 | 3.25%, 06/16/17 | 10,394,495 | ||||||
| 127,090,000 | 3.45%, 03/08/19 | 3,755,229 | ||||||
| 71,370,000 | 3.58%, 12/17/27 | 2,162,946 | ||||||
| 281,446,000 | 3.63%, 06/16/23 † | 8,452,686 | ||||||
| 782,963,000 | 3.65%, 12/17/21 † | 23,524,816 | ||||||
| 174,385,000 | 3.85%, 12/12/25 | 5,430,261 | ||||||
| 411,625,000 | 3.88%, 06/13/19 † | 12,370,820 | ||||||
| 102,644,000 | 4.13%, 11/18/16 | 2,964,375 | ||||||
| 824,000 | 4.75%, 12/20/24 | 27,064 | ||||||
| 281,845,000 | 4.88%, 06/22/29 † | 9,750,953 | ||||||
| 93,718,000 | 5.13%, 03/13/18 | 2,849,169 | ||||||
| 84,567,324 | ||||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Turkey: 6.5% | ||||||||
| Turkish Government Bonds | ||||||||
| TRY | 19,715,000 | 6.30%, 02/14/18 | $ | 6,297,208 | ||||
| 27,010,000 | 7.10%, 03/08/23 | 8,075,355 | ||||||
| 30,430,000 | 7.40%, 02/05/20 | 9,630,871 | ||||||
| 8,260,000 | 8.30%, 06/20/18 | 2,739,338 | ||||||
| 9,190,000 | 8.50%, 07/10/19 | 3,037,977 | ||||||
| 19,760,000 | 8.50%, 09/14/22 | 6,362,481 | ||||||
| 16,322,000 | 8.80%, 11/14/18 | 5,465,706 | ||||||
| 18,122,000 | 8.80%, 09/27/23 | 5,934,650 | ||||||
| 15,478,000 | 9.00%, 03/08/17 | 5,260,160 | ||||||
| 35,430,000 | 9.00%, 07/24/24 | 11,675,740 | ||||||
| 17,498,000 | 9.50%, 01/12/22 | 5,940,642 | ||||||
| 11,350,000 | 10.40%, 03/20/24 | 4,056,077 | ||||||
| 19,162,000 | 10.50%, 01/15/20 | 6,781,990 | ||||||
| 81,258,195 | ||||||||
| Total Government Obligations | ||||||||
| (Cost: $1,326,997,819) | 1,109,795,605 | |||||||
| Number | ||||||||
| of Shares | ||||||||
| MONEY MARKET FUND: 2.7% | ||||||||
| (Cost: $34,556,004) | ||||||||
| 34,556,004 | Dreyfus Government Cash | |||||||
| Management Fund | 34,556,004 | |||||||
| Total Investments Before Collateral for Securities Loaned: 96.8% | ||||||||
| (Cost: $1,465,102,968) | 1,212,816,941 | |||||||
| Principal | ||||||||
| Amount | ||||||||
| SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 1.0% | ||||||||
| Repurchase Agreements: 1.0% | ||||||||
| USD | 3,027,226 | Repurchase agreement dated 10/30/15 with BNP Paribas Securities Corp., 0.09%, due 11/2/15, proceeds $3,027,249; (collateralized by various U.S. government and agency obligations, 0.00% to 7.50%, due 8/1/16 to 11/1/45, valued at $3,087,771 including accrued interest) | 3,027,226 | |||||
| 3,027,226 | Repurchase agreement dated 10/30/15 with Citigroup Global Markets, Inc., 0.10%, due 11/2/15, proceeds $3,027,251; (collateralized by various U.S. government and agency obligations, 2.00% to 6.50%, due 12/31/16 to 11/1/45, valued at $3,087,771 including accrued interest) | 3,027,226 | ||||||
See Notes to Financial Statements
| 59 |
J.P. MORGAN EM LOCAL CURRENCY BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal | ||||||||
| Amount | Value | |||||||
| Repurchase Agreements: (continued) | ||||||||
| USD | 3,027,226 | Repurchase agreement dated 10/30/15 with Daiwa Capital Markets America, Inc., 0.09%, due 11/2/15, proceeds $3,027,249; (collateralized by various U.S. government and agency obligations, 0.00% to 7.50%, due 11/5/15 to 2/1/49, valued at $3,087,771 including accrued interest) | $ | 3,027,226 | ||||
| 3,027,226 | Repurchase agreement dated 10/30/15 with HSBC Securities USA, Inc., 0.06%, due 11/2/15, proceeds $3,027,241; (collateralized by various U.S. government and agency obligations, 0.00% to 8.95%, due 11/15/15 to 7/15/37, valued at $3,087,778 including accrued interest) | 3,027,226 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Repurchase Agreements: (continued) | ||||||||
| USD | 637,285 | Repurchase agreement dated 10/30/15 with Royal Bank of Scotland Plc, 0.07%, due 11/2/15, proceeds $637,289; (collateralized by various U.S. government and agency obligations, 0.07% to 3.38%, due 8/15/16 to 8/15/21, valued at $650,031 including accrued interest) | $ | 637,285 | ||||
| Total Short-Term Investments Held As Collateral For Securities Loaned | ||||||||
| (Cost: $12,746,189) | 12,746,189 | |||||||
| Total Investments: 97.8% | ||||||||
| (Cost: $1,477,849,157) | 1,225,563,130 | |||||||
| Other assets less liabilities: 2.2% | 27,235,023 | |||||||
| NET ASSETS: 100.0% | $ | 1,252,798,153 | ||||||
| BRL | Brazilian Real |
| CLP | Chilean Peso |
| COP | Colombian Peso |
| HUF | Hungarian Forint |
| IDR | Indonesian Rupiah |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| PEN | Peruvian Nuevo Sol |
| PHP | Philippine Peso |
| PLN | Polish Zloty |
| RON | Romanian Leu |
| RUB | Russian Ruble |
| THB | Thai Baht |
| TRY | Turkish Lira |
| ZAR | South African Rand |
| (c) | Callable Security – the redemption date shown is when the security may be redeemed by the issuer |
| (p) | Puttable Security – the redemption date shown is when the security may be redeemed by the investor |
| ^ | Zero Coupon Bond – the rate shown is the effective yield at purchase date |
| † | Security fully or partially on loan. Total market value of securities on loan is $11,946,356. |
| 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 |
See Notes to Financial Statements
| 60 |
| Summary of Investments by Sector Excluding | |||||||||
| Collateral for Securities Loaned (unaudited) | % of Investments | Value | |||||||
| Consumer, Non-cyclical | 0.4 | % | $ | 4,731,730 | |||||
| Energy | 1.1 | 12,976,901 | |||||||
| Financial | 1.8 | 21,209,541 | |||||||
| Government | 91.5 | 1,109,795,605 | |||||||
| Industrial | 0.8 | 10,248,739 | |||||||
| Utilities | 1.6 | 19,298,421 | |||||||
| Money Market Fund | 2.8 | 34,556,004 | |||||||
| 100.0 | % | $ | 1,212,816,941 | ||||||
The summary of inputs used to value the Fund’s investments as of October 31, 2015 is as follows:
| Level 2 | Level 3 | ||||||||||||||||
| Level 1 | Significant | Significant | |||||||||||||||
| Quoted | Observable | Unobservable | |||||||||||||||
| Prices | Inputs | Inputs | Value | ||||||||||||||
| Corporate Bonds* | $ | — | $ | 68,465,332 | $ | — | $ | 68,465,332 | |||||||||
| Government Obligations* | — | 1,109,795,605 | — | 1,109,795,605 | |||||||||||||
| Money Market Fund | 34,556,004 | — | — | 34,556,004 | |||||||||||||
| Repurchase Agreements | — | 12,746,189 | — | 12,746,189 | |||||||||||||
| Total | $ | 34,556,004 | $ | 1,191,007,126 | $ | — | $ | 1,225,563,130 | |||||||||
| * | See Schedule of Investments for security type and geographic sector breakouts. |
There were no transfers between levels during the period ended October 31, 2015.
See Notes to Financial Statements
| 61 |
SCHEDULE OF INVESTMENTS
October 31, 2015 (unaudited)
| Number of Shares | Value | |||||||
| REAL ESTATE INVESTMENT TRUSTS: 100.3% | ||||||||
| United States: 100.3% | ||||||||
| 547,129 | American Capital Agency Corp. | $ | 9,755,310 | |||||
| 187,728 | American Capital Mortgage | |||||||
| Investment Corp. | 2,723,933 | |||||||
| 1,486,677 | Annaly Capital Management, Inc. | 14,792,436 | ||||||
| 337,030 | Anworth Mortgage Asset Corp. | 1,607,633 | ||||||
| 199,318 | Apollo Commercial Real Estate | |||||||
| Finance, Inc. | 3,310,672 | |||||||
| 158,697 | ARMOUR Residential REIT, Inc. | 3,256,462 | ||||||
| 194,108 | Blackstone Mortgage Trust, Inc. | 5,341,852 | ||||||
| 335,058 | Capstead Mortgage Corp. | 3,233,310 | ||||||
| 386,808 | Chimera Investment Corp. | 5,446,257 | ||||||
| 225,702 | Colony Financial, Inc. | 4,590,779 | ||||||
| 568,573 | CYS Investments, Inc. | 4,389,384 | ||||||
| 304,226 | Hatteras Financial Corp. | 4,353,474 | ||||||
| 360,140 | Invesco Mortgage Capital, Inc. | 4,339,687 | ||||||
| 222,571 | iStar Financial, Inc. | 2,880,069 | ||||||
| 686,791 | MFA Financial, Inc. | 4,752,594 | ||||||
| 386,808 | New Residential Investment Corp. | 4,691,981 | ||||||
| 433,846 | New York Mortgage Trust, Inc. † | 2,464,245 | ||||||
| 258,395 | PennyMac Mortgage Investment Trust | 3,777,735 | ||||||
| 310,072 | RAIT Financial Trust | 1,503,849 | ||||||
| 194,727 | Redwood Trust, Inc. | 2,585,975 | ||||||
| 123,021 | Resource Capital Corp. † | 1,579,590 | ||||||
| 322,617 | Starwood Property Trust, Inc. | 6,481,375 | ||||||
| 574,175 | Two Harbors Investment Corp. | 4,857,520 | ||||||
| Total Real Estate Investment Trusts | ||||||||
| (Cost: $124,569,840) | 102,716,122 | |||||||
| Principal Amount | Value | |||||||
| SHORT-TERM INVESTMENTS HELD AS | ||||||||
| COLLATERAL FOR SECURITIES LOANED: 3.6% | ||||||||
| Repurchase Agreements: 3.6% | ||||||||
| $ | 732,420 | Repurchase agreement dated 10/30/15 | ||||||
| with BNP Paribas Securities Corp., | ||||||||
| 0.09%, due 11/2/15, proceeds | ||||||||
| $732,425; (collateralized by various | ||||||||
| U.S. government and agency | ||||||||
| obligations, 0.00% to 7.50%, | ||||||||
| due 8/1/16 to 11/1/45, valued at | ||||||||
| $747,069 including accrued interest) | $ | 732,420 | ||||||
| 1,000,000 | Repurchase agreement dated 10/30/15 | |||||||
| with Citigroup Global Markets, Inc., | ||||||||
| 0.10%, due 11/2/15, proceeds | ||||||||
| $1,000,008; (collateralized by various | ||||||||
| U.S. government and agency | ||||||||
| obligations, 2.00% to 6.50%, due | ||||||||
| 12/31/16 to 11/1/45, valued at | ||||||||
| $1,020,000 including accrued interest) | 1,000,000 | |||||||
| 1,000,000 | Repurchase agreement dated 10/30/15 | |||||||
| with HSBC Securities USA, Inc., | ||||||||
| 0.07%, due 11/2/15, proceeds | ||||||||
| $1,000,006; (collateralized by various | ||||||||
| U.S. government and agency | ||||||||
| obligations, 2.50% to 8.00%, due | ||||||||
| 5/1/22 to 10/1/45, valued at | ||||||||
| $1,020,002 including accrued interest) | 1,000,000 | |||||||
| 1,000,000 | Repurchase agreement dated 10/30/15 | |||||||
| with RBC Capital Markets LLC, | ||||||||
| 0.10%, due 11/2/15, proceeds | ||||||||
| $1,000,008; (collateralized by various | ||||||||
| U.S. government and agency | ||||||||
| obligations, 0.24% to 7.00%, | ||||||||
| due 2/2/18 to 5/20/65, valued at | ||||||||
| $1,020,000 including accrued interest) | 1,000,000 | |||||||
| Total Short-Term Investments Held as Collateral | ||||||||
| for Securities Loaned | ||||||||
| (Cost: $3,732,420) | 3,732,420 | |||||||
| Total Investments: 103.9% | ||||||||
| (Cost: $128,302,260) | 106,448,542 | |||||||
| Liabilities in excess of other assets: (3.9)% | (3,985,650 | ) | ||||||
| NET ASSETS: 100.0% | $ | 102,462,892 | ||||||
† Security fully or partially on loan. Total market value of securities on loan is $3,567,438.
| Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited) | % of Investments | Value | ||||||
| Financial | 100.0 | % | $ | 102,716,122 | ||||
The summary of inputs used to value the Fund’s investments as of October 31, 2015 is as follows:
| Level
1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||||
| Real Estate Investment Trusts* | $ | 102,716,122 | $ | — | $ | — | $ | 102,716,122 | ||||||||||
| Repurchase Agreements | — | 3,732,420 | — | 3,732,420 | ||||||||||||||
| Total | $ | 102,716,122 | $ | 3,732,420 | $ | — | $ | 106,448,542 | ||||||||||
| * | See Schedule of Investments for security type and geographic sector breakouts. |
There were no transfers between levels during the period ended October 31, 2015.
See Notes to Financial Statements
| 62 |
PREFERRED SECURITIES EX FINANCIALS ETF
SCHEDULE OF INVESTMENTS
October 31, 2015 (unaudited)
| Number of Shares | Value | |||||||
| PREFERRED SECURITIES: 100.7% | ||||||||
| Basic Materials: 3.4% | ||||||||
| 129,413 | Alcoa, Inc. | |||||||
| 5.38%, 10/01/17 † | $ | 4,093,333 | ||||||
| 465,888 | ArcelorMittal | |||||||
| 6.00%, 01/15/16 | 4,211,627 | |||||||
| 151,414 | Cliffs Natural Resources, Inc. | |||||||
| 7.00%, 02/01/16 | 366,422 | |||||||
| 8,671,382 | ||||||||
| Communications: 18.2% | ||||||||
| 59,530 | Comcast Corp. | |||||||
| 5.00%, 12/15/17 (c) † | 1,569,211 | |||||||
| 99,648 | Frontier Communications Corp. | |||||||
| 11.13%, 06/29/18 | 9,878,106 | |||||||
| Qwest Corp. | ||||||||
| 160,473 | 6.13%, 06/01/18 (c) | 3,992,568 | ||||||
| 84,056 | 6.63%, 09/15/20 (c) | 2,108,965 | ||||||
| 103,531 | 6.88%, 10/01/19 (c) | 2,671,100 | ||||||
| 108,707 | 7.00%, 04/01/17 (c) † | 2,839,427 | ||||||
| 82,825 | 7.00%, 07/01/17 (c) † | 2,187,408 | ||||||
| 136,919 | 7.38%, 06/01/16 (c) | 3,533,879 | ||||||
| 119,060 | 7.50%, 09/15/16 (c) | 3,119,372 | ||||||
| 62,118 | Telephone & Data Systems, Inc. | |||||||
| 7.00%, 03/15/16 (c) | 1,590,221 | |||||||
| 103,531 | T-Mobile US, Inc. | |||||||
| 5.50%, 12/15/17 | 6,883,776 | |||||||
| United States Cellular Corp. | ||||||||
| 70,815 | 6.95%, 05/15/16 (c) | 1,806,491 | ||||||
| 56,942 | 7.25%, 12/08/19 (c) † | 1,458,854 | ||||||
| 103,531 | Verizon Communications, Inc. | |||||||
| 5.90%, 02/15/19 (c) | 2,753,925 | |||||||
| 46,393,303 | ||||||||
| Consumer, Non-cyclical: 10.1% | ||||||||
| 129,413 | Anthem, Inc. | |||||||
| 5.25%, 05/01/18 | 6,022,881 | |||||||
| CHS, Inc. | ||||||||
| 101,978 | 6.75%, 09/30/24 (c) † | 2,749,327 | ||||||
| 86,966 | 7.10%, 03/31/24 (c) † | 2,407,219 | ||||||
| 107,154 | 7.50%, 01/21/25 (c) † | 2,975,666 | ||||||
| 58,594 | 7.88%, 09/26/23 (c) † | 1,682,820 | ||||||
| 63,526 | 8.00%, 07/18/23 (c) † | 1,923,567 | ||||||
| 155,296 | Tyson Foods, Inc. | |||||||
| 4.75%, 07/15/17 | 8,129,746 | |||||||
| 25,891,226 | ||||||||
| Energy: 2.8% | ||||||||
| 83,342 | NuStar Logistics LP | |||||||
| 7.63%, 01/15/18 (c) | 2,135,222 | |||||||
| 178,590 | Southwestern Energy Co. | |||||||
| 6.25%, 01/15/18 | 5,007,664 | |||||||
| 7,142,886 | ||||||||
| Government: 0.6% | ||||||||
| 56,612 | Tennessee Valley Authority | |||||||
| 3.55%, 06/01/16 (p) † | 1,430,019 | |||||||
| Industrial: 3.0% | ||||||||
| Seaspan Corp. | ||||||||
| 71,436 | 6.38%, 04/30/19 | 1,773,756 | ||||||
| 72,471 | 9.50%, 01/30/16 (c) † | 1,829,893 | ||||||
| 155,296 | Stanley Black & Decker, Inc. | |||||||
| 5.75%, 07/25/17 (c) † | 4,051,673 | |||||||
| 7,655,322 | ||||||||
| Number of Shares | Value | |||||||
| Real Estate Investment Trusts: 34.1% | ||||||||
| 71,177 | American Tower Corp. | |||||||
| 5.50%, 02/15/18 | $ | 7,437,996 | ||||||
| Annaly Capital Management, Inc. | ||||||||
| 95,248 | 7.50%, 09/13/17 (c) | 2,311,669 | ||||||
| 62,118 | 7.63%, 05/16/17 (c) | 1,525,618 | ||||||
| 93,954 | CBL & Associates Properties, Inc. | |||||||
| 7.38%, 11/30/15 (c) | 2,378,915 | |||||||
| Colony Capital, Inc. | ||||||||
| 59,530 | 7.13%, 04/13/20 (c) | 1,348,354 | ||||||
| 52,179 | 8.50%, 03/20/17 (c) † | 1,381,700 | ||||||
| Digital Realty Trust, Inc. | ||||||||
| 51,765 | 5.88%, 04/09/18 (c) † | 1,257,372 | ||||||
| 51,765 | 6.35%, 08/24/20 (c) † | 1,298,784 | ||||||
| 59,530 | 7.00%, 09/15/16 (c) | 1,540,041 | ||||||
| 75,577 | 7.38%, 03/26/19 (c) † | 2,074,589 | ||||||
| 56,942 | Equity Commonwealth | |||||||
| 7.25%, 05/15/16 (c) | 1,457,146 | |||||||
| 66,571 | FelCor Lodging Trust, Inc. | |||||||
| 1.95%, 12/31/49 | 1,664,275 | |||||||
| 51,765 | General Growth Properties, Inc. | |||||||
| 6.38%, 02/13/18 (c) | 1,342,266 | |||||||
| 59,530 | Hatteras Financial Corp. | |||||||
| 7.63%, 08/27/17 (c) | 1,425,743 | |||||||
| 60,048 | Hospitality Properties Trust | |||||||
| 7.13%, 01/15/17 (c) | 1,582,265 | |||||||
| 82,825 | Kimco Realty Corp. | |||||||
| 6.00%, 03/20/17 (c) † | 2,136,885 | |||||||
| National Retail Properties, Inc. | ||||||||
| 59,530 | 5.70%, 05/30/18 (c) | 1,497,775 | ||||||
| 59,530 | 6.63%, 02/23/17 (c) | 1,575,164 | ||||||
| NorthStar Realty Finance Corp. | ||||||||
| 72,466 | 8.25%, 11/30/15 (c) † | 1,711,647 | ||||||
| 51,765 | 8.75%, 05/15/19 (c) | 1,244,948 | ||||||
| 72,471 | PS Business Parks, Inc. | |||||||
| 6.00%, 05/14/17 (c) † | 1,879,173 | |||||||
| Public Storage | ||||||||
| 103,531 | 5.20%, 01/16/18 (c) † | 2,558,251 | ||||||
| 102,495 | 5.38%, 09/20/17 (c) † | 2,572,624 | ||||||
| 59,530 | 5.63%, 06/15/17 (c) † | 1,533,493 | ||||||
| 95,766 | 5.75%, 03/13/17 (c) | 2,462,144 | ||||||
| 95,248 | 5.90%, 01/12/17 (c) | 2,452,636 | ||||||
| 59,530 | 6.00%, 06/04/19 (c) † | 1,565,044 | ||||||
| 100,942 | 6.35%, 07/26/16 (c) | 2,616,417 | ||||||
| 59,013 | 6.38%, 03/17/19 (c) | 1,578,598 | ||||||
| 77,648 | 6.50%, 04/14/16 (c) | 1,987,012 | ||||||
| 84,636 | Realty Income Corp. | |||||||
| 6.63%, 02/15/17 (c) | 2,245,393 | |||||||
| 51,765 | Regency Centers Corp. | |||||||
| 6.63%, 02/16/17 (c) | 1,344,855 | |||||||
| 72,471 | Senior Housing Properties Trust | |||||||
| 5.63%, 08/01/17 (c) † | 1,789,309 | |||||||
| 53,577 | Ventas Realty LP | |||||||
| 5.45%, 03/07/18 (c) † | 1,416,576 | |||||||
| 222,454 | VEREIT, Inc. | |||||||
| 6.70%, 01/03/19 (c) † | 5,519,084 | |||||||
| Vornado Realty Trust | ||||||||
| 62,118 | 5.40%, 01/25/18 (c) | 1,490,211 | ||||||
| 62,118 | 5.70%, 07/18/17 (c) † | 1,584,630 | ||||||
| 55,907 | 6.63%, 11/30/15 (c) † | 1,414,447 | ||||||
See Notes to Financial Statements
| 63 |
PREFERRED SECURITIES EX FINANCIALS ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Number of Shares | Value | |||||||
| Real Estate Investment Trusts: (continued) | ||||||||
| 56,942 | Wells Fargo Real Estate | |||||||
| Investment Corp. | ||||||||
| 6.38%, 12/11/19 (c) | $ | 1,502,130 | ||||||
| Welltower, Inc. | ||||||||
| 59,530 | 6.50%, 03/07/17 (c) † | 1,580,521 | ||||||
| 74,413 | 6.50%, 12/31/49 | 4,398,552 | ||||||
| 71,436 | Weyerhaeuser Co. | |||||||
| 6.38%, 07/01/16 | 3,585,373 | |||||||
| 87,269,625 | ||||||||
| Reinsurance: 4.3% | ||||||||
| 56,942 | Aspen Insurance Holdings Ltd. | |||||||
| 5.95%, 07/01/23 (c) † | 1,451,452 | |||||||
| 82,825 | Axis Capital Holdings Ltd. | |||||||
| 6.88%, 04/15/17 (c) † | 2,239,588 | |||||||
| PartnerRe Ltd. | ||||||||
| 51,765 | 5.88%, 03/01/18 (c) | 1,356,761 | ||||||
| 77,389 | 7.25%, 06/01/16 (c) | 2,211,778 | ||||||
| 82,825 | Reinsurance Group of America, Inc. | |||||||
| 6.20%, 09/15/22 (c) | 2,400,268 | |||||||
| 56,942 | RenaissanceRe Holdings Ltd. | |||||||
| 5.38%, 06/01/18 (c) † | 1,414,439 | |||||||
| 11,074,286 | ||||||||
| Technology: 0.9% | ||||||||
| 88,001 | Pitney Bowes, Inc. | |||||||
| 6.70%, 03/07/18 (c) † | 2,378,667 | |||||||
| Utilities: 23.3% | ||||||||
| 53,577 | AES Trust III | |||||||
| 6.75%, 11/30/15 (c) | 2,678,850 | |||||||
| 51,765 | BGE Capital Trust II | |||||||
| 6.20%, 11/30/15 (c) † | 1,331,396 | |||||||
| Dominion Resources, Inc. | ||||||||
| 56,942 | 6.00%, 07/01/16 | 3,203,557 | ||||||
| 56,942 | 6.13%, 04/01/16 | 3,177,933 | ||||||
| 103,531 | 6.38%, 07/01/17 | 5,138,243 | ||||||
| 57,977 | DTE Energy Co. | |||||||
| 6.50%, 12/01/16 (c) † | 1,554,943 | |||||||
| 103,531 | Duke Energy Corp. | |||||||
| 5.13%, 01/15/18 (c) † | 2,617,264 | |||||||
| 119,060 | Exelon Corp. | |||||||
| 6.50%, 06/01/17 | 4,971,946 | |||||||
| 62,118 | FPL Group Capital Trust I | |||||||
| 5.88%, 11/30/15 (c) † | 1,602,023 | |||||||
| 83,534 | Integrys Energy Group, Inc. | |||||||
| 6.00%, 08/01/23 (c) | 2,132,732 | |||||||
| NextEra Energy Capital Holdings, Inc. | ||||||||
| 93,178 | 5.00%, 01/15/18 (c) † | 2,220,432 | ||||||
| 103,531 | 5.13%, 11/15/17 (c) † | 2,531,333 | ||||||
| 72,471 | 5.63%, 06/15/17 (c) | 1,838,589 | ||||||
| 82,825 | 5.70%, 03/01/17 (c) † | 2,140,198 | ||||||
| NextEra Energy, Inc. | ||||||||
| 51,765 | 5.80%, 09/01/16 | 2,848,110 | ||||||
| 72,471 | 6.37%, 09/01/18 | 3,809,076 | ||||||
| Number of Shares | Value | |||||||
| Utilities: (continued) | ||||||||
| 93,178 | PPL Capital Funding, Inc. | |||||||
| 5.90%, 04/30/18 (c) † | $ | 2,361,130 | ||||||
| 98,354 | SCE Trust I | |||||||
| 5.63%, 06/15/17 (c) | 2,523,764 | |||||||
| 82,825 | SCE Trust II | |||||||
| 5.10%, 03/15/18 (c) | 2,028,384 | |||||||
| 56,942 | SCE Trust III | |||||||
| 5.75%, 03/15/24 (c) | 1,585,835 | |||||||
| 67,295 | SCE Trust IV | |||||||
| 5.38%, 09/15/25 (c) | 1,771,877 | |||||||
| 202,920 | Southern Co. | |||||||
| 6.25%, 10/15/20 (c) | 5,357,088 | |||||||
| 59,424,703 | ||||||||
| Total Preferred Securities | ||||||||
| (Cost: $272,140,638) | 257,331,419 | |||||||
| Principal Amount | ||||||||
| SHORT-TERM INVESTMENTS HELD AS COLLATERAL | ||||||||
| FOR SECURITIES LOANED: 3.5% | ||||||||
| Repurchase Agreements: 3.5% | ||||||||
| $ | 2,126,333 | Repurchase agreement dated 10/30/15 with BNP Paribas Securities Corp., 0.09%, due 11/2/15, proceeds $2,126,349; (collateralized by various U.S. government and agency obligations, 0.00% to 7.50%, due 8/1/16 to 11/1/45, valued at $2,168,860 including accrued interest) | 2,126,333 | |||||
| 2,126,333 | Repurchase agreement dated 10/30/15 with Citigroup Global Markets, Inc., 0.10%, due 11/2/15, proceeds $2,126,351; (collateralized by various U.S. government and agency obligations, 2.00% to 6.50%, due 12/31/16 to 11/1/45, valued at $2,168,860 including accrued interest) | 2,126,333 | ||||||
| 2,126,333 | Repurchase agreement dated 10/30/15 with Daiwa Capital Markets America, Inc., 0.09%, due 11/2/15, proceeds $2,126,349; (collateralized by various U.S. government and agency obligations, 0.00% to 7.50%, due 11/5/15 to 2/1/49, valued at $2,168,860 including accrued interest) | 2,126,333 | ||||||
| 2,126,333 | Repurchase agreement dated 10/30/15 with HSBC Securities USA, Inc., 0.06%, due 11/2/15, proceeds $2,126,344; (collateralized by various U.S. government and agency obligations, 0.00% to 8.95%, due 11/15/15 to 7/15/37, valued at $2,168,865 including accrued interest) | 2,126,333 | ||||||
See Notes to Financial Statements
| 64 |
| Principal Amount | Value | |||||||
| Repurchase Agreements: (continued) | ||||||||
| $ | 447,632 | Repurchase agreement dated | ||||||
| 10/30/15 with Royal Bank of | ||||||||
| Scotland Plc, 0.07%, due 11/2/15, | ||||||||
| proceeds $447,635; (collateralized | ||||||||
| by various U.S. government and | ||||||||
| agency obligations, 0.07% to 3.38%, | ||||||||
| due 8/15/16 to 8/15/21, valued at | ||||||||
| $456,585 including accrued interest) | $ | 447,632 | ||||||
| Value | ||||
| Total Short-Term Investments Held | ||||
| As Collateral For Securities Loaned | ||||
| (Cost: $8,952,964) | $ | 8,952,964 | ||
| Total Investments: 104.2% | ||||
| (Cost: $281,093,602) | 266,284,383 | |||
| Liabilities in excess of other assets: (4.2)% | (10,712,454 | ) | ||
| NET ASSETS: 100.0% | $ | 255,571,929 | ||
| (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 $8,730,254. |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited) | % of Investments | Value | ||||||
| Basic Materials | 3.4 | % | $ | 8,671,382 | ||||
| Communications | 18.0 | 46,393,303 | ||||||
| Consumer, Non-cyclical | 10.1 | 25,891,226 | ||||||
| Energy | 2.8 | 7,142,886 | ||||||
| Government | 0.5 | 1,430,019 | ||||||
| Industrial | 3.0 | 7,655,322 | ||||||
| Real Estate Investment Trusts | 33.9 | 87,269,625 | ||||||
| Reinsurance | 4.3 | 11,074,286 | ||||||
| Technology | 0.9 | 2,378,667 | ||||||
| Utilities | 23.1 | 59,424,703 | ||||||
| 100.0 | % | $ | 257,331,419 | |||||
The summary of inputs used to value the Fund’s investments as of October 31, 2015 is as follows:
| Level
1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||||
| Preferred Securities* | $ | 257,331,419 | $ | — | $ | — | $ | 257,331,419 | ||||||||||
| Repurchase Agreements | — | 8,952,964 | — | 8,952,964 | ||||||||||||||
| Total | $ | 257,331,419 | $ | 8,952,964 | $ | — | $ | 266,284,383 | ||||||||||
| * | See Schedule of Investments for security type and industry sector breakouts. |
There were no transfers between levels during the period ended October 31, 2015.
See Notes to Financial Statements
| 65 |
TREASURY-HEDGED HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Principal | ||||||||
| Amount | Value | |||||||
| CORPORATE BONDS: 95.3% | ||||||||
| Basic Materials: 2.3% | ||||||||
| Alcoa, Inc. | ||||||||
| $ | 40,000 | 5.13%, 07/01/24 (c) | $ | 39,850 | ||||
| 34,000 | 5.90%, 02/01/27 | 34,638 | ||||||
| 17,000 | Ashland, Inc. 4.75%, 05/15/22 (c) | 17,073 | ||||||
| 17,000 | Hexion US Finance Corp. 6.63%, 11/30/15 (c) | 14,493 | ||||||
| 106,054 | ||||||||
| Communications: 24.0% | ||||||||
| 17,000 | Alcatel-Lucent USA, Inc. 6.45%, 03/15/29 | 18,020 | ||||||
| 40,000 | Avaya, Inc. 10.50%, 03/01/17 (c) 144A | 15,700 | ||||||
| 27,000 | Cablevision Systems Corp. 8.63%, 09/15/17 | 28,755 | ||||||
| CCO Holdings LLC | ||||||||
| 27,000 | 5.75%, 07/15/18 (c) † | 27,473 | ||||||
| 54,000 | 6.50%, 11/30/15 (c) | 56,767 | ||||||
| 67,000 | CenturyLink, Inc. 5.80%, 03/15/22 | 65,409 | ||||||
| 27,000 | Cequel Communications Holdings I LLC 6.38%, 11/30/15 (c) 144A | 27,135 | ||||||
| 27,000 | Clear Channel Communications, Inc. 9.00%, 11/30/15 (c) | 22,950 | ||||||
| 27,000 | Clear Channel Worldwide Holdings, Inc. 6.50%, 11/15/17 (c) | 28,249 | ||||||
| 27,000 | Crown Castle International Corp. 5.25%, 01/15/23 | 29,160 | ||||||
| 100,000 | DISH DBS Corp. 5.88%, 07/15/22 | 98,250 | ||||||
| 27,000 | Equinix, Inc. 5.38%, 04/01/18 (c) | 28,215 | ||||||
| Frontier Communications Corp. | ||||||||
| 34,000 | 8.25%, 04/15/17 | 36,422 | ||||||
| 34,000 | 8.50%, 04/15/20 | 35,105 | ||||||
| 40,000 | Gannett Co, Inc. 6.38%, 10/15/18 (c) | 43,300 | ||||||
| 30,000 | Hughes Satellite Systems Corp. 6.50%, 06/15/19 | 33,135 | ||||||
| 54,000 | Level 3 Financing, Inc. 5.38%, 08/15/17 (c) | 55,147 | ||||||
| 34,000 | Netflix, Inc. 5.88%, 02/15/25 144A | 36,125 | ||||||
| 34,000 | Nielsen Finance LLC 4.50%, 10/01/16 (c) | 35,095 | ||||||
| 27,000 | Sirius XM Radio, Inc. 4.63%, 05/15/18 (c) 144A | 26,764 | ||||||
| Sprint Corp. | ||||||||
| 67,000 | 7.88%, 09/15/23 | 62,142 | ||||||
| 67,000 | 8.38%, 08/15/17 | 68,591 | ||||||
| 47,000 | 9.13%, 03/01/17 | 48,997 | ||||||
| T-Mobile USA, Inc. | ||||||||
| 50,000 | 6.25%, 04/01/17 (c) | 51,745 | ||||||
| 67,000 | 6.63%, 04/01/18 (c) | 68,612 | ||||||
| 27,000 | Univision Communications, Inc. 8.50%, 11/30/15 (c) 144A | 28,316 | ||||||
| 27,000 | Windstream Corp. 7.88%, 11/01/17 | 28,738 | ||||||
| 1,104,317 | ||||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Consumer, Cyclical: 10.0% | ||||||||
| $ | 27,000 | Caesars Entertainment Operating Co., Inc. 11.25%, 11/30/15 (c) (d) | $ | 21,533 | ||||
| 34,000 | Chrysler Group LLC 8.25%, 06/15/16 (c) | 36,465 | ||||||
| 34,000 | Dollar Tree, Inc. 5.75%, 03/01/18 (c) 144A | 35,997 | ||||||
| 40,000 | GLP Capital LP 4.88%, 08/01/20 (c) | 41,400 | ||||||
| 40,000 | HD Supply, Inc. 7.50%, 10/15/16 (c) | 42,800 | ||||||
| 30,000 | Lennar Corp. 4.50%, 08/15/19 (c) | 31,200 | ||||||
| 27,000 | Ltd Brands, Inc. 6.63%, 04/01/21 | 30,713 | ||||||
| 50,000 | MGM Resorts International 6.63%, 12/15/21 | 53,625 | ||||||
| 17,000 | Rite Aid Corp. 6.75%, 06/15/16 (c) | 18,296 | ||||||
| 50,000 | Scientific Games International, Inc. 7.00%, 01/01/18 (c) 144A | 50,500 | ||||||
| 27,000 | The Goodyear Tire & Rubber Co. 6.50%, 03/01/16 (c) | 28,789 | ||||||
| 34,000 | Wynn Las Vegas LLC 4.25%, 02/28/23 (c) 144A | 30,388 | ||||||
| 40,000 | ZF North America Capital, Inc. 4.75%, 04/29/25 144A | 39,400 | ||||||
| 461,106 | ||||||||
| Consumer, Non-cyclical: 15.9% | ||||||||
| 47,000 | ADT Corp. 3.50%, 07/15/22 | 44,297 | ||||||
| 40,000 | CHS 6.88%, 02/01/18 (c) | 40,500 | ||||||
| 40,000 | Community Health Systems, Inc. 8.00%, 11/15/15 (c) | 41,800 | ||||||
| 34,000 | Constellation Brands, Inc. 4.25%, 05/01/23 | 34,893 | ||||||
| 50,000 | DaVita HealthCare Partners, Inc. 5.00%, 05/01/20 (c) | 49,760 | ||||||
| 27,000 | Fresenius Medical Care US Finance II, Inc. 5.63%, 07/31/19 144A | 29,464 | ||||||
| 110,000 | HCA, Inc. 6.50%, 02/15/20 | 123,337 | ||||||
| 14,000 | JBS USA LLC 8.25%, 11/30/15 (c) 144A | 14,735 | ||||||
| 40,000 | Kinetic Concepts, Inc. 10.50%, 11/30/15 (c) | 42,336 | ||||||
| 17,000 | Post Holdings, Inc. 6.75%, 12/01/17 (c) 144A | 17,638 | ||||||
| 74,000 | Reynolds Group Issuer, Inc. 5.75%, 11/30/15 (c) | 77,145 | ||||||
| 34,000 | Spectrum Brands, Inc. 5.75%, 07/15/20 (c) 144A | 36,422 | ||||||
| 67,000 | Tenet Healthcare Corp. 4.75%, 06/01/20 | 68,340 | ||||||
| 27,000 | The Hertz Corp. 7.38%, 01/15/16 (c) † | 28,232 | ||||||
| 54,000 | United Rentals North America, Inc. 7.63%, 04/15/17 (c) | 58,866 | ||||||
See Notes to Financial Statements
| 66 |
| Principal | ||||||||
| Amount | Value | |||||||
| Consumer, Non-cyclical: (continued) | ||||||||
| $ | 27,000 | Valeant Pharmaceuticals International 6.38%, 10/15/16 (c) 144A | $ | 24,300 | ||||
| 732,065 | ||||||||
| Energy: 11.9% | ||||||||
| 40,000 | Antero Resources Corp. 5.13%, 06/01/17 (c) | 36,100 | ||||||
| 27,000 | California Resources Corp. 6.00%, 08/15/24 (c) † | 18,461 | ||||||
| 44,000 | Chesapeake Energy Corp. 5.75%, 03/15/23 † | 27,940 | ||||||
| 34,000 | Concho Resources, Inc. 5.50%, 10/01/17 (c) | 34,340 | ||||||
| 20,000 | CONSOL Energy, Inc. 5.88%, 04/15/17 (c) | 12,750 | ||||||
| 34,000 | Denbury Resources, Inc. 5.50%, 05/01/17 (c) | 23,970 | ||||||
| 20,000 | Energy Transfer Equity LP 7.50%, 10/15/20 | 21,604 | ||||||
| 30,000 | Energy XXI Gulf Coast, Inc. 11.00%, 09/15/17 (c) 144A | 16,238 | ||||||
| 40,000 | EP Energy LLC 9.38%, 05/01/16 (c) † | 35,000 | ||||||
| 34,000 | Halcon Resources Corp. 8.88%, 11/15/16 (c) | 11,581 | ||||||
| 41,000 | Linn Energy LLC 8.63%, 11/30/15 (c) | 10,865 | ||||||
| 47,000 | MarkWest Energy Partners LP 4.50%, 04/15/23 (c) | 44,297 | ||||||
| 20,000 | Newfield Exploration Co. 5.63%, 07/01/24 | 19,900 | ||||||
| 17,000 | NGPL Pipeco LLC 7.12%, 12/15/17 144A | 15,810 | ||||||
| 34,000 | Noble Energy, Inc. 5.63%, 05/01/17 (c) | 34,516 | ||||||
| 27,000 | Peabody Energy Corp. 6.00%, 11/15/18 | 4,860 | ||||||
| 34,000 | QEP Resources, Inc. 6.88%, 03/01/21 | 33,150 | ||||||
| 20,000 | Range Resources Corp. 5.00%, 02/15/17 (c) † | 17,899 | ||||||
| 14,000 | Rockies Express Pipeline 6.88%, 04/15/40 144A | 13,405 | ||||||
| 51,000 | Sabine Pass Liquefaction LLC 5.63%, 11/01/20 (c) | 50,872 | ||||||
| 14,000 | SandRidge Energy, Inc. 8.13%, 04/15/17 (c) | 3,360 | ||||||
| 40,000 | Tesoro Logistics LP 6.13%, 10/15/16 (c) | 41,800 | ||||||
| 17,000 | Whiting Petroleum Corp. 5.00%, 12/15/18 (c) | 16,235 | ||||||
| 544,953 | ||||||||
| Financial: 17.9% | ||||||||
| 94,000 | Ally Financial, Inc. 8.00%, 11/01/31 | 114,327 | ||||||
| Bank of America Corp. | ||||||||
| 34,000 | 5.20%, 06/01/23 (c) | 32,204 | ||||||
| 77,000 | 8.00%, 01/30/18 (c) | 80,376 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Financial: (continued) | ||||||||
| CIT Group, Inc. | ||||||||
| $ | 44,000 | 4.25%, 08/15/17 | $ | 45,100 | ||||
| 51,000 | 5.50%, 02/15/19 144A | 54,251 | ||||||
| 50,000 | Citigroup, Inc. 6.30%, 05/15/24 (c) | 49,515 | ||||||
| 67,000 | First Data Corp. 12.63%, 01/15/16 (c) | 76,966 | ||||||
| 34,000 | Genworth Financial, Inc. 6.15%, 11/15/16 (c) | 15,470 | ||||||
| 40,000 | Goldman Sachs Group, Inc. 5.38%, 05/10/20 (c) | 39,650 | ||||||
| 34,000 | Icahn Enterprises LP 6.00%, 02/01/17 (c) | 35,615 | ||||||
| 51,000 | International Lease Finance Corp. 8.75%, 03/15/17 | 55,144 | ||||||
| 40,000 | Morgan Stanley 5.55%, 07/15/20 (c) | 40,000 | ||||||
| 54,000 | Navient Corp. 5.88%, 03/25/21 | 51,300 | ||||||
| SLM Corp. | ||||||||
| 34,000 | 5.50%, 01/25/23 | 30,770 | ||||||
| 34,000 | 8.45%, 06/15/18 | 36,550 | ||||||
| 27,000 | Springleaf Finance Corp. 5.40%, 12/01/15 | 27,017 | ||||||
| 40,000 | Vereit Operating Partnership LP 3.00%, 01/06/19 (c) | 38,850 | ||||||
| 823,105 | ||||||||
| Industrial: 4.7% | ||||||||
| 27,000 | Ball Corp. 5.00%, 03/15/22 | 28,013 | ||||||
| 30,000 | Building Materials Corp. of America 5.38%, 11/15/19 (c) 144A | 31,012 | ||||||
| 27,000 | Case New Holland, Inc. 7.88%, 12/01/17 | 29,329 | ||||||
| 34,000 | Cemex Finance LLC 9.38%, 10/12/17 (c) 144A | 37,145 | ||||||
| 34,000 | Crown Americas LLC 6.25%, 02/01/16 (c) | 35,402 | ||||||
| 27,000 | TransDigm, Inc. 5.50%, 11/30/15 (c) | 27,203 | ||||||
| 30,000 | XPO Logistics, Inc. 6.50%, 06/15/18 (c) 144A | 26,888 | ||||||
| 214,992 | ||||||||
| Technology: 3.4% | ||||||||
| 27,000 | Activision Blizzard, Inc. 5.63%, 09/15/16 (c) 144A | 28,625 | ||||||
| 30,000 | Audatex North America, Inc. 6.00%, 06/15/17 (c) 144A | 30,323 | ||||||
| 17,000 | BMC Software Finance, Inc. 8.13%, 07/15/16 (c) 144A | 13,218 | ||||||
| 34,000 | Micron Technology, Inc. 5.50%, 08/01/19 (c) | 32,470 | ||||||
| 34,000 | NCR Corp. 6.38%, 12/15/18 (c) | 35,148 | ||||||
| 17,000 | SunGard Data Systems, Inc. 7.63%, 11/30/15 (c) | 17,788 | ||||||
| 157,572 | ||||||||
See Notes to Financial Statements
| 67 |
TREASURY-HEDGED HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
October 31, 2015 (unaudited)
| Principal | ||||||||
| Amount | Value | |||||||
| Utilities: 5.2% | ||||||||
| $ | 34,000 | AES Corp. 7.38%, 06/01/21 (c) | $ | 36,380 | ||||
| Calpine Corp. | ||||||||
| 34,000 | 5.75%, 10/15/19 (c) | 32,343 | ||||||
| 17,000 | 6.00%, 11/01/16 (c) 144A | 17,952 | ||||||
| 34,000 | Dynegy, Inc. | |||||||
| 6.75%, 05/01/17 (c) | 34,085 | |||||||
| 17,000 | FirstEnergy Corp. 7.38%, 11/15/31 | 20,337 | ||||||
| 40,000 | GenOn Energy, Inc. 9.88%, 11/30/15 (c) | 33,350 | ||||||
| 27,000 | NRG Energy, Inc. 7.63%, 01/15/18 | 28,350 | ||||||
| 40,000 | Talen Energy Supply LLC 4.63%, 07/15/16 (c) 144A | 36,792 | ||||||
| 239,589 | ||||||||
| Total Corporate Bonds | ||||||||
| (Cost: $4,637,054) | 4,383,753 | |||||||
| Number of | ||||||||
| Shares | ||||||||
| MONEY MARKET FUND: 2.4% | ||||||||
| (Cost: $110,295) | ||||||||
| 110,295 | Dreyfus Government Cash Management Fund | 110,295 | ||||||
| Total Investments Before Collateral for Securities Loaned: 97.7% | ||||||||
| (Cost: $4,747,349) | 4,494,048 | |||||||
| Principal | ||||||||
| Amount | Value | |||||||
| SHORT-TERM INVESTMENT HELD AS | ||||||||
| COLLATERAL FOR SECURITIES LOANED: 3.2% | ||||||||
| (Cost: $148,456) | ||||||||
| Repurchase Agreement: 3.2% | ||||||||
| $ | 148,456 | Repurchase agreement dated 10/30/15 with Royal Bank of Scotland Plc, 0.07%, due 11/2/15, proceeds $148,457; (collateralized by various U.S. government and agency obligations, 0.07% to 3.38%, due 8/15/16 to 8/15/21, valued at $151,425 including accrued interest) | $ | 148,456 | ||||
| Total Investments: 100.9% | ||||||||
| (Cost: $4,895,805) | 4,642,504 | |||||||
| Liabilities in excess of other assets: (0.9)% | (41,851 | ) | ||||||
| NET ASSETS: 100.0% | $ | 4,600,653 | ||||||
| (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 $141,777. |
| 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 $734,543, or 16.0% of net assets. |
At October 31, 2015, the Fund held the following open futures contracts:
| Number of | Unrealized | |||||||||
| Contracts | Expiration Date | Depreciation | ||||||||
| Contracts to Sell: | ||||||||||
| U.S. Treasury 5 Year Note(s) | 40 | December 2015 | $(6,649) | |||||||
| (s) | Cash in the amount of $68,813 has been segregated by the broker as collateral to cover margin requirements for open futures contracts. |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited) | % of Investments | Value | |||||||
| Basic Materials | 2.3 | % | $ | 106,054 | |||||
| Communications | 24.6 | 1,104,317 | |||||||
| Consumer, Cyclical | 10.3 | 461,106 | |||||||
| Consumer, Non-cyclical | 16.3 | 732,065 | |||||||
| Energy | 12.1 | 544,953 | |||||||
| Financial | 18.3 | 823,105 | |||||||
| Industrial | 4.8 | 214,992 | |||||||
| Technology | 3.5 | 157,572 | |||||||
| Utilities | 5.3 | 239,589 | |||||||
| Money Market Fund | 2.5 | 110,295 | |||||||
| 100.0 | % | $ | 4,494,048 | ||||||
See Notes to Financial Statements
| 68 |
The summary of inputs used to value the Fund’s investments as of October 31, 2015 is as follows:
| Level 2 | Level 3 | ||||||||||||||||
| Level 1 | Significant | Significant | |||||||||||||||
| Quoted | Observable | Unobservable | |||||||||||||||
| Prices | Inputs | Inputs | Value | ||||||||||||||
| Corporate Bonds* | $ | — | $ | 4,383,753 | $ | — | $ | 4,383,753 | |||||||||
| Money Market Fund | 110,295 | — | — | 110,295 | |||||||||||||
| Repurchase Agreement | — | 148,456 | — | 148,456 | |||||||||||||
| Total | $ | 110,295 | $ | 4,532,209 | $ | — | $ | 4,642,504 | |||||||||
| Other Financial Instruments: | |||||||||||||||||
| Futures Contracts | $ | (6,649 | ) | $ | — | $ | — | $ | (6,649 | ) | |||||||
| * | See Schedule of Investments for security type and industry sector breakouts. |
There were no transfers between levels for the period ended October 31, 2015.
See Notes to Financial Statements
| 69 |
MARKET VECTORS ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
October 31, 2015 (unaudited)
| Emerging | Emerging | |||||||||||||||||||||||
| ChinaAMC | Markets | Markets | ||||||||||||||||||||||
| BDC Income | China Bond | Aggregate | High Yield | |||||||||||||||||||||
| ETF | ETF | Bond ETF | Bond ETF | |||||||||||||||||||||
| Assets: | ||||||||||||||||||||||||
| Investments, at value (1) (2) | $ | 79,585,284 | $ | 23,478,128 | $ | 14,346,067 | $ | 318,984,596 | ||||||||||||||||
| Short-term investments held as collateral for securities loaned (3) | 8,778,747 | – | 860,213 | 58,002,999 | ||||||||||||||||||||
| Cash | 33,480 | – | 1,375 | 95,728 | ||||||||||||||||||||
| Cash denominated in foreign currency, at value (4) | – | 1,026,947 | (a) | 142,179 | – | |||||||||||||||||||
| Receivables: | ||||||||||||||||||||||||
| Investment securities sold | – | – | 34,000 | 6,345,487 | ||||||||||||||||||||
| Shares sold | – | – | – | 559 | ||||||||||||||||||||
| Due from Adviser | – | 13,222 | 3,027 | – | ||||||||||||||||||||
| Dividends and interest | 144,353 | 520,857 | 250,405 | 6,527,833 | ||||||||||||||||||||
| Prepaid expenses | 922 | 337 | 196 | 4,642 | ||||||||||||||||||||
| Total assets | 88,542,786 | 25,039,491 | 15,637,462 | 389,961,844 | ||||||||||||||||||||
| Liabilities: | ||||||||||||||||||||||||
| Payables: | ||||||||||||||||||||||||
| Investment securities purchased | – | – | – | 428,951 | ||||||||||||||||||||
| Collateral for securities loaned | 8,778,747 | – | 860,213 | 58,002,999 | ||||||||||||||||||||
| Line of credit | 235,889 | – | – | – | ||||||||||||||||||||
| Shares redeemed | – | – | – | 708,903 | ||||||||||||||||||||
| Due to Adviser | 17,486 | – | – | 94,594 | ||||||||||||||||||||
| Due to custodian | – | 7,693 | – | – | ||||||||||||||||||||
| Variation margin on futures contracts | – | – | – | – | ||||||||||||||||||||
| Deferred Trustee fees | 1,263 | 43 | 895 | 14,136 | ||||||||||||||||||||
| Accrued expenses | 29,898 | 32,023 | 64,849 | 61,768 | ||||||||||||||||||||
| Total liabilities | 9,063,283 | 39,759 | 925,957 | 59,311,351 | ||||||||||||||||||||
| NET ASSETS | $ | 79,479,503 | $ | 24,999,732 | $ | 14,711,505 | $ | 330,650,493 | ||||||||||||||||
| Shares outstanding | 4,950,000 | 1,000,000 | 700,000 | 14,200,000 | ||||||||||||||||||||
| Net asset value, redemption and offering price per share | $ | 16.06 | $ | 25.00 | $ | 21.02 | $ | 23.29 | ||||||||||||||||
| Net assets consist of: | ||||||||||||||||||||||||
| Aggregate paid in capital | $ | 96,168,377 | $ | 25,035,494 | $ | 18,716,322 | $ | 379,015,462 | ||||||||||||||||
| Net unrealized appreciation (depreciation) | (13,761,639 | ) | 190,717 | (1,819,984 | ) | (26,436,555 | ) | |||||||||||||||||
| Undistributed (accumulated) net investment income (loss) | 250,339 | 9,680 | (68,393 | ) | 2,157,443 | |||||||||||||||||||
| Accumulated net realized gain (loss) | (3,177,574 | ) | (236,159 | ) | (2,116,440 | ) | (24,085,857 | ) | ||||||||||||||||
| $ | 79,479,503 | $ | 24,999,732 | $ | 14,711,505 | $ | 330,650,493 | |||||||||||||||||
| (1) | Value of securities on loan | $ | 8,554,200 | $ | – | $ | 815,445 | $ | 52,863,128 | |||||||||||||||
| (2) | Cost of investments | $ | 93,346,923 | $ | 23,296,159 | $ | 16,157,466 | $ | 345,421,151 | |||||||||||||||
| (3) | Cost of short-term investments held as collateral for securities loaned | $ | 8,778,747 | $ | – | $ | 860,213 | $ | 58,002,999 | |||||||||||||||
| (4) | Cost of cash denominated in foreign currency | $ | – | $ | 1,013,935 | $ | 145,842 | $ | – | |||||||||||||||
| (a) | Includes $6,607 of foreign investor minimum settlement reserve funds |
| (b) | Represents cash collateral held at broker for futures contracts |
See Notes to Financial Statements
| 70 |
| Fallen Angel | International | Investment | J.P. Morgan | Preferred | Treasury-Hedged | ||||||||||||||||||||||||||||
| High Yield | High Yield | Grade Floating | EM Local Currency | Mortgage REIT | Securities ex | High Yield | |||||||||||||||||||||||||||
| Bond ETF | Bond ETF | Rate ETF | Bond ETF | Income ETF | Financials ETF | Bond ETF | |||||||||||||||||||||||||||
| $ | 46,072,038 | $ | 131,117,946 | $ | 89,123,420 | $ | 1,212,816,941 | $ | 102,716,122 | $ | 257,331,419 | $ | 4,494,048 | ||||||||||||||||||||
| 4,215,383 | 8,916,866 | 275,416 | 12,746,189 | 3,732,420 | 8,952,964 | 148,456 | |||||||||||||||||||||||||||
| 7,068 | – | – | 6,481 | – | 2,278 | 68,813 | (b) | ||||||||||||||||||||||||||
| – | 517,932 | – | 9,619,428 | – | – | – | |||||||||||||||||||||||||||
| 1,292,882 | 1,484,999 | – | 37,162,536 | – | 3,804,814 | – | |||||||||||||||||||||||||||
| – | – | – | – | – | – | – | |||||||||||||||||||||||||||
| – | – | – | – | – | – | 6,548 | |||||||||||||||||||||||||||
| 782,855 | 2,500,130 | 92,845 | 22,967,758 | 112,070 | 456,624 | 76,617 | |||||||||||||||||||||||||||
| 412 | 1,880 | 1,093 | 14,740 | 1,294 | 3,202 | 54 | |||||||||||||||||||||||||||
| 52,370,638 | 144,539,753 | 89,492,774 | 1,295,334,073 | 106,561,906 | 270,551,301 | 4,794,536 | |||||||||||||||||||||||||||
| 1,112,343 | 2,000,086 | – | 29,110,785 | – | 5,357,508 | – | |||||||||||||||||||||||||||
| 4,215,383 | 8,916,866 | 275,416 | 12,746,189 | 3,732,420 | 8,952,964 | 148,456 | |||||||||||||||||||||||||||
| – | – | – | – | 287,120 | 564,487 | – | |||||||||||||||||||||||||||
| – | – | – | – | – | – | – | |||||||||||||||||||||||||||
| 5,217 | 22,472 | 2,727 | 285,342 | 24,090 | 66,148 | – | |||||||||||||||||||||||||||
| – | 250 | – | – | – | – | – | |||||||||||||||||||||||||||
| – | – | – | – | – | – | 6,649 | |||||||||||||||||||||||||||
| 937 | 15,054 | 3,668 | 70,039 | 5,937 | 8,484 | 536 | |||||||||||||||||||||||||||
| 45,487 | 77,482 | 63,039 | 323,565 | 49,447 | 29,781 | 38,242 | |||||||||||||||||||||||||||
| 5,379,367 | 11,032,210 | 344,850 | 42,535,920 | 4,099,014 | 14,979,372 | 193,883 | |||||||||||||||||||||||||||
| $ | 46,991,271 | $ | 133,507,543 | $ | 89,147,924 | $ | 1,252,798,153 | $ | 102,462,892 | $ | 255,571,929 | $ | 4,600,653 | ||||||||||||||||||||
| 1,800,000 | 5,600,000 | 3,600,000 | 69,600,000 | 5,100,000 | 13,000,000 | 200,000 | |||||||||||||||||||||||||||
| $ | 26.11 | $ | 23.84 | $ | 24.76 | $ | 18.00 | $ | 20.09 | $ | 19.66 | $ | 23.00 | ||||||||||||||||||||
| $ | 47,907,290 | $ | 152,453,240 | $ | 89,709,426 | $ | 1,622,768,054 | $ | 145,320,718 | $ | 279,074,964 | $ | 5,119,223 | ||||||||||||||||||||
| (1,230,498 | ) | (14,640,635 | ) | (468,877 | ) | (253,081,903 | ) | (21,853,718 | ) | (14,809,219 | ) | (259,950 | ) | ||||||||||||||||||||
| 212,372 | (11,870 | ) | 57,686 | (34,157,129 | ) | 554,288 | 912,980 | 48,480 | |||||||||||||||||||||||||
| 102,107 | (4,293,192 | ) | (150,311 | ) | (82,730,869 | ) | (21,558,396 | ) | (9,606,796 | ) | (307,100 | ) | |||||||||||||||||||||
| $ | 46,991,271 | $ | 133,507,543 | $ | 89,147,924 | $ | 1,252,798,153 | $ | 102,462,892 | $ | 255,571,929 | $ | 4,600,653 | ||||||||||||||||||||
| $ | 4,060,738 | $ | 8,391,724 | $ | 269,958 | $ | 11,946,356 | $ | 3,567,438 | $ | 8,730,254 | $ | 141,777 | ||||||||||||||||||||
| $ | 47,302,536 | $ | 145,750,283 | $ | 89,592,297 | $ | 1,465,102,968 | $ | 124,569,840 | $ | 272,140,638 | $ | 4,747,349 | ||||||||||||||||||||
| $ | 4,215,383 | $ | 8,916,866 | $ | 275,416 | $ | 12,746,189 | $ | 3,732,420 | $ | 8,952,964 | $ | 148,456 | ||||||||||||||||||||
| $ | – | $ | 519,225 | $ | – | $ | 9,654,147 | $ | – | $ | – | $ | – | ||||||||||||||||||||
See Notes to Financial Statements
| 71 |
MARKET VECTORS ETF TRUST
For the Six Months Ended October 31, 2015 (unaudited)
| Emerging | Emerging | |||||||||||||||||||||||
| ChinaAMC | Markets | Markets | ||||||||||||||||||||||
| BDC Income | China Bond | Aggregate | High Yield | |||||||||||||||||||||
| ETF | ETF | Bond ETF | Bond ETF | |||||||||||||||||||||
| Income: | ||||||||||||||||||||||||
| Dividends | $ | 3,542,386 | $ | – | $ | – | $ | – | ||||||||||||||||
| Interest | – | 487,137 | 435,706 | 14,247,580 | ||||||||||||||||||||
| Securities lending income | 61,934 | – | 697 | 202,749 | ||||||||||||||||||||
| Foreign taxes withheld | – | (53,942 | ) | (475 | ) | – | ||||||||||||||||||
| Total income | 3,604,320 | 433,195 | 435,928 | 14,450,329 | ||||||||||||||||||||
| Expenses: | ||||||||||||||||||||||||
| Management fees | 160,507 | 51,865 | 29,953 | 793,586 | ||||||||||||||||||||
| Professional fees | 28,875 | 25,922 | 23,481 | 44,483 | ||||||||||||||||||||
| Insurance | 527 | 152 | 145 | 3,266 | ||||||||||||||||||||
| Trustees’ fees and expenses | 1,267 | 687 | 362 | 7,709 | ||||||||||||||||||||
| Reports to shareholders | 4,540 | 4,147 | 1,897 | 26,661 | ||||||||||||||||||||
| Indicative optimized portfolio value fee | 2,949 | 8,506 | 12,157 | 11,969 | ||||||||||||||||||||
| Custodian fees | 762 | 19,150 | 14,427 | 36,252 | ||||||||||||||||||||
| Registration fees | 3,950 | 4,219 | 2,449 | 5,085 | ||||||||||||||||||||
| Transfer agent fees | 1,268 | 1,146 | 1,091 | 1,073 | ||||||||||||||||||||
| Fund accounting fees | 696 | 425 | 244 | 6,235 | ||||||||||||||||||||
| Interest | 2,532 | – | 30 | 162 | ||||||||||||||||||||
| Other | 3,550 | 601 | 2,796 | 8,115 | ||||||||||||||||||||
| Total expenses | 211,423 | 116,820 | 89,032 | 944,596 | ||||||||||||||||||||
| Waiver of management fees | (48,382 | ) | (51,865 | ) | (29,953 | ) | (150,846 | ) | ||||||||||||||||
| Expenses assumed by the Adviser | – | (124 | ) | (17,099 | ) | – | ||||||||||||||||||
| Net expenses | 163,041 | 64,831 | 41,980 | 793,750 | ||||||||||||||||||||
| Net investment income | 3,441,279 | 368,364 | 393,948 | 13,656,579 | ||||||||||||||||||||
| Net realized gain (loss) on: | ||||||||||||||||||||||||
| Investments | (1,652,796 | ) | (109,591 | ) | (228,510 | ) | (6,937,809 | ) | ||||||||||||||||
| Futures contracts | – | – | – | – | ||||||||||||||||||||
| In-kind redemptions | 150,976 | – | (101,001 | ) | (1,778,044 | ) | ||||||||||||||||||
| Foreign currency transactions and foreign denominated assets and liabilities | – | (95,935 | ) | (37,843 | ) | – | ||||||||||||||||||
| Net realized gain (loss) | (1,501,820 | ) | (205,526 | ) | (367,354 | ) | (8,715,853 | ) | ||||||||||||||||
| Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||||||
| Investments | (10,173,989 | ) | 63,715 | (737,819 | ) | (12,167,269 | ) | |||||||||||||||||
| Futures contracts | – | – | – | – | ||||||||||||||||||||
| Foreign currency transactions and foreign denominated assets and liabilities | – | 8,904 | (8,063 | ) | – | |||||||||||||||||||
| Net change in unrealized appreciation (depreciation) | (10,173,989 | ) | 72,619 | (745,882 | ) | (12,167,269 | ) | |||||||||||||||||
| Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (8,234,530 | ) | $ | 235,457 | $ | (719,288 | ) | $ | (7,226,543 | ) | |||||||||||||
See Notes to Financial Statements
| 72 |
| Fallen Angel | International | Investment | J.P. Morgan | Preferred | Treasury-Hedged | ||||||||||||||||||||||||||||
| High Yield | High Yield | Grade Floating | EM Local Currency | Mortgage REIT | Securities ex | High Yield | |||||||||||||||||||||||||||
| Bond ETF | Bond ETF | Rate ETF | Bond ETF | Income ETF | Financials ETF | Bond ETF | |||||||||||||||||||||||||||
| $ | – | $ | – | $ | – | $ | – | $ | 5,500,914 | $ | 9,038,018 | $ | – | ||||||||||||||||||||
| 1,045,893 | 4,324,815 | 391,532 | 39,403,755 | – | – | 136,551 | |||||||||||||||||||||||||||
| 17,644 | 46,370 | 749 | 26,968 | 15,698 | 203,238 | 522 | |||||||||||||||||||||||||||
| (699 | ) | (1,050 | ) | (207 | ) | (797,692 | ) | – | – | – | |||||||||||||||||||||||
| 1,062,838 | 4,370,135 | 392,074 | 38,633,031 | 5,516,612 | 9,241,256 | 137,073 | |||||||||||||||||||||||||||
| 75,585 | 303,721 | 162,454 | 2,190,472 | 229,013 | 560,561 | 12,320 | |||||||||||||||||||||||||||
| 24,754 | 35,602 | 11,280 | 62,195 | 27,898 | 39,825 | 24,282 | |||||||||||||||||||||||||||
| 234 | 1,403 | 753 | 9,156 | 929 | 1,933 | 55 | |||||||||||||||||||||||||||
| 503 | 4,125 | 1,839 | 20,780 | 2,332 | 5,359 | 295 | |||||||||||||||||||||||||||
| 2,362 | 11,149 | 4,366 | 57,173 | 9,694 | 13,733 | 1,402 | |||||||||||||||||||||||||||
| 10,095 | 11,871 | 11,149 | 11,643 | 9,702 | 2,970 | 7,580 | |||||||||||||||||||||||||||
| 9,542 | 62,693 | 11,394 | 641,858 | 3,449 | 4,973 | 7,568 | |||||||||||||||||||||||||||
| 2,512 | 2,594 | 2,450 | 7,158 | 2,915 | 10,217 | 1,436 | |||||||||||||||||||||||||||
| 893 | 968 | 1,034 | 452 | 792 | 1,073 | 1,000 | |||||||||||||||||||||||||||
| 337 | 2,696 | 1,605 | 16,801 | 1,590 | 2,627 | 165 | |||||||||||||||||||||||||||
| 160 | 12 | 204 | 5,328 | 8,062 | 9,769 | – | |||||||||||||||||||||||||||
| 3,241 | 4,915 | 2,889 | 19,756 | 3,528 | 4,831 | 2,481 | |||||||||||||||||||||||||||
| 130,218 | 441,749 | 211,417 | 3,042,772 | 299,904 | 657,871 | 58,584 | |||||||||||||||||||||||||||
| (54,472 | ) | (138,019 | ) | (146,231 | ) | (95,963 | ) | (62,829 | ) | (87,543 | ) | (12,320 | ) | ||||||||||||||||||||
| – | – | – | – | – | – | (32,576 | ) | ||||||||||||||||||||||||||
| 75,746 | 303,730 | 65,186 | 2,946,809 | 237,075 | 570,328 | 13,688 | |||||||||||||||||||||||||||
| 987,092 | 4,066,405 | 326,888 | 35,686,222 | 5,279,537 | 8,670,928 | 123,385 | |||||||||||||||||||||||||||
| (15,722 | ) | (952,604 | ) | 10,503 | (53,535,279 | ) | (9,525,663 | ) | (4,331,620 | ) | (37,059 | ) | |||||||||||||||||||||
| – | – | – | – | – | – | (52,194 | ) | ||||||||||||||||||||||||||
| – | (1,606,134 | ) | 20,056 | (10,818,128 | ) | 1,003,905 | 445,049 | (39,678 | ) | ||||||||||||||||||||||||
| – | 24,465 | – | (2,990,189 | ) | – | – | – | ||||||||||||||||||||||||||
| (15,722 | ) | (2,534,273 | ) | 30,559 | (67,343,596 | ) | (8,521,758 | ) | (3,886,571 | ) | (128,931 | ) | |||||||||||||||||||||
| (2,192,097 | ) | (4,819,765 | ) | (699,536 | ) | (101,390,016 | ) | (9,757,540 | ) | (11,885,028 | ) | (206,916 | ) | ||||||||||||||||||||
| – | – | – | – | – | – | 42,301 | |||||||||||||||||||||||||||
| – | (24,401 | ) | – | (655,888 | ) | – | – | – | |||||||||||||||||||||||||
| (2,192,097 | ) | (4,844,166 | ) | (699,536 | ) | (102,045,904 | ) | (9,757,540 | ) | (11,885,028 | ) | (164,615 | ) | ||||||||||||||||||||
| $ | (1,220,727 | ) | $ | (3,312,034 | ) | $ | (342,089 | ) | $ | (133,703,278 | ) | $ | (12,999,761 | ) | $ | (7,100,671 | ) | $ | (170,161 | ) | |||||||||||||
See Notes to Financial Statements
| 73 |
MARKET VECTORS ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| BDC Income ETF | ChinaAMC China Bond ETF | ||||||||||||||||||||
| For the Six | For the Six | For the Period | |||||||||||||||||||
| Months Ended | For the Year | Months Ended | November 10, | ||||||||||||||||||
| October 31, | Ended | October 31, | 2014(a) through | ||||||||||||||||||
| 2015 | April 30, 2015 | 2015 | April 30, 2015 | ||||||||||||||||||
| (unaudited) | (unaudited) | ||||||||||||||||||||
| Operations: | |||||||||||||||||||||
| Net investment income | $ | 3,441,279 | $ | 4,419,327 | $ | 368,364 | $ | 260,839 | |||||||||||||
| Net realized gain (loss) | (1,501,820 | ) | (1,081,478 | ) | (205,526 | ) | (153,921 | ) | |||||||||||||
| Net change in unrealized appreciation (depreciation) | (10,173,989 | ) | (2,300,026 | ) | 72,619 | 118,098 | |||||||||||||||
| Net increase (decrease) in net assets resulting from operations | (8,234,530 | ) | 1,037,823 | 235,457 | 225,016 | ||||||||||||||||
| Dividends and Distributions to shareholders: | |||||||||||||||||||||
| Dividends from net investment income | (3,381,500 | ) | (4,244,650 | ) | (352,200 | ) | (144,035 | ) | |||||||||||||
| Distributions from net realized capital gains | – | – | – | – | |||||||||||||||||
| Return of capital | – | – | – | (68,565 | ) | ||||||||||||||||
| Total Dividends and Distributions | (3,381,500 | ) | (4,244,650 | ) | (352,200 | ) | (212,600 | ) | |||||||||||||
| Share transactions:** | |||||||||||||||||||||
| Proceeds from sale of shares | 20,356,579 | 57,980,408 | 9,998,787 | 27,307,725 | |||||||||||||||||
| Cost of shares redeemed | (3,520,114 | ) | (14,242,190 | ) | (4,837,117 | ) | (7,365,336 | ) | |||||||||||||
| Increase (decrease) in net assets resulting from share transactions | 16,836,465 | 43,738,218 | 5,161,670 | 19,942,389 | |||||||||||||||||
| Total increase (decrease) in net assets | 5,220,435 | 40,531,391 | 5,044,927 | 19,954,805 | |||||||||||||||||
| Net Assets, beginning of period | 74,259,068 | 33,727,677 | 19,954,805 | – | |||||||||||||||||
| Net Assets, end of period† | $ | 79,479,503 | $ | 74,259,068 | $ | 24,999,732 | $ | 19,954,805 | |||||||||||||
| † Including undistributed (accumulated) net investment income (loss) | $ | 250,339 | $ | 190,560 | $ | 9,680 | $ | (6,484 | ) | ||||||||||||
| ** Shares of Common Stock Issued (no par value) | |||||||||||||||||||||
| Shares sold | 1,150,000 | 3,050,000 | 400,000 | 1,100,000 | |||||||||||||||||
| Shares redeemed | (200,000 | ) | (750,000 | ) | (200,000 | ) | (300,000 | ) | |||||||||||||
| Net increase (decrease) | 950,000 | 2,300,000 | 200,000 | 800,000 | |||||||||||||||||
| (a) | Commencement of operations |
See Notes to Financial Statements
| 74 |
| Emerging Markets | Emerging Markets | Fallen Angel | ||||||||||||||||||||||||||
| Aggregate Bond ETF | High Yield Bond ETF | High Yield Bond ETF | ||||||||||||||||||||||||||
| For the Six | For the Six | For the Six | ||||||||||||||||||||||||||
| Months Ended | For the Year | Months Ended | For the Year | Months Ended | For the Year | |||||||||||||||||||||||
| October 31, | Ended | October 31, | Ended | October 31, | Ended | |||||||||||||||||||||||
| 2015 | April 30, 2015 | 2015 | April 30, 2015 | 2015 | April 30, 2015 | |||||||||||||||||||||||
| (unaudited) | (unaudited) | (unaudited) | ||||||||||||||||||||||||||
| $ | 393,948 | $ | 813,836 | $ | 13,656,579 | $ | 26,931,623 | $ | 987,092 | $ | 996,507 | |||||||||||||||||
| (367,354 | ) | (280,377 | ) | (8,715,853 | ) | (13,017,275 | ) | (15,722 | ) | 347,083 | ||||||||||||||||||
| (745,882 | ) | (892,427 | ) | (12,167,269 | ) | (9,905,402 | ) | (2,192,097 | ) | (260,137 | ) | |||||||||||||||||
| (719,288 | ) | (358,968 | ) | (7,226,543 | ) | 4,008,946 | (1,220,727 | ) | 1,083,453 | |||||||||||||||||||
| (397,520 | ) | (560,225 | ) | (13,712,520 | ) | (26,482,780 | ) | (862,475 | ) | (993,280 | ) | |||||||||||||||||
| – | – | – | – | – | (223,200 | ) | ||||||||||||||||||||||
| – | (184,000 | ) | – | – | – | – | ||||||||||||||||||||||
| (397,520 | ) | (744,225 | ) | (13,712,520 | ) | (26,482,780 | ) | (862,475 | ) | (1,216,480 | ) | |||||||||||||||||
| – | 1,104,569 | 34,239,325 | 109,419,516 | 28,151,584 | 12,449,879 | |||||||||||||||||||||||
| (2,100,130 | ) | (3,628,462 | ) | (69,911,894 | ) | (38,704,964 | ) | (5,356,041 | ) | (2,732,438 | ) | |||||||||||||||||
| (2,100,130 | ) | (2,523,893 | ) | (35,672,569 | ) | 70,714,552 | 22,795,543 | 9,717,441 | ||||||||||||||||||||
| (3,216,938 | ) | (3,627,086 | ) | (56,611,632 | ) | 48,240,718 | 20,712,341 | 9,584,414 | ||||||||||||||||||||
| 17,928,443 | 21,555,529 | 387,262,125 | 339,021,407 | 26,278,930 | 16,694,516 | |||||||||||||||||||||||
| $ | 14,711,505 | $ | 17,928,443 | $ | 330,650,493 | $ | 387,262,125 | $ | 46,991,271 | $ | 26,278,930 | |||||||||||||||||
| $ | (68,393 | ) | $ | (64,821 | ) | $ | 2,157,443 | $ | 2,213,384 | $ | 212,372 | $ | 87,755 | |||||||||||||||
| – | 50,000 | 1,400,000 | 4,200,000 | 1,050,000 | 450,000 | |||||||||||||||||||||||
| (100,000 | ) | (150,000 | ) | (3,000,000 | ) | (1,600,000 | ) | (200,000 | ) | (100,000 | ) | |||||||||||||||||
| (100,000 | ) | (100,000 | ) | (1,600,000 | ) | 2,600,000 | 850,000 | 350,000 | ||||||||||||||||||||
See Notes to Financial Statements
| 75 |
MARKET VECTORS ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
(continued)
| International | Investment Grade | ||||||||||||||||||||
| High Yield Bond ETF | Floating Rate ETF | ||||||||||||||||||||
| For the Six | For the Six | ||||||||||||||||||||
| Months Ended | For the Year | Months Ended | For the Year | ||||||||||||||||||
| October 31, | Ended | October 31, | Ended | ||||||||||||||||||
| 2015 | April 30, 2015 | 2015 | April 30, 2015 | ||||||||||||||||||
| (unaudited) | (unaudited) | ||||||||||||||||||||
| Operations: | |||||||||||||||||||||
| Net investment income | $ | 4,066,405 | $ | 9,415,015 | $ | 326,888 | $ | 590,955 | |||||||||||||
| Net realized gain (loss) | (2,534,273 | ) | (5,120,906 | ) | 30,559 | (70,968 | ) | ||||||||||||||
| Net change in unrealized appreciation (depreciation) | (4,844,166 | ) | (15,936,787 | ) | (699,536 | ) | (192,557 | ) | |||||||||||||
| Net increase (decrease) in net assets resulting from operations | (3,312,034 | ) | (11,642,678 | ) | (342,089 | ) | 327,430 | ||||||||||||||
| Dividends and Distributions to shareholders: | |||||||||||||||||||||
| Dividends from net investment income | (4,061,400 | ) | (7,789,971 | ) | (322,550 | ) | (584,790 | ) | |||||||||||||
| Distributions from net realized capital gains | – | – | – | (37,000 | ) | ||||||||||||||||
| Return of capital | – | (1,917,549 | ) | – | – | ||||||||||||||||
| Total Dividends and Distributions | (4,061,400 | ) | (9,707,520 | ) | (322,550 | ) | (621,790 | ) | |||||||||||||
| Share transactions:** | |||||||||||||||||||||
| Proceeds from sale of shares | 14,893,855 | 55,430,653 | – | 19,999,220 | |||||||||||||||||
| Cost of shares redeemed | (29,015,916 | ) | (39,930,454 | ) | (9,956,158 | ) | (17,520,415 | ) | |||||||||||||
| Increase (decrease) in net assets resulting from share transactions | (14,122,061 | ) | 15,500,199 | (9,956,158 | ) | 2,478,805 | |||||||||||||||
| Total increase (decrease) in net assets | (21,495,495 | ) | (5,849,999 | ) | (10,620,797 | ) | 2,184,445 | ||||||||||||||
| Net Assets, beginning of period | 155,003,038 | 160,853,037 | 99,768,721 | 97,584,276 | |||||||||||||||||
| Net Assets, end of period† | $ | 133,507,543 | $ | 155,003,038 | $ | 89,147,924 | $ | 99,768,721 | |||||||||||||
| † Including undistributed (accumulated) net investment income (loss) | $ | (11,870 | ) | $ | (16,875 | ) | $ | 57,686 | $ | 53,348 | |||||||||||
| ** Shares of Common Stock Issued (no par value) | |||||||||||||||||||||
| Shares sold | 600,000 | 2,000,000 | – | 800,000 | |||||||||||||||||
| Shares redeemed | (1,200,000 | ) | (1,600,000 | ) | (400,000 | ) | (700,000 | ) | |||||||||||||
| Net increase (decrease) | (600,000 | ) | 400,000 | (400,000 | ) | 100,000 | |||||||||||||||
See Notes to Financial Statements
| 76 |
| J.P. Morgan EM | Preferred Securities | |||||||||||||||||||||||||||
| Local Currency Bond ETF | Mortgage REIT Income ETF | ex Financials ETF | ||||||||||||||||||||||||||
| For the Six | For the Six | For the Six | ||||||||||||||||||||||||||
| Months Ended | For the Year | Months Ended | For the Year | Months Ended | For the Year | |||||||||||||||||||||||
| October 31, | Ended | October 31, | Ended | October 31, | Ended | |||||||||||||||||||||||
| 2015 | April 30, 2015 | 2015 | April 30, 2015 | 2015 | April 30, 2015 | |||||||||||||||||||||||
| (unaudited) | (unaudited) | (unaudited) | ||||||||||||||||||||||||||
| $ | 35,686,222 | $ | 53,183,252 | $ | 5,279,537 | $ | 10,281,468 | $ | 8,670,928 | $ | 12,377,333 | |||||||||||||||||
| (67,343,596 | ) | (100,840,099 | ) | (8,521,758 | ) | (2,417,721 | ) | (3,886,571 | ) | 218,883 | ||||||||||||||||||
| (102,045,904 | ) | (48,254,678 | ) | (9,757,540 | ) | (961,188 | ) | (11,885,028 | ) | (861,780 | ) | |||||||||||||||||
| (133,703,278 | ) | (95,911,525 | ) | (12,999,761 | ) | 6,902,559 | (7,100,671 | ) | 11,734,436 | |||||||||||||||||||
| (34,460,500 | ) | (24,225,613 | ) | (5,121,000 | ) | (11,284,160 | ) | (8,159,400 | ) | (11,446,740 | ) | |||||||||||||||||
| – | – | – | – | – | – | |||||||||||||||||||||||
| – | (23,138,007 | ) | – | – | – | – | ||||||||||||||||||||||
| (34,460,500 | ) | (47,363,620 | ) | (5,121,000 | ) | (11,284,160 | ) | (8,159,400 | ) | (11,446,740 | ) | |||||||||||||||||
| 457,733,612 | 702,553,855 | 8,087,203 | 32,068,905 | 8,263,463 | 153,493,777 | |||||||||||||||||||||||
| (130,295,482 | ) | (276,123,547 | ) | (5,463,669 | ) | (15,866,689 | ) | (24,785,145 | ) | (28,946,418 | ) | |||||||||||||||||
| 327,438,130 | 426,430,308 | 2,623,534 | 16,202,216 | (16,521,682 | ) | 124,547,359 | ||||||||||||||||||||||
| 159,274,352 | 283,155,163 | (15,497,227 | ) | 11,820,615 | (31,781,753 | ) | 124,835,055 | |||||||||||||||||||||
| 1,093,523,801 | 810,368,638 | 117,960,119 | 106,139,504 | 287,353,682 | 162,518,627 | |||||||||||||||||||||||
| $ | 1,252,798,153 | $ | 1,093,523,801 | $ | 102,462,892 | $ | 117,960,119 | $ | 255,571,929 | $ | 287,353,682 | |||||||||||||||||
| $ | (34,157,129 | ) | $ | (35,382,851 | ) | $ | 554,288 | $ | 395,751 | $ | 912,980 | $ | 401,452 | |||||||||||||||
| 23,600,000 | 32,200,000 | 350,000 | 1,300,000 | 400,000 | 7,400,000 | |||||||||||||||||||||||
| (7,200,000 | ) | (13,200,000 | ) | (250,000 | ) | (650,000 | ) | (1,250,000 | ) | (1,400,000 | ) | |||||||||||||||||
| 16,400,000 | 19,000,000 | 100,000 | 650,000 | (850,000 | ) | 6,000,000 | ||||||||||||||||||||||
See Notes to Financial Statements
| 77 |
MARKET VECTORS ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
(continued)
| Treasury-Hedged | ||||||||||
| High Yield Bond ETF | ||||||||||
| For the Six | ||||||||||
| Months Ended | For the Year | |||||||||
| October 31, | Ended | |||||||||
| 2015 | April 30, 2015 | |||||||||
| (unaudited) | ||||||||||
| Operations: | ||||||||||
| Net investment income | $ | 123,385 | $ | 385,381 | ||||||
| Net realized loss | (128,931 | ) | (227,823 | ) | ||||||
| Net change in unrealized appreciation (depreciation) | (164,615 | ) | (300,788 | ) | ||||||
| Net decrease in net assets resulting from operations | (170,161 | ) | (143,230 | ) | ||||||
| Dividends to shareholders: | ||||||||||
| Dividends from net investment income | (131,200 | ) | (399,620 | ) | ||||||
| Share transactions:** | ||||||||||
| Proceeds from sale of shares | – | 7,567,217 | ||||||||
| Cost of shares redeemed | (2,411,788 | ) | (9,961,206 | ) | ||||||
| Decrease in net assets resulting from share transactions | (2,411,788 | ) | (2,393,989 | ) | ||||||
| Total decrease in net assets | (2,713,149 | ) | (2,936,839 | ) | ||||||
| Net Assets, beginning of period | 7,313,802 | 10,250,641 | ||||||||
| Net Assets, end of period† | $ | 4,600,653 | $ | 7,313,802 | ||||||
| † Including undistributed net investment income | $ | 48,480 | $ | 56,295 | ||||||
| ** Shares of Common Stock Issued (no par value) | ||||||||||
| Shares sold | – | 300,000 | ||||||||
| Shares redeemed | (100,000 | ) | (400,000 | ) | ||||||
| Net decrease | (100,000 | ) | (100,000 | ) | ||||||
See Notes to Financial Statements
| 78 |
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
| 79 |
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) | Calculated based upon average shares outstanding |
See Notes to Financial Statements
| 80 |
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
| 81 |
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
| 82 |
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
| 83 |
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) | Calculated based on average shares outstanding |
See Notes to Financial Statements
| 84 |
MARKET VECTORS ETF TRUST
October 31, 2015 (unaudited)
Note 1—Fund Organization—Market Vectors ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Trust was incorporated in Delaware as a statutory trust on March 15, 2001. The Trust operates as a series fund, and as of October 31, 2015, offers fifty-four 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”), Fallen Angel High Yield Bond ETF (“Fallen Angel”), International High Yield Bond ETF (“International High Yield”), Investment Grade Floating Rate ETF (“Investment Grade”), J.P. Morgan EM Local Currency Bond ETF (“J.P. Morgan EM”) (formerly Emerging Markets Local Currency Bond ETF), 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 Diversified High Yield US Emerging Markets Corporate Plus Index | ||
| 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* | ||
| J.P. Morgan EM | July 22, 2010 | JP Morgan Government Bond Index-Emerging Markets Global Core | ||
| Mortgage REIT | August 16, 2011 | Market Vectors® Global Mortgage REITs Index* | ||
| Preferred Securities | July 16, 2012 | Wells Fargo® Hybrid & 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.
The Funds are investment companies and are following accounting and reporting requirements of Accounting Standards Codification (“ASC”) 946 Financial Services – Investment Companies.
| 85 |
MARKET VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
The following is a summary of significant accounting policies followed by the Funds.
| A. |
Security Valuation—The Funds value their investments in securities and other assets and liabilities carried at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Securities traded on national exchanges or traded on the NASDAQ National Market System are valued at the last sales price as reported at the close of each business day. Securities traded on the NASDAQ Stock Market are valued at the NASDAQ official closing price. Over-the-counter securities not included in the NASDAQ National Market System and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded they are categorized as Level 1 in the fair value hierarchy (described below). Debt securities 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. | |
| 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. |
| 86 |
| 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. The total net realized gains and losses from fluctuations on foreign exchange rates on investments and other foreign currency denominated assets and liabilities are disclosed in Note 5 – Income Taxes. |
| 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 October 31, 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. | ||
| 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 |
| 87 |
MARKET VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
| day depending on the fluctuations in the value of the underlying futures contracts, except that in the case of certain futures contracts payments may be made or received at settlement. Such variation margin is recorded for financial statement purposes on a daily basis as an unrealized gain or loss on futures until the futures contract is closed or expires, at which time the net gain or loss is reclassified to realized gain or loss on futures. Treasury-Hedged held futures contracts for six months during the period ended October 31, 2015 of which the average market value was $5,194,766. Futures contracts held by Treasury-Hedged at October 31, 2015 are reflected in the Schedule of Investments. | ||
| At October 31, 2015, Treasury-Hedged held the following derivatives instruments: |
| Liability Derivatives Interest Rate Risk |
|||
| Futures contracts1 | $6,649 |
| 1 | Statement of Assets and Liabilities location: Variation margin on futures contracts | |
| For Treasury-Hedged, the impact of transactions in derivative instruments during the period ended October 31, 2015, was as follows: | ||
| Interest Rate Risk | |||
| Net change in unrealized appreciation (depreciation): | |||
| Futures contracts2 | $42,301 | ||
| Realized gain (loss) | |||
| Futures contracts3 | (52,194) |
| 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 October 31, 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 October 31, 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 October 31, 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 | $6,649 | $ – | $6,649 | $(6,649) | $ – |
* 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 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 |
| 88 |
| 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, 2016, 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 period ended October 31, 2015 are as follows:
| Expense | Management | Waiver of | Expenses Assumed | |||||||||||||
| Fund | Limitation | Fee Rate | Management Fees | by the Adviser | ||||||||||||
| BDC Income | 0.40 | % | 0.40 | % | $ 48,382 | $ | – | |||||||||
| ChinaAMC China Bond | 0.50 | 0.40 | 51,865 | 124 | ||||||||||||
| Emerging Markets Aggregate | 0.49 | 0.35 | 29,953 | 17,099 | ||||||||||||
| Emerging Markets High Yield | 0.40 | 0.40 | 150,846 | – | ||||||||||||
| Fallen Angel | 0.40 | 0.40 | 54,472 | – | ||||||||||||
| International High Yield | 0.40 | 0.40 | 138,019 | – | ||||||||||||
| Investment Grade | 0.14 | 0.35 | 146,231 | – | ||||||||||||
| J.P. Morgan EM | 0.47 | 0.35 | 95,963 | – | ||||||||||||
| Mortgage REIT | 0.40 | 0.40 | 62,829 | – | ||||||||||||
| Preferred Securities | 0.40 | 0.40 | 87,543 | – | ||||||||||||
| Treasury-Hedged | 0.50 | 0.45 | 12,320 | 32,576 | ||||||||||||
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 period ended October 31, 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 | $ 10,517,848 | $ 9,180,974 | ||
| ChinaAMC China Bond | 11,166,839 | 5,804,876 | ||
| Emerging Markets Aggregate | 1,409,542 | 1,690,278 | ||
| Emerging Markets High Yield | 93,467,475 | 109,147,819 | ||
| Fallen Angel | 25,418,675 | 4,018,376 | ||
| International High Yield | 12,891,557 | 14,442,100 | ||
| Investment Grade | 23,923,618 | 24,044,476 | ||
| J.P. Morgan EM | 389,107,899 | 210,541,124 | ||
| Mortgage REIT | 27,545,542 | 18,403,609 | ||
| Preferred Securities | 38,675,630 | 41,028,467 | ||
| Treasury-Hedged | 778,987 | 845,222 |
| 89 |
MARKET VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
Note 5—Income Taxes—As of October 31, 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 | ||||||||||||||||
| Gross Unrealized | Gross Unrealized | Appreciation | ||||||||||||||
| Fund | Cost of Investments | Appreciation | Depreciation | (Depreciation) | ||||||||||||
| BDC Income | $ | 102,403,270 | $ | 35,439 | $ | (14,074,678 | ) | $ | (14,039,239 | ) | ||||||
| ChinaAMC China Bond | 23,308,631 | 245,285 | (75,788 | ) | 169,497 | ) | ||||||||||
| Emerging Markets Aggregate | 17,021,795 | 260,981 | (2,076,496 | ) | (1,815,515 | ) | ||||||||||
| Emerging Markets High Yield | 403,488,319 | 4,911,969 | (31,412,693 | ) | (26,500,724 | ) | ||||||||||
| Fallen Angel | 51,533,538 | 479,726 | (1,725,843 | ) | (1,246,117 | ) | ||||||||||
| International High Yield | 154,710,511 | 1,468,559 | (16,144,258 | ) | (14,675,699 | ) | ||||||||||
| Investment Grade | 89,867,713 | 53,277 | (522,154 | ) | (468,877 | ) | ||||||||||
| J.P. Morgan EM | 1,486,653,362 | 494,053 | (261,584,285 | ) | (261,090,232 | ) | ||||||||||
| Mortgage REIT | 132,411,268 | – | (25,962,726 | ) | (25,962,726 | ) | ||||||||||
| Preferred Securities | 280,311,576 | 4,235,430 | (18,262,623 | ) | (14,027,193 | ) | ||||||||||
| Treasury-Hedged | 4,895,805 | 45,411 | (298,712 | ) | (253,301 | ) | ||||||||||
The tax character of dividends paid to shareholders during the year ended April 30, 2015 was as follows:
| Long-Term | ||||||||||||||||
| Ordinary Income | Capital Gains | Return of Capital | ||||||||||||||
| Fund | April 30, 2015 | April 30, 2015 | April 30, 2015 | |||||||||||||
| BDC Income | $ | 4,244,650 | $ | – | $ | – | ||||||||||
| ChinaAMC China Bond | 144,035 | – | 68,565 | |||||||||||||
| Emerging Markets Aggregate | 560,225 | – | 184,000 | |||||||||||||
| Emerging Markets High Yield | 26,482,780 | – | – | |||||||||||||
| Fallen Angel | 1,047,680 | * | 168,800 | – | ||||||||||||
| International High Yield | 7,789,971 | – | 1,917,549 | |||||||||||||
| Investment Grade | 600,502 | * | 21,288 | – | ||||||||||||
| J.P. Morgan EM | 24,225,613 | – | 23,138,007 | |||||||||||||
| Mortgage REIT | 11,284,160 | – | – | |||||||||||||
| Preferred Securities | 11,446,740 | – | – | |||||||||||||
| Treasury-Hedged | 399,620 | – | – | |||||||||||||
*Includes short-term capital gains
The tax character of current year distributions will be determined at the end of the fiscal year.
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:
| Late-Year | ||||||||
| Ordinary | Post-October | |||||||
| Fund | Losses | Capital Losses | ||||||
| Emerging Markets Aggregate | $ | 63,880 | $ | – | ||||
| International High Yield | – | 1,059,267 | ||||||
| Investment Grade | – | 180,870 | ||||||
| J.P. Morgan EM | 28,096,122 | – | ||||||
| 90 |
At April 30, 2015, the Funds had capital loss carryforwards available to offset future capital gains, as follows:
| No Expiration | No Expiration | |||||||
| Short-Term | Long-Term | |||||||
| Fund | Capital Losses | 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 | ||||||
| International High Yield | 391,189 | 266,187 | ||||||
| J.P. Morgan EM | 5,472,114 | 8,324,281 | ||||||
| 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.
Realized gains or losses attributable to fluctuations in foreign exchange rates on investments and other foreign currency denominated assets and liabilities result in permanent book to tax differences which may affect the tax character of distributions and undistributed net investment income at the end of the Funds’ fiscal year and may result in a tax return of capital.
For the period May 1, 2015 to October 31, 2015, the net realized losses from foreign currency translations were as follows:
| ChinaAMC China Bond | $ | (211,957 | ) | |
| Emerging Markets Aggregate | (371,602 | ) | ||
| J.P. Morgan EM | (62,381,428 | ) | ||
| International High Yield | (1,610,516 | ) |
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 period ended October 31, 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.
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 its 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.
| 91 |
MARKET VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
Note 6—Capital Share Transactions—As of October 31, 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 |
| Fallen Angel | 50,000 |
| International High Yield | 200,000 |
| Investment Grade | 100,000 |
| J.P. Morgan EM | 200,000 |
| Mortgage REIT | 50,000 |
| Preferred Securities | 50,000 |
| Treasury-Hedged | 100,000 |
The consideration for the purchase or redemption of Creation Units of the Funds generally consists of the in-kind contribution or distribution of securities constituting the Funds’ underlying index plus a small amount of cash. For the period ended October 31, 2015, the Funds had in-kind contributions and redemptions as follows:
| In-Kind | In-Kind | |||||||
| Fund | Contributions | Redemptions | ||||||
| BDC Income | $ | 19,457,781 | $ | 3,682,268 | ||||
| ChinaAMC China Bond | – | – | ||||||
| Emerging Markets Aggregate | – | 1,890,601 | ||||||
| Emerging Markets High Yield | 29,539,838 | 59,913,565 | ||||||
| Fallen Angel | 1,176,453 | – | ||||||
| International High Yield | 13,952,680 | 27,269,093 | ||||||
| Investment Grade | – | 9,920,015 | ||||||
| J.P. Morgan EM | 191,196,762 | 88,913,470 | ||||||
| Mortgage REIT | – | 5,704,884 | ||||||
| Preferred Securities | 15,153,223 | 26,481,581 | ||||||
| Treasury-Hedged | – | 2,208,144 | ||||||
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 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 disrupt the high yield market and impair the ability of issuers to repay principal and interest. These high yield securities may involve greater risks and considerations not typically associated with investing in U.S. government bonds and other high quality fixed-income securities. Also, an increase in interest rates would likely have an adverse impact on the value of such obligations. Moreover, high yield securities may be less liquid due to the extent that there is no established retail secondary market and because of a decline in the value of such securities. These Funds may not be able to sell bonds at desired prices and large purchases or sales of certain high-yield bond issues may cause substantial fluctuations in share price, yield and total return.
BDC Income invests in business development companies which generally invest in less mature private companies or thinly traded U.S. public companies which involve greater risk than well-established publicly-traded companies.
| 92 |
ChinaAMC China Bond, Emerging Markets Aggregate, Emerging Markets High Yield, Fallen Angel, International High Yield, Investment Grade and J.P. Morgan EM 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 real estate investment trusts (“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. Preferred securities are also 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.
Preferred Securities may invest directly in real estate investment trusts (“REITs”) and is exposed to the risk of owning real estate directly, as well as to risks that relate specifically to the way in which REITs are organized and operated. REITs generally invest directly in real estate, in mortgages or in some combination of the two. The Fund indirectly bears management expenses along with the direct expenses of the Fund. Individual REITs may own a limited number of properties and may concentrate in a particular region or property type. REITs may also be subject to heavy cash flow dependency, default by borrowers and self-liquidation.
Treasury-Hedged invests directly in futures contracts and may invest in securities sold short 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 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 October 31, 2015, the Adviser owned approximately 10%, 57% and 3% of ChinaAMC China Bond, Emerging Markets Aggregate and Fallen Angel, 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.
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
| 93 |
MARKET VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
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. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day. 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 and/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. 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 October 31, 2015 are presented on a gross basis in the Schedules of Investments and Statements of Assets and Liabilities.
Effective May 1, 2015, the Funds adopted new accounting guidance under Accounting Standards Update No. 2014-11, which requires expanded disclosures related to financial assets pledged in secured financing transactions, such as securities lending, and the related contractual maturity terms of these secured transactions. Accordingly, the following table presents repurchase agreements held as collateral by type of security on loans pledged as of October 31, 2015.
| Gross amount of | ||||||||||||||||||||
| recognized liabilities | ||||||||||||||||||||
| Foreign | for securities loaned | |||||||||||||||||||
| Corporate | Equity | Government | in the Statements of | |||||||||||||||||
| Fund | Bonds | Securities | Obligations | Assets and Liabilities | ||||||||||||||||
| BDC Income | $ | – | $ | 8,778,747 | $ | – | $ | 8,778,747 | ||||||||||||
| Emerging Markets Aggregate | 423,060 | – | 437,153 | 860,213 | ||||||||||||||||
| Emerging Markets High Yield | 58,002,999 | – | – | 58,002,999 | ||||||||||||||||
| Fallen Angel | 4,215,383 | – | – | 4,215,383 | ||||||||||||||||
| International High Yield | 8,916,866 | – | – | 8,916,866 | ||||||||||||||||
| Investment Grade | 275,416 | – | – | 275,416 | ||||||||||||||||
| J.P. Morgan EM | 1,444,273 | – | 11,301,916 | 12,746,189 | ||||||||||||||||
| Mortgage REIT | – | 3,732,420 | – | 3,732,420 | ||||||||||||||||
| Preferred Securities | – | 8,952,964 | – | 8,952,964 | ||||||||||||||||
| Treasury-Hedged | 148,456 | – | – | 148,456 | ||||||||||||||||
| Total Borrowings* | $ | 73,426,453 | $ | 21,464,131 | $ | 11,739,069 | $ | 106,629,653 | ||||||||||||
* Remaining contractual maturity of the agreements: overnight and continuous.
Note 10—Bank Line of Credit—The Funds may participate in a $200 million committed credit facility (the “Facility”) to be utilized for temporary financing until the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of the Funds at the request of the shareholders and other temporary or emergency purposes. The Funds have agreed to pay commitment fees, pro rata, based on the unused but available balance. Interest is charged to the Funds at rates based on prevailing market rates in effect at the time of borrowings. During the period ended October 31, 2015, the following Funds borrowed under this Facility:
| Outstanding Loan | ||||||||||||||||
| Days | Average Daily | Average | Balance as of | |||||||||||||
| Fund | Outstanding | Loan Balance | Interest Rate | October 31, 2015 | ||||||||||||
| BDC Income | 136 | $ | 441,670 | 1.53 | % | $ | 235,889 | |||||||||
| Emerging Markets High Yield | 3 | 1,264,317 | 1.54 | – | ||||||||||||
| Fallen Angel | 3 | 1,126,653 | 1.53 | – | ||||||||||||
| Investment Grade | 1 | 1,173,085 | 1.55 | – | ||||||||||||
| J.P. Morgan EM | 30 | 3,235,585 | 1.53 | – | ||||||||||||
| Mortgage REIT | 150 | 1,203,940 | 1.53 | 287,120 | ||||||||||||
| Preferred Securities | 139 | 1,609,878 | 1.53 | 564,487 | ||||||||||||
| 94 |
Note 11—Custodian Fees—The Funds have entered into an expense offset agreement with the custodian wherein they receive a credit toward the reduction of custodian fees whenever there are uninvested cash balances. The Funds could have invested their cash balances elsewhere if they had not agreed to a reduction in fees under the expense offset agreement with the custodian. For the period ended October 31, 2015, there were no offsets to custodian fees.
Note 12—Subsequent Events—The Funds have evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.
The following dividends from net investment income were declared and paid subsequent to October 31, 2015:
| Fund | Ex-Date | Record Date | Payable Date | Per Share | |||||||||||
| ChinaAMC China Bond | 11/2/15 | 11/4/15 | 11/6/15 | $0.0550 | |||||||||||
| Emerging Markets Aggregate | 11/2/15 | 11/4/15 | 11/6/15 | 0.0888 | |||||||||||
| Emerging Markets High Yield | 11/2/15 | 11/4/15 | 11/6/15 | 0.1542 | |||||||||||
| Fallen Angel | 11/2/15 | 11/4/15 | 11/6/15 | 0.1164 | |||||||||||
| International High Yield | 11/2/15 | 11/4/15 | 11/6/15 | 0.1100 | |||||||||||
| Investment Grade | 11/2/15 | 11/4/15 | 11/6/15 | 0.0154 | |||||||||||
| J.P. Morgan EM | 11/2/15 | 11/4/15 | 11/6/15 | 0.0849 | |||||||||||
| Preferred Securities | 11/2/15 | 11/4/15 | 11/6/15 | 0.0568 | |||||||||||
| Treasury-Hedged | 11/2/15 | 11/4/15 | 11/6/15 | 0.0906 | |||||||||||
| ChinaAMC China Bond | 12/1/15 | 12/3/15 | 12/7/15 | 0.0507 | |||||||||||
| Emerging Markets Aggregate | 12/1/15 | 12/3/15 | 12/7/15 | 0.0764 | |||||||||||
| Emerging Markets High Yield | 12/1/15 | 12/3/15 | 12/7/15 | 0.1306 | |||||||||||
| Fallen Angel | 12/1/15 | 12/3/15 | 12/7/15 | 0.1048 | |||||||||||
| International High Yield | 12/1/15 | 12/3/15 | 12/7/15 | 0.1054 | |||||||||||
| Investment Grade | 12/1/15 | 12/3/15 | 12/7/15 | 0.0166 | |||||||||||
| J.P. Morgan EM | 12/1/15 | 12/3/15 | 12/7/15 | 0.0817 | |||||||||||
| Preferred Securities | 12/1/15 | 12/3/15 | 12/7/15 | 0.0660 | |||||||||||
| Treasury-Hedged | 12/1/15 | 12/3/15 | 12/7/15 | 0.0898 | |||||||||||
| 95 |
MARKET VECTORS ETF TRUST
APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS
(unaudited)
At a meeting held on June 9, 2015 (the “Renewal Meeting”), the Board of Trustees (the “Board”) of Market Vectors ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), approved the continuation of (i) the investment management agreements between the Trust and Van Eck Associates Corporation (the “Adviser”) (the “Investment Management Agreements”) with respect to the Market Vectors Asia ex-Japan Aggregate Bond ETF, BDC Income ETF, Business Development Company/Specialty Finance ETF, ChinaAMC China Bond ETF (the “China Fund”), Defaulted & Distressed Bond ETF, Emerging Markets Aggregate Bond ETF, Emerging Markets Corporate Bond ETF, Emerging Markets High Yield Bond ETF, Emerging Markets Local Currency Bond ETF, Emerging Markets Short-Term Corporate Bond ETF, European High Yield Bond ETF, European Sovereign Bond ETF, Fallen Angel High Yield Bond ETF, Fixed Income I ETF, Fixed Income II ETF, Global Fallen Angel Bond ETF, Global High Yield Bond ETF, Global High Yield US$ Bond ETF, Greater China Corporate Bond ETF, Greater China High Yield Bond ETF, International High Yield Bond ETF, International US$ High Yield Bond ETF, Investment Grade Floating Rate ETF, Japanese Bond ETF, Mortgage REIT Income ETF, MV Emerging Markets Aggregate Bond ETF, Non-Agency RMBS ETF, Preferred Securities ex Financials ETF, Treasury-Hedged High Yield Bond ETF and USD Emerging Markets Aggregate Bond ETF (collectively, the “Funds”) and (ii) a sub-advisory agreement between the Adviser and China Asset Management (Hong Kong) Limited (the “Sub-Adviser”) (the “Sub-Advisory Agreement”) with respect to the China Fund. The Investment Management Agreements and the Sub-Advisory Agreement are collectively referred to as the “Agreements.”
The Board’s approval of the Agreements was based on a comprehensive consideration of all of the information available to the Trustees and was not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations and how the Trustees considered those factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors.
In preparation for the Renewal Meeting, the Trustees held a meeting on May 15, 2015. At that meeting, the Trustees discussed the information the Adviser, the Sub-Adviser (with respect to the China Fund) and Lipper Inc. (“Lipper”), an independent third party data provider, had provided to them in advance. The information provided to the Trustees included, among other things, information about the performance (for those Funds which had begun operations) and expenses of the Funds and the Funds’ peer funds (other index-based exchange-traded funds (“ETFs”)), information about the advisory services provided to the Funds and the personnel providing those services, and the profitability and other benefits enjoyed by the Adviser and its affiliates as a result of the Adviser’s relationship with the Funds. In reviewing performance information for the Funds against their peer groups, the Trustees considered that each Fund generally invests in a different group of issuers than the funds in its designated peer group. They also considered the fact that the China Fund had only recently commenced operations and therefore had a limited operational history that could be used for comparative purposes, since the expense information prepared by Lipper was based on estimated amounts for the China Fund, tracking error measurements were not available and the performance comparisons provided by Lipper covered approximately a three-month period (November 10, 2014 (the date operations commenced for the China Fund) through February 28, 2015). In addition, as noted below, the Trustees reviewed certain performance information for each Fund that was not provided by Lipper. For these and other reasons, the Trustees noted that the peer group information did not necessarily provide meaningful direct comparisons to the Funds.
The Independent Trustees’ consideration of the Agreements was based, in part, on their review of information obtained through discussions with the Adviser and the Sub-Adviser (with respect to the China Fund) at the Renewal Meeting and with the Adviser at the May 15, 2015 meeting regarding the management of the Funds and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser and the Sub-Adviser (with respect to the China Fund). The Trustees also considered the terms of, and scope of services that the Adviser and the Sub-Adviser (with respect to the China Fund) provide under, the Agreements, including, the Adviser’s commitment to waive certain fees and/or pay expenses of each of the Funds to the extent necessary to prevent the operating expenses of each of the Funds from exceeding agreed upon limits for a period of time. With respect to the Sub-Advisory Agreement, the Trustees took into account the unique legal and operational aspects of the China Fund and the Sub-Adviser’s experience with respect to Renminbi Qualified Institutional Investors Scheme funds. The Trustees also noted that the Sub-Adviser is a wholly-owned subsidiary of China Asset Management Co., China’s largest asset management company measured by fund assets under management.
The Trustees concluded that the Adviser and the Sub-Adviser (with respect to the China Fund) have the requisite expertise and skill to manage the Funds’ portfolios. In evaluating the performance over relevant periods of each of the
| 96 |
Funds that had commenced operations prior to the date of the Renewal Meeting (the “Operating Funds”), the Trustees reviewed various performance metrics but relied principally on a comparison of the “gross” performance of each Operating Fund (i.e., measured without regard to the impact of fees and expenses) to the performance of its benchmark index, in each case incorporating any fair value adjustments to the underlying securities. Based on the foregoing, the Trustees concluded that the investment performance of the Operating Funds was satisfactory.
The Trustees also considered information relating to the financial condition of the Adviser and the Sub-Adviser (with respect to the China Fund) and the current status, as they understood it, of the Adviser’s and Sub-Adviser’s (with respect to the China Fund) compliance environment.
As noted above, the Trustees were also provided various data from Lipper comparing the Operating Funds’ expenses and performance to that of other ETFs. The Trustees noted that the information provided showed that each Operating Fund had a total expense ratio (after the effect of any applicable expense limitation) below or equal to the average and/or median of its respective peer group of funds, except for each of Market Vectors BDC Income ETF, Investment Grade Floating Rate ETF, Mortgage REIT Income ETF and Treasury-Hedged High Yield Bond ETF which had a total expense ratio (after the effect of any applicable expense limitation) greater than the average and median of its peer group of funds. With respect to these Operating Funds, the Trustees reviewed the amount by which these Operating Funds’ total expense ratios (after the effect of any applicable expense limitation) exceeded the average and median of their respective peer groups. The Trustees concluded, in light of this information and the other information available to them, that the fees paid by the Operating Funds were reasonable in light of the performance of the Operating Funds and the quality of services received.
The Trustees also considered the benefits, other than the fees under the Investment Management Agreements, received by the Adviser from serving as adviser to the Funds, including any benefits it may receive from serving as administrator to the Funds and from an affiliate of the Adviser serving as distributor for the Funds.
The Trustees also considered information provided by the Adviser about the overall profitability of the Adviser and its profitability or loss in respect of each Operating Fund. The Trustees reviewed each Fund’s asset size, expense ratio and expense cap and noted that the Investment Management Agreements do not include breakpoints in the advisory fee rates as asset levels in a Fund increase. The Trustees considered the volatility of the asset classes (e.g., emerging markets) in which certain of the Operating Funds invest, potential variability in net assets of these Funds and the sustainability of any potential economies of scale which may exist. The Trustees also evaluated the extent to which management fees for the Operating Funds effectively incorporate the benefits of economies of scale. The Trustees noted that the Adviser has capped expenses on each Operating Fund since its inception. Based on the foregoing and the other information available to them, the Trustees determined that the advisory fee rate for each Fund and the sub-advisory fee rate for the China Fund are reasonable and appropriate in relation to the current asset size of each Fund and the other factors discussed above and currently reflects an appropriate sharing of any economies of scale which may exist with shareholders. The Trustees also determined that the profits earned by the Adviser with respect to the Funds that were profitable to the Adviser were reasonable in light of the nature and quality of the services received by such Funds. Due to the limited operational history and the relatively small size of the China Fund during the period, the Sub-Adviser did not provide the Trustees with profitability information and, therefore, the Trustees did not consider such information.
The Trustees did not consider historical information about the cost of the services provided by the Adviser or the profitability to the Adviser of Market Vectors Asia ex-Japan Aggregate Bond ETF, Business Development Company/Specialty Finance ETF, Defaulted & Distressed Bond ETF, Emerging Markets Corporate Bond ETF, Emerging Markets Short-Term Corporate Bond ETF, European High Yield Bond ETF, European Sovereign Bond ETF, Fixed Income I ETF, Fixed Income II ETF, Global Fallen Angel Bond ETF, Global High Yield Bond ETF, Global High Yield US$ Bond ETF, Greater China Corporate Bond ETF, Greater China High Yield Bond ETF, International US$ High Yield Bond ETF, Japanese Bond ETF, MV Emerging Markets Aggregate Bond ETF, Non-Agency RMBS ETF and USD Emerging Markets Aggregate Bond ETF because the Funds had not yet commenced operations at the time of the Renewal Meeting. The Trustees could not consider the historical performance or the quality of services previously provided to each of these Funds although they concluded that the nature, quality and extent of the services to be provided by the Adviser were appropriate based on the Trustees’ knowledge of the Adviser and its personnel and the operations of the other series of the Trust.
| 97 |
MARKET VECTORS ETF TRUST
APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS
(unaudited) (continued)
The Independent Trustees were advised by and met in executive session with their independent counsel at the Renewal Meeting and at their May 15, 2015 meeting as part of their consideration of the Agreements.
In voting to approve the continuation of the Agreements, the Trustees, including the Independent Trustees, concluded that the terms of each Agreement are reasonable and fair in light of the services to be performed, expenses to be incurred and such other matters as the Trustees considered relevant in the exercise of their reasonable judgment. The Trustees further concluded that each Agreement is in the best interest of each Fund and such Fund’s shareholders.
| 98 |
|
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 1.800.826.2333, or by visiting www.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 1.800.826.2333 or by visiting www.vaneck.com.
Investment Adviser: Van Eck Associates Corporation
Distributor: Van Eck Securities Corporation
Account Assistance: 1.800.826.2333 |
INCOMESAR
Item 2. CODE OF ETHICS.
Not applicable.
Item 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable.
Item 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable.
Item 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
Item 6. SCHEDULE OF INVESTMENTS.
Information included in Item 1.
Item 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
Item 8. PORTFOLIO MANAGER OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
Item 9. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
Item 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Not applicable.
Item 11. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive and principal financial officers, or
persons performing similar functions, have concluded that the registrant's
disclosure controls and procedures (as defined in Rule 30a-3(c) under the
Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR
270.30a-3(c)) are effective, as of a date within 90 days of the filing
date of the report that includes the disclosure required by this paragraph,
based on their evaluation of these controls and procedures required
by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules
13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934,
as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).
(b) There were no changes in the registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR
270.30a-3(d)) that occurred during the second fiscal quarter of the period
covered by this report that has materially affected, or is reasonably
likely to materially affect, the registrant's internal control over
financial reporting.
Item 12. EXHIBITS.
(a)(1) Not applicable.
(a)(2) A separate certification for each principal executive officer and
principal financial officer of the registrant as required by Rule 30a-2
under the Act (17 CFR 270.30a-2(a)) is attached as Exhibit 99.CERT.
(b) Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is
furnished as Exhibit 99.906CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) MARKET VECTORS ETF TRUST
By (Signature and Title) /s/ John J. Crimmins, Treasurer & Chief Financial Officer
---------------------------------------------------------
Date January 7, 2016
---------------
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title) /s/ Jan F. van Eck, Chief Executive Officer
--------------------------------------------
Date January 7, 2016
---------------
By (Signature and Title) /s/ John J. Crimmins, Treasurer & Chief Financial Officer
-----------------------------------------------------------
Date January 7, 2016
---------------