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1 Level 43, Grosvenor Place 225 George Street, Sydney NSW 2000 PO Box N43, Grosvenor Place, NSW iShares ( ) ishares.com.au ISHARES <GO> 4 September 2013 Market Announcements Office ASX Limited FUND QUARTERLY PORTFOLIO HOLDINGS AS OF 30 JUNE 2013 FOR RELEASE UNDER EACH FUND LISTED BELOW Attached is a copy of the Form N-Q: Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company document which has been lodged with the US Securities and Exchange Commission. This document details the historical portfolio holdings of various ishares funds with a fiscal year end of 31 March Unless otherwise stated, financial information in the attached report is in US dollars. ASX Code Issuer Fund IJH ishares Trust ishares Core S&P Mid-Cap ETF IVV ishares Trust ishares Core S&P 500 ETF IJR ishares Trust ishares Core S&P Small-Cap ETF IEU ishares Trust ishares Europe ETF IOO ishares Trust ishares Global 100 ETF IRU ishares Trust ishares Russell 2000 ETF IXJ ishares Trust ishares Global Healthcare ETF IXP ishares Trust ishares Global Telecom ETF IXI ishares Trust ishares Global Consumer Staples ETF IAA ishares Trust ishares Asia 50 ETF For more recent portfolio holding information for the above funds go to Disclaimer: Before investing in an ishares fund, you should carefully consider the appropriateness of such products to your circumstances, read the applicable Australian prospectus and ASX announcements relating to the fund and consult an investment adviser. For more information about ishares funds (including Australian prospectuses) go to ishares.com.au or call 1300-iShares ( ). *** END *** ishares, Inc. ARBN formed in Maryland USA; ishares Trust ARBN organised in Delaware USA. The liability of shareholders is limited. c/- BlackRock Asset Management Australia Limited ABN

2 ˆ200F#t#$WlGMQGR2/Š 200F#t#$WlGMQGR2/ LANFBU-MWE-XN MARshees0dc 21-Aug :58 EST FS 1 9* UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number ishares Trust (Exact name of Registrant as specified in charter) c/o: State Street Bank and Trust Company 200 Clarendon Street, Boston, MA (Address of principal executive offices) (Zip code) The Corporation Trust Company 1209 Orange Street, Wilmington, DE (Name and address of agent for service) Registrant s telephone number, including area code: (415) Date of fiscal year end: March 31, 2014 Date of reporting period:

3 Item 1. Schedule of Investments (Unaudited) 2013 AMT-FREE MUNI TERM ETF Schedules of Investments. ˆ200F#t#$WlCy4dhcÅŠ 200F#t#$WlCy4dhc LANFBU-MWE-XN MARshees0dc 21-Aug :31 EST SOI 1 10* Page 1 of 2 Security Principal (000s) Value Security Principal (000s) Value MUNICIPAL BONDS & NOTES 98.30% ALASKA 0.75% City of Anchorage GO Series D 4.50%, 08/01/13 (AMBAC) $ 185 $ 185,729 State of Alaska GO 5.25%, 07/15/13 (AGM) ,238 ARIZONA 6.29% 285,967 Arizona School Facilities Board RB Miscellaneous Taxes 5.00%, 07/01/ ,060 Arizona State University Board of Regents RB University Revenue 5.00%, 07/01/13 (AGM) ,039 Arizona Transportation Board RB Highway Revenue Tolls 5.25%, 07/01/ ,063 City of Chandler GO 4.00%, 07/01/ ,031 City of Glendale RB Sewer Revenue 5.25%, 07/01/13 (NPFGC-FGIC) ,041 City of Phoenix GO 5.00%, 07/01/13 (ETM) ,041 City of Phoenix GOL 5.00%, 07/01/ ,060 City of Tucson RB Water Revenue 5.00%, 07/01/13 (NPFGC-FGIC) ,039 Maricopa County Pollution Control Corp. RB Industrial Revenue 0.06%, 05/01/29 (Call 06/28/13) ,000 Maricopa County Unified School District No. 11 Peoria GOL 5.00%, 07/01/13 (AGM) ,047 Maricopa County Unified School District No. 80 Chandler GO 4.00%, 07/01/13 (AGM) ,031 Phoenix Civic Improvement Corp. RB Port Airport & Marina Revenue Series C 5.00%, 07/01/ ,039 Phoenix Civic Improvement Corp. RB Sales Tax Revenue 5.00%, 07/01/13 (AMBAC) ,042 Pima County GO 5.00%, 07/01/13 (NPFGC) ,040 Pima County Unified School District No. 1 Tucson GO 5.00%, 07/01/13 (AGM) ,039 2,385,612 CALIFORNIA 19.47% California Infrastructure & Economic Development Bank RB Highway Revenue Tolls 5.25%, 07/01/20 (PR 07/01/13) (AGM) ,084 Cerritos Community College District GO 5.00%, 08/01/27 (PR 08/01/13) (NPFGC) $ 200 $ 202,874 Chabot-Las Positas Community College District GO 0.00%, 08/01/13 (AMBAC) ,928 County of Sacramento RB Port Airport & Marina Revenue 5.00%, 07/01/ ,064 El Camino Community College District GO 5.00%, 08/01/18 (PR 08/01/13) (NPFGC) ,533 Los Angeles Community College District GO Series E 5.00%, 08/01/13 (AGM) ,482 Los Angeles County Metropolitan Transportation Authority RB Sales Tax Revenue 5.25%, 07/01/13 (NPFGC) , %, 07/01/ ,054 Los Angeles Department of Water & Power RB Electric Power & Light Revenues %, 07/01/13 (NPFGC) ,097 Los Angeles Department of Water & Power RB Water Revenue %, 07/01/13 (AMBAC) ,040 Los Angeles Unified School District GO 5.00%, 07/01/13 (NPFGC) , %, 07/01/24 (PR 07/01/13) (AGM) , %, 01/01/28 (PR 07/01/13) (NPFGC) , %, 07/01/20 (PR 07/01/13) (AGM) , %, 07/01/18 (PR 07/01/13) (NPFGC) , %, 07/01/15 (PR 07/01/13) (NPFGC) 95 95,041 Series F 5.00%, 07/01/13 (FGIC) , %, 01/01/28 (PR 07/01/13) (FGIC) ,098 Series G 4.00%, 07/01/13 (AMBAC) ,032 Series KRY 5.00%, 07/01/ ,054 Metropolitan Water District of Southern California RB Water Revenue 5.00%, 07/01/ ,040 Series D 5.00%, 07/01/ ,040 Morgan Hill Unified School District GO 5.00%, 08/01/13 (AMBAC) ,660 Sacramento Municipal Utility District RB Electric Power & Light Revenues Series X

4 ˆ200F#t#$WlCy4dhcÅŠ 200F#t#$WlCy4dhc LANFBU-MWE-XN MARshees0dc 21-Aug :31 EST SOI 1 10* Page 2 of %, 08/15/ ,361 San Jose Unified School District GO Series C 4.00%, 08/01/13 (NPFGC-FGIC) ,349 Solano County Community College District GO 5.00%, 08/01/19 (PR 08/01/13) (NPFGC) ,654 1

5 ˆ200F#t#$Wl48hja2UŠ 200F#t#$Wl48hja2U MARPRFRS MARpf_rend 20-Aug :34 EST SOI 2 9* 2013 AMT-FREE MUNI TERM ETF Security Principal (000s) Value Security Principal (000s) Value Southern California Public Power Authority RB Electric Power & Light Revenues 6.75%, 07/01/13 State of California GO $ 100 $ 100, %, 05/01/34 (Call 06/28/13) 1,700 1,700, %, 07/01/ , %, 07/01/13 (AGM-CR) , %, 07/01/13 (ETM)(NPFGC) , %, 07/01/13 (NPFGC) ,137 7,378,525 COLORADO 4.48% Pitkin County RB Industrial Revenue 0.07%, 04/01/16 (Call 06/28/13) 1,700 1,700,000 1,700,000 CONNECTICUT 0.53% State of Connecticut GO Series E 5.00%, 08/15/ ,626 State of Connecticut ST Miscellaneous Taxes 5.00%, 08/01/13 (AMBAC) ,442 DELAWARE 0.49% 201,068 Delaware Transportation Authority RB Fuel Sales Tax Revenue 5.00%, 07/01/13 (NPFGC) ,074 FLORIDA 3.13% 185,074 Florida Hurricane Catastrophe Fund Finance Corp. RB Miscellaneous Revenue 4.13%, 07/01/ , %, 07/01/ ,066 Florida State Board of Education RB Miscellaneous Revenue Series C 4.00%, 07/01/ ,039 Florida State Department of Environmental Protection RB Miscellaneous Revenue 6.00%, 07/01/13 (AMBAC) ,048 Florida State Department of Environmental Protection RB Sales Tax Revenue 5.00%, 07/01/13 (AMBAC) ,101 Series D 5.00%, 07/01/ ,096 Florida State Department of Transportation RB Highway Revenue Tolls 5.00%, 07/01/13 (NPFGC-FGIC) ,040 State of Florida GO 5.25%, 07/01/ ,042 GEORGIA 1.60% Chatham County School District GO 1,185, %, 08/01/13 (AGM) ,461 Gwinnett County Water & Sewerage Authority RB Water Revenue 4.00%, 08/01/13 (GTD) ,365 State of Georgia GO Series D 5.00%, 07/01/13 $ 100 $ 100,040 Series E 4.00%, 07/01/ , ,962 HAWAII 0.53% City & County of Honolulu GO 5.00%, 07/01/13 (NPFGC) ,040 City & County of Honolulu RB Wastewater Revenue Series C 4.00%, 07/01/13 (NPFGC) , ,071 ILLINOIS 3.70% Illinois Finance Authority RB Hospital Revenue 0.05%, 05/01/31 (Call 06/28/13) 1,100 1,100,000 State of Illinois GO First Series 5.50%, 08/01/13 (NPFGC) ,425 1,401,425 INDIANA 0.92% Indiana State Office Building Commission RB Lease Appropriation 5.25%, 07/01/17 (PR 07/01/13) (NPFGC) ,082 IPS Multi-School Building Corp. RB Lease Revenue 5.00%, 01/15/28 (PR 07/15/13) (NPFGC) , ,414 KENTUCKY 0.27% Kentucky Infrastructure Authority RB Miscellaneous Revenue 5.25%, 08/01/ , ,451 LOUISIANA 0.57% State of Louisiana GO 5.00%, 08/01/13 (NPFGC) , ,944 MAINE 0.54% Maine Turnpike Authority RB Highway Revenue Tolls 5.25%, 07/01/13 (AGM) ,043 State of Maine GO 0.00%, 07/15/ , ,030 MARYLAND 2.06% County of Harford GO 5.00%, 07/01/ ,060 2

6 ˆ200F#t#$Wl48ozRcÀŠ 200F#t#$Wl48ozRc MARPRFRS MARpf_rend 20-Aug :34 EST SOI 3 6* 2013 AMT-FREE MUNI TERM ETF Security Principal (000s) Value Security Principal (000s) Value Maryland State Transportation Authority RB Transit Revenue 5.25%, 07/01/13 (AGM) $ 100 $ 100,042 State of Maryland GO Second Series 5.00%, 08/01/16 (PR 08/01/13) , %, 08/15/ ,810 MASSACHUSETTS 3.48% Commonwealth of Massachusetts GO 782, %, 08/01/ ,579 Commonwealth of Massachusetts GOL 5.25%, 08/01/ ,532 Series D 4.38%, 08/01/ ,479 Massachusetts Bay Transportation Authority RB Sales Tax Revenue Series C 5.25%, 07/01/ ,063 Massachusetts Health & Educational Facilities Authority RB College & University Revenue Series L 5.00%, 07/01/ ,040 Massachusetts School Building Authority RB Sales Tax Revenue 5.00%, 08/15/13 (AGM) ,845 Massachusetts Water Pollution Abatement Trust RB Water Revenue Series 12 Series %, 08/01/ , %, 08/01/ ,616 Massachusetts Water Resources Authority RB Water Revenue 5.25%, 08/01/13 (ETM) Town of Nantucket GOL (NPFGC) , %, 07/15/ ,179 MICHIGAN 4.75% City of Detroit Water Supply System RB Water Revenue 1,319, %, 07/01/32 (PR 07/01/13) (NPFGC) ,041 University of Michigan RB College & University Revenue 0.02%, 04/01/42 (Call 06/28/13) 1,700 1,700,000 MINNESOTA 1.52% State of Minnesota GO 1,800, %, 08/01/13 (ETM) , %, 08/01/18 (PR 08/01/13) ,428 Series F 4.00%, 08/01/ , ,226 MISSISSIPPI 0.53% Jackson County RB Industrial Revenue 0.05%, 06/01/23 (Call 07/01/13) $ 200 $ 200, ,000 NEW JERSEY 1.89% County of Somerset GO 4.00%, 07/15/ ,294 New Jersey Educational Facilities Authority RB College & University Revenue Series E 5.00%, 07/01/22 (PR 07/01/13) ,039 State of New Jersey GO 5.00%, 08/01/ ,441 Series H 5.25%, 07/01/ ,105 Series L 5.25%, 07/15/ , ,118 NEW MEXICO 0.36% State of New Mexico RB Miscellaneous Taxes %, 07/01/ , ,043 NEW YORK 10.55% City of New York GO %, 08/01/ , %, 08/01/ ,656 Series C 5.00%, 08/15/13 (AGM) ,975 Series E 5.25%, 08/01/ , %, 08/01/13 (ETM) 35 35,160 Series F 5.00%, 08/01/13 (ETM) 35 35, %, 08/01/ ,481 Series G 5.00%, 08/01/ ,857 Series J %, 08/01/13 (ETM) 15 15, %, 08/01/ ,459 New York City Municipal Water Finance Authority RB Water Revenue B 0.03%, 06/15/36 (Call 06/28/13) 1,700 1,700,000 New York City Transitional Finance Authority RB Miscellaneous Revenue Series S %, 07/15/13 (NPFGC-FGIC) ,179 New York City Transitional Finance Authority RB Sales Tax Revenue %, 08/01/13 (ETM) , %, 08/01/ ,456 New York State Dormitory Authority RB College & University Revenue 5.00%, 07/01/ , %, 07/01/13 (ETM) (GOI) ,068 3

7 ˆ200F#t#$Wl48reK2 Š 200F#t#$Wl48reK2 MARPRFRS MARpf_rend 20-Aug :34 EST SOI 4 8* 2013 AMT-FREE MUNI TERM ETF Security Principal (000s) Value Security Principal (000s) Value New York State Dormitory Authority RB Lease Revenue 4.00%, 07/01/13 $ 100 $ 100,031 New York State Dormitory Authority RB Miscellaneous Revenue 4.00%, 07/01/ , %, 07/01/13 (NPFGC-FGIC) ,060 OHIO 5.41% City of Cleveland GOL 5.25%, 08/01/22 (PR 08/01/13) 3,997,385 (FGIC) ,456 Ohio Higher Educational Facility Commission RB College & University Revenue 0.07%, 10/01/31 (Call 07/01/13) 1,700 1,700,000 State of Ohio GO Series C 5.00%, 08/01/ ,093 OKLAHOMA 0.25% Oklahoma Capital Improvement Authority RB Miscellaneous Revenue 4.00%, 07/01/ ,051,549 95,029 95,029 PENNSYLVANIA 5.77% Commonwealth of Pennsylvania GO First Series 5.00%, 07/01/13 (ETM) ,049 Second Series 5.00%, 07/01/13 (NPFGC-FGIC) ,064 Delaware River Joint Toll Bridge Commission RB Highway Revenue Tolls 5.25%, 07/01/13 (ETM) ,041 Geisinger Authority RB Health System Revenue 0.02%, 11/15/32 (Call 07/01/13) 1,700 1,700,000 Pennsylvania State University RB College & University Revenue 5.00%, 08/15/ ,622 PUERTO RICO 2.14% Commonwealth of Puerto Rico GO 2,185, %, 07/01/13 (FGIC) ,065 Puerto Rico Electric Power Authority RB Electric Power & Light Revenues Series SS 5.00%, 07/01/13 (NPFGC) ,043 Puerto Rico Highway & Transportation Authority RB Fuel Sales Tax Revenue 5.50%, 07/01/13 (AMBAC) ,029 Puerto Rico Infrastructure Financing Authority RB Sales Tax Revenue Series C 5.50%, 07/01/13 (AMBAC) ,056 Puerto Rico Municipal Finance Agency GO Series C 5.00%, 08/01/13 (AGM) , ,506 SOUTH CAROLINA 0.26% State of South Carolina GO 3.13%, 07/01/13 $ 100 $ 100, ,024 TEXAS 4.59% City of El Paso GOL 5.25%, 08/15/13 (NPFGC-FGIC) ,658 City of San Antonio GOL 3.50%, 08/01/ ,303 County of Denton GOL 4.00%, 07/15/13 (NPFGC) ,266 County of Harris GO 3.75%, 08/15/ ,462 County of Harris RB Highway Revenue Tolls %, 08/15/13 (NPFGC-FGIC) ,618 Ector County Independent School District GO 5.25%, 08/15/27 (PR 08/15/13) (PSF) ,649 El Paso Independent School District GO 5.00%, 08/15/ ,973 Lewisville Independent School District GO 5.00%, 08/15/13 (PSF) ,627 Mesquite Independent School District GO 5.00%, 08/15/13 (PSF) ,752 Texas Public Finance Authority RB Miscellaneous Revenue 5.00%, 07/01/ ,080 Texas Water Development Board RB Water Revenue 5.00%, 07/15/13 (ETM) ,222 University of Texas System Board of Regents RB College & University Revenue 5.00%, 08/15/24 (PR 08/15/13) ,535 Series C 5.25%, 08/15/ ,988 1,738,133 UTAH 5.84% City of Murray RB Hospital Revenue Series C 0.07%, 05/15/37 (Call 06/28/13) 1,700 1,700,000 Intermountain Power Agency RB Electric Power & Light Revenues 5.25%, 07/01/ ,012 State of Utah GO 4.00%, 07/01/ , %, 07/01/ , %, 07/01/15 (PR 07/01/13) , %, 07/01/ ,048 2,215,185 4

8 ˆ200F#t#$Wl48vSV2YŠ 200F#t#$Wl48vSV2Y MARPRFRS MARpf_rend 20-Aug :34 EST SOI 5 15* 2013 AMT-FREE MUNI TERM ETF Security Principal (000s) Value VIRGINIA 2.53% City of Richmond GO 5.00%, 07/15/13 (AGM) $ 100 $ 100,226 County of Arlington GO Series D 3.00%, 08/01/ ,256 County of Loudoun GO 5.00%, 07/01/13 (SAW) ,040 Virginia Public Building Authority RB Miscellaneous Revenue 5.00%, 08/01/ , %, 08/01/13 (ETM) ,823 Virginia Public School Authority RB Miscellaneous Revenue 5.00%, 08/01/20 (PR 08/01/13) , %,08/01/ ,595 Series C 4.75%, 08/01/26 (PR 08/01/13) (SAW) ,410 WASHINGTON 2.31% 958,355 Chelan County Public Utility District No. 1 RB Electric Power & Light Revenues 5.00%, 07/01/13 (ETM) ,039 Energy Northwest RB Electric Power & Light Revenues 5.25%, 07/01/13 (NPFGC) ,126 Series C 5.00%, 07/01/ ,050 State of Washington GO Series C 5.00%, 08/01/ ,990 Series D 5.00%, 07/01/ ,050 WISCONSIN 0.79% State of Wisconsin RB Miscellaneous Revenue Series 1 876, %, 07/01/13 (AGM) , %, 07/01/ , %, 07/01/ , ,109 TOTAL MUNICIPAL BONDS & NOTES (Cost: $37,245,327) 37,259,595 SHORT-TERM INVESTMENTS 0.10% MONEY MARKET FUNDS 0.10% BlackRock Liquidity Funds MuniFund, Institutional Shares 0.02% a,b 39,011 $ 39,011 TOTAL SHORT-TERM INVESTMENTS (Cost: $39,011) 39,011 39,011 TOTAL INVESTMENTS IN SECURITIES 98.40% (Cost: $37,284,338) 37,298,606 Other Assets, Less Liabilities 1.60% 605,941 NET ASSETS % $37,904,547 ETM Escrowed to Maturity GO General Obligation GOI General Obligation of the Issuer GOL General Obligation Limited GTD Guaranteed by the Commonwealth, County or State PR Prerefunded PSF Permanent School Fund RB Revenue Bond SAW State Aid Withholding ST Special Tax Insured by: AGM Assured Guaranty Municipal Corp. AGM-CR AGM Insured Custodial Receipts AMBAC Ambac Financial Group Inc. FGIC Financial Guaranty Insurance Co. NPFGC National Public Finance Guarantee Corp. a Affiliated issuer. See Note 2. b The rate quoted is the annualized seven-day yield of the fund at period end. See accompanying notes to schedules of investments. 5

9 ˆ200F#t#$Wl48z$S28Š 200F#t#$Wl48z$S28 MARPRFRS MARpf_rend 20-Aug :34 EST SOI 6 10* Page 1 of 2 Schedule of Investments (Unaudited) 2014 AMT-FREE MUNI TERM ETF Security Principal (000s) Value Security Principal (000s) Value MUNICIPAL BONDS & NOTES 98.61% ALASKA 0.19% Borough of North Slope GO 4.00%, 06/30/14 $ 100 $ 103,733 ARIZONA 3.95% Arizona State University Board of Regents RB University Revenue 4.00%, 07/01/ , ,666 Arizona Transportation Board RB Highway Revenue Tolls 5.00%, 07/01/ ,202 Arizona Transportation Board RB Miscellaneous Taxes 5.00%, 07/01/ ,715 City of Chandler RB Sales Tax Revenue 2.25%, 07/01/ ,066 City of Phoenix GO 5.00%, 07/01/14 (ETM) ,062 City of Scottsdale GO 5.00%, 07/01/ ,791 Maricopa County Unified School District No. 11 Peoria GO 5.00%, 07/01/14 (AGM) ,482 Maricopa County Unified School District No. 80 Chandler GO 4.00%, 07/01/14 (AGM) ,764 Phoenix Civic Improvement Corp. RB Water Revenue 5.00%, 07/01/14 (NPFGC) ,739 Pima County Unified School District No. 1 Tucson GOL 5.00%, 07/01/ ,652 Regional Public Transportation Authority RB Sales Tax Revenue 5.00%, 07/01/ ,572 Scottsdale Municipal Property Corp. RB Sales Tax Revenue 5.00%, 07/01/15 (PR 07/01/14) , %, 07/01/30 (PR 07/01/14) ,936 Surprise Municipal Property Corp. RB Lease Revenue 5.00%, 07/01/14 (AMBAC) ,696 ARKANSAS 0.33% State of Arkansas GO 2,133, %, 08/01/ ,995 CALIFORNIA 16.51% 176,995 Chabot-Las Positas Community College District GO 0.00%, 08/01/14 (AMBAC) ,437 City & County of San Francisco GO Series %, 06/15/ ,642 County of Sacramento RB Port Airport & Marina Revenue Series D 3.30%, 07/01/14 (AGM) $ 125 $128,510 Desert Sands Unified School District GO 5.00%, 06/01/14 (AGM) ,314 East Bay Municipal Utility District RB Water Revenue 5.00%, 06/01/14 (NPFGC-FGIC) ,378 Los Angeles County Metropolitan Transportation Authority RB Sales Tax Revenue 4.00%, 07/01/ , %, 07/01/14 (AMBAC) , %, 07/01/ ,864 Series E 5.00%, 07/01/ ,864 Los Angeles County Public Works Financing Authority RB Lease Abatement 5.00%, 08/01/ ,945 Los Angeles Department of Water & Power RB Electric Power & Light Revenues 3.00%, 07/01/ , %, 07/01/ ,854 Los Angeles Department of Water & Power RB Water Revenue %, 07/01/14 (AMBAC) ,367 Series C 5.25%, 07/01/17 (PR 07/01/14) (NPFGC) ,032 Los Angeles Unified School District GO 3.00%, 07/01/ , %, 07/01/14 (FGIC) ,651 Series I 5.00%, 07/01/ ,893 M-S-R Public Power Agency RB Electric Power & Light Revenues Series K 5.00%, 07/01/14 (NPFGC) ,625 Series L 5.00%, 07/01/14 (AGM) ,562 Metropolitan Water District of Southern California RB Water Revenue 5.00%, 07/01/ , %, 07/01/ ,739 Northern California Power Agency RB Electric Power & Light Revenues Series C 5.00%, 07/01/14 (AGM) ,614 Orange County RB General Fund 5.00%, 06/01/14 (NPFGC) ,246 Orange County School Board COP Lease Renewal 5.00%, 08/01/ ,936 Palo Alto Unified School District GO 5.00%, 08/01/14 (AGM) ,216 Sacramento Municipal Utility District RB

10 ˆ200F#t#$Wl48z$S28Š 200F#t#$Wl48z$S28 MARPRFRS MARpf_rend 20-Aug :34 EST SOI 6 10* Page 2 of 2 Electric Power & Light Revenues Series U 3.13%, 08/15/14 (AGM) , %, 08/15/14 (AGM) ,138 Sacramento Municipal Utility District RB Water Revenue 3.75%, 07/01/14 (NPFGC) ,793 San Diego Unified School District GO 6

11 ˆ200F#t#$Wl490402)Š 200F#t#$Wl490402) MARPRFRS MARpf_rend 20-Aug :34 EST SOI 7 7* 2014 AMT-FREE MUNI TERM ETF Security Principal (000s) Value Security Principal (000s) Value 0.00%, 07/01/14 (NPFGC) $ 100 $ 99,578 Series C %, 07/01/14 (AGM) ,666 Series F 5.00%, 07/01/29 (PR 07/01/14) (AGM) ,339 San Francisco Bay Area Rapid Transit District RB Sales Tax Revenue 3.00%, 07/01/ , %, 07/01/14 (NPFGC) ,801 San Jose Unified School District GO Series C 5.00%, 08/01/ ,884 Southern California Public Power Authority RB Electric Power & Light Revenues 3.00%, 07/01/ , %, 07/01/ ,750 State of California GO 4.13%, 06/01/ , %, 06/01/ , %, 06/01/ , %, 12/01/28 (PR 06/01/14) , %, 07/01/14 (ETM) (NPFGC) , %, 07/01/14 (ETM) , %, 07/01/14 1,395 1,465,489 COLORADO 0.19% 8,926,429 Colorado Department of Transportation RB Transit Revenue 5.50%, 06/15/14 (NPFGC) , ,053 CONNECTICUT 1.31% Hartford County Metropolitan District GO 4.00%, 07/15/ ,966 State of Connecticut GO 5.00%, 06/01/14 (NPFGC) ,852 Series C 5.00%, 06/01/ ,967 State of Connecticut ST Miscellaneous Taxes 5.00%, 07/01/14 (NPFGC) ,864 Town of Stratford GO 3.00%, 08/01/ , ,528 DELAWARE 0.81% County of New Castle GO 4.25%, 07/15/ ,325 Delaware Transportation Authority RB Fuel Sales Tax Revenue 5.00%, 07/01/14 (NPFGC) ,751 State of Delaware GO 5.25%, 08/01/ , ,226 DISTRICT OF COLUMBIA 0.19% District of Columbia GO Series E 5.00%, 06/01/14 (ETM) (BHAC) $ 100 $ 104, ,348 FLORIDA 4.90% Florida Hurricane Catastrophe Fund Finance Corp. RB Miscellaneous Revenue 4.25%, 07/01/ , %, 07/01/ ,862 Florida State Board of Education GO 5.00%, 06/01/14 (NPFGC-FGIC) , %, 06/01/ , %, 06/01/14 (GTD) ,668 Series C 5.00%, 06/01/14 (GTD) ,437 Florida State Board of Education RB Miscellaneous Revenue 5.00%, 07/01/14 (AMBAC) ,008 Series C 5.00%, 07/01/ ,008 Florida State Department of Environmental Protection RB Sales Tax Revenue 5.00%, 07/01/14 (NPFGC) ,905 Florida State Department of Transportation RB Highway Revenue Tolls 5.00%, 07/01/14 (NPFGC) 75 78,562 Florida State Turnpike Authority RB Highway Revenue 5.00%, 07/01/ ,749 Miami-Dade County Expressway Authority RB Highway Revenue Tolls 5.25%, 07/01/14 (NPFGC-FGIC) ,928 Miami-Dade County School Board GO 5.38%, 08/01/14 (AGM) ,545 Miami-Dade County Transit System RB Sales Surtax Revenue 5.00%, 07/01/14 (AGM) , %, 07/01/14 (XLCA) ,625 State of Florida GO 6.38%, 07/01/ , %, 06/01/ ,437 2,647,117 GEORGIA 2.96% County of Bartow GO 4.50%, 08/01/14 (NPFGC) ,602 Georgia State Road & Tollway Authority RB Federal Grant Revenue 5.00%, 06/01/14 (AGM) ,322 Georgia State Road & Tollway Authority RB Fuel Sales Tax Revenue 5.00%, 06/01/ ,322 Georgia State Road & Tollway Authority RB Highway Revenue Tolls 5.00%, 06/01/14 (NPFGC) ,322 7

12 ˆ200F#t#$Wl497MxcPŠ 200F#t#$Wl497MxcP MARPRFRS MARpf_rend 20-Aug :34 EST SOI 8 8* 2014 AMT-FREE MUNI TERM ETF Security Principal (000s) Value Security Principal (000s) Value 5.00%, 06/01/14 $ 100 $ 104,322 Gwinnett County Water & Sewerage Authority RB Water Revenue 4.00%, 08/01/14 (GTD) ,156 Metropolitan Atlanta Rapid Transit Authority RB Sales Tax Revenue 5.00%, 07/01/14 (NPFGC-FGIC) ,851 State of Georgia GO Series C 5.00%, 08/01/ , %, 07/01/ ,978 Series D 5.00%, 07/01/ , %, 07/01/18 (PR 07/01/14) ,140 1,602,042 HAWAII 1.45% City & County of Honolulu GO 4.00%, 07/01/14 (AGM) ,795 Series C 5.00%, 07/01/14 (NPFGC) ,801 Series D 5.00%, 07/01/14 (NPFGC) ,801 State of Hawaii GO 4.25%, 07/15/14 (AMBAC) ,109 Series DG 5.00%, 07/01/14 (AMBAC) ,842 ILLINOIS 1.74% 784,348 Chicago Transit Authority RB Federal Grant Revenue 5.00%, 06/01/14 (AMBAC) ,881 State of Illinois GO First Series 5.50%, 08/01/14 (NPFGC) ,966 State of Illinois RB Federal Grant Revenue State of Illinois RB Sales Tax Revenue 5.00%, 06/15/ , %, 06/15/ , %, 06/15/ , %, 06/15/14 (AGM) ,944 INDIANA 1.38% 939,474 Indiana Transportation Finance Authority RB Highway Revenue Tolls 5.13%, 06/01/29 (PR 06/01/14) (FGIC) , %, 06/01/22 (PR 06/01/14) (FGIC) , %, 06/01/29 (PR 06/01/14) (FGIC) , ,600 IOWA 0.38% County of Polk GO 4.00%, 06/01/14 $ 100 $103,426 Iowa Finance Authority RB Miscellaneous Revenue 4.00%, 08/01/ , ,541 KENTUCKY 0.90% Fayette County School District Finance Corp. RB Lease Renewal 2.00%, 07/01/14 (SEEK) ,074 Kentucky State Property & Buildings Commission RB General Fund 5.00%, 08/01/ ,253 Kentucky Turnpike Authority RB Lease Renewal 5.00%, 07/01/ , ,867 LOUISIANA 0.80% Louisiana State Citizens Property Insurance Corp. RB Miscellaneous Revenue 5.25%, 06/01/14 (AMBAC) 55 57,233 State of Louisiana GO 5.00%, 08/01/ , %, 08/01/14 (NPFGC) , %, 07/15/14 (AGC) , ,417 MAINE 0.19% State of Maine GO 4.00%, 06/01/ , ,513 MARYLAND 3.02% County of Baltimore GO 5.00%, 08/01/ ,432 County of Frederick GO 5.00%, 08/01/ ,049 County of Howard GO 5.00%, 08/15/ ,091 State of Maryland GO First Series 5.00%, 08/01/16 (PR 08/01/14) , %, 08/01/18 (PR 08/01/14) ,722 Second Series 5.00%, 08/01/ ,216 Second 5.25%, 08/15/ ,193 Second Series E 4.00%, 08/01/ ,189 Series CC 5.50%, 08/01/ ,761 8

13 ˆ200F#t#$Wl49Djkc0Š 200F#t#$Wl49Djkc0 MARPRFRS MARpf_rend 20-Aug :34 EST SOI 9 7* 2014 AMT-FREE MUNI TERM ETF Security Principal (000s) Value Security Principal (000s) Value Washington Suburban Sanitary District GO 4.25%, 06/01/14 $ 100 $ 103, %, 06/01/ ,435 1,633,978 MASSACHUSETTS 7.62% Commonwealth of Massachusetts GO 5.00%, 08/01/15 (PR 08/01/14) ,642 Commonwealth of Massachusetts GOL 3.00%, 08/01/ , %, 08/01/ , %, 08/01/23 (PR 08/01/14) ,018 Series C 4.00%, 08/01/14 (AGM) ,676 Massachusetts Bay Transportation Authority RB Miscellaneous Revenue 5.00%, 07/01/14 (ETM) ,708 Massachusetts Bay Transportation Authority RB Sales Tax Revenue 5.00%, 07/01/14 (ETM) , %, 07/01/24 (PR 07/01/14) , %, 07/01/15 (PR 07/01/14) , %, 07/01/17 (PR 07/01/14) , %, 07/01/21 (PR 07/01/14) ,011 Series C 5.25%, 07/01/ ,738 Massachusetts Development Finance Agency RB College & University Revenue Series Q %, 07/01/ ,760 Massachusetts School Building Authority RB Sales Tax Revenue 3.75%, 08/15/14 (AGM) , %, 08/15/14 (AGM) ,742 Massachusetts Water Pollution Abatement Trust RB Miscellaneous Revenue Series %, 08/01/29 (PR 08/01/14) ,460 Massachusetts Water Pollution Abatement Trust RB Water Revenue Series 12 Series %, 08/01/ , %, 08/01/ ,648 Massachusetts Water Resources Authority RB Water Revenue 5.25%, 08/01/14 (ETM) (NPFGC) ,234 MINNESOTA 1.17% State of Minnesota GO 4,122, %, 08/01/ , %, 08/01/ , %, 08/01/ , ,230 MISSOURI 0.23% City of Springfield RB Electric Power & Light Revenues 5.00%, 08/01/14 (NPFGC-FGIC) $ 120 $ 126, ,016 MONTANA 0.19% State of Montana GO Series G 4.00%, 08/01/ , ,115 NEBRASKA 0.29% University of Nebraska Facilities Corp. RB College & University Revenue 5.00%, 07/15/14 (AMBAC) , ,452 NEVADA 2.51% City of Henderson GOL 5.00%, 06/01/14 (ETM) (AGM) , %, 06/01/14 (AGM) ,985 Clark County GOL 5.00%, 06/01/14 (AGM) ,582 Clark County RB Port Airport & Marina Revenue 5.00%, 07/01/ ,695 Clark County School District GOL 5.00%, 06/15/ , %, 06/15/14 (AMBAC) , %, 06/15/14 (NPFGC-FGIC) ,947 Las Vegas Valley Water District GOL 5.00%, 06/01/14 (AGM) ,307 Washoe County School District GOL 5.00%, 06/01/14 (NPFGC) ,237 1,357,294 NEW HAMPSHIRE 0.39% New Hampshire Municipal Bond Bank RB Miscellaneous Revenue 4.00%, 08/15/ , %, 08/15/14 (AGM) , ,422 NEW JERSEY 3.64% New Jersey Economic Development Authority RB Tobacco & Liquor Taxes 5.00%, 06/15/ ,999 New Jersey Educational Facilities Authority RB College & University Revenue Series D 5.00%, 07/01/23 (PR 07/01/14) ,217 9

14 ˆ200F#t#$Wl49Mb7caŠ 200F#t#$Wl49Mb7ca MARPRFRS MARpf_rend 20-Aug :34 EST SOI 10 8* Page 1 of AMT-FREE MUNI TERM ETF Security Principal (000s) Value Security Principal (000s) Value New Jersey Transportation Trust Fund Authority RB Highway Revenue Tolls 5.25%, 06/15/19 (PR 06/15/14) (FGIC) $ 700 $ 733,404 New Jersey Transportation Trust Fund Authority RB Miscellaneous Revenue 4.00%, 06/15/ ,824 State of New Jersey GO 5.00%, 06/01/14 (ETM) ,003 Series H 5.25%, 07/01/ ,465 Series N 5.50%, 07/15/ ,432 NEW MEXICO 2.50% Albuquerque Bernalillo County Water Utility Authority RB Water Revenue -1 1,966, %, 07/01/ ,939 City of Albuquerque GO 3.00%, 07/01/ ,799 New Mexico Finance Authority RB Fuel Sales Tax Revenue 5.13%, 06/15/17 (PR 06/15/14) (NPFGC) , %, 06/15/19 (PR 06/15/14) (NPFGC) , %, 06/15/20 (PR 06/15/14) (NPFGC) ,791 New Mexico Finance Authority RB Water Revenue Series C 5.25%, 06/01/14 (AMBAC) ,639 State of New Mexico RB Miscellaneous Taxes Series C 5.00%, 07/01/ ,666 NEW YORK 10.53% Buffalo Fiscal Stability Authority RB Sales Tax Revenue 1,352, %, 08/15/14 (NPFGC) ,817 City of New York GO 3.00%, 08/01/ , %, 08/01/ , %, 08/01/ ,669 Series C 4.00%, 08/01/ ,126 Series E 4.00%, 08/01/ ,063 Series F 5.00%, 08/01/ ,152 Series G 4.10%, 08/01/ , %, 08/01/ ,152 Series H 5.00%, 08/01/14 (CIFG) ,896 Series I 5.00%, 08/01/ ,016 Series K 4.00%, 08/01/14 $ 295 $ 306,986 Series O 5.00%, 06/01/ ,194 County of Orange GO 5.00%, 07/15/ ,472 Long Island Power Authority RB Electric Power & Light Revenues 0.00%, 06/01/14 (AGM) ,591 Metropolitan Transportation Authority RB Miscellaneous Revenue 5.50%, 07/01/14 (NPFGC) ,873 New York City Municipal Water Finance Authority RB Water Revenue B 5.00%, 06/15/ ,465 Series EE 2.50%, 06/15/ ,941 New York City Transitional Finance Authority RB Miscellaneous Revenue Series S %, 07/15/14 (NPFGC-FGIC) ,457 New York City Transitional Finance Authority RB Sales Tax Revenue 5.25%, 08/01/14 (ETM) , %, 08/01/14 (ETM) ,134 New York State Dormitory Authority RB College & University Revenue 4.00%, 07/01/ , %, 07/01/14 (NPFGC) , %, 07/01/ , %, 07/01/ ,233 Series C 5.00%, 07/01/14 (NPFGC) ,374 New York State Dormitory Authority RB Income Tax Revenue Series D 5.00%, 06/15/ ,903 New York State Dormitory Authority RB Miscellaneous Revenue 3.25%, 07/01/14 (NPFGC-FGIC) , %, 07/01/ ,779 New York State Environmental Facilities Corp. RB Water Revenue 4.00%, 06/15/ , %, 06/15/ ,590 Series C 5.00%, 06/15/ ,462 5,691,627 NORTH CAROLINA 1.17% City of Charlotte GO 5.00%, 08/01/ ,012 County of Mecklenburg GO 4.00%, 08/01/ , %, 08/01/ , ,140 10

15 ˆ200F#t#$Wl49Mb7caŠ 200F#t#$Wl49Mb7ca MARPRFRS MARpf_rend 20-Aug :34 EST SOI 10 8* Page 2 of 2

16 ˆ200F#t#$Wl49W9TcXŠ 200F#t#$Wl49W9TcX MARPRFRS MARpf_rend 20-Aug :34 EST SOI 11 7* 2014 AMT-FREE MUNI TERM ETF Security Principal (000s) Value Security Principal (000s) Value OHIO 1.50% City of Columbus GO 5.00%, 07/01/14 $ 200 $209,644 Ohio State Water Development Authority RB Water Revenue Series C 0.00%, 06/01/14 State of Ohio GO , %, 08/01/ ,170 State of Ohio RB Highway Revenue Tolls Series %, 06/15/ , ,090 OKLAHOMA 0.82% County of Oklahoma GOL 3.25%, 08/01/ ,530 Grand River Dam Authority RB Electric Power & Light Revenues 3.50%, 06/01/14 (BHAC) ,938 Oklahoma Capital Improvement Authority RB College & University Revenue Series F 5.00%, 07/01/14 (AMBAC) , ,155 OREGON 0.81% City of Portland RB Sewer Revenue 5.00%, 06/01/14 (NPFGC) ,610 Metro GOL 4.00%, 06/01/ ,473 Washington & Multnomah Counties School District No. 48J Beaverton GO 5.00%, 06/01/14 (AGM) ,368 PENNSYLVANIA 1.47% 437,451 City of Philadelphia RB Water & Wastewater Revenue First Series 5.00%, 06/15/14 Commonwealth of Pennsylvania GO , %, 06/01/ ,513 Third Series 5.25%, 07/01/ ,252 Pennsylvania Intergovernmental Cooperation Authority RB Special Tax Revenue 5.00%, 06/15/ ,157 Pennsylvania Turnpike Commission RB Highway Revenue Tolls 4.00%, 06/01/14 (AGM) ,343 PUERTO RICO 1.91% Commonwealth of Puerto Rico GO 793, %, 07/01/14 (FGIC) 90 92, %, 07/01/14 $ 205 $ 210,176 Puerto Rico Electric Power Authority RB Electric Power & Light Revenues Series OO 5.00%, 07/01/14 (NPFGC-FGIC) ,319 Series QQ 5.25%, 07/01/14 (XLCA) ,566 Puerto Rico Highway & Transportation Authority RB Fuel Sales Tax Revenue 5.50%, 07/01/14 (AMBAC) ,990 Puerto Rico Infrastructure Financing Authority RB Special Tax Revenue 5.00%, 07/01/ ,283 Puerto Rico Public Buildings Authority RB Lease Non- Terminable Series I 5.50%, 07/01/25 (PR 07/01/14) (GTD) ,630 1,031,459 TENNESSEE 0.20% Metropolitan Government of Nashville & Davidson County GO 5.00%, 08/01/ , ,227 TEXAS 7.75% Austin Independent School District GO 5.00%, 08/01/14 (PSF) , %, 08/01/ ,024 City of Dallas GOL 4.00%, 08/15/ ,263 City of Irving RB Waterworks & Sewer Revenue 4.50%, 08/15/14 (AGM) ,769 City of San Antonio GOL 5.00%, 08/01/ ,804 County of Harris GO Series C 5.00%, 08/15/ ,415 County of Harris RB Highway Revenue Tolls %, 08/15/14 (NPFGC-FGIC) ,210 Crowley Independent School District GO 4.00%, 08/01/14 (PSF) ,678 Dallas Independent School District GO 5.00%, 08/15/14 (PSF) ,070 Eagle Mountain & Saginaw Independent School District GO Series C 5.00%, 08/15/14 (PSF) ,666 Houston Independent School District GOL 6.30%, 08/15/14 (PSF) ,590 Klein Independent School District GO 5.00%, 08/01/14 (PSF) ,203 Leander Independent School District GO 4.00%, 08/15/14 (FGIC) ,044 Lewisville Independent School District GO 4.25%, 08/15/14 (PSF) ,534 Magnolia Independent School District GO 5.00%, 08/15/14 (PSF) ,333 11

17 ˆ200F#t#$Wl49eMPcNŠ 200F#t#$Wl49eMPcN MARPRFRS MARpf_rend 20-Aug :34 EST SOI 12 12* 2014 AMT-FREE MUNI TERM ETF Security Principal (000s) Value Security Principal (000s) Value North East Independent School District GO 5.00%, 08/01/22 (PR 08/01/14) (PSF) $ 100 $ 105, %, 08/01/29 (PR 08/01/14) (PSF) , %, 08/01/33 (PR 08/01/14) (PSF) , %, 08/01/14 (PSF) ,118 Round Rock Independent School District GO 4.00%, 08/01/ ,170 State of Texas GO 5.00%, 08/01/ ,214 Texas Public Finance Authority RB Miscellaneous Revenue 5.00%, 07/01/ ,042 Texas Water Development Board RB Water Revenue 5.00%, 07/15/ ,011 University of Texas System Board of Regents RB College & University Revenue 5.00%, 08/15/ , %, 08/15/ , %, 08/15/ ,579 UTAH 3.19% County of Salt Lake GO 4,192, %, 06/15/ ,668 County of Salt Lake RB Sales Tax Revenue 5.00%, 08/01/ ,035 Davis County School District GO 4.25%, 06/01/14 (GTD) ,528 State of Utah GO 5.00%, 07/01/ , %, 07/01/18 (PR 07/01/14) ,695 Series C 4.00%, 07/01/ , %, 07/01/ ,897 Utah Transit Authority RB Sales Tax Revenue Series C 5.00%,06/15/14 (AGM) ,602 1,725,122 VIRGINIA 3.25% City of Portsmouth GO 5.00%, 07/01/14 (ETM) (AGM) 5 5, %, 07/01/14 (AGM) 95 99,571 City of Richmond GO 5.00%, 07/15/14 (AGM) ,990 Commonwealth of Virginia GO 5.00%, 06/01/ ,434 County of Loudoun GO 5.00%, 07/01/14 (SAW) 75 78,625 Greater Richmond Convention Center Authority RB Hotel Occupancy Tax 5.00%, 06/15/14 (NPFGC) $ 150 $ 156,101 Virginia Public Building Authority RB Miscellaneous Revenue 4.00%, 08/01/14 (SAP) , %, 08/01/ , %, 08/01/19 (PR 08/01/14) ,150 Virginia Public School Authority RB Miscellaneous Revenue 5.00%, 08/01/ , %, 08/01/ ,403 Series D 5.00%, 08/01/ ,788 1,759,348 WASHINGTON 5.33% City of Seattle RB Electric Power & Light Revenues 5.00%, 08/01/14 (AGM) ,439 Energy Northwest RB Electric Power & Light Revenues 4.00%, 07/01/ , %, 07/01/ , %, 07/01/ ,053 Series C 5.00%, 07/01/ ,801 Grays Harbor County Public Utility District No. 1 RB Electric Power & Light Revenues 5.00%, 07/01/14 (NPFGC-FGIC) ,249 Spokane County School District No. 354 Mead GO 5.38%, 12/01/20 (PR 06/01/14) (AGM, GTD) ,470 State of Washington GO 5.00%, 07/01/ , %, 08/01/ ,091 Series C 5.00%, 07/01/ , %, 08/01/ , %, 07/01/ ,610 2,881,573 WISCONSIN 0.94% County of Milwaukee GO 3.40%, 08/01/ ,226 State of Wisconsin RB Sewer Revenue Series %, 06/01/ ,823 State of Wisconsin RB Transit Revenue 5.00%, 07/01/14 (NPFGC-FGIC) , %, 07/01/14 (AMBAC) ,770 TOTAL MUNICIPAL BONDS & NOTES (Cost: $52,962,483) 506,589 53,321,361 12

18 personal use only ˆ200F#t#$Wl49hp42 Š 200F#t#$Wl49hp42 MARPRFRS MARpf_rend 20-Aug :34 EST SOI 13 6* 2014 AMT-FREE MUNI TERM ETF SHORT-TERM INVESTMENTS 1.54% MONEY MARKET FUNDS 1.54% BlackRock Liquidity Funds MuniFund, Institutional Shares 0.02% a,b 835,207 $ 835, ,207 TOTAL SHORT-TERM INVESTMENTS (Cost: $835,207) 835,207 TOTAL INVESTMENTS IN SECURITIES % (Cost: $53,797,690) 54,156,568 Other Assets, Less Liabilities (0.15)% (82,004) NET ASSETS % $54,074,564 COP Certificates of Participation ETM Escrowed to Maturity GO General Obligation GOL General Obligation Limited GTD Guaranteed by the Commonwealth, County or State PR Prerefunded PSF Permanent School Fund RB Revenue Bond SAP Subject to Appropriations SAW State Aid Withholding SEEK Support Education Excellence in Kentucky ST Special Tax Insured by: AGC Assured Guaranty Corp. AGM Assured Guaranty Municipal Corp. AMBAC Ambac Financial Group Inc. BHAC Berkshire Hathaway Assurance Corp. CIFG CDC IXIS Financial Guaranty FGIC Financial Guaranty Insurance Co. NPFGC National Public Finance Guarantee Corp. XLCA XL Capital Assurance Inc. a b For Affiliated issuer. See Note 2. The rate quoted is the annualized seven-day yield of the fund at period end. See accompanying notes to schedules of investments. 13

19 ˆ200F#t#$Wl49ogb2:Š 200F#t#$Wl49ogb2: MARPRFRS MARpf_rend 20-Aug :35 EST SOI 14 6* Schedule of Investments (Unaudited) 2015 AMT-FREE MUNI TERM ETF Security Principal (000s) Value Security Principal (000s) Value MUNICIPAL BONDS & NOTES 98.35% ALASKA 0.75% Borough of North Slope GO 4.00%, 06/30/15 $ 100 $ 106, %, 06/30/15 (NPFGC) ,043 City of Anchorage GO Series D 5.00%, 08/01/15 (AMBAC) ,773 ARIZONA 6.02% 498,419 Arizona State University Board of Regents RB University Revenue Series C 5.50%, 07/01/ ,363 Arizona Transportation Board RB Miscellaneous Taxes 4.00%, 07/01/ , %, 07/01/ ,121 Arizona Transportation Board RB Sales Tax Revenue 5.00%, 07/01/ ,243 City of Chandler GO 5.00%, 07/01/ ,417 City of Chandler RB Sales Tax Revenue 2.50%, 07/01/ ,849 City of Glendale GO 4.00%, 07/01/ ,144 City of Glendale RB Sewer Revenue 5.25%, 07/01/15 (NPFGC-FGIC) ,079 City of Mesa RB Multiple Utility Revenue 5.00%, 07/01/15 (NPFGC-FGIC) ,373 City of Phoenix GO 4.00%, 07/01/ ,706 City of Scottsdale GO Series 2008A 3.50%, 07/01/ ,905 Maricopa County Community College District GO Series C 4.00%, 07/01/ ,052 Maricopa County Unified School District No. 4 Mesa GO Series C 4.00%, 07/01/ ,447 Maricopa County Unified School District No. 48 Scottsdale GO 4.00%, 07/01/20 (PR 07/01/15) (NPFGC-FGIC) , %, 07/01/21 (PR 07/01/15) (NPFGC-FGIC) ,025 Maricopa County Unified School District No. 80 Chandler GO 5.00%, 07/01/15 (AGM) ,927 Phoenix Civic Improvement Corp. RB Sewer Revenue 4.00%, 07/01/15 (NPFGC) ,229 Phoenix Civic Improvement Corp. RB Water Revenue 4.00%, 07/01/ , %, 07/01/ ,715 Pima County GO 5.00%, 07/01/15 (AGM) $ 150 $ 162,966 Pima County RB Sewer Revenue 4.00%, 07/01/ , %, 07/01/ ,905 Regional Public Transportation Authority RB Sales Tax Revenue 5.00%, 07/01/ ,372 3,983,181 CALIFORNIA 10.81% Acalanes Union High School District GO 0.00%, 08/01/15 (NPFGC) ,742 Chabot-Las Positas Community College District GO 0.00%, 08/01/15 (AMBAC) ,988 City & County of San Francisco GO 5.00%, 06/15/ ,581 City of Newport Beach COP Lease Abatement 4.00%, 07/01/ ,912 City of Pasadena RB Electric Power & Light Revenues 4.00%, 06/01/ ,010 City of Riverside RB Sewer Revenue 5.00%, 08/01/ ,738 Coast Community College District GO 5.25%, 08/01/15 (NPFGC) ,996 Desert Sands Unified School District GO 0.00%, 06/01/15 (AMBAC) ,602 Foothill-De Anza Community College District GO Series C 5.25%, 08/01/15 (NPFGC-FGIC) ,591 Fremont Unified School District/Alameda County GO 4.00%, 08/01/ ,711 Los Altos Elementary School District GO 5.00%, 08/01/15 (AMBAC) ,281 Los Angeles Community College District GO Series E %, 08/01/ ,626 Los Angeles County Metropolitan Transportation Authority RB Sales Tax Revenue 5.00%, 07/01/ , %, 07/01/ ,680 Series D 5.00%, 07/01/ ,960 Los Angeles County Metropolitan Transportation Authority RB Transit Revenue 4.00%, 07/01/ ,673 Los Angeles Department of Water & Power RB Electric Power & Light Revenues 5.00%, 07/01/ , %, 07/01/15 (AGM) ,560 Los Angeles Department of Water & Power RB Water Revenue %, 07/01/15 (AMBAC) ,095 Los Angeles Unified School District GO 5.25%, 07/01/15 (NPFGC) ,664 14

20 ˆ200F#t#$Wl49vY%2DŠ 200F#t#$Wl49vY%2D MARPRFRS MARpf_rend 20-Aug :35 EST SOI 15 6* 2015 AMT-FREE MUNI TERM ETF Security Principal (000s) Value Security Principal (000s) Value 5.75%, 07/01/15 (NPFGC) $ 100 $ 110, %, 07/01/ , %, 07/01/ , %, 07/01/15 (AMBAC) ,251 Series E 5.00%, 07/01/15 (AGM) ,834 Series F 5.00%, 07/01/15 (FGIC) 75 81,626 Series H 5.00%, 07/01/15 (AGM) ,834 Morgan Hill Unified School District GO 0.00%, 08/01/15 (AMBAC) 60 58,683 Sacramento Municipal Utility District RB Electric Power & Light Revenues Series U 3.38%, 08/15/15 (AGM) , %, 08/15/15 (AGM) ,105 San Diego County Regional Airport Authority RB Port Airport & Marina Revenue 4.00%, 07/01/15 San Diego Unified School District GO , %, 07/01/15 (NPFGC-FGIC) ,978 Series C %, 07/01/15 (AGM) ,520 Series D %, 07/01/15 (AGM) ,780 San Francisco Unified School District GO 4.00%, 06/15/ ,458 San Mateo County Transportation Authority RB Sales Tax Revenue 5.25%, 06/01/15 (NPFGC) ,400 Sonoma County Junior College District GO Series D 5.00%, 08/01/ ,597 Southern California Public Power Authority RB Electric Power & Light Revenues 4.00%, 07/01/ , %, 07/01/15 (AMBAC) ,372 State of California GO 4.00%, 08/01/ , %, 06/01/15 (NPFGC) , %, 06/01/ , %, 07/01/ ,471 Visalia Unified School District GO 4.00%, 08/01/ ,830 West Contra Costa Unified School District GO Series D 0.00%, 08/01/15 (NPFGC-FGIC) ,862 COLORADO 1.27% 7,152,999 Colorado Department of Transportation RB Federal Grant Revenue 5.00%, 06/15/15 (NPFGC) ,768 Colorado Department of Transportation RB Transit Revenue 5.50%, 06/15/15 (NPFGC) ,972 Platte River Power Authority RB Electric Power & Light Revenues Series GG 5.00%, 06/01/15 (AGM) $ 175 $ 189,696 University of Colorado Regents RB College & University Revenue 5.25%, 06/01/15 (NPFGC-FGIC) , %, 06/01/ , ,630 CONNECTICUT 1.66% City of Danbury GO 5.00%, 07/01/ ,855 Hartford County Metropolitan District GO 3.00%, 06/01/ ,506 State of Connecticut GO Series C 5.00%, 06/01/ ,679 State of Connecticut ST Miscellaneous Taxes 5.00%, 07/01/15 (AMBAC) ,628 1,100,668 DELAWARE 0.36% Delaware Transportation Authority RB Fuel Sales Tax Revenue 5.00%, 07/01/ , ,527 DISTRICT OF COLUMBIA 1.03% District of Columbia GO 5.00%, 06/01/30 (PR 06/01/15) (AMBAC) ,869 Series C 5.00%, 06/01/15 (AGM) ,009 Series E 5.00%, 06/01/15 (BHAC) , ,695 FLORIDA 5.95% County of Hillsborough RB Sales Tax Revenue 5.00%, 07/01/15 (NPFGC) ,957 County of Hillsborough RB Water Revenue 5.50%, 08/01/15 (AMBAC) ,900 County of Miami-Dade GO 4.00%, 07/01/ ,364 Florida Hurricane Catastrophe Fund Finance Corp. RB Miscellaneous Revenue 3.50%, 07/01/ , %, 07/01/ ,642 Florida State Board of Education GO 5.00%, 06/01/ , %, 06/01/15 (NPFGC-FGIC) , %, 06/01/ ,998 Florida State Board of Education RB Lottery Revenue 5.00%, 07/01/15 (AMBAC) ,812 Series C 5.00%, 07/01/ ,541 15

21 ˆ200F#t#$Wl49#nvc.Š 200F#t#$Wl49#nvc. MARPRFRS MARpf_rend 20-Aug :35 EST SOI 16 5* 2015 AMT-FREE MUNI TERM ETF Security Principal (000s) Value Security Principal (000s) Value Florida State Board of Education RB Miscellaneous Revenue 5.00%, 07/01/15 $ 250 $ 271,352 Florida State Department of Environmental Protection RB Sales Tax Revenue 5.00%, 07/01/15 (AGM) , %, 07/01/15 (AMBAC) ,394 Florida State Department of Transportation RB Highway Revenue Tolls 5.00%, 07/01/15 (NPFGC-FGIC) ,910 Miami-Dade County Transit System RB Sales Surtax Revenue 5.00%, 07/01/15 (XLCA) , %, 07/01/ ,436 State of Florida GO 4.00%, 07/01/ , %, 07/01/ , %, 06/01/ ,587 Series C 5.00%, 06/01/ ,499 GEORGIA 2.90% County of Columbia RB Water Revenue 3,938, %, 06/01/ ,368 Forsyth County School District GO 4.00%, 06/01/15 (AGM) ,468 Georgia State Road & Tollway Authority RB Fuel Sales Tax Revenue 5.00%, 06/01/ ,102 Gwinnett County Water & Sewerage Authority RB Water Revenue 4.00%, 08/01/15 (GTD) , %, 08/01/15 (GTD) ,204 Metropolitan Atlanta Rapid Transit Authority RB Sales Tax Revenue 5.00%, 07/01/15 (AMBAC) , %, 07/01/15 (NPFGC-FGIC) ,076 State of Georgia GO Series C 5.00%, 07/01/ ,377 HAWAII 2.64% 1,918,045 City & County of Honolulu GO 5.25%, 07/01/15 (FSA) ,382 City & County of Honolulu RB Wastewater Revenue 5.00%, 07/01/15 (NPFGC) , %, 07/01/15 (NPFGC) ,255 County of Maui GO 4.00%, 06/01/ ,821 State of Hawaii GO Series DG 5.00%, 07/01/ ,066 Series DO 5.00%, 08/01/15 $ 315 $ 343,923 State of Hawaii RB Fuel Sales Tax Revenue 3.75%, 07/01/15 (AGM) ,800 University of Hawaii Board of Regents RB College & University Revenue 5.00%, 07/15/15 (NPFGC) ,580 1,748,576 ILLINOIS 1.79% Chicago Transit Authority RB Capital Grant Receipts 5.00%, 06/01/15 (AMBAC) 75 80,325 Regional Transportation Authority RB Transit Revenue 6.00%, 06/01/15 (NPFGC-FGIC, GOI) , %, 06/01/15 (NPFGC-FGIC, GOI) ,957 State of Illinois GO 5.00%, 08/01/ ,112 First Series 5.50%, 08/01/15 (NPFGC) ,685 State of Illinois RB Sales Tax Revenue 5.00%, 06/15/ , %, 06/15/15 (AGM) ,332 Second Series 5.50%, 06/15/15 (NPFGC-FGIC) ,957 1,184,893 IOWA 0.49% City of West Des Moines GO 4.00%, 06/01/ ,706 Iowa Finance Authority RB Miscellaneous Revenue 3.00%, 08/01/ , %, 08/01/ , ,811 KENTUCKY 0.33% Kentucky State Property & Buildings Commission RB Lease Appropriation 5.00%, 08/01/24 (PR 08/01/15) (AGM) ,314 Kentucky Turnpike Authority RB Lease Renewal 5.00%, 07/01/ , ,085 LOUISIANA 0.83% State of Louisiana GO 5.00%, 08/01/15 (NPFGC) , %, 07/15/15 (AGC) , ,693 16