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^thFloor, 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: July 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

July 31, 2014 (unaudited)

Number of Shares			Value
CLOSED-END FUNDS: 99.7%
	21,071	Alliance Bernstein National Municipal Income Fund, Inc.	$	283,405
	11,978	BlackRock Investment Quality Municipal Trust, Inc.		178,712
	12,041	BlackRock Long-Term Municipal Advantage Trust		132,090
	35,374	BlackRock Muni Intermediate Duration Fund, Inc.		496,651
	33,069	BlackRock MuniAssets Fund, Inc.		425,267
	8,572	BlackRock Municipal 2018 Term Trust		137,066
	10,760	BlackRock Municipal 2020 Term Trust		178,186
	7,462	BlackRock Municipal Bond Trust		114,915
	8,993	BlackRock Municipal Income Investment Quality Trust		124,193
	24,021	BlackRock Municipal Income Quality Trust		329,088
	32,229	BlackRock Municipal Income Trust		437,348
	16,720	BlackRock Municipal Income Trust II		237,591
	65,283	BlackRock Municipal Target Term Trust		1,277,588
	27,146	BlackRock MuniEnhanced Fund, Inc.		297,249
	8,257	BlackRock MuniHoldings Fund II, Inc.		123,525
	10,377	BlackRock MuniHoldings Fund, Inc.		164,164
	35,115	BlackRock MuniHoldings Investment Quality Fund		475,106
	20,922	BlackRock MuniHoldings Quality Fund II, Inc.		270,731
	13,294	BlackRock MuniHoldings Quality Fund, Inc.		169,233
	12,867	BlackRock MuniVest Fund II, Inc.		198,666
	45,026	BlackRock MuniVest Fund, Inc.		435,401
	33,372	BlackRock MuniYield Fund, Inc.		466,541
	10,007	BlackRock MuniYield Investment Fund		145,702
	8,657	BlackRock MuniYield Investment Quality Fund		114,792
	20,825	BlackRock MuniYield Quality Fund II, Inc.		264,686
	61,618	BlackRock MuniYield Quality Fund III, Inc.		829,378
	27,586	BlackRock MuniYield Quality Fund, Inc.		409,100
	19,044	Dreyfus Municipal Bond Infrastructure Fund, Inc.		218,244
	14,949	Dreyfus Municipal Income, Inc.		136,933
	35,083	Dreyfus Strategic Municipal Bond Fund, Inc.		281,015
	44,141	Dreyfus Strategic Municipals, Inc.		365,046
	24,611	DWS Municipal Income Trust		325,357
	63,321	Eaton Vance Municipal Bond Fund		774,416
	7,360	Eaton Vance Municipal Bond Fund II		92,810
	11,453	Eaton Vance Municipal Income Term Trust		191,036
	11,737	Eaton Vance Municipal Income Trust		145,891
	15,621	Eaton Vance National Municipal Opportunities Trust		309,452
	40,860	Invesco Advantage Municipal Income Trust II		454,772
	34,772	Invesco Municipal Income Opportunities Trust		240,274
	68,834	Invesco Municipal Opportunity Trust		840,463
	56,520	Invesco Municipal Trust		688,414
	53,928	Invesco Quality Municipal Income Trust		648,215
	55,118	Invesco Trust for Investment Grade Municipals		704,408
	42,710	Invesco Value Municipal Income Trust		627,410
	20,254	MainStay DefinedTerm Municipal Opportunities Fund		352,420
	29,499	MFS High Income Municipal Trust		140,710
	38,611	MFS Municipal Income Trust		249,041
	13,272	Neuberger Berman Intermediate Municipal Fund, Inc.		197,885
	73,278	Nuveen AMT-Free Municipal Income Fund		967,270
	9,507	Nuveen AMT-Free Municipal Value Fund		152,682
	39,861	Nuveen Dividend Advantage Municipal Fund		548,089
	30,478	Nuveen Dividend Advantage Municipal Fund 2		416,939
	45,794	Nuveen Dividend Advantage Municipal Fund 3		633,789
	33,472	Nuveen Dividend Advantage Municipal Income Fund		476,307
	15,296	Nuveen Enhanced Municipal Value Fund		226,993
	89,131	Nuveen Insured Municipal Opportunity Fund, Inc.		1,246,051
	40,111	Nuveen Insured Quality Municipal Fund, Inc.		519,036
	47,518	Nuveen Intermediate Duration Municipal Term Fund		582,571
	12,053	Nuveen Intermediate Duration Quality Municipal Term Fund		151,386
	32,464	Nuveen Investment Quality Municipal Fund, Inc.		473,000
	45,276	Nuveen Municipal Advantage Fund, Inc.		613,943
	31,168	Nuveen Municipal High Income Opportunity Fund		401,755
	47,288	Nuveen Municipal Market Opportunity Fund, Inc.		621,364
	149,934	Nuveen Municipal Value Fund, Inc.		1,397,385
	56,205	Nuveen Performance Plus Municipal Fund, Inc.		802,045
	20,340	Nuveen Premier Municipal Income Fund, Inc.		271,336
	72,525	Nuveen Premium Income Municipal Fund 2, Inc.		981,988
	40,172	Nuveen Premium Income Municipal Fund 4, Inc.		513,398
	65,432	Nuveen Premium Income Municipal Fund, Inc.		870,246
	56,470	Nuveen Quality Income Municipal Fund, Inc.		777,027
	36,322	Nuveen Select Quality Municipal Fund Inc		496,158
	14,883	Nuveen Select Tax Free		205,088
	12,866	Nuveen Select Tax Free 2		173,562
	11,799	Nuveen Select Tax Free 3		161,882
	12,271	PIMCO Municipal Income Fund		171,180
	32,795	PIMCO Municipal Income Fund II		380,094
	16,883	PIMCO Municipal Income Fund III		182,505
	9,934	Pioneer Municipal High Income Advantage Trust		146,030
	10,475	Pioneer Municipal High Income Trust		153,354
	52,766	Putnam Managed Municipal Income Trust		366,196
	43,893	Putnam Municipal Opportunities Trust		506,964
	31,472	Western Asset Managed Municipals Fund, Inc.		404,415
	7,441	Western Asset Municipal Defined Opportunity Trust, Inc.		167,869
	19,828	Western Asset Municipal High Income Fund, Inc.		147,917
	8,858	Western Asset Municipal Partners Fund, Inc.		128,884
Total Closed-End Funds (Cost: $36,691,062)				34,137,284
MONEY MARKET FUND: 0.1% (Cost: $24,813)
	24,813	Dreyfus Government Cash Management Fund		24,813
Total Investments: 99.8% (Cost: $36,715,875)				34,162,097
Other assets less liabilities: 0.2%				59,410
NET ASSETS: 100.0%			$	34,221,507

Summary of Investments by Sector (unaudited)	% of Investments			Value
Financial		99.9	%	$	34,137,284
Money Market Fund		0.1			24,813
		100.0	%	$	34,162,097

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Closed-End Funds	$	34,137,284	$	—	$	—	$	34,137,284
Money Market Fund		24,813		—		—		24,813
Total	$	34,162,097	$	—	$	—	$	34,162,097

There were no transfers between levels during the period ended July 31, 2014.

See Notes to Schedules of Investments

HIGH-YIELD MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

July 31, 2014 (unaudited)

Principal Amount			Value
MUNICIPAL BONDS: 99.0%
Alabama: 2.6%
		Alabama Industrial Development Authority, Solid Waste Disposal, Pine City Fiber Company Project (RB)
$	2,895,000	6.45%, 09/04/14 (c)	$	2,902,440
	2,250,000	6.45%, 09/04/14 (c)		2,255,782
	665,000	Birmingham-Baptist Medical Centers Special Care Facilities Financing Authority (RB)
		5.00%, 11/15/15 (c)		672,169
	1,500,000	Colbert County, Alabama Health Care Authority (RB)
		5.75%, 09/04/14 (c)		1,451,415
		County of Jefferson, Alabama Sewer Revenue, Series D (RB)
	5,550,000	6.00%, 10/01/23 (c)		6,072,366
	9,150,000	6.50%, 10/01/23 (c)		10,343,709
	1,145,000	Huntsville-Redstone Village Special Care Facilities Financing Authority (RB)
		5.50%, 01/01/17 (c)		1,150,301
		Sylacauga Health Care Authority (RB)
	3,250,000	6.00%, 08/01/15 (c)		3,435,803
				28,283,985
Alaska: 0.6%
		Northern Tobacco Securitization Corp. (RB)
	2,170,000	5.00%, 08/20/14 (c)		1,781,483
	5,815,000	5.00%, 08/20/14 (c)		4,321,592
				6,103,075
Arizona: 4.0%
	1,000,000	Apache County Industrial Development Authority (RB)
		4.50%, 03/01/22 (c)		1,048,350
		Arizona Health Facilities Authority (RB)
	300,000	2.00%, 02/01/15		302,106
	250,000	5.00%, 02/01/22 (c)		267,040
		Arizona Health Facilities Authority, Phoenix Children’s Hospital, Series A (RB)
	350,000	5.00%, 02/01/21		406,889
	875,000	5.00%, 02/01/22 (c)		923,606
		Arizona Health Facilities Authority, The Beatitudes Campus Project (RB)
	410,000	5.10%, 10/01/16 (c)		409,971
	4,010,000	5.20%, 10/01/16 (c)		3,686,112
		Downtown Phoenix Hotel Corp., Series A (RB) (FGIC)
	4,650,000	5.00%, 01/01/16 (c)		4,657,300
	5,150,000	5.00%, 01/01/16 (c)		5,153,193
		Pima County, Arizona Industrial Development Authority, Charter School Projects, Series A (RB)
	2,490,000	5.50%, 07/01/17 (c)		2,326,357
	3,340,000	5.63%, 07/01/17 (c)		2,854,898
	1,400,000	Pima County, Arizona Industrial Development Authority, Tucson Electric Power Company Project, Series A (RB)
		5.25%, 10/01/20 (c)		1,494,570
	245,000	Salt Verde Financial Corp (RB)
		5.50%, 12/01/29		288,948
		Salt Verde Financial Corp. (RB)
	5,650,000	5.00%, 12/01/32		6,277,093
	8,980,000	5.00%, 12/01/37		9,843,337
	1,000,000	Tempe, Arizona Industrial Development Authority, Friendship Village of Tempe, Series A (RB)
		6.25%, 12/01/21 (c)		1,047,060
	1,000,000	The Industrial Development Authority of the County of Pima, Edkey Charter Schools Project (RB)
		6.00%, 07/01/20 (c)		892,060
	1,500,000	Tucson, Arizona University Medical Center Corp., Hospital Revenue (RB)
		5.00%, 07/01/15 (c)		1,518,495
				43,397,385
Arkansas: 0.3%
	3,000,000	Rogers School District No. 30 (GO) (SAW)
		3.00%, 08/01/19 (c)		3,001,380
California: 8.7%
		California County Tobacco Securitization Agency (RB)
	100,000,000	11.80%, 06/01/16 (c) ^		922,000
	15,000	5.00%, 06/01/17 (c)		12,974
	4,115,000	5.00%, 06/01/17 (c)		3,281,342
	1,000,000	5.45%, 12/01/18 (c)		923,960
	3,745,000	5.60%, 12/01/18 (c)		3,199,578
	4,450,000	California Housing Finance Agency, Series G (RB)
		4.95%, 02/01/17 (c)		4,544,963
		California Municipal Finance Authority (RB)
	1,500,000	6.00%, 07/01/22 (c)		1,553,295
	930,000	7.00%, 06/01/22 (c)		976,333
	1,000,000	California Municipal Finance Authority Revenue, Eisenhower Medical Center, Series A (RB)
		5.75%, 07/01/20 (c)		1,064,680
	850,000	California Municipal Finance Authority, Rocketship Education, Series A (RB)
		6.00%, 06/01/22 (c)		884,136
	2,000,000	California Pollution Control Financing Authority, Poseidon Resources (Channelside) LP Desalination Project (RB)
		5.00%, 07/01/22 (c)		2,067,160
		California Statewide Communities Development Authority (RB)
	1,005,000	4.90%, 07/20/19 (c)		1,035,160
	1,000,000	6.00%, 10/01/22 (c)		1,045,780
	3,000,000	California Statewide Communities Development Authority, Valleycare Health System, Series A (RB)
		5.13%, 07/15/17 (c)		2,961,480
		California Statewide Community Development Authority, Daughters of Charity Health System, Series A (RB)
	1,050,000	5.00%, 07/01/15 (c)		978,254
	2,410,000	5.25%, 07/01/15 (c)		2,286,801
	3,210,000	5.25%, 07/01/15 (c)		3,020,193
		California Statewide Community Development Authority, Educational Facilities - Huntington Park Charter School Project-A (RB)
	750,000	5.15%, 07/01/17 (c)		750,563
	500,000	5.25%, 07/01/17 (c)		474,065
		California Statewide Community Development Authority, Thomas Jefferson Law School, Series A (RB)
	1,750,000	7.00%, 10/01/26		1,059,800
	2,000,000	7.25%, 10/01/18 (c)		1,209,460
	2,500,000	7.25%, 10/01/18 (c)		1,511,050
		California Statewide Financing Authority (RB)
	210,000,000	12.31%, 06/01/16 (c) ^		1,535,100
	3,150,000	6.00%, 09/04/14 (c)		3,119,508
	900,000	California Statewide Financing Authority, Pooled Tobacco Securitization Program (RB)
		6.00%, 09/04/14 (c)		891,288
	120,000	Cathedral City Public Financing Authority (AMBAC) (TA)
		4.50%, 08/01/17 (c)		119,012
	9,125,000	Foothill Transportation Corridor Agency, Tall Road Revenue, Series B-3 (RB)
		5.50%, 07/15/22 (c) (p)		10,442,285
		Foothill-Eastern Transportation Corridor Agency (RB)
	1,000,000	5.75%, 01/15/24 (c)		1,126,440
	2,500,000	6.00%, 01/15/24 (c)		2,858,275
	1,000,000	6.00%, 01/15/24 (c)		1,139,120
	1,000,000	6.50%, 01/15/24 (c)		1,140,900
		Golden State Tobacco Securitization Corp., California Tobacco Settlement, Series A-1 (RB)
	2,060,000	4.50%, 06/01/17 (c)		1,831,958
	1,195,000	5.00%, 06/01/17 (c)		956,538
	2,100,000	5.13%, 06/01/17 (c)		1,545,747
	5,700,000	5.75%, 06/01/17 (c)		4,551,222
	1,000,000	Golden State Tobacco Securitization Corp., California Tobacco Settlement, Series A-2 (RB)
		5.30%, 06/01/22 (c)		793,220
	235,000	Hesperia Community Redevelopment Agency, Refinancing and Redevelopment Projects, Series A (TA) (XLCA)
		5.00%, 09/01/15 (c)		235,259
		Hesperia Public Financing Authority, Redevelopment and Housing Projects, Series A (TA) (XLCA)
	50,000	5.00%, 09/01/17 (c)		50,909
	465,000	5.50%, 09/01/17 (c)		477,383
	100,000,000	Inland Empire Tobacco Securitization Authority (RB)
		11.09%, 06/01/17 (c) ^		975,000
	235,000	Inland Empire Tobacco Securitization Authority, Inland Empire Tobacco Securitization Corp., Series B (RB)
		5.75%, 06/01/21 (c)		227,736
	785,000	Inland Empire Tobacco Securitization Authority, Series A (RB)
		4.63%, 06/01/17 (c)		744,164
	165,000	Palomar Pomerado Health Certificates (CP)
		6.00%, 11/01/20 (c)		169,993
	3,600,000	San Buenaventura, California Community Memorial Health System (RB)
		7.50%, 12/01/21 (c)		4,150,584
		San Joaquin Hills Transportation Corridor Agency, Toll Road Refunding Revenue, Series A (RB) (NATL)
	310,000	5.38%, 09/04/14 (c)		310,112
	4,320,000	5.50%, 09/04/14 (c)		4,322,160
	140,000	San Joaquin Hills, California Transportation Corridor Agency, Senior Lien Toll Road (RB)
		5.00%, 09/04/14 (c)		135,895
		Silicon Valley Tobacco Securitization Authority (RB)
	10,000,000	7.40%, 06/01/17 (c) ^		2,056,700
	100,000,000	11.32%, 06/01/17 (c) ^		980,000
	1,000,000	Thousand Oaks, California Community Facilities Special Tax, District No. 1994-1 (ST)
		5.38%, 09/01/22 (c)		1,034,690
	4,005,000	Tobacco Securitization Authority of Northern California (RB)
		5.50%, 06/01/15 (c)		3,240,806
		Tobacco Securitization Authority of Southern California (RB)
	1,000,000	5.00%, 08/20/14 (c)		814,580
	5,690,000	5.13%, 08/20/14 (c)		4,454,758
	3,265,000	Western Hills Water District, Diablo Grande Community Facilities District No. 1 (ST)
		4.00%, 09/01/21		3,215,503
				95,409,872
Colorado: 2.0%
	1,500,000	City of Lakewood, Plaza Metropolitan District No. 1 (TA)
		5.00%, 12/01/22 (c)		1,518,225
	1,545,000	Colorado Health Facilities Authority, Covenant Retirement Communities, Inc. (RB)
		4.00%, 12/01/22 (c)		1,562,397
		Colorado Health Facilities Authority, Health & Residential, Volunteers of America Care Facilities (RB)
	950,000	5.20%, 09/04/14 (c)		931,874
	1,700,000	5.30%, 09/04/14 (c)		1,462,170
		Colorado Health Facilities Authority, Senior Residences Project (RB)
	1,000,000	6.75%, 06/01/22 (c)		1,039,210
	1,500,000	7.00%, 06/01/22 (c)		1,556,385
	1,000,000	Colorado State, UCDHSC Fitzsimons Academic Projects, Series B (CP) (NATL)
		5.00%, 11/01/15 (c)		1,059,880
	25,000	Denver Convention Center Hotel Authority (RB) (XLCA)
		5.00%, 11/01/16 (c)		25,331
		Denver, Colorado Special Facilities Airport Revenue, United Air Lines Project, Series A (RB)
	4,550,000	5.25%, 10/01/17 (c)		4,628,988
	2,000,000	5.75%, 10/01/17 (c)		2,070,260
		E-470 Public Highway Authority (RB) (NATL)
	5,145,000	5.82%, 09/01/26 (c) ^		1,602,565
	9,000,000	5.38%, 09/01/40 ^		2,452,050
	2,500,000	Salida Hospital District (RB)
		5.25%, 10/01/16 (c)		2,505,875
				22,415,210
Connecticut: 0.4%
	1,330,000	Connecticut State Resources Recovery Authority, American Refunding Fuel Comp. Project, Series A (RB)
		6.45%, 09/04/14 (c)		1,330,798
		Harbor Point Infrastructure Improvement District, Harbor Point Project, Series A (TA)
	801,000	7.00%, 04/01/20 (c)		911,073
	1,500,000	7.88%, 04/01/20 (c)		1,741,245
				3,983,116
Delaware: 0.2%
	2,145,000	Delaware Economic Development Authority, Exempt Facility (RB)
		5.38%, 10/01/20 (c)		2,267,222
District of Columbia: 1.8%
		District of Columbia (RB)
	2,865,000	5.00%, 10/01/22 (c)		2,967,653
	305,000	5.00%, 10/01/22 (c)		306,806
	1,500,000	6.25%, 04/01/21 (c)		1,660,320
	4,825,000	District of Columbia, Provident Group - Howard Properties, LLC Issue (RB)
		5.00%, 10/01/22 (c)		4,742,396
	8,255,000	Metropolitan Washington Airports Authority Dulles Toll Road Revenue (RB)
		5.00%, 04/01/22 (c)		8,503,145
	1,500,000	Metropolitan Washington Airports Authority, Dulles Toll Road, Second Senior Lien, Series B (RB)
		6.50%, 10/01/28 (c)		1,459,260
				19,639,580
Florida: 6.3%
	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)		1,759,809
		Alachua County, Florida Health Facilities Authority, Terraces at Bonita Springs Project, Series A (RB)
	1,530,000	8.00%, 11/15/21 (c)		1,768,588
	1,000,000	8.13%, 11/15/21 (c)		1,156,220
	2,000,000	Callaway, Florida Capital Improvement Revenue, Special Capital Extension Project (RB) (ACA)
		5.25%, 08/01/17 (c)		1,947,780
		County of Alachua, Industrial Development, Florida Retirement Village, Inc. Project, Series A (RB)
	350,000	5.63%, 11/15/17 (c)		353,560
	1,640,000	5.88%, 11/15/17 (c)		1,626,749
	1,660,000	5.88%, 11/15/17 (c)		1,611,960
	4,650,000	County of Miami-Dade Seaport Department (RB)
		6.00%, 10/01/23 (c)		5,360,706
	3,300,000	Florida Development Finance Corp., Renaissance Charter School, Inc. Projects, Series A (RB)
		7.63%, 06/15/21 (c)		3,506,250
	3,000,000	Hillsborough County, Florida Industrial Development Authority Revenue (RB)
		7.13%, 09/04/14 (c)		3,001,620
	2,590,000	Lake County, Florida Industrial Development, Crane’s View Lodge Project, Series A (RB)
		7.13%, 11/01/17 (c)		2,569,358
		Lee County Industrial Development Authority, Industrial Development, Community Charter Schools, LLC Projects, Series A (RB)
	4,000,000	5.25%, 06/15/17 (c)		4,055,880
	3,500,000	5.38%, 06/15/17 (c)		3,505,705
	3,300,000	5.75%, 06/15/22 (c)		3,379,299
	130,000	Lee County Industrial Development Authority/FL (RB)
		5.00%, 05/15/17 (c)		131,502
	335,000	Lee County, Florida Industrial Development Authority Health Care Facilities, Shell Point/Alliance Obligation Group (RB)
		5.13%, 11/15/16 (c)		336,866
		Martin County Health Facilities Authority (RB)
	800,000	5.50%, 11/15/21 (c)		869,808
	2,000,000	5.50%, 11/15/21 (c)		2,136,880
		Midtown Miami Community Development District (SA)
	1,000,000	4.25%, 05/01/23 (c)		1,016,020
	2,000,000	4.25%, 05/01/23 (c)		2,033,520
	1,000,000	5.00%, 05/01/23 (c)		1,014,600
		Orange County, Florida Health Facilities Authority, Orlando Lutheran Towers, Inc. (RB)
	1,200,000	5.50%, 07/01/17 (c)		1,210,176
	2,750,000	5.50%, 07/01/17 (c)		2,763,007
	1,100,000	5.70%, 07/01/15 (c)		1,107,161
		Orlando, Florida Aviation Authority, JetBlue Airways Corp. Project (RB)
	1,500,000	5.00%, 05/15/23 (c)		1,498,515
	4,305,000	5.00%, 05/15/23 (c)		4,175,290
	2,000,000	Palm Beach County Health Facilities Authority, Sinai Residences of Boca Raton Project, Series A (RB)
		7.50%, 06/01/22 (c)		2,226,000
	500,000	Palm Beach County Health Facilities Authority, Sinai Residences of Boca Raton Project, Series C (RB)
		6.00%, 06/01/21		532,425
	1,785,000	Sarasota County Health Facilities Authority (RB)
		5.75%, 07/01/17 (c)		1,729,719
	4,545,000	Stuart, Florida Capital Trust Agency, Stuart Lodge Project, Series B (RB)
		7.38%, 01/01/18 (c)		4,568,634
	435,000	Sumter County, Florida Village Community Development District No. 8, Phase II (SA)
		6.13%, 05/01/20 (c)		477,974
	945,000	Sumter County, Florida Village Community Development District No. 9, Special Assessment Revenue (SA)
		5.50%, 05/01/22 (c)		1,000,415
	2,945,000	Tavares, Florida Osprey Lodge at Lakeview Crest, Series A (RB)
		8.75%, 07/01/16 (c)		3,061,887
	1,315,000	Town of Davie, Florida Nova Southeastern University Project, Series A (RB)
		6.00%, 04/01/23 (c)		1,519,272
				69,013,155
Georgia: 0.2%
	2,100,000	DeKalb County, Georgia Hospital Authority, DeKalb Medical Center, Inc. Project (RB)
		6.13%, 09/01/20 (c)		2,226,840
	79,000	Georgia Local Government (CP) (NATL)
		4.75%, 06/01/28		82,503
				2,309,343
Guam: 1.2%
	2,400,000	Guam Government Department of Education, John F. Kennedy Project, Series A (CP)
		6.88%, 12/01/20 (c)		2,652,072
	1,000,000	Guam Government General Obligation, Series A (GO)
		6.75%, 11/15/19 (c)		1,089,870
	1,200,000	Guam Government Limited Obligation, Series A (RB)
		5.63%, 12/01/19 (c)		1,304,556
	1,000,000	Guam Government Waterworks Authority (RB)
		5.50%, 07/01/23 (c)		1,100,400
	2,500,000	Guam Government Waterworks Authority, Water & Wastewater System (RB)
		5.88%, 07/01/15 (c)		2,629,950
		Guam Power Authority, Series A (RB)
	160,000	5.00%, 10/01/22 (c)		172,534
	250,000	5.50%, 10/01/20 (c)		274,125
		Territory of Guam, Series A (GO)
	1,000,000	5.25%, 11/15/17 (c)		997,250
	3,000,000	7.00%, 11/15/19 (c)		3,276,480
				13,497,237
Hawaii: 0.2%
	2,285,000	Kuakini, Hawaii Health System, Special Purpose Revenue, Series A (RB)
		6.30%, 09/04/14 (c)		2,293,820
Illinois: 4.5%
	400,000	Chicago O’Hare International Airport (RB)
		5.50%, 01/01/23 (c)		460,952
		Chicago, Illinois, Series A (GO)
	1,000,000	5.00%, 01/01/24 (c)		1,011,930
	2,750,000	5.25%, 01/01/24 (c)		2,934,882
	465,000	City of Harvey, Illinois, Series A (GO)
		5.50%, 12/01/17 (c)		374,162
	2,000,000	Cook County, Illinois Recovery Zone Facility, Navistar International Corp. Project (RB)
		6.50%, 10/15/20 (c)		2,041,240
	3,650,000	Harvey, Illinois, Series A (GO)
		5.63%, 12/01/17 (c)		2,823,384
		Illinois Finance Authority (RB)
	1,000,000	5.00%, 04/01/16 (c)		965,310
	2,000,000	5.00%, 09/01/24 (c)		2,031,580
	230,000	5.75%, 02/15/20 (c)		251,809
	1,000,000	5.75%, 05/15/22 (c)		1,019,990
	1,000,000	6.25%, 10/01/19 (c)		1,051,480
		Illinois Finance Authority, Franciscan Communities, Inc., Series A (RB)
	2,800,000	5.13%, 05/15/23 (c)		2,748,116
	1,500,000	5.25%, 05/15/23 (c)		1,490,580
		Illinois Finance Authority, Greenfields of Geneva Project, Series A (RB)
	1,000,000	8.13%, 02/15/20 (c)		1,036,030
	3,000,000	8.25%, 02/15/20 (c)		3,112,500
	2,175,000	Illinois Finance Authority, Navistar International Corp. Project (RB)
		6.50%, 10/15/20 (c)		2,219,849
		Illinois Finance Authority, Park Place of Elmhurst Project, Series A (RB)
	300,000	8.00%, 05/15/15 (c)		200,109
	610,000	8.00%, 05/15/20 (c)		405,339
	1,625,000	8.13%, 05/15/20 (c)		1,079,033
	350,000	Illinois Finance Authority, Peace Village (RB)
		5.25%, 08/15/23		355,908
	575,000	Illinois Finance Authority, Resurrection Health Care Corp. (RB)
		6.13%, 05/15/19 (c)		641,407
	2,000,000	Illinois Finance Authority, Roosevelt University Project (RB)
		6.50%, 10/01/19 (c)		2,118,860
	2,710,000	Illinois Finance Authority, Sherman Health System, Series A (RB)
		5.50%, 08/01/17 (c)		2,960,458
	2,070,000	Illinois Finance Authority, Swedish Covenant Hospital, Series A (RB)
		6.00%, 02/15/20 (c)		2,221,483
		Illinois Finance Authority, The Admiral At The Lake Project, Series A (RB)
	1,565,000	8.00%, 05/15/20 (c)		1,586,284
	7,000,000	8.00%, 05/15/20 (c)		7,072,520
	1,250,000	Illinois Finance Authority, The Admiral At The Lake Project, Series D-1 (RB)
		7.00%, 08/25/14 (c)		1,251,600
	655,000	Illinois Sports Facilities Authority (RB) (AMBAC)
		5.00%, 09/02/14 (c)		656,572
	1,000,000	Railsplitter Tobacco Settlement Authority (RB)
		5.00%, 06/01/18		1,128,730
	2,000,000	Southwestern Illinois Development Authority, United States Steel Corp. Project (RB)
		5.75%, 08/01/22 (c)		1,997,220
				49,249,317
Indiana: 3.5%
		Carmel, Indiana, The Barrington of Carmel Project, Series A (RB)
	1,500,000	7.13%, 11/15/22 (c)		1,598,580
	3,000,000	7.13%, 11/15/22 (c)		3,187,140
	525,000	City of Anderson, Indiana (RB)
		5.00%, 04/01/17 (c)		516,600
		Indiana Finance Authority (RB)
	1,100,000	5.00%, 07/01/23 (c)		1,141,580
	2,515,000	5.00%, 09/01/24 (c)		2,591,179
	3,000,000	5.00%, 07/01/23 (c)		3,091,170
	5,300,000	5.25%, 07/01/23 (c)		5,565,000
	245,000	5.50%, 08/15/20 (c)		252,718
	1,900,000	Indiana Finance Authority, Environmental Improvement Revenue, United States Steel Corp. Project (RB)
		6.00%, 12/01/19		2,072,824
		Indiana Finance Authority, King’s Daughters’ Hospital & Health Services (RB)
	1,475,000	5.13%, 08/15/20 (c)		1,562,276
	2,500,000	5.50%, 08/15/20 (c)		2,597,250
		Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series A (RB)
	2,000,000	5.00%, 06/01/22 (c)		2,055,900
	3,200,000	5.00%, 06/01/22 (c)		3,257,824
	1,040,000	Indiana Finance Authority, United States Steel Corp. Project (RB)
		5.75%, 08/01/22 (c)		1,038,554
	1,320,000	Indiana Health Facility Financing Authority, Hospital Revenue, The Methodist Hospitals, Inc. (RB)
		5.50%, 09/04/14 (c)		1,320,647
		Vigo County, Indiana Hospital Authority, Union Hospital, Inc. (RB)
	2,000,000	5.70%, 09/01/17 (c)		2,000,460
	3,000,000	5.75%, 09/01/17 (c)		2,987,430
	1,160,000	5.80%, 09/01/17 (c)		1,155,372
				37,992,504
Iowa: 1.7%
		Iowa Finance Authority (RB)
	163,200	2.00%, 09/04/14 (c)		1,632
	870,000	2.70%, 11/15/24 (c) §		566,039
	5,180,000	Iowa Finance Authority, Alcoa, Inc. Project (RB)
		4.75%, 08/01/22 (c)		5,146,641
	1,500,000	Iowa Finance Authority, Iowa Fertilizer Comp. Project (RB)
		5.25%, 12/01/23 (c)		1,581,285
		Iowa Finance Authority, Iowa Fertilizer Company Project (RB)
	500,000	5.00%, 12/01/19		525,930
	2,450,000	5.50%, 12/01/18 (c)		2,563,704
		Iowa Higher Education Loan Authority (RB)
	610,000	5.75%, 09/01/20 (c)		636,596
	325,000	6.00%, 09/01/20 (c)		334,965
	5,230,000	Iowa Tobacco Settlement Authority (RB)
		5.50%, 06/01/15 (c)		4,345,764
	3,000,000	Iowa Tobacco Settlement Authority, Series C (RB)
		5.38%, 06/01/15 (c)		2,492,700
				18,195,256
Kansas: 2.2%
		Manhattan, Kansas Health Care Facility Revenue, Meadowlark Hills Retirement Community, Series A (RB)
	1,000,000	5.00%, 05/15/17 (c)		996,820
	2,000,000	5.00%, 05/15/17 (c)		1,935,420
		Overland Park, Kansas Development Corp. (RB) (AMBAC)
	18,000,000	5.13%, 01/01/17 (c)		17,425,260
	1,000,000	5.25%, 01/01/17 (c)		982,050
	2,550,000	Overland Park, Kansas, Prairiefire At Lionsgate Project (RB)
		6.00%, 12/15/22 (c)		2,494,308
				23,833,858
Kentucky: 1.9%
	3,650,000	County of Ohio, Kentucky Pollution Control, Big Rivers Electric Corp. Project, Series A (RB)
		6.00%, 07/15/20 (c)		3,284,233
		Kentucky Economic Development Finance Authority (RB)
	2,000,000	5.38%, 11/15/22 (c)		2,028,500
	1,000,000	5.50%, 11/15/22 (c)		1,003,870
	460,000	5.75%, 06/01/20 (c)		519,749
	2,000,000	6.00%, 06/01/20 (c)		2,255,580
	1,325,000	Kentucky Economic Development Finance Authority, Owensboro Medical Health System, Inc., Series A (RB)
		6.38%, 06/01/20 (c)		1,486,915
	2,000,000	Kentucky Economic Development Finance Authority, Owensboro Medical Health System, Inc., Series B (RB)
		6.38%, 06/01/20 (c)		2,242,980
	5,650,000	Kentucky Public Transportation Infrastructure Authority (RB)
		5.75%, 07/01/23 (c)		6,330,486
	1,000,000	Kentucky Public Transportation Infrastructure Authority, Series A (RB)
		5.00%, 07/01/17		1,110,910
				20,263,223
Louisiana: 1.7%
		City of New Orleans, Louisiana (RB)
	500,000	5.00%, 12/01/24 (c)		545,455
	1,850,000	5.00%, 06/01/24 (c)		1,980,314
	500,000	5.00%, 12/01/24 (c)		536,665
	4,250,000	Lakeshore Village Master Community Development District (SA)
		5.38%, 07/01/17 (d)* §		1,487,500
	100,000	Louisiana Environmental Facilities & Community Development Authority, Westlake Chemical Corp. Project (RB)
		6.75%, 11/01/17 (c)		111,454
		Louisiana Local Government Environmental Facilities & Community Development Authority, Westlake Chemical Corp. Project, Series A (RB)
	910,000	6.50%, 08/01/20 (c)		1,045,226
	2,300,000	6.50%, 11/01/20 (c)		2,647,392
		Louisiana Public Facilities Authority (RB) (CIFG)
	495,000	4.50%, 07/01/16 (c)		404,044
	2,000,000	8.38%, 07/01/24 (c)		2,000,000
	1,450,000	Louisiana Public Facilities Authority, Lake Charles Memorial Hospital Project (RB)
		6.38%, 12/01/19 (c)		1,573,555
		Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project, Series A (RB)
	1,525,000	5.25%, 05/15/17 (c)		1,589,630
	1,050,000	5.38%, 05/15/17 (c)		1,099,634
	3,000,000	Louisiana Public Facilities Authority, Solid Waste Disposal Revenue, Series A (RB)
		7.50%, 07/01/23		3,000,000
	975,000	Saint John, Louisiana Marathon Oil Corp. Project, Series A (RB)
		5.13%, 06/01/17 (c)		1,021,459
				19,042,328
Maine: 0.7%
	2,000,000	Maine Health & Higher Educational Facilities Authority (RB)
		5.00%, 07/01/23 (c)		2,137,700
		Maine Health & Higher Educational Facilities Authority, General Medical Center (RB)
	1,165,000	6.00%, 07/01/21 (c)		1,283,655
	2,220,000	6.75%, 07/01/21 (c)		2,421,398
	50,000	6.95%, 07/01/21 (c)		55,447
	2,000,000	Rumford, Maine Solid Waste Disposal, Boise Cascade Corp. (RB)
		6.88%, 09/04/14 (c)		2,010,500
				7,908,700
Maryland: 1.0%
	2,445,000	Baltimore, Maryland, Convention Center Hotel Revenue, Series A (RB) (XLCA)
		5.25%, 09/01/16 (c)		2,469,254
	2,000,000	County of Howard, Maryland (RB)
		5.25%, 04/01/17 (c)		1,929,960
	2,955,000	Frederick County, Maryland Urbana Community Development Authority, Series B (ST)
		5.50%, 07/01/20 (c)		2,963,688
	2,265,000	Maryland Economic Development Corp. (RB)
		5.75%, 09/01/20 (c)		2,474,195
	2,000,000	Maryland Economic Development Corp., Chesapeake Bay Conference Center Project, Series A (RB)
		5.25%, 12/01/16 (c) (d)		940,000
	545,000	Maryland Health & Higher Educational Facilities Authority (RB)
		5.75%, 01/01/18 (c)		562,097
				11,339,194
Massachusetts: 0.6%
		Massachusetts Development Finance Agency (RB)
	3,150,000	4.88%, 11/01/17 (c)		3,157,717
	280,000	5.25%, 09/04/14 (c)		281,352
	220,000	5.50%, 07/01/21 (c)		232,390
	465,000	Massachusetts Health & Educational Facilities Authority (RB)
		5.38%, 09/04/14 (c)		465,037
	2,000,000	Massachusetts Health & Educational Facilities Authority, Milton Hospital Issue, Series D (RB)
		5.50%, 07/01/15 (c)		2,006,360
				6,142,856
Michigan: 3.4%
		City of Detroit, Michigan Sewage Disposal System Revenue (RB)
	2,500,000	5.50%, 07/01/17 (c)		2,496,075
	475,000	6.50%, 07/01/19 (c)		479,517
	3,150,000	City of Detroit, Michigan Water Supply System Revenue (RB)
		5.75%, 07/01/21 (c)		3,133,935
	10,000	City of Detroit, Michigan Water Supply System Revenue, Series A (RB)
		5.00%, 09/04/14 (c)		10,000
	220,000	City of Detroit, Michigan Water Supply System Revenue, Series C (RB)
		4.50%, 07/01/21 (c)		202,697
	345,000	Detroit Local Development Finance Authority (TA)
		5.50%, 09/04/14 (c)		334,219
	315,000	Detroit, Michigan, Series A
		5.00%		313,806
		Flint, Michigan Hospital Building Authority, Hurley Medical Center (RB)
	2,000,000	4.75%, 07/01/23 (c)		1,792,500
	990,000	7.38%, 07/01/20 (c)		1,066,953
		Kent Hospital Finance Authority, Metropolitan Hospital Project, Series A (RB)
	2,510,000	5.25%, 07/01/15 (c)		2,584,622
	1,000,000	5.75%, 07/01/15 (c)		1,034,930
	1,450,000	6.00%, 07/01/15 (c)		1,501,359
	1,500,000	Kentwood, Michigan Economic Development Corp., Holland Home Obligated Group (RB)
		5.63%, 05/15/22 (c)		1,534,440
		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		1,244,525
	1,000,000	8.00%, 10/01/19 (c)		899,600
	1,000,000	Michigan Municipal Bond Authority (RB) (AMBAC)
		4.75%, 05/01/17 (c)		993,320
	5,750,000	Michigan Solid Waste Disposal, Genesee Power Station Project (RB)
		7.50%, 09/04/14 (c)		5,749,482
		Michigan Tobacco Settlement Finance Authority (RB)
	5,000,000	6.00%, 06/01/17 (c)		4,160,000
	415,000	6.00%, 06/01/17 (c)		327,182
		Michigan Tobacco Settlement Finance Authority, Series A (RB)
	1,440,000	5.13%, 06/01/17 (c)		1,247,904
	7,000,000	6.88%, 06/01/18 (c)		6,475,560
				37,582,626
Minnesota: 1.1%
	3,500,000	Saint Paul Housing & Redevelopment Authority (RB)
		5.00%, 05/01/23 (c)		3,487,085
		Saint Paul, Minnesota Housing & Redevelopment Authority, Carondelet Village Project, Series A (RB)
	500,000	6.00%, 08/01/17 (c)		508,725
	500,000	6.00%, 08/01/17 (c)		506,525
	2,500,000	Saint Paul, Minnesota Housing & Redevelopment Authority, HealthEast Project (RB)
		6.00%, 11/15/15 (c)		2,605,075
		Wayzata, Minnesota Folkstone Senior Living Community, Series A (RB)
	2,200,000	5.75%, 05/01/19 (c)		2,374,218
	2,500,000	6.00%, 05/01/19 (c)		2,715,525
				12,197,153
Mississippi: 0.0%
	280,000	Mississippi Development Bank, Series A (RB) (XLCA)
		5.00%, 03/01/16 (c)		287,011
Missouri: 0.7%
	1,000,000	Citizens Memorial Hospital District of Polk County, Missouri Hospital (RB)
		5.00%, 08/01/19 (c)		1,002,180
		Kansas City, Missouri Industrial Development Authority, Missouri Health Care Facilities First Mortgage, Series A (RB)
	2,345,000	6.25%, 09/04/14 (c)		2,374,899
	2,500,000	6.50%, 09/04/14 (c)		2,516,250
		St. Louis, Missouri Industrial Development Authority, Confluence Academy Project, Series A (RB)
	580,000	5.00%, 06/15/15 (c)		570,720
	1,150,000	5.25%, 06/15/15 (c)		1,106,634
	570,000	5.35%, 06/15/15 (c)		519,566
				8,090,249
Nebraska: 0.3%
	3,160,000	Nebraska Educational Finance Authority, Concordia University Project (RB)
		5.00%, 10/01/15 (c)		3,169,290
Nevada: 0.1%
		City of North Las Vegas, Nevada (GO)
	1,220,000	5.00%, 06/01/21 (c)		1,012,405
	715,000	5.00%, 06/01/21 (c)		577,277
				1,589,682
New Jersey: 5.2%
	1,000,000	Burlington County Bridge Commission, Burlington County, New Jersey, The Evergreens Project (RB)
		5.63%, 01/01/18 (c)		1,009,020
	3,745,000	Gloucester County, New Jersey Pollution Control Financing Authority, Series A (RB)
		5.00%, 12/01/24		4,112,160
		New Jersey Economic Development Authority (RB)
	185,000	4.25%, 06/15/22 (c)		193,808
	500,000	5.00%, 06/15/22 (c)		546,105
	1,350,000	5.13%, 01/01/24 (c)		1,438,587
	150,000	5.38%, 01/01/24 (c)		159,851
	235,000	5.63%, 03/05/24 (c)		251,333
	100,000	5.63%, 03/05/24 (c)		106,950
	4,000,000	10.50%, 06/01/16 (c)(d)		2,996,520
	840,000	New Jersey Economic Development Authority, Cigarette Tax Revenue (RB)
		5.00%, 06/15/22 (c)		949,931
		New Jersey Economic Development Authority, Continental Airlines, Inc. Project (RB)
	3,750,000	4.88%, 09/15/19		3,837,450
	1,150,000	5.25%, 08/20/22 (c)		1,204,568
	2,215,000	5.50%, 09/04/14 (c)		2,215,775
	3,735,000	5.75%, 09/15/22 (c)		3,934,972
	8,140,000	New Jersey Economic Development Authority, Gloucester Marine Project A (RB)
		6.63%, 01/01/16 (c)		8,277,078
	2,050,000	New Jersey Health Care Facilities Financing Authority, Saint Peter’s University System (RB)
		6.25%, 07/01/21 (c)		2,227,878
	2,000,000	New Jersey Health Care Facilities Financing Authority, St. Joseph’s Healthcare System (RB)
		6.63%, 07/01/18 (c)		2,172,180
		New Jersey Tobacco Settlement Financing Corp., Series A (RB)
	7,500,000	5.00%, 06/01/17 (c)		6,269,325
	3,385,000	5.00%, 06/01/17 (c)		2,511,839
	1,150,000	Salem County Pollution Control Financing Authority (RB)
		5.00%, 12/01/23		1,275,040
	5,535,000	Tobacco Settlement Financing Corp., Senior Series 1A (RB)
		4.50%, 06/01/17 (c)		5,424,189
	1,000,000	Tobacco Settlement Financing Corp., Senior Series A-1 (RB)
		4.75%, 06/01/17 (c)		745,070
	400,000	Tobacco Settlement Financing Corp., Senior Series B-1 (RB)
		7.74%, 06/01/17 (c) ^		96,768
	5,800,000	Tobacco Settlement Financing Corp., Series A (RB)
		4.63%, 06/01/17 (c)		5,046,406
				57,002,803
New Mexico: 1.0%
	1,390,000	County of Otero, Jail Project (RB)
		5.75%, 10/01/16 (c)		1,323,933
	2,810,000	Farmington, New Mexico Pollution Control, San Juan Project, Series F (RB)
		6.25%, 06/01/20 (c)		3,104,600
	2,850,000	Otero County, New Mexico Jail Project Revenue (RB)
		6.00%, 10/01/16 (c)		2,522,905
	5,650,000	Otero County, New Mexico Jail Project Revenue (RB)
		6.00%, 10/01/16 (c)		4,493,614
				11,445,052
New York: 7.1%
	4,160,000	Chautaugua County, New York Industrial Development, NRG Dunkirk Power Project (RB)
		5.88%, 02/01/20 (c)		4,534,566
	1,465,000	Erie County, New York Industrial Development Agency, Orchard Park CCRC, Inc. Project, Series A (RB)
		6.00%, 11/15/16 (c)		1,484,719
		Nassau County Local Economic Assistance Corp. (RB)
	1,000,000	5.00%, 07/01/22 (c)		1,084,800
	415,000	5.00%, 07/01/22 (c)		439,987
	4,585,000	Nassau County Tobacco Settlement Corp. (RB)
		5.00%, 06/01/16 (c)		3,751,676
		New York City Industrial Development Agency (RB) (FGIC)
	1,700,000	4.50%, 09/01/16 (c)		1,710,642
	2,000,000	5.00%, 07/01/22 (c)		2,142,740
	600,000	5.00%, 01/01/17 (c)		617,220
		New York City Industrial Development Agency, British Airways Plc Project (RB)
	5,550,000	5.25%, 09/04/14 (c)		5,549,667
	4,650,000	7.63%, 09/04/14 (c)		4,663,206
	2,000,000	New York City Industrial Development Agency, Civic Facility, Bronx Parking Development Company, LLC Project (RB)
		5.88%, 10/01/17 (c) (d)		780,000
	2,000,000	New York City Industrial Development Agency, Civic Facility, Vaughn College of Aeronautics & Technology Project, Series A (RB)
		5.00%, 12/01/16 (c)		2,081,240
		New York City Industrial Development Agency, Queens Baseball Stadium Project (RB) (AMBAC)
	1,970,000	4.75%, 01/01/17 (c)		1,970,808
	790,000	5.00%, 01/01/17 (c)		799,417
	530,000	New York City Industrial Development Agency, Special Facility, JetBlue Airways Corp. Project (RB)
		5.00%, 09/04/14 (c)		530,747
	1,000,000	New York City Industrial Development Agency, Vaughn Collage of Aeronautics and Technology Project (RB)
		5.00%, 12/01/16 (c)		1,021,020
	230,000	New York Counties Tobacco Trust IV (RB)
		5.00%, 06/01/15 (c)		180,709
	2,070,000	New York Dormitory Authority, Yeshiva University (RB)
		5.00%, 09/01/19 (c)		2,232,060
	2,000,000	New York Liberty Development Corp. (RB)
		5.00%, 03/15/22 (c)		2,068,960
		New York State Dormitory Authority (RB)
	295,000	5.00%, 05/01/19		327,196
	2,170,000	5.00%, 07/01/17 (c)		2,201,508
	2,870,000	6.13%, 12/01/18 (c)		3,031,524
	1,150,000	New York Suffolk County Industrial Development Agency, Southampton Hospital Association Civic Facility, Series B (RB)
		7.63%, 09/04/14 (c)		1,150,610
	4,400,000	Niagara Area Development Corp. (RB)
		5.25%, 11/01/17 (c)		4,418,480
		Onondaga Civic Development Corp., St. Joseph’s Hospital Health Center Project (RB)
	3,000,000	4.50%, 07/01/22 (c)		2,885,610
	3,140,000	5.00%, 07/01/22 (c)		3,084,202
		Onondaga Civic Development Corp., St. Joseph’s Hospital Health Center Project, Series A (RB)
	1,000,000	4.63%, 07/01/19 (c)		1,031,600
	200,000	5.00%, 07/01/19		210,550
	1,295,000	Suffolk County Industrial Development Agency, Dowling College Civic Facility, Series A (RB) (ACA)
		4.75%, 06/01/16 (c)		1,234,018
	5,000,000	Suffolk Tobacco Asset Securitization Corp. (RB)
		6.63%, 06/01/22 (c)		4,919,550
	1,000,000	Syracuse Industrial Development Agency (RB) (XLCA)
		5.00%, 01/01/17 (c)		1,013,740
	945,000	Town of Oyster Bay, New York (GO) (AGM)
		3.25%, 08/01/22 (c)		937,572
	100,000	Tsasc, Inc., New York City Tobacco Settlement, Series 0 (RB)
		5.00%, 06/01/16 (c)		96,277
		Tsasc, Inc., New York City Tobacco Settlement, Series 1 (RB)
	5,000,000	5.00%, 06/01/16 (c)		4,126,850
	6,205,000	5.13%, 06/01/16 (c)		4,939,676
	1,250,000	Westchester County Local Development Corp. (RB)
		5.50%, 05/01/24 (c)		1,331,350
		Westchester, New York Tobacco Asset Securitization Corp. (RB)
	1,500,000	5.13%, 06/01/15 (c)		1,362,825
	2,500,000	5.13%, 06/01/15 (c)		2,024,900
				77,972,222
North Carolina: 0.9%
	2,300,000	Charlotte, North Carolina, US Airways, Inc. Project (RB)
		5.60% (c)		2,300,000
	3,000,000	Gaston County, North Carolina Industrial Facilities & Pollution Control Financing Authority (RB)
		5.75%, 08/01/15 (c)		3,000,300
	200,000	North Carolina Albemarle Hospital Authority, Health Care Facilities (RB)
		5.25%, 10/01/17 (c)		228,822
		North Carolina Medical Care Commission, Lutheran Services for the Aging, Series A (RB)
	245,000	4.75%, 03/01/22 (c)		246,852
	820,000	5.00%, 03/01/22 (c)		828,208
	1,330,000	5.00%, 03/01/22 (c)		1,340,786
	1,395,000	North Carolina Medical Care Commission, Retirement Facilities, Galloway Ridge Project (RB)
		6.00%, 01/01/20 (c)		1,447,592
				9,392,560
North Dakota: 0.1%
	500,000	City of Grand Forks, North Dakota, Altru Health System Obligated Group (RB)
		5.00%, 12/01/21 (c)		526,570
Ohio: 5.4%
		Buckeye Tobacco Settlement Financing Authority (RB)
	4,765,000	6.00%, 06/01/17 (c)		3,729,184
	540,000	6.25%, 06/01/22 (c)		446,877
		Buckeye Tobacco Settlement Financing Authority, Series A-2 (RB)
	9,750,000	5.13%, 06/01/17 (c)		8,159,482
	2,000,000	5.38%, 06/01/17 (c)		1,700,600
		Buckeye, Ohio Tobacco Settlement Finance Authority, Asset-Backed-Senior-Turbo, Series A-2 (RB)
	2,500,000	5.88%, 06/01/17 (c)		2,023,725
	5,000,000	5.88%, 06/01/17 (c)		3,903,850
	3,380,000	6.50%, 06/01/17 (c)		2,837,848
	750,000	City of Cleveland, Ohio Airport Special Revenue, Continental Airlines, Inc. Project (RB)
		5.70%, 09/04/14 (c)		753,930
	1,035,000	Cleveland, Ohio Airport Special Revenue, Continental Airlines, Inc. Project (RB)
		5.38%, 09/04/14 (c)		1,035,072
	2,535,000	Cleveland, Ohio Airport System Revenue (RB)
		5.00%, 01/01/22 (c)		2,789,767
	1,750,000	County of Hamilton, Ohio The Christ Hospital Project (RB)
		5.00%, 06/01/22 (c)		1,832,915
	2,300,000	County of Lucas, Ohio Lutheran Homes Society, Inc. Obligated Group Project (RB)
		6.63%, 11/01/20 (c)		2,472,477
	2,000,000	County of Muskingum, Ohio, Genesis HealthCare System Obligated Group Project (RB)
		5.00%, 02/15/23 (c)		1,990,400
	2,000,000	Franklin, Ohio, First Community Village Obligated Group (RB)
		5.63%, 07/01/20 (c)		1,773,260
	2,920,000	Lorain County, Ohio Port Authority, United States Steel Corp. Project (RB)
		6.75%, 12/01/20 (c)		3,147,906
	2,000,000	Muskingum County, Ohio Hospital Facilities, Genesis HealthCare System Obligated Group Project (RB)
		5.00%, 02/15/23 (c)		1,966,620
	1,000,000	Ohio Air Quality Development Authority, AK Steel Corp. Project (RB)
		6.75%, 02/01/22 (c)		985,800
	1,000,000	Ohio Air Quality Development Authority, Series A (RB)
		3.75%, 12/03/18 (p)		1,042,590
	550,000	Ohio State Environmental Facilities, Ford Motor Company Project (RB)
		5.75%, 04/01/15 (c)		561,022
	4,805,000	Ohio State Higher Educational Facility Commission, Ashland University Project (RB)
		6.25%, 09/01/20 (c)		4,627,599
	4,650,000	Ohio State Solid Waste Disposal, USG Corp. Project (RB)
		5.60%, 09/04/14 (c)		4,651,720
	850,000	Ohio State Water Development Authority, Series A (RB)
		5.88%, 06/01/16 (p)		916,419
		Southeastern Ohio Port Authority, Hospital Facilities Revenue, Memorial Health System Obligated Group Project (RB)
	2,000,000	5.75%, 12/01/22 (c)		2,039,540
	3,650,000	6.00%, 12/01/22 (c)		3,704,494
				59,093,097
Oklahoma: 0.5%
	2,057,834	Kingfisher Hospital Authority (RB)
		6.50%, 09/04/14 (c) §		2,062,011
	1,500,000	Oklahoma County Finance Authority, Epworth Villa Project, Series A (RB)
		5.13%, 04/01/22 (c)		1,380,030
		Oklahoma Development Finance Authority (RB)
	1,000,000	5.13%, 12/01/17 (c)		925,430
	250,000	5.25%, 01/01/19 (c)		253,418
	1,000,000	Oklahoma Development Finance Authority, Inverness Village Community (RB)
		6.00%, 01/01/22 (c)		1,038,020
				5,658,909
Oregon: 0.1%
		Oregon State Facilities Authority, Concordia University Project, Series A (RB)
	650,000	6.13%, 09/01/20 (c)		690,307
	750,000	6.38%, 09/01/20 (c)		798,555
				1,488,862
Pennsylvania: 2.7%
		Allegheny County, Pennsylvania Industrial Development Authority, United States Steel Corp. Project (RB)
	1,345,000	5.75%, 08/01/22 (c)		1,347,542
	1,000,000	6.75%, 12/01/21 (c)		1,129,640
	1,000,000	6.88%, 11/01/19 (c)		1,100,840
	2,980,000	Allentown Neighborhood Improvement Zone Development Authority (RB)
		5.00%, 05/01/22 (c)		3,056,675
	750,000	Beaver County Industrial Development Authority, Pollution Control, Series B (RB)
		3.50%, 06/01/20 (p)		759,450
	400,000	Cumberland County Municipal Authority (RB)
		5.25%, 01/01/22 (c)		408,092
	4,575,000	Delaware County Authority (RB)
		5.00%, 12/15/16 (c)		4,491,415
	6,300,000	Harrisburg, Philadelphia University Revenue, Series B (RB)
		6.00%, 09/01/17 (c) (d) §		2,912,238
	1,500,000	Lancaster County Hospital Authority, Brethren Village Project, Series A (RB)
		6.50%, 07/01/17 (c)		1,562,535
	1,250,000	Lehigh County General Purpose Authority (RB)
		5.25%, 07/01/22 (c)		1,225,888
	700,000	Pennsylvania Economic Development Finance Authority, Colver Project, Series G (RB)
		5.13%, 12/01/15		723,450
	1,800,000	Pennsylvania Economic Development Financing Authority, Solid Waste Disposal, USG Corp. Project (RB)
		6.00%, 09/04/14 (c)		1,802,592
		Philadelphia Authority for Industrial Development (RB)
	1,000,000	7.25%, 06/15/24 (c)		1,046,450
	2,130,000	8.20%, 01/01/23 (c)		2,250,004
	350,000	Philadelphia Authority for Industrial Development, Series A (RB)
		5.88%, 06/15/22		363,003
		Philadelphia Gas Works Co. (RB) (AMBAC)
	150,000	5.00%, 10/01/17		169,641
	100,000	5.00%, 10/01/17 (c)		108,999
	1,290,000	Philadelphia Hospitals & Higher Education Facilities Authority (RB)
		5.63%, 07/01/22 (c)		1,319,231
		Philadelphia Hospitals & Higher Education Facilities Authority, Temple University Health System Obligated Group, Series A (RB)
	1,990,000	5.50%, 07/01/17 (c)		2,005,263
	2,175,000	5.63%, 07/01/22 (c)		2,211,627
				29,994,575
Puerto Rico: 3.8%
		Commonwealth of Puerto Rico (GO)
	420,000	4.50%, 07/01/22 (c)		300,623
	45,000	5.00%, 07/01/16 (c)		32,347
	415,000	5.13%, 07/01/22 (c)		300,381
	250,000	5.25%, 09/04/14 (c)		197,485
	100,000	5.25%, 07/01/22 (c)		75,903
	650,000	5.50%, 07/01/18		561,958
	100,000	5.50%, 07/01/21 (c)		74,522
	840,000	5.75%, 07/01/19 (c)		617,450
	30,000	6.00%, 07/01/19 (c)		22,502
	7,085,000	8.00%, 07/01/20 (c)		6,385,427
	100,000	Commonwealth of Puerto Rico, Public Improvement, Series A (GO)
		5.50%, 07/01/19		84,730
		Puerto Rico Commonwealth Aqueduct & Sewer Authority (RB)
	1,740,000	5.25%, 07/01/22 (c)		1,187,341
	700,000	5.75%, 07/01/22 (c)		493,542
	1,500,000	6.00%, 07/01/18 (c)		1,057,515
	1,040,000	Puerto Rico Commonwealth Aqueduct & Sewer Authority, Series A (RB)
		5.00%, 07/01/22 (c)		710,788
	7,355,000	Puerto Rico Commonwealth Aqueduct and Sewer Authority, Series A (RB)
		6.00%, 07/01/22 (c)		5,185,349
	13,000,000	Puerto Rico Commonwealth Children’s Trust Tobacco Settlement Asset-Backed Bond, Series A (RB)
		6.48%, 05/15/15 (c) ^		867,880
	1,000,000	Puerto Rico Commonwealth Highways and Transportation Authority, Series N (RB)
		5.50%, 07/01/23		457,570
	3,000,000	Puerto Rico Commonwealth Infrastructure Financing Authority, Series B (RB)
		5.00%, 07/01/16 (c)		1,590,090
	305,000	Puerto Rico Commonwealth Public Improvement, Series A (GO)
		6.00%, 07/01/21 (c)		228,009
	655,000	Puerto Rico Commonwealth Public Improvement, Series A (GO)
		5.00%, 07/01/22 (c)		463,413
	460,000	Puerto Rico Commonwealth, Government Development, Series B (RB)
		5.00%, 12/01/15		429,944
		Puerto Rico Convention Center District Authority (RB) (CIFG)
	25,000	4.50%, 07/01/16 (c)		19,238
	500,000	5.00%, 07/01/16 (c)		305,625
	200,000	Puerto Rico Convention Center District Authority, Series A (RB) (FGIC)
		4.75%, 07/01/16 (c)		128,386
		Puerto Rico Electric Power Authority (RB)
	890,000	4.80%, 07/01/22 (c)		420,142
	525,000	5.00%, 07/01/20		256,988
	975,000	5.00%, 07/01/20 (c)		477,126
	165,000	5.00%, 07/01/20 (c)		80,025
	925,000	5.00%, 07/01/17 (c)		448,625
	85,000	5.38%, 07/01/18 (c)		41,225
	45,000	5.50%, 07/01/18 (c)		22,020
	350,000	7.00%, 07/01/23 (c)		171,938
	325,000	Puerto Rico Electric Power Authority, Series AAA (RB)
		5.25%, 07/01/20 (c)		159,039
	125,000	Puerto Rico Electric Power Authority, Series CCC (RB)
		5.00%, 07/01/20 (c)		60,625
		Puerto Rico Electric Power Authority, Series TT (RB)
	375,000	5.00%, 07/01/17		183,934
	260,000	5.00%, 07/01/17 (c)		127,234
	2,100,000	Puerto Rico Electric Power Authority, Series VV (RB) (NATL)
		5.25%, 07/01/29		1,921,626
		Puerto Rico Electric Power Authority, Series ZZ (RB)
	500,000	4.00%, 07/01/16		243,945
	500,000	5.00%, 07/01/16		249,735
	385,000	5.00%, 07/01/18		188,646
	175,000	5.25%, 07/01/20 (c)		84,875
	500,000	5.25%, 07/01/20 (c)		242,500
	200,000	Puerto Rico Government Development, Series B (RB)
		5.00%, 12/01/16		180,530
	820,000	Puerto Rico Highway & Transportation Authority, Series N (RB) (NATL)
		5.25%, 07/01/33		752,711
		Puerto Rico Highways & Transportation Authority (RB)
	500,000	5.00%, 07/01/15 (c)		228,900
	115,000	5.00%, 07/01/15 (c)		63,853
	1,500,000	5.00%, 07/01/17 (c)		686,355
	400,000	5.00%, 07/01/15 (c)		183,020
	780,000	5.00%, 09/04/14 (c)		356,881
	1,020,000	5.00%, 07/01/17 (c)		442,527
	200,000	5.00%, 07/01/17 (c)		75,000
	250,000	5.25%, 09/04/14 (c)		146,485
	1,055,000	5.50%, 07/01/22		482,747
	2,000,000	5.50%, 07/01/24		915,120
	1,500,000	5.50%, 07/01/25		686,325
	1,500,000	5.50%, 07/01/26		650,925
	155,000	Puerto Rico Highways & Transportation Authority, Series K (RB)
		5.00%, 07/01/15 (c)		70,937
	385,000	Puerto Rico Highways & Transportation Authority, Series N (RB)
		5.50%, 07/01/21		176,176
		Puerto Rico Infrastructure Financing Authority (RB)
	1,000,000	5.00%, 12/15/21 (c)		588,530
	1,065,000	5.00%, 07/01/16 (c)		586,070
	265,000	5.00%, 07/01/16 (c)		144,494
	860,000	5.25%, 12/15/21 (c)		477,481
		Puerto Rico Public Buildings Authority (RB) (COMWLTH GTD)
	1,485,000	5.00%, 07/01/17 (c)		1,008,241
	320,000	5.00%, 09/04/14 (c)		215,203
	325,000	5.25%, 09/04/14 (c)		219,427
	25,000	5.50%, 07/01/17 (c)		19,103
	745,000	5.50%, 09/04/14 (c)		521,060
	505,000	5.75%, 07/01/16 (c)		377,765
	20,000	6.00%, 07/01/19		15,324
	35,000	6.00%, 07/01/19 (c)		26,809
	1,655,000	6.00%, 07/01/21 (c)		1,160,618
	1,165,000	6.75%, 07/01/19 (c)		876,896
	1,570,000	Puerto Rico Public Buildings Authority, Government Facilities (RB) (COMWLTH GTD)
		5.25%, 09/04/14 (c)		1,083,567
	1,865,000	Puerto Rico Public Financing Corp., Commonwealth Appropriation, Series B (RB)
		5.50%, 08/01/21 (c)		858,348
		University of Puerto Rico, Series P (RB)
	500,000	5.00%, 06/01/16 (c)		296,215
	445,000	5.00%, 06/01/16 (c)		261,869
				41,993,778
Rhode Island: 0.3%
	3,000,000	Rhode Island Health And Educational Building Corp., Tockwotton Home (RB)
		8.38%, 01/01/21 (c)		3,415,050
	20,000	Tobacco Settlement Financing Corp., Series A (RB)
		6.25%, 09/04/14 (c)		20,003
				3,435,053
South Carolina: 1.7%
	600,000	South Carolina Jobs, Economic Development Authority (RB)
		5.38%, 08/01/19 (c)		676,236
	2,000,000	South Carolina Jobs-Economic Development Authority (RB)
		5.25%, 08/01/23 (c)		2,219,060
		South Carolina Jobs-Economic Development Authority, First Mortgage Health Care Facilities, The Lutheran Homes of South Carolina, Inc. (RB)
	3,450,000	5.50%, 05/01/17 (c)		3,496,885
	3,100,000	5.63%, 05/01/17 (c)		3,112,555
	9,685,000	South Carolina Jobs-Economic Development Authority, Hospital Improvement, Hampton Regional Medical Center Project (RB)
		5.25%, 11/01/16 (c)		8,798,532
				18,303,268
South Dakota: 0.6%
		Sioux Falls, South Dakota Health Facilities, Dow Rummel Village Project (RB)
	1,250,000	5.00%, 11/15/16 (c)		1,287,600
	5,325,000	5.00%, 11/15/16 (c)		5,292,038
				6,579,638
Tennessee: 0.7%
	110,000	County of Claiborne, Tennessee (GO)
		4.13%, 04/01/20 (c)		115,745
		Shelby County, Tennessee Health, Educational and Housing Facility Board (RB)
	2,000,000	5.25%, 12/01/22 (c)		1,979,480
	2,500,000	5.38%, 12/01/22 (c)		2,500,625
	3,000,000	Shelby County, Tennessee Health, Educational and Housing Facility Board, Trezevant Manor Project, Series A (RB)
		5.50%, 09/01/23 (c)		2,981,760
	395,000	Sullivan County, Tennessee Health, Educational & Housing Facilities Board, Series C (RB)
		5.25%, 09/01/16 (c)		420,011
				7,997,621
Texas: 6.6%
	2,255,000	Central Texas Regional Mobility Authority, Senior Lien Revenue (RB)
		6.25%, 01/01/21 (c)		2,540,415
	3,800,000	City of Houston, Texas (RB)
		5.00%, 07/01/24 (c)		3,844,232
	725,000	Decatur, Texas Hospital Authority, Series A (RB)
		6.38%, 09/01/23 (c)		794,745
	580,000	Grand Parkway Transportation Corp. (RB)
		5.50%, 10/01/23 (c)		628,981
	1,000,000	Gulf Coast Industrial Development Authority, CITGO Petroleum Corp. Project (RB)
		4.88%, 10/01/22 (c)		1,007,640
	1,000,000	Harris County, Texas Cultural Education Facilities, Brazos Presbyterian Homes, Inc. Project, Series A (RB)
		5.13%, 01/01/23 (c)		924,280
	705,000	Hidalgo County, Texas Health Services Corp., Mission Hospital Project (RB)
		5.00%, 08/15/16		743,218
	2,800,000	Houston, Texas Airport System Special Facilities Revenue, Continental Airlines, Inc. Terminal Improvement Projects (RB)
		6.50%, 07/15/21 (c)		3,136,056
	340,000	IAH Public Facility Corp. (RB)
		6.13%, 11/01/14 (c)		213,360
	3,000,000	Jefferson County Industrial Development Corp., Texas, Port of Beaumont Petroleum Transload Terminal, LLC Project (RB)
		8.25%, 07/01/22 (c) §		3,166,740
		Love Field Airport Modernization Corp., Southwest Airline Co. (RB)
	2,665,000	5.00%, 11/01/22 (c)		2,858,053
	625,000	5.25%, 11/01/20 (c)		660,300
	1,500,000	New Hope Cultural Education Facilities Corp. (RB)
		5.00%, 04/01/24 (c)		1,579,755
	2,930,000	North Texas Tollway Authority (RB)
		5.75%, 01/01/18 (c)		3,254,146
	2,000,000	Port of Bay City Authority of Matagorda County, Texas, Hoechst Celanese Corp. Project (RB)
		6.50%, 09/04/14 (c)		2,003,060
	2,060,000	Red River Authority of Texas, Celanese Project, Series B (RB)
		6.70%, 09/04/14 (c)		2,064,553
		Red River Health Facilities Development Corp., Eden Home, Inc. Project (RB)
	1,080,000	7.00%, 12/01/21 (c)		1,073,261
	1,000,000	7.25%, 12/01/21 (c)		986,260
	500,000	San Antonio, Texas Convention Hotel Finance Corp. (RB) (AMBAC)
		5.00%, 07/15/15 (c)		500,305
	10,000,000	Sanger Industrial Development Corp., Texas Pellets Project, Series B (RB)
		8.00%, 07/01/22 (c)		10,887,900
	1,000,000	Tarrant County Cultural Education Facilities Finance Corp., Series C-1 (RB)
		7.50%, 09/04/14 (c)		987,110
	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)		1,547,415
	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)		929,208
		Texas Municipal Gas Acquisition & Supply Corp. III (RB)
	1,535,000	5.00%, 12/15/22 (c)		1,672,705
	2,500,000	5.00%, 12/15/22 (c)		2,668,725
	1,000,000	5.00%, 12/15/22 (c)		1,060,930
		Texas Municipal Gas Acquisition and Supply Corp., Senior Lien, Series D (RB)
	600,000	5.63%, 12/15/17		660,474
	7,000,000	6.25%, 12/15/26		8,508,500
	3,650,000	Texas Private Activity Bond Surface Transportation Corp., LBJ Infrastructure Group, LLC Project, Senior Lien (RB)
		7.00%, 06/30/20 (c)		4,362,334
	475,000	Texas Transportation Commission, Series A (RB)
		5.00%, 08/15/22 (c)		506,326
		Travis County, Texas Health Facilities Development Corp., First Mortgage Revenue, Longhorn Village Project, Series A (RB)
	785,000	6.00%, 01/01/21 (c)		846,693
	2,950,000	7.00%, 01/01/21 (c)		3,215,854
	2,425,000	7.13%, 01/01/21 (c)		2,618,879
				72,452,413
Vermont: 0.5%
	4,650,000	Burlington, Vermont Airport Revenue, Series A (RB)
		4.00%, 07/01/22 (c)		4,183,512
	1,100,000	Vermont Economic Development Authority, Wake Robin Corp. Project (RB)
		5.40%, 05/01/22 (c)		1,110,285
				5,293,797
Virgin Islands: 1.4%
		Virgin Islands Public Finance Authority (RB)
	335,000	5.00%, 10/01/20 (c)		356,108
	7,330,000	5.00%, 10/01/22 (c)		7,867,069
	1,200,000	5.25%, 10/01/20 (c)		1,291,908
	1,200,000	Virgin Islands Public Finance Authority, Series A (RB)
		5.00%, 10/01/20		1,381,968
	895,000	Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes Loan Note (RB)
		4.25%, 10/01/16 (c)		900,826
	800,000	Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes Loan Note, Series A (RB) (ACA)
		5.00%, 10/01/14 (c)		802,616
	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)		1,090,900
		Virgin Islands Water and Power Authority, Series B (RB)
	1,125,000	5.00%, 07/01/17 (c)		1,034,145
	1,070,000	5.00%, 07/01/17 (c)		978,119
				15,703,659
Virginia: 3.6%
		Albermarle County, Virginia Economic Development Authority, Series A (RB)
	640,000	4.63%, 01/01/23 (c)		606,586
	1,500,000	5.00%, 01/01/23 (c)		1,515,315
	2,750,000	City of Chesapeake, Virginia Chesapeake Expressway Toll Road Revenue (RB)
		5.00%, 07/15/22 (c)		2,826,120
	1,000,000	County of Botetourt, Virginia Industrial Development Authority (RB)
		6.00%, 07/01/24 (c)		950,490
	1,520,000	Fairfax County, Virginia Economic Development Authority, Residential Care Facilities Mortgage Revenue (RB)
		5.13%, 10/01/17 (c)		1,583,414
		Fairfax County, Virginia Economic Development Authority, Series A (RB)
	1,000,000	5.00%, 12/01/23 (c)		1,008,090
	2,000,000	5.00%, 12/01/23 (c)		2,010,220
		Fairfax County, Virginia Mosaic District Community Development Authority, Series A (SA)
	1,450,000	6.63%, 03/01/21 (c)		1,626,190
	1,000,000	6.88%, 03/01/21 (c)		1,131,360
		Hanover County, Virginia Economic Development Authority, Series A (RB)
	1,500,000	5.00%, 07/01/22 (c)		1,441,080
	1,500,000	5.00%, 07/01/22 (c)		1,441,485
	1,000,000	Peninsula Ports Authority, Residential Care Facility Revenue, Series C (RB)
		5.40%, 12/01/16 (c)		922,150
		Route 460 Funding Corp., Series A (RB)
	5,000,000	5.00%, 07/01/23 (c)		5,104,250
	4,650,000	5.13%, 07/01/23 (c)		4,823,073
	8,250,000	Tobacco Settlement Financing Corp., Senior Series B-1 (RB)
		5.00%, 06/01/17 (c)		5,479,320
		Virginia Small Business Financing Authority, Elizabeth River Crossing Opco, LLC Project (RB)
	2,000,000	5.50%, 07/01/22 (c)		2,122,160
	3,000,000	6.00%, 07/01/22 (c)		3,315,330
	1,750,000	Virginia Small Business Financing Authority, Senior Lien 95 Express Lanes, LLC Project (RB)
		5.00%, 01/01/22 (c)		1,791,230
				39,697,863
Washington: 1.8%
	1,000,000	Greater Wenatchee Regional Events Center Public Facilities, Series A (RB)
		5.50%, 09/01/22 (c)		1,028,150
	3,000,000	Port of Seattle Industrial Development Corp., Delta Air Lines, Inc. Project (RB)
		5.00%, 04/01/23 (c)		3,016,560
	1,000,000	Washington Health Care Facilities Authority (RB)
		4.75%, 12/01/16 (c)		1,002,110
	750,000	Washington Health Care Facilities Authority, Central Washington Health Services Association (RB)
		6.25%, 07/01/19 (c)		847,613
	3,000,000	Washington State Housing Finance Commission, Mirabella Project, Series A (RB)
		6.75%, 10/01/22 (c)		3,151,020
		Washington State Housing Finance Commission, Skyline at First Hill Project, Series A (RB)
	1,545,000	5.25%, 01/01/17		1,553,575
	3,650,000	5.63%, 01/01/17 (c)		3,632,078
	5,800,000	5.63%, 01/01/17 (c)		5,451,768
				19,682,874
West Virginia: 1.7%
	3,150,000	County of Pleasants, West Virginia (RB)
		5.25%, 10/15/17 (c)		3,227,836
	1,800,000	Ohio County, West Virginia Commission Special District Excise Tax & Improvement, The Highland Project, Series B (RB)
		5.63%, 03/01/16 (c)		1,838,682
	5,275,000	Philippi, West Virginia, The Philippi Municipal Building Commission, Series A (RB)
		7.75%, 10/01/22 (c)		5,274,472
	2,000,000	West Virginia Hospital Finance Authority, Highland Hospital Obligated Group (RB)
		9.13%, 10/01/21 (c)		2,108,500
		West Virginia Hospital Finance Authority, Thomas Health System, Inc. (RB)
	1,500,000	6.50%, 10/01/18 (c)		1,589,130
	2,000,000	6.50%, 10/01/18 (c)		2,053,820
	2,005,000	6.75%, 10/01/18 (c)		2,074,995
				18,167,435
Wisconsin: 1.4%
	4,240,000	New York City Industrial Development Agency, Transportation Infrastructure Properties LLC, Series B (RB)
		5.00%, 07/01/22		4,675,787
	1,000,000	Public Finance Authority, Rose Villa Project, Series A (RB)
		5.00%, 11/15/24		999,920
	4,530,000	Public Finance Authority, Transportation Infrastructure Properties, LLC Obligated Group, Series G (RB)
		5.00%, 07/01/22 (c)		4,565,107
	450,000	Wisconsin Health and Educational Facilities Authority, Wheaton Franciscan Healthcare System, Series A (RB)
		5.25%, 08/15/16 (c)		465,458
	1,750,000	Wisconsin Health and Educational Facilities Authority, Wheaton Franciscan Healthcare System, Series B (RB)
		5.13%, 08/15/16 (c)		1,806,560
	2,500,000	Wisconsin Public Finance Authority, Continuing Care Retirement Community, The Glenridge on Palmer Ranch, Inc. Project, Series A (RB)
		8.25%, 06/01/21 (c)		2,905,375
				15,418,207
Total Municipal Bonds (Cost: $1,076,042,311)				1,085,797,883

Number of Shares
MONEY MARKET FUND: 0.9%
(Cost: $10,048,221)
	10,048,221	Dreyfus Tax Exempt Cash Management Fund - Class B Shares		10,048,221
Total Investments: 99.9% (Cost: $1,086,090,532)				1,095,846,104
Other assets less liabilities: 0.1%				1,240,947
NET ASSETS: 100.0%			$	1,097,087,051

ACA	Credit Agricole SA
AGM	Assured Guaranty Municipal Corp.
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
SAW	State Aid Withholding
ST	Special Tax
TA	Tax Allocation
XLCA	Syncora Guarantee, Inc.

(c)	Callable Security - the redemption date shown is when the security may be redeemed by the issuer
(d)	Security in default
(p)	Puttable Security - the redemption date shown is when the security may be redeemed by the investor
^	Zero Coupon Bond - the rate shown is the effective yield at purchase date
*	Non-income producing
§	Illiquid Security — the aggregate value of illiquid securities is $10,194,528 which represents 0.9% of net assets.

Summary of Investments By Sector (unaudited)	% of Investments			Value
Airport		4.1	%	$	45,025,620
Development		12.8			140,235,767
Education		3.4			36,539,971
Facilities		2.7			29,516,945
General Obligation		9.7			106,567,536
Higher Education		3.9			42,736,365
Housing		0.4			4,641,642
Medical		17.6			192,739,247
Multifamily Hsg		0.1			1,035,160
Nursing Homes		10.0			109,925,034
Pollution		5.1			55,878,041
Power		0.9			9,612,381
School District		0.3			3,001,380
Single Family Hsg		0.4			4,544,963
Student Loan		0.1			971,561
Tobacco Settlement		12.2			134,003,923
Transportation		8.8			96,287,314
Utilities		2.5			27,558,666
Water		4.1			44,976,367
Money Market Fund		0.9			10,048,221
		100.0	%	$	1,095,846,104

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Municipal Bonds*	$	—	$	1,085,797,883	$	—	$	1,085,797,883
Money Market Fund		10,048,221		—		—		10,048,221
Total	$	10,048,221	$	1,085,797,883	$	—	$	1,095,846,104

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

There were no transfers between levels during the period ended July 31, 2014.

See Notes to Schedules of Investments

INTERMEDIATE MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

July 31, 2014 (unaudited)

Principal Amount			Value
MUNICIPAL BONDS: 98.9%
Alabama: 0.1%
$	100,000	Alabama Federal & Highway Finance Authority, Federal Highway Grant Anticipation (RB)
		5.00%, 09/01/22 (c)	$	115,404
	100,000	Alabama Federal Aid Highway Finance Authority (RB)
		5.00%, 09/01/21		118,748
	350,000	Alabama Public School & College Authority, Capital Improvement, Economic Development and Training Refunding (RB)
		5.00%, 03/01/21		416,973
				651,125
Arizona: 1.8%
	1,875,000	Apache County Industrial Development Authority (RB)
		4.50%, 03/01/22 (c)		1,965,656
	500,000	Arizona State Certificates of Participation, Department of Administration, Series B (CP) (AGM)
		5.00%, 04/01/20 (c)		551,915
	500,000	Arizona State Transportation Board, Maricopa County Regional Area Road Fund (RB)
		5.00%, 07/01/20 (c)		590,480
		Arizona State Transportation Board, Subordinated Highway Revenue, Series A (RB)
	500,000	5.00%, 07/01/21		601,655
	1,880,000	5.00%, 07/01/21 (c)		2,214,996
	2,000,000	5.00%, 07/01/22 (c)		2,330,080
	1,045,000	City of Phoenix, Arizona, Various Purpose, Series A (GO)
		4.00%, 07/01/22 (c)		1,121,086
	5,000	Regional Transportation Authority of Pima County, Arizona (RB)
		5.00%, 06/01/21 (c)		5,841
	600,000	Salt River Project Agricultural Improvement & Power District (RB)
		5.00%, 12/01/21 (c)		720,666
		Salt River Project Agricultural Improvement & Power District, Series A (RB)
	1,000,000	5.00%, 12/01/21 (c)		1,194,350
	1,000,000	5.00%, 12/01/21 (c)		1,163,390
				12,460,115
Arkansas: 0.7%
	220,000	City of Rogers, Arkansas (RB)
		4.00%, 11/01/21 (c)		232,571
		State of Arkansas, Federal Highway Grant Anticipation (GO)
	2,685,000	4.00%, 10/01/23 (c)		2,989,425
	1,100,000	5.00%, 04/01/21		1,325,192
	300,000	State of Arkansas, Four-Lane Highway Construction and Improvement (GO)
		5.00%, 06/15/21		362,556
				4,909,744
California: 14.8%
	1,880,000	Alameda County, California Joint Powers Authority, Series A (RB)
		5.25%, 12/01/23 (c)		2,260,681
	1,000,000	California Health Facilities Financing Authority (RB)
		5.00%, 10/01/24 (c)		1,159,680
	1,175,000	California Health Facilities Financing Authority, Series A (RB)
		5.00%, 03/01/23 (c)		1,360,098
	1,000,000	California Infrastructure & Economic Development Bank, Broad Museum Project, Series A (RB)
		5.00%, 06/01/21		1,208,830
		California State Department of Veterans Affairs, Series A (RB)
	1,000,000	3.25%, 12/01/20		1,044,270
	595,000	3.50%, 06/01/21 (c)		598,213
	100,000	3.88%, 06/01/21 (c)		100,982
	500,000	California State Department of Water Resources, Central Valley Project, Series AG (RB)
		5.00%, 12/01/19 (c)		593,125
	1,500,000	California State Department of Water Resources, Series N (RB)
		5.00%, 05/01/21		1,813,875
	1,000,000	California State Economic Recovery Bonds, Series A (GO)
		5.00%, 07/01/16 (c)		1,087,030
	200,000	California State Economic Recovery, Series A (GO)
		5.00%, 07/01/19 (c)		236,412
		California State Public Works Board (RB)
	1,635,000	5.00%, 09/01/23 (c)		1,904,301
	165,000	5.00%, 12/01/21 (c)		185,389
	1,250,000	5.00%, 11/01/22 (c)		1,404,062
	310,000	California State Public Works Board, Department of State Hospital, Series E (RB)
		5.00%, 06/01/20		367,040
	300,000	California State Public Works Board, Various Capital Projects, Series G-1 (RB)
		5.00%, 10/01/19 (c)		347,058
	1,250,000	California State Public Works Board, Various Capital Projects, Series I (RB)
		5.00%, 11/01/23		1,508,625
	350,000	California State Public Works Board, Various Judicial Council Projects, Series A (RB)
		5.00%, 03/01/23 (c)		408,023
		California State Public Works Board, Various University of California Projects, Series G (RB)
	1,370,000	5.00%, 12/01/21 (c)		1,672,606
	505,000	5.00%, 12/01/21 (c)		616,544
	1,195,000	California State University, Systemwide, Series A (RB)
		4.00%, 11/01/22 (c)		1,264,597
		California State Various Purpose (GO)
	515,000	3.50%, 02/01/22 (c)		531,109
	825,000	4.00%, 09/01/20		942,208
	1,000,000	4.00%, 09/01/21		1,141,190
	250,000	4.00%, 10/01/21		285,325
	2,750,000	5.00%, 09/01/20		3,299,532
	1,015,000	5.00%, 02/01/21		1,216,508
	1,840,000	5.00%, 09/01/21		2,221,193
	1,350,000	5.00%, 10/01/21		1,630,732
	200,000	5.00%, 11/01/21		241,740
	1,780,000	5.00%, 10/01/22		2,160,546
	770,000	5.00%, 12/01/22		935,735
	1,475,000	5.00%, 09/01/23		1,792,656
	500,000	5.00%, 04/01/22 (c)		588,495
	1,000,000	5.00%, 09/01/22 (c)		1,181,700
	2,350,000	5.00%, 09/01/23 (c)		2,828,413
	100,000	5.00%, 02/01/22 (c)		116,384
	755,000	5.00%, 09/01/23 (c)		901,259
	1,250,000	5.00%, 09/01/18 (c)		1,445,337
	1,090,000	5.00%, 04/01/18 (c)		1,243,298
	580,000	5.00%, 03/01/20 (c)		653,689
	915,000	5.00%, 09/01/18 (c)		1,051,262
	1,000,000	5.00%, 09/01/23 (c)		1,160,380
	4,315,000	5.00%, 04/01/18 (c)		4,837,374
	1,000,000	5.25%, 10/01/19 (c)		1,199,100
	500,000	5.25%, 10/01/19 (c)		600,380
	830,000	5.25%, 09/01/22		1,021,805
	500,000	5.25%, 03/01/20 (c)		578,700
	600,000	California State, Department of Water Resources Power Supply, Series L (RB)
		5.00%, 05/01/20 (c)		707,454
	2,000,000	California Statewide Communities Development Authority, John Muhr Health, Series A (RB)
		5.00%, 07/01/19 (c)		2,205,140
	250,000	City & County of San Francisco, California, Series A (GO)
		4.00%, 06/15/22 (c)		270,480
	550,000	City & County of San Francisco, California, Series R1 (GO)
		5.00%, 12/15/21 (c)		649,610
	1,000,000	City of Los Angeles, California, Series B (GO)
		5.00%, 09/01/21		1,214,550
	500,000	City of Torrance, California, Memorial Medical Center, Series A (RB)
		4.75%, 09/01/20 (c)		527,750
	470,000	Contra Costa Community College District (GO)
		4.00%, 08/01/22 (c)		497,002
	900,000	East Bay Municipal Utility District Water System Revenue (RB)
		5.00%, 06/01/27		1,120,842
		Golden State Tobacco Securitization Corp (RB)
	250,000	5.00%, 06/01/23 (c)		276,440
	525,000	5.00%, 06/01/23 (c)		577,605
	535,000	Huntington Beach Union High School District (GO)
		5.00%, 08/01/23 (c)		649,276
	1,160,000	Los Angeles Department of Water & Power (RB)
		5.00%, 01/01/24 (c)		1,356,121
		Los Angeles Department of Water & Power, Series A (RB)
	1,000,000	5.00%, 07/01/21 (c)		1,200,430
	500,000	5.00%, 01/01/23 (c)		587,595
	400,000	Los Angeles Department of Water & Power, Series B (RB)
		5.00%, 07/01/23 (c)		473,776
	250,000	Los Angeles International Airport, Department of Airports, Series A (RB)
		5.00%, 05/15/20 (c)		290,873
		Los Angeles Unified School District/CA (GO)
	1,070,000	5.00%, 07/01/24		1,307,604
	550,000	5.00%, 07/01/24 (c)		651,937
	750,000	5.00%, 07/01/24 (c)		884,745
	1,100,000	5.00%, 07/01/24 (c)		1,285,240
	500,000	5.00%, 07/01/24 (c)		581,405
		Los Angeles, California Unified School District, Series A (GO)
	880,000	2.00%, 07/01/22		869,810
	255,000	5.00%, 07/01/19 (c)		298,108
	500,000	Orange County, California Sanitation District, Wastewater Refunding, Series A (RB)
		5.00%, 02/01/22		610,450
	750,000	San Bernardino, California Community College District, Series A (GO)
		5.00%, 08/01/23		917,002
		San Diego, California Water Authority, Series A (RB)
	450,000	4.50%, 05/01/21 (c)		503,411
	500,000	4.50%, 05/01/21 (c)		555,095
	500,000	5.00%, 05/01/21 (c)		584,155
	430,000	San Dieguito Union High School District (GO)
		4.00%, 08/01/23 (c)		452,222
	455,000	San Francisco Bay Area Rapid Transit District (RB)
		5.00%, 07/01/22 (c)		520,679
	345,000	San Francisco, California Bay Area Toll Authority, Series F (RB)
		5.00%, 04/01/22 (c)		407,379
	500,000	San Francisco, California City & County Public Utilities Commission, Series A (RB)
		5.00%, 11/01/19 (c)		578,825
		San Francisco, California City & County Public Utilities Commission, Series B (RB)
	500,000	4.00%, 11/01/19 (c)		545,585
	500,000	4.00%, 11/01/19 (c)		543,260
	1,215,000	San Francisco, California City & County Unified School District, Series B (GO)
		4.00%, 06/15/22 (c)		1,295,105
		San Francisco, California Public Utilities Commission Water Revenue, Sub-Series A (RB)
	1,000,000	5.00%, 11/01/21 (c)		1,191,560
	1,250,000	5.00%, 11/01/21 (c)		1,469,275
	1,000,000	San Joaquin County, California Transportation Authority, Series A (RB)
		5.00%, 03/01/21 (c)		1,138,930
	600,000	San Jose, California Financing Authority Lease, Series A (RB)
		5.00%, 06/01/23 (c)		689,376
	385,000	Santa Clara County Financing Authority, Series A (RB)
		4.00%, 02/01/22 (c)		427,273
	1,000,000	Southern California Public Power Authority, Canyon Power Project, Series A (RB)
		5.25%, 01/01/20 (c)		1,136,590
	500,000	Southern California Public Power Authority, Windy Point Project (RB)
		5.00%, 07/01/20 (c)		583,150
		State of California (GO)
	700,000	3.00%, 12/01/22		744,555
	500,000	4.00%, 05/01/23		566,505
	500,000	5.00%, 02/01/22		603,070
	355,000	5.00%, 02/01/22 (c)		421,935
	1,000,000	5.00%, 12/01/23 (c)		1,192,040
	195,000	5.00%, 09/01/23 (c)		228,474
	1,000,000	5.00%, 12/01/23 (c)		1,174,890
	700,000	5.00%, 09/01/18 (c)		794,066
	190,000	5.00%, 09/01/18 (c)		214,406
	2,350,000	5.00%, 12/01/23 (c)		2,702,829
	135,000	5.25%, 03/01/20 (c)		155,106
	455,000	University of California, Series AF (RB)
		5.00%, 05/15/23 (c)		546,919
	750,000	University of California, Series AK (RB)
		5.00%, 05/15/23 (p)		909,435
	1,900,000	University of California, Series G (RB)
		5.00%, 05/15/22 (c)		2,208,997
	500,000	University of California, Series Q (RB)
		5.00%, 05/15/17 (c)		560,540
				102,604,373
Colorado: 0.3%
		Denver, Colorado City & County School District No. 1, Series C (GO) (SAW)
	650,000	5.00%, 12/01/21		782,678
	375,000	5.00%, 12/01/23		455,299
	165,000	Joint School District No. 28J in Adams and Arapahoe Counties, Colorado
		5.00%, 12/01/22		198,010
	500,000	University of Colorado Enterprise System, Series A (RB)
		4.00%, 06/01/22		566,260
				2,002,247
Connecticut: 2.5%
		Connecticut State Health & Educational Facility Authority (RB)
	430,000	4.00%, 07/01/24 (c)		431,737
	1,245,000	5.00%, 07/01/24 (c)		1,409,066
	1,000,000	Connecticut State Health & Educational Facility Authority, Series A (RB)
		5.00%, 07/01/21 (c)		1,115,950
	650,000	Connecticut State, Series A (GO)
		5.00%, 10/15/23 (c)		770,399
		Connecticut State, Series B (GO)
	500,000	5.00%, 04/15/21		597,335
	5,000	5.00%, 05/15/21 (c)		5,880
	405,000	5.00%, 04/15/22 (c)		476,078
	2,500,000	5.00%, 03/01/23 (c)		2,935,250
	145,000	Connecticut State, Series C (GO)
		5.00%, 12/01/19 (c)		170,053
		Connecticut State, Series D (GO)
	1,100,000	5.00%, 11/01/20		1,309,682
	960,000	5.00%, 11/01/21 (c)		1,116,605
		Connecticut State, Series E (GO)
	225,000	5.00%, 08/15/23 (c)		267,206
	1,000,000	5.00%, 09/15/22 (c)		1,178,470
	480,000	Connecticut State, Series G (GO)
		5.00%, 10/15/22 (c)		569,184
		Connecticut State, Special Tax Revenue, Transportation Infrastructure Purposes, Series A (RB)
	500,000	5.00%, 12/01/20		591,585
	440,000	5.00%, 01/01/23 (c)		519,992
	1,000,000	5.00%, 10/01/23 (c)		1,159,040
		University of Connecticut, Series A (RB)
	500,000	5.00%, 02/15/23 (c)		594,615
	1,900,000	5.00%, 02/15/21 (c)		2,200,561
				17,418,688
Delaware: 0.0%
	100,000	State of Delaware (GO)
		5.00%, 03/01/22		121,766
District of Columbia: 0.7%
	410,000	District of Columbia (RB)
		5.00%, 06/01/20 (c)		466,154
	850,000	District of Columbia, Income Tax Secured Revenue, Series A (RB)
		5.00%, 06/01/20 (c)		988,456
	395,000	District of Columbia, Income Tax Secured Revenue, Series C (RB)
		5.00%, 12/01/22 (c)		464,228
	750,000	District of Columbia, Income Tax Secured Revenue, Series G (RB)
		5.00%, 12/01/21 (c)		867,660
	600,000	District of Columbia, National Public Radio, Series A (RB)
		5.00%, 04/01/20 (c)		663,288
	1,000,000	District of Columbia, Series A (GO)
		5.00%, 06/01/23 (c)		1,167,480
				4,617,266
Florida: 5.3%
	1,000,000	Citizens Property Insurance Corp., Series A (RB)
		5.00%, 06/01/21		1,173,680
	750,000	City of Jacksonville, Florida, Better Jacksonville Sales Tax, Series A (RB)
		5.00%, 10/01/25		914,370
	1,225,000	City of Jacksonville, Florida, Series A (RB)
		5.00%, 10/01/22 (c)		1,401,032
	2,420,000	City of Orlando, Florida, Series A (RB)
		5.25%, 05/01/24 (c)		2,861,069
	1,190,000	County of Miami-Dade, Florida, Series A (RB)
		5.00%, 10/01/22		1,411,114
	500,000	County of Palm Beach, Florida (RB)
		5.00%, 06/01/22 (c)		599,290
		Florida State Board of Education, Public Education Capital Outlay, Series A (GO)
	500,000	4.00%, 06/01/19 (c)		558,120
	500,000	4.75%, 06/01/20 (c)		574,000
		Florida State Board of Education, Public Education Capital Outlay, Series C (GO)
	1,170,000	3.00%, 06/01/21 (c)		1,241,171
	570,000	4.00%, 06/01/22 (c)		613,166
	1,000,000	4.00%, 06/01/21 (c)		1,082,420
	1,500,000	5.00%, 06/01/19 (c)		1,747,875
		Florida State Board of Education, Public Education Capital Outlay, Series D (GO)
	500,000	5.00%, 06/01/21 (c)		601,205
	500,000	5.00%, 06/01/19 (c)		586,270
	750,000	Florida State Board of Education, Public Education Capital Outlay, Series E (GO)
		5.00%, 06/01/21 (c)		885,982
	1,000,000	Florida State Department of Environmental Protection, Series A (RB)
		5.00%, 07/01/21		1,189,740
		Florida State Department of Environmental Protection, Series B (RB)
	1,600,000	5.00%, 07/01/20		1,892,496
	1,000,000	5.00%, 07/01/21		1,189,740
		Florida State Department of Transportation, Full Faith & Credit Right-of-Way, Series A (GO)
	1,300,000	5.00%, 07/01/21 (c)		1,559,636
	1,000,000	5.00%, 07/01/21 (c)		1,192,580
	375,000	Florida State, Board of Education, Series A (GO)
		4.00%, 06/01/21		424,388
	100,000	Florida State, Right-of-Way Acquisition & Bridge Construction, Series B (GO)
		5.00%, 07/01/21 (c)		118,903
	700,000	Jacksonville, Florida Transportation Refunding, Series A (RB)
		5.00%, 10/01/22 (c)		823,284
	350,000	Jacksonville, Florida Transportation Refunding, Series B (RB)
		5.00%, 10/01/22		419,899
	1,500,000	Jacksonville, Florida, Series B (RB)
		5.00%, 10/01/21		1,795,275
	250,000	Jacksonville, Florida, Series B-1 (RB)
		5.00%, 10/01/21		300,320
	800,000	Lee County School Board (CP)
		5.00%, 08/01/21		939,280
	350,000	Miami Beach Health Facilities Authority, Mount Sinai Medical Center of Florida (RB)
		4.00%, 11/15/22 (c)		357,662
	510,000	Miami-Dade County, Florida Aviation, Series A (RB)
		4.88%, 10/01/20 (c)		577,448
	110,000	Miami-Dade County, Florida School Board Foundation, Inc., Series A (CP)
		4.00%, 08/01/22 (c)		114,896
		Miami-Dade County, Florida Seaport General Obligation, Series C (GO)
	500,000	5.00%, 10/01/21 (c)		573,655
	1,000,000	5.00%, 10/01/21 (c)		1,138,940
		Miami-Dade County, Florida Subordinate Special Obligation, Series A (RB)
	1,565,000	5.00%, 10/01/22 (c)		1,803,334
	500,000	5.00%, 10/01/22 (c)		561,080
	500,000	Miami-Dade County, Florida Water and Sewer System (RB) (AGM)
		5.00%, 10/01/20 (c)		558,485
	100,000	Orlando-Orange County Expressway Authority (RB)
		5.00%, 07/01/22		119,653
	500,000	St. Johns River Power Park (RB)
		3.00%, 10/01/19 (c)		503,800
	215,000	State of Florida (GO)
		4.00%, 06/01/21 (c)		230,087
	500,000	Tampa, Florida Board of Education, Public Education Capital Outlay Refunding, Series B (GO)
		4.00%, 06/01/21 (c)		557,385
	1,020,000	Tampa-Hillsborough County Expressway Authority (RB)
		5.00%, 07/01/22 (c)		1,145,807
				36,338,537
Georgia: 2.3%
	500,000	Cobb County, Georgia Water & Sewerage Improvement (RB)
		3.75%, 07/01/19 (c)		543,615
	750,000	DeKalb County, Georgia Hospital Authority, Dekalb Medical Center, Inc. Project (RB)
		5.25%, 09/01/20		856,432
	400,000	Fulton County, Georgia Development Authority, Series B (RB)
		4.50%, 03/15/19 (c)		430,292
	850,000	Fulton County, Georgia Water and Sewerage Revenue (RB)
		5.00%, 01/01/21		1,014,424
	500,000	Georgia State Road & Tollway Authority, Series B (RB)
		5.00%, 10/01/20		598,945
		Georgia State, Series C (GO)
	500,000	5.00%, 10/01/21		606,960
	1,000,000	5.00%, 07/01/21 (c)		1,199,000
	335,000	5.00%, 07/01/21 (c)		397,853
	500,000	Georgia State, Series J (GO)
		4.50%, 11/01/21 (c)		584,570
		Gwinnett County, Georgia School District (GO)
	655,000	5.00%, 02/01/24		807,504
	500,000	5.00%, 02/01/25 (c)		615,220
	760,000	Gwinnett County, Water & Sewerage Authority, Series A (RB)
		4.00%, 08/01/19 (c)		847,514
	305,000	Metropolitan Atlanta Rapid Transit Authority, Series A (RB)
		3.00%, 07/01/22 (c)		306,491
	500,000	Municipal Electric Authority of Georgia, Combined Cycle Project, Series A (RB)
		5.00%, 11/01/22		599,950
		Municipal Electric Authority of Georgia, Power Revenue, Series GG (RB)
	1,895,000	5.00%, 01/01/23		2,264,790
	1,000,000	5.00%, 01/01/23 (c)		1,166,180
		State of Georgia (GO)
	1,000,000	3.00%, 02/01/24 (c)		1,000,000
	1,950,000	5.00%, 07/01/22 (c)		2,341,033
				16,180,773
Hawaii: 0.9%
	575,000	City & County of Honolulu, Hawaii, Series A (GO)
		5.00%, 11/01/22 (c)		669,311
		City & County of Honolulu, Hawaii, Series B (GO)
	500,000	5.00%, 12/01/20 (c)		597,175
	650,000	5.00%, 12/01/20 (c)		774,611
		Hawaii State, Series DZ (GO)
	800,000	5.00%, 12/01/21 (c)		961,488
	1,000,000	5.00%, 12/01/21 (c)		1,198,100
	800,000	5.00%, 12/01/21 (c)		955,480
		Hawaii State, Series EA
	350,000	5.00%, 12/01/22		421,708
	600,000	5.00%, 12/01/21 (c)		721,116
				6,298,989
Illinois: 3.8%
	1,000,000	Chicago Midway International Airport (RB)
		5.00%, 01/01/24 (c)		1,134,740
	500,000	Chicago O’Hare International Airport, 3rd Lien, Series C (RB) (AGO)
		5.25%, 01/01/20 (c)		578,415
	1,500,000	Chicago O’Hare International Airport, Senior Lien, Series B (RB)
		5.25%, 01/01/23 (c)		1,702,530
	200,000	Chicago Transit Authority (RB)
		5.25%, 12/01/21 (c)		227,686
	945,000	Chicago, Illinois Board of Education, Series F (GO)
		5.00%, 12/01/20		1,073,454
		Chicago, Illinois, Series A (GO)
	475,000	5.00%, 01/01/20 (c)		504,749
	500,000	5.00%, 01/01/20 (c) (AGM)		535,360
	450,000	5.00%, 01/01/20 (c)		473,900
	1,000,000	5.00%, 01/01/20 (c) (AGM)		1,071,730
	500,000	5.00%, 01/01/20 (c) (AGM)		530,810
	160,000	5.25%, 01/01/24 (c)		171,139
	585,000	Chicago, Illinois, Series C (GO)
		5.00%, 01/01/22 (c)		626,026
	535,000	City of Chicago, Illinois, Series A (GO)
		5.00%, 01/01/24 (c)		570,096
		County of Cook County, Illinois, Series A (GO)
	750,000	5.00%, 11/15/21		873,487
	595,000	5.25%, 11/15/21 (c)		682,757
	730,000	5.25%, 11/15/21 (c)		805,986
		County of Cook, Illinois, Series C (GO)
	900,000	5.00%, 11/15/20		1,040,697
	200,000	5.00%, 11/15/22 (c)		230,862
		Illinois Finance Authority, Trinity Health Credit Group (RB)
	1,105,000	5.00%, 12/01/21 (c)		1,257,048
	1,035,000	5.00%, 12/01/21 (c)		1,169,405
		Illinois Railsplitter Tobacco Settlement Authority (RB)
	30,000	5.25%, 06/01/20		35,099
	1,300,000	5.38%, 06/01/21		1,544,699
	450,000	5.50%, 06/01/21 (c)		525,263
		Illinois State (GO)
	500,000	4.00%, 08/01/22 (c)		489,115
	1,695,000	4.00%, 06/15/21 (c)		1,784,293
	500,000	5.00%, 01/01/20 (c) (AGM)		549,020
	985,000	5.00%, 08/01/23		1,070,380
	690,000	5.25%, 07/01/23 (c)		733,325
	700,000	5.25%, 07/01/23 (c)		741,300
	400,000	Illinois State Toll Highway Authority (RB)
		5.00%, 01/01/23 (c)		455,848
	1,000,000	Illinois State, Series A (GO)
		4.00%, 01/01/22 (c)		1,006,350
		State of Illinois (GO)
	250,000	5.00%, 05/01/24 (c)		267,280
	960,000	5.00%, 04/01/24 (c)		993,398
	370,000	5.50%, 07/01/23 (c)		405,701
	390,000	5.50%, 07/01/23 (c)		426,418
				26,288,366
Indiana: 0.6%
	500,000	Carmel City, Indiana Redevelopment Authority, Series A (RB)
		2.63%, 08/01/22 (c)		474,920
	830,000	Indiana Finance Authority, Hospital Revenue, Parkview Health System Obligated Group, Series A (RB)
		5.00%, 05/01/22		957,471
	1,000,000	Indiana Finance Authority, Series A (RB)
		5.00%, 02/01/22 (c)		1,191,590
	1,000,000	Indianapolis, Indiana Local Public Improvement Bond Bank, Series B-1 (RB)
		5.00%, 01/15/20 (c)		1,151,790
	500,000	Indianapolis, Indiana Local Public Improvement Bond Bank, Series K (RB)
		5.00%, 06/01/21 (c)		575,570
				4,351,341
Iowa: 0.3%
	1,600,000	Iowa Finance Authority (RB)
		5.00%, 08/01/19 (c)		1,864,016
Kansas: 0.4%
	260,000	Kansas Development Finance Authority, Department of Health and Environment, Series SRF-1 (RB)
		5.00%, 03/01/20 (c)		301,824
	2,400,000	Wyandotte County, Kansas City Unified Government Utility System Revenue, Series A (RB)
		5.00%, 09/01/22 (c)		2,669,040
				2,970,864
Kentucky: 0.6%
	250,000	Kentucky Asset Liability Commission Project, Series A (RB)
		5.00%, 09/01/24 (c)		289,648
		Kentucky State Property & Building Commission, Project No. 106, Series A (RB)
	540,000	5.00%, 10/01/23 (c)		625,412
	450,000	5.00%, 10/01/23 (c)		515,363
	500,000	Kentucky State Property & Buildings Commission, Project No. 99, Series A (RB)
		5.00%, 11/01/20 (c)		590,125
	600,000	Kentucky State Turnpike Authority, Economic Development Road, Revitalization Projects, Series A (RB)
		5.00%, 07/01/22 (c)		702,288
	470,000	Kentucky Turnpike Authority (RB)
		5.00%, 07/01/23 (c)		548,166
	300,000	Lexington Fayette Urban County Government Public Facilities Corp., Eastern State Hospital Project, Series A (RB)
		5.25%, 06/01/21 (c)		332,946
	500,000	Louisville & Jefferson County, Kentucky Metropolitan Sewer District, Series A (RB)
		5.00%, 11/15/21 (c)		574,080
				4,178,028
Louisiana: 0.9%
	1,500,000	Louisiana Public Facilities Authority (RB)
		5.00%, 12/01/15 (c)		1,542,285
		Louisiana State, Series A (GO)
	3,400,000	4.00%, 02/01/24 (c)		3,609,610
	250,000	5.00%, 05/15/20 (c)		294,008
	250,000	5.00%, 02/01/24 (c)		304,865
	500,000	Louisiana State, Series B (RB)
		5.00%, 05/01/20 (c)		568,140
				6,318,908
Maryland: 1.2%
	1,000,000	Howard County, Maryland, Consolidated Public Improvement, Series B (GO)
		5.00%, 08/15/21 (c)		1,195,050
		Maryland State & Local Facilities Loan, Second Series B (GO)
	425,000	4.00%, 08/15/19 (c)		476,051
	500,000	4.50%, 03/15/19 (c)		564,910
	1,400,000	Maryland State Department of Transportation (RB)
		4.00%, 02/15/21		1,594,432
	750,000	Maryland State, State & Local Facilities Loan First Loan, Series A (GO)
		5.00%, 03/01/22 (c)		900,945
		Maryland State, State & Local Facilities Loan First Loan, Series B (GO)
	45,000	3.00%, 03/15/20 (c)		46,721
	1,750,000	4.00%, 03/15/20 (c)		1,968,505
	1,000,000	Montgomery & Price George’s Counties, Maryland Washington Suburban Sanitary District, Consolidated Public Improvement (GO)
		3.00%, 06/01/21 (c)		1,056,260
	500,000	Montgomery County, Maryland Construction Public Improvement, Series A (GO)
		5.00%, 11/01/20		600,215
				8,403,089
Massachusetts: 2.1%
		City of Boston, Massachusetts, Series A (GO)
	300,000	4.00%, 03/01/24 (c)		324,795
	280,000	5.00%, 04/01/22		340,673
	515,000	Commonwealth of Massachusetts (GO)
		4.00%, 07/01/22 (c)		548,753
	685,000	Commonwealth of Massachusetts, Consolidated Loan, Series A (GO)
		5.00%, 04/01/21 (c)		819,993
	1,730,000	Commonwealth of Massachusetts, Consolidated Loan, Series B (GO)
		5.00%, 06/01/20 (c)		2,022,145
	425,000	Commonwealth of Massachusetts, Consolidated Loan, Series D (GO)
		5.00%, 10/01/21 (c)		506,477
	1,000,000	Massachusetts Commonwealth, Series A (GO)
		5.00%, 04/01/21 (c)		1,159,690
	1,300,000	Massachusetts Commonwealth, Series D (GO)
		4.25%, 10/01/21 (c)		1,424,072
	1,150,000	Massachusetts Commonwealth, Series E (GO)
		4.00%, 12/01/19 (c)		1,274,131
	500,000	Massachusetts Development Finance Agency, Brandeis University, Series O-2 (RB)
		5.00%, 10/01/19 (c)		565,005
	320,000	Massachusetts Educational Financing Authority, Education Loan, Issue I, Series A (RB)
		5.15%, 01/01/20 (c)		339,011
	1,275,000	Massachusetts Health & Educational Facilities Authority (RB)
		5.00%, 12/15/19 (c)		1,464,312
	500,000	Massachusetts School Building Authority, Dedicated Sales Tax, Series B (RB)
		5.00%, 08/15/22 (c)		581,320
	600,000	Massachusetts State Health & Education Facilities Authority, Harvard University, Series A (RB)
		5.00%, 12/15/19 (c)		701,034
		Massachusetts State Transportation Fund, Series A (RB)
	600,000	4.00%, 06/01/21 (c)		645,186
	780,000	5.00%, 06/01/21		942,887
	575,000	5.00%, 06/01/23		704,996
	375,000	Massachusetts State, Federal Highway Grant, Series A (RB)
		5.00%, 06/15/22		455,539
				14,820,019
Michigan: 0.8%
	1,000,000	Detroit City School District, School Building and Site Improvement, Series A (GO) (Q-SBLF)
		5.00%, 05/01/22 (c)		1,085,330
	800,000	Detroit, Michigan Distributable State Aid (GO) (SAW)
		4.50%, 11/01/20 (c)		819,184
	750,000	Michigan Finance Authority, Clean Water Revolving Fund (RB)
		5.00%, 10/01/22		915,367
	675,000	Michigan Finance Authority, Hospital Revenue & Refunding Bonds, Series A (RB)
		5.00%, 06/01/22 (c)		713,873
	195,000	Michigan Finance Authority, Revenue Unemployment Obligation Assessment, Series B (RB)
		5.00%, 07/01/19 (c)		227,764
	250,000	Michigan Finance Authority, School District of the City of Detroit (RB)
		5.50%, 06/01/21		279,933
	770,000	Michigan Municipal Board Authority, Clean Water Revolving Fund (RB)
		5.00%, 10/01/21		932,416
	425,000	Michigan State Building Authority, Series I-A (RB)
		5.13%, 10/15/21 (c)		476,893
				5,450,760
Minnesota: 1.3%
	430,000	Metropolitan Council, Series E (GO)
		5.00%, 09/01/21		520,033
	750,000	Minnesota Agricultural & Economic Development Board, Series C-1 (RB) (AGO)
		5.50%, 02/15/20 (c)		851,385
	1,185,000	Minnesota Public Facilities Authority, Series C (RB)
		3.25%, 03/01/20 (c)		1,242,283
	275,000	Minnesota State Various Purpose, Series H (GO)
		5.00%, 11/01/19 (c)		326,978
		Minnesota State, General Fund Appropriation, Series B (RB)
	1,400,000	5.00%, 03/01/22 (c)		1,669,878
	2,000,000	5.00%, 03/01/22 (c)		2,335,440
	1,000,000	Minnesota State, State Trunk Highway, Series B (GO)
		5.00%, 08/01/23 (c)		1,201,040
		State of Minnesota (RB)
	585,000	3.00%, 03/01/22 (c)		568,626
	500,000	5.00%, 08/01/20 (c)		599,875
				9,315,538
Mississippi: 0.2%
	1,000,000	Mississippi Development Bank (RB)
		5.00%, 01/01/23 (c)		1,127,000
Missouri: 1.8%
	1,000,000	Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Series A (RB)
		5.00%, 10/01/20		1,191,430
	1,325,000	City of Kansas City, Missouri, Series A (GO)
		5.00%, 02/01/22 (c)		1,569,820
		Health & Educational Facilities Authority of the State of Missouri (RB)
	960,000	5.00%, 06/01/24 (c)		1,092,461
	1,000,000	5.00%, 06/01/24 (c)		1,130,830
	505,000	Kansas City, Missouri Industrial Development Authority (RB)
		5.50%, 09/01/21 (c)		582,467
		Missouri State Board of Public Buildings, Series A (RB)
	1,000,000	1.00%, 10/01/19 (c)		749,810
	1,200,000	2.50%, 10/01/20 (c)		1,171,320
	1,250,000	4.00%, 10/01/19 (c)		1,396,562
	2,555,000	4.00%, 10/01/20 (c)		2,835,437
	250,000	Missouri State Environmental Improvement & Energy Resources Authority, Series A (RB)
		5.00%, 07/01/23		306,553
		University of Missouri (RB)
	300,000	5.00%, 11/01/24 (c)		368,895
	175,000	5.00%, 11/01/24 (c)		207,517
				12,603,102
Nebraska: 0.1%
	150,000	Lincoln, Nebraska Electric System (RB)
		5.00%, 09/01/22		181,029
	250,000	Nebraska Public Power District, Series A (RB)
		5.00%, 01/01/22 (c)		283,508
				464,537
Nevada: 0.6%
	485,000	Clark County School District, Series A (GO)
		5.00%, 06/15/21		576,811
	520,000	Clark County, Nevada Airport System Subordinate Lien, Series C (RB) (AGM)
		5.00%, 07/01/19 (c)		584,256
	500,000	Clark County, Nevada Airport System, Senior, Series D (RB)
		5.00%, 01/01/20 (c)		573,170
	500,000	Clark County, Nevada, Limited Tax Transportation Refunding, Series A (GO)
		4.00%, 12/01/19 (c)		557,730
	1,900,000	County of Clark, Nevada, Series A (GO)
		5.00%, 12/01/19 (c)		2,183,271
				4,475,238
New Hampshire: 0.4%
		New Hampshire State, Series A (GO)
	1,000,000	5.00%, 07/01/20 (c)		1,185,280
	750,000	5.00%, 07/01/20 (c)		882,495
	450,000	5.00%, 07/01/20 (c)		528,120
				2,595,895
New Jersey: 8.0%
		County of Union, New Jersey, Series B (GO)
	270,000	3.00%, 03/01/21		286,718
	1,000,000	3.00%, 03/01/22		1,055,510
	650,000	3.00%, 03/01/22 (c)		676,390
		Garden State, New Jersey Preservation Trust Open Space and Farmland Preservation, Series A (RB)
	560,000	4.00%, 11/01/21		637,140
	1,000,000	4.00%, 11/01/22 (c)		1,106,320
		New Jersey Economic Development Authority (RB)
	955,000	4.00%, 06/15/24 (c)		1,000,191
	1,060,000	5.00%, 03/01/23 (c)		1,198,637
	1,655,000	5.00%, 03/01/23 (c)		1,841,320
	1,000,000	5.00%, 06/15/24 (c)		1,124,140
	1,000,000	5.00%, 06/15/24 (c)		1,110,920
	500,000	5.25%, 03/01/21 (c)		559,995
	555,000	5.50%, 03/01/21 (c)		652,014
	2,000,000	New Jersey Economic Development Authority, Cigarette Tax Revenue (RB)
		5.00%, 06/15/22		2,287,220
		New Jersey Economic Development Authority, School Facilities Construction Refunding, Series GG (RB)
	2,000,000	5.00%, 03/01/21 (c)		2,280,460
	1,000,000	5.25%, 03/01/21 (c)		1,114,340
		New Jersey Economic Development Authority, School Facilities Construction Refunding, Series II (RB)
	1,000,000	5.00%, 03/01/21		1,139,580
	1,000,000	5.00%, 03/01/22		1,136,730
	500,000	5.00%, 03/01/22 (c)		551,595
	980,000	5.00%, 03/01/22 (c)		1,074,972
		New Jersey Economic Development Authority, School Facilities Construction Refunding, Series NN (RB)
	585,000	5.00%, 03/01/23 (c)		656,393
	2,120,000	5.00%, 03/01/23 (c)		2,298,122
		New Jersey Economic Development Authority, School Facilities Construction, Series EE (RB)
	500,000	5.00%, 09/01/20		569,405
	500,000	5.25%, 03/01/21 (c)		577,280
	1,450,000	New Jersey Economic Development Authority, School Facilities Construction, Series NN (RB)
		5.00%, 03/01/22		1,648,258
	500,000	New Jersey Environmental Infrastructure Trust, Series A-R (RB)
		4.00%, 09/01/23		567,045
	1,190,000	New Jersey Health Care Facilities Financing Authority (RB)
		4.00%, 07/01/22 (c)		1,230,746
	75,000	New Jersey Health Care Facilities Financing Authority, Barnabas Health Issue, Series A (RB)
		4.63%, 07/01/21 (c)		82,549
		New Jersey Health Care Facilities Financing Authority, Meridian Health System (RB)
	500,000	5.00%, 07/01/22 (c)		577,130
	500,000	5.00%, 07/01/22 (c)		560,555
	500,000	New Jersey State Educational Facilities Authority, Kean University, Series A (RB)
		5.00%, 09/01/19 (c)		559,445
	165,000	New Jersey State Transportation Trust Fund Authority, Series A (RB)
		4.69%, 12/15/30 ^		76,913
	1,995,000	New Jersey State Transportation Trust Fund Authority, Series D (RB)
		5.00%, 12/15/23		2,286,908
		New Jersey State Turnpike Authority (RB)
	500,000	5.00%, 01/01/23		593,390
	125,000	5.00%, 07/01/22 (c)		146,603
	325,000	5.00%, 01/01/23 (c)		377,419
	640,000	5.00%, 07/01/24 (c)		747,776
	400,000	5.00%, 07/01/22 (c)		454,716
	750,000	5.00%, 07/01/24 (c)		867,945
	900,000	5.00%, 07/01/22 (c)		1,009,665
	500,000	New Jersey State Turnpike Authority, Series A (RB)
		5.00%, 01/01/23		593,390
	1,000,000	New Jersey State Turnpike Authority, Series B (RB)
		5.00%, 01/01/23 (c)		1,170,260
		New Jersey State Various Purpose (GO)
	500,000	4.00%, 06/01/19 (c)		532,920
	500,000	5.00%, 06/01/19 (c)		572,330
	1,000,000	New Jersey State, Series Q (GO)
		5.00%, 08/15/20		1,179,510
		New Jersey Transportation Trust Fund Authority (RB)
	1,950,000	5.00%, 06/15/22 (c)		2,243,338
	2,500,000	5.00%, 06/15/24		2,861,950
	3,400,000	5.25%, 06/15/23 (c)		3,827,720
	750,000	New Jersey Transportation Trust Fund Authority, Series AA (RB)
		5.00%, 06/15/23 (c)		843,562
		New Jersey Transportation Trust Fund Authority, Series D (RB)
	660,000	5.00%, 12/15/24		756,512
	2,430,000	5.25%, 12/15/23		2,817,318
	880,000	Newark, New Jersey Qualified General Improvement, Series A (GO) (SAW)
		4.00%, 10/01/20 (c)		938,274
				55,059,539
New Mexico: 0.0%
	260,000	New Mexico Finance Authority State Transportation, Senior Lien, Series B (RB)
		5.00%, 06/15/21		312,910
New York: 19.3%
		Brookhaven New York, Series A (GO)
	640,000	3.00%, 02/01/23		673,862
	250,000	4.00%, 02/01/23 (c)		269,780
		City of New York, New York, Series A-1 (GO)
	1,690,000	5.00%, 10/01/20		2,010,238
	250,000	5.00%, 08/01/21 (c)		291,768
		City of New York, New York, Series B (GO)
	2,275,000	5.00%, 08/01/20		2,700,766
	1,000,000	5.00%, 08/01/22 (c)		1,179,230
	1,450,000	5.00%, 08/01/22 (c)		1,664,629
		City of New York, New York, Series D (GO)
	1,600,000	5.00%, 08/01/21		1,910,464
	1,000,000	5.00%, 02/01/23 (c)		1,144,070
	1,135,000	City of New York, New York, Series D-1 (GO)
		5.00%, 10/01/20		1,350,071
	875,000	City of New York, New York, Series E (GO)
		5.25%, 08/01/22		1,064,534
		City of New York, New York, Series F (GO)
	500,000	5.00%, 02/01/22 (c)		573,120
	1,295,000	5.00%, 02/01/22 (c)		1,462,003
	1,300,000	City of New York, New York, Series F-1 (GO)
		5.00%, 03/01/23 (c)		1,531,777
		City of New York, New York, Series I (GO)
	1,310,000	5.00%, 08/01/21		1,564,192
	1,000,000	5.00%, 08/01/22		1,198,440
	1,000,000	5.00%, 08/01/22 (c)		1,154,960
		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)		583,475
	500,000	5.25%, 05/01/19 (c)		568,495
	2,360,000	Long Island Power Authority, Electric System, Series B (RB)
		5.00%, 09/01/22 (c)		2,663,614
		Metropolitan Transportation Authority, Series A (RB)
	500,000	3.00%, 11/15/22 (c)		493,685
	1,550,000	5.00%, 11/15/22 (c)		1,783,027
		Metropolitan Transportation Authority, Series B (RB)
	600,000	3.00%, 11/15/22 (c)		590,376
	500,000	5.00%, 11/15/22		594,575
		Metropolitan Transportation Authority, Series D (RB)
	1,285,000	5.00%, 11/15/20		1,512,998
	285,000	5.00%, 11/15/21		338,597
	500,000	5.00%, 11/15/17 (c)		560,195
	500,000	Metropolitan Transportation Authority, Series E (RB)
		5.00%, 11/15/22 (c)		566,525
		Metropolitan Transportation Authority, Series F (RB)
	845,000	3.13%, 11/15/22 (c)		841,392
	1,000,000	5.00%, 11/15/22		1,189,150
	2,105,000	5.00%, 11/15/22 (c)		2,399,889
		Metropolitan Transportation Authority, Series H (RB)
	100,000	4.00%, 11/15/21		111,756
	1,300,000	5.00%, 11/15/22 (c)		1,524,627
	850,000	Nassau County, New York General Improvement, Series C (GO)
		4.00%, 10/01/20 (c)		904,315
	500,000	Nassau County, New York, Series A (GO)
		4.00%, 04/01/21 (c)		518,020
		New York City Municipal Water Finance Authority, Water & Sewer System, Series BB (RB)
	2,000,000	5.00%, 06/15/19 (c)		2,289,540
	400,000	5.00%, 06/15/20 (c)		455,128
		New York City Transitional Finance Authority Future Tax Secured Revenue (RB)
	275,000	5.00%, 05/01/21		328,870
	700,000	5.00%, 02/01/23 (c)		835,464
	1,660,000	5.00%, 02/01/24 (c)		1,916,088
	400,000	New York City Transitional Finance Authority, Building Aid Revenue, Series E-1 (RB)
		5.00%, 02/01/18 (c)		448,576
	3,100,000	New York City Transitional Finance Authority, Building Aid Revenue, Series F-1 (RB)
		5.00%, 05/01/22 (c)		3,534,403
		New York City Transitional Finance Authority, Building Aid Revenue, Series S-1 (RB) (SAW)
	500,000	5.00%, 07/15/20		586,120
	1,000,000	5.00%, 07/15/22		1,194,210
	800,000	5.00%, 07/15/22 (c)		905,696
	500,000	New York City Transitional Finance Authority, Building Aid, Series S-2 (RB) (SAW)
		4.00%, 07/15/21 (c)		532,095
		New York City Transitional Finance Authority, Future Tax Secured Revenue, Series A (RB)
	700,000	5.00%, 11/01/21		843,990
	515,000	5.00%, 11/01/21		620,935
	450,000	New York City Transitional Finance Authority, Future Tax Secured Revenue, Series D-1 (RB)
		5.25%, 02/01/21 (c)		538,281
		New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A (RB)
	1,000,000	5.00%, 11/01/20		1,195,840
	725,000	5.00%, 11/01/21 (c)		856,943
	1,500,000	5.00%, 11/01/21 (c)		1,759,860
		New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B (RB)
	1,000,000	5.00%, 11/01/21		1,205,700
	1,000,000	5.00%, 02/01/21 (c)		1,167,790
	600,000	5.00%, 11/01/21 (c)		696,156
	2,000,000	New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C-1 (RB)
		5.00%, 11/01/22 (c)		2,366,860
		New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series D (RB)
	500,000	5.00%, 05/01/20 (c)		582,110
	1,000,000	5.00%, 05/01/20 (c)		1,155,400
	425,000	New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series E-1 (RB)
		5.00%, 02/01/22		509,669
	500,000	New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series F-1 (RB)
		5.00%, 05/01/21		597,945
	550,000	New York City, Series B (GO)
		5.00%, 08/01/21 (c)		644,979
	250,000	New York City, Series C (GO)
		5.00%, 08/01/19 (c)		289,820
		New York City, Series E (GO)
	1,000,000	5.00%, 08/01/19 (c)		1,148,430
	500,000	5.00%, 08/01/20 (c)		568,530
	500,000	5.00%, 08/01/19 (c)		573,955
		New York City, Series I (GO)
	1,750,000	5.00%, 08/01/22		2,097,270
	1,500,000	5.00%, 08/01/22 (c)		1,768,845
	100,000	New York City, Sub Series G-1 (GO)
		5.00%, 04/01/22		119,393
	475,000	New York Local Government Assistant Corp., Series A (RB)
		4.00%, 04/01/20 (c)		517,318
	1,000,000	New York State Bridge Authority (RB)
		4.00%, 01/01/21		1,113,940
		New York State Dormitory Authority (RB)
	250,000	5.00%, 02/15/24 (c)		299,880
	1,000,000	5.00%, 12/15/22 (c)		1,155,690
	300,000	5.00%, 02/15/20 (c)		344,166
	625,000	New York State Dormitory Authority, School District Financing Program, Series A (RB) (SAW)
		5.00%, 10/01/21		738,444
	500,000	New York State Dormitory Authority, State Consolidating Service Contract, Series A (RB)
		5.00%, 07/01/19 (c)		572,010
		New York State Dormitory Authority, State Personal Income Tax Revenue, Series A (RB)
	500,000	4.00%, 12/15/22		563,900
	1,000,000	5.00%, 12/15/22 (c)		1,195,040
		New York State Dormitory Authority, State Personal Income Tax, Series A (RB)
	775,000	5.00%, 12/15/22		942,524
	2,000,000	5.00%, 12/15/22 (c)		2,401,820
	950,000	5.00%, 12/15/22 (c)		1,110,977
		New York State Dormitory Authority, State Personal Income Tax, Series A (RB)
	2,800,000	5.00%, 03/15/21		3,348,352
	500,000	5.00%, 03/15/21 (c)		585,355
		New York State Dormitory Authority, State Personal Income Tax, Series B (RB)
	1,300,000	5.00%, 03/15/22 (c)		1,549,769
	500,000	5.00%, 03/15/22 (c)		581,240
	1,625,000	New York State Dormitory Authority, State Personal Income Tax, Series E (RB)
		5.00%, 08/15/21 (c)		1,912,820
	250,000	New York State Dormitory Authority, State University Education Facilities Issue, Series A (RB)
		5.00%, 05/15/22 (c)		296,053
		New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series A (RB)
	440,000	4.00%, 06/15/22 (c)		486,165
	750,000	5.00%, 06/15/22 (c)		901,417
	1,000,000	5.00%, 06/15/22 (c)		1,200,290
	600,000	New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series D (RB)
		5.00%, 06/15/22		730,320
		New York State Thruway Authority (RB)
	2,120,000	5.00%, 01/01/24 (c)		2,452,013
	800,000	5.00%, 03/15/23 (c)		913,432
	1,000,000	New York State Thruway Authority, Second General Highway & Bridge Trust Fund, Series A (RB)
		5.00%, 04/01/20 (c)		1,166,050
		New York State Thruway Authority, Series I (RB)
	1,000,000	5.00%, 01/01/22 (c)		1,152,700
	3,310,000	5.00%, 01/01/22 (c)		3,763,073
		New York State Thruway Authority, State Personal Income Tax (Transportation), Series A (RB)
	1,000,000	5.00%, 03/15/21		1,195,840
	250,000	5.00%, 03/15/21 (c)		293,855
	500,000	5.00%, 09/15/20 (c)		579,325
		New York State Urban Development Corp (RB)
	1,000,000	5.00%, 03/15/23 (c)		1,147,480
	800,000	5.00%, 03/15/23 (c)		913,432
		New York State Urban Development Corp., State Personal Income, Series A (RB)
	1,000,000	4.00%, 03/15/21 (c)		1,093,410
	700,000	4.00%, 03/15/21 (c)		758,275
		New York State Urban Development Corp., State Personal Income, Series C (RB)
	1,250,000	5.00%, 03/15/22		1,502,750
	690,000	5.00%, 03/15/23 (c)		806,569
	1,000,000	5.00%, 03/15/23 (c)		1,136,120
		New York State, Series A (GO)
	500,000	3.50%, 02/15/21 (c)		540,585
	1,050,000	4.00%, 02/15/21 (c)		1,131,837
		New York State, Series E (GO)
	800,000	4.00%, 12/15/21 (c)		880,768
	1,000,000	4.00%, 12/15/21 (c)		1,093,920
	500,000	Oyster Bay, New York Public Improvement (GO)
		3.50%, 08/15/17 (c)		502,570
		Port Authority of New York & New Jersey (RB)
	565,000	3.00%, 06/15/24 (c)		560,678
	750,000	3.25%, 06/15/24 (c)		744,330
	1,000,000	Suffolk County, New York Public Improvement, Series A (GO)
		4.00%, 05/15/19 (c)		1,031,110
	500,000	Suffolk County, New York Public Improvement, Series C (GO)
		4.00%, 10/15/19 (c)		525,590
	265,000	Town of Oyster Bay, New York (GO) (AGM)
		3.00%, 03/01/21 (c)		267,523
		Triborough Bridge & Tunnel Authority, Series A (RB)
	1,000,000	5.00%, 01/01/22 (c)		1,179,880
	800,000	5.00%, 05/15/23 (c)		950,480
	455,000	5.00%, 01/01/22 (c)		530,785
		Triborough Bridge & Tunnel Authority, Series B (RB)
	1,980,000	5.00%, 11/15/22		2,387,425
	1,000,000	5.00%, 11/15/22 (c)		1,194,930
	500,000	5.00%, 11/15/22 (c)		587,615
	1,310,000	5.00%, 11/15/23 (c)		1,519,600
		Utility Debt Securitization Authority, Series E (RB)
	900,000	5.00%, 12/15/23 (c)		1,061,217
	1,675,000	5.00%, 12/15/23 (c)		1,962,999
				133,899,162
North Carolina: 1.2%
	150,000	Charlotte-Mecklenburg Hospital Authority/The (RB)
		5.00%, 01/15/22 (c)		166,394
	1,000,000	Mecklenburg County, North Carolina, Series A (GO)
		5.00%, 12/01/20		1,208,320
	730,000	North Carolina Eastern Municipal Power Agency, Series A (RB)
		5.00%, 01/01/21		851,012
	1,555,000	North Carolina Eastern Municipal Power Agency, Series D (RB)
		5.00%, 01/01/21		1,802,696
	1,000,000	North Carolina Municipal Power Agency No. 1, Series B (RB)
		5.00%, 01/01/22 (c)		1,124,130
		North Carolina State Capital Improvement Limited Obligation Bonds, Series A (RB)
	500,000	4.50%, 05/01/20 (c)		555,115
	815,000	5.00%, 05/01/20 (c)		962,425
	20,000	North Carolina State Capital Improvement Limited Obligation Bonds, Series B (RB)
		5.00%, 11/01/21 (c)		23,816
	750,000	North Carolina State, Capital Improvement Limited Obligation, Series C (RB)
		5.00%, 05/01/21 (c)		873,172
	400,000	North Carolina State, Series C (GO)
		5.00%, 05/01/22		488,192
	250,000	State of North Carolina (RB)
		5.00%, 06/01/24		304,613
				8,359,885
Ohio: 2.3%
		City of Columbus, Ohio, Series A (GO)
	1,890,000	3.00%, 02/15/24 (c)		1,893,100
	800,000	4.00%, 02/15/24 (c)		858,312
	440,000	5.00%, 02/15/22		532,162
	1,000,000	City of Columbus, Various Purpose, Series A (GO)
		5.00%, 08/15/22 (c)		1,192,840
	870,000	County of Hamilton, Ohio Healthcare Facilities, The Christ Hospital Project (RB) (AGM)
		4.00%, 06/01/22 (c)		884,590
	1,220,000	Hamilton County, Ohio Sewer System Improvement, Series A (RB)
		5.00%, 12/01/22		1,475,358
	530,000	Kent State University, Series B (RB) (AGO)
		5.00%, 05/01/19 (c)		602,043
		Ohio State Common Schools, Series A (GO)
	750,000	5.00%, 09/15/22		912,037
	1,175,000	5.00%, 09/15/23		1,433,324
	1,750,000	Ohio State Common Schools, Series B (GO)
		4.00%, 09/15/21 (c)		1,872,850
	650,000	Ohio State, Turnpike Commission, Series A (RB)
		5.25%, 02/15/27		791,141
	3,000,000	State of Ohio (GO)
		5.00%, 05/01/24 (c)		3,598,680
				16,046,437
Oklahoma: 0.2%
	1,000,000	Oklahoma Capital Improvement Authority (RB)
		5.00%, 07/01/24 (c)		1,164,670
Oregon: 0.6%
	100,000	Beaverton School District 48J, Washington and Multnomah Counties, Oregon, Series B (GO) (SBG)
		4.00%, 06/15/22 (c)		110,342
	1,040,000	Deschutes County, Oregon, Administrative School District No. 1 (GO) (SBG)
		4.00%, 06/15/21		1,182,719
		Metro, Oregon, Series A (GO)
	500,000	4.00%, 06/01/22 (c)		544,440
	400,000	5.00%, 06/01/22 (c)		480,388
	500,000	Oregon State, Series F (GO)
		5.00%, 05/01/23 (c)		600,605
		Portland, Oregon Sewer System, Series A (RB)
	475,000	4.25%, 03/01/20 (c)		525,008
	575,000	5.00%, 03/01/20 (c)		644,880
				4,088,382
Pennsylvania: 1.7%
		Commonwealth of Pennsylvania (GO)
	500,000	5.00%, 07/01/21		596,290
	500,000	5.00%, 07/01/23		602,780
	250,000	5.00%, 10/15/23 (c)		289,038
	570,000	5.00%, 11/15/21 (c)		656,076
	500,000	Commonwealth of Pennsylvania, First Refunding Series (GO)
		4.00%, 07/01/23		560,385
		Commonwealth of Pennsylvania, First Series (GO)
	920,000	5.00%, 06/01/21		1,096,465
	100,000	5.00%, 06/01/22		119,858
	1,250,000	5.00%, 06/01/22 (c)		1,483,425
	1,000,000	5.00%, 04/01/23 (c)		1,195,180
	425,000	5.00%, 11/15/21 (c)		494,670
		Commonwealth of Pennsylvania, Second Series (GO)
	300,000	4.00%, 10/15/23 (c)		320,208
	500,000	5.00%, 10/15/23 (c)		599,365
	850,000	Monroeville, Pennsylvania Finance Authority (RB)
		5.00%, 02/15/26		992,060
	775,000	Pennsylvania Economic Development Financing Authority, Unemployment Compensation, Series B (RB)
		5.00%, 01/01/19 (c)		895,582
	500,000	Pennsylvania Higher Educational Facilities Authority, Series AM (RB)
		4.00%, 06/15/21 (c)		526,025
	1,000,000	Pennsylvania State Industrial Development Authority (RB)
		5.00%, 07/01/21		1,160,390
				11,587,797
Puerto Rico: 0.1%
	500,000	Puerto Rico Commonwealth, Public Improvement, Series A (GO) (AGM)
		5.50%, 07/01/21 (c)		506,560
Rhode Island: 0.5%
	2,490,000	Rhode Island Health & Educational Building Corp. (RB)
		5.00%, 09/01/21		3,002,193
	500,000	State of Rhode Island (GO)
		5.50%, 08/01/21 (c)		596,345
				3,598,538
South Carolina: 1.6%
	920,000	Charleston Educational Excellence Finance Corp (RB)
		5.00%, 12/01/23 (c)		1,053,326
	1,750,000	City of Charleston, South Carolina, Waterworks & Sewer System Revenue (RB)
		5.00%, 01/01/22 (c)		2,092,370
		Richland County, South Carolina School District No. 1, Series A (GO)
	1,305,000	4.00%, 09/01/21 (c)		1,453,535
	500,000	4.00%, 09/01/21 (c)		537,915
	500,000	5.00%, 09/01/21 (c)		586,575
	975,000	South Carolina Jobs-Economic Development Authority (RB)
		3.75%, 11/01/22 (c)		970,222
		South Carolina State Economic Development, Series A (GO)
	625,000	2.00%, 04/01/20 (c)		606,512
	1,000,000	4.00%, 04/01/20 (c)		1,115,500
		South Carolina State Public Service Authority, Series B (RB)
	1,100,000	4.00%, 12/01/21		1,231,626
	650,000	5.00%, 12/01/21		773,896
	250,000	South Carolina State Public Service Authority, Series C (RB)
		5.00%, 12/01/20		295,303
				10,716,780
Tennessee: 1.2%
	500,000	Memphis, Tennessee General Improvement Refunding (GO)
		5.00%, 05/01/21		597,595
	750,000	Memphis, Tennessee General Improvement Refunding, Series A (GO)
		5.00%, 11/01/23		910,005
		Metropolitan Government of Nashville & Davidson County, Tennessee Subordinate Lien Water & Sewer Revenue Refunding (RB)
	500,000	5.00%, 07/01/20		591,710
	1,750,000	5.00%, 07/01/21		2,080,802
	1,200,000	5.00%, 07/01/22		1,430,088
	350,000	State of Tennessee (GO)
		5.00%, 08/01/21		424,522
	275,000	Tennessee State School Bond Authority, Higher Educational Facilities, Series A (RB)
		3.50%, 05/01/18 (c)		285,450
	475,000	Tennessee State, Series A (GO)
		5.00%, 08/01/22		581,300
	1,000,000	Tennessee State, Series C (GO)
		5.00%, 05/01/18 (c)		1,156,800
				8,058,272
Texas: 8.3%
	500,000	Brownsville, Texas Utilities System Revenue, Series A (RB)
		5.00%, 09/01/23 (c)		572,490
		City of Austin TX Water & Wastewater System Revenue (RB)
	1,000,000	5.00%, 05/15/24 (c)		1,176,700
	1,000,000	5.00%, 05/15/24 (c)		1,166,510
	650,000	5.00%, 05/15/24 (c)		754,052
		City of Austin, Texas, Water & Wastewater System Revenue (RB)
	650,000	5.00%, 11/15/21		779,980
	400,000	5.00%, 11/15/21 (c)		470,516
	650,000	City of Fort Worth TX Water & Sewer System Revenue (RB)
		5.00%, 02/15/21		777,562
	1,000,000	City of Fort Worth, Texas (GO)
		5.00%, 03/01/22 (c)		1,187,400
	1,000,000	City of Houston TX Utility System Revenue (RB)
		5.00%, 11/15/24 (c)		1,190,340
		City of Houston, Texas, Series A (GO)
	1,350,000	5.00%, 03/01/21		1,612,008
	300,000	5.00%, 03/01/22		360,378
		City of San Antonio, Texas Electric & Gas Systems (RB)
	1,785,000	5.00%, 02/01/22		2,151,585
	1,000,000	5.00%, 02/01/23		1,214,010
	1,000,000	5.00%, 08/01/22 (c)		1,178,440
	500,000	5.25%, 02/01/25		625,650
	1,000,000	City of San Antonio, Texas Water System Revenue (RB)
		5.00%, 05/15/22 (c)		1,165,680
	1,000,000	Clear Creek Independent School District, Series B (GO)
		5.00%, 02/15/22 (c)		1,187,920
	585,000	Comal Independent School District, Series A (GO)
		4.00%, 02/01/21 (c)		618,907
	500,000	Conroe Independent School District (GO)
		5.00%, 02/15/21 (c)		575,830
	100,000	Dallas, Texas Independent School District (GO)
		5.00%, 02/15/21 (c)		118,542
	750,000	Fort Bend Independent School District (GO)
		5.00%, 08/15/22 (c)		900,705
	250,000	Fort Worth, Texas Water & Sewer System Revenue (RB)
		5.00%, 02/15/21 (c)		295,013
	2,755,000	Harris County Cultural Education Facilities Finance Corp (RB)
		5.00%, 12/01/24 (c)		3,120,506
	500,000	Harris County, Texas Cypress-Fairbanks Independent School District (GO)
		5.00%, 02/15/21 (c)		594,055
	475,000	Harris County, Texas Permanent Improvement, Series A (GO)
		5.00%, 10/01/20 (c)		553,841
		Harris County, Texas Unlimited Tax Road Refunding, Series A (GO)
	1,980,000	5.00%, 10/01/22 (c)		2,360,813
	500,000	5.00%, 10/01/20 (c)		582,050
	250,000	Houston, Texas Independent School District, Series A (GO)
		5.00%, 02/15/23 (c)		303,723
		Houston, Texas Public Improvement Refunding, Series A (GO)
	2,000,000	5.00%, 03/01/21 (c)		2,342,240
	1,000,000	5.00%, 03/01/19 (c)		1,154,090
	1,090,000	5.00%, 03/01/23 (c)		1,296,293
	250,000	5.00%, 03/01/24 (c)		296,590
	500,000	5.00%, 03/01/19 (c)		570,155
	155,000	Lower Colorado River Authority (RB)
		4.00%, 05/15/22 (c)		159,061
		Lower Colorado River Authority, Series A (RB)
	1,000,000	5.00%, 05/15/22 (c)		1,155,030
	350,000	5.00%, 05/15/20 (c)		395,983
	2,400,000	Lower Colorado River Authority, Series B (RB)
		5.00%, 05/15/22 (c)		2,705,832
	845,000	Matagorda County Navigation District No 1 (RB)
		4.00%, 06/03/23 (c)		842,997
	2,000,000	North Texas Municipal Water District (RB)
		5.25%, 09/01/20		2,416,940
	1,500,000	North Texas Tollway Authority, System Revenue, Series A (RB)
		6.25%, 02/01/20 (c)		1,698,765
	500,000	Pasadena, Texas Independent School District (GO)
		5.00%, 02/15/23 (c)		595,460
	415,000	Port of Houston Authority of Harris County Texas, Series D-1 (GO)
		5.00%, 10/01/20 (c)		482,840
	755,000	San Antonio, Texas Electric & Gas Systems (RB)
		5.25%, 02/01/24		939,530
	1,325,000	San Antonio, Texas Independent School District (GO)
		5.00%, 02/15/21 (c)		1,531,130
	300,000	San Antonio, Texas Public Facilities Corp. (RB)
		3.00%, 09/15/22 (c)		278,325
	1,025,000	San Antonio, Texas Water System Revenue (RB)
		5.00%, 05/15/22 (c)		1,212,226
	750,000	State of Texas (GO)
		5.00%, 04/01/24 (c)		903,510
		Tarrant County, Texas Cultural Education Facilities Finance Corp. (RB)
	1,220,000	5.00%, 10/01/23 (c)		1,402,439
	235,000	5.25%, 10/01/23 (c)		273,773
		Texas Municipal Gas Acquisition & Supply Corp III (RB)
	230,000	5.00%, 12/15/22 (c)		249,088
	225,000	5.00%, 12/15/22 (c)		240,185
		Texas Municipal Gas Acquisition & Supply Corp., Gas Supply (RB)
	1,000,000	5.00%, 12/15/20		1,136,080
	1,000,000	5.00%, 12/15/22		1,136,600
	500,000	Texas State, Public Finance Authority (GO)
		5.00%, 10/01/21 (c)		586,425
	250,000	Texas Transportation Commission State Highway Fund (RB)
		5.00%, 04/01/21		301,180
		University of Texas, Revenue Financing System, Series A (RB)
	500,000	5.00%, 02/15/20 (c)		584,975
	650,000	5.00%, 02/15/22 (c)		760,870
	1,850,000	University of Texas, Revenue Financing System, Series B (RB)
		5.00%, 08/15/22		2,261,255
				57,505,073
Utah: 0.3%
		Utah State, Series A (GO)
	550,000	5.00%, 07/01/21 (c)		661,028
	500,000	5.00%, 07/01/21 (c)		593,810
	500,000	5.00%, 07/01/21 (c)		589,580
				1,844,418
Virgin Islands: 0.1%
	500,000	Virgin Islands Public Finance Authority (RB)
		5.00%, 10/01/20 (c)		531,505
Virginia: 3.5%
	835,000	Commonwealth of Virginia, Series A (GO)
		4.00%, 06/01/21 (c)		910,350
	485,000	Fairfax County Economic Development Authority (RB)
		5.00%, 10/01/24 (c)		569,356
	1,965,000	Fairfax County, Virginia Economic Development Authority Transportation District Improvement, Silver Line Phase I Project (ST)
		5.00%, 04/01/20 (c)		2,229,175
		Fairfax County, Virginia Public Improvement, Series B (GO) (SAW)
	650,000	5.00%, 04/01/21		783,068
	225,000	5.00%, 04/01/23		275,792
	2,075,000	5.00%, 04/01/24		2,563,642
		Virginia College Building Authority, 21st Century College & Equipment Programs Educational Facilities, Series A (RB)
	425,000	3.00%, 02/01/22 (c)		425,565
	2,000,000	5.00%, 02/01/22 (c)		2,378,620
	1,890,000	5.00%, 09/01/22 (c)		2,242,523
	100,000	Virginia College Building Authority, 21st Century College & Equipment Programs Educational Facilities, Series B (RB)
		5.00%, 02/01/22 (c)		118,931
	1,850,000	Virginia College Building Authority, Educational Facilities, Public Higher Education Financing Program, Series B (RB)
		4.00%, 09/01/22 (c)		2,003,809
	920,000	Virginia Commonwealth Transportation Board (RB)
		5.00%, 05/15/21		1,103,135
		Virginia Commonwealth Transportation Board (RB)
	500,000	4.00%, 05/15/21 (c)		532,970
	150,000	5.25%, 05/15/21 (c)		178,448
		Virginia Commonwealth Transportation Board, Series A (RB)
	1,000,000	5.00%, 09/15/21		1,199,380
	450,000	5.00%, 03/15/23 (c)		524,151
		Virginia Public School Authority (RB) (SAW)
	1,000,000	4.00%, 08/01/24 (c)		1,115,010
	450,000	5.00%, 08/01/21		541,548
	1,850,000	Virginia State Public Building Authority, School Financing, Series A (RB) (SAW)
		5.00%, 08/01/22		2,241,164
	1,535,000	Virginia State Public School Authority, School Financing, Series A (RB) (SAW)
		5.00%, 08/01/23		1,871,211
	250,000	Virginia State, Resources Authority, Clean Water State (RB)
		5.00%, 10/01/23 (c)		303,823
				24,111,671
Washington: 4.4%
	550,000	Central Puget Sound, Washington Regional Transit Authority, Series S-1 (RB)
		5.00%, 11/01/22 (c)		638,456
	350,000	King County, Washington Bellevue School District No. 401 (GO) (SBG)
		4.38%, 06/01/21 (c)		386,295
	1,025,000	King County, Washington Sewer Revenue & Refunding (RB)
		5.00%, 01/01/23 (c)		1,213,046
	1,300,000	Northwest Washington, Columbia Generating Electric Station, Series A (RB)
		5.00%, 07/01/21		1,565,226
	1,730,000	Northwest Washington, Columbia Generating Electric Station, Series A (RB)
		5.00%, 07/01/21		2,069,322
		State of Washington (GO)
	295,000	4.00%, 07/01/23 (c)		313,626
	1,500,000	5.00%, 02/01/24 (c)		1,802,400
	1,800,000	Tobacco Settlement Authority of Washington (RB)
		5.00%, 06/01/22		2,080,494
		University of Washington General Revenue, Series A (RB)
	500,000	5.00%, 04/01/21 (c)		581,180
	1,000,000	5.00%, 04/01/21 (c)		1,155,690
		Washington Federal Highway Grant Anticipation, SR 520 Corridor Program, Series F (RB)
	600,000	5.00%, 09/01/20		711,864
	1,000,000	5.00%, 09/01/22		1,188,140
	250,000	Washington Health Care Facilities Authority (RB)
		4.00%, 10/01/21 (p)		277,190
	800,000	Washington State Motor Vehicle Fuel Tax, Series E (GO)
		5.25%, 02/01/22		975,024
		Washington State Various Purpose, Series D (GO)
	250,000	5.00%, 02/01/22		300,383
	535,000	5.00%, 02/01/23		646,275
	2,125,000	Washington State, Motor Vehicle Fuel Tax, Series E (GO)
		5.00%, 02/01/22		2,553,251
	2,000,000	Washington State, Motor Vehicle Fuel Tax, Series R (GO)
		5.00%, 07/01/22 (c)		2,393,060
		Washington State, Various Purpose, Series A (GO)
	855,000	4.00%, 07/01/22		967,424
	550,000	5.00%, 08/01/20		655,347
	1,000,000	5.00%, 07/01/22		1,206,170
	300,000	5.00%, 08/01/21 (c)		355,422
	1,000,000	5.00%, 08/01/22 (c)		1,190,390
	1,000,000	5.00%, 01/01/21 (c)		1,159,290
	1,675,000	Washington State, Various Purpose, Series D (GO)
		5.00%, 02/01/23 (c)		1,971,073
		Washington State, Various Purpose, Series R-A (GO)
	650,000	5.00%, 01/01/21		774,865
	375,000	5.00%, 07/01/21 (c)		443,501
	625,000	Washington State, Various Purpose, Series R-C (GO)
		5.00%, 07/01/22 (c)		742,850
				30,317,254
West Virginia: 0.2%
	225,000	West Virginia Hospital Finance Authority, Charleston Area Medical Center, Hospital Revenue & Improvement, Series A (RB)
		5.13%, 09/01/19 (c)		258,633
	875,000	West Virginia University Board of Governors, University Improvement, Series B (RB)
		5.00%, 10/01/21		1,044,032
				1,302,665
Wisconsin: 0.9%
	1,000,000	Wisconsin State Transportation, Series 0
		5.00%, 07/01/23		1,169,740
	800,000	Wisconsin State Transportation, Series 1 (RB)
		5.00%, 07/01/23 (c)		948,248
	25,000	Wisconsin State Transportation, Series A (RB) (AGM)
		5.25%, 07/01/16		27,315
	205,000	Wisconsin State, Health & Educational Facilities Authority, Aurora Health Care, Inc., Series A (RB)
		5.00%, 07/15/21 (c)		221,316
		Wisconsin State, Series 2 (GO)
	350,000	5.00%, 05/01/21		419,542
	1,300,000	5.00%, 11/01/21		1,565,460
	510,000	Wisconsin State, Series A (GO)
		5.25%, 05/01/21 (c)		607,614
		Wisconsin State, Series C (GO)
	750,000	4.00%, 05/01/21 (c)		803,947
	755,000	4.00%, 05/01/21 (c)		797,892
				6,561,074
Total Municipal Bonds (Cost: $670,047,018)				684,402,916

Number of Shares
MONEY MARKET FUND: 0.1% (Cost: $735,168)
	735,168	Dreyfus Tax Exempt Cash Management Fund - Class B Shares		735,168
Total Investments: 99.0% (Cost: $670,782,186)				685,138,084
Other assets less liabilities: 1.0%				7,119,993
NET ASSETS: 100.0%			$	692,258,077

AGM	Assured Guaranty Municipal Corp.
AGO	Assured Guaranty Ltd.
CP	Certificate of Participation
GO	General Obligation
Q-SBLF	Qualified School Board Loan Fund
RB	Revenue Bond
SAW	State Aid Withholding
SBG	School Board Guaranteed
ST	Special Tax

(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
*	Non-income producing

Summary of Investments By Sector (unaudited)	% of Investments			Value
Airport		0.8	%	$	5,441,432
Bond Bank		0.2			1,151,790
Development		1.3			8,963,788
Education		3.7			25,214,444
Facilities		4.7			32,239,267
General Obligation		45.0			308,403,129
Higher Education		7.9			54,094,805
Medical		3.2			21,904,877
Pollution		0.6			4,161,189
Power		5.1			35,207,996
School District		3.6			24,553,411
Single Family Housing		0.3			1,743,465
Student Loan		0.0			339,011
Tobacco Settlement		0.4			2,959,106
Transportation		14.9			101,881,066
Utilities		2.3			15,902,798
Water		5.9			40,241,342
Money Market Fund		0.1			735,168
		100.0	%	$	685,138,084

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Municipal Bonds*	$	—	$	684,402,916	$	—	$	684,402,916
Money Market Fund		735,168		—		—		735,168
Total	$	735,168	$	684,402,916	$	—	$	685,138,084

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

There were no transfers between levels during the period ended July 31, 2014.

See Notes to Schedules of Investments

LONG MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

July 31, 2014 (unaudited)

Principal Amount			Value
MUNICIPAL BONDS: 98.7%
Arizona: 2.1%
$	700,000	Arizona Board of Regents, Arizona State University Projects, Series A (RB)
		5.00%, 07/01/22 (c)	$	767,389
	1,000,000	Arizona Health Facilities Authority, Series A (RB)
		3.75%, 01/01/22 (c)		930,230
				1,697,619
California: 8.7%
	380,000	Bay Area Toll Authority, Series S-2 (RB)
		5.00%, 10/01/20 (c)		404,369
	250,000	California Health Facilities Financing Authority (RB)
		4.50%, 11/15/21 (c)		262,320
		California State Public Works Board (RB)
	595,000	5.00%, 03/01/23 (c)		648,621
	400,000	5.50%, 11/01/23 (c)		470,612
	305,000	El Camino Community College District (GO)
		4.00%, 08/01/22 (c)		308,748
	300,000	M-S-R Energy Authority, Series B (RB)
		7.00%, 11/01/34		410,715
	500,000	M-S-R Energy Authority, Series C (RB)
		6.50%, 11/01/39		658,115
	465,000	San Jose, California Financing Authority Lease, Series A (RB)
		5.00%, 06/01/23 (c)		507,199
	300,000	State of California (GO)
		5.00%, 04/01/23 (c)		328,878
		State of California, Various Purpose (GO)
	500,000	3.50%, 09/01/22 (c)		488,655
	125,000	3.50%, 09/01/22 (c)		120,128
	750,000	5.00%, 04/01/22 (c)		816,015
	500,000	5.50%, 11/01/19 (c)		572,150
	475,000	University of California (RB)
		5.00%, 05/15/23 (c)		538,013
	400,000	West Valley-Mission Community College District (GO)
		4.00%, 08/01/22 (c)		403,544
				6,938,082
Colorado: 2.4%
	500,000	Colorado Health Facilities Authority, Evangelical Lutheran Good Samaritan Society Project (RB)
		5.00%, 06/01/22 (c)		534,310
	550,000	Colorado Health Facilities Authority, Sister of Charity of Leavenworth Health System, Series A (RB)
		5.00%, 01/01/20 (c)		592,537
	750,000	University of Colorado Hospital Authority, Series A (RB)
		5.00%, 11/15/22 (c)		805,095
				1,931,942
Connecticut: 0.7%
	500,000	Connecticut State Health & Educational Facility Authority, Series A (RB)
		5.00%, 07/01/21 (c)		533,000
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)		526,370
Florida: 8.3%
	500,000	Broward County, Florida, Water & Sewer Utility Revenue (RB)
		5.00%, 10/01/22 (c)		553,165
	1,250,000	City of Tampa, Florida Health System, Series A (RB)
		5.00%, 05/15/22 (c)		1,373,962
	600,000	Collier County, Florida, Industrial Development Authority (RB)
		6.25%, 04/01/21 (c)		682,290
	400,000	County of Miami-Dade FL Water & Sewer System Revenue (RB)
		5.00%, 10/01/22 (c)		433,080
	800,000	Miami-Dade County, Florida Transit System (RB)
		5.00%, 07/01/22 (c)		870,696
	825,000	Orange County Health Facilities Authority (RB)
		5.00%, 04/01/22 (c)		848,191
	500,000	Orange County, Florida Health Facilities Authority, Hospital Revenue, Orlando Health, Inc., Series A (RB)
		4.13%, 04/01/22 (c)		500,790
	500,000	Orlando-Orange County Expressway Authority (RB)
		5.00%, 07/01/23 (c)		551,310
	750,000	Tampa-Hillsborough County Expressway Authority (RB)
		5.00%, 07/01/22 (c)		800,377
				6,613,861
Georgia: 2.2%
	375,000	Columbus Medical Center Hospital Authority, Regional Healthcare System (RB) (AGM)
		5.00%, 08/01/20 (c)		393,979
		Gainesville City & Hall County, Georgia Hospital Authority, Northeast Georgia Health System, Inc. Project, Series A (RB)
	450,000	5.25%, 02/15/15 (c)		455,067
	325,000	5.50%, 02/15/20 (c)		343,021
	250,000	Gainesville City & Hall County, Georgia Hospital Authority, Northeast Georgia Health System, Inc. Project, Series B (RB)
		5.25%, 02/15/20 (c)		263,078
	250,000	Valdosta & Lowndes County, Georgia Hospital Authority, South Georgia Medical Project, Series B (RB)
		5.00%, 10/01/21 (c)		270,420
				1,725,565
Hawaii: 0.8%
	550,000	State of Hawaii, Department of Budget and Finance (RB)
		6.50%, 07/01/19 (c)		630,965
Idaho: 0.3%
	250,000	Idaho Health Facilities Authority, Series A (RB)
		5.00%, 03/01/22 (c)		265,180
Illinois: 7.9%
	545,000	Chicago Board of Education (GO)
		5.00%, 12/01/22 (c)		560,276
	420,000	City of Chicago, Sales Tax, Series A (RB)
		4.38%, 01/01/22 (c)		430,538
		Illinois Finance Authority (RB)
	500,000	4.00%, 08/15/22 (c)		504,925
	1,000,000	4.00%, 06/01/22 (c)		961,060
	500,000	Illinois Finance Authority, Chicago University Medical Center, Series C (RB)
		5.50%, 02/15/21 (c)		549,635
	500,000	Illinois Metropolitan Pier & Exposition Authority, McCormick Place Expansion Project, Series B (RB)
		4.25%, 06/15/22 (c)		493,540
		State of Illinois (GO) (AGM)
	500,000	4.13%, 04/01/23 (c)		477,690
	735,000	4.25%, 04/01/24 (c)		713,736
	250,000	4.38%, 04/01/24 (c)		246,580
	455,000	5.00%, 03/01/22 (c)		462,435
	600,000	5.25%, 02/01/24 (c)		630,654
	300,000	State of Illinois, Series A (GO)
		4.50%, 01/01/22 (c)		286,527
				6,317,596
Indiana: 2.6%
	500,000	Indiana Finance Authority, Community Health Network, Series A (RB)
		4.00%, 05/01/23 (c)		474,910
	275,000	Indiana Finance Authority, Educational Facilities, Marian University Project (RB)
		6.38%, 09/15/21 (c)		300,817
	500,000	Indiana Finance Authority, King’s Daughters’ Hospital & Health Services (RB)
		5.50%, 08/15/20 (c)		519,450
	700,000	Indianapolis Local Public Improvement, Waterworks Project, Series A (RB) (AGO)
		5.50%, 01/01/19 (c)		754,600
				2,049,777
Louisiana: 0.9%
	100,000	Lafayette, Louisiana Utilities Revenue (RB)
		4.75%, 11/01/20 (c)		106,427
	375,000	Louisiana Local Government Environmental Facilities & Community Development Authority, East Baton Rouge Commission Project, Series A (RB)
		4.00%, 02/01/23 (c)		364,208
	250,000	Terrebonne Levee & Conservation District (RB)
		4.25%, 07/01/23 (c)		259,000
				729,635
Massachusetts: 3.7%
	400,000	Commonwealth of Massachusetts (GO)
		4.00%, 12/01/21 (c)		419,128
	425,000	Massachusetts Bay Transportation Authority, Series A (RB)
		4.00%, 07/01/22 (c)		431,035
	525,000	Massachusetts Development Finance Agency, Harvard University Issue, Series B (RB)
		5.25%, 02/01/21 (c)		612,008
		Massachusetts School Building Authority, Senior Dedicated Sales Tax Bonds, Series B (RB)
	300,000	5.00%, 10/15/21 (c)		339,177
	500,000	5.00%, 10/15/21 (c)		551,995
	500,000	Metropolitan Boston Transit Parking Corp., Systemwide Senior Lien Parking (RB)
		5.25%, 07/01/21 (c)		557,795
				2,911,138
Michigan: 2.5%
	445,000	Karegnondi Water Authority (RB)
		4.50%, 11/01/23 (c)		461,674
	500,000	Lansing, Michigan Board of Water & Light, Utility System, Series A (RB)
		5.00%, 07/01/21 (c)		554,045
	800,000	Michigan Finance Authority (RB)
		5.00%, 06/01/22 (c)		807,680
	150,000	Michigan Finance Authority Hospital Revenue & Refunding Bonds, Series MI (RB)
		5.00%, 12/01/21 (c)		160,119
				1,983,518
Minnesota: 0.7%
	500,000	State of Minnesota (RB)
		5.00%, 06/01/23 (c)		560,915
Missouri: 0.6%
	500,000	Health & Educational Facilities Authority of the State of Missouri (RB)
		4.00%, 06/01/24 (c)		499,320
Montana: 0.6%
	500,000	Montana Facility Finance Authority, Sisters of Charity of Leavenworth Health System (RB)
		4.75%, 01/01/20 (c)		520,020
Nebraska: 0.7%
	500,000	Central Plains Energy Project, Nebraska Gas Project No. 3 (RB)
		5.25%, 09/01/22 (c)		538,805
Nevada: 1.2%
	500,000	Las Vegas Valley, Nevada Water District, Series B (GO)
		4.00%, 06/01/22 (c)		507,705
	450,000	Washoe County, Nevada Highway Revenue (RB)
		5.00%, 02/01/19 (c)		476,469
				984,174
New Jersey: 4.0%
		New Jersey State Transportation Trust Fund Authority, Series A (RB)
	515,000	4.97%, 12/15/31 ^		224,504
	830,000	5.43%, 12/15/37 ^		251,888
		New Jersey State Transportation Trust Fund Authority, Series B
	1,100,000	5.00%, 06/15/21		1,157,288
	750,000	5.25%, 06/15/21		817,942
	500,000	New Jersey State Turnpike Authority (RB)
		5.00%, 07/01/22 (c)		541,335
	150,000	New Jersey State Turnpike Authority, Series F (RB)
		5.00%, 01/01/23 (c)		166,604
				3,159,561
New York: 18.8%
	650,000	City of Troy, Capital Resource Corp., Rensselaer Polytechnic Institute Project, Series A (RB)
		5.13%, 09/01/20 (c)		695,565
	700,000	Long Island Power Authority, Electric System General Revenue, Series A (RB)
		5.00%, 09/01/22 (c)		750,862
	550,000	Metropolitan Transportation Authority (RB)
		5.00%, 11/15/22 (c)		592,823
	220,000	Metropolitan Transportation Authority, Series B (RB)
		4.00%, 11/15/22 (c)		225,766
		Metropolitan Transportation Authority, Series E (RB)
	1,000,000	3.50%, 11/15/22 (c)		960,690
	750,000	5.00%, 11/15/23 (c)		817,935
	150,000	Nassau County, New York General Improvement, Series A (GO)
		4.00%, 04/01/22 (c)		149,766
	795,000	New York & New Jersey Port Authority, Series 163 (RB)
		4.25%, 07/15/20 (c)		825,870
	300,000	New York City Municipal Water Finance Authority, Water & Sewer System, Series AA (RB)
		5.00%, 06/15/21 (c)		324,372
	600,000	New York City Municipal Water Finance Authority, Water & Sewer System, Series CC (RB)
		5.00%, 12/15/21 (c)		647,424
	500,000	New York City Transitional Finance Authority, Future Tax Secured, Series D-1 (RB)
		5.13%, 02/01/21 (c)		560,660
	700,000	New York City Transitional Finance Authority, Future Tax Secured, Series E-1 (RB)
		5.00%, 02/01/22 (c)		761,908
	1,150,000	New York Liberty Development Corp (RB)
		5.75%, 11/15/21 (c)		1,281,284
	700,000	New York Liberty Development Corp., 4 World Trade Center Project (RB)
		5.00%, 11/15/21 (c)		750,176
		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)		534,830
	500,000	6.38%, 01/15/20 (c)		553,705
	500,000	New York Liberty Development Corp., Secured by Port Authority Consolidated Bonds (RB)
		5.00%, 12/15/21 (c)		543,545
		New York State Dormitory Authority (RB)
	550,000	5.00%, 04/01/21 (c)		609,598
	300,000	5.00%, 03/15/23 (c)		332,022
		New York State Dormitory Authority, Cornell University, Series A (RB)
	460,000	5.00%, 07/01/20 (c)		524,119
	350,000	5.00%, 07/01/20 (c)		397,754
	500,000	New York State Dormitory Authority, State Personal Income Tax, Series C (RB)
		5.00%, 03/15/21 (c)		547,610
	300,000	New York State Thruway Authority (RB)
		5.00%, 01/01/22 (c)		322,236
	635,000	Triborough Bridge & Tunnel Authority (RB)
		4.00%, 11/15/22 (c)		639,870
	600,000	Triborough Bridge & Tunnel Authority, Series A (RB)
		4.00%, 11/15/22 (c)		626,640
				14,977,030
North Carolina: 2.6%
	500,000	Charlotte, North Carolina Cultural Arts Facilities, Series E (CP)
		5.00%, 06/01/19 (c)		534,365
	480,000	Charlotte-Mecklenburg Hospital Authority, Carolina HealthCare System, Series A (RB)
		5.25%, 01/15/21 (c)		518,870
		North Carolina Medical Care Commission, Series B (RB)
	750,000	4.00%, 12/01/22 (c)		745,965
	250,000	5.00%, 12/01/22 (c)		271,593
				2,070,793
Ohio: 3.5%
	500,000	Akron Bath Copley Joint Township Hospital District (RB)
		5.00%, 05/15/23 (c)		535,530
	600,000	Butler County, Ohio Hospital Facilities Revenue (RB)
		5.50%, 11/01/20 (c)		653,016
	1,000,000	Ohio Higer Educational Facility Commission (RB)
		5.00%, 01/01/22 (c)		1,091,630
	450,000	Ohio State Hospital, University Hospital Health System, Inc., Series A (RB)
		5.00%, 01/15/22 (c)		473,683
				2,753,859
Oregon: 1.1%
	800,000	State of Oregon (GO)
		5.00%, 08/01/23 (c)		899,080
Pennsylvania: 4.6%
		Dauphin County, General Authority Health System, Pinnacle Health System Project, Series A (RB)
	420,000	4.00%, 06/01/22 (c)		401,684
	250,000	5.00%, 06/01/22 (c)		262,013
	500,000	Delaware River Port Authority (RB)
		5.00%, 01/01/24 (c)		542,530
	325,000	Delaware River Port Authority, Series D (RB)
		5.00%, 01/01/20 (c)		345,355
	500,000	Monoroeville Finance Authority (RB)
		5.00%, 08/15/22 (c)		537,590
	500,000	Pennsylvania Higher Educational Facilities Authority (RB)
		5.00%, 11/01/22 (c)		523,325
	450,000	Pennsylvania State Turnpike Commission, Series D (RB)
		5.30%, 12/01/19 (c)		485,145
	250,000	Pennsylvania State Turnpike Commission, Sub-Series B (RB)
		5.25%, 06/01/19 (c)		271,558
	250,000	Westmoreland County, Municipal Authority (RB)
		5.00%, 08/15/23 (c)		273,943
				3,643,143
Puerto Rico: 1.5%
	550,000	Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue, First Senior Series C (RB)
		5.00%, 08/01/21 (c)		426,707
	1,000,000	Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue, Senior Series C (RB)
		5.00%, 08/01/21 (c)		753,000
				1,179,707
South Carolina: 2.1%
	500,000	South Carolina State Public Service Authority (RB)
		5.50%, 12/01/23 (c)		551,305
		South Carolina State Public Service Authority (RB)
	75,000	5.00%, 12/01/21 (c)		82,259
	500,000	5.00%, 01/01/20 (c)		534,090
	500,000	South Carolina Transportation Infrastructure Bank, Series B (RB)
		3.63%, 10/01/22 (c)		486,820
				1,654,474
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)		457,368
Texas: 4.8%
	625,000	Houston, Texas Combine Utility System, First Lien, Series D (RB)
		5.00%, 11/15/21 (c)		685,581
	500,000	Houston, Texas Higher Education Finance Corp., Rice University Project, Series A (RB)
		5.00%, 05/15/20 (c)		556,310
		Lower Colorado River Authority (RB)
	505,000	4.00%, 05/15/22 (c)		510,025
	680,000	4.00%, 05/15/22 (c)		682,224
	1,000,000	5.00%, 05/15/23 (c)		1,081,040
	300,000	Southwest Independent School District (GO)
		5.00%, 02/01/22 (c)		334,860
				3,850,040
Virginia: 2.0%
	500,000	Virginia College Building Authority, Liberty University Projects (RB)
		5.00%, 03/01/20 (c)		545,590
	750,000	Virginia Commonwealth University Health System Authority (RB)
		4.75%, 07/01/21 (c)		803,242
	250,000	Virginia Small Business Financing Authority, Sentara Health Care Facilities (RB)
		5.00%, 05/01/20 (c)		267,585
				1,616,417
Washington: 5.5%
	250,000	County of Pierce, Washington Sewer Revenue (RB)
		4.00%, 08/01/22 (c)		259,883
		King County, Washington Sewer Revenue (RB)
	500,000	5.00%, 07/01/20 (c)		534,180
	575,000	5.00%, 01/01/22 (c)		618,384
	250,000	Snohomish County, Washington Limited Tax, Series A (GO)
		4.00%, 06/01/20 (c)		255,200
	550,000	State of Washington (GO)
		5.00%, 08/01/20 (c)		626,692
	700,000	University of Washington, General Revenue & Refunding Bonds, 2011-A (RB)
		5.00%, 04/01/21 (c)		772,758
	390,000	Washington Health Care Facilities Authority, Catholic Health Initiative, Series A (RB)
		5.00%, 02/01/21 (c)		413,466
	585,000	Washington Health Care Facilities Authority, Providence Health & Services, Series A (RB)
		5.00%, 04/01/20 (c)		629,021
	250,000	Washington State, Various Purpose, Series A (GO)
		5.00%, 08/01/23 (c)		287,438
				4,397,022
Total Municipal Bonds
(Cost: $76,476,699)				78,615,976

Number of Shares
MONEY MARKET FUND: 0.2% (Cost: $160,222)
	160,222	Dreyfus Tax Exempt Cash Management Fund - Class B Shares		160,222
Total Investments: 98.9% (Cost: $76,636,921)				78,776,198
Other assets less liabilities: 1.1%				867,997
NET ASSETS: 100.0%			$	79,644,195

AGM	Assured Guaranty Municipal Corp.
AGO	Assured Guaranty Ltd.
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		1.0	%	$	754,600
Development		5.4			4,275,548
Education		1.1			891,172
Facilities		4.3			3,391,100
General Obligation		18.2			14,350,103
Higher Education		10.4			8,170,671
Medical		25.9			20,354,366
Nursing Homes		0.3			265,180
Power		3.0			2,353,782
School District		1.1			895,136
Transportation		19.1			15,029,304
Utilities		4.6			3,620,502
Water		5.4			4,264,512
Money Market Fund		0.2			160,222
		100.0	%	$	78,776,198

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Municipal Bonds*	$	—	$	78,615,976	$	—	$	78,615,976
Money Market Fund		160,222		—		—		160,222
Total	$	160,222	$	78,615,976	$	—	$	78,776,198

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

There were no transfers between levels during the period ended July 31, 2014.

See Notes to Schedules of Investments

PRE-REFUNDED MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

July 31, 2014 (unaudited)

Principal Amount				Value
MUNICIPAL BONDS: 99.1%
Arizona: 0.9%
$	240,000	Maricopa County, Arizona Hospital Sun Health Corporation (RB)
		5.00%, 04/01/24 (c)	$	295,346
California: 7.8%
	200,000	California State Public Works Board (RB)
		5.00%, 06/01/18		231,474
	250,000	California State Public Works Board, Various University of California Projects, Series E (RB)
		5.00%, 04/01/19 (c)		294,875
	350,000	Clovis California Unified School District, Election 2004-Series A (GO)
		3.95%, 08/01/19 ^		328,090
	500,000	Foothill/Eastern Transportation Corridor Agency California, Senior Lien Series A (RB)
		3.53%, 01/01/20 ^		461,695
	500,000	Los Angeles Unified School District/CA (GO) (FGIC)
		5.00%, 07/01/16 (c)		544,620
	250,000	Los Angeles, California Unified School District, Series E (GO) (AMBAC)
		5.00%, 07/01/15 (c)		261,063
	460,000	Orange County, California Water District Revenue, Series B (CP) (NATL)
		5.00%, 08/15/32 (c)		574,917
				2,696,734
Colorado: 21.2%
	445,000	City & County of Denver, Colorado (GO)
		5.00%, 08/01/16 (c)		486,443
	2,000,000	Colorado Department of Corrections (CP) (AMBAC)
		5.00%, 03/01/16 (c)		2,148,320
		Colorado Regional Transportation District, FasTracks Project, Series A (RB) (AMBAC)
	150,000	4.38%, 11/01/16 (c)		163,452
	115,000	4.50%, 11/01/16 (c)		125,634
	1,000,000	5.00%, 11/01/16 (c)		1,103,610
	865,000	5.00%, 11/01/16 (c)		954,623
	200,000	Eagle County School District No. Re-50J (GO) (AGM) (SAW)
		5.00%, 12/01/16 (c)		220,998
	2,000,000	Regional Transportation District (RB) (AMBAC)
		5.00%, 11/01/15 (c)		2,121,040
				7,324,120
Florida: 1.6%
	275,000	Hillsborough County, Florida Junior Lien Capital Improvement Program Refunding Revenue (RB)
		5.00%, 08/01/16		300,322
	200,000	Hillsborough County, Industrial Development Authority Revenue (RB)
		5.63%, 08/15/18 (c)		237,210
				537,532
Georgia: 4.0%
	1,000,000	Georgia State, Series A (GO)
		4.00%, 09/01/15 (c)		1,041,670
	300,000	Georgia State, Series G (GO)
		5.00%, 12/01/17 (c)		342,711
				1,384,381
Hawaii: 2.4%
		State of Hawaii (GO) (AGM)
	500,000	5.00%, 03/01/16 (c)		537,080
	265,000	5.00%, 04/01/17 (c)		296,641
				833,721
Illinois: 9.4%
	500,000	Chicago, Illinois Metropolitan Water Reclamation District, Greater Chicago (GO)
		5.00%, 12/01/16 (c)		553,110
	750,000	Illinois State Toll Highway Authority, Senior Priority Series A-1 (RB) (AGM)
		5.00%, 07/01/16 (c)		816,172
		Illinois State Toll Highway Authority, Senior Priority Series A-2 (RB) (AGM)
	850,000	5.00%, 07/01/16 (c)		924,995
	700,000	5.00%, 07/01/16 (c)		761,761
	180,000	Metropolitan Water Reclamation District of Greater Chicago (GO)
		5.00%, 12/01/16 (c)		199,120
				3,255,158
Kentucky: 0.8%
	250,000	Kentucky State Property & Buildings Commission, No. 85 (RB) (AGM)
		5.00%, 08/01/15 (c)		261,953
Maryland: 0.3%
		County of Baltimore MD (RB)
	50,000	4.50%, 09/01/16 (c)		54,281
	50,000	5.00%, 09/01/16 (c)		54,796
				109,077
Massachusetts: 6.6%
	350,000	Commonwealth of Massachusetts (GO) (AMBAC)
		5.00%, 11/01/16 (c)		386,676
	500,000	Commonwealth of Massachusetts, Series C (GO) (AGM)
		5.50%, 11/01/15		533,030
	200,000	Massachusetts Bay Transportation Authority, Series A (RB)
		5.00%, 07/01/15 (c)		208,850
	350,000	Massachusetts School Building Authority (RB) (NATL)
		5.00%, 08/15/15 (c)		367,388
	350,000	Massachusetts State Consolidated Loan, Series C (GO)
		5.00%, 09/01/15 (c)		368,141
	365,000	Massachusetts State Water Resources Authority, Series A (RB)
		6.50%, 07/15/19		419,097
				2,283,182
Michigan: 0.2%
	55,000	Royal Oak Hospital Finance Authority (RB)
		8.00%, 09/01/18 (c)		70,426
Missouri: 0.1%
	45,000	University of Missouri (RB)
		5.00%, 11/01/17 (c)		51,372
Nevada: 0.8%
	250,000	Clark County School District, Series C (GO) (AGM)
		5.00%, 12/15/15 (c)		266,268
New Jersey: 8.9%
	150,000	New Jersey Economic Development Authority, School Facilities Construction, Series I (RB)
		5.25%, 09/01/14 (c)		150,558
	570,000	New Jersey State Educational Facilities Authority, University of Medicine and Dentistry, Series B (RB)
		7.50%, 06/01/19 (c)		734,650
	2,040,000	New Jersey State Transportation Trust Fund Authority, Series B (RB)
		5.25%, 12/15/15 (c)		2,179,658
				3,064,866
New York: 1.1%
	285,000	New York Metropolitan Transportation Authority, Dedicated Tax, Series A (RB) (NATL)
		6.00%, 04/01/20		340,182
	20,000	Triborough Bridge & Tunnel Authority (RB)
		4.50%, 05/15/18 (c)		22,780
				362,962
North Carolina: 1.0%
	100,000	Charlotte-Mecklenburg Hospital Authority, North Carolina Health Care, Series A (RB)
		5.00%, 01/15/15 (c)		102,154
	230,000	North Carolina Infrastructure Finance Corp (CP) (AGM)
		5.00%, 05/01/17 (c)		258,320
				360,474
Oregon: 1.7%
	20,000	Deschutes & Jefferson Counties School District No 2J Redmond/OR (GO) (SBG)
		5.50%, 06/15/18 (c)		23,475
	475,000	State of Oregon Department of Transportation (RB)
		5.00%, 05/15/19 (c)		558,804
				582,279
Pennsylvania: 0.0%
	10,000	Central Bucks School District (GO) (SAW)
		5.00%, 05/15/18 (c)		11,564
Puerto Rico: 3.2%
	500,000	Commonwealth of Puerto Rico (GO)
		5.25%, 07/01/16 (c)		546,790
	500,000	Puerto Rico Highways & Transportation Authority (RB)
		5.50%, 07/01/16 (c)		549,665
				1,096,455
South Carolina: 4.6%
	1,500,000	Charleston County, South Carolina School District (RB)
		5.25%, 12/01/15 (c)		1,599,765
Texas: 7.9%
	100,000	City of Houston, Taxes (GO) (AGM)
		5.00%, 03/01/16 (c)		107,416
	500,000	Harris County Health Facilities Development Corp. (RB)
		7.25%, 12/01/18 (c)		631,375
	350,000	Texas Transportation Commission State Highway Fund (RB)
		5.00%, 04/01/16 (c)		377,632
	100,000	Texas Transportation Commission, State Highway Fund, First Tier, Series A (RB)
		5.00%, 04/01/16 (c)		107,895
	1,405,000	Waco Health Facilities Development Corp., FHA Insured Mortgage Revenue, Hillcrest Health System Project (RB) (FHA) (NATL)
		4.50%, 08/01/16 (c)		1,520,463
				2,744,781
Utah: 1.4%
		Utah Transit Authority, Sales Tax Revenue, Series B (RB) (AGM)
	220,000	4.50%, 12/15/15 (c)		232,822
	250,000	4.75%, 12/15/15 (c)		265,418
				498,240
Virginia: 3.5%
	1,020,000	Richmond Metropolitan Authority (RB)
		5.25%, 07/15/22		1,205,405
Washington: 9.7%
		State of Washington (GO) (AGM)
	70,000	5.00%, 07/01/17 (c)		78,901
	50,000	5.00%, 01/01/18 (c)		57,059
	2,000,000	Washington Health Care Facilities Authority, Swedish Health Services, Series A (RB)
		6.50%, 11/15/15 (c)		2,160,440
	1,000,000	Washington State, Series D (GO) (AMBAC)
		5.00%, 01/01/16 (c)		1,067,040
				3,363,440
Total Municipal Bonds: 99.1% (Cost: $33,870,803)				34,259,501
Other assets less liabilities: 0.9%				300,368
NET ASSETS: 100.0%			$	34,559,869

AGM	Assured Guaranty Municipal Corp.
AMBAC	American Municipal Bond Assurance Corp.
CP	Certificate of Participation
FGIC	Financial Guaranty Insurance Co.
FHA	Federal Housing Association
GO	General Obligation
NATL	National Public Finance Guarantee Corp.
RB	Revenue Bond
SAW	State Aid Withholding
SBG	School Board Guaranteed

(c)	Callable Security - the redemption date shown is when the security may be redeemed by the issuer
^	Zero Coupon Bond - the rate shown is the effective yield at purchase date

Summary of Investments By Sector (unaudited)	% of Investments			Value
Education		6.2	%	$	2,117,711
Facilities		3.1			1,046,622
General Obligation		28.1			9,625,387
Higher Education		2.6			888,176
Medical		14.7			5,024,337
School District		4.8			1,656,078
Transportation		39.3			13,482,093
Water		1.2			419,097
		100.0	%	$	34,259,501

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

		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Value
Total Municipal Bonds*		$	—			$	34,259,501			$	—			$	34,259,501

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

There were no transfers between levels during the period ended July 31, 2014.

See Notes to Schedules of Investments

SHORT HIGH-YIELD MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

July 31, 2014 (unaudited)

Principal
Amount			Value
MUNICIPAL BONDS: 101.8%
Alabama: 0.6%
		Alabama Industrial Development Authority, Solid Waste Disposal, Pine City Fiber Company Project (RB)
$	300,000	6.45%, 09/04/14 (c)	$	300,772
	60,000	Health Care Authority of Cullman County, Series A (RB)
		6.25%, 02/01/19 (c)		65,163
				365,935
Arizona: 4.9%
		Arizona Health Facilities Authority, Phoenix Children’s Hospital, Series A (RB)
	1,250,000	5.00%, 02/01/20		1,441,212
	250,000	5.00%, 02/01/21		290,635
	1,175,000	Arizona Health Facilities Authority, The Beatitudes Campus Project (RB)
		5.10%, 10/01/16 (c)		1,174,918
	35,000	Salt Verde Financial Corp. (RB)
		5.25%, 12/01/23		40,528
				2,947,293
California: 8.0%
	140,000	Alameda Corridor Transportation Authority, Sub Lien, Series A (RB) (AMBAC)
		2.02%, 10/01/17 ^		133,134
	315,000	California Communities Development Authority, Daughters of Charity Health System, Series G (RB)
		5.00%, 07/01/15 (c)		301,468
	150,000	California Housing Finance Agency, Series G (RB)
		4.95%, 02/01/17 (c)		153,201
	150,000	California Municipal Finance Authority, Rocketship Education, Series A (RB)
		6.00%, 06/01/22 (c)		156,024
	250,000	Foothill Transportation Corridor Agency, Tall Road Revenue, Series B-2 (RB)
		5.00%, 07/15/19 (c) (p)		276,322
	600,000	Foothill Transportation Corridor Agency, Tall Road Revenue, Series B-3 (RB)
		5.50%, 07/15/22 (c) (p)		686,616
	1,000,000	Foothill-Eastern Transportation Corridor Agency (RB)
		5.00%, 07/15/17 (c) (p)		1,096,790
		Inland Empire Tobacco Securitization Authority, Series A (RB)
	140,000	4.63%, 06/01/17 (c)		132,717
	600,000	5.00%, 06/01/17 (c)		581,424
	100,000	San Francisco Redevelopment Agency, Community Facilities District No. 6. Series A (ST)
		5.00%, 08/01/22 (c)		113,913
	170,000	Vernon City, California, Electric System Revenue, Series A (RB)
		5.13%, 08/01/19 (c)		188,200
	1,000,000	Western Hills Water District, Diablo Grande Community Facilities District No. 1 (ST)
		4.00%, 09/01/21		984,840
				4,804,649
Colorado: 0.4%
	250,000	Colorado Health Facilities Authority, Health & Residential, Volunteers of America Care Facilities (RB)
		5.20%, 09/04/14 (c)		245,230
Connecticut: 0.6%
	150,000	Connecticut State Resources Recovery Authority, American Refunding Fuel Comp. Project, Series A (RB)
		6.45%, 09/04/14 (c)		150,090
	200,000	Harbor Point Infrastructure Improvement District, Harbor Point Project, Series A (TA)
		7.00%, 04/01/20 (c)		227,484
				377,574
Florida: 1.6%
	200,000	County of Alachua, Industrial Development, Florida Retirement Village, Inc. Project, Series A (RB)
		5.63%, 11/15/17 (c)		202,034
	500,000	Palm Beach County Health Facilities Authority, Sinai Residences of Boca Raton Project, Series C (RB)
		6.00%, 06/01/21		532,425
	200,000	Village Community Development District No. 10 (SA)
		4.50%, 05/01/22 (c)		200,636
				935,095
Guam: 1.0%
		Government of Guam, Series A (GO)
	150,000	5.00%, 11/15/17 (c)		150,935
	445,000	6.00%, 11/15/19		481,877
				632,812
Hawaii: 0.3%
	165,000	Kuakini, Hawaii Health System, Special Purpose Revenue, Series A (RB)
		6.30%, 09/04/14 (c)		165,637
Idaho: 1.2%
	500,000	Idaho Health Facilities Authority, Series B-1 (RB)
		6.50%, 10/01/15 (c)		505,810
	200,000	Idaho Health Facilities Authority, Series B-2 (RB)
		6.00%, 10/01/15 (c)		201,688
				707,498
Illinois: 5.3%
	405,000	City of Chicago, Series A-2 (GO) (AMBAC)
		5.50%, 01/01/18		442,859
	60,000	Illinois Finance Authority, Institute of technology, Series A (RB)
		5.00%, 04/01/16 (c)		62,347
	170,000	Illinois Finance Authority, Park Place of Elmhurst Project, Series A (RB)
		8.00%, 05/15/15 (c)		113,395
	150,000	Illinois Finance Authority, Peace Village (RB)
		5.25%, 08/15/23		152,532
	150,000	Illinois Finance Authority, The Admiral At The Lake Project, Series D-1 (RB)
		7.00%, 08/25/14 (c)		150,192
		Illinois Railsplitter Tobacco Settlement Authority (RB)
	95,000	5.00%, 06/01/17		105,155
	450,000	5.00%, 06/01/18		507,928
	90,000	5.00%, 06/01/19		102,885
	1,125,000	5.25%, 06/01/20		1,316,205
	40,000	5.25%, 06/01/21		47,216
	25,000	5.38%, 06/01/21		29,706
	145,000	5.50%, 06/01/21 (c)		169,251
				3,199,671
Indiana: 0.7%
	10,000	City of Anderson Economic Development, Anderson University Project (RB)
		4.75%, 09/04/14 (c)		10,002
	265,000	Indiana Finance Authority, Environmental Improvement Revenue, United States Steel Corp. Project (RB)
		6.00%, 12/01/19		289,104
	120,000	Indiana Finance Authority, Ohio River Bridges East End Crossing Project, Series B (RB)
		5.00%, 01/01/17 (c)		129,293
				428,399
Iowa: 3.4%
	410,000	City of Coralville, Marriott Hotel and Convention Center, Series D (CP)
		5.25%, 06/01/16 (c)		411,382
		Iowa Finance Authority, Iowa Fertilizer Company Project (RB)
	590,000	5.00%, 12/01/19		620,597
	1,000,000	5.50%, 12/01/18 (c)		1,046,410
				2,078,389
Kansas: 0.0%
	25,000	Overland Park Development Corp., Overland Park Convention Center Hotel, Series B (RB) (AMBAC)
		5.13%, 01/01/17 (c)		25,569
Kentucky: 1.7%
	925,000	Kentucky Public Transportation Infrastructure Authority, Series A (RB)
		5.00%, 07/01/17		1,027,592
Louisiana: 8.6%
		City of New Orleans LA Sewerage Service Revenue (RB)
	1,000,000	5.00%, 06/01/18		1,131,510
	1,225,000	5.00%, 06/01/19		1,405,246
	500,000	5.00%, 06/01/20		579,655
	200,000	5.00%, 06/01/24		229,220
	90,000	Louisiana Public Facilities Authority, Lake Charles Memorial Hospital Project (RB)
		6.25%, 12/01/19		100,851
	415,000	Louisiana Public Facilities Authority, Progressive Healthcare Providers (RB)
		6.38%, 09/04/14 (c)(d)		381,422
	1,000,000	Louisiana Public Facilities Authority, Solid Waste Disposal Revenue, Series A (RB)
		7.50%, 07/01/23		1,000,000
	340,000	Parish of St. Charles, Valero Project (RB)
		4.00%, 06/01/22 (p)		363,538
				5,191,442
Maine: 0.2%
	90,000	Health and Higher Education Facilities Authority (RB)
		5.00%, 07/01/19		98,798
Maryland: 0.7%
		Baltimore Convention Center Hotel, Series A (RB) (XLCA)
	210,000	5.25%, 09/01/16 (c)		219,290
	220,000	5.25%, 09/01/16 (c)		232,461
				451,751
Michigan: 4.6%
	35,000	City of Detroit, Sewage Disposal System, Series A (RB)
		5.00%, 07/01/22		35,044
	175,000	City of Detroit, Sewage Disposal System, Series B (RB)
		4.50%, 07/01/16 (c)		170,674
		City of Detroit, Water Supply System, Series A (RB)
	250,000	5.00%, 07/01/19		252,695
	175,000	5.00%, 07/01/20		176,953
	1,150,000	Michigan Solid Waste Disposal, Genesee Power Station Project (RB)
		7.50%, 09/04/14 (c)		1,149,896
		Michigan Tobacco Settlement Finance Authority, Series A (RB)
	1,050,000	5.13%, 06/01/17 (c)		909,930
	90,000	5.25%, 06/01/17 (c)		79,043
				2,774,235
Minnesota: 0.2%
	110,000	City of International Falls, Pollution Control (RB)
		5.65%, 09/04/14 (c)		110,155
Mississippi: 0.1%
	30,000	Mississippi Business Finance Corporation, System Energy Resources, Inc. (RB)
		5.88%, 09/02/14 (c)		30,011
Missouri: 0.4%
	150,000	Kansas City, Missouri Industrial Development Authority, Missouri Health Care Facilities First Mortgage, Series A (RB)
		6.25%, 09/04/14 (c)		151,913
	120,000	St. Louis, Missouri Industrial Development Authority, Confluence Academy Project, Series A (RB)
		5.00%, 06/15/15 (c)		118,080
				269,993
Nebraska: 0.4%
	200,000	Public Power Generation Agency, Whelan Energy Center Unit 2, Series A (RB) (AMBAC)
		5.00%, 01/01/17 (c)		217,020
New Hampshire: 0.0%
	20,000	New Hampshire Higher Educational and Health Facilities Authority, Franklin Pierce College (RB) (ACA)
		5.25%, 09/04/14 (c)		17,629
New Jersey: 10.9%
		New Jersey Economic Development Authority, Cigarette Tax Revenue (RB)
	1,000,000	5.00%, 06/15/17		1,107,740
	500,000	5.00%, 06/15/19		568,645
	165,000	5.00%, 06/15/22		188,696
	150,000	5.00%, 06/15/22 (c)		169,631
		New Jersey Economic Development Authority, Continental Airlines, Inc. Project (RB)
	185,000	4.88%, 09/15/19		189,314
	225,000	5.13%, 08/20/22 (c)		235,919
	500,000	New Jersey Economic Development Authority, Long Gate Project (RB)
		4.38%, 01/01/24		497,125
		New Jersey Health Care Facilities Financing Authority, Barnabas Health Issue, Series A (RB)
	650,000	5.00%, 07/01/22 (c)		746,297
	250,000	5.00%, 07/01/22		289,332
	1,295,000	Salem County Pollution Control Financing Authority (RB)
		5.00%, 12/01/23		1,435,805
		Tobacco Settlement Financing Corp., Senior Series 1A (RB)
	1,070,000	4.50%, 06/01/17 (c)		1,048,579
	75,000	5.00%, 06/01/17 (c)		80,543
	30,000	Tobacco Settlement Financing Corp., Series 1A (RB)
		5.00%, 06/01/17		32,847
				6,590,473
New Mexico: 1.6%
	900,000	County of Otero, Jail Project (RB)
		5.75%, 10/01/16 (c)		857,223
	150,000	Otero County, New Mexico Jail Project Revenue (RB)
		6.00%, 10/01/16 (c)		132,785
				990,008
New York: 5.8%
	545,000	New York City Industrial Development Agency, Civic Facility, Series A (RB)
		5.00%, 12/01/16 (c)		579,346
	50,000	New York City Industrial Development Agency, Queens Baseball Stadium Project (RB) (AMBAC)
		5.00%, 01/01/17 (c)		53,591
	100,000	New York City Industrial Development Agency, Special Facility, JetBlue Airways Corp. Project (RB)
		5.00%, 09/04/14 (c)		100,141
	205,000	New York City Industrial Development Agency, Transportation Infrastructure Properties LLC, Series A (RB)
		5.00%, 07/01/22		228,466
		New York Dormitory Authority, Pace University, Series A (RB)
	250,000	4.00%, 05/01/22		260,813
	165,000	5.00%, 05/01/23		181,271
	150,000	New York Dormitory Authority, Yeshiva University (RB)
		5.00%, 09/01/19 (c)		161,744
	500,000	Onondaga Civic Development Corp., St. Joseph’s Hospital Health Center Project, Series A (RB)
		5.00%, 07/01/19		526,375
	30,000	Suffolk County Economic Development Corp., Catholic Health Services of Long Island (RB)
		5.00%, 07/01/18		34,091
		Town of Oyster Bay, New York Public Improvement (GO)
	90,000	3.00%, 08/15/16		93,956
	50,000	3.00%, 08/15/17 (c)		51,284
	1,105,000	3.00%, 08/15/17 (c)		1,141,255
	75,000	TSASC, Inc., Tobacco Settlement, Series 1 (RB)
		4.75%, 06/01/16 (c)		75,255
				3,487,588
Ohio: 9.6%
	25,000	Buckeye Tobacco Settlement Financing Authority, Series A-1 (RB)
		5.00%, 06/01/17		27,206
		Buckeye Tobacco Settlement Financing Authority, Series A-2 (RB)
	2,000,000	5.13%, 06/01/17 (c)		1,673,740
	190,000	5.38%, 06/01/17 (c)		161,557
	150,000	City of Cleveland, Airport Special Revenue, Continental Airlines, Inc. Project (RB)
		5.70%, 09/04/14 (c)		150,786
	315,000	City of Cleveland, Airport System Revenue, Series A (RB) (AMBAC)
		5.00%, 01/01/17 (c)		342,043
		County of Muskingum, Genesis HealthCare System Obligated Group Project (RB)
	50,000	4.00%, 02/15/23		48,973
	135,000	5.00%, 02/15/20		144,256
	935,000	Ohio Air Quality Development Authority, Series A (RB)
		3.75%, 12/03/18 (p)		974,822
	900,000	Ohio Air Quality Development Authority, Series C (RB)
		5.63%, 06/01/18		1,001,538
	150,000	Ohio State Water Development Authority, Series A (RB)
		5.88%, 06/01/16 (p)		161,721
	1,030,000	Ohio State Water Development Authority, Series B (RB)
		4.00%, 06/03/19 (p)		1,088,761
				5,775,403
Pennsylvania: 2.9%
	750,000	Beaver County Industrial Development Authority, Pollution Control, Series B (RB)
		3.50%, 06/01/20 (p)		759,450
	135,000	Delaware River Port Authority, Port District Project (RB)
		5.00%, 01/01/22		151,567
	120,000	Pennsylvania Economic Development Finance Authority, Colver Project, Series G (RB)
		5.13%, 12/01/15		124,020
	150,000	Pennsylvania Economic Development Financing Authority, Health System, Albert Einstein Healthcare, Series A (RB)
		6.25%, 10/15/19 (c)		168,444
	150,000	Philadelphia Authority for Industrial Development, Series A (RB)
		5.88%, 06/15/22		155,573
	370,000	Philadelphia Hospital and Higher Education Facilities Authority, Series B (RB)
		5.00%, 07/01/17		388,222
				1,747,276
Puerto Rico: 3.6%
		Commonwealth of Puerto Rico, Public Improvement, Series A (GO)
	50,000	5.00%, 07/01/17 (c)		38,763
	790,000	5.00%, 07/01/18 (c)		627,078
	75,000	5.25%, 07/01/16 (c)		57,890
	80,000	5.25%, 07/01/16 (c)		62,021
	25,000	5.50%, 07/01/17		22,834
	190,000	5.50%, 07/01/19		160,987
		Puerto Rico Convention Center District Authority, Series A (RB) (FGIC)
	100,000	4.13%, 07/01/16 (c)		66,733
	100,000	4.75%, 07/01/16 (c)		64,193
	75,000	Puerto Rico Highways & Transportation Authority, Series K (RB)
		5.00%, 07/01/15 (c)		34,325
	100,000	Puerto Rico Highways & Transportation Authority, Series M (RB)
		4.00%, 07/01/17		45,278
	40,000	Puerto Rico Highways & Transportation Authority, Series N (RB)
		5.50%, 07/01/21		18,304
	60,000	Puerto Rico Highways & Transportation Authority, State Infrastructure Bank (RB)
		5.00%, 01/01/15 (c)		27,455
		Puerto Rico Infrastructure Financing Authority, Series C (RB) (AMBAC)
	50,000	5.50%, 07/01/16		49,998
	75,000	5.50%, 07/01/20		48,200
	70,000	Puerto Rico Public Buildings Authority, Series F (RB) (COMWLTH GTD)
		5.25%, 07/01/19		53,115
	360,000	Puerto Rico Public Buildings Authority, Series H (RB) (AMBAC) (COMWLTH GTD)
		5.50%, 07/01/18		358,733
	40,000	Puerto Rico Public Buildings Authority, Series M (RB) (COMWLTH GTD)
		5.75%, 07/01/16		32,970
	40,000	Puerto Rico Public Buildings Authority, Series Q (RB) (COMWLTH GTD)
		5.13%, 09/04/14 (c)		28,849
	35,000	Puerto Rico Public Buildings Authority, Series U (RB) (COMWLTH GTD)
		5.00%, 07/01/20		26,462
		University of Puerto Rico, Series P (RB)
	150,000	5.00%, 06/01/16 (c)		87,873
	240,000	5.00%, 06/01/16 (c)		143,563
	195,000	University of Puerto Rico, Series Q (RB)
		5.00%, 06/01/16 (c)		117,281
				2,172,905
South Carolina: 0.6%
	335,000	South Carolina Jobs, Economic Development Authority (RB)
		5.38%, 08/01/19 (c)		377,565
South Dakota: 0.4%
	250,000	Sioux Falls, South Dakota Health Facilities, Dow Rummel Village Project (RB)
		5.00%, 11/15/16 (c)		257,520
Tennessee: 0.1%
		Clarksville Natural Gas Acquisition Corp. (RB)
	25,000	5.00%, 12/15/15		26,292
	25,000	5.00%, 12/15/17		27,649
				53,941
Texas: 11.9%
	1,000,000	City of Houston TX Airport System Revenue (RB)
		4.50%, 07/01/20		1,023,920
	1,000,000	City of Houston, Airport System Special Facilities, United Airlines, Inc. (RB)
		4.75%, 07/01/24		1,031,870
	800,000	Dallas-Fort Worth International Airport Facilities Improvement Corp., Series A-1 (RB)
		6.15%, 09/04/14 (c)		813,472
	10,000	Sam Rayburn Municipal Power Agency (RB)
		5.00%, 10/01/15		10,509
	475,000	Tarrant County Cultural Education Facilities Finance Corp., Series C-1 (RB)
		7.50%, 09/04/14 (c)		468,877
	2,000,000	Texas Municipal Gas Acquisition & Supply Corp. III (RB)
		5.00%, 12/15/21		2,279,380
	365,000	Texas Municipal Gas Acquisition & Supply Corp., Gas Supply (RB)
		5.00%, 12/15/22		414,859
		Texas Municipal Gas Acquisition and Supply Corp., Senior Lien Series A (RB)
	155,000	5.25%, 12/15/21		177,326
	80,000	5.25%, 12/15/22		91,503
	255,000	Texas Municipal Gas Acquisition and Supply Corp., Senior Lien, Series D (RB)
		5.63%, 12/15/17		280,701
	370,000	Texas Turnpike Authority, First Tier, Series A (RB) (AMBAC)
		3.60%, 08/15/22 ^		286,987
	250,000	Travis County, Texas Health Facilities Development Corp., First Mortgage Revenue, Longhorn Village Project, Series A (RB)
		6.00%, 01/01/21 (c)		269,648
	50,000	Travis County, Texas Health Facilities Development Corp., First Mortgage Revenue, Longhorn Village Project, Series C (RB)
		5.50%, 09/04/14 (c)		50,072
				7,199,124
Vermont: 0.3%
	150,000	Vermont Economic Development Authority, Recovery Zone Facility (RB)
		5.00%, 12/15/20		170,976
Virgin Islands: 1.9%
	1,000,000	Virgin Islands Public Finance Authority, Series A (RB)
		5.00%, 10/01/20		1,151,640
Virginia: 1.8%
	25,000	Chesterfield Economic Development Authority, Brandermill Woods Project (RB)
		4.13%, 01/01/22 (c)		25,007
	1,070,000	Industrial Development Authority of Botetourt County, Residential Care Facility, Series A (RB)
		4.75%, 07/01/23		1,061,140
				1,086,147
Washington: 1.2%
	450,000	Washington State Housing Finance Commission, Rockwood Retirement Communities Project, Series B-1 (RB)
		5.88%, 01/01/15 (c)		451,840
	250,000	Washington State Housing Finance Commission, Skyline at First Hill Project, Series A (RB)
		5.25%, 01/01/17		251,388
				703,228
West Virginia: 0.0%
	15,000	West Virginia Hospital Finance Authority, Thomas health System, Inc. (RB)
		6.25%, 10/01/18 (c)		15,856
Wisconsin: 4.3%
	935,000	New York City Industrial Development Agency, Transportation Infrastructure Properties LLC, Series B (RB)
		5.00%, 07/01/22		1,031,099
	750,000	Public Finance Authority, Rose Villa Project, Series B-1 (RB)
		4.50%, 11/15/15 (c)		761,137
	550,000	Wisconsin Public Finance Authority, Continuing Care Retirement Community, Series A (RB)
		7.00%, 06/01/20		615,516
	160,000	Wisconsin State Health & Educational Facilities Authority, Wheaton Franciscan Health Care System (RB)
		5.25%, 08/15/16 (c)		173,076
				2,580,828
Total Municipal Bonds (Cost: $61,267,837)				61,462,855

Number
of Shares
MONEY MARKET FUND: 0.7% (Cost: $441,511)
	441,511	Dreyfus Tax Exempt Cash Management Fund - Class B Shares		441,511
Total Investments: 102.5% (Cost: $61,709,348)				61,904,366
Liabilities in excess of other assets: (2.5)%				(1,531,532	)
NET ASSETS: 100.0%			$	60,372,834

ACA	Credit Agricole SA
AMBAC	American Municipal Bond Assurance Corp.
COMWLTH GTD	Commonwealth Guaranteed
CP	Certificate of Participation
FGIC	Financial Guaranty Insurance Co.
GO	General Obligation
RB	Revenue Bond
SA	Special Assessment
ST	Special Tax
TA	Tax Allocation
XLCA	Syncora Guarantee, Inc.

(c)	Callable Security - the redemption date shown is when the security may be redeemed by the issuer
(d)	Security in default
(p)	Puttable Security - the redemption date shown is when the security may be redeemed by the investor
^	Zero Coupon Bond - the rate shown is the effective yield at purchase date

Summary of Investments	% of
By Sector (unaudited)	Investments			Value
Airport		4.8	%	$	2,973,852
Development		19.2			11,893,879
Education		1.2			742,981
Facilities		5.9			3,665,257
General Obligation		10.6			6,544,806
Higher Education		2.5			1,559,522
Medical		13.5			8,382,873
Nursing Homes		7.5			4,610,552
Pollution		2.8			1,740,924
Power		0.3			181,485
Single Family Housing		0.3			153,201
Tobacco Settlement		11.4			7,081,187
Transportation		9.4			5,819,082
Utilities		7.1			4,394,850
Water		2.8			1,718,404
Money Market Fund		0.7			441,511
		100.0	%	$	61,904,366

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

				Level 2		Level 3
		Level 1		Significant		Significant
		Quoted		Observable		Unobservable
		Prices		Inputs		Inputs		Value
Municipal Bonds*	$	—	$	61,462,855	$	—	$	61,462,855
Money Market Fund		441,511		—		—		441,511
Total	$	441,511	$	61,462,855	$	—	$	61,904,366

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

There were no transfers between levels during the period ended July 31, 2014.

See Notes to Schedules of Investments

SHORT MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

July 31, 2014 (unaudited)

Principal Amount			Value
MUNICIPAL BONDS: 98.5%
Alabama: 1.5%
$	1,400,000	Alabama Federal Aid Highway Finance Authority (RB)
		5.00%, 09/01/19	$	1,634,710
	1,825,000	Alabama Public School & College Authority, Capital Improvement, Series A (RB)
		5.00%, 05/01/16		1,972,314
				3,607,024
Arizona: 1.2%
	500,000	Arizona State Lottery Revenue, Series A (RB) (AGM)
		5.00%, 07/01/15		521,190
	500,000	Arizona State Salt River Project Agricultural Improvement & Power District, Series B (RB)
		4.00%, 01/01/16		526,075
		Arizona Transportation Board, Excise Tax Revenue, Maricopa County, Regional Area Road Fund (RB)
	500,000	5.00%, 07/01/15		521,840
	455,000	5.00%, 07/01/17		512,999
	865,000	Arizona Transportation Board, Subordinated Highway Revenue, Series A (RB)
		5.00%, 07/01/17		973,921
				3,056,025
Arkansas: 0.5%
	1,000,000	State of Arkansas, Federal Highway Grant (GO)
		5.00%, 04/01/18		1,149,830
California: 10.1%
	725,000	California Health Facilities Financing Authority, St. Joseph Health System, Series C (RB)
		5.00%, 10/15/19 (p)		850,940
	250,000	California State Department of Water Resources, Central Valley Project, Series AM (RB)
		5.00%, 12/01/18		293,238
	750,000	California State Department of Water Resources, Power Supply Revenue, Series L (RB)
		5.00%, 05/01/16		811,500
	1,170,000	California State Department of Water Resources, Series L (RB)
		5.00%, 05/01/17		1,313,711
	750,000	California State Department of Water Resources, Series M (RB)
		5.00%, 05/01/16		811,087
	550,000	California State Economic Recovery, Series A (GO)
		5.00%, 07/01/16		598,972
	475,000	California State Public Works Board, Series C (RB)
		4.00%, 06/01/16		506,103
	520,000	California State Public Works Board, Series E (RB)
		4.00%, 06/01/17		567,559
	1,000,000	California State Public Works Board, Series G (RB)
		4.00%, 11/01/17		1,101,760
		California State Various Purpose (GO)
	200,000	3.50%, 03/01/16		210,064
	1,370,000	4.00%, 09/01/17		1,510,247
	1,000,000	4.00%, 02/01/19		1,125,270
	500,000	5.00%, 10/01/15		527,865
	1,250,000	5.00%, 12/01/15		1,329,362
	500,000	5.00%, 03/01/16		536,915
	1,000,000	5.00%, 09/01/16		1,095,700
	1,000,000	5.00%, 04/01/17		1,118,270
	400,000	5.00%, 11/01/17		455,396
	435,000	5.00%, 03/01/18		498,714
	1,400,000	5.00%, 04/01/18		1,608,124
	1,385,000	5.00%, 09/01/18		1,608,525
	2,050,000	5.00%, 09/01/18		2,380,849
	250,000	5.00%, 10/01/18		290,935
	1,000,000	California Statewide Communities Development Authority, Pollution Control, Series A (RB)
		1.37%, 04/02/18 (p)		1,009,470
	435,000	California Water Resources Department Power Supply, Series L (RB)
		5.00%, 05/01/18		502,160
	500,000	Los Angeles, California Unified School District, Series A-1 (GO)
		5.00%, 07/01/15		522,030
	1,000,000	Los Angeles, California Unified School District, Series J (GO)
		5.00%, 07/01/17		1,129,020
	500,000	Los Angeles, California Unified School District, Series KY (GO)
		5.00%, 07/01/15		522,030
	10,000	Santa Clara County, California Financing Authority Lease, Capital Projects, Series A (RB)
		4.00%, 02/01/17		10,854
				24,846,670
Colorado: 0.1%
	250,000	Regional Transportation District, Series A (CP)
		5.00%, 06/01/18		284,078
Connecticut: 1.4%
	500,000	Connecticut State Economic Recovery, Series A (GO)
		5.00%, 01/01/16		533,080
	1,670,000	Connecticut State Health and Educational Facilities Authority, Series A-3 (RB)
		0.88%, 02/08/18 (p)		1,669,132
	850,000	Connecticut State Transportation Infrastructure, Series A (RB)
		5.00%, 12/01/17		970,717
	250,000	State of Connecticut, Series C (GO)
		5.00%, 06/01/16		271,048
				3,443,977
Delaware: 0.3%
		State of Delaware, Series B (GO)
	110,000	5.00%, 02/01/16		117,777
	500,000	5.00%, 02/01/17		556,505
				674,282
District of Columbia: 0.1%
	320,000	District of Columbia, Series D (RB)
		5.00%, 12/01/16		353,754
Florida: 5.3%
		Citizens Property Insurance Corp., Series A-1 (RB) (AGM)
	400,000	4.00%, 06/01/17		434,708
	250,000	5.00%, 06/01/15		259,768
	500,000	5.00%, 06/01/19		577,825
	600,000	City of Jacksonville, Florida, Series A (RB)
		5.00%, 10/01/16		658,494
		City of Jacksonville, Florida, Series B (RB)
	260,000	5.00%, 10/01/16		285,347
	475,000	5.00%, 10/01/17		539,111
	1,500,000	City of Jacksonville, Florida, Series C (RB)
		5.00%, 10/01/18		1,740,285
	1,000,000	Florida Hurricane Catastrophe Fund Finance Corp., Series A (RB)
		5.00%, 07/01/15		1,043,780
	500,000	JEA Electric System, Series D (RB)
		5.00%, 10/01/19		585,415
	400,000	Palm Beach County School District, Series A (CP)
		5.00%, 08/01/16 (p)		435,076
	260,000	State of Florida, Board of Education, Lottery Revenue, Series D (RB)
		5.00%, 07/01/17		292,900
		State of Florida, Board of Education, Lottery Revenue, Series E (RB)
	475,000	5.00%, 07/01/16		515,864
	100,000	5.00%, 07/01/19		117,372
	900,000	State of Florida, Board of Education, Public Education Capital Outlay, Series A (GO)
		5.00%, 06/01/16		976,635
	440,000	State of Florida, Board of Education, Public Education Capital Outlay, Series C (GO)
		5.00%, 06/01/16		477,466
	500,000	State of Florida, Department of Environmental Protection, Series B (RB)
		5.00%, 07/01/18		574,755
	250,000	State of Florida, Department of Transportation, Series A (GO)
		5.00%, 07/01/15		261,038
	1,250,000	State of Florida, Department of Transportation, Series B (RB)
		4.00%, 07/01/15		1,293,412
	810,000	State of Florida, State Board of Education, Series A (GO)
		5.00%, 06/01/18		933,169
	1,000,000	State of Florida, State Board of Education, Series C (GO)
		5.00%, 06/01/16		1,085,150
				13,087,570
Georgia: 3.0%
	400,000	City of Atlanta, Airport Passenger Facility, Series B (RB)
		5.00%, 01/01/17		442,680
	600,000	City of Atlanta, Department of Aviation, Series A (RB)
		5.00%, 01/01/17		664,782
	280,000	County Board of Education of Richmond County (GO) (SAW)
		5.00%, 10/01/17		316,663
	700,000	Fulton County Development Authority, Georgia Tech Athletic Association Project, Series A (RB)
		5.00%, 10/01/19		818,825
	2,315,000	Gwinnett County School District, Series A (GO)
		4.50%, 10/01/17		2,594,467
	500,000	Municipal Electric Authority of Georgia, Series A (RB)
		5.00%, 11/01/17		567,520
	400,000	State of Georgia, Series A (GO)
		5.00%, 07/01/16		435,616
	500,000	State of Georgia, Series B (GO)
		5.00%, 10/01/15		527,865
	500,000	State of Georgia, Series F (GO)
		5.00%, 12/01/16		553,725
	410,000	State of Georgia, Series I (GO)
		4.00%, 07/01/19		463,690
				7,385,833
Hawaii: 0.2%
	500,000	State of Hawaii, Series EA (GO)
		5.00%, 12/01/16		553,355
Illinois: 11.6%
	480,000	Chicago, Illinois, O’Hare International Airport Revenue, Series B (RB)
		5.00%, 01/01/17		529,632
	250,000	Chicago, Illinois, O’Hare International Airport, 3rd Lien, Series A (RB)
		5.00%, 01/01/17		275,850
		City of Chicago, Modern Schools Across Chicago Program, Series A (GO)
	500,000	4.00%, 12/01/17		539,170
	2,250,000	5.00%, 12/01/19		2,541,780
		County of Cook, Series A (GO)
	365,000	4.00%, 11/15/16		391,995
	2,800,000	5.00%, 11/15/17		3,155,404
	615,000	5.00%, 11/15/19		707,293
		State of Illinois (GO)
	275,000	4.00%, 07/01/15		283,811
	285,000	4.00%, 09/01/18		305,218
	1,000,000	5.00%, 08/01/15		1,044,740
	1,500,000	5.00%, 01/01/16		1,583,955
	400,000	5.00%, 01/01/16		422,676
	700,000	5.00%, 01/01/17		758,877
	955,000	5.00%, 01/01/17		1,035,793
	750,000	5.00%, 03/01/17		816,577
	4,100,000	5.00%, 08/01/17		4,509,057
	740,000	5.00%, 01/01/18		815,547
	500,000	5.00%, 02/01/20		552,390
	1,000,000	State of Illinois, Department of Employment Security, Series B (RB)
		5.00%, 12/15/16 (c)		1,101,500
	500,000	State of Illinois, Sales Tax, Junior Lien (RB)
		3.00%, 06/15/16		523,695
	500,000	State of Illinois, Sales Tax, Junior Obligation (RB)
		5.00%, 06/15/18		574,740
		State of Illinois, Series A (GO)
	500,000	3.00%, 01/01/18		516,375
	500,000	3.50%, 09/01/15		516,130
	250,000	3.88%, 09/01/17		266,983
	850,000	4.00%, 01/01/17		901,467
	3,150,000	4.00%, 09/01/18 (c)		3,323,061
	500,000	5.00%, 04/01/17		545,520
				28,539,236
Indiana: 0.3%
	600,000	Indiana Health and Educational Facility Financing Authority, Series B-8 (RB)
		4.10%, 11/03/16 (p)		646,746
Kentucky: 1.2%
		Kentucky Infrastructure Authority, Wastewater & Drinking Water Revolving Fund, Series A (RB)
	500,000	5.00%, 02/01/17		555,055
	1,710,000	5.00%, 02/01/18		1,952,170
	400,000	Kentucky State Property & Building Commission, Project No. 100, Series A (RB)
		5.00%, 08/01/17		450,788
				2,958,013
Louisiana: 0.5%
	1,000,000	State of Louisiana, Series A (GO)
		5.00%, 11/15/19		1,184,190
Maryland: 3.9%
	2,800,000	Baltimore County Consolidated Public Improvement (GO)
		5.00%, 08/01/18		3,244,024
	500,000	Maryland Department of Transportation (RB)
		5.00%, 06/01/18		576,645
	400,000	Montgomery County, Series A (GO)
		5.00%, 07/01/16		435,616
	750,000	State of Maryland Department of Transportation (RB)
		5.00%, 05/01/19		879,757
		State of Maryland, First Series B (GO)
	1,000,000	4.50%, 08/01/19		1,157,240
	300,000	5.00%, 03/01/19		351,591
		State of Maryland, First Series C (GO)
	600,000	5.00%, 08/01/15		628,866
	1,780,000	5.00%, 08/01/18		2,065,316
	250,000	State of Maryland, Third Series C (GO)
		5.00%, 11/01/17		284,798
				9,623,853
Massachusetts: 2.4%
	750,000	Commonwealth of Massachusetts, Series B (GO)
		5.00%, 08/01/16		819,532
	1,000,000	Commonwealth of Massachusetts, Series E (GO)
		5.00%, 12/01/16		1,106,950
	1,000,000	Massachusetts Development Finance Agency, Partners Health Care System Issue, Series K (RB)
		5.00%, 01/18/18 (p)		1,134,690
	750,000	Massachusetts Development Finance Agency, Series K-4 (RB)
		5.00%, 01/14/16 (p)		799,657
		Massachusetts School Building Authority, Senior Dedicated Sales Tax, Series B (RB)
	1,100,000	5.00%, 08/15/18		1,277,056
	200,000	5.00%, 08/15/19		236,116
	555,000	Massachusetts Water Pollution Abatement Trust, Series 16-B (RB)
		5.00%, 08/01/18		644,200
				6,018,201
Michigan: 3.1%
	500,000	City of Detroit, Michigan, Water and Sewerage Department, Series A (RB) (AGM)
		5.00%, 07/01/18		508,665
	1,165,000	Michigan Finance Authority, Clean Water Revolving Revenue (RB)
		5.00%, 10/01/17		1,327,343
	1,000,000	Michigan Finance Authority, School District of the City of Detroit (RB)
		5.00%, 06/01/15		1,033,080
		Michigan Finance Authority, Unemployment Obligation Assessment, Series A (RB)
	1,000,000	5.00%, 07/01/17		1,129,020
	1,750,000	5.00%, 07/01/18		2,026,202
	500,000	Michigan State Hospital Finance Authority, Ascension Health Senior Credit Group, Series B (RB)
		5.00%, 11/15/15		530,610
	500,000	Michigan State Hospital Finance Authority, Ascension Health Senior Credit Group, Series F-1 (RB)
		2.00%, 05/30/18 (p)		517,355
	570,000	Wayne Country Airport Authority, Series A-D (RB)
		5.00%, 12/01/18		649,583
				7,721,858
Minnesota: 3.2%
	2,050,000	City of Rochester, Minnesota Health Care Facilities, Mayo Clinic, Series A (RB)
		4.00%, 11/15/18 (p)		2,290,444
	2,655,000	City of Rochester, Minnesota Health Care Facilities, Mayo Clinic, Series B (RB)
		4.00%, 11/15/18 (p)		2,966,405
	675,000	Regents of University of Minnesota, Series A (RB)
		5.00%, 12/01/18		787,678
	900,000	State of Minnesota, Series E (GO)
		5.00%, 08/01/19		1,062,261
	700,000	State of Minnesota, Various Purposes, Series D (GO)
		5.00%, 08/01/18		811,608
				7,918,396
Missouri: 1.3%
	1,500,000	Mississippi Highways & Transportation Commission, Series A (RB)
		5.00%, 05/01/16		1,621,080
	500,000	Missouri Highway and Transportation Commission, Series C (RB)
		5.00%, 02/01/17		556,505
	900,000	State of Missouri, Series A (CP)
		2.13%, 10/01/18		929,196
				3,106,781
Nebraska: 0.5%
	1,000,000	Nebraska Public Power District, Series C (RB)
		5.00%, 01/01/18 (c)		1,119,300
Nevada: 0.2%
	500,000	State of Nevada, Unemployment Compensation (RB)
		5.00%, 06/01/17		562,520
New Jersey: 8.5%
	65,000	Garden State Preservation Trust, Series A (RB)
		4.00%, 11/01/19		73,718
		New Jersey Building Authority, Series A (RB)
	500,000	5.00%, 06/15/18		561,400
	575,000	5.00%, 06/15/19		650,239
	1,610,000	New Jersey Economic Development Authority, School Facilities Construction, Series D (RB)
		5.00%, 12/15/17		1,805,261
	500,000	New Jersey Economic Development Authority, School Facilities Construction, Series DD (RB)
		4.00%, 12/15/16		539,795
	375,000	New Jersey Economic Development Authority, School Facilities Construction, Series DD-1 (RB)
		5.00%, 12/15/18		425,783
		New Jersey Economic Development Authority, School Facilities Construction, Series EE (RB)
	890,000	5.00%, 09/01/17		990,846
	490,000	5.00%, 09/01/18		553,563
	275,000	New Jersey Economic Development Authority, School Facilities Construction, Series GG (RB)
		5.00%, 09/01/16		300,179
	500,000	New Jersey Educational Facilities Authority, Series B (RB)
		5.00%, 06/01/19		566,155
	1,000,000	New Jersey Health Care Facilities Financing Authority, Greystone Park Psychiatric Hospital Project, Series B (RB)
		5.00%, 09/15/18		1,135,600
	500,000	New Jersey Higher Education Assistance Authority, Student Loan, Series 1A (RB)
		5.00%, 12/01/15		530,065
	1,000,000	New Jersey Higher Education Assistance Authority, Student Loan, Series 2 (RB)
		3.75%, 12/01/18		1,087,680
	500,000	New Jersey State, Series O (GO)
		5.00%, 08/01/15		523,340
	1,455,000	New Jersey State, Series S (GO)
		5.00%, 08/15/19		1,696,123
	1,000,000	New Jersey Transportation Trust Fund Authority, Series A (RB)
		5.00%, 12/15/19		1,145,200
		New Jersey Transportation Trust Fund Authority, Series AA (RB)
	625,000	4.00%, 06/15/18		680,937
	250,000	5.00%, 06/15/19		284,573
	750,000	5.00%, 06/15/20		855,562
	2,345,000	New Jersey Transportation Trust Fund Authority, Series B (RB)
		5.00%, 06/15/18		2,642,323
	2,350,000	New Jersey Transportation Trust Fund Authority, Series D (RB)
		5.00%, 12/15/17		2,644,102
	150,000	State of New Jersey, Series Q (GO)
		5.00%, 08/15/18		172,220
	925,000	State of New Jersey, Various Purposes (GO)
		5.00%, 06/01/18		1,056,664
				20,921,328
New Mexico: 0.6%
	1,075,000	New Mexico Finance Authority, State Transportation Commission (RB)
		4.00%, 06/15/16		1,148,551
	250,000	New Mexico Finance Authority, Subordinate Lien, Series A-2 (RB)
		5.00%, 12/15/16		275,688
				1,424,239
New York: 14.0%
	750,000	City of New York, Series A-1 (GO)
		5.00%, 08/01/18		865,432
		City of New York, Series E (GO)
	250,000	4.00%, 08/01/16		267,968
	850,000	5.00%, 08/01/17		958,732
	1,410,000	Erie County Industrial Development Agency, City School District, Series A (RB) (SAW)
		5.00%, 05/01/19		1,636,305
	500,000	Long Island Power Authority, Electric System, Series A (RB)
		5.00%, 05/01/16		535,555
		Metropolitan Transportation Authority, Series D (RB)
	520,000	5.00%, 11/15/17		591,417
	400,000	5.00%, 11/15/18		464,460
	445,000	New York City Transitional Finance Authority, Series D (RB)
		5.00%, 11/01/15		471,589
	500,000	New York City Transitional Finance Authority, Sub Series F-1 (RB)
		5.00%, 02/01/17		555,585
		New York City, Series B (GO)
	500,000	5.00%, 08/01/17		563,960
	275,000	5.00%, 08/01/18		317,325
	600,000	New York City, Series D (GO)
		5.00%, 10/01/17		680,172
	375,000	New York City, Series F-1 (GO)
		5.00%, 03/01/16		402,623
	1,000,000	New York City, Series G (GO)
		5.00%, 08/01/19		1,173,410
	1,400,000	New York City, Series G-3 (GO)
		5.00%, 03/01/17		1,558,522
		New York City, Series I (GO)
	550,000	5.00%, 08/01/17		620,356
	1,500,000	New York City, Series K (GO)
		5.00%, 08/01/17		1,691,880
	430,000	New York City, Subseries A-1 (GO)
		5.00%, 10/01/15		453,964
	500,000	New York State Dormitory Authority, Colombia University, Series A (RB)
		5.00%, 10/01/18		583,425
		New York State Dormitory Authority, State Personal Income Tax (RB)
	260,000	5.00%, 02/15/18		297,128
	500,000	5.00%, 02/15/20		590,170
	250,000	New York State Dormitory Authority, State Personal Income Tax, Series A (RB)
		5.00%, 02/15/18		285,700
		New York State Dormitory Authority, State Personal Income Tax, Series A (RB)
	300,000	5.00%, 02/15/19		349,803
	525,000	5.00%, 02/15/20		619,678
	1,400,000	New York State Dormitory Authority, State Personal Income Tax, Series C (RB)
		4.00%, 03/15/19		1,573,978
	1,000,000	New York State Dormitory Authority, State Personal Income Tax, Series D (RB)
		5.00%, 06/15/18		1,151,940
	1,000,000	New York State Thruway Authority, Local Highway & Bridge Service Contract Bonds (RB)
		5.00%, 04/01/16		1,076,860
	800,000	New York State Thruway Authority, Second General Highway & Bridge Trust Fund, Series A (RB)
		5.00%, 04/01/19		928,568
	1,350,000	New York State Thruway Authority, Series A (RB)
		5.00%, 05/01/19		1,567,350
		New York State Thruway Authority, State Personal Income Tax, Series A (RB)
	1,000,000	5.00%, 03/15/17		1,116,590
	300,000	5.00%, 03/15/18		343,833
	450,000	5.00%, 03/15/19		526,036
		New York State Urban Development Corp., State Personal Income Tax, Series C (RB)
	250,000	5.00%, 03/15/17		279,148
	500,000	5.00%, 03/15/18		573,055
	1,865,000	5.00%, 12/15/18		2,175,597
		New York State, Series A (GO)
	1,200,000	3.00%, 02/01/16		1,249,008
	500,000	3.00%, 03/01/16		521,480
	275,000	State of New York Municipal Bond Bank Agency, Special School Purpose, Series A (RB) (SAW)
		5.00%, 12/01/19		322,209
		Tobacco Settlement Financing Corp. (RB)
	1,000,000	5.00%, 06/01/17		1,121,440
	2,000,000	5.00%, 06/01/18		2,300,880
	400,000	Town of Oyster Bay, New York Public Improvement (GO)
		3.00%, 08/15/17		418,300
	500,000	Town of Oyster Bay, New York Public Improvement, Series A (GO) (AGM)
		3.00%, 03/01/18		521,900
				34,303,331
North Carolina: 4.6%
	500,000	County of Guilford, Series A (GO)
		5.00%, 03/01/16		537,245
	250,000	County of Mecklenburg, Series A (GO)
		5.00%, 12/01/17		285,150
		North Carolina Eastern Municipal Power Agency, Series B (RB)
	250,000	5.00%, 01/01/16		266,028
	1,000,000	5.00%, 01/01/17		1,098,350
	1,000,000	North Carolina State, Capital Improvement Limited Obligation Bonds, Series B (RB)
		5.00%, 11/01/18		1,162,880
	1,470,000	North Carolina State, Department of State Treasurer (RB)
		5.00%, 03/01/16		1,574,664
	1,000,000	North Carolina State, Grant Anticipation Revenue (RB)
		5.00%, 03/01/19		1,156,010
		North Carolina State, Series A (GO)
	300,000	5.00%, 03/01/17		334,785
	275,000	5.00%, 03/01/19		322,427
	2,800,000	North Carolina State, Series B (GO)
		5.00%, 06/01/18		3,234,924
	500,000	North Carolina State, Series C (GO)
		3.50%, 05/01/16		527,815
	260,000	North Carolina State, Series E (GO)
		5.00%, 05/01/16		281,271
	300,000	North Carolina Turnpike Authority, Monroe Connector System (RB)
		5.00%, 07/01/18		343,983
	200,000	State of North Carolina, Series C (GO)
		5.00%, 05/01/20		239,200
				11,364,732
Ohio: 1.9%
	750,000	Ohio Air Quality Development Authority, Series A (RB)
		3.75%, 12/03/18 (p)		781,942
	1,000,000	Ohio State Water Development Authority, Series B (RB)
		4.00%, 06/03/19 (p)		1,057,050
	450,000	State of Ohio, Higher Education, Series B (GO)
		5.00%, 08/01/16		491,720
	1,000,000	State of Ohio, Higher Education, Series C (GO)
		5.00%, 08/01/16		1,092,710
	400,000	State of Ohio, Major New State Infrastructure Project, Series 3 (RB)
		5.00%, 12/15/15		426,140
	850,000	State of Ohio, Water Development Authority, Series A (RB)
		3.38%, 07/01/15 (p)		866,286
				4,715,848
Pennsylvania: 4.3%
	650,000	City of Philadelphia, Water and Wastewater Revenue, Series A (RB) (AGM)
		5.00%, 06/15/18		744,770
		Commonwealth of Pennsylvania, First Refunding Series (GO)
	1,000,000	5.00%, 07/01/17		1,126,540
	1,000,000	5.00%, 07/01/18		1,154,070
		Commonwealth of Pennsylvania, First Series (GO)
	1,105,000	5.00%, 11/15/18		1,286,596
	1,000,000	5.00%, 04/01/19		1,166,110
	300,000	5.00%, 06/01/19		350,796
	1,700,000	Commonwealth of Pennsylvania, Second Refunding Series (GO)
		5.00%, 07/01/17		1,915,118
	200,000	Commonwealth of Pennsylvania, Second Series (GO)
		5.00%, 10/15/15		211,396
	300,000	Commonwealth of Pennsylvania, Third Series C (GO)
		5.00%, 07/15/16		327,009
		Pennsylvania Economic Development, Unemployment Compensation, Series A (RB)
	200,000	5.00%, 07/01/15		208,736
	550,000	5.00%, 07/01/17		620,620
	1,250,000	5.00%, 07/01/18		1,445,200
				10,556,961
Puerto Rico: 0.4%
	1,000,000	Puerto Rico Sales Tax Financing Corp., Sales Tax, First Sub-Series A (RB)
		4.25%, 08/01/17		886,240
South Carolina: 1.4%
	1,000,000	Piedmont Municipal Power Agency, Series A (RB)
		5.00%, 01/01/17		1,098,600
		South Carolina Public Service Authority, Series B (RB)
	1,160,000	5.00%, 12/01/15		1,232,686
	1,000,000	5.00%, 12/01/18		1,160,490
				3,491,776
Tennessee: 0.4%
	485,000	City of Memphis, Electric System Revenue (RB)
		5.00%, 12/01/16		535,440
	400,000	Metropolitan Government of Nashville and Davidson County, Series A (GO)
		5.00%, 07/01/18		462,128
				997,568
Texas: 5.5%
	500,000	City of Dallas (GO)
		5.00%, 02/15/18		571,775
	550,000	City of Dallas, Fort Worth International Airport, Series B (RB)
		5.00%, 11/01/18		637,103
	750,000	City of Houston, Combined Utility System, Series C (RB)
		5.00%, 11/15/15		796,117
		City of Houston, Series A (GO)
	460,000	5.00%, 03/01/18		527,027
	550,000	5.00%, 03/01/20		1,408,341
	300,000	City of San Antonio Texas, Series D (RB)
		5.00%, 02/01/17		333,192
	500,000	Dallas Independent School District (GO)
		4.00%, 08/15/16		536,740
	250,000	Harris County, Texas Metropolitan Transit Authority, Series B (RB)
		5.00%, 11/01/16		275,250
	375,000	Harris County, Texas Permanent Improvement, Series B (GO)
		5.00%, 10/01/19		442,324
		Lower Colorado River Authority (RB)
	935,000	4.00%, 05/15/18		1,032,492
	630,000	5.00%, 05/15/16		679,877
	300,000	Lower Colorado River Authority, LCRA Transmission Service Corp. Project, Series A (RB)
		5.00%, 05/15/17		334,014
	1,500,000	Lower Colorado River Authority, Series B (RB)
		5.00%, 05/15/19		1,732,155
	500,000	Northside Independent School District (GO)
		2.00%, 08/01/19 (p)		510,520
	1,410,000	Texas Public Finance Authority (GO)
		5.00%, 10/01/18		1,640,873
	1,050,000	Texas Public Finance Authority, Unemployment Compensation, Series B (RB)
		5.00%, 07/01/15 (c)		1,096,462
	250,000	Texas State University System, Board of Regents (RB)
		5.00%, 03/15/18		286,528
	500,000	Texas Transportation Commission, Highway Improvement, Series A (GO)
		5.00%, 04/01/19		586,765
				13,427,555
Utah: 1.1%
		State of Utah, Series C (GO)
	1,000,000	5.00%, 07/01/17		1,128,400
	650,000	5.00%, 07/01/18		752,589
	825,000	Utah State Board of Regents, Series EE-2 (RB)
		4.50%, 11/01/17		924,313
				2,805,302
Virginia: 0.5%
	500,000	Virginia College Building Authority, 21st Century College & Equipment Programs Educational Facilities, Series A (RB)
		5.00%, 02/01/19		580,415
	500,000	Virginia College Building Authority, Public Higher Education Financing Program, Series A-1 (RB)
		5.00%, 09/01/17		565,720
				1,146,135
Washington: 3.1%
		City of Seattle, Municipal Light and Power, Series B (RB)
	400,000	5.00%, 02/01/17		443,836
	555,000	5.00%, 06/01/19		650,388
	265,000	Port of Seattle, Passenger Facility Charge Revenue, Series A (RB)
		5.00%, 12/01/17		299,084
	475,000	Washington State, Motor Vehicle Fuel Tax, Series C (GO)
		5.00%, 07/01/17		534,959
	500,000	Washington State, Motor Vehicle Fuel Tax, Series R-C (GO)
		5.00%, 07/01/19		587,900
	465,000	Washington State, Various Purpose, Series A (GO)
		5.00%, 08/01/18		538,149
	500,000	Washington State, Various Purpose, Series B (GO)
		5.00%, 07/01/17		563,115
		Washington State, Various Purpose, Series R-A (GO)
	1,540,000	5.00%, 01/01/18		1,755,739
	1,000,000	5.00%, 01/01/19		1,164,920
	250,000	Washington State, Various Purpose, Series R-C (GO)
		5.00%, 07/01/19		293,950
	675,000	Washington State, Various Purpose, Series R-D (GO)
		5.00%, 07/01/15		704,801
				7,536,841
Wisconsin: 0.3%
	250,000	City of Milwaukee, Series N2 (GO)
		5.00%, 05/01/19		293,253
		State of Wisconsin, Series 2 (GO)
	305,000	5.00%, 11/01/18		355,783
	150,000	5.00%, 05/01/19		176,028
				825,064
Total Municipal Bonds (Cost: $240,784,089)				242,244,412

Number of Shares
MONEY MARKET FUND: 0.4% (Cost: $936,525)
	936,525	Dreyfus Tax Exempt Cash Management Fund - Class B Shares		936,525
Total Investments: 98.9% (Cost: $241,720,614)				243,180,937
Other assets less liabilities: 1.1%				2,658,521
NET ASSETS: 100.0%			$	245,839,458

AGM	Assured Guaranty Municipal Corp.
CP	Certificate of Participation
GO	General Obligation
RB	Revenue Bond
SAW	State Aid Withholding

(c)	Callable Security - the redemption date shown is when the security may be redeemed by the issuer
(p)	Puttable Security - the redemption date shown is when the security may be redeemed by the investor

Summary of Investments By Sector (unaudited)	% of Investments			Value
Airport		1.4	%	$	3,498,714
Bond Bank		0.1			322,209
Development		3.8			9,243,318
Education		5.0			12,258,545
Facilities		3.9			9,435,241
General Obligation		50.7			123,468,026
Higher Education		5.1			12,344,020
Medical		3.7			8,938,100
Pollution		0.4			1,009,470
Power		6.2			14,976,695
School District		2.4			5,814,807
Student Loan		0.4			924,313
Transportation		13.0			31,548,808
Utilities		1.0			2,393,176
Water		2.5			6,068,970
Money Market Fund		0.4			936,525
		100.0	%	$	243,180,937

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Municipal Bonds*	$	—	$	242,244,412	$	—	$	242,244,412
Money Market Fund		936,525		—		—		936,525
Total	$	936,525	$	242,244,412	$	—	$	243,180,937

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

There were no transfers between levels during the period ended July 31, 2014.

See Notes to Schedules of Investments

MARKET VECTORS ETF TRUST

NOTES TO SCHEDULES OF INVESTMENTS

July 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 Van Eck Associates Corporation (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, if any, 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 July 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	$	36,711,306	$	64,254	$	(2,613,463	)	$	(2,549,209	)
High-Yield		1,084,121,099		43,402,991		(31,677,986	)		11,725,005
Intermediate		670,742,869		16,465,502		(2,070,287	)		14,395,215
Long		76,630,229		3,101,558		(955,589	)		2,145,969
Pre-Refunded		33,870,760		428,165		(39,424	)		388,741
Short High-Yield		61,703,734		591,367		(390,735	)		200,632
Short		241,719,987		2,077,258		(616,308	)		1,460,950

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: September 26, 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: September 26, 2014

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

Date: September 26, 2014