Edgar Filing: MARKET VECTORS ETF TRUST

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

INVESTMENT COMPANY ACT FILE NUMBER: 811-10325

MARKET VECTORS ETF TRUST

(Exact name of registrant as specified in its charter)

	335 Madison Avenue - 19^th Floor, New York, N.Y.		10017
	(Address of principal executive offices)		(Zip Code)

John J. Crimmins
Treasurer & Chief Financial Officer
Market Vectors ETF Trust
335 Madison Avenue - 19^th Floor
New York, N.Y. 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: January 31, 2014

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 100 F Street, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

ITEM 1. Schedule of Investments.

CEF MUNICIPAL INCOME ETF

SCHEDULE OF INVESTMENTS

January 31, 2014 (unaudited)

	Number of Shares		Value
CLOSED-END FUNDS: 99.8%
	19,272	Alliance Bernstein National Municipal Income Fund, Inc.	$	250,536
	7,570	BlackRock Investment Quality Municipal Trust, Inc.		113,171
	9,219	BlackRock Long-Term Municipal Advantage Trust		98,275
	26,102	BlackRock Muni Intermediate Duration Fund, Inc.		371,431
	25,438	BlackRock MuniAssets Fund, Inc.		311,615
	6,333	BlackRock Municipal 2018 Term Trust		102,975
	8,231	BlackRock Municipal 2020 Term Trust		133,836
	5,770	BlackRock Municipal Bond Trust		82,857
	6,634	BlackRock Municipal Income Investment Quality Trust		89,493
	18,111	BlackRock Municipal Income Quality Trust		244,498
	20,735	BlackRock Municipal Income Trust		274,739
	11,125	BlackRock Municipal Income Trust II		154,415
	42,859	BlackRock Municipal Target Term Trust		798,892
	20,103	BlackRock MuniEnhanced Fund, Inc.		217,715
	6,240	BlackRock MuniHoldings Fund II, Inc.		88,421
	7,668	BlackRock MuniHoldings Fund, Inc.		118,011
	26,008	BlackRock MuniHoldings Investment Quality Fund		346,166
	15,427	BlackRock MuniHoldings Quality Fund II, Inc.		195,306
	9,123	BlackRock MuniHoldings Quality Fund, Inc.		114,311
	8,629	BlackRock MuniVest Fund II, Inc.		126,933
	30,139	BlackRock MuniVest Fund, Inc.		288,732
	22,481	BlackRock MuniYield Fund, Inc.		305,517
	7,149	BlackRock MuniYield Investment Fund		101,230
	5,888	BlackRock MuniYield Investment Quality Fund		76,132
	15,343	BlackRock MuniYield Quality Fund II, Inc.		189,793
	37,184	BlackRock MuniYield Quality Fund III, Inc.		494,175
	16,463	BlackRock MuniYield Quality Fund, Inc.		239,701
	14,137	Dreyfus Municipal Bond Infrastructure Fund, Inc.		154,659
	11,307	Dreyfus Municipal Income, Inc.		100,972
	27,087	Dreyfus Strategic Municipal Bond Fund, Inc.		214,258
	29,557	Dreyfus Strategic Municipals, Inc.		237,638
	21,065	DWS Municipal Income Trust		267,736
	46,642	Eaton Vance Municipal Bond Fund		550,376
	6,756	Eaton Vance Municipal Bond Fund II		77,289
	8,327	Eaton Vance Municipal Income Term Trust		132,566
	11,797	Eaton Vance National Municipal Opportunities Trust		226,738
	30,917	Invesco Advantage Municipal Income Trust II		337,923
	33,307	Invesco Municipal Income Opportunities Trust		216,829
	50,721	Invesco Municipal Opportunity Trust		615,246
	42,529	Invesco Municipal Trust		518,003
	36,822	Invesco Quality Municipal Income Trust		429,713
	37,443	Invesco Trust for Investment Grade Municipals		478,147
	32,540	Invesco Value Municipal Income Trust		460,116
	18,412	MainStay DefinedTerm Municipal Opportunities Fund		310,610
	21,881	MFS High Income Municipal Trust		102,841
	22,749	MFS Municipal Income Trust		144,229
	8,731	Neuberger Berman Intermediate Municipal Fund, Inc.		126,163

61,035	Nuveen AMT-Free Municipal Income Fund		788,572
8,945	Nuveen AMT-Free Municipal Value Fund		143,209
30,375	Nuveen Dividend Advantage Municipal Fund		412,492
22,722	Nuveen Dividend Advantage Municipal Fund 2		306,293
31,987	Nuveen Dividend Advantage Municipal Fund 3		412,632
25,466	Nuveen Dividend Advantage Municipal Income Fund		331,822
11,456	Nuveen Enhanced Municipal Value Fund		160,155
72,005	Nuveen Insured Municipal Opportunity Fund, Inc.		982,868
30,099	Nuveen Insured Quality Municipal Fund, Inc.		380,451
36,771	Nuveen Intermediate Duration Municipal Term Fund		433,162
10,223	Nuveen Intermediate Duration Quality Municipal Term Fund		122,165
24,613	Nuveen Investment Quality Municipal Fund, Inc.		350,243
33,949	Nuveen Municipal Advantage Fund, Inc.		437,603
26,575	Nuveen Municipal High Income Opportunity Fund		334,845
35,731	Nuveen Municipal Market Opportunity Fund, Inc.		451,997
112,201	Nuveen Municipal Value Fund, Inc.		1,060,299
41,229	Nuveen Performance Plus Municipal Fund, Inc.		584,627
15,199	Nuveen Premier Municipal Income Fund, Inc.		201,539
54,212	Nuveen Premium Income Municipal Fund 2, Inc.		724,272
29,282	Nuveen Premium Income Municipal Fund 4, Inc.		363,097
48,544	Nuveen Premium Income Municipal Fund, Inc.		640,295
42,648	Nuveen Quality Income Municipal Fund, Inc.		555,277
27,565	Nuveen Select Quality Municipal Fund		362,480
11,501	Nuveen Select Tax Free		153,653
12,109	Nuveen Select Tax Free 2		157,296
8,953	Nuveen Select Tax Free 3		119,254
9,526	PIMCO Municipal Income Fund		126,410
28,334	PIMCO Municipal Income Fund II		332,358
12,337	PIMCO Municipal Income Fund III		131,883
8,492	Pioneer Municipal High Income Advantage Trust		117,020
8,562	Pioneer Municipal High Income Trust		123,036
39,959	Putnam Managed Municipal Income Trust		281,711
32,703	Putnam Municipal Opportunities Trust		371,179
20,582	Western Asset Managed Municipals Fund, Inc.		262,420
5,812	Western Asset Municipal Defined Opportunity Trust, Inc.		124,086
16,730	Western Asset Municipal High Income Fund, Inc.		115,939
6,607	Western Asset Municipal Partners Fund, Inc.		94,348
Total Closed-End Funds (Cost: $28,099,317)			24,681,916
MONEY MARKET FUND: 0.1% (Cost: $19,430)
19,430	Dreyfus Government Cash Management Fund		19,430
Total Investments: 99.9% (Cost: $28,118,747)			24,701,346
Other assets less liabilities: 0.1%			26,011
NET ASSETS: 100.0%		$	24,727,357

Summary of Investments by Sector (unaudited)	% of Investments		Value
Financial	99.9	%	$	24,681,916
Money Market Fund	0.1			19,430
	100.0	%	$	24,701,346

The summary of inputs used to value the Fund’s investments as of January 31, 2014 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Closed-End Funds	$	24,681,916	$	—	$	—	$	24,681,916
Money Market Fund		19,430		—		—		19,430
Total	$	24,701,346	$	—	$	—	$	24,701,346

See Notes to Schedules of Investments

HIGH-YIELD MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

January 31, 2014 (unaudited)

Principal Amount			Value
MUNICIPAL BONDS: 98.6%
Alabama: 1.3%
		Alabama Industrial Development Authority, Solid Waste Disposal, Pine City Fiber Company Project (RB)
$	3,395,000	6.45%, 03/10/14 (c)	$	3,395,509
	2,400,000	6.45%, 03/10/14 (c)		2,400,360
	2,500,000	Colbert County, Alabama Health Care Authority (RB)
		5.75%, 03/10/14 (c)		2,300,850
	2,500,000	County of Jefferson, Alabama Sewer Revenue, Series D (RB)
		6.50%, 10/01/23 (c)		2,485,625
				10,582,344
Alaska: 0.2%
		Northern Tobacco Securitization Corp. (RB)
	1,070,000	5.00%, 06/01/14 (c)		818,935
	1,000,000	5.00%, 06/01/14 (c)		688,480
				1,507,415
Arizona: 2.9%
	875,000	Arizona Health Facilities Authority, Phoenix Children's Hospital, Series A (RB)
		5.00%, 02/01/22 (c)		840,621
		Arizona Health Facilities Authority, The Beatitudes Campus Project (RB)
	560,000	5.10%, 10/01/16 (c)		514,584
	7,960,000	5.20%, 10/01/16 (c)		6,519,638
		Downtown Phoenix Hotel Corp., Series A (RB) (FGIC)
	5,000,000	5.00%, 01/01/16 (c)		4,741,600
	5,150,000	5.00%, 01/01/16 (c)		4,813,653
		Pima County, Arizona Industrial Development Authority, Charter School Projects, Series A (RB)
	1,000,000	5.50%, 07/01/17 (c)		884,490
	1,690,000	5.63%, 07/01/17 (c)		1,318,251
	1,400,000	Pima County, Arizona Industrial Development Authority, Tucson Electric Power Company Project, Series A (RB)
		5.25%, 10/01/20 (c)		1,423,478
	1,000,000	Tempe, Arizona Industrial Development Authority, Friendship Village of Tempe, Series A (RB)
		6.25%, 12/01/21 (c)		1,014,700
	1,000,000	The Industrial Development Authority of the County of Pima, Edkey Charter Schools Project (RB)
		6.00%, 07/01/20 (c)		912,480
	1,500,000	Tucson, Arizona University Medical Center Corp., Hospital Revenue (RB)
		5.00%, 07/01/15 (c)		1,486,305
				24,469,800
California: 7.7%
	4,800,000	California Housing Finance Agency, Series G (RB)
		4.95%, 02/01/17 (c)		4,862,448
		California Municipal Finance Authority (RB)
	1,000,000	6.00%, 06/01/22 (c)		1,002,730
	930,000	7.00%, 06/01/22 (c)		932,576
	1,000,000	California Municipal Finance Authority Revenue, Eisenhower Medical Center, Series A (RB)
		5.75%, 07/01/20 (c)		1,029,580
		California Pollution Control Financing Authority, Poseidon Resources (Channelside) LP Desalination Project (RB)
	8,750,000	5.00%, 07/01/22 (c) 144A		7,931,875
	4,175,000	5.00%, 07/01/22 (c) 144A		3,664,982
	1,000,000	California Statewide Communities Development Authority (RB)
		6.00%, 10/01/22 (c)		947,530
	4,000,000	California Statewide Communities Development Authority, Valleycare Health System, Series A (RB)
		5.13%, 07/15/17 (c)		3,596,520
		California Statewide Community Development Authority, Daughters of Charity Health System, Series A (RB)
	1,050,000	5.00%, 07/01/15 (c)		967,764
	2,410,000	5.25%, 07/01/15 (c)		2,383,779
	3,210,000	5.25%, 07/01/15 (c)		3,105,675
		California Statewide Community Development Authority, Educational Facilities - Huntington Park Charter School Project-A (RB)
	750,000	5.15%, 07/01/17 (c)		638,618
	500,000	5.25%, 07/01/17 (c)		404,115
		California Statewide Community Development Authority, Thomas Jefferson Law School, Series A (RB)
	1,750,000	7.00%, 10/01/26 144A		1,497,860
	2,000,000	7.25%, 10/01/18 (c) 144A		1,549,740
	5,000,000	7.25%, 10/01/18 (c) 144A		3,705,400
	900,000	California Statewide Financing Authority, Pooled Tobacco Securitization Program (RB)
		6.00%, 03/10/14 (c)		850,293
		Foothill-Eastern Transportation Corridor Agency (RB)
	1,000,000	6.00%, 01/15/24 (c)		1,011,900
	1,000,000	6.00%, 01/15/24 (c)		1,008,900
	1,000,000	6.50%, 01/15/24 (c)		1,022,720
		Golden State Tobacco Securitization Corp., California Tobacco Settlement, Series A-1 (RB)
	1,320,000	4.50%, 06/01/17 (c)		1,127,003
	1,195,000	5.00%, 06/01/17 (c)		916,661
	1,000,000	5.75%, 06/01/17 (c)		789,620
	1,000,000	Golden State Tobacco Securitization Corp., California Tobacco Settlement, Series A-2 (RB)
		5.30%, 06/01/22 (c)		754,790
	235,000	Hesperia Community Redevelopment Agency, Refinancing and Redevelopment Projects, Series A (TA) (XLCA)
		5.00%, 09/01/15 (c)		219,678
		Hesperia Public Financing Authority, Redevelopment and Housing Projects, Series A (TA) (XLCA)
	800,000	5.00%, 09/01/17 (c)		785,112
	3,100,000	5.00%, 09/01/17 (c)		2,841,646
	505,000	5.00%, 09/01/17 (c)		448,677
	2,515,000	5.50%, 09/01/17 (c)		2,505,368
	465,000	5.50%, 09/01/17 (c)		451,301
	815,000	Inland Empire Tobacco Securitization Authority, Inland Empire Tobacco Securitization Corp., Series A (RB)
		4.63%, 06/01/17 (c)		754,331
	235,000	Inland Empire Tobacco Securitization Authority, Inland Empire Tobacco Securitization Corp., Series B (RB)
		5.75%, 06/01/21 (c)		228,319
	3,600,000	San Buenaventura, California Community Memorial Health System (RB)
		7.50%, 12/01/21 (c)		4,032,900
		San Joaquin Hills Transportation Corridor Agency, Toll Road Refunding Revenue, Series A (RB) (NATL)
	310,000	5.38%, 03/10/14 (c)		294,268
	4,320,000	5.50%, 03/10/14 (c)		4,209,149
	140,000	San Joaquin Hills, California Transportation Corridor Agency, Senior Lien Toll Road (RB)
		5.00%, 03/10/14 (c)		127,383
	1,000,000	Thousand Oaks, California Community Facilities Special Tax, District No. 1994-1 (ST)
		5.38%, 09/01/22 (c)		1,007,810
	1,000,000	Tobacco Securitization Authority of Southern California (RB)
		5.00%, 06/01/14 (c)		759,460
				64,368,481
Colorado: 1.9%
	1,500,000	City of Lakewood, Plaza Metropolitan District No. 1 (TA)
		5.00%, 12/01/22 (c)		1,423,530
	2,545,000	Colorado Health Facilities Authority, Covenant Retirement Communities, Inc. (RB)
		4.00%, 12/01/22 (c)		2,306,075
		Colorado Health Facilities Authority, Health & Residential, Volunteers of America Care Facilities (RB)
	1,100,000	5.20%, 07/01/14 (c)		1,073,633
	2,700,000	5.30%, 07/01/14 (c)		2,383,614
		Colorado Health Facilities Authority, Senior Residences Project (RB)
	1,000,000	6.75%, 06/01/22 (c)		1,000,500
	1,500,000	7.00%, 06/01/22 (c)		1,497,960
		Denver, Colorado Special Facilities Airport Revenue, United Air Lines Project, Series A (RB)
	3,250,000	5.25%, 10/01/17 (c)		3,037,092
	2,000,000	5.75%, 10/01/17 (c)		1,963,940
	1,500,000	Salida Hospital District (RB)
		5.25%, 10/01/16 (c)		1,449,765
				16,136,109
Connecticut: 0.5%
	1,330,000	Connecticut State Resources Recovery Authority, American Refunding Fuel Comp. Project, Series A (RB)
		6.45%, 03/10/14 (c)		1,330,386
		Harbor Point Infrastructure Improvement District, Harbor Point Project, Series A (TA)
	899,000	7.00%, 04/01/20 (c)		965,130
	1,500,000	7.88%, 04/01/20 (c)		1,642,065
				3,937,581
Delaware: 0.1%
	1,200,000	Delaware Economic Development Authority, Exempt Facility (RB)
		5.38%, 10/01/20 (c)		1,197,192
District of Columbia: 1.1%
	305,000	District of Columbia (RB)
		5.00%, 10/01/22 (c)		278,611
	8,675,000	District of Columbia, Provident Group - Howard Properties, LLC Issue (RB)
		5.00%, 10/01/22 (c)		7,605,806
	1,500,000	Metropolitan Washington Airports Authority, Dulles Toll Road, Second Senior Lien, Series B (RB)
		6.13%, 10/01/28 (c)		1,184,280
				9,068,697
Florida: 5.8%
	1,490,000	Alachua County, Florida Health Facilities Authority, Oak Hammock at the University of Florida Project, Series A (RB)
		8.00%, 10/01/22 (c)		1,701,163
		Alachua County, Florida Health Facilities Authority, Terraces at Bonita Springs Project, Series A (RB)
	1,530,000	8.00%, 11/15/21 (c)		1,676,941
	1,000,000	8.13%, 11/15/21 (c)		1,081,360
	2,000,000	Callaway, Florida Capital Improvement Revenue, Special Capital Extension Project (RB) (ACA)
		5.25%, 08/01/17 (c)		1,865,500
		County of Alachua, Industrial Development, Florida Retirement Village, Inc. Project, Series A (RB)
	350,000	5.63%, 11/15/17 (c)		342,507
	1,640,000	5.88%, 11/15/17 (c)		1,486,414
	4,000,000	Florida Development Finance Corp., Renaissance Charter School, Inc. Projects, Series A (RB)
		7.63%, 06/15/21 (c)		4,106,760
	3,000,000	Hillsborough County, Florida Industrial Development Authority Revenue (RB)
		7.13%, 03/10/14 (c) §		3,000,450
		Lee County Industrial Development Authority, Industrial Development, Community Charter Schools, LLC Projects, Series A (RB)
	5,000,000	5.25%, 06/15/17 (c)		4,910,250
	3,500,000	5.38%, 06/15/17 (c)		3,243,310
	1,000,000	5.75%, 06/15/22 (c)		986,150
	335,000	Lee County, Florida Industrial Development Authority Health Care Facilities, Shell Point/Alliance Obligation Group (RB)
		5.13%, 11/15/16 (c)		315,041
		Martin County Health Facilities Authority (RB)
	500,000	5.50%, 11/15/21 (c)		513,635
	1,000,000	5.50%, 11/15/21 (c)		1,009,990
	1,180,000	Midtown Miami Community Development District, Infrastructure Project, Series B (SA)
		6.50%, 05/01/14 (c)		1,181,310
	1,500,000	Midtown Miami Community Development District, Parking Garage Project, Series A (SA)
		6.25%, 05/01/14 (c)		1,500,465
		Orange County, Florida Health Facilities Authority, Orlando Lutheran Towers, Inc. (RB)
	1,200,000	5.50%, 07/01/17 (c)		1,140,012
	3,750,000	5.50%, 07/01/17 (c)		3,474,975
	1,100,000	5.70%, 07/01/15 (c)		1,100,231
		Orlando, Florida Aviation Authority, JetBlue Airways Corp. Project (RB)
	1,500,000	5.00%, 05/15/23 (c)		1,383,705
	5,655,000	5.00%, 05/15/23 (c)		4,931,839
	3,895,000	Stuart, Florida Capital Trust Agency, Stuart Lodge Project, Series B (RB)
		7.38%, 01/01/18 (c)		3,251,351
	440,000	Sumter County, Florida Village Community Development District No. 8, Phase II (SA)
		6.13%, 05/01/20 (c)		475,750
	965,000	Sumter County, Florida Village Community Development District No. 9, Special Assessment Revenue (SA)
		5.50%, 05/01/22 (c)		988,662
	2,945,000	Tavares, Florida Osprey Lodge at Lakeview Crest, Series A (RB)
		8.75%, 07/01/16 (c)		3,016,976
				48,684,747
Georgia: 0.5%
	4,100,000	DeKalb County, Georgia Hospital Authority, DeKalb Medical Center, Inc. Project (RB)
		6.13%, 09/01/20 (c)		4,127,265
Guam: 1.3%
	2,750,000	Guam Government Department of Education, John F. Kennedy Project, Series A (CP)
		6.88%, 12/01/20 (c)		2,780,085
	1,000,000	Guam Government General Obligation, Series A (GO)
		6.75%, 11/15/19 (c)		1,039,970
	1,200,000	Guam Government Limited Obligation, Series A (RB)
		5.63%, 12/01/19 (c)		1,230,684
	1,000,000	Guam Government Waterworks Authority (RB)
		5.50%, 07/01/23 (c)		1,007,240
	2,850,000	Guam Government Waterworks Authority, Water & Wastewater System (RB)
		5.88%, 07/01/15 (c)		2,873,284
		Guam Power Authority, Series A (RB)
	160,000	5.00%, 10/01/22 (c)		156,363
	250,000	5.50%, 10/01/20 (c)		255,563
	1,000,000	Territory of Guam (GO)
		7.00%, 11/15/19 (c)		1,050,050
	1,000,000	Territory of Guam, Series A (GO)
		5.25%, 11/15/17 (c)		890,510
				11,283,749
Hawaii: 0.3%
	2,500,000	Kuakini, Hawaii Health System, Special Purpose Revenue, Series A (RB)
		6.30%, 03/10/14 (c)		2,502,975
Illinois: 5.9%
	1,300,000	Cook County, Illinois Recovery Zone Facility, Navistar International Corp. Project (RB)
		6.50%, 10/15/20 (c)		1,269,281
		Illinois Finance Authority (RB)
	1,000,000	5.00%, 04/01/16 (c)		867,220
	500,000	5.25%, 08/15/23		489,550
	1,000,000	5.75%, 05/15/22 (c)		934,790
	1,000,000	6.25%, 10/01/19 (c)		1,028,120
		Illinois Finance Authority, Franciscan Communities, Inc., Series A (RB)
	2,800,000	5.13%, 05/15/23 (c)		2,276,680
	1,500,000	5.25%, 05/15/23 (c)		1,226,670
		Illinois Finance Authority, Greenfields of Geneva Project, Series A (RB)
	3,000,000	8.13%, 02/15/20 (c)		2,988,600
	4,000,000	8.25%, 02/15/20 (c)		3,986,400
	2,175,000	Illinois Finance Authority, Navistar International Corp. Project (RB)
		6.50%, 10/15/20 (c)		2,123,605
		Illinois Finance Authority, Park Place of Elmhurst Project, Series A (RB)
	470,000	8.00%, 05/15/15 (c)		400,872
	610,000	8.00%, 05/15/20 (c)		490,477
	5,125,000	8.13%, 05/15/20 (c)		4,123,165
	4,000,000	8.25%, 05/15/20 (c)		3,218,240
	575,000	Illinois Finance Authority, Resurrection Health Care Corp. (RB)
		6.13%, 05/15/19 (c)		634,587
	2,000,000	Illinois Finance Authority, Roosevelt University Project (RB)
		6.50%, 10/01/19 (c)		2,046,200
	2,710,000	Illinois Finance Authority, Sherman Health System, Series A (RB)
		5.50%, 08/01/17 (c)		2,859,077
	3,070,000	Illinois Finance Authority, Swedish Covenant Hospital, Series A (RB)
		6.00%, 02/15/20 (c)		3,181,195
		Illinois Finance Authority, The Admiral At The Lake Project, Series A (RB)
	1,565,000	8.00%, 05/15/20 (c)		1,639,118
	10,000,000	8.00%, 05/15/20 (c)		10,396,700
	1,250,000	Illinois Finance Authority, The Admiral At The Lake Project, Series D-1 (RB)
		7.00%, 02/26/14 (c)		1,251,475
	3,000,000	Southwestern Illinois Development Authority, United States Steel Corp. Project (RB)
		5.75%, 08/01/22 (c)		2,421,420
				49,853,442
Indiana: 3.0%
		Carmel, Indiana, The Barrington of Carmel Project, Series A (RB)
	1,500,000	7.13%, 11/15/22 (c)		1,506,075
	4,000,000	7.13%, 11/15/22 (c)		4,003,240
	2,000,000	Indiana Finance Authority, Environmental Improvement Revenue, United States Steel Corp. Project (RB)
		6.00%, 12/01/19		2,068,160
		Indiana Finance Authority, King’s Daughters’ Hospital & Health Services (RB)
	1,475,000	5.13%, 08/15/20 (c)		1,453,067
	4,500,000	5.50%, 08/15/20 (c)		4,169,385
		Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series A (RB)
	2,000,000	5.00%, 06/01/22 (c)		1,959,900
	2,500,000	5.00%, 06/01/22 (c)		2,367,275
	1,040,000	Indiana Finance Authority, United States Steel Corp. Project (RB)
		5.75%, 08/01/22 (c)		841,506
	1,320,000	Indiana Health Facility Financing Authority, Hospital Revenue, The Methodist Hospitals, Inc. (RB)
		5.50%, 03/10/14 (c)		1,320,079
		Vigo County, Indiana Hospital Authority, Union Hospital, Inc. (RB)
	2,000,000	5.70%, 09/01/17 (c) 144A		1,865,140
	3,000,000	5.75%, 09/01/17 (c) 144A		2,767,590
	1,160,000	5.80%, 09/01/17 (c) 144A		1,065,796
				25,387,213
Iowa: 1.6%
	2,685,000	Iowa Finance Authority, Alcoa, Inc. Project (RB)
		4.75%, 08/01/22 (c)		2,324,351
	5,000,000	Iowa Finance Authority, Iowa Fertilizer Comp. Project (RB)
		5.25%, 12/01/23 (c)		4,653,200
		Iowa Finance Authority, Iowa Fertilizer Company Project (RB)
	500,000	5.00%, 12/01/19		494,255
	3,000,000	5.50%, 12/01/18 (c)		2,894,130
	1,500,000	Iowa Finance Authority, Senior Living Facilities, Deerfield Retirement Community, Series A (RB)
		5.50%, 11/15/17 (c) § ♦		615,000
	230,000	Iowa Tobacco Settlement Authority (RB)
		5.50%, 06/01/15 (c)		189,407
	3,000,000	Iowa Tobacco Settlement Authority, Series C (RB)
		5.38%, 06/01/15 (c)		2,366,760
				13,537,103
Kansas: 4.1%
		Manhattan, Kansas Health Care Facility Revenue, Meadowlark Hills Retirement Community, Series A (RB)
	1,000,000	5.00%, 05/15/17 (c)		935,930
	2,000,000	5.00%, 05/15/17 (c)		1,789,660
		Overland Park, Kansas Development Corp. (RB) (AMBAC)
	30,000,000	5.13%, 01/01/17 (c)		28,368,000
	1,000,000	5.25%, 01/01/17 (c)		959,600
	2,550,000	Overland Park, Kansas, Prairiefire At Lionsgate Project (RB)
		6.00%, 12/15/22 (c)		2,370,480
				34,423,670
Kentucky: 1.9%
	11,500,000	County of Ohio, Kentucky Pollution Control, Big Rivers Electric Corp. Project, Series A (RB)
		6.00%, 07/15/20 (c)		10,027,540
	2,000,000	Kentucky Economic Development Finance Authority (RB)
		6.00%, 06/01/20 (c)		2,114,860
	1,325,000	Kentucky Economic Development Finance Authority, Owensboro Medical Health System, Inc., Series A (RB)
		6.38%, 06/01/20 (c)		1,394,019
	2,000,000	Kentucky Economic Development Finance Authority, Owensboro Medical Health System, Inc., Series B (RB)
		6.38%, 06/01/20 (c)		2,105,260
				15,641,679
Louisiana: 1.1%
	4,250,000	Lakeshore Village Master Community Development District (SA)
		5.25%, 07/01/17 § ♦ *		1,657,500
		Louisiana Local Government Environmental Facilities & Community Development Authority, Westlake Chemical Corp. Project, Series A (RB)
	910,000	6.50%, 08/01/20 (c)		1,011,975
	2,300,000	6.50%, 11/01/20 (c)		2,514,337
	270,000	Louisiana Public Facilities Authority (RB) (CIFG)
		4.50%, 07/01/16 (c)		206,782
	2,450,000	Louisiana Public Facilities Authority, Lake Charles Memorial Hospital Project (RB)
		6.38%, 12/01/19 (c) 144A		2,546,701
	1,050,000	Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project, Series A (RB)
		5.38%, 05/15/17 (c)		1,053,812
				8,991,107
Maine: 1.0%
	2,000,000	Maine Health & Higher Educational Facilities Authority (RB)
		5.00%, 07/01/23 (c)		2,014,840
		Maine Health & Higher Educational Facilities Authority, General Medical Center (RB)
	1,165,000	6.00%, 07/01/21 (c)		1,234,830
	2,220,000	6.75%, 07/01/21 (c)		2,329,024
	1,050,000	6.95%, 07/01/21 (c)		1,114,008
	2,000,000	Rumford, Maine Solid Waste Disposal, Boise Cascade Corp. (RB)
		6.88%, 03/10/14 (c)		2,008,460
				8,701,162
Maryland: 0.7%
	2,445,000	Baltimore, Maryland, Convention Center Hotel Revenue, Series A (RB) (XLCA)
		5.25%, 09/01/16 (c)		2,236,417
	3,000,000	Frederick County, Maryland Urbana Community Development Authority, Series B (ST)
		5.50%, 07/01/20 (c)		2,840,220
	2,000,000	Maryland Economic Development Corp., Chesapeake Bay Conference Center Project, Series A (RB)
		5.00%, 12/01/16 (c) ♦		1,000,000
Massachusetts: 0.4%				6,076,637
	465,000	Massachusetts Health & Educational Facilities Authority (RB)
		5.38%, 03/10/14 (c)		455,505
	3,000,000	Massachusetts Health & Educational Facilities Authority, Milton Hospital Issue, Series D (RB)
		5.50%, 07/01/15 (c)		2,863,350
				3,318,855
Michigan: 2.3%
	315,000	Detroit, Michigan, Series A
		5.00%, 07/01/34		291,088
	1,000,000	Detroit, Michigan, Series A-1 (GO)
		5.00%, 04/01/16 ♦		300,000
		Flint, Michigan Hospital Building Authority, Hurley Medical Center (RB)
	3,250,000	4.75%, 07/01/23 (c)		2,744,592
	990,000	7.38%, 07/01/20 (c)		1,026,858
		Kent Hospital Finance Authority, Metropolitan Hospital Project, Series A (RB)
	2,510,000	5.25%, 07/01/15 (c)		2,474,609
	1,000,000	5.75%, 07/01/15 (c)		1,024,890
	3,450,000	6.00%, 07/01/15 (c)		3,528,039
	1,500,000	Kentwood, Michigan Economic Development Corp., Holland Home Obligated Group (RB)
		5.63%, 05/15/22 (c)		1,422,300
		Michigan Finance Authority, Senior Tax-Exempt Educational Facility Revenue, St. Catherine of Siena Academy Project, Series A (RB)
	1,350,000	7.38%, 10/01/20		1,215,216
	1,000,000	8.00%, 10/01/19 (c)		870,060
		Michigan Tobacco Settlement Finance Authority, Series A (RB)
	700,000	5.13%, 06/01/17 (c)		598,759
	4,000,000	6.88%, 06/01/18 (c)		3,663,960
				19,160,371
Minnesota: 1.4%
	3,500,000	Saint Paul Housing & Redevelopment Authority (RB)
		5.00%, 05/01/23 (c)		3,166,345
		Saint Paul, Minnesota Housing & Redevelopment Authority, Carondelet Village Project, Series A (RB)
	500,000	6.00%, 08/01/17 (c)		500,305
	500,000	6.00%, 08/01/17 (c)		489,970
	2,500,000	Saint Paul, Minnesota Housing & Redevelopment Authority, HealthEast Project (RB)
		6.00%, 11/15/15 (c)		2,551,175
		Wayzata, Minnesota Folkstone Senior Living Community, Series A (RB)
	2,200,000	5.75%, 05/01/19 (c)		2,225,718
	2,500,000	6.00%, 05/01/19 (c)		2,560,075
				11,493,588
Mississippi: 0.0%
	280,000	Mississippi Development Bank, Series A (RB) (XLCA)
		5.00%, 03/01/16 (c)		285,956
Missouri: 1.1%
	1,000,000	Citizens Memorial Hospital District of Polk County, Missouri Hospital (RB)
		5.00%, 08/01/19 (c)		946,680
		Kansas City, Missouri Industrial Development Authority, Missouri Health Care Facilities First Mortgage, Series A (RB)
	2,495,000	6.25%, 03/10/14 (c)		2,513,787
	3,500,000	6.50%, 03/10/14 (c)		3,509,450
		St. Louis, Missouri Industrial Development Authority, Confluence Academy Project, Series A (RB)
	580,000	5.00%, 06/15/15 (c)		537,776
	1,150,000	5.25%, 06/15/15 (c)		1,014,553
	570,000	5.35%, 06/15/15 (c)		465,952
				8,988,198
Nebraska: 0.4%
	3,510,000	Nebraska Educational Finance Authority, Concordia University Project (RB)
		5.00%, 10/01/15 (c)		3,341,450
Nevada: 0.2%
		City of North Las Vegas, Nevada (GO)
	1,220,000	5.00%, 06/01/21 (c)		1,055,105
	715,000	5.00%, 06/01/21 (c)		607,378
				1,662,483
New Jersey: 6.9%
	1,000,000	Burlington County Bridge Commission, Burlington County, New Jersey, The Evergreens Project (RB)
		5.63%, 01/01/18 (c)		895,600
	1,350,000	New Jersey Economic Development Authority (RB)
		5.13%, 01/01/24 (c)		1,356,710
		New Jersey Economic Development Authority, Continental Airlines, Inc. Project (RB)
	4,100,000	4.88%, 09/15/19		4,045,429
	1,150,000	5.25%, 08/20/22 (c)		1,122,423
	2,215,000	5.50%, 03/10/14 (c)		2,214,867
	4,085,000	5.75%, 09/15/22 (c)		4,182,141
	9,140,000	New Jersey Economic Development Authority, Gloucester Marine Project A (RB)
		6.63%, 01/01/16 (c)		9,188,625
	5,550,000	New Jersey Health Care Facilities Financing Authority, Saint Peter’s University System (RB)
		6.25%, 07/01/21 (c)		5,728,599
	2,000,000	New Jersey Health Care Facilities Financing Authority, St. Joseph’s Healthcare System (RB)
		6.63%, 07/01/18 (c)		2,036,020
		New Jersey Tobacco Settlement Financing Corp., Series A (RB)
	14,330,000	5.00%, 06/01/17 (c)		11,742,862
	5,885,000	5.00%, 06/01/17 (c)		4,346,543
		Tobacco Settlement Financing Corp., Senior Series A-1 (RB)
	7,035,000	4.50%, 06/01/17 (c)		6,614,870
	1,000,000	4.75%, 06/01/17 (c)		738,740
	400,000	Tobacco Settlement Financing Corp., Senior Series B-1 (RB)
		4.53%, 06/01/17 (c) ^		53,224
	3,800,000	Tobacco Settlement Financing Corp., Series A (RB)
		4.63%, 06/01/17 (c)		3,289,280
				57,555,933
New Mexico: 1.5%
	3,160,000	Farmington, New Mexico Pollution Control, San Juan Project, Series F (RB)
		6.25%, 06/01/20 (c)		3,329,597
	3,000,000	Otero County, New Mexico Jail Project Revenue (RB)
		6.00%, 10/01/16 (c)		2,688,930
	8,000,000	Otero County, New Mexico Jail Project Revenue (RB)
		6.00%, 10/01/16 (c)		6,585,520
				12,604,047
New York: 6.8%
	4,510,000	Chautaugua County, New York Industrial Development, NRG Dunkirk Power Project (RB)
		5.88%, 02/01/20 (c)		4,632,266
	1,000,000	Erie County, New York Industrial Development Agency Civic Facility, Charter School for Applied Technologies Project, Series A (RB)
		6.75%, 06/01/15 (c)		1,016,530
	4,465,000	Erie County, New York Industrial Development Agency, Orchard Park CCRC, Inc. Project, Series A (RB)
		6.00%, 11/15/16 (c)		3,996,889
	1,000,000	Hudson Yards Infrastructure Corp. New York, Series A (RB)
		5.00%, 02/15/17 (c)		1,008,920
		Nassau County Local Economic Assistance Corp. (RB)
	1,000,000	5.00%, 07/01/22 (c)		1,019,890
	415,000	5.00%, 07/01/22 (c)		416,959
	500,000	Nassau County, New York Project Individual Development Agency, Continuing Care Retirement Home, Amsterdam at Harborside, Series A (RB)
		6.70%, 01/01/18 (c)		263,745
	200,000	New York City Industrial Development Agency (RB) (FGIC)
		4.50%, 09/01/16 (c)		193,852
	2,060,000	New York City Industrial Development Agency, American Airlines, Inc., JFK International Airport Project (RB)
		8.00%, 08/01/16 (c) ♦		2,265,094
		New York City Industrial Development Agency, British Airways Plc Project (RB)
	6,550,000	5.25%, 03/10/14 (c)		5,999,734
	5,000,000	7.63%, 03/10/14 (c)		5,074,600
	2,000,000	New York City Industrial Development Agency, Civic Facility, Bronx Parking Development Company, LLC Project (RB)
		5.88%, 10/01/17 (c) ♦ §		780,000
	2,000,000	New York City Industrial Development Agency, Civic Facility, Vaughn College of Aeronautics & Technology Project, Series A (RB)
		5.00%, 12/01/16 (c)		1,868,600
		New York City Industrial Development Agency, Queens Baseball Stadium Project (RB) (AMBAC)
	1,970,000	4.75%, 01/01/17 (c)		1,700,169
	790,000	5.00%, 01/01/17 (c)		702,752
	600,000	New York City Industrial Development Agency, Special Facility, JetBlue Airways Corp. Project (RB)
		5.00%, 03/10/14 (c)		595,176
	1,000,000	New York City Industrial Development Agency, Vaughn Collage of Aeronautics and Technology Project (RB)
		5.00%, 12/01/16 (c)		905,590
	2,000,000	New York Liberty Development Corp. (RB)
		5.00%, 03/15/22 (c)		1,999,900
	1,150,000	New York Suffolk County Industrial Development Agency, Southampton Hospital Association Civic Facility, Series B (RB)
		7.63%, 03/10/14 (c)		1,150,115
		Onondaga Civic Development Corp., St. Joseph's Hospital Health Center Project (RB)
	3,000,000	4.50%, 07/01/22 (c)		2,556,150
	6,140,000	5.00%, 07/01/22 (c)		5,161,038
		Suffolk County Industrial Development Agency, Dowling College Civic Facility, Series A (RB) (ACA)
	1,295,000	4.75%, 06/01/16 (c)		1,164,723
	2,860,000	5.00%, 06/01/16 (c)		2,396,365
	1,000,000	Syracuse Industrial Development Agency (RB) (XLCA)
		5.00%, 01/01/17 (c)		1,001,290
		Tsasc, Inc., New York City Tobacco Settlement, Series 1 (RB)
	7,640,000	5.00%, 06/01/16 (c)		6,030,405
	2,325,000	5.13%, 06/01/16 (c)		1,747,331
	1,500,000	Westchester, New York Tobacco Asset Securitization Corp. (RB)
		5.13%, 06/01/15 (c)		1,298,685
				56,946,768
North Carolina: 0.8%
	3,000,000	Gaston County, North Carolina Industrial Facilities & Pollution Control Financing Authority (RB)
		5.75%, 08/01/15 (c) §		2,662,260
	850,000	North Carolina Albemarle Hospital Authority, Health Care Facilities (RB)
		5.25%, 10/01/17 (c)		781,711
		North Carolina Medical Care Commission, Lutheran Services for the Aging, Series A (RB)
	245,000	4.75%, 03/01/22 (c)		224,903
	820,000	5.00%, 03/01/22 (c)		740,960
	1,330,000	5.00%, 03/01/22 (c)		1,173,326
	1,395,000	North Carolina Medical Care Commission, Retirement Facilities, Galloway Ridge Project (RB)
		6.00%, 01/01/20 (c)		1,408,001
				6,991,161
North Dakota: 0.1%
	500,000	City of Grand Forks, North Dakota, Altru Health System Obligated Group (RB)
		5.00%, 12/01/21 (c)		498,650
Ohio: 4.9%
		Buckeye Tobacco Settlement Financing Authority (RB)
	500,000	5.13%, 06/01/17 (c)		421,400
	1,000,000	6.00%, 06/01/17 (c)		800,270
	540,000	6.25%, 06/01/22 (c)		442,708
	2,500,000	Buckeye, Ohio Tobacco Settlement Finance Authority, Asset-Backed-Senior-Turbo, Series A-2 (RB)
		5.88%, 06/01/17 (c)		2,012,400
	750,000	City of Cleveland, Airport Special Revenue, Continental Airlines, Inc. Project (RB)
		5.70%, 03/10/14 (c)		750,075
	1,035,000	Cleveland, Ohio Airport Special Revenue, Continental Airlines, Inc. Project (RB)
		5.38%, 03/10/14 (c)		988,301
	1,750,000	County of Hamilton, Ohio The Christ Hospital Project (RB)
		5.00%, 06/01/22 (c)		1,703,345
	2,300,000	County of Lucas, Ohio Lutheran Homes Society, Inc. Obligated Group Project (RB)
		6.63%, 11/01/20 (c)		2,401,729
	2,000,000	County of Muskingum, Ohio, Genesis HealthCare System Obligated Group Project (RB)
		5.00%, 02/15/23 (c)		1,712,060
	3,000,000	Franklin, Ohio, First Community Village Obligated Group (RB)
		5.63%, 07/01/20 (c)		2,519,820
	3,920,000	Lorain County, Ohio Port Authority, United States Steel Corp. Project (RB)
		6.75%, 12/01/20 (c)		3,959,945
	2,000,000	Muskingum County, Ohio Hospital Facilities, Genesis HealthCare System Obligated Group Project (RB)
		5.00%, 02/15/23 (c)		1,581,940
	1,000,000	Ohio Air Quality Development Authority, AK Steel Corp. Project (RB)
		6.75%, 02/01/22 (c)		819,120
	3,550,000	Ohio State Environmental Facilities, Ford Motor Company Project (RB)
		5.75%, 04/01/15 (c)		3,587,204
	4,805,000	Ohio State Higher Educational Facility Commission, Ashland University Project (RB)
		6.25%, 09/01/20 (c)		4,256,029
	5,000,000	Ohio State Solid Waste Disposal, USG Corp. Project (RB)
		5.60%, 03/10/14 (c)		4,909,700
	1,000,000	Ohio State Water Development Authority (RB)
		5.88%, 06/01/16 (p)		1,086,040
		Southeastern Ohio Port Authority, Hospital Facilities Revenue, Memorial Health System Obligated Group Project (RB)
	2,000,000	5.75%, 12/01/22 (c)		1,896,380
	6,000,000	6.00%, 12/01/22 (c)		5,655,360
				41,503,826
Oklahoma: 0.9%
	2,057,834	Kingfisher Hospital Authority (RB)
		6.50%, 03/10/14 (c) § ♦		2,058,204
	1,500,000	Oklahoma County Finance Authority, Epworth Villa Project, Series A (RB)
		5.13%, 04/01/22 (c)		1,413,675
	1,000,000	Oklahoma Development Finance Authority, Inverness Village Community (RB)
		6.00%, 01/01/22 (c)		999,930
	3,500,000	Tulsa, Oklahoma Municipal Airport Trust, American Airlines, Inc., Series B (RB)
		5.50%, 06/01/23 (c)		3,316,810
				7,788,619
Oregon: 0.2%
		Oregon State Facilities Authority, Concordia University Project, Series A (RB)
	650,000	6.13%, 09/01/20 (c) 144A		670,313
	750,000	6.38%, 09/01/20 (c) 144A		775,313
				1,445,626
Pennsylvania: 1.8%
		Allegheny County, Pennsylvania Industrial Development Authority, United States Steel Corp. Project (RB)
	1,345,000	5.75%, 08/01/22 (c)		1,088,293
	1,000,000	6.75%, 12/01/21 (c)		1,052,540
	1,000,000	6.88%, 11/01/19 (c)		1,034,000
	400,000	Cumberland County Municipal Authority (RB)
		5.25%, 01/01/22 (c)		376,520
	6,300,000	Harrisburg, Philadelphia University Revenue, Series B (RB)
		6.00%, 09/01/17 (c) § ♦		3,197,880
	2,500,000	Lancaster County Hospital Authority, Brethren Village Project, Series A (RB)
		6.50%, 07/01/17 (c)		2,516,450
	600,000	Pennsylvania Economic Development Finance Authority, Colver Project, Series G (RB)
		5.13%, 12/01/15		615,432
	1,800,000	Pennsylvania Economic Development Financing Authority, Solid Waste Disposal, USG Corp. Project (RB)
		6.00%, 03/10/14 (c)		1,799,874
	2,130,000	Philadelphia Authority for Industrial Development (RB)
		8.20%, 01/01/23 (c)		2,164,634
		Philadelphia Hospitals & Higher Education Facilities Authority, Temple University Health System Obligated Group, Series A (RB)
	490,000	5.50%, 07/01/17 (c)		434,204
	800,000	5.63%, 07/01/22 (c)		681,512
				14,961,339
Puerto Rico: 3.6%
		Commonwealth of Puerto Rico (GO)
	420,000	4.50%, 07/01/22 (c)		276,394
	415,000	5.13%, 07/01/22 (c)		276,436
	500,000	5.50%, 07/01/18		398,805
		Puerto Rico Commonwealth Aqueduct & Sewer Authority (RB)
	1,740,000	5.25%, 07/01/22 (c)		1,154,420
	700,000	5.75%, 07/01/22 (c)		485,485
	1,040,000	Puerto Rico Commonwealth Aqueduct & Sewer Authority, Series A (RB)
		5.00%, 07/01/22 (c)		689,530
	7,705,000	Puerto Rico Commonwealth Aqueduct and Sewer Authority, Series A (RB)
		6.00%, 07/01/22 (c)		5,521,326
	13,000,000	Puerto Rico Commonwealth Children’s Trust Tobacco Settlement Asset-Backed Bond, Series A (RB)
		7.05%, 05/15/15 (c) ^		880,620
	1,000,000	Puerto Rico Commonwealth Highways and Transportation Authority, Series N (RB)
		5.50%, 07/01/23		700,880
	3,000,000	Puerto Rico Commonwealth Infrastructure Financing Authority, Series B (RB)
		5.00%, 07/01/16 (c)		1,830,120
		Puerto Rico Commonwealth Public Improvement, Series A (GO)
	300,000	5.00%, 07/01/22 (c)		195,846
	3,850,000	5.50%, 07/01/22 (c)		2,651,803
		Puerto Rico Convention Center District Authority (RB) (CIFG)
	25,000	4.50%, 07/01/16 (c)		15,947
	500,000	5.00%, 07/01/16 (c)		332,100
		Puerto Rico Electric Power Authority (RB)
	975,000	5.00%, 07/01/20 (c)		672,155
	165,000	5.00%, 07/01/20 (c)		113,749
	275,000	5.00%, 07/01/17 (c)		174,647
	25,000	5.25%, 07/01/20 (c)		17,294
	85,000	5.38%, 07/01/18 (c)		59,488
	350,000	7.00%, 07/01/23 (c)		256,683
		Puerto Rico Electric Power Authority, Series A (RB)
	4,500,000	5.00%, 07/01/22 (c)		2,553,795
	2,900,000	5.05%, 07/01/22 (c)		1,658,278
		Puerto Rico Electric Power Authority, Series ZZ (RB)
	500,000	4.00%, 07/01/16		431,460
	500,000	5.00%, 07/01/16		433,100
	500,000	5.25%, 07/01/20 (c)		336,600
	2,500,000	5.25%, 07/01/20 (c)		1,641,150
	820,000	Puerto Rico Highway & Transportation Authority, Series N (RB) (NATL)
		5.25%, 07/01/33		688,759
		Puerto Rico Highways & Transportation Authority (RB)
	500,000	5.00%, 07/01/15 (c)		424,150
	115,000	5.00%, 07/01/15 (c)		93,479
	400,000	5.00%, 07/01/15 (c)		245,620
	780,000	5.00%, 03/10/14 (c)		494,153
	200,000	5.00%, 07/01/17 (c)		112,200
	250,000	5.50%, 07/01/22		180,175
		Puerto Rico Infrastructure Financing Authority (RB)
	1,000,000	5.00%, 12/15/21 (c)		705,820
	265,000	5.00%, 07/01/16 (c)		180,261
	860,000	5.25%, 12/15/21 (c)		574,196
		Puerto Rico Public Buildings Authority (RB) (COMWLTH GTD)
	25,000	5.50%, 07/01/17 (c)		19,940
	20,000	6.00%, 07/01/19		16,092
	35,000	6.00%, 07/01/19 (c)		27,319
	1,570,000	Puerto Rico Public Buildings Authority, Government Facilities (RB) (COMWLTH GTD)
		5.25%, 07/01/14 (c)		1,075,403
	1,615,000	Puerto Rico Public Buildings Authority, Government Facilities, Series U (RB) (COMWLTH GTD)
		5.25%, 07/01/22 (c)		1,068,985
	250,000	Puerto Rico Public Financing Corp., Commonwealth Appropriation, Series B (RB)
		5.50%, 08/01/21 (c)		159,278
	85,000	Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue, First Subordinate, Series C (RB)
		5.50%, 08/01/20 (c)		60,833
	445,000	University of Puerto Rico, Series P (RB)
		5.00%, 06/01/16 (c)		322,572
				30,207,346
Rhode Island: 0.9%
	6,600,000	Rhode Island Health And Educational Building Corp., Tockwotton Home (RB)
		8.38%, 01/01/21 (c)		7,475,424
	20,000	Tobacco Settlement Financing Corp., Series A (RB)
		6.25%, 03/10/14 (c)		19,998
				7,495,422
South Carolina: 1.9%
		South Carolina Jobs-Economic Development Authority, First Mortgage Health Care Facilities, The Lutheran Homes of South Carolina, Inc. (RB)
	4,450,000	5.50%, 05/01/17 (c)		4,458,722
	3,100,000	5.63%, 05/01/17 (c)		2,958,609
	9,585,000	South Carolina Jobs-Economic Development Authority, Hospital Improvement, Hampton Regional Medical Center Project (RB)
		5.25%, 11/01/16 (c)		8,503,045
				15,920,376
South Dakota: 0.8%
		Sioux Falls, South Dakota Health Facilities, Dow Rummel Village Project (RB)
	1,500,000	5.00%, 11/15/16 (c)		1,533,435
	5,675,000	5.00%, 11/15/16 (c)		5,225,824
				6,759,259
Tennessee: 0.8%
		Shelby County, Tennessee Health, Educational and Housing Facility Board (RB)
	2,000,000	5.25%, 12/01/22 (c)		1,795,320
	2,500,000	5.38%, 12/01/22 (c)		2,244,850
	3,000,000	Shelby County, Tennessee Health, Educational and Housing Facility Board, Trezevant Manor Project, Series A (RB)
		5.50%, 09/01/23 (c)		2,528,250
	395,000	Sullivan County, Tennessee Health, Educational & Housing Facilities Board, Series C (RB)
		5.25%, 09/01/16 (c)		404,709
				6,973,129
Texas: 7.1%
	1,000,000	Austin, Texas Convention Enterprises Inc., First Tier, Series A (RB) (XLCA)
		5.25%, 01/01/17 (c)		1,014,730
	2,255,000	Central Texas Regional Mobility Authority, Senior Lien Revenue (RB)
		6.25%, 01/01/21 (c)		2,392,104
	725,000	Decatur, Texas Hospital Authority, Series A (RB)
		6.38%, 09/01/23 (c)		697,805
	1,000,000	Gulf Coast Industrial Development Authority, CITGO Petroleum Corp. Project (RB)
		4.88%, 10/01/22 (c)		969,210
	1,000,000	Harris County, Texas Cultural Education Facilities, Brazos Presbyterian Homes, Inc. Project, Series A (RB)
		5.13%, 01/01/23 (c)		778,050
		Hidalgo County, Texas Health Services Corp., Mission Hospital Project (RB)
	705,000	5.00%, 08/15/16		743,648
	1,000,000	5.00%, 08/15/17 (c)		1,001,260
	2,000,000	Houston, Texas Airport System Revenue, Series E (RB)
		6.75%, 03/10/14 (c)		2,000,420
	7,500,000	Houston, Texas Airport System Special Facilities Revenue, Continental Airlines, Inc. Terminal Improvement Projects (RB)
		6.50%, 07/15/21 (c)		7,831,875
	3,000,000	Jefferson County Industrial Development Corp., Texas, Port of Beaumont Petroleum Transload Terminal, LLC Project (RB)
		8.25%, 07/01/22 (c) §		3,068,790
		Love Field Airport Modernization Corp., Southwest Airline Co. (RB)
	4,000,000	5.00%, 11/01/22 (c)		4,044,880
	225,000	5.25%, 11/01/20 (c)		227,270
	2,000,000	Port of Bay City Authority of Matagorda County, Texas, Hoechst Celanese Corp. Project (RB)
		6.50%, 03/10/14 (c)		2,002,720
	3,060,000	Red River Authority of Texas, Celanese Project, Series B (RB)
		6.70%, 03/10/14 (c)		3,063,550
		Red River Health Facilities Development Corp., Eden Home, Inc. Project (RB)
	1,080,000	7.00%, 12/01/21 (c)		1,072,062
	1,000,000	7.25%, 12/01/21 (c)		971,680
	500,000	San Antonio, Texas Convention Hotel Finance Corp. (RB) (AMBAC)
		5.00%, 07/15/15 (c)		467,905
	10,000,000	Sanger Industrial Development Corp., Texas Pellets Project, Series B (RB)
		8.00%, 07/01/22 (c)		10,163,500
	1,500,000	Tarrant County, Texas Cultural Education Facilities Finance Corp., Northwest Senior Housing Corporation - Edgemere Project, Series A (RB)
		6.00%, 11/15/16 (c)		1,532,865
	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)		1,055,555
		Texas Municipal Gas Acquisition and Supply Corp., Senior Lien, Series D (RB)
	500,000	5.63%, 12/15/17		561,465
	500,000	6.25%, 12/15/26		590,620
	5,000,000	Texas Private Activity Bond Surface Transportation Corp., LBJ Infrastructure Group, LLC Project, Senior Lien (RB)
		7.00%, 06/30/20 (c)		5,530,300
	475,000	Texas Transportation Commission, Series A (RB)
		5.00%, 08/15/22 (c)		475,646
		Travis County, Texas Health Facilities Development Corp., First Mortgage Revenue, Longhorn Village Project, Series A (RB)
	1,035,000	6.00%, 01/01/21 (c)		1,018,978
	3,885,000	7.00%, 01/01/21 (c)		3,916,274
	2,300,000	7.13%, 01/01/21 (c)		2,292,594
	325,000	Travis County, Texas Health Facilities Development Corp., First Mortgage Revenue, Longhorn Village Project, Series C (RB)
		5.50%, 03/10/14 (c)		324,292
				59,810,048
Vermont: 0.6%
	5,000,000	Burlington, Vermont Airport Revenue, Series A (RB)
		4.00%, 07/01/22 (c)		4,238,000
	1,100,000	Vermont Economic Development Authority, Wake Robin Corp. Project (RB)
		5.40%, 05/01/22 (c)		1,027,543
				5,265,543
Virgin Islands: 0.5%
	895,000	Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes Loan Note (RB)
		4.25%, 10/01/16 (c)		830,945
	800,000	Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes Loan Note, Series A (RB) (ACA)
		5.00%, 10/01/14 (c)		799,944
	1,000,000	Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Loan Note, Diageo Project, Series A (RB)
		6.75%, 10/01/19 (c)		1,077,010
	1,125,000	Virgin Islands Water and Power Authority, Series B (RB)
		5.00%, 07/01/17 (c)		1,028,621
				3,736,520
Virginia: 3.2%
		Albermarle County, Virginia Economic Development Authority, Series A (RB)
	640,000	4.63%, 01/01/23 (c)		557,536
	2,500,000	5.00%, 01/01/23 (c)		2,224,975
	1,520,000	Fairfax County, Virginia Economic Development Authority, Residential Care Facilities Mortgage Revenue (RB)
		5.13%, 10/01/17 (c)		1,521,657
		Fairfax County, Virginia Economic Development Authority, Series A (RB)
	1,000,000	5.00%, 12/01/23 (c)		896,230
	2,000,000	5.00%, 12/01/23 (c)		1,769,220
		Fairfax County, Virginia Mosaic District Community Development Authority, Series A (SA)
	1,450,000	6.63%, 03/01/21 (c)		1,595,189
	1,000,000	6.88%, 03/01/21 (c)		1,110,490
		Hanover County, Virginia Economic Development Authority, Series A (RB)
	1,500,000	5.00%, 07/01/22 (c)		1,253,865
	1,500,000	5.00%, 07/01/22 (c)		1,232,925
	1,000,000	Peninsula Ports Authority, Residential Care Facility Revenue, Series C (RB)
		5.40%, 12/01/16 (c)		837,270
	9,050,000	Tobacco Settlement Financing Corp., Senior Series B-1 (RB)
		5.00%, 06/01/17 (c)		5,993,181
	5,000,000	Virginia Small Business Financing Authority, Elizabeth River Crossing Opco, LLC Project (RB)
		6.00%, 07/01/22 (c)		5,238,100
	2,750,000	Virginia Small Business Financing Authority, Senior Lien 95 Express Lanes, LLC Project (RB)
		5.00%, 01/01/22 (c)		2,529,175
				26,759,813
Washington: 2.5%
	3,000,000	Port of Seattle Industrial Development Corp., Delta Air Lines, Inc. Project (RB)
		5.00%, 04/01/23 (c)		2,723,910
	1,000,000	Washington Health Care Facilities Authority (RB)
		4.75%, 12/01/16 (c)		920,750
	750,000	Washington Health Care Facilities Authority, Central Washington Health Services Association (RB)
		6.25%, 07/01/19 (c)		826,673
	4,000,000	Washington State Housing Finance Commission, Mirabella Project, Series A (RB)
		6.75%, 10/01/22 (c)		3,615,080
		Washington State Housing Finance Commission, Skyline at First Hill Project, Series A (RB)
	1,545,000	5.25%, 01/01/17		1,528,160
	4,000,000	5.63%, 01/01/17 (c)		3,726,840
	8,800,000	5.63%, 01/01/17 (c)		7,813,168
				21,154,581
West Virginia: 2.4%
	2,500,000	Ohio County, West Virginia Commission Special District Excise Tax & Improvement, The Highland Project, Series B (RB)
		5.63%, 03/01/16 (c)		2,523,450
	5,275,000	Philippi, West Virginia, The Philippi Municipal Building Commission, Series A (RB)
		7.75%, 10/01/22 (c)		4,654,554
	2,000,000	West Virginia Hospital Finance Authority, Highland Hospital Obligated Group (RB)
		9.13%, 10/01/21 (c)		2,404,660
		West Virginia Hospital Finance Authority, Thomas Health System, Inc. (RB)
	1,500,000	6.50%, 10/01/18 (c)		1,501,020
	3,000,000	6.50%, 10/01/18 (c)		2,910,150
	6,505,000	6.75%, 10/01/18 (c)		6,462,978
				20,456,812
Wisconsin: 1.7%
	3,000,000	Public Finance Authority (RB)
		7.00%, 10/01/20 (c)		2,787,960
	5,880,000	Public Finance Authority, Transportation Infrastructure Properties, LLC Obligated Group, Series G (RB)
		5.00%, 07/01/22 (c)		4,838,652
	450,000	Wisconsin Health & Educational Facilities Authority (RB)
		5.25%, 08/15/16 (c)		451,890
	1,750,000	Wisconsin Health and Educational Facilities Authority, Wheaton Franciscan Healthcare System, Series B (RB)
		5.13%, 08/15/16 (c)		1,754,287
	4,000,000	Wisconsin Public Finance Authority, Continuing Care Retirement Community, The Glenridge on Palmer Ranch, Inc. Project, Series A (RB)
		8.25%, 06/01/21 (c)		4,469,640
				14,302,429
Total Municipal Bonds (Cost: $864,332,803)				827,866,516

	Number of Shares
MONEY MARKET FUND: 0.7% (Cost: $5,761,440)
5,761,440		Dreyfus Tax Exempt Cash Management Fund - Class B Shares		5,761,440
Total Investments: 99.3% (Cost: $870,094,243)				833,627,956
Other assets less liabilities: 0.7%				5,864,521
NET ASSETS: 100.0%			$	839,492,477

ACA	Credit Agricole SA
AMBAC	American Municipal Bond Assurance Corp.
CIFG	CDC Ixis Financial Guaranty
COMWLTH GTD	Commonwealth Guaranteed
CP	Certificate of Participation
FGIC	Financial Guaranty Insurance Co.
GO	General Obligation
NATL	National Public Finance Guarantee Corp.
RB	Revenue Bond
SA	Special Assessment
ST	Special Tax
TA	Tax Allocation
XLCA	Syncora Guarantee, Inc.
(c)	Callable Security - the redemption date shown is when the security may be redeemed by the issuer
(p)	Puttable Security - the redemption date shown is when the security may be redeemed by the investor
^	Zero Coupon Bond - the rate shown is the effective yield at purchase date
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. This security may be resold in transactions exempt from registration, unless otherwise noted.
§	Illiquid Security — the aggregate value of illiquid securities is $17,040,084 which represents 1.9% of net assets.
s	Security in default
*	Non-income producing

Summary of Investments By Sector (unaudited)	% of Investments			Value
Airport		4.6	%	$	38,224,315
Development		12.9			107,267,075
Education		3.7			30,606,372
Facilities		2.8			23,800,692
General Obligation		10.4			86,734,632
Higher Education		4.2			34,953,952
Housing		0.4			3,016,976
Medical		23.6			197,124,123
Nursing Homes		14.1			117,454,790
Pollution		5.3			43,845,454
Power		1.3			11,212,424
Single Family Housing		0.6			4,862,448
Tobacco Settlement		7.3			60,939,295
Transportation		5.8			48,288,004
Utilities		0.1			1,152,085
Water		2.2			18,383,879
Money Market Fund		0.7			5,761,440
		100.0	%	$	833,627,956

The summary of inputs used to value the Fund’s investments as of January 31, 2014 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Municipal Bonds*	$	—	$	827,866,516	$	—	$	827,866,516
Money Market Fund		5,761,440		—		—		5,761,440
Total	$	5,761,440	$	827,866,516	$	—	$	833,627,956

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

See Notes to Schedules of Investments

INTERMEDIATE MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

January 31, 2014 (unaudited)

Principal Amount			Value
MUNICIPAL BONDS: 99.4%
Alabama: 0.3%
$	100,000	Alabama Federal & Highway Finance Authority, Federal Highway Grant Anticipation (RB)
		5.00%, 09/01/22 (c)	$	111,494
		Alabama Public School & College Authority, Capital Improvement, Economic Development and Training Refunding (RB)
	350,000	5.00%, 03/01/21		414,106
	1,000,000	5.00%, 03/01/22		1,180,100
				1,705,700
Arizona: 2.2%
	850,000	Arizona Board of Regents, University of Arizona Projects, Series C (CP)
		5.00%, 06/01/22		969,637
	2,000,000	Arizona Department of Transportation State Highway Fund Revenue (RB)
		5.00%, 07/01/22 (c)		2,265,000
	500,000	Arizona State Certificates of Participation, Department of Administration, Series B (CP) (AGM)
		5.00%, 04/01/20 (c)		547,855
		Arizona State Transportation Board, Maricopa County Regional Area Road Fund (RB)
	500,000	5.00%, 07/01/19 (c)		559,070
	750,000	5.00%, 07/01/20 (c)		860,805
	500,000	5.00%, 07/01/20 (c)		580,615
		Arizona State Transportation Board, Subordinated Highway Revenue, Series A (RB)
	500,000	5.00%, 07/01/21		597,445
	680,000	5.00%, 07/01/21 (c)		788,780
	1,200,000	5.00%, 07/01/21 (c)		1,381,500
	1,045,000	City of Phoenix, Arizona, Various Purpose, Series A (GO)
		4.00%, 07/01/22 (c)		1,095,160
	775,000	City of Phoenix, Arizona, Various Purpose, Series B (GO)
		4.00%, 07/01/22		853,972
	5,000	Regional Transportation Authority of Pima County, Arizona (RB)
		5.00%, 06/01/21 (c)		5,639
		Salt River Project Agricultural Improvement & Power District, Series A (RB)
	250,000	5.00%, 01/01/19 (c)		274,680
	1,000,000	5.00%, 12/01/21 (c)		1,164,230
	1,000,000	5.00%, 12/01/21 (c)		1,122,910
				13,067,298
Arkansas: 0.8%
		State of Arkansas, Federal Highway Grant Anticipation (GO)
	2,685,000	4.00%, 10/01/23 (c)		2,915,588
	1,100,000	5.00%, 04/01/21		1,320,594
	300,000	State of Arkansas, Four-Lane Highway Construction and Improvement (GO)
		5.00%, 06/15/21		360,858
				4,597,040
California: 12.2%
	1,880,000	Alameda County Joint Powers Authority (RB)
		5.25%, 12/01/23 (c)		2,164,876
	1,175,000	California Health Facilities Financing Authority (RB)
		5.00%, 03/01/23 (c)		1,317,751
	1,000,000	California Infrastructure & Economic Development Bank, Broad Museum Project, Series A (RB)
		5.00%, 06/01/21		1,197,340
	525,000	California Municipal Finance Authority, Community Hospital of Central California (RB)
		5.25%, 02/01/19 (c)		554,169
		California State Department of Veterans Affairs, Series A (RB)
	1,000,000	3.25%, 12/01/20		1,021,500
	595,000	3.50%, 06/01/21 (c)		587,033
	100,000	3.88%, 06/01/21 (c)		97,190
	500,000	California State Department of Water Resources, Central Valley Project, Series AG (RB)
		5.00%, 12/01/19 (c)		569,355
	1,500,000	California State Department of Water Resources, Series N (RB)
		5.00%, 05/01/21		1,801,815
	1,000,000	California State Economic Recovery Bonds, Series A (GO)
		5.00%, 07/01/16 (c)		1,103,150
	200,000	California State Economic Recovery, Series A (GO)
		5.00%, 07/01/19 (c)		237,814
	1,000,000	California State Public Works Board, UCLA Replacement Hospitals, Series F (RB)
		5.00%, 10/01/22		1,209,910
	300,000	California State Public Works Board, Various Capital Projects, Series G-1 (RB)
		5.00%, 10/01/19 (c)		343,401
	350,000	California State Public Works Board, Various Judicial Council Projects, Series A (RB)
		5.00%, 03/01/23 (c)		389,060
		California State Public Works Board, Various University of California Projects, Series G (RB)
	505,000	5.00%, 12/01/21 (c)		611,338
	1,370,000	5.00%, 12/01/21 (c)		1,658,481
	1,195,000	California State University (RB)
		4.00%, 11/01/22 (c)		1,226,906
		California State Various Purpose (GO)
	515,000	3.50%, 02/01/22 (c)		501,857
	825,000	4.00%, 09/01/20		932,646
	1,000,000	4.00%, 09/01/21		1,122,680
	250,000	4.00%, 10/01/21		280,790
	1,250,000	5.00%, 09/01/18 (c)		1,402,012
	495,000	5.00%, 04/01/19 (c)		572,908
	580,000	5.00%, 03/01/20 (c)		633,174
	1,500,000	5.00%, 09/01/20		1,788,045
	1,250,000	5.00%, 09/01/20		1,490,037
	1,015,000	5.00%, 02/01/21		1,206,135
	1,000,000	5.00%, 09/01/21		1,192,000
	500,000	5.00%, 10/01/21		596,575
	850,000	5.00%, 10/01/21		1,014,177
	100,000	5.00%, 02/01/22 (c)		112,826
	500,000	5.00%, 04/01/22 (c)		573,410
	1,000,000	5.00%, 09/01/22 (c)		1,155,890
	855,000	5.00%, 10/01/22		1,015,287
	925,000	5.00%, 10/01/22		1,098,410
	2,350,000	5.00%, 09/01/23 (c)		2,742,755
	1,000,000	5.25%, 10/01/19 (c)		1,181,750
	500,000	5.25%, 10/01/19 (c)		587,645
	1,000,000	5.25%, 03/01/20 (c)		1,171,840
	500,000	5.25%, 03/01/20 (c)		551,505
	830,000	5.25%, 09/01/22		1,001,561
	1,000,000	5.25%, 10/01/22		1,206,760
		California State, Department of Water Resources Power Supply, Series L (RB)
	540,000	5.00%, 05/01/20		647,876
	600,000	5.00%, 05/01/20 (c)		701,610
	2,000,000	California Statewide Communities Development Authority, John Muhr Health, Series A (RB)
		5.00%, 07/01/19 (c)		2,106,220
	250,000	City & County of San Francisco, California, Series A (GO)
		4.00%, 06/15/22 (c)		261,385
		City & County of San Francisco, California, Series R1 (GO)
	2,000,000	5.00%, 06/15/20		2,407,000
	550,000	5.00%, 12/15/21 (c)		640,734
	1,000,000	City of Los Angeles, California, Series B (GO)
		5.00%, 09/01/21		1,208,250
		Los Angeles Department of Water & Power, Series A (RB)
	1,000,000	5.00%, 07/01/21 (c)		1,179,140
	500,000	5.00%, 01/01/23 (c)		573,420
	250,000	Los Angeles International Airport, Department of Airports, Series A (RB)
		5.00%, 05/15/20 (c)		281,758
		Los Angeles, California Unified School District, Series A (GO)
	880,000	2.00%, 07/01/22		847,466
	255,000	5.00%, 07/01/19 (c)		300,155
	475,000	Los Angeles, California Wastewater System, Series A (RB)
		5.75%, 06/01/19 (c)		553,009
	500,000	Orange County, California Sanitation District, Wastewater Refunding, Series A (RB)
		5.00%, 02/01/22		601,240
	1,585,000	Palomar Pomerado Health, Series A (GO) (NATL)
		6.00%, 08/01/27 ^		833,710
	750,000	San Bernardino Community College District (GO)
		5.00%, 08/01/23		899,100
		San Diego, California Water Authority, Series A (RB)
	500,000	4.50%, 05/01/21 (c)		534,675
	500,000	5.00%, 05/01/21 (c)		563,570
	500,000	San Francisco, California City & County Public Utilities Commission, Series A (RB)
		5.00%, 11/01/19 (c)		567,570
		San Francisco, California City & County Public Utilities Commission, Series B (RB)
	500,000	4.00%, 11/01/19 (c)		522,670
	500,000	4.00%, 11/01/19 (c)		526,970
	1,215,000	San Francisco, California City & County Unified School District, Series B (GO)
		4.00%, 06/15/22 (c)		1,264,037
		San Francisco, California Public Utilities Commission Water Revenue, Sub-Series A (RB)
	1,250,000	5.00%, 11/01/21 (c)		1,426,087
	1,000,000	5.00%, 11/01/21 (c)		1,160,380
	1,000,000	San Joaquin County, California Transportation Authority, Series A (RB)
		5.00%, 03/01/21 (c)		1,103,770
	600,000	San Jose, California Financing Authority Lease, Series A (RB)
		5.00%, 06/01/23 (c)		663,486
	385,000	Santa Clara County Financing Authority, Series A (RB)
		4.00%, 02/01/22 (c)		406,560
	1,000,000	Southern California Public Power Authority, Canyon Power Project, Series A (RB)
		5.25%, 01/01/20 (c)		1,105,520
	500,000	Southern California Public Power Authority, Windy Point Project (RB)
		5.00%, 07/01/20 (c)		566,275
		University of California, Series AF (RB)
	1,320,000	5.00%, 05/15/20		1,582,654
	455,000	5.00%, 05/15/23 (c)		535,863
	1,900,000	University of California, Series G (RB)
		5.00%, 05/15/22 (c)		2,160,205
	500,000	University of California, Series Q (RB)
		5.00%, 05/15/17 (c)		557,955
	575,000	Vernon City, California, Electric System Revenue, Series A (RB)
		5.13%, 08/01/19 (c)		631,528
				71,145,612
Colorado: 0.5%
		Denver, Colorado City & County School District No. 1, Series C (GO) (SAW)
	650,000	5.00%, 12/01/21		773,429
	585,000	5.00%, 12/01/22		695,536
	375,000	5.00%, 12/01/23		446,468
	165,000	Joint School District No. 28J in Adams and Arapahoe Counties, Colorado
		5.00%, 12/01/22		192,915
	500,000	University of Colorado Enterprise System, Series A (RB)
		4.00%, 06/01/22		555,230
				2,663,578
Connecticut: 2.8%
	1,000,000	Connecticut State Health & Educational Facility Authority, Series A (RB)
		5.00%, 07/01/21 (c)		1,051,080
		Connecticut State, Series B (GO)
	500,000	5.00%, 04/15/21		593,765
	5,000	5.00%, 05/15/21 (c)		5,816
	1,000,000	5.00%, 04/15/22		1,186,610
	405,000	5.00%, 04/15/22 (c)		466,621
	2,500,000	5.00%, 03/01/23 (c)		2,856,075
		Connecticut State, Series C (GO)
	145,000	5.00%, 12/01/19 (c)		168,966
	1,000,000	5.00%, 06/01/22		1,185,930
	300,000	5.75%, 11/01/18 (c)		358,104
		Connecticut State, Series D (GO)
	1,100,000	5.00%, 11/01/20		1,310,100
	960,000	5.00%, 11/01/21 (c)		1,090,262
	1,000,000	Connecticut State, Series E (GO)
		5.00%, 09/15/22 (c)		1,147,480
	480,000	Connecticut State, Series G (GO)
		5.00%, 10/15/22 (c)		556,555
		Connecticut State, Special Tax Revenue, Transportation Infrastructure Purposes, Series A (RB)
	500,000	5.00%, 12/01/20		593,450
	440,000	5.00%, 01/01/23 (c)		505,349
	1,000,000	5.00%, 10/01/23 (c)		1,121,090
	1,900,000	University of Connecticut, Series A (RB)
		5.00%, 02/15/21 (c)		2,157,184
				16,354,437
District of Columbia: 0.7%
	850,000	District of Columbia, Income Tax Secured Revenue, Series A (RB)
		5.00%, 06/01/20 (c)		962,370
		District of Columbia, Income Tax Secured Revenue, Series B (RB)
	625,000	5.00%, 12/01/19 (c)		712,425
	500,000	5.25%, 12/01/19 (c)		567,095
	395,000	District of Columbia, Income Tax Secured Revenue, Series C (RB)
		5.00%, 12/01/22 (c)		454,499
	750,000	District of Columbia, Income Tax Secured Revenue, Series G (RB)
		5.00%, 12/01/21 (c)		847,163
	600,000	District of Columbia, National Public Radio,Series A (RB)
		5.00%, 04/01/20 (c)		639,498
				4,183,050
Florida: 5.3%
		Citizens Property Insurance Corp., Series A (RB) (AGM)
	340,000	4.50%, 06/01/20		381,007
	1,000,000	5.00%, 06/01/21		1,143,270
	750,000	City of Jacksonville, Florida, Better Jacksonville Sales Tax, Series A (RB)
		5.00%, 10/01/25		841,598
	1,035,000	Florida Department of Management Services, Series A (CP)
		5.00%, 08/01/18 (c)		1,170,927
		Florida State Board of Education, Public Education Capital Outlay, Series A (GO)
	500,000	4.00%, 06/01/19 (c)		549,405
	500,000	4.75%, 06/01/20 (c)		553,560
	330,000	5.00%, 06/01/20		394,789
	1,000,000	Florida State Board of Education, Public Education Capital Outlay, Series B (GO)
		5.00%, 06/01/20		1,196,330
		Florida State Board of Education, Public Education Capital Outlay, Series C (GO)
	1,170,000	3.00%, 06/01/21 (c)		1,175,335
	1,000,000	4.00%, 06/01/21 (c)		1,040,540
	570,000	4.00%, 06/01/22 (c)		592,908
	1,500,000	5.00%, 06/01/19 (c)		1,725,270
		Florida State Board of Education, Public Education Capital Outlay, Series D (GO)
	500,000	5.00%, 06/01/19 (c)		576,570
	500,000	5.00%, 06/01/21 (c)		587,535
	1,000,000	5.00%, 06/01/22		1,194,220
	750,000	Florida State Board of Education, Public Education Capital Outlay, Series E (GO)
		5.00%, 06/01/21 (c)		859,057
	1,000,000	Florida State Department of Environmental Protection, Series A (RB)
		5.00%, 07/01/21		1,149,080
		Florida State Department of Environmental Protection, Series B (RB)
	1,600,000	5.00%, 07/01/20		1,864,192
	1,000,000	5.00%, 07/01/21		1,158,510
		Florida State Department of Transportation, Full Faith & Credit Right-of-Way, Series A (GO)
	1,000,000	5.00%, 07/01/21 (c)		1,155,600
	1,000,000	5.00%, 07/01/21 (c)		1,178,390
	375,000	Florida State, Board of Education, Series A (GO)
		4.00%, 06/01/21		424,474
	1,000,000	Florida State, Board of Education, Series C (GO)
		5.00%, 06/01/19 (c)		1,167,220
	100,000	Florida State, Right-of-Way Acquisition & Bridge Construction, Series B (GO)
		5.00%, 07/01/21 (c)		115,415
	350,000	Jacksonville, Florida Transportation Refunding, Series B (RB)
		5.00%, 10/01/22		403,288
	1,500,000	Jacksonville, Florida, Series B (RB)
		5.00%, 10/01/21		1,746,135
	350,000	Miami Beach Health Facilities Authority, Mount Sinai Medical Center of Florida (RB)
		4.00%, 11/15/22 (c)		333,193
	510,000	Miami-Dade County, Florida Aviation, Series A (RB)
		4.88%, 10/01/20 (c)		549,719
		Miami-Dade County, Florida Seaport General Obligation, Series C (GO)
	1,000,000	5.00%, 10/01/21 (c)		1,117,720
	500,000	5.00%, 10/01/21 (c)		563,555
	1,565,000	Miami-Dade County, Florida Subordinate Special Obligation, Series A (RB)
		5.00%, 10/01/22 (c)		1,719,293
	500,000	Miami-Dade County, Florida Water and Sewer System (RB) (AGM)
		5.00%, 10/01/20 (c)		548,205
	700,000	Orange County, Florida Tourist Development Tax Revenue (RB)
		5.00%, 10/01/22		791,749
	100,000	Orlando-Orange County Expressway Authority (RB)
		5.00%, 07/01/22		115,724
	500,000	Tampa, Florida Board of Education, Public Education Capital Outlay Refunding, Series B (GO)
		4.00%, 06/01/21 (c)		541,870
				30,625,653
Georgia: 2.9%
	505,000	Atlanta, Georgia Water & Wastewater Revenue, Series A (RB)
		6.00%, 11/01/19 (c)		613,989
	500,000	Cobb County, Georgia Water & Sewerage Improvement (RB)
		3.75%, 07/01/19 (c)		537,700
	750,000	DeKalb County, Georgia Hospital Authority, Dekalb Medical Center, Inc. Project (RB)
		5.25%, 09/01/20		818,625
	750,000	Fulton County, Georgia Development Authority, Series A (RB)
		5.00%, 10/01/22		862,957
	400,000	Fulton County, Georgia Development Authority, Series B (RB)
		4.50%, 03/15/19 (c)		414,952
	850,000	Fulton County, Georgia Water and Sewerage Revenue (RB)
		5.00%, 01/01/21		1,007,666
	1,000,000	Georgia State Road & Tollway Authority, Series A (RB)
		5.00%, 06/01/19 (c)		1,146,910
		Georgia State Road & Tollway Authority, Series B (RB)
	500,000	5.00%, 10/01/20		598,880
	1,000,000	5.00%, 10/01/22		1,199,490
	500,000	Georgia State, Series B (GO)
		5.00%, 01/01/19 (c)		569,750
		Georgia State, Series C (GO)
	335,000	5.00%, 07/01/21 (c)		391,290
	1,000,000	5.00%, 07/01/21 (c)		1,191,110
	500,000	5.00%, 10/01/21		605,180
	500,000	Georgia State, Series J (GO)
		4.50%, 11/01/21 (c)		579,480
		Gwinnett County, Georgia School District (GO)
	655,000	5.00%, 02/01/24		792,511
	500,000	5.00%, 02/01/25 (c)		600,285
	760,000	Gwinnett County, Water & Sewerage Authority, Series A (RB)
		4.00%, 08/01/19 (c)		832,428
	305,000	Metropolitan Atlanta Rapid Transit Athority, Refunding Series A (RB)
		3.00%, 07/01/22 (c)		284,596
	500,000	Municipal Electric Authority of Georgia, Combined Cycle Project, Series A (RB)
		5.00%, 11/01/22		579,265
		Municipal Electric Authority of Georgia, Power Revenue, Series GG (RB)
	1,000,000	5.00%, 01/01/23 (c)		1,148,520
	1,895,000	5.00%, 01/01/23		2,194,031
				16,969,615
Hawaii: 1.3%
		City & County of Honolulu, Hawaii, Series B (GO)
	650,000	5.00%, 12/01/20 (c)		736,925
	500,000	5.00%, 12/01/20 (c)		569,860
	350,000	5.00%, 08/01/21 (c)		408,380
	500,000	Hawaii State, Series DQ (GO)
		5.00%, 06/01/19 (c)		572,370
		Hawaii State, Series DZ (GO)
	800,000	5.00%, 12/01/21 (c)		923,448
	1,000,000	5.00%, 12/01/21 (c)		1,161,930
	800,000	5.00%, 12/01/21 (c)		933,232
		Hawaii State, Series EA
	350,000	5.00%, 12/01/21		419,227
	1,500,000	5.00%, 12/01/21		1,760,235
				7,485,607
Illinois: 3.4%
	500,000	Chicago O’Hare International Airport, 3rd Lien, Series C (RB) (AGO)
		5.25%, 01/01/20 (c)		562,185
	1,500,000	Chicago O’Hare International Airport, Senior Lien, Series B (RB)
		5.25%, 01/01/23 (c)		1,605,600
	945,000	Chicago, Illinois Board of Education, Series F (GO)
		5.00%, 12/01/20		1,062,019
	250,000	Chicago, Illinois Project & Refunding, Series C (GO)
		5.00%, 01/01/19 (c)		262,733
	70,000	Chicago, Illinois Transit Authority, Capital Grant Receipts, Section 5307 (RB) (AMBAC)
		5.00%, 12/01/16 (c)		78,859
		Chicago, Illinois, Series A (GO) (AGM)
	500,000	5.00%, 01/01/20 (c)		520,445
	500,000	5.00%, 01/01/20 (c)		526,590
	475,000	5.00%, 01/01/20 (c)		498,475
	1,000,000	5.00%, 01/01/20 (c)		1,049,420
	585,000	Chicago, Illinois, Series C (GO)
		5.00%, 01/01/22 (c)		614,981
	900,000	County of Cook, Illinois, Series C (GO)
		5.00%, 11/15/20		1,036,422
		Illinois Finance Authority, Trinity Health Credit Group (RB)
	1,000,000	5.00%, 11/01/19 (c)		1,062,360
	1,035,000	5.00%, 12/01/21 (c)		1,123,410
	1,105,000	5.00%, 12/01/21 (c)		1,212,749
		Illinois Railsplitter Tobacco Settlement Authority (RB)
	1,350,000	5.25%, 06/01/20		1,568,376
	1,300,000	5.38%, 06/01/21		1,512,693
	450,000	5.50%, 06/01/21 (c)		511,088
		Illinois State (GO)
	500,000	4.00%, 08/01/22 (c)		488,285
	500,000	5.00%, 01/01/20 (c)		559,190
	1,000,000	5.00%, 08/01/22		1,120,250
	985,000	5.00%, 08/01/23		1,080,890
	700,000	5.25%, 07/01/23 (c)		736,575
	1,000,000	Illinois State, Series A (GO)
		4.00%, 01/01/22 (c)		999,230
	395,000	Kendall, Kane & Will Counties, Illinois Community Unit School District No. 308, Capital Appreciation School (GO) (AGM)
		5.61%, 02/01/26 ^		226,580
				20,019,405
Indiana: 0.7%
	500,000	Carmel City, Indiana Redevelopment Authority, Series A (RB)
		2.63%, 08/01/22 (c)		437,125
	830,000	Indiana Finance Authority, Hospital Revenue, Parkview Health System Obligated Group, Series A (RB)
		5.00%, 05/01/22		933,567
	1,000,000	Indiana Finance Authority, Series A (RB)
		5.00%, 02/01/22 (c)		1,177,650
	1,000,000	Indianapolis, Indiana Local Public Improvement Bond Bank, Series B-1 (RB)
		5.00%, 01/15/20 (c)		1,126,690
	500,000	Indianapolis, Indiana Local Public Improvement Bond Bank, Series K (RB)
		5.00%, 06/01/21 (c)		553,155
				4,228,187
Iowa: 0.3%
	1,600,000	Iowa Finance Authority (RB)
		5.00%, 08/01/19 (c)		1,869,184
Kansas: 0.8%
	1,500,000	Kansas Development Authority, Department of Commerce, Series K (RB)
		4.00%, 12/01/19 (c)		1,584,465
	260,000	Kansas Developmment Finance Authority, Department of Health and Environment, Series SRF-1 (RB)
		5.00%, 03/01/20 (c)		299,887
	2,400,000	Wyandotte County, Kansas City Unified Government Utility System Revenue, Series A (RB)
		5.00%, 09/01/22 (c)		2,608,968
				4,493,320
Kentucky: 0.9%
	1,535,000	Kentucky Economic Development Finance Authority Hospital, Baptist Healthcare System Obligated, Series A (RB)
		5.63%, 08/15/18 (c)		1,661,116
	450,000	Kentucky State Property & Building Commission, Project No. 106, Series A (RB)
		5.00%, 10/01/23 (c)		496,728
	500,000	Kentucky State Property & Buildings Commission, Project No. 93 (RB) (AGO)
		5.25%, 02/01/19 (c)		550,790
	500,000	Kentucky State Property & Buildings Commission, Project No. 99, Series A (RB)
		5.00%, 11/01/20 (c)		578,740
		Kentucky State Turnpike Authority, Economic Development Road, Revitalization Projects, Series A (RB)
	550,000	5.00%, 07/01/19 (c)		640,569
	600,000	5.00%, 07/01/22 (c)		682,818
	300,000	Lexington Fayette Urban County Government Public Facilities Corp., Eastern State Hospital Project, Series A (RB)
		5.25%, 06/01/21 (c)		323,187
	500,000	Louisville & Jefferson County, Kentucky Metropolitan Sewer District, Series A (RB)
		5.00%, 11/15/21 (c)		556,775
				5,490,723
Louisiana: 0.6%
	1,500,000	Louisiana Public Facilities Authority (RB)
		5.00%, 12/01/15 (c)		1,535,580
		Louisiana State, Series A (GO)
	250,000	5.00%, 05/15/20 (c)		290,668
	1,000,000	5.00%, 08/01/22		1,194,370
	500,000	Louisiana State, Series B (RB)
		5.00%, 05/01/20 (c)		548,435
				3,569,053
Maryland: 1.8%
	1,000,000	Howard County, Maryland, Consolidated Public Improvement (GO)
		5.00%, 08/15/21 (c)		1,172,820
	250,000	Maryland State & Local Facilities Loan, Second Series A (GO)
		5.00%, 08/15/17 (c)		280,323
		Maryland State & Local Facilities Loan, Second Series B (GO)
	850,000	3.00%, 08/01/19 (c)		880,073
	425,000	4.00%, 08/15/19 (c)		468,567
	500,000	4.50%, 03/15/19 (c)		555,550
		Maryland State Department of Transportation (RB)
	500,000	4.00%, 05/15/19 (c)		540,195
	1,400,000	4.00%, 02/15/21		1,574,902
		Maryland State, State & Local Facilities Loan First Loan, Series B (GO)
	45,000	3.00%, 03/15/20 (c)		46,241
	1,750,000	4.00%, 03/15/20 (c)		1,947,172
		Montgomery & Price George’s Counties, Maryland Washington Suburban Sanitary District, Consolidated Public Improvement (GO)
	1,000,000	3.00%, 06/01/21 (c)		1,033,250
	750,000	4.13%, 06/01/18 (c)		815,333
		Montgomery County, Maryland Construction Public Improvement, Series A (GO)
	250,000	5.00%, 05/01/17 (c)		286,185
	500,000	5.00%, 11/01/20		601,450
				10,202,061
Massachusetts: 2.4%
		Commonwealth of Massachusetts (RB)
	600,000	4.00%, 06/01/21 (c)		630,690
	1,730,000	5.00%, 06/01/20 (c)		2,000,018
	1,600,000	5.00%, 08/01/22		1,913,696
	575,000	5.00%, 06/01/23		695,986
	685,000	Commonwealth of Massachusetts, Consolidated Loan, Series A (GO)
		5.00%, 04/01/21 (c)		801,930
	425,000	Commonwealth of Massachusetts, Consolidated Loan, Series D (GO)
		5.00%, 10/01/21 (c)		493,778
	1,000,000	Massachusetts Commonwealth, Series A (GO)
		5.00%, 04/01/21 (c)		1,122,420
	1,300,000	Massachusetts Commonwealth, Series D (GO)
		4.25%, 10/01/21 (c)		1,376,583
		Massachusetts Commonwealth, Series E (GO)
	1,150,000	4.00%, 12/01/19 (c)		1,247,439
	1,150,000	4.00%, 12/01/19 (c)		1,263,171
	500,000	Massachusetts Development Finance Agency, Brandeis University, Series O-2 (RB)
		5.00%, 10/01/19 (c)		548,100
		Massachusetts Educational Financing Authority, Education Loan, Issue I, Series A (RB)
	345,000	5.15%, 01/01/20 (c)		366,604
	500,000	5.50%, 01/01/20 (c)		554,890
	500,000	Massachusetts School Building Authority, Dedicated Sales Tax, Series B (RB)
		5.00%, 08/15/22 (c)		561,935
	600,000	Massachusetts State Health & Education Facilities Authority, Harvard University, Series A (RB)
		5.00%, 12/15/19 (c)		690,468
				14,267,708
Michigan: 1.1%
	800,000	City of Detroit, Michigan Distributable State Aid (GO) (SAW)
		4.50%, 11/01/20 (c)		793,104
	1,000,000	Detroit City School District, School Building and Site Improvement, Series A (GO) (Q-SBLF)
		5.00%, 05/01/22 (c)		1,023,660
		Michigan Finance Authority, Clean Water Revolving Fund (RB)
	1,000,000	5.00%, 10/01/21 (c)		1,160,330
	750,000	5.00%, 10/01/22		884,227
	675,000	Michigan Finance Authority, Hospital Revenue & Refunding Bonds, Series A (RB)
		5.00%, 06/01/22 (c)		687,839
	195,000	Michigan Finance Authority, Revenue Unemployment Obligation Assessment, Series B (RB)
		5.00%, 07/01/19 (c)		225,804
	250,000	Michigan Finance Authority, School District of the City of Detriot (RB)
		5.50%, 06/01/21		280,040
	770,000	Michigan Municipal Board Authority, Clean Water Revolving Fund (RB)
		5.00%, 10/01/21		914,552
		Michigan State Building Authority, Series 1A
	250,000	4.52%, 10/15/16 ^		209,895
	250,000	4.61%, 10/15/16 ^		221,785
				6,401,236
Minnesota: 1.2%
	750,000	Minnesota Agricultural & Economic Development Board, Series C-1 (RB) (AGO)
		5.50%, 02/15/20 (c)		834,750
	1,185,000	Minnesota Public Facilities Authority, Series C (RB)
		3.25%, 03/01/20 (c)		1,220,586
		Minnesota State, General Fund Appropriation, Series B (RB)
	2,000,000	5.00%, 03/01/22 (c)		2,254,280
	1,400,000	5.00%, 03/01/22 (c)		1,634,332
	1,000,000	Minnesota State, State Trunk Highway, Series B (GO)
		5.00%, 08/01/23 (c)		1,173,110
				7,117,058
Missouri: 1.7%
	1,325,000	City of Kansas City, Missouri, Series A (GO)
		5.00%, 02/01/22 (c)		1,554,106
	505,000	Kansas City, Missouri Industrial Development Authority (RB)
		5.50%, 09/01/21 (c)		556,131
	1,500,000	Kansas City, Missouri Water Refunding & Improvement Revenue Bonds, Series A (RB) (BHAC)
		5.00%, 12/01/18 (c)		1,737,255
		Missouri State Board of Public Buildings, Series A (RB)
	1,000,000	1.00%, 10/01/19 (c)		708,190
	1,200,000	2.50%, 10/01/20 (c)		1,113,156
	1,250,000	4.00%, 10/01/19 (c)		1,397,937
	2,555,000	4.00%, 10/01/20 (c)		2,772,252
	250,000	Missouri State Environmental Improvement & Energy Resources Authority (RB)
		5.00%, 07/01/23		301,160
				10,140,187
Nebraska: 0.3%
	1,000,000	Douglas County, Nebraska School District 0001 (GO)
		4.00%, 04/01/20 (c)		1,093,420
	150,000	Lincoln, Nebraska Electric System (RB)
		5.00%, 09/01/22		178,134
	250,000	Nebraska Public Power District, Series A (RB)
		5.00%, 01/01/22 (c)		278,068
				1,549,622
Nevada: 0.4%
	485,000	Clark County School District (GO)
		5.00%, 06/15/21		561,455
	520,000	Clark County, Nevada Airport System Subordinate Lien, Series C (RB) (AGM)
		5.00%, 07/01/19 (c)		576,456
	500,000	Clark County, Nevada Airport System, Senior, Series D (RB)
		5.00%, 01/01/20 (c)		562,955
	500,000	Clark County, Nevada, Limited Tax Transportation Refunding, Series A (GO)
		4.00%, 12/01/19 (c)		546,345

New Hampshire: 0.4%				2,247,211
		New Hampshire State, Series A (GO)
	450,000	5.00%, 07/01/20 (c)		524,889
	750,000	5.00%, 07/01/20 (c)		879,217
	1,000,000	5.00%, 07/01/20 (c)		1,184,130
				2,588,236
New Jersey: 4.7%
		County of Union, New Jersey, Series B (GO)
	270,000	3.00%, 03/01/21		282,628
	650,000	3.00%, 03/01/22 (c)		660,738
	1,000,000	3.00%, 03/01/22		1,033,370
	1,000,000	Garden State, New Jersey Preservation Trust Open Space and Farmland Preservation, Series A (RB)
		4.00%, 11/01/22 (c)		1,098,930
	2,000,000	New Jersey Economic Development Authority, Cigarette Tax Revenue (RB)
		5.00%, 06/15/22		2,249,700
		New Jersey Economic Development Authority, School Facilities Construction Refunding, Series GG (RB)
	2,000,000	5.00%, 03/01/21 (c)		2,295,700
	1,000,000	5.25%, 03/01/21 (c)		1,099,570
		New Jersey Economic Development Authority, School Facilities Construction Refunding, Series II (RB)
	1,000,000	5.00%, 03/01/21		1,159,010
	980,000	5.00%, 03/01/22 (c)		1,068,180
	1,000,000	5.00%, 03/01/22		1,147,820
		New Jersey Economic Development Authority, School Facilities Construction Refunding, Series NN (RB)
	2,120,000	5.00%, 03/01/23 (c)		2,269,905
	585,000	5.00%, 03/01/23 (c)		654,135
		New Jersey Economic Development Authority, School Facilities Construction, Series EE (RB)
	500,000	5.00%, 09/01/20		585,560
	500,000	5.25%, 03/01/21 (c)		569,150
	1,450,000	New Jersey Economic Development Authority, School Facilities Construction, Series NN (RB)
		5.00%, 03/01/22		1,664,339
	25,000	New Jersey Environmental Infrastructure Trust, Series A (RB)
		5.25%, 09/01/18 (c)		29,651
	500,000	New Jersey Environmental Infrastructure Trust, Series A-R (RB)
		4.00%, 09/01/23		555,835
	75,000	New Jersey Health Care Facilities Financing Authority, Barnabas Health Issue, Series A (RB)
		4.63%, 07/01/21 (c)		79,256
		New Jersey Health Care Facilities Financing Authority, Meridian Health System (RB)
	500,000	5.00%, 07/01/22 (c)		542,060
	500,000	5.00%, 07/01/22 (c)		553,425
	500,000	New Jersey State Educational Facilities Authority, Kean University, Series A (RB)
		5.00%, 09/01/19 (c)		551,220
	1,495,000	New Jersey State Transportation Trust Fund Authority, Series D (RB)
		5.00%, 12/15/23		1,710,101
	1,000,000	New Jersey State Turnpike Authority, Series B (RB)
		5.00%, 01/01/23 (c)		1,139,580
	300,000	New Jersey State Turnpike Authority, Series H (RB)
		5.00%, 01/01/19 (c)		344,571
		New Jersey State Various Purpose (GO)
	500,000	4.00%, 06/01/19 (c)		525,165
	500,000	5.00%, 06/01/19 (c)		568,860
	1,000,000	New Jersey State, Series Q (GO)
		5.00%, 08/15/20		1,192,850
	660,000	New Jersey Transportation Trust Fund Authority, Series D (RB)
		5.00%, 12/15/24		761,039
	880,000	Newark, New Jersey Qualified General Improvement, Series A (GO) (SAW)
		4.00%, 10/01/20 (c)		933,803
				27,326,151
New Mexico: 0.7%
		Albuquerque, New Mexico Municipal School District No. 12, School Building, Series A (GO) (SAW)
	1,500,000	5.00%, 08/01/19 (c)		1,747,245
	500,000	5.00%, 08/01/19 (c)		586,405
	1,050,000	New Mexico Finance Authority State Transportation, Senior Lien (RB)
		4.00%, 06/15/22		1,174,876
	260,000	New Mexico Finance Authority State Transportation, Senior Lien, Series B (RB)
		5.00%, 06/15/21		311,956
				3,820,482
New York: 19.6%
	1,690,000	City of New York, New York, Series A-1 (GO)		1,991,749
		5.00%, 10/01/20
		City of New York, New York, Series B (GO)
	2,275,000	5.00%, 08/01/20		2,677,789
	1,450,000	5.00%, 08/01/22 (c)		1,596,232
	1,000,000	5.00%, 08/01/22 (c)		1,142,460
	1,600,000	City of New York, New York, Series D (GO)
		5.00%, 08/01/21		1,877,600
	1,135,000	City of New York, New York, Series D-1 (GO)
		5.00%, 10/01/20		1,337,654
		City of New York, New York, Series F-1 (GO) (XLCA)
	5,000	5.00%, 09/01/15 (c)		5,338
	245,000	5.00%, 09/01/15 (c)		263,328
	1,300,000	5.00%, 03/01/23 (c)		1,496,222
		City of New York, New York, Series I (GO)
	1,310,000	5.00%, 08/01/21		1,537,285
	1,000,000	5.00%, 08/01/22		1,168,480
	1,000,000	5.00%, 08/01/22 (c)		1,110,110
	310,000	City of New York, New York, Series J (GO)
		5.00%, 06/01/16 (c)		341,332
	190,000	City of New York, New York, Series J-1 (GO)
		5.00%, 06/01/16 (c)		210,041
		Erie County New York Industrial Development Agency School Facilities, City School District of Buffalo, Series A (RB) (SAW)
	500,000	5.00%, 05/01/21 (c)		561,845
	500,000	5.25%, 05/01/19 (c)		562,395
		Long Island Power Authority, Electric System, Series A (RB)
	1,000,000	5.00%, 05/01/20		1,128,140
	500,000	5.25%, 04/01/19 (c)		554,355
	2,360,000	Long Island Power Authority, Electric System, Series B (RB)
		5.00%, 09/01/22 (c)		2,545,756
	500,000	Metropolitan Transportation Authority, Series A (RB)
		3.00%, 11/15/22 (c)		460,870
		Metropolitan Transportation Authority, Series B (RB)
	600,000	3.00%, 11/15/22 (c)		559,464
	500,000	5.00%, 11/15/22		573,735
		Metropolitan Transportation Authority, Series D (RB)
	500,000	5.00%, 11/15/17 (c)		548,755
	1,285,000	5.00%, 11/15/20		1,501,548
	285,000	5.00%, 11/15/21		330,480
	500,000	Metropolitan Transportation Authority, Series E (RB)
		5.00%, 11/15/22 (c)		542,070
		Metropolitan Transportation Authority, Series F (RB)
	845,000	3.13%, 11/15/22 (c)		797,917
	1,280,000	5.00%, 11/15/22 (c)		1,399,667
	1,000,000	5.00%, 11/15/22		1,147,470
		Metropolitan Transportation Authority, Series H (RB)
	100,000	4.00%, 11/15/21		108,259
	1,300,000	5.00%, 11/15/22 (c)		1,458,743
	1,400,000	Nassau County, New York General Improvement, Series A (GO)
		5.00%, 04/01/20		1,620,122
	850,000	Nassau County, New York General Improvement, Series C (GO)
		4.00%, 10/01/20 (c)		885,776
		Nassau County, New York Interim Finance Authority, Series A (RB)
	475,000	4.50%, 05/15/19 (c)		511,442
	1,000,000	5.00%, 05/15/19 (c)		1,160,950
	500,000	Nassau County, New York, Series A (GO)
		4.00%, 04/01/21 (c)		501,835
	400,000	New York City Municipal Water Finance Authority, Water & Sewer System, Series BB (RB)
		5.00%, 06/15/20 (c)		435,364
	250,000	New York City Municipal Water Finance Authority, Water and Sewer System, Series A (RB)
		5.63%, 06/15/18 (c)		295,345
		New York City Transitional Finance Authority Future Tax Secured Revenue (RB)
	1,000,000	5.00%, 11/01/21		1,189,600
	600,000	5.00%, 11/01/21 (c)		666,534
	3,100,000	5.00%, 05/01/22 (c)		3,397,600
		New York City Transitional Finance Authority, Building Aid Revenue, Series S-1 (RB) (SAW)
	500,000	5.00%, 07/15/20		591,925
	1,060,000	5.00%, 07/15/21 (c)		1,229,611
	1,000,000	5.00%, 07/15/22		1,170,970
	500,000	New York City Transitional Finance Authority, Building Aid, Series S-2 (RB) (SAW)
		4.00%, 07/15/21 (c)		516,585
	275,000	New York City Transitional Finance Authority, Building Aid, Series S-3 (RB) (SAW)
		5.25%, 01/15/19 (c)		311,196
	700,000	New York City Transitional Finance Authority, Future Tax Secured Revenue, Series A (RB)
		5.00%, 11/01/21		832,720
	450,000	New York City Transitional Finance Authority, Future Tax Secured Revenue, Series D-1 (RB)
		5.25%, 02/01/21 (c)		531,432
		New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A (RB)
	1,000,000	5.00%, 11/01/20		1,188,230
	725,000	5.00%, 11/01/21 (c)		830,915
	1,500,000	5.00%, 11/01/21 (c)		1,693,590
	1,000,000	New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B (RB)
		5.00%, 02/01/21 (c)		1,140,130
	2,000,000	New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C-1 (RB)
		5.00%, 11/01/22 (c)		2,292,160
		New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series D (RB)
	500,000	5.00%, 05/01/20 (c)		574,265
	1,000,000	5.00%, 05/01/20 (c)		1,135,510
	425,000	New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series E-1 (RB)
		5.00%, 02/01/22		502,524
	500,000	New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series F-1 (RB)
		5.00%, 05/01/21		590,995
		New York City Transitional Finance Authority, Future Tax Secured, Series C (RB)
	165,000	5.00%, 05/01/17 (c)		188,480
	130,000	5.00%, 05/01/17 (c)		148,499
		New York City, Series B (GO)
	250,000	5.00%, 08/01/17		285,778
	550,000	5.00%, 08/01/21 (c)		634,447
	250,000	New York City, Series C (GO)
		5.00%, 08/01/19 (c)		286,425
		New York City, Series E (GO)
	500,000	5.00%, 08/01/19 (c)		558,030
	1,000,000	5.00%, 08/01/19 (c)		1,128,570
	500,000	5.00%, 08/01/20 (c)		554,520
		New York City, Series I (GO)
	1,750,000	5.00%, 08/01/22		2,044,840
	1,000,000	5.00%, 08/01/22 (c)		1,142,460
	250,000	New York City, Series I-1 (GO)
		5.00%, 04/01/16 (c)		275,113
	500,000	New York City, Series J-1 (GO)
		5.00%, 05/15/19 (c)		570,185
	800,000	New York City, Sub Series G-1 (GO)
		5.00%, 04/01/22		935,128
	475,000	New York Local Government Assistant Corp., Series A (RB)
		4.00%, 04/01/20 (c)		507,566
	1,000,000	New York State Bridge Authority (RB)
		4.00%, 01/01/21		1,107,280
	625,000	New York State Dormitory Authority, School District Financing Program, Series A (RB) (SAW)
		5.00%, 10/01/21		728,500
	500,000	New York State Dormitory Authority, State Consolidating Service Contract, Series A (RB)
		5.00%, 07/01/19 (c)		551,380
		New York State Dormitory Authority, State Personal Income Tax Revenue, Series A (RB)
	500,000	4.00%, 12/15/22		550,080
	1,000,000	5.00%, 12/15/22 (c)		1,156,260
		New York State Dormitory Authority, State Personal Income Tax, Series A (RB)
	750,000	5.00%, 03/15/21 (c)		873,037
	950,000	5.00%, 12/15/22 (c)		1,070,061
	2,000,000	5.00%, 12/15/22 (c)		2,336,260
	775,000	5.00%, 12/15/22		919,987
		New York State Dormitory Authority, State Personal Income Tax, Series A (RB)
	500,000	5.00%, 03/15/21 (c)		569,430
	2,500,000	5.00%, 03/15/21		2,974,725
	1,250,000	New York State Dormitory Authority, State Personal Income Tax, Series D (RB)
		5.00%, 02/15/20		1,481,437
	1,625,000	New York State Dormitory Authority, State Personal Income Tax, Series E (RB)
		5.00%, 08/15/21 (c)		1,850,745
	250,000	New York State Dormitory Authority, State University Education Facilities Issue, Series A (RB)
		5.00%, 05/15/22 (c)		289,575
		New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series A (RB)
	1,000,000	5.00%, 06/15/22 (c)		1,168,640
	750,000	5.00%, 06/15/22 (c)		888,172
	600,000	New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series D (RB)
		5.00%, 06/15/22		719,538
	250,000	New York State Thruway Authority, Second General Highway & Bridge Trust Fund, Series A (RB)
		5.00%, 09/15/20 (c)		290,010
		New York State Thruway Authority, Second General Highway & Bridge Trust Fund, Series A (RB)
	1,000,000	5.00%, 04/01/20 (c)		1,162,840
	250,000	5.00%, 04/01/21 (c)		290,355
		New York State Thruway Authority, Series I (RB)
	3,310,000	5.00%, 01/01/22 (c)		3,647,785
	1,000,000	5.00%, 01/01/22 (c)		1,130,040
		New York State Thruway Authority, State Personal Income Tax (Transportation), Series A (RB)
	500,000	5.00%, 09/15/20 (c)		556,060
	250,000	5.00%, 03/15/21 (c)		287,145
	1,000,000	5.00%, 03/15/21		1,189,890
	500,000	5.25%, 03/15/19 (c)		572,550

		New York State Urban Development Corp., State Personal Income, Series A (RB)
	700,000	4.00%, 03/15/21 (c)		738,535
	1,000,000	4.00%, 03/15/21 (c)		1,068,210
	1,900,000	New York State Urban Development Corp., State Personal Income, Series D (RB)
		5.00%, 03/15/20		2,256,364
		New York State, Series A (GO)
	500,000	3.50%, 02/15/21 (c)		529,060
	1,050,000	4.00%, 02/15/21 (c)		1,099,791
		New York State, Series E (GO)
	1,000,000	4.00%, 12/15/21 (c)		1,047,380
	800,000	4.00%, 12/15/21 (c)		841,872
	500,000	Oyster Bay, New York Public Improvement (GO)
		3.50%, 08/15/17 (c)		487,010
	1,000,000	Suffolk County, New York Public Improvement, Series A (GO)
		4.00%, 05/15/19 (c)		1,002,790
	500,000	Suffolk County, New York Public Improvement, Series C (GO)
		4.00%, 10/15/19 (c)		509,420
		Triborough Bridge & Tunnel Authority (RB)
	1,000,000	5.00%, 01/01/22 (c)		1,159,640
	1,310,000	5.00%, 11/15/23 (c)		1,470,305
		Triborough Bridge & Tunnel Authority, Series A (RB)
	455,000	5.00%, 01/01/22 (c)		517,581
	800,000	5.00%, 05/15/23 (c)		925,896
		Triborough Bridge & Tunnel Authority, Series B (RB)
	1,980,000	5.00%, 11/15/22		2,347,310
	500,000	5.00%, 11/15/22 (c)		565,925
	1,000,000	5.00%, 11/15/22 (c)		1,166,730
	1,000,000	Utility Debt Securitization Authority, Series E (RB)
		5.00%, 12/15/23 (c)		1,142,070
				113,832,127
North Carolina: 1.4%
	750,000	Charlotte, North Carolina Transist Project, Phase III, Series B
		3.00%, 06/01/22		758,520
	1,000,000	Mecklenburg County, North Carolina, Series A (GO)
		5.00%, 12/01/20		1,205,970
	730,000	North Carolina Eastern Municipal Power Agency, Series A (RB)
		5.00%, 01/01/21		838,588
	1,555,000	North Carolina Eastern Municipal Power Agency, Series D (RB)
		5.00%, 01/01/21		1,783,134
	1,000,000	North Carolina Municipal Power Agency No. 1, Series B (RB)
		5.00%, 01/01/22 (c)		1,089,080
		North Carolina State Capital Improvement Limited Obligation Bonds, Series A (RB)
	500,000	4.50%, 05/01/20 (c)		531,240
	500,000	5.00%, 05/01/20 (c)		584,675
	20,000	North Carolina State Capital Improvement Limited Obligation Bonds, Series B (RB)
		5.00%, 11/01/21 (c)		23,436
	750,000	North Carolina State, Capital Improvement Limited Obligation, Series C (RB)
		5.00%, 05/01/21 (c)		853,192
	400,000	North Carolina State, Series C (GO)
		5.00%, 05/01/22		482,956
				8,150,791
Ohio: 1.9%
	1,000,000	City of Columbus, Various Purpose, Series A (GO)
		5.00%, 08/15/22 (c)		1,164,210
	870,000	County of Hamilton, Ohio Healthcare Facilities, The Christ Hospital Project (RB) (AGM)
		4.00%, 06/01/22 (c)		856,898
	1,220,000	Hamilton County, Ohio Sewer System Improvement, Series A (RB)
		5.00%, 12/01/22		1,452,642
	530,000	Kent State University, Series B (RB) (AGO)
		5.00%, 05/01/19 (c)		585,067
		Ohio State Common Schools, Series A (GO)
	750,000	5.00%, 09/15/22		898,935
	1,175,000	5.00%, 09/15/23		1,410,106
	1,750,000	Ohio State Common Schools, Series B (GO)
		4.00%, 09/15/21 (c)		1,830,605
	1,480,000	Ohio State, Higher Education, Series A (GO)
		5.00%, 02/01/20		1,762,547
	500,000	Ohio State, Higher Education, Series C (GO)
		4.25%, 08/01/22		562,075
	650,000	Ohio State, Turnpike Commission, Series A (RB)
		5.25%, 02/15/27		763,711
				11,286,796
Oregon: 1.2%
	100,000	Beaverton School District 48J, Washington and Multnomah Counties, Oregon, Series B (GO) (SBG)
		4.00%, 06/15/22 (c)		106,733
	1,040,000	Deschutes County, Oregon, Administrative School District No. 1 (GO) (SBG)
		4.00%, 06/15/21		1,160,567
	1,000,000	Marion & Polk Counties, Oregon Salem-Keizer School District No. 24J, Series B (GO) (SBG)
		4.26%, 06/15/22 ^		784,110
		Metro, Oregon Series A (GO)
	500,000	4.00%, 06/01/22 (c)		533,525
	400,000	5.00%, 06/01/22 (c)		470,104
		Oregon Administrative Services, Oregon State Lottery, Series A (RB)
	500,000	5.00%, 04/01/19 (c)		566,045
	1,000,000	5.25%, 04/01/19 (c)		1,145,230
	500,000	Oregon Community College District, Portland (GO)
		5.00%, 06/15/19 (c)		561,270
	500,000	Oregon State, Series F (GO)
		5.00%, 05/01/23 (c)		589,425
		Portland, Oregon Sewer System, Series A (RB)
	475,000	4.25%, 03/01/20 (c)		508,274
	575,000	5.00%, 03/01/20 (c)		639,745
				7,065,028
Pennsylvania: 2.0%
		Commonwealth of Pennsylvania (GO)
	300,000	4.00%, 10/15/23 (c)		309,237
	500,000	5.00%, 10/15/23 (c)		587,700
	500,000	Commonwealth of Pennsylvania, First Refunding Series (GO)
		4.00%, 07/01/23		548,870
		Commonwealth of Pennsylvania, First Series (GO)
	920,000	5.00%, 06/01/21		1,096,732
	2,000,000	5.00%, 11/15/21 (c)		2,340,560
	1,250,000	5.00%, 06/01/22 (c)		1,462,962
	100,000	5.00%, 06/01/22		118,841
	850,000	Monroeville, Pennsylvania Finance Authority (RB)
		5.00%, 02/15/26		939,938
	250,000	Pennsylvania Economic Development Financing Authority, Health System, Albert Einstein Healthcare, Series A (RB)
		6.25%, 10/15/19 (c)		273,448
	500,000	Pennsylvania Economic Development Financing Authority, Unemployment Compensation, Series B (RB)
		5.00%, 01/01/19 (c)		577,080
	500,000	Pennsylvania Higher Educational Facilities Authority, Series AM (RB)
		4.00%, 06/15/21 (c)		511,840
	1,000,000	Pennsylvania State Industrial Development Athority (RB)
		5.00%, 07/01/21		1,160,700
	290,000	University of Pittsburgh, Series A (RB)
		5.50%, 03/15/19 (c)		340,924
	1,030,000	University of Pittsburgh, Series B (RB)
		5.50%, 03/15/19 (c)		1,221,920
				11,490,752
Puerto Rico: 0.9%
		Puerto Rico Commonwealth, Public Improvement, Series A (GO)
	1,205,000	5.00%, 07/01/20		906,943
	1,000,000	5.00%, 07/01/21		734,130
	500,000	5.50%, 07/01/21 (c)		474,520
	500,000	Puerto Rico Electric Power Authority, Series AAA (RB)
		5.25%, 07/01/20 (c)		348,885
		Puerto Rico Electric Power Authority, Series ZZ (RB)
	1,390,000	5.25%, 07/01/20 (c)		892,241
	35,000	5.25%, 07/01/20 (c)		24,422
	500,000	Puerto Rico Highways & Transportation Authority, Series N (RB)
		5.50%, 07/01/21		371,335
	1,400,000	Puerto Rico Sales Tax Financing Corp., Series C (RB)
		5.00%, 08/01/21		1,416,534
				5,169,010
Rhode Island: 0.7%
	955,000	Rhode Island Economic Development Corp., Transportation Department, Series A (RB) (AGO)
		5.25%, 06/15/19 (c)		1,091,126
	2,490,000	Rhode Island Health & Educational Building Corp. (RB)
		5.00%, 09/01/21		2,989,195
				4,080,321
South Carolina: 1.6%
	1,750,000	City of Charleston, South Carolina, Waterworks & Sewer System Revenue (RB)
		5.00%, 01/01/22 (c)		2,062,025
		Richland County, South Carolina School District No. 1, Series A (GO)
	500,000	4.00%, 09/01/21 (c)		524,640
	1,305,000	4.00%, 09/01/21 (c)		1,418,600
	500,000	5.00%, 09/01/21 (c)		573,110
	975,000	South Carolina Jobs-Economic Development Authority (RB)
		3.75%, 11/01/22 (c)		923,695
		South Carolina State Economic Development, Series A (GO)
	625,000	2.00%, 04/01/20 (c)		590,200
	1,000,000	4.00%, 04/01/20 (c)		1,107,930
		South Carolina State Public Service Authority, Series B (RB)
	1,100,000	4.00%, 12/01/21		1,214,070
	650,000	5.00%, 12/01/21		766,298
	250,000	South Carolina State Public Service Authority, Series C (RB)
		5.00%, 12/01/20		294,805
				9,475,373
Tennessee: 1.6%
		Memphis, Tennessee General Improvement Refunding (GO)
	1,350,000	5.00%, 05/01/21 (c)		1,569,253
	500,000	5.00%, 05/01/21		592,095
		Metropolitan Government of Nashville & Davidson County, Tennessee Subordinate Lien Water & Sewer Revenue Refunding (RB)
	500,000	5.00%, 07/01/20		583,535
	1,750,000	5.00%, 07/01/21		2,037,630
	1,200,000	5.00%, 07/01/22		1,388,688
	1,000,000	Metropolitan Government of Nashville & Davidson County, Tennessee, Series D (GO)
		5.00%, 07/01/20 (c)		1,152,220
	100,000	Tennessee State School Bond Authority, Higher Educational Facilities, Series C (RB)
		5.00%, 05/01/20		117,592
	475,000	Tennessee State, Series A (GO)
		5.00%, 08/01/22		572,575
	1,000,000	Tennessee State, Series C (GO)
		5.00%, 05/01/18 (c)		1,131,320
				9,144,908
Texas: 7.5%
		City of Austin, Texas, Water & Wastewater System Revenue (RB)
	650,000	5.00%, 11/15/21		769,737
	400,000	5.00%, 11/15/21 (c)		459,600
	1,000,000	City of Fort Worth, Texas (GO)
		5.00%, 03/01/22 (c)		1,176,110
		City of Houston, Texas, Series A (GO)
	1,350,000	5.00%, 03/01/21		1,599,210
	300,000	5.00%, 03/01/22		353,310
		City of San Antonio, Texas Electric & Gas Systems (RB)
	1,785,000	5.00%, 02/01/22		2,124,846
	1,000,000	5.00%, 08/01/22 (c)		1,154,570
	1,000,000	5.00%, 02/01/23		1,191,270
	500,000	5.25%, 02/01/25		603,090
	1,000,000	City of San Antonio, Texas Water System Revenue (RB)
		5.00%, 05/15/22 (c)		1,146,380
	1,000,000	Clear Creek Independent School District (GO)
		5.00%, 02/15/22 (c)		1,170,500
	585,000	Comal Independent School District (GO)
		4.00%, 02/01/21 (c)		602,626
	1,000,000	County of Williamson, Texas (GO)
		5.00%, 02/15/22		1,189,620
		Dallas, Texas Independent School District (GO)
	100,000	5.00%, 02/15/21 (c)		117,004
	1,100,000	5.00%, 02/15/21 (c)		1,296,394
	250,000	Fort Worth, Texas Water & Sewer System Revenue (RB)
		5.00%, 02/15/21 (c)		290,750
	500,000	Harris County, Texas Cypress-Fairbanks Independent School District (GO)
		5.00%, 02/15/21 (c)		576,275
	475,000	Harris County, Texas Permanent Improvement, Series A (GO)
		5.00%, 10/01/20 (c)		534,047
		Harris County, Texas Unlimited Tax Road Refunding, Series A (GO)
	500,000	5.00%, 10/01/20 (c)		579,510
	1,980,000	5.00%, 10/01/22 (c)		2,320,996
		Houston, Texas Public Improvement Refunding, Series A (GO)
	500,000	5.00%, 03/01/19 (c)		557,425
	1,000,000	5.00%, 03/01/19 (c)		1,136,760
	2,000,000	5.00%, 03/01/21 (c)		2,292,920
	425,000	Lewisville, Texas Independent School District (GO)
		5.00%, 02/15/19 (c)		489,651
		Lower Colorado River Authority, Series A (RB)
	350,000	5.00%, 05/15/20 (c)		385,140
	1,000,000	5.00%, 05/15/22 (c)		1,126,070
	1,350,000	Lower Colorado River Authority, Series B (RB)
		5.00%, 05/15/22 (c)		1,467,058
	2,000,000	North Texas Municipal Water District (RB)
		5.25%, 09/01/20		2,407,980
	1,500,000	North Texas Tollway Authority, System Revenue, Series A (RB)
		6.25%, 02/01/20 (c)		1,674,780
	500,000	Pasadena, Texas Independent School District (GO)
		5.00%, 02/15/23 (c)		582,005
	415,000	Port of Houston Authority of Harris County Texas, Series D-1 (GO)
		5.00%, 10/01/20 (c)		474,407
	300,000	San Antonio Public Facilities Corp. (RB)
		3.00%, 09/15/22 (c)		263,571
	5,000	San Antonio, Texas Electric & Gas Systems, Junior Lien (RB)
		5.00%, 02/01/15 (c)		5,233
		San Antonio, Texas Electric & Gas Systems, Series A (RB)
	750,000	5.25%, 02/01/19 (c)		853,335
	500,000	5.25%, 02/01/19 (c)		571,680
	1,025,000	San Antonio, Texas Water System Revenue (RB)
		5.00%, 05/15/22 (c)		1,198,789
	1,220,000	Tarrant County, Texas Cultural Education Facilities Finance Corporation (RB)
		5.00%, 10/01/23 (c)		1,322,968
		Texas Municipal Gas Acquisition & Supply Corp., Gas Supply (RB)
	1,000,000	5.00%, 12/15/20		1,106,810
	1,000,000	5.00%, 12/15/22		1,091,880
	500,000	Texas State, Public Finance Authority (GO)
		5.00%, 10/01/21 (c)		572,340
	1,000,000	University of Houston, Series A (RB)
		5.00%, 02/15/21 (c)		1,159,500
	1,850,000	University of Texas, Revenue Financing System (RB)
		5.00%, 08/15/22		2,217,354
		University of Texas, Revenue Financing System, Series A (RB)
	500,000	5.00%, 02/15/20 (c)		577,100
	650,000	5.00%, 02/15/22 (c)		749,645
				43,540,246
Utah: 0.3%
		Utah State, Series A (GO)
	500,000	5.00%, 07/01/21 (c)		581,815
	500,000	5.00%, 07/01/21 (c)		586,600
	550,000	5.00%, 07/01/21 (c)		655,941
				1,824,356
Virginia: 4.0%
	1,000,000	City of Richmond, Virginia, Series A (GO) (SAW)
		5.00%, 03/01/22		1,186,520
	835,000	Commonwealth of Virginia, Series A (GO)
		4.00%, 06/01/21 (c)		876,040
	1,965,000	Fairfax County, Virginia Economic Development Authority Transportation District Improvement, Silver Line Phase I Project (ST)
		5.00%, 04/01/20 (c)		2,218,465
	650,000	Fairfax County, Virginia Public Improvement, Series B (GO) (SAW)
		5.00%, 04/01/21		783,237
	2,700,000	Virgina State Public School Authority, School Financing, Series A (RB) (SAW)
		5.00%, 08/01/22		3,215,673
		Virginia College Building Authority, 21st Century College & Equipment Programs Educational Facilities, Series A (RB)
	425,000	3.00%, 02/01/22 (c)		399,577
	2,000,000	5.00%, 02/01/22 (c)		2,342,680
	1,890,000	5.00%, 09/01/22 (c)		2,222,224
	100,000	Virginia College Building Authority, 21st Century College & Equipment Programs Educational Facilities, Series B (RB)
		5.00%, 02/01/22 (c)		117,134
	1,850,000	Virginia College Building Authority, Educational Facilities, Public Higher Education Financing Program, Series B (RB)
		4.00%, 09/01/22 (c)		1,947,384
		Virginia Commonwealth Transportation Board (RB)
	500,000	4.00%, 05/15/21 (c)		516,570
	150,000	5.25%, 05/15/21 (c)		175,545
		Virginia Commonwealth Transportation Board, Series A (RB)
	750,000	5.00%, 03/15/20		881,167
	1,000,000	5.00%, 09/15/21		1,182,150
	250,000	Virginia Resources Authority Clean Water Revolving Fund (RB)
		5.00%, 10/01/17 (c)		289,713
		Virginia State Public Building Authority, Public Facilities, Series B (RB)
	250,000	5.00%, 08/01/19 (c)		281,733
	200,000	5.00%, 08/01/19 (c)		227,032
	1,850,000	Virginia State Public Building Authority, School Financing, Series A (RB) (SAW)
		5.00%, 08/01/22		2,203,331
	230,000	Virginia State Public Building Authority, School Financing, Series B (RB) (SAW)
		5.00%, 08/01/19 (c)		266,087
	1,535,000	Virginia State Public School Authority, School Financing, Series A (RB) (SAW)
		5.00%, 08/01/23		1,827,371
				23,159,633
Washington: 5.0%
	550,000	Central Puget Sound Regional Transsit Authority, Series S-1 (RB)
		5.00%, 11/01/22 (c)		620,010
	350,000	King County, Washington Bellevue School District No. 401 (GO) (SBG)
		4.38%, 06/01/21 (c)		380,216
	1,500,000	King County, Washington Renton School District No. 403 (GO) (SBG)
		5.00%, 06/01/22 (c)		1,775,190

		King County, Washington Sewer Revenue & Refunding (RB)
	1,400,000	5.00%, 07/01/20 (c)		1,606,836
	1,025,000	5.00%, 01/01/23 (c)		1,181,548
	1,300,000	Northwest Washington, Columbia Generating Electric Station, Series A (RB)
		5.00%, 07/01/21		1,543,568
	1,730,000	Northwest Washington, Columbia Generating Electric Station, Series A (RB)
		5.00%, 07/01/21		2,054,133
		University of Washington General Revenue, Series A (RB)
	1,000,000	5.00%, 04/01/21 (c)		1,118,330
	500,000	5.00%, 04/01/21 (c)		561,210
	1,000,000	Washingston State, Various Purpose, Series A (GO)
		5.00%, 08/01/22 (c)		1,159,460
	1,000,000	Washington Federal Highway Grant Anticipation, SR 520 Corridor Program, Series F (RB)
		5.00%, 09/01/22		1,164,950
	1,300,000	Washington State, Motor Vehicle Fuel Tax, Series C (GO)
		5.00%, 06/01/20		1,550,081
	1,100,000	Washington State, Motor Vehicle Fuel Tax, Series E (GO)
		5.00%, 02/01/22		1,309,429
	2,000,000	Washington State, Motor Vehicle Fuel Tax, Series R (GO)
		5.00%, 07/01/22 (c)		2,345,440
		Washington State, Various Purpose, Series A (GO)
	855,000	4.00%, 07/01/22		949,614
	500,000	5.00%, 01/01/19 (c)		568,745
	550,000	5.00%, 08/01/20		656,590
	1,000,000	5.00%, 01/01/21 (c)		1,138,590
	1,000,000	5.00%, 07/01/21 (c)		1,168,770
	300,000	5.00%, 08/01/21 (c)		346,941
	1,000,000	5.00%, 07/01/22		1,192,630
	1,675,000	Washington State, Various Purpose, Series D (GO)
		5.00%, 02/01/23 (c)		1,932,950
		Washington State, Various Purpose, Series R-A (GO)
	650,000	5.00%, 01/01/21		774,254
	375,000	5.00%, 07/01/21 (c)		433,076
	500,000	Washington State, Various Purpose, Series R-B (GO)
		5.00%, 07/01/20		596,720
	625,000	Washington State, Various Purpose, Series R-C (GO)
		5.00%, 07/01/22 (c)		723,781
				28,853,062
West Virginia: 0.3%
		West Virginia Hospital Finance Authority, Charleston Area Medical Center, Hospital Revenue & Improvement, Series A (RB)
	225,000	5.13%, 09/01/19 (c)		246,940
	500,000	5.50%, 09/01/14 (c)		511,755
	875,000	West Virginia University Board of Governors, University Improvement, Series B (RB)
		5.00%, 10/01/21		1,029,866
				1,788,561
Wisconsin: 1.0%
	755,000	Washington State, Series C (GO)
		4.00%, 05/01/21 (c)		783,818
	205,000	Wisconsin State, Health & Educational Facilities Authority, Aurora Health Care, Inc., Series A (RB)
		5.00%, 07/15/21 (c)		211,679
		Wisconsin State, Series 2 (GO)
	350,000	5.00%, 05/01/21		417,823
	1,300,000	5.00%, 11/01/21		1,556,659
		Wisconsin State, Series A (GO)
	1,000,000	5.00%, 05/01/20		1,192,570
	510,000	5.25%, 05/01/21 (c)		594,242
	750,000	Wisconsin State, Series C (GO)
		4.00%, 05/01/21 (c)		791,445
	25,000	Wisconsin State, Transportation, Series A (RB) (AGM)
		5.25%, 07/01/16		27,862
				5,576,098
Total Municipal Bonds (Cost: $579,329,650)				578,564,476

	Number of Shares
MONEY MARKET FUNDS: 0.2% (Cost: $1,153,556)
	584,823	Dreyfus Government Cash Management Fund		584,823
	568,733	Dreyfus Tax Exempt Cash Management Fund - Class B Shares		568,733
Total Money Market Funds (Cost: $1,153,556)				1,153,556
Total Investments: 99.6% (Cost: $580,483,206)				579,718,032
Other assets less liabilities: 0.4%				2,259,734
NET ASSETS: 100.0%			$	581,977,766

AGM	Assured Guaranty Municipal Corp.
AGO	Assured Guaranty Ltd.
AMBAC	American Municipal Bond Assurance Corp.
BHAC	Berkshire Hathaway Assurance Corp.
CP	Certificate of Participation
GO	General Obligation
NATL	National Public Finance Guarantee Corp.
Q-SBLF	Qualified School Board Loan Fund
RB	Revenue Bond
SAW	State Aid Withholding
SBG	School Board Guaranteed
ST	Special Tax
XLCA	Syncora Guarantee, Inc.
(c)	Callable Security - the redemption date shown is when the security may be redeemed by the issuer
^	Zero Coupon Bond - the rate shown is the effective yield at purchase date

Summary of Investments By Sector (unaudited)	% of Investments		Value
Airport	0.7	%	$	4,138,673
Bond Bank	0.2			1,126,690
Development	1.3			7,626,273
Education	5.2			30,087,868
Facilities	4.5			26,144,946
General Obligation	43.9			254,547,518
Higher Education	8.4			48,653,561
Medical	3.5			20,179,695
Pollution	0.5			2,776,350
Power	6.0			35,011,464
School District	4.1			23,771,207
Single Family Housing	0.3			1,705,723
Student Loan	0.2			921,494
Tobacco Settlement	0.6			3,592,157
Transportation	11.9			68,950,231
Utilities	2.0			11,848,242
Water	6.5			37,482,384
Money Market Fund	0.2			1,153,556
	100.0	%	$	579,718,032

The summary of inputs used to value the Fund’s investments as of January 31, 2014 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Municipal Bonds*	$	—	$	578,564,476	$	—	$	578,564,476
Money Market Fund		1,153,556		—		—		1,153,556
Total	$	1,153,556	$	578,564,476	$	—	$	579,718,032

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

See Notes to Schedules of Investments

LONG MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

January 31, 2014 (unaudited)

Principal Amount				Value
MUNICIPAL BONDS: 98.4%
Arizona: 3.5%
$	700,000	Arizona Board of Regents, Arizona State University Projects, Series A (RB)
		5.00%, 07/01/22 (c)	$	737,765
	1,000,000	Arizona Health Facilities Authority, Series A (RB)
		3.75%, 01/01/22 (c)		848,730
	250,000	Arizona Health Facilities Authority, Series D (RB)
		5.50%, 01/01/18 (c)		263,795
	550,000	Arizona Sports & Tourism Authority, Series A (RB)
		5.00%, 07/01/22 (c)		575,712
	20,000	Salt River Project Agricultural Improvement & Power District, Series A (RB)
		5.00%, 01/01/19 (c)		21,378
				2,447,380
California: 7.3%
	380,000	Bay Area Toll Authority, Series S-2 (RB)
		5.00%, 10/01/20 (c)		391,461
	250,000	California Health Facilities Financing Authority (RB)
		4.50%, 11/15/21 (c)		251,618
	500,000	City of Torrance, California, Memorial Medical Center, Series A (RB)
		4.75%, 09/01/20 (c)		517,380
	500,000	Los Angeles Unified School District, California, Series D (GO)
		5.00%, 07/01/19 (c)		542,785
	300,000	M-S-R Energy Authority, Series B (RB)
		7.00%, 11/01/34		388,869
	500,000	M-S-R Energy Authority, Series C (RB)
		6.50%, 11/01/39		612,880
		State of California, Various Purpose (GO)
	500,000	3.50%, 09/01/22 (c)		445,995
	125,000	3.50%, 09/01/22 (c)		109,325
	750,000	5.00%, 04/01/22 (c)		782,085
	500,000	5.50%, 11/01/19 (c)		550,190
	375,000	5.75%, 04/01/19 (c)		422,569
	250,000	William S. Hart, California High School District, Election 2001, Series B (GO) (AGM)
		6.38%, 09/01/28 ^		126,138
				5,141,295
Colorado: 2.6%
	500,000	Colorado Health Facilities Authority, Evangelical Lutheran Good Samaritan Society Project (RB)
		5.00%, 06/01/22 (c)		497,475
	550,000	Colorado Health Facilities Authority, Sister of Charity of Leavenworth Health System, Series A (RB)
		5.00%, 01/01/20 (c)		564,960
	750,000	University of Colorado Hospital Authority, Series A (RB)
		5.00%, 11/15/22 (c)		770,325
				1,832,760
Connecticut: 0.7%
	500,000	Connecticut State Health & Educational Facility Authority, Series A (RB)
		5.00%, 07/01/21 (c)		500,590
District of Columbia: 0.7%
	500,000	District of Columbia, Association of American Medical College Issue, Series B (RB)
		5.00%, 10/01/21 (c)		510,810
Florida: 8.0%
	500,000	Broward County, Florida, Water & Sewer Utility Revenue (RB)
		5.00%, 10/01/22 (c)		533,235
	1,250,000	City of Tampa, Florida Health System, Series A (RB)
		5.00%, 05/15/22 (c)		1,305,887
	600,000	Collier County, Florida, Industrial Development Authority (RB)
		6.25%, 04/01/21 (c)		668,244
	800,000	Miami-Dade County, Florida Transit System (RB)
		5.00%, 07/01/22 (c)		839,120
	250,000	Miami-Dade County, Florida Building Better Communities Program, Series A (GO) (AGO)
		5.00%, 07/01/18 (c)		267,180
	825,000	Orange County Health Facilities Authority (RB)
		5.00%, 04/01/22 (c)		786,340
	500,000	Orange County, Florida Health Facilities Authority, Hospital Revenue, Orlando Health, Inc., Series A (RB)
		4.13%, 04/01/22 (c)		469,850
	750,000	Tampa-Hillsborough County Expressway Authority (RB)
		5.00%, 07/01/22 (c)		769,110
				5,638,966
Georgia: 3.7%
	900,000	Chatham County, Georgia Hospital Authority, Memorial Health University Medical Center, Inc. Project, Series A (RB)
		5.00%, 01/01/22 (c)		959,823
	375,000	Columbus Medical Center Hospital Authority, Regional Healthcare System (RB) (AGM)
		5.00%, 08/01/20 (c)		380,389
		Gainesville City & Hall County, Georgia Hospital Authority, Northeast Georgia Health System, Inc. Project, Series A (RB)
	450,000	5.25%, 02/15/15 (c)		457,555
	325,000	5.50%, 02/15/20 (c)		334,708
	250,000	Gainesville City & Hall County, Georgia Hospital Authority, Northeast Georgia Health System, Inc. Project, Series B (RB)
		5.25%, 02/15/20 (c)		256,878
	250,000	Valdosta & Lowndes County, Georgia Hospital Authority, South Georgia Medical Project, Series B (RB)
		5.00%, 10/01/21 (c)		254,923
				2,644,276
Hawaii: 0.9%
	550,000	State of Hawaii, Department of Budget and Finance (RB)
		6.50%, 07/01/19 (c)		605,555
Illinois: 4.6%
	420,000	City of Chicago, Sales Tax, Series A (RB)
		4.38%, 01/01/22 (c)		413,477
		Illinois Finance Authority (RB)
	500,000	4.00%, 08/15/22 (c)		466,490
	1,000,000	4.00%, 06/01/22 (c)		833,170
	500,000	Illinois Finance Authority, Chicago University Medical Center, Series C (RB)
		5.50%, 02/15/21 (c)		530,760
	250,000	Illinois Finance Authority, OSF Healthcare System, Series A (RB)
		5.75%, 11/15/17 (c)		260,375
	500,000	Illinois Metropolitan Pier & Exposition Authority, McCormick Place Expansion Project, Series B (RB)
		4.25%, 06/15/22 (c)		454,725
	300,000	State of Illinois, Series A (GO)
		4.50%, 01/01/22 (c)		274,206
				3,233,203
Indiana: 2.7%
	500,000	Indiana Finance Authority, Community Health Network, Series A (RB)
		4.00%, 05/01/23 (c)		427,925
	275,000	Indiana Finance Authority, Educational Facilities, Marian University Project (RB)
		6.38%, 09/15/21 (c)		279,026
	500,000	Indiana Finance Authority, King's Daughters' Hospital & Health Services (RB)
		5.50%, 08/15/20 (c)		463,265
	700,000	Indianapolis Local Public Improvement, Waterworks Project, Series A (RB) (AGO)
		5.50%, 01/01/19 (c)		744,401
				1,914,617
Kansas: 0.4%
	250,000	Kansas State Development Finance Authority, Hospital Revenue-Adventist Health System/Sunbelt Obligated Group, Series C (RB)
		5.75%, 11/15/14 (c)		255,390
Louisiana: 0.5%
	100,000	Lafayette, Louisiana Utilities Revenue (RB)
		4.75%, 11/01/20 (c)		103,907
	250,000	Louisiana Public Facilities Authority, 19th Judicial District Court (RB)
		5.38%, 06/01/17 (c)		258,143
				362,050
Massachusetts: 3.4%
	425,000	Massachusetts Bay Transportation Authority, Series A (RB)
		4.00%, 07/01/22 (c)		413,015
	525,000	Massachusetts Development Finance Agency, Harvard University Issue, Series B (RB)
		5.25%, 02/01/21 (c)		587,391
		Massachusetts School Building Authority, Senior Dedicated Sales Tax Bonds, Series B (RB)
	300,000	5.00%, 10/15/21 (c)		328,203
	500,000	5.00%, 10/15/21 (c)		531,785
	500,000	Metropolitan Boston Transit Parking Corp., Systemwide Senior Lien Parking (RB)
		5.25%, 07/01/21 (c)		539,700
				2,400,094
Michigan: 1.0%
	500,000	Lansing, Michigan Board of Water & Light, Utility System, Series A (RB)
		5.00%, 07/01/21 (c)		529,455
	150,000	Michigan Finance Authority Hospital Revenue & Refunding Bonds, Series MI (RB)
		5.00%, 12/01/21 (c)		152,025
				681,480
Missouri: 1.0%
		Missouri State Health & Educational Facilities, Series A (RB)
	250,000	5.00%, 06/01/18 (c)		256,028
	460,000	5.50%, 11/15/18 (c)		481,556
				737,584
Montana: 0.7%
	500,000	Montana Facility Finance Authority, Sisters of Charity of Leavenworth Health System (RB)
		4.75%, 01/01/20 (c)		508,735
Nebraska: 0.7%
	500,000	Central Plains Energy Project, Nebraska Gas Project No. 3 (RB)
		5.25%, 09/01/22 (c)		512,460
Nevada: 1.3%
	500,000	Las Vegas Valley, Nevada Water District, Series B (GO)
		4.00%, 06/01/22 (c)		466,150
	450,000	Washoe County, Nevada Highway Revenue (RB)
		5.00%, 02/01/19 (c)		460,759
				926,909
New Jersey: 4.5%
		New Jersey State Transportation Trust Fund Authority, Series A (RB)
	515,000	4.97%, 12/15/31 ^		207,674
	830,000	5.43%, 12/15/37 ^		228,474
	1,000,000	5.88%, 12/15/33 ^		353,830
		New Jersey State Transportation Trust Fund Authority, Series B
	1,100,000	5.00%, 06/15/21 (c)		1,135,475
	750,000	5.25%, 06/15/21 (c)		794,025
	300,000	New Jersey State Turnpike Authority, Series E (RB)
		5.25%, 01/01/19 (c)		317,091
	150,000	New Jersey State Turnpike Authority, Series F (RB)
		5.00%, 01/01/23 (c)		159,407
				3,195,976
New York: 19.7%
	250,000	City of Troy, Capital Resource Corp., Rensselaer Polytechnic Institute Project, Series A (RB)
		5.13%, 09/01/20 (c)		256,793
	700,000	Long Island Power Authority, Electric System General Revenue, Series A (RB)
		5.00%, 09/01/22 (c)		713,167
	550,000	Metropolitan Transportation Authority (RB)
		5.00%, 11/15/22 (c)		564,503
	250,000	Metropolitan Transportation Authority, New York Dedicated Tax Fund, Series B (RB)
		5.00%, 11/15/19 (c)		263,560
	220,000	Metropolitan Transportation Authority, Series B (RB)
		4.00%, 11/15/22 (c)		219,157
		Metropolitan Transportation Authority, Series E (RB)
	1,000,000	3.50%, 11/15/22 (c)		887,820
	750,000	5.00%, 11/15/23 (c)		778,747
	150,000	Nassau County, New York General Improvement, Series A (GO)
		4.00%, 04/01/22 (c)		135,453
	795,000	New York & New Jersey Port Authority, Series 163 (RB)
		4.25%, 07/15/20 (c)		783,790
	300,000	New York City Municipal Water Finance Authority, Water & Sewer System, Series AA (RB)
		5.00%, 06/15/21 (c)		311,199
	500,000	New York City Municipal Water Finance Authority, Water & Sewer System, Series BB (RB)
		5.00%, 06/15/20 (c)		540,050
	300,000	New York City Municipal Water Finance Authority, Water & Sewer System, Series CC (RB)
		5.00%, 12/15/21 (c)		311,838
	780,000	New York City Municipal Water Finance Authority, Water & Sewer System, Series EE (RB)
		5.25%, 06/15/19 (c)		830,848
	500,000	New York City Transitional Finance Authority, Future Tax Secured, Series D-1 (RB)
		5.13%, 02/01/21 (c)		537,470
	700,000	New York City Transitional Finance Authority, Future Tax Secured, Series E-1 (RB)
		5.00%, 02/01/22 (c)		736,211
	1,150,000	New York Liberty Development Corp (RB)
		5.75%, 11/15/21 (c)		1,230,132
	700,000	New York Liberty Development Corp., 4 World Trade Center Project (RB)
		5.00%, 11/15/21 (c)		715,785
		New York Liberty Development Corp., Bank of America Tower at One Bryant Park Project, Second Priority Liberty (RB)
	500,000	5.13%, 01/15/20 (c)		517,445
	500,000	6.38%, 01/15/20 (c)		534,960
	500,000	New York Liberty Development Corp., Secured by Port Authority Consolidated Bonds (RB)
		5.00%, 12/15/21 (c)		517,710
	550,000	New York State Dormitory Authority (RB)
		5.00%, 04/01/21 (c)		590,628
	460,000	New York State Dormitory Authority, Cornell University, Series A (RB)
		5.00%, 07/01/20 (c)		501,754
	500,000	New York State Dormitory Authority, State Personal Income Tax, Series C (RB)
		5.00%, 03/15/21 (c)		524,035
	300,000	New York State Thruway Authority (RB)
		5.00%, 01/01/22 (c)		310,278
	600,000	Triborough Bridge & Tunnel Authority, Series A (RB)
		4.00%, 11/15/22 (c)		600,852
				13,914,185
North Carolina: 3.1%
	500,000	Charlotte, North Carolina Cultural Arts Facilities, Series E (CP)
		5.00%, 06/01/19 (c)		521,535
	250,000	Charlotte, North Carolina NASCAR Hall of Fame Facilities, Series C (CP)
		5.00%, 06/01/19 (c)		258,713
	480,000	Charlotte-Mecklenburg Hospital Authority, Carolina HealthCare System, Series A (RB)
		5.25%, 01/15/21 (c)		500,674
		North Carolina Medical Care Commission, Series B (RB)
	750,000	4.00%, 12/01/22 (c)		683,272
	250,000	5.00%, 12/01/22 (c)		260,297
				2,224,491
Ohio: 4.3%
	500,000	Akron Bath Copley Joint Township Hospital District (RB)
		5.00%, 05/15/23 (c)		511,140
		Butler County, Ohio Hospital Facilities Revenue (RB)
	400,000	5.25%, 04/01/21 (c)		425,196
	600,000	5.50%, 11/01/20 (c)		612,804
	1,000,000	Ohio Higer Educational Facility Commission (RB)
		5.00%, 01/01/22 (c)		1,043,730
	450,000	Ohio State Hospital, University Hospital Health System, Inc., Series A (RB)
		5.00%, 01/15/22 (c)		452,623
				3,045,493
Pennsylvania: 3.8%
		Dauphin County, General Authority Health System, Pinnacle Health System Project, Series A (RB)
	420,000	4.00%, 06/01/22 (c)		369,961
	250,000	5.00%, 06/01/22 (c)		249,343
	325,000	Delaware River Port Authority, Series D (RB)
		5.00%, 01/01/20 (c)		338,634
	500,000	Monoroeville Finance Authority (RB)
		5.00%, 08/15/22 (c)		510,080
	450,000	Pennsylvania State Turnpike Commission, Series D (RB)
		5.30%, 12/01/19 (c)		464,508
	250,000	Pennsylvania State Turnpike Commission, Sub-Series A (RB) (AGO)
		5.00%, 06/01/19 (c)		255,250
	250,000	Pennsylvania State Turnpike Commission, Sub-Series B (RB)
		5.25%, 06/01/19 (c)		258,173
	250,000	Westmoreland County, Municipal Authority (RB)
		5.00%, 08/15/23 (c)		261,965
				2,707,914
Puerto Rico: 6.5%
	1,255,000	Puerto Rico Commonwealth Public Improvement, Series A (GO)
		5.75%, 07/01/21 (c)		887,323
	750,000	Puerto Rico Commonwealth Public Improvement, Series A (GO)
		5.50%, 07/01/22 (c)		516,585
	750,000	Puerto Rico Public Buildings Authority (RB) (COMWLTH GTD)
		6.00%, 07/01/21 (c)		536,760
	550,000	Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue, First Senior Series C (RB)
		5.00%, 08/01/21 (c)		425,848
	1,000,000	Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue, Senior Series C (RB)
		5.00%, 08/01/21 (c)		755,020
		Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue, Series C (RB)
	1,150,000	5.25%, 08/01/20 (c)		799,480
	1,000,000	5.38%, 08/01/20 (c)		702,020
				4,623,036
South Carolina: 1.5%
		South Carolina State Public Service Authority (RB)
	75,000	5.00%, 12/01/21 (c)		78,249
	500,000	5.00%, 01/01/20 (c)		510,220
	500,000	South Carolina Transportation Infrastructure Bank, Series B (RB)
		3.63%, 10/01/22 (c)		443,295
				1,031,764
Tennessee: 0.6%
	425,000	Rutherford County, Tennessee Health & Educational Facilities Board, Ascension Health Senior Credit Group, Series C (RB)
		5.00%, 11/15/19 (c)		434,159
Texas: 3.4%
	625,000	Houston, Texas Combine Utility System, First Lien, Series D (RB)
		5.00%, 11/15/21 (c)		659,544
	500,000	Houston, Texas Higher Education Finance Corp., Rice University Project, Series A (RB)
		5.00%, 05/15/20 (c)		533,490
	1,000,000	Lower Colorado River Authority (RB)
		5.00%, 05/15/23 (c)		1,026,060
	500,000	North Texas Tollway Authority, Series D (RB) (AGO)
		6.90%, 01/01/36 ^		161,020
				2,380,114
Virginia: 2.2%
	500,000	Virginia College Building Authority, Liberty University Projects (RB)
		5.00%, 03/01/20 (c)		529,745
	750,000	Virginia Commonwealth University Health System Authority (RB)
		4.75%, 07/01/21 (c)		758,842
	250,000	Virginia Small Business Financing Authority, Sentara Health Care Facilities (RB)
		5.00%, 05/01/20 (c)		257,128
				1,545,715
Washington: 5.1%
	250,000	County of Pierce, Washington Sewer Revenue (RB)
		4.00%, 08/01/22 (c)		251,253
		King County, Washington Sewer Revenue (RB)
	500,000	5.00%, 07/01/20 (c)		520,530
	575,000	5.00%, 01/01/22 (c)		593,923
	250,000	Snohomish County, Washington Limited Tax, Series A (GO)
		4.00%, 06/01/20 (c)		246,408
	550,000	State of Washington (GO)
		5.00%, 08/01/20 (c)		612,023
	700,000	University of Washington, General Revenue & Refunding Bonds, 2011-A (RB)
		5.00%, 04/01/21 (c)		754,894
	585,000	Washington Health Care Facilities Authority, Providence Health & Services, Series A (RB)
		5.00%, 04/01/20 (c)		599,906
				3,578,937
Total Municipal Bonds (Cost: $71,391,927)				69,535,938

Number
of Shares

MONEY MARKET FUND: 0.5% (Cost: $363,115)
	363,115	Dreyfus Tax Exempt Cash Management Fund - Class B Shares		363,115
Total Investments: 98.9% (Cost: $71,755,042)				69,899,053
Other assets less liabilities: 1.1%				785,805
NET ASSETS: 100.0%			$	70,684,858

AGM	Assured Guaranty Municipal Corp.
AGO	Assured Guaranty Ltd.
COMWLTH GTD	Commonwealth Guaranteed
CP	Certificate of Participation
GO	General Obligation
RB	Revenue Bond
(c)	Callable Security - the redemption date shown is when the security may be redeemed by the issuer
^	Zero Coupon Bond - the rate shown is the effective yield at purchase date

Summary of Investments By Sector (unaudited)	% of Investments			Value
Bond Bank	1.1	%	$	744,401
Development	5.9			4,103,423
Education	1.2			859,988
Facilities	6.9			4,797,219
General Obligation	13.5			9,404,514
Higher Education	7.0			4,929,778
Medical	30.3			21,200,536
Nursing Homes	1.7			1,203,944
Power	3.2			2,246,514
School District	1.0			668,923
Transportation	17.7			12,399,028
Utilities	4.2			2,930,712
Water	5.8			4,046,958
Money Market Fund	0.5			363,115
	100.0	%	$	69,899,053

The summary of inputs used to value the Fund’s investments as of January 31, 2014 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Municipal Bonds*	$	—	$	69,535,938	$	—	$	69,535,938
Money Market Fund		363,115		—		—		363,115
Total	$	363,115	$	69,535,938	$	—	$	69,899,053

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

See Notes to Schedules of Investments

PRE-REFUNDED MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

January 31, 2014 (unaudited)

Principal Amount			Value
MUNICIPAL BONDS: 97.8%
Arizona: 1.9%
$	125,000	Maricopa County, Arizona Peoria Unified School District No.11 (GO)
		5.00%, 07/01/15 (c)	$	133,308
	425,000	Maricopa County, Arizona Hospital Sun Healther Corporation (RB)
		5.00%, 04/01/24 (c)		514,246
				647,554
California: 5.4%
	250,000	California State Public Works Board, Various Unviersity of California Projects, Series E (RB)
		5.00%, 04/01/19 (c)		298,735
	350,000	Clovis California Unified School District, Election 2004-Series A (GO)
		3.95%, 08/01/19 ^		320,684
	500,000	Foothill/Eastern Transportation Corridor Agency California, Senior Lien Series A (RB)
		3.53%, 01/01/20 ^		449,790
	250,000	Los Angeles, California Unified School District, Series E (GO) (AMBAC)
		5.00%, 07/01/15 (c)		266,725
	460,000	Orange County, California Water District Revenue, Series B (CP) (NATL)
		5.00%, 08/15/32 (c)		545,831
				1,881,765
Colorado: 12.8%
	445,000	City & County of Denver, Colorado (GO)
		5.00%, 08/01/16 (c)		496,117
	2,000,000	Colorado Department of Corrections (CP) (AMBAC)
		5.00%, 03/01/16 (c)		2,191,840
	975,000	Colorado Department of Transportation (RB)
		5.00%, 12/15/14 (c)		1,015,072
	200,000	Eagle County School District No. Re50J (GO) (AGM) (SAW)
		5.00%, 12/01/16 (c)		225,310
	480,000	Jefferson County School District No. R-1 (GO) (AGM) (SAW)
		5.00%, 12/15/14 (c)		499,728
				4,428,067
Florida: 1.6%
	275,000	Hillsborough County, Florida Junior Lien Capital Improvement Program Refunding Revenue (RB)
		5.00%, 08/01/16		305,861
	200,000	Hillsborough County, Industrial Development Authority Revenue (RB)
		5.63%, 08/15/18 (c)		240,650
				546,511
Georgia: 1.7%
	250,000	Georgia State, Series D (GO)
		5.00%, 07/01/14 (c)		254,913
	300,000	Georgia State, Series G (GO)
		5.00%, 12/01/17 (c)		348,318
				603,231
Hawaii: 2.5%
		State of Hawaii (GO) (AGM)
	500,000	5.00%, 03/01/16 (c)		547,960
	265,000	5.00%, 04/01/17 (c)		301,928
				849,888
Illinois: 8.7%
	500,000	Chicago, Illinois Metropolitan Water Reclamation District, Greater Chicago (GO)
		5.00%, 12/01/16 (c)		564,025
	750,000	Illinois State Toll Highway Authority, Senior Priority Series A-1 (RB) (AGM)
		5.00%, 07/01/16 (c)		832,320
		Illinois State Toll Highway Authority, Senior Priority Series A-2 (RB) (AGM)
	750,000	5.00%, 07/01/16 (c)		832,320
	500,000	5.00%, 07/01/16 (c)		554,880
	200,000	State of Illinois, Sales Tax (RB) (NATL)
		5.00%, 06/15/16 (c)		221,548
				3,005,093
Kentucky: 0.8%
	250,000	Kentucky State Property & Buildings Commission, No. 85 (RB) (AGM)
		5.00%, 08/01/15 (c)		267,598
Maryland: 1.5%
	500,000	Maryland State & Local Facilities Loan, Capital Improvement, First Series A (GO)
		5.00%, 02/15/15 (c)		524,790
Massachusetts: 5.8%
	500,000	Commonwealth of Massachusetts, Series C (GO) (AGM)
		5.50%, 11/01/15		545,425
	650,000	Massachusetts Bay Transportation Authority, Series A (RB)
		5.00%, 07/01/15 (c)		693,673
	250,000	Massachusetts State Consolidated Loan, Series C (GO)
		5.00%, 09/01/15 (c)		268,785
	435,000	Massachusetts State Water Resources Authority, Series A (RB)
		6.50%, 07/15/19		501,411
				2,009,294
Nevada: 0.8%
	250,000	Clark County School District, Series C (GO) (AGM)
		5.00%, 12/15/15 (c)		271,595
New Jersey: 24.6%
	500,000	New Jersey Economic Development Authority, School Facilities Construction, Series I (RB)
		5.25%, 09/01/14 (c)		514,580
	2,000,000	New Jersey Economic Development Authority, School Facilities Construction, Series O (RB)
		5.00%, 03/01/15 (c)		2,102,320
	570,000	New Jersey State Educational Facilities Authority, University of Medicine and Dentistry, Series B (RB)
		7.50%, 06/01/19 (c)		751,146
	500,000	New Jersey State Transportation Trust Fund Authority, Series A (RB)
		5.75%, 06/15/15		537,630
	1,440,000	New Jersey State Transportation Trust Fund Authority, Series B (RB)
		5.25%, 12/15/15 (c)		1,572,466
		New Jersey State Transportation Trust Fund Authority, Series C (RB) (FGIC)
	500,000	5.25%, 06/15/15 (c)		534,230
	500,000	5.25%, 06/15/15 (c)		534,230
	600,000	New Jersey State Transportation Trust Fund Authority, Series D (RB) (AMBAC)
		5.00%, 06/15/15 (c)		639,042
	1,250,000	New Jersey Transportation Trust Fund Authority, Series C (RB) (NATL)
		5.25%, 06/15/15		1,335,575
				8,521,219
New York: 1.0%
	285,000	New York Metropolitan Transportation Authority, Dedicated Tax, Series A (RB) (NATL)
		6.00%, 04/01/20		346,075
North Carolina: 2.2%
	100,000	Charlotte-Mecklenburg Hospital Authority, North Carolina Health Care, Series A (RB)
		5.00%, 01/15/15 (c)		104,507
	515,000	North Carolina Eastern Municipal Power Agency, Power System, Series A (RB)
		6.00%, 01/01/22 (c)		657,573
				762,080
Ohio: 0.5%
	185,000	Ohio State Water Development Authority, Fresh Water Improvement (RB)
		5.00%, 06/01/14 (c)		187,890
South Carolina: 4.7%
	1,500,000	Charleston County, South Carolina School District (RB)
		5.25%, 12/01/15 (c)		1,633,665
Texas: 8.5%
	100,000	City of Houston, Taxes (GO) (AGM)
		5.00%, 03/01/16 (c)		109,592
	500,000	Harris County Health Facilities Development Corp. (RB)
		7.25%, 12/01/18 (c)		643,205
	780,000	North East Independent School District, Texas (GO)
		4.75%, 02/01/15 (c)		815,279
	1,250,000	Waco Health Facilities Development Corp., FHA Insured Mortgage Revenue, Hillcrest Health System Project (RB) (FHA) (NATL)
		4.50%, 08/01/16 (c)		1,376,462
				2,944,538
Utah: 1.5%
		Utah Transit Authority, Sales Tax Revenue, Series B (RB) (AGM)
	220,000	4.50%, 12/15/15 (c)		236,964
	250,000	4.75%, 12/15/15 (c)		270,435
				507,399
Virginia: 3.5%
	1,020,000	Richmond Metropolitan Authority (RB)
		5.25%, 07/15/22		1,212,199
Washington: 7.8%
	2,000,000	Washington Health Care Facilities Authority, Swedish Health Services, Series A (RB)
		6.50%, 11/15/15 (c)		2,219,300
	450,000	Washinton State, Various Purpose (GO) (AGM)
		5.00%, 07/01/15 (c)		479,907
				2,699,207
Total Municipal Bonds (Cost: $33,347,771)				33,849,658

Number of Shares
MONEY MARKET FUND: 1.1%
(Cost: $383,066)
	383,066	Dreyfus Tax Exempt Cash Management Fund - Class B Shares		383,066
Total Investments: 98.9%
(Cost: $33,730,837)				34,232,724
Other assets less liabilities: 1.1%				368,963
NET ASSETS: 100.0%			$	34,601,687

AGM	Assured Guaranty Municipal Corp.
AMBAC	American Municipal Bond Assurance Corp.
CP	Certificate of Participation
FGIC	Financial Guaranty Insurance Co.
FHA	Federal Housing Association
GO	General Obligation
NATL	National Public Finance Guarantee Corp.
RB	Revenue Bond
SAW	State Aid Withholding
(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		6.3	%	$	2,148,245
Facilities		1.7			566,333
General Obligation		22.5			7,706,840
Higher Education		2.5			855,653
Medical		14.6			4,993,863
Power		1.9			657,573
School District		7.4			2,532,629
Transportation		40.0			13,699,221
Water		2.0			689,301
Money Market Fund		1.1			383,066
		100.0	%	$	34,232,724

The summary of inputs used to value the Fund’s investments as of January 31, 2014 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Municipal Bonds*	$	—	$	33,849,658	$	—	$	33,849,658
Money Market Fund		383,066		—		—		383,066
Total	$	383,066	$	33,849,658	$	—	$	34,232,724

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

See Notes to Schedules of Investments

SHORT HIGH-YIELD MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

January 31, 2014 (unaudited)

Principal Amount			Value
MUNICIPAL BONDS: 99.0%
Arizona: 1.8%
$	200,000	Arizona Health Facilities Authority, The Beatitudes Campus Project (RB)
		5.10%, 10/01/16 (c)	$	183,780
California: 11.4%
	200,000	California Housing Finance Agency, Series G (RB)
		4.95%, 02/01/17 (c)		202,602
	350,000	Foothill Transportation Corridor Agency, Tall Road Revenue, Series B (RB)
		5.00%, 07/15/19 (c) (p)		372,599
	200,000	Inland Empire Tobacco Securitization Authority, Inland Empire Tobacco Securitization Corp., Series A (RB)
		4.63%, 06/01/17 (c)		185,112
	200,000	San Francisco Redevelopment Agency, Community Facilities District No. 6. Series A (ST)
		5.00%, 08/01/22 (c)		215,768
	150,000	Vernon City, California, Electric System Revenue, Series A (RB)
		5.13%, 08/01/19 (c)		164,747
				1,140,828
Colorado: 1.9%
	200,000	Colorado Health Facilities Authority, Health & Residential, Volunteers of America Care Facilities (RB)
		5.20%, 07/01/14 (c)		195,206
Connecticut: 5.2%
	250,000	Connecticut State Resources Recovery Authority, American Refunding Fuel Comp. Project, Series A (RB)
		6.45%, 03/10/14 (c)		250,072
	250,000	Harbor Point Infrastructure Improvement District, Harbor Point Project, Series A (TA)
		7.00%, 04/01/20 (c)		268,390
				518,462
Florida: 4.4%
	200,000	County of Alachua, Industrial Development, Florida Retirement Village, Inc. Project, Series A (RB)
		5.63%, 11/15/17 (c)		195,718
	250,000	Village Community Development District No. 10 (SA)
		4.50%, 05/01/22 (c)		245,903
				441,621
Hawaii: 2.7%
	275,000	Kuakini, Hawaii Health System, Special Purpose Revenue, Series A (RB)
		6.30%, 03/10/14 (c)		275,327
Illinois: 3.9%
	250,000	Illinois Finance Authority, The Admiral At The Lake Project, Series D-1 (RB)
		7.00%, 02/26/14 (c)		250,295
	120,000	Illinois Railsplitter Tobacco Settlement Authority (RB)
		5.50%, 06/01/21 (c)		136,290
				386,585
Indiana: 2.2%
	215,000	Indiana Finance Authority, Environmental Improvement Revenue, United States Steel Corp. Project (RB)
		6.00%, 12/01/19		222,327
Iowa: 6.7%
	185,000	City of Coralville, Marriott Hotel and Convention Center, Series D (CP)
		5.25%, 06/01/16 (c)		183,389
		Iowa Finance Authority, Iowa Fertilizer Company Project (RB)
	250,000	5.00%, 12/01/19		247,127
	250,000	5.50%, 12/01/18 (c)		241,178
				671,694
Kentucky: 3.9%
	350,000	Kentucky Public Transportation Infrastructure Authority, Series A (RB)
		5.00%, 07/01/17		390,148
Michigan: 4.9%
	175,000	City of Detroit, Sewage Disposal System, Series B (RB)
		4.50%, 07/01/16 (c)		164,575
	165,000	City of Detroit, Water Supply System, Series A (RB)
		5.00%, 07/01/20		164,277
	190,000	Michigan Tobacco Settlement Finance Authority, Series A (RB)
		5.13%, 06/01/17 (c)		162,520
				491,372
Missouri: 1.1%
	120,000	St. Louis, Missouri Industrial Development Authority, Confluence Academy Project, Series A (RB)
		5.00%, 06/15/15 (c)		111,264
Nebraska: 3.3%
300,000		Public Power Generation Agency, Whelan Energy Center Unit 2, Series A (RB) (AMBAC)
		5.00%, 01/01/17 (c)		326,964
New Jersey: 11.3%
		New Jersey Economic Development Authority, Continental Airlines, Inc. Project (RB)
	185,000	4.88%, 09/15/19		182,538
	325,000	5.13%, 08/20/22 (c)		316,686
	150,000	New Jersey Health Care Facilities Financing Authority, Series A (RB)
		5.00%, 07/01/22 (c)		163,520
	500,000	Tobacco Settlement Financing Corp., Senior Series A-1 (RB)
		4.50%, 06/01/17 (c)		470,140
				1,132,884
New York: 4.8%
	250,000	New York City Housing Development Corp., Series A (RB)
		5.00%, 07/01/15 (c)		266,725
	215,000	New York City Industrial Development Agency, Special Facility, JetBlue Airways Corp. Project (RB)
		5.00%, 03/10/14 (c)		213,271
				479,996
Ohio: 2.5%
	250,000	City of Cleveland, Airport Special Revenue, Continental Airlines, Inc. Project (RB)
		5.70%, 03/10/14 (c)		250,025
Pennsylvania: 2.3%
	220,000	Pennsylvania Economic Development Finance Authority, Colver Project, Series G (RB)
		5.13%, 12/01/15		225,658
Puerto Rico: 10.6%
	250,000	Commomwealth of Puerto Rico, Series A (GO)
		5.50%, 07/01/19		196,098
	250,000	Puerto Rico Electric Power Authority, Series TT (RB)
		5.00%, 07/01/17 (c)		172,348
	250,000	Puerto Rico Highways & Transportation Authority, Series K (RB)
		5.00%, 07/01/15 (c)		195,208
	215,000	Puerto Rico Highways & Transportation Authority, Series N (RB)
		5.50%, 07/01/21		159,674
	250,000	University of Puerto Rico, Series P (RB)
		5.00%, 06/01/16 (c)		175,218
	195,000	University of Puerto Rico, Series Q (RB)
		5.00%, 06/01/16 (c)		165,678
				1,064,224
South Carolina: 4.3%
	350,000	Piedmont Municipal Power Agency (RB)
		6.25%, 01/01/21		429,275
Texas: 4.0%
	355,000	Texas Municipal Gas Acquisition and Supply Corp., Senior Lien, Series D (RB)
		5.63%, 12/15/17		398,640
Washington: 3.0%
	300,000	Washington State Housing Finance Commission, Skyline at First Hill Project, Series A (RB)
		5.25%, 01/01/17		296,730
Wisconsin: 2.8%
	260,000	Wisconsin State Health & Educational Facilities Authority, Wheaton Franciscan Health Care System (RB)
		5.25%, 08/15/16 (c)		282,001
Total Municipal Bonds (Cost: $9,896,301)				9,915,011

Number of Shares
MONEY MARKET FUND: 0.0% (Cost: $1,071)
	1,071	Dreyfus Tax Exempt Cash Management Fund - Class B Shares		1,071
Total Investments: 99.0%
(Cost: $9,897,372)				9,916,082
Other assets less liabilities: 1.0%				97,915
NET ASSETS: 100.0%			$	10,013,997

AMBAC	American Municipal Bond Assurance Corp.
CP	Certificate of Participation
GO	General Obligation
RB	Revenue Bond
SA	Special Assessment
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

Summary of Investments By Sector (unaudited)	% of Investments		Value
Airport	7.6	%	$	749,249
Development	19.0			1,879,622
Education	1.1			111,264
Facilities	1.8			183,389
General Obligation	2.0			196,098
Higher Education	3.4			340,896
Medical	9.8			971,143
Multifamily Housing	2.7			266,725
Nursing Homes	8.8			871,434
Pollution	2.5			250,072
Power	6.1			601,623
Single Family Housing	2.0			202,602
Tobacco Settlement	9.6			954,062
Transportation	11.3			1,117,629
Utilities	9.0			890,351
Water	3.3			328,852
Money Market Fund	0.0			1,071
	100.0	%	$	9,916,082

The summary of inputs used to value the Fund’s investments as of January 31, 2014 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Municipal Bonds*	$	—	$	9,915,011	$	—	$	9,915,011
Money Market Fund		1,071		—		—		1,071
Total	$	1,071	$	9,915,011	$	—	$	9,916,082

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

See Notes to Schedules of Investments

SHORT MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

January 31, 2014 (unaudited)

Principal
Amount			Value
MUNICIPAL BONDS: 98.4%
Alabama: 1.8%
$	1,500,000	Alabama Federal Aid Highway Finance Authority (RB)
		5.00%, 09/01/19	$	1,759,470
	2,025,000	Alabama Public School & College Authority, Capital Improvement, Series A (RB)
		5.00%, 05/01/16		2,230,477
				3,989,947
Arizona: 1.0%
	500,000	Arizona State Salt River Project Agricultural Improvement & Power District, Series B (RB)
		4.00%, 01/01/16		534,530
	455,000	Arizona State Transportation Board Excise Tax Revenue, Maricopa County, Regional Area Road Fund (RB)
		5.00%, 07/01/17		520,725
	865,000	Arizona Transportation Board, Subordinated Highway Revenue, Series A (RB)
		5.00%, 07/01/17		988,375
	305,000	Maricopa County, Arizona Community College District, Series C (GO)
		4.00%, 07/01/14		309,798
				2,353,428
Arkansas: 0.5%
	1,000,000	State of Arkansas, Federal Highway Grant (GO)
		5.00%, 04/01/18		1,165,520
California: 9.0%
	750,000	California State Department of Water Resources, Power Supply Revenue, Series L (RB)
		5.00%, 05/01/16		828,240
	750,000	California State Department of Water Resources, Series M (RB)
		5.00%, 05/01/16		828,240
	550,000	California State Economic Recovery, Series A (GO)
		5.00%, 07/01/16		612,618
	1,000,000	California State Public Works Board, Series G (RB)
		4.00%, 11/01/17		1,114,500
		California State Various Purpose (GO)
	1,370,000	4.00%, 09/01/17		1,528,701
	1,000,000	4.00%, 02/01/19		1,131,570
	1,000,000	5.00%, 02/01/15		1,047,910
	500,000	5.00%, 10/01/15		539,300
	500,000	5.00%, 03/01/16		547,525
	1,000,000	5.00%, 09/01/16		1,116,230
	1,000,000	5.00%, 04/01/17		1,136,990
	400,000	5.00%, 11/01/17		462,556
	1,000,000	5.00%, 04/01/18		1,164,180
	3,435,000	5.00%, 09/01/18		4,027,400
	1,500,000	5.50%, 04/01/18		1,776,750
	435,000	California Water Resources Department Power Supply, Series L (RB)
		5.00%, 05/01/18		509,798
	1,000,000	Los Angeles, California Unified School District, Series J (GO)
		5.00%, 07/01/17		1,149,200
	500,000	Los Angeles, California Unified School District, Series KY (GO)
		5.00%, 07/01/15		533,450
	250,000	Regents of University of California Medical Center, Series D (RB)
		5.00%, 05/15/14		253,380
	10,000	Santa Clara County, California Financing Authority Lease, Capital Projects, Series A (RB)
		4.00%, 02/01/17		11,003
				20,319,541
Colorado: 0.4%
	830,000	Colorado Health Facilities Authority, Catholic Health Initiatives, Series B-3 (RB)
		5.00%, 11/11/14 (p)		859,324
Connecticut: 1.9%
	500,000	Connecticut State Economic Recovery, Series A (GO)
		5.00%, 01/01/16		544,115
	1,870,000	Connecticut State Health and Educational Facilities Authority, Series A-3 (RB)
		0.88%, 02/08/18 (p)		1,862,296
	850,000	Connecticut State Transportation Infrastructure, Series A (RB)
		5.00%, 12/01/17		982,719
		Connecticut State, Series C (GO)
	500,000	5.25%, 11/01/15		542,980
	300,000	5.75%, 11/01/18		362,847
				4,294,957
District of Columbia: 0.2%
	320,000	District of Columbia, Series D (RB)
		5.00%, 12/01/16		360,976
Florida: 4.8%
		Citizens Property Insurance Corp., Series A (RB) (AGM)
	400,000	4.00%, 06/01/17		436,912
	400,000	6.00%, 06/01/16		448,644
	600,000	City of Jacksonville, Florida, Series A (RB)
		5.00%, 10/01/16		669,276
		City of Jacksonville, Florida, Series B (RB)
	260,000	5.00%, 10/01/16		290,020
	475,000	5.00%, 10/01/17		540,275
	1,500,000	City of Jacksonville, Florida, Series C (RB)
		5.00%, 10/01/18		1,749,165
	665,000	Florida Citizens Property Insurance Corp., High Risk Account, Senior Secured A-1 (RB)
		5.50%, 06/01/17		760,886
	1,000,000	Florida Hurricane Catastrophe Fund Finance Corp., Series A (RB)
		5.00%, 07/01/15		1,065,580
	475,000	Florida State Board of Education Lottery, Series E
		5.00%, 07/01/16		525,322
	400,000	Palm Beach County School District, Series A (CP)
		5.00%, 08/01/16 (p)		440,920
	500,000	State of Florida, Department of Environmental Protection, Series B (RB)
		5.00%, 07/01/18		578,030
	1,250,000	State of Florida, Department of Transportation, Series B (RB)
		4.00%, 07/01/15		1,314,637
	810,000	State of Florida, State Board of Education, Series A (GO)
		5.00%, 06/01/18		953,103
	1,000,000	State of Florida, State Board of Education, Series C (GO)
		5.00%, 06/01/16		1,108,680
				10,881,450
Georgia: 2.9%
	280,000	County Board of Education of Richmond County (GO) (SAW)
		5.00%, 10/01/17		322,498
	700,000	Fulton County Development Authority, Georgia Tech Athletic Association Project, Series A (RB)
		5.00%, 10/01/19		815,010
	1,000,000	Georgia State Road & Tollway Authority, Series A (RB)
		5.00%, 06/01/19		1,175,010
	2,315,000	Gwinnett County School District, Series A (GO)
		4.50%, 10/01/17		2,629,238
	500,000	Municipal Electric Authority of Georgia, Series A (RB)
		5.00%, 11/01/17		573,010
	500,000	State of Georgia, Series D (GO)
		5.00%, 05/01/17		571,150
	410,000	State of Georgia, Series I (GO)
		4.00%, 07/01/19		468,983
				6,554,899
Illinois: 11.1%
	480,000	Chicago, Illinois, O'Hare International Airport Revenue, Series B (RB)
		5.00%, 01/01/17		535,872
	250,000	Chicago, Illinois, O'Hare International Airport, 3rd Lien, Series A (RB)
		5.00%, 01/01/17		279,100
	250,000	County of Cook, Community College District No. 535 (GO)
		4.00%, 12/01/17		278,055
		County of Cook, Series A (GO)
	365,000	4.00%, 11/15/16		396,916
	3,000,000	5.00%, 11/15/17		3,416,190
	315,000	5.00%, 11/15/19		364,077
	500,000	Illinois Finance Authority, Resurrection Health Care Corp. (RB)
		5.25%, 05/15/15		520,835
		State of Illinois (GO)
	500,000	5.00%, 01/01/15		519,975
	500,000	5.00%, 01/01/15		520,210
	750,000	5.00%, 08/01/15		796,185
	1,500,000	5.00%, 01/01/16		1,615,920
	400,000	5.00%, 01/01/16		431,308
	1,055,000	5.00%, 01/01/17		1,166,893
	700,000	5.00%, 01/01/17		773,822
	750,000	5.00%, 03/01/17		832,582
	4,300,000	5.00%, 08/01/17		4,822,192
	500,000	5.00%, 01/01/18		563,905
	1,000,000	State of Illinois, Department of Employment Security, Series B (RB)
		5.00%, 12/15/16 (c)		1,114,340
	500,000	State of Illinois, Sales Tax, Junior Lien (RB)
		3.00%, 06/15/16		527,245
		State of Illinois, Series A (GO)
	500,000	3.00%, 01/01/18		525,815
	500,000	3.50%, 09/01/15		520,730
	250,000	3.88%, 09/01/17		271,120
	850,000	4.00%, 01/01/17		915,475
	3,250,000	4.00%, 09/01/18 (c)		3,421,957
	50,000	State of Illinois, Series B (GO)
		5.00%, 01/01/15		51,998
				25,182,717
Indiana: 0.6%
	1,200,000	Indiana Health and Educational Facility Financing Authority, Series B-8 (RB)
		4.10%, 11/03/16 (p)		1,308,648
Kentucky: 1.6%
		Kentucky Infrastructure Authority, Wastewater & Drinking Water Revolving Fund, Series A (RB)
	500,000	5.00%, 02/01/17		566,190
	1,710,000	5.00%, 02/01/18		1,987,738
	400,000	Kentucky State Property & Building Commission, Project No. 100, Series A (RB)
		5.00%, 08/01/17		454,428
	670,000	Kentucky State Property & Building Commission, Project No. 96, Series A (RB)
		5.00%, 11/01/14		693,731
				3,702,087
Maryland: 1.9%
	3,000,000	Baltimore County Consolidated Public Improvement (GO)
		5.00%, 08/01/18		3,512,520
	500,000	Maryland State Transportation Authority (RB)
		5.25%, 03/01/16		549,885
	250,000	State of Maryland, Third Series C (GO)
		5.00%, 11/01/17		289,903
				4,352,308
Massachusetts: 2.7%
	500,000	Commonwealth of Massachusetts, Series A (GO)
		5.00%, 03/01/16		547,745
	1,000,000	Commonwealth of Massachusetts, Series E (GO)
		5.00%, 12/01/16		1,126,850
	100,000	Massachusetts Bay Transportation Authority, Series A (RB)
		5.00%, 07/01/15		106,719
	1,000,000	Massachusetts Development Finance Agency, Partners Health Care System Issue, Series K (RB)
		5.00%, 01/18/18 (p)		1,131,360
	750,000	Massachusetts Development Finance Agency, Series K-4 (RB)
		5.00%, 01/14/16 (p)		813,300
	500,000	Massachusetts School Building Authority, Sales Tax, Series A (RB)
		5.00%, 05/15/15		530,545
	1,100,000	Massachusetts School Building Authority, Senior Dedicated Sales Tax, Series B (RB)
		5.00%, 08/15/18		1,291,103
	555,000	Massachusetts Water Pollution Abatement Trust, Series 16-B (RB)
		5.00%, 08/01/18		652,747
				6,200,369
Michigan: 3.6%
	500,000	City of Detroit, Michigan, Water and Sewerage Department, Series A (RB) (AGM)
		5.00%, 07/01/18		501,935
	1,165,000	Michigan Finance Authority, Clean Water Revolving Revenue (RB)
		5.00%, 10/01/17		1,343,198
	1,000,000	Michigan Finance Authority, School District of the City of Detroit (RB)
		5.00%, 06/01/15		1,044,290
		Michigan Finance Authority, Unemployment Obligation Assessment, Series A (RB)
	1,000,000	5.00%, 07/01/17		1,149,930
	1,950,000	5.00%, 07/01/18		2,289,027
	500,000	Michigan State Hospital Finance Authority, Ascension Health Senior Credit Group, Series B (RB)
		5.00%, 11/15/15		540,330
	500,000	Michigan State Hospital Finance Authority, Ascension Health Senior Credit Group, Series F-1 (RB)
		2.00%, 05/30/18 (p)		517,000
	565,000	Wayne Country Airport Authority, Series A-D (RB)
		5.00%, 12/01/18		640,863
				8,026,573
Minnesota: 3.5%
	2,050,000	City of Rochester, Minnesota Health Care Facilities, Mayo Clinic, Series A (RB)
		4.00%, 11/15/18 (p)		2,298,480
	2,855,000	City of Rochester, Minnesota Health Care Facilities, Mayo Clinic, Series B (RB)
		4.00%, 11/15/18 (p)		3,201,055
	900,000	Minnesota State, Series E (GO)
		5.00%, 08/01/19		1,074,807
	500,000	Minnesota State, Series H (GO)
		5.00%, 11/01/14		517,860
	675,000	Regents of University of Minnesota, Series A (RB)
		5.00%, 12/01/18		797,249
				7,889,451
Missouri: 1.5%
	300,000	Kansas City Municipal Assistance Corp., H. Roe Bartle Convention Center, Series A (RB)
		5.00%, 04/15/15		316,650
		Mississippi Highways & Transportation Commission, Series A (RB)
	515,000	2.25%, 05/01/15		528,055
	1,500,000	5.00%, 05/01/16		1,655,055
	900,000	State of Missouri, Series A (CP)
		2.13%, 10/01/18		930,951
				3,430,711
Nebraska: 0.5%
	1,000,000	Nebraska Public Power District, Series C (RB)
		5.00%, 01/01/18 (c)		1,136,760
New Jersey: 6.6%
	1,110,000	New Jersey Economic Development Authority, School Facilities Construction, Series D (RB)
		5.00%, 12/15/17		1,275,923
	500,000	New Jersey Economic Development Authority, School Facilities Construction, Series DD (RB)
		4.00%, 12/15/16		548,525
		New Jersey Economic Development Authority, School Facilities Construction, Series EE (RB)
	990,000	5.00%, 09/01/17		1,127,115
	490,000	5.00%, 09/01/18		567,386
	1,000,000	New Jersey Health Care Facilities Financing Authority, Greystone Park Psychiatric Hospital Project, Series B (RB)
		5.00%, 09/15/18		1,142,880
	500,000	New Jersey Higher Education Assistance Authority, Student Loan, Series 1A (RB)
		5.00%, 12/01/15		540,770
	1,000,000	New Jersey Higher Education Assistance Authority, Student Loan, Series 2 (RB)
		3.75%, 12/01/18		1,075,750
	500,000	New Jersey State, Series O (GO)
		5.00%, 08/01/15		535,040
	1,455,000	New Jersey State, Series S (GO)
		5.00%, 08/15/19		1,729,267
	2,345,000	New Jersey Transportation Trust Fund Authority, Series B (RB)
		5.00%, 06/15/18		2,705,215
	2,350,000	New Jersey Transportation Trust Fund Authority, Series D (RB)
		5.00%, 12/15/17		2,710,913
	635,000	State of New Jersey, Series A (CP)
		5.00%, 06/15/17		717,614
	150,000	State of New Jersey, Series Q (GO)
		5.00%, 08/15/18		175,986
				14,852,384
New Mexico: 0.6%
	1,075,000	New Mexico Finance Authority, State Transportation Commission (RB)
		4.00%, 06/15/16		1,165,579
	250,000	New Mexico Finance Authority, Subordinate Lien, Series A-2 (RB)
		5.00%, 12/15/16		280,700
				1,446,279
New York: 15.9%
		City of New York, Series E (GO)
	250,000	4.00%, 08/01/16		271,810
	850,000	5.00%, 08/01/17		971,643
	1,410,000	Erie County Industrial Development Agency, City School District, Series A (RB) (SAW)
		5.00%, 05/01/19		1,653,831
		Long Island Power Authority, Electric System, Series A (RB)
	900,000	4.00%, 05/01/15		942,408
	500,000	5.00%, 05/01/16		545,445
	350,000	Metropolitan Transportation Authority, Series C-2 (RB)
		4.00%, 11/15/14		360,413
		Metropolitan Transportation Authority, Series D (RB)
	520,000	5.00%, 11/15/17		598,172
	400,000	5.00%, 11/15/18		466,116
	300,000	New York City Transitional Finance Authority, Series A (RB)
		5.00%, 11/01/16		336,588
	145,000	New York City Transitional Finance Authority, Series B (RB)
		5.00%, 11/01/15		156,862
		New York City Transitional Finance Authority, Series D (RB)
	445,000	5.00%, 11/01/15		481,405
	55,000	5.00%, 11/01/15		59,550
	210,000	New York City Transitional Finance Authority, Series E (RB)
		3.00%, 11/01/14		214,370
	750,000	New York City Transitional Finance Authority, Sub Series A-1 (RB)
		5.00%, 05/01/15		795,097
		New York City, Series D (GO)
	300,000	5.00%, 02/01/16		327,249
	600,000	5.00%, 10/01/17		688,962
	500,000	New York City, Series E (GO)
		4.00%, 08/01/14		509,455
	375,000	New York City, Series F-1 (GO)
		5.00%, 03/01/16		410,396
	1,400,000	New York City, Series G-3 (GO)
		5.00%, 03/01/17		1,581,272
	300,000	New York City, Series I (GO)
		5.00%, 08/01/17		342,933
		New York City, Series K (GO)
	500,000	4.00%, 08/01/14		509,455
	1,500,000	5.00%, 08/01/17		1,714,665
	500,000	New York State Dormitory Authority, Colombia University, Series A (RB)
		5.00%, 10/01/18		589,250
	410,000	New York State Dormitory Authority, Mental Health Services, Series A (RB)
		5.50%, 02/15/17		466,998
	250,000	New York State Dormitory Authority, State Personal Income Tax, Series A (RB)
		5.00%, 02/15/18		289,810
	300,000	New York State Dormitory Authority, State Personal Income Tax, Series A (RB)
		5.00%, 02/15/19		353,853
	1,400,000	New York State Dormitory Authority, State Personal Income Tax, Series C (RB)
		4.00%, 03/15/19		1,582,616
	1,000,000	New York State Dormitory Authority, State Personal Income Tax, Series D (RB)
		5.00%, 06/15/18		1,167,470
	1,000,000	New York State Dormitory Authority, State Personal Income Tax, Series E (RB)
		5.00%, 02/15/15		1,049,360
	500,000	New York State Dormitory Authority, State Personal Income Tax, Series G (RB)
		5.00%, 03/15/15		526,390
	1,000,000	New York State Thruway Authority, Local Highway & Bridge Service Contract Bonds (RB)
		5.00%, 04/01/16		1,097,490
		New York State Thruway Authority, Second General Highway & Bridge Trust Fund, Series A (RB)
	500,000	5.00%, 04/01/14		503,915
	800,000	5.00%, 04/01/19		934,072
	1,350,000	New York State Thruway Authority, Series A (RB)
		5.00%, 05/01/19		1,568,686
		New York State Thruway Authority, State Personal Income Tax, Series A (RB)
	450,000	5.00%, 03/15/15		474,012
	1,000,000	5.00%, 03/15/17		1,135,740
	300,000	5.00%, 03/15/18		348,738
	450,000	5.00%, 03/15/19		532,071
	580,000	New York State Urban Development Corp., Series D (RB)
		5.00%, 01/01/16		631,875
	250,000	New York State Urban Development Corp., Service Contract, Series D (RB)
		5.25%, 01/01/17		283,123
	2,065,000	New York State Urban Development Corp., State Personal Income Tax, Series C (RB)
		5.00%, 12/15/18		2,433,355
		New York State, Series A (GO)
	1,400,000	3.00%, 02/01/16		1,473,472
	500,000	3.00%, 03/01/16		527,335
	275,000	State of New York Municipal Bond Bank Agency, Special School Purpose, Series A (RB) (SAW)
		5.00%, 12/01/19		325,097
		Tobacco Settlement Financing Corp. (RB)
	1,000,000	5.00%, 06/01/17		1,136,000
	2,000,000	5.00%, 06/01/18		2,313,660
	400,000	Town of Oyster Bay (GO)
		3.00%, 08/15/17		423,372
				36,105,857
North Carolina: 5.9%
	250,000	County of Mecklenburg, Series A (GO)
		5.00%, 12/01/17		290,265
	300,000	North Carolina Eastern Municipal Power Agency, Series A (RB)
		5.00%, 01/01/15		312,543
		North Carolina Eastern Municipal Power Agency, Series B (RB)
	250,000	5.00%, 01/01/16		271,258
	1,000,000	5.00%, 01/01/17		1,117,930
	1,000,000	North Carolina State, Capital Improvement Limited Obligation Bonds, Series B (RB)
		5.00%, 11/01/18		1,173,520
	810,000	North Carolina State, Capital Improvement, Series A (RB)
		5.00%, 05/01/15		858,082
	1,670,000	North Carolina State, Department of State Treasurer (RB)
		5.00%, 03/01/16		1,823,640
	1,000,000	North Carolina State, Grant Anticipation Revenue (RB)
		5.00%, 03/01/19		1,172,990
	250,000	North Carolina State, Infrastructure Financing Corp., Series A (CP) (AGM)
		5.00%, 05/01/14		252,948
		North Carolina State, Series A (GO)
	325,000	5.00%, 03/01/15		341,773
	300,000	5.00%, 03/01/17		340,713
	275,000	5.00%, 03/01/19		326,719
	3,000,000	North Carolina State, Series B (GO)
		5.00%, 06/01/18		3,513,270
	500,000	North Carolina State, Series C (GO)
		3.50%, 05/01/16		535,325
	300,000	North Carolina Turnpike Authority, Monroe Connector System (RB)
		5.00%, 07/01/18		349,476
	690,000	Wake County, North Carolina, Series D (GO)
		4.00%, 02/01/15		716,172
				13,396,624
Ohio: 1.0%
	250,000	Ohio State Major New State Infrastructure Project, Series 1 (RB) (AGM)
		5.00%, 06/15/14		254,385
	850,000	Ohio State Water Development Authority, Series A (RB)
		3.38%, 07/01/15 (p)		866,107
	1,000,000	State of Ohio, Higher Education, Series C (GO)
		5.00%, 08/01/16		1,115,130
				2,235,622
Pennsylvania: 4.6%
	400,000	Allegheny County, Pennsylvania Hospital Development Authority, Pittsburgh University Medical Center, Series A (RB)
		5.00%, 05/15/14		405,396
	650,000	City of Philadelphia, Water and Wastewater Revenue, Series A (RB) (AGM)
		5.00%, 06/15/18		755,235
		Commonwealth of Pennsylvania, First Refunding Series (GO)
	1,000,000	5.00%, 07/01/17		1,144,810
	1,000,000	5.00%, 07/01/18		1,170,550
		Commonwealth of Pennsylvania, First Series (GO)
	1,205,000	5.00%, 11/15/18		1,421,285
	1,000,000	5.00%, 04/01/19		1,183,360
	300,000	5.00%, 06/01/19		355,875
	1,900,000	Commonwealth of Pennsylvania, Second Refunding Series (GO)
		5.00%, 07/01/17		2,175,139
	1,250,000	Pennsylvania Economic Development, Unemployment Compensation, Series A (RB)
		5.00%, 07/01/18		1,464,962
	250,000	Pennsylvania Intergovernmental Cooperation Authority (ST)
		5.00%, 06/15/14		254,423
				10,331,035
Puerto Rico: 2.8%
	475,000	Puerto Rico Commonwealth Highway & Transportation Authority, Series CC (RB)
		5.00%, 07/01/16		425,158
		Puerto Rico Commonwealth, Government Development, Series B (RB)
	250,000	5.00%, 12/01/14		242,798
	500,000	5.00%, 12/01/15		445,970
	225,000	Puerto Rico Electric Power Authority, Series QQ (RB) (XLCA)
		5.25%, 07/01/14		224,609
	75,000	Puerto Rico Electric Power Authority, Series UU (RB) (NATL)
		4.00%, 07/01/14		74,777
		Puerto Rico Electric Power Authority, Series ZZ (RB)
	1,000,000	5.00%, 07/01/16		866,200
	1,205,000	5.00%, 07/01/17		988,570
	375,000	5.00%, 07/01/18		292,286
	1,050,000	Puerto Rico Public Buildings Authority, Government Facilities, Series M (RB) (COMWLTH GTD)
		5.75%, 07/01/15		967,869
	500,000	Puerto Rico Public Buildings Authority, Series N (RB) (COMWLTH GTD)
		5.25%, 07/01/16		434,920
		Puerto Rico Sales Tax Financing Corp., Sales Tax, First Sub-Series A (RB)
	220,000	3.75%, 08/01/15		218,585
	1,245,000	4.25%, 08/01/17		1,211,173
				6,392,915
South Carolina: 1.0%
	1,000,000	Piedmont Municipal Power Agency, Series A (RB)
		5.00%, 01/01/17		1,114,560
	1,000,000	South Carolina Public Service Authority, Series B (RB)
		5.00%, 12/01/18		1,169,320
				2,283,880
Tennessee: 0.2%
	485,000	City of Memphis, Electric System Revenue (RB)
		5.00%, 12/01/16		545,208
Texas: 4.5%
	550,000	City of Dallas, Fort Worth International Airport, Series B (RB)
		5.00%, 11/01/18		641,020
	500,000	City of Dallas, Series A (GO)
		5.00%, 02/15/18		580,695
	460,000	City of Houston, Texas, Series A (GO)
		5.00%, 03/01/18		533,241
	300,000	City of San Antonio Texas, Series D (RB)
		5.00%, 02/01/17		339,426
	250,000	Harris County, Texas Metropolitan Transit Authority, Series B (RB)
		5.00%, 11/01/16		279,690
	375,000	Harris County, Texas Permanent Improvement, Series B (GO)
		5.00%, 10/01/19		446,355
		Lower Colorado River Authority (RB)
	935,000	4.00%, 05/15/18		1,040,524
	630,000	5.00%, 05/15/16		691,255
	300,000	Lower Colorado River Authority, LCRA Transmission Service Corp. Project, Series A (RB)
		5.00%, 05/15/17		339,429
	1,500,000	Lower Colorado River Authority, Series B (RB)
		5.00%, 05/15/19		1,752,120
	250,000	Texas Municipal Gas Acquisition & Supply Corp., Senior Lien Series A (RB)
		5.00%, 12/15/14		258,593
	1,610,000	Texas Public Finance Authority
		5.00%, 10/01/18		1,899,800
	1,050,000	Texas Public Finance Authority, Unemployment Compensation, Series B (RB)
		5.00%, 07/01/15 (c)		1,117,315
	250,000	Texas State University System, Board of Regents (RB)
		5.00%, 03/15/18		290,178
				10,209,641
Utah: 1.8%
		Intermountain Power Agency, Subordinated Power Supply Revenue, Series A (RB)
	750,000	5.00%, 07/01/14 (c)		763,282
	500,000	5.00%, 07/01/15		532,860
		State of Utah, Series C (GO)
	1,000,000	5.00%, 07/01/17		1,151,030
	650,000	5.00%, 07/01/18		766,083
	825,000	Utah State Board of Regents, Series EE-2 (RB)
		4.50%, 11/01/17		936,160
				4,149,415
Virginia: 1.4%
	450,000	Fairfax County, Virginia Public Improvement, Series A (GO) (SAW)
		5.00%, 04/01/15		474,971
	760,000	Virginia College Building Authority, 21st Century College & Equipment Programs Educational Facilities, Series A (RB)
		5.00%, 02/01/19		897,423
	500,000	Virginia College Building Authority, Public Higher Education Financing Program, Series A-1 (RB)
		5.00%, 09/01/17		574,760
	1,105,000	Virginia Commonwealth Transportation Board, Series A (RB)
		5.00%, 03/15/15		1,163,963
				3,111,117
Washington: 2.5%
	555,000	City of Seattle, Municipal Light and Power, Series B (RB)
		5.00%, 06/01/19		657,120
	500,000	Energy Northwest, Columbia Generating Station Electric Revenue Refunding, Series A (RB)
		5.00%, 07/01/18		583,630
	395,000	Energy Northwest, Project 3 Electric Revenue Refunding, Series A (RB)
		5.00%, 07/01/15		421,481
	265,000	Port of Seattle, Passenger Facility Charge Revenue, Series A (RB)
		5.00%, 12/01/17		304,005
	525,000	Washington State, Motor Vehicle Fuel Tax, Series C (GO)
		5.00%, 07/01/17		602,369
	500,000	Washington State, Various Purpose, Series B (GO)
		5.00%, 07/01/17		573,685
	1,540,000	Washington State, Various Purpose, Series R-A (GO)
		5.00%, 01/01/18		1,783,690
	675,000	Washington State, Various Purpose, Series R-D (GO)
		5.00%, 07/01/15		720,252
				5,646,232
Wisconsin: 0.1%
	150,000	State of Wisconsin, Series 2 (GO)
		5.00%, 05/01/19		177,933
Total Municipal Bonds (Cost: $221,975,340)				222,893,808

Number of Shares
MONEY MARKET FUND: 0.5% (Cost: $1,151,298)
	1,151,298	Dreyfus Tax Exempt Cash Management Fund - Class B Shares		1,151,298
Total Investments: 98.9% (Cost: $223,126,638)				224,045,106
Other assets less liabilities: 1.1%				2,434,139
NET ASSETS: 100.0%			$	226,479,245

AGM	Assured Guaranty Municipal Corp.
COMWLTH GTD	Commonwealth Guaranteed
CP	Certificate of Participation
GO	General Obligation
NATL	National Public Finance Guarantee Corp.
RB	Revenue Bond
SAW	State Aid Withholding
ST	Special Tax
XLCA	Syncora Guarantee, Inc.
(c)	Callable Security - the redemption date shown is when the security may be redeemed by the issuer
(p)	Puttable Security - the redemption date shown is when the security may be redeemed by the investor


	% of
Summary of Investments By Sector (unaudited)		Investments			Value
Airport		1.1	%	$	2,400,860
Bond Bank		0.1			325,097
Development		2.8			6,295,630
Education		5.2			11,547,040
Facilities		5.1			11,457,289
General Obligation		44.9			100,546,707
Higher Education		4.6			10,201,877
Medical		8.4			18,736,069
Pollution		0.4			866,107
Power		8.4			18,827,499
School District		1.9			4,311,888
Student Loan		0.4			936,160
Transportation		13.4			29,971,797
Utilities		0.6			1,427,913
Water		2.2			5,041,875
Money Market Fund		0.5			1,151,298
		100.0	%	$	224,045,106

The summary of inputs used to value the Fund’s investments as of January 31, 2014 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Municipal Bonds*	$	—	$	222,893,808	$	—	$	222,893,808
Money Market Fund		1,151,298		—		—		1,151,298
Total	$	1,151,298	$	222,893,808	$	—	$	224,045,106

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

See Notes to Schedules of Investments

MARKET VECTORS ETF TRUST

NOTES TO SCHEDULES OF INVESTMENTS

January 31, 2014 (unaudited)

Security Valuation–The Funds value their investments in securities and other assets and liabilities carried at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Securities traded on national exchanges or traded on the NASDAQ National Market System are valued at the last sales price as reported at the close of each business day. Securities traded on the NASDAQ Stock Market are valued at the NASDAQ official closing price. Over-the-counter securities not included in the NASDAQ National Market System and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded they are categorized as Level 1 in the fair value hierarchy (described below). Debt securities for which market quotations are readily available are valued on the basis of quotations furnished by an independent pricing service approved by the Board of Trustees or provided by securities dealers. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from bond dealers to determine current value and are categorized as Level 2 in the fair value hierarchy. Money market fund investments are valued at net asset value and are categorized as Level 1 in the fair value hierarchy. Short-term obligations with more than sixty days remaining to maturity are valued at market value. Short-term obligations with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Securities for which quotations are not available are stated at fair value as determined by the Pricing Committee of the Adviser appointed by the Board of Trustees. The Pricing Committee provides oversight of the Funds’ valuation policies and procedures, which are approved by the Funds’ Board of Trustees. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments for which market prices are not readily available. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, transactional back-testing and disposition analysis.

Certain factors such as economic conditions, political events, market trends, the nature of and duration of any restrictions on disposition, trading in similar securities of the issuer or comparable issuers and other security specific information are used to determine the fair value of these securities. Depending on the relative significance of valuation inputs, these securities may be classified either as Level 2 or Level 3 in the fair value hierarchy. The price which the Funds may realize upon sale of an investment may differ materially from the value presented in the Schedules of Investments.

The Funds utilize various methods to measure the fair value of its investments on a recurring basis which includes a hierarchy that prioritizes inputs to valuation methods used to measure fair value. The fair value hierarchy gives highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The transfers between levels of the fair value hierarchy assume the financial instruments were transferred at the beginning of the reporting period. The three levels of the fair value hierarchy are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 - Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

A summary of the inputs, the levels used to value the Funds’ investments, and transfers between levels are located in the Schedules of Investments. Additionally, tables that reconcile the valuation of the Funds’ Level 3 investments and that present additional information about valuation methodologies and unobservable inputs, if applicable, are located in the Schedules of Investments.

Income Taxes–As of January 31, 2014, for Federal income tax purposes, the identified cost of investments owned, net unrealized appreciation (depreciation), gross unrealized appreciation, and gross unrealized depreciation of investments were as follows:

Fund	Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
CEF Municipal	$	28,118,747	$	25,856	$	(3,443,257	)	$	(3,417,401	)
High-Yield		867,509,979		23,216,277		(57,098,300	)		(33,882,023	)
Intermediate		580,445,455		9,226,003		(9,953,426	)		(727,423	)
Long		71,741,981		1,445,081		(3,288,009	)		(1,842,928	)
Pre-Refunded		33,730,793		512,630		(10,699	)		501,931
Short High Yield		9,897,372		58,844		(40,134	)		18,710
Short		223,117,775		2,401,386		(1,474,055	)		927,331

ITEM 2. 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 registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

ITEM 3. Exhibits.

Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940 are attached as Exhibit 99.CERT

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 John J. Crimmins, Treasurer & Chief Financial Officer, Market Vectors ETF Trust

Date: March 27, 2014

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 Jan F. van Eck, Chief Executive Officer, Market Vectors ETF Trust

Date: March 27, 2014

By John J. Crimmins, Treasurer & Chief Financial Officer, Market Vectors ETF Trust

Date: March 27, 2014