-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, LGT4pt8X5xpQF04621bvtLesgSDejoUKihVHFh0QfNxFTtVdd8Z/U+Y8984fT9R3 xtPrtMT3HdTc2j7BvEqrdw== 0000891092-09-003996.txt : 20091026 0000891092-09-003996.hdr.sgml : 20091026 20091026163044 ACCESSION NUMBER: 0000891092-09-003996 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20090831 FILED AS OF DATE: 20091026 DATE AS OF CHANGE: 20091026 EFFECTIVENESS DATE: 20091026 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TDX Independence Funds, Inc. CENTRAL INDEX KEY: 0001385533 IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-22001 FILM NUMBER: 091137148 BUSINESS ADDRESS: STREET 1: 420 LEXINGTON AVENUE CITY: NEW YORK STATE: NY ZIP: 10170 BUSINESS PHONE: 212-667-7400 MAIL ADDRESS: STREET 1: 420 LEXINGTON AVENUE CITY: NEW YORK STATE: NY ZIP: 10170 FORMER COMPANY: FORMER CONFORMED NAME: TDAX Funds, Inc. DATE OF NAME CHANGE: 20070108 0001385533 S000016521 TDX Independence 2010 Exchange-Traded Fund C000045993 Independence Shares 0001385533 S000016522 TDX Independence 2020 Exchange-Traded Fund C000045994 Independence Shares 0001385533 S000016523 TDX Independence 2030 Exchange-Traded Fund C000045995 Independence Shares 0001385533 S000016524 TDX Independence 2040 Exchange-Traded Fund C000045996 Independence Shares 0001385533 S000016525 TDX Independence In-Target Exchange-Traded Fund C000045997 Independence Shares N-Q 1 e36787nq.htm FORM N-Q

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number         811-22001

TDX Independence Funds, Inc.
(Exact name of registrant as specified in charter)

   
420 Lexington Avenue, Suite 2550, New York, NY 10170
(Address of principal executive offices) (Zip code)

David M. Kelley
TDX Independence Funds, Inc.
420 Lexington Avenue
Suite 2550
New York, NY 10170
(Name and address of agent for service)

Registrant’s telephone number, including area code: (212) 867-7400

Date of fiscal year end: May 31, 2010

Date of reporting period: August 31, 2009

     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, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.


Item 1. Schedule of Investments.

             Attached hereto.

Item 2. Controls and Procedures.

      (a)     

The Registrant’s Chief Executive Officer and Chief Financial Officer have evaluated the Registrant’s disclosure controls and procedures within 90 days of the filing date of this report and have concluded that these controls and procedures are effective.
     
  (b)     

There were no changes in the Registrant’s internal controls 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.

     A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act (17 CFR 270.30a-2(a)), exactly as set forth below: Attached hereto.


SCHEDULE OF INVESTMENTS
TDX INDEPENDENCE 2010 EXCHANGE-TRADED FUND
August 31, 2009 (Unaudited)

Number
of Shares
    Value
    COMMON STOCKS—20.9%    
    CONSUMER DISCRETIONARY—1.8%    
207   Amazon.com, Inc.* $ 16,806
215   Ameristar Casinos, Inc.   3,571
27   AutoZone, Inc.*   3,976
190   Bally Technologies, Inc.*   7,682
648   Brown Shoe Co., Inc.   4,860
179   Buckle (The), Inc.   4,735
199   Carter’s, Inc.*   5,007
418   Cinemark Holdings, Inc.   4,197
126   Columbia Sportswear Co.   4,953
1,393   Comcast Corp., Class A   21,341
372   Corinthian Colleges, Inc.*   7,131
210   Daimler AG (Germany)   9,502
464   DIRECTV Group (The), Inc.*   11,489
403   Ethan Allen Interiors, Inc.   6,263
1,471   Ford Motor Co.*   11,180
257   Fossil, Inc.*   6,523
128   Hennes & Mauritz AB, B Shares (Sweden)   7,112
802   Home Depot (The), Inc.   21,887
502   HONDA MOTOR Co. Ltd. (Japan)   15,883
257   Iconix Brand Group, Inc.*   4,415
236   J. Crew Group, Inc.*   8,045
209   Jack in the Box, Inc.*   4,262
589   Knology, Inc.*   4,264
67   LVMH Moet Hennessy Louis Vuitton SA (France)   6,412
410   Marcus Corp.   5,133
525   McDonald’s Corp.   29,526
202   Men’s Wearhouse (The), Inc.   5,252
912   News Corp., Class A   9,777
645   Nissan Motor Co. Ltd. (Japan)   4,519
151   Omnicom Group, Inc.   5,484
555   Panasonic Corp. (Japan)   8,914
247   Rent-A-Center, Inc.*   4,873
303   Sony Corp. (Japan)   8,215
1,124   Talbots (The), Inc.   6,699
372   Target Corp.   17,484
558   Time Warner, Inc.   15,574
707   Toyota Motor Corp. (Japan)   30,409
120   Tractor Supply Co.*   5,647
225   Tupperware Brands Corp.   8,323
137   Vail Resorts, Inc.*   4,537
321   Vivendi (France)   9,153
375   Volcom, Inc.*   5,314
19   Volkswagen AG (Germany)   3,682
837   Walt Disney (The) Co.   21,795
168     Warnaco Group (The), Inc.*   6,392
     
        418,198
     
    CONSUMER STAPLES—2.0%    
168   Anheuser-Busch Inbev NV (Belgium)   7,260
585   B&G Foods, Inc., Class A   5,335
153   Boston Beer (The) Co., Inc., Class A*   6,082
447   British American Tobacco PLC (United Kingdom)   13,652


SCHEDULE OF INVESTMENTS (CONTINUED)
TDX INDEPENDENCE 2010 EXCHANGE-TRADED FUND (Continued)
August 31, 2009 (Unaudited)

Number
of Shares
    Value
    COMMON STOCKS (Continued)    
    CONSUMER STAPLES (Continued)    
167   Campbell Soup Co. $ 5,237
156   Carrefour SA (France)   7,353
175   Casey’s General Stores, Inc.   4,856
995   Coca-Cola (The) Co.   48,526
692   CVS Caremark Corp.   25,964
595   Diageo PLC (United Kingdom)   9,251
283   Fresh Del Monte Produce, Inc. (Cayman Islands)*   6,481
255   Imperial Tobacco Group PLC (United Kingdom)   7,190
631   Kraft Foods, Inc., Class A   17,889
90   Lancaster Colony Corp.   4,523
92   Molson Coors Brewing Co., Class B   4,359
872   Nestle SA (Switzerland)   36,288
895   Philip Morris International, Inc.   40,910
760   Prestige Brands Holdings, Inc.*   5,632
1,238   Procter & Gamble (The) Co.   66,988
129   Reckitt Benckiser Group PLC (United Kingdom)   5,998
187   Ruddick Corp.   4,967
229   Safeway, Inc.   4,362
1,947   Tesco PLC (United Kingdom)   11,928
196   Tootsie Roll Industries, Inc.   4,635
396   Unilever NV (Netherlands)   11,079
312   Unilever PLC (United Kingdom)   8,543
1,795   Wal-Mart Stores, Inc.   91,313
     
        466,601
     
    ENERGY—2.5%  
162   Arena Resources, Inc.*   4,954
715   ATP Oil & Gas Corp.*   7,972
914   BG Group PLC (United Kingdom)   15,150
180   Bill Barrett Corp.*   5,263
4,822   BP PLC (United Kingdom)   41,809
967   Chevron Corp.   67,632
724   ConocoPhillips   32,602
147   Dril-Quip, Inc.*   6,271
687   ENI S.p.A (Italy)   16,306
2,263   Exxon Mobil Corp.   156,487
561   General Maritime Corp. (Marshall Islands)   4,460
2,045   ION Geophysical Corp.*   5,215
463   Matrix Service Co.*   5,102
106   Murphy Oil Corp.   6,042
161   Nordic American Tanker Shipping Ltd. (Bermuda)   4,793
386   Occidental Petroleum Corp.   28,217
151     Peabody Energy Corp.   4,935
203   Repsol YPF SA (Spain)   5,040
965   Royal Dutch Shell PLC, Class A (United Kingdom)   26,910
744   Royal Dutch Shell PLC, Class B (United Kingdom)   20,298
562   Schlumberger Ltd. (Netherlands Antilles)   31,584
372   Southwestern Energy Co.*   13,712
338   StatoilHydro ASA (Norway)   7,381
578   Total SA (France)   33,153
136   Woodside Petroleum Ltd. (Australia)   5,618


SCHEDULE OF INVESTMENTS (CONTINUED)
TDX INDEPENDENCE 2010 EXCHANGE-TRADED FUND (Continued)
August 31, 2009 (Unaudited)

Number
of Shares
    Value
    COMMON STOCKS (Continued)    
    ENERGY (Continued)    
116     World Fuel Services Corp. $ 5,213
     
        562,119
     
    FINANCIALS—4.1%    
478   Aflac, Inc.   19,416
19   Alexander’s, Inc. REIT   5,383
117   Allianz SE (Germany)   13,536
185   American Campus Communities, Inc. REIT   4,812
527   Annaly Capital Management, Inc. REIT   9,138
291   Assicurazioni Generali S.p.A (Italy)   7,254
464   Australia & New Zealand Banking Group Ltd. (Australia)   8,328
384   AXA (France)   8,751
792   Banco Bilbao Vizcaya Argentaria SA (Spain)   14,082
1,687   Banco Santander SA (Spain)   25,989
3,649   Bank of America Corp.   64,185
1,224   Bank of New York Mellon (The) Corp.   36,243
1,890   Barclays PLC (United Kingdom)   11,713
644   BB&T Corp.   17,993
206   BNP Paribas (France)   16,605
842   Boston Private Financial Holdings, Inc.   4,227
407   Capital One Financial Corp.   15,177
1,156   Charles Schwab (The) Corp.   20,877
323   Commonwealth Bank of Australia (Australia)   12,526
247   Credit Suisse Group (Switzerland)   12,609
185   Delphi Financial Group, Inc., Class A   4,323
135   Deutsche Bank AG (Germany)   9,173
467   Dime Community Bancshares, Inc.   5,230
343   Encore Capital Group, Inc.*   5,111
307   Equity One, Inc. REIT   4,835
65   First Financial Bankshares, Inc.   3,240
260   FirstMerit Corp.   4,672
239   Franklin Resources, Inc.   22,306
106   GAMCO Investors, Inc., Class A   4,784
223   Goldman Sachs Group (The), Inc.   36,898
260   Highwoods Properties, Inc. REIT   7,636
4,385   HSBC Holdings PLC (United Kingdom)   48,033
2,003   Intesa Sanpaolo S.p.A (Italy)   8,688
189   IPC Holdings Ltd. (Bermuda)   6,127
1,704   JPMorgan Chase & Co.   74,055
170   Kansas City Life Insurance Co.   6,078
136   KBW, Inc.*   3,892
316   Knight Capital Group, Inc., Class A*   6,358
417   MarketAxess Holdings, Inc.*   4,625
773   MFA Financial, Inc. REIT   6,122
108   Mid-America Apartment Communities, Inc. REIT   4,728
2,992   Mitsubishi UFJ Financial Group, Inc. (Japan)   19,159
286   Montpelier Re Holdings Ltd. (Bermuda)   4,602
232   Moody’s Corp.   6,320
632   Morgan Stanley   18,303
52   Muenchener Rueckversicherungs-Gesellschaft AG (Germany)   7,763
438   National Australia Bank Ltd. (Australia)   10,516
974   National Bank of Greece SA ADR (Greece)*   6,224
672   National Financial Partners Corp.   5,275
289   National Retail Properties, Inc. REIT   5,930
353   NewAlliance Bancshares, Inc.   4,151


SCHEDULE OF INVESTMENTS (CONTINUED)
TDX INDEPENDENCE 2010 EXCHANGE-TRADED FUND (Continued)
August 31, 2009 (Unaudited)

Number
of Shares
    Value
    COMMON STOCKS (Continued)    
    FINANCIALS (Continued)    
751   Nordea Bank AB (Sweden) $ 7,880
227   Northern Trust Corp.   13,270
288   Omega Healthcare Investors, Inc. REIT   4,870
148   Platinum Underwriters Holdings Ltd. (Bermuda)   5,365
145   Potlatch Corp. REIT   4,220
109   ProAssurance Corp.*   5,723
716   Progressive (The) Corp.   11,828
151   Prosperity Bancshares, Inc.   5,214
223   Riskmetrics Group, Inc.*   3,470
187   SCBT Financial Corp.   4,797
278   Simon Property Group, Inc. REIT   17,686
119   Societe Generale (France)   9,599
480   Standard Chartered PLC (United Kingdom)   10,921
93   Stifel Financial Corp.*   5,236
203   Sumitomo Mitsui Financial Group, Inc. (Japan)   8,775
114   Tanger Factory Outlet Centers, Inc. REIT   4,289
136   Tower Group, Inc.   3,263
843   UBS AG (Switzerland)*   15,586
129   UMB Financial Corp.   5,164
3,773   UniCredito Italiano S.p.A (Italy)*   13,685
207   Washington Real Estate Investment Trust REIT   5,581
2,098   Wells Fargo & Co.   57,736
98   Westamerica Bancorp.   5,040
652   Westpac Banking Corp. (Australia)   13,395
111   Westwood Holdings Group, Inc.   4,276
38     Zurich Financial Services AG (Switzerland)   8,367
     
        949,237
     
    HEALTH CARE—2.1%    
750   Abbott Laboratories   33,923
195   AMERIGROUP Corp.*   4,612
338   AstraZeneca PLC (United Kingdom)   15,645
216   Bayer AG (Germany)   13,276
780   Boston Scientific Corp.*   9,165
672   Bruker Corp.*   6,821
178   Catalyst Health Solutions, Inc.*   5,084
143   Emergency Medical Services Corp., Class A*   6,485
823   eResearch Technology, Inc.*   5,177
164   Forest Laboratories, Inc.*   4,800
137   Genzyme Corp.*   7,632
1,204   GlaxoSmithKline PLC (United Kingdom)   23,606
98   Haemonetics Corp.*   5,159
378   Isis Pharmaceuticals, Inc.*   6,101
1,227   Johnson & Johnson   74,161
143   Magellan Health Services, Inc.*   4,589
237   Medicis Pharmaceutical Corp., Class A   4,377
591   Novartis AG (Switzerland)   27,446
113   Novo Nordisk A/S, B Shares (Denmark)   6,895
154   NuVasive, Inc.*   6,171
218   Onyx Pharmaceuticals, Inc.*   6,991
159   Owens & Minor, Inc.   7,036
3,142   Pfizer, Inc.   52,471
214   Psychiatric Solutions, Inc.*   5,733
110   Quality Systems, Inc.   5,922
309   Regeneron Pharmaceuticals, Inc.*   7,024


SCHEDULE OF INVESTMENTS (CONTINUED)
TDX INDEPENDENCE 2010 EXCHANGE-TRADED FUND (Continued)
August 31, 2009 (Unaudited)

Number
of Shares
    Value
    COMMON STOCKS (Continued)    
    HEALTH CARE (Continued)    
176   Roche Holding AG (Switzerland) $ 28,027
276   Sanofi-Aventis SA (France)   18,742
613   SIGA Technologies, Inc.*   4,487
207   Sirona Dental Systems, Inc.*   5,473
223   STERIS Corp.   6,471
226   Takeda Pharmaceutical Co. Ltd. (Japan)   9,136
219   Thoratec Corp.*   5,747
585   UnitedHealth Group, Inc.   16,380
617   Wyeth   29,523
126     Zimmer Holdings, Inc.*   5,966
     
        486,254
     
    INDUSTRIALS—2.2%    
102   A.O. Smith Corp.   3,881
548   ABB Ltd. (Switzerland)   10,536
870   BAE Systems PLC (United Kingdom)   4,427
173   Baldor Electric Co.   4,856
346   Burlington Northern Santa Fe Corp.   28,724
176   C.H. Robinson Worldwide, Inc.   9,902
290   Caterpillar, Inc.   13,140
176   CLARCOR, Inc.   5,643
183   CRA International, Inc.*   5,111
162   Curtiss-Wright Corp.   5,276
280   Dollar Thrifty Automotive Group, Inc.*   5,555
55   East Japan Railway Co. (Japan)   3,605
86   Eaton Corp.   4,640
251   EMCOR Group, Inc.*   5,816
343   Emerson Electric Co.   12,646
48   First Solar, Inc.*   5,836
187   General Dynamics Corp.   11,069
4,750   General Electric Co.   66,024
200   Geo Group (The), Inc.*   3,664
441   GrafTech International Ltd.*   6,275
138   Granite Construction, Inc.   4,430
712   Hawaiian Holdings, Inc.*   5,212
319   Heartland Express, Inc.   4,517
93   Heico Corp.   3,447
276   Heidrick & Struggles International, Inc.   5,802
1,000   Hutchison Whampoa Ltd. (Hong Kong)   7,032
962   JetBlue Airways Corp.*   5,589
298   Knight Transportation, Inc.   4,914
259   Koninklijke (Royal) Philips Electronics NV (Netherlands)   5,858
142   L.B. Foster Co., Class A*   4,234
175   Lockheed Martin Corp.   13,122
402   Mitsubishi Corp. (Japan)   8,169
500   Mitsui & Co. Ltd. (Japan)   6,533
185   PACCAR, Inc.   6,691
111   Regal-Beloit Corp.   5,046
188   Republic Services, Inc.   4,815
328   Rollins, Inc.   5,855
55   Schneider Electric SA (France)   5,075
4   Seaboard Corp.   4,416
224   Siemens AG (Germany)   19,432
210   Tetra Tech, Inc.*   6,203
486   Union Pacific Corp.   29,067


SCHEDULE OF INVESTMENTS (CONTINUED)
TDX INDEPENDENCE 2010 EXCHANGE-TRADED FUND (Continued)
August 31, 2009 (Unaudited)

Number
of Shares
    Value
    COMMON STOCKS (Continued)    
    INDUSTRIALS (Continued)    
995   United Parcel Service, Inc., Class B $ 53,192
390   United Technologies Corp.   23,150
54   Vestas Wind Systems A/S (Denmark)*   3,878
662   Vicor Corp.   4,866
104   Vinci SA (France)   5,586
235   Waste Management, Inc.   7,034
110   Watsco, Inc.   5,811
161   Watson Wyatt Worldwide, Inc., Class A   7,036
     
          492,638
     
    INFORMATION TECHNOLOGY—3.7%    
1,594   3Com Corp.*   6,934
615   Accenture PLC, Class A (Ireland)   20,295
137   Anixter International, Inc.*   4,806
408   Apple, Inc.*   68,630
449   Arris Group, Inc. *   5,954
108   CACI International, Inc., Class A*   4,964
303   CANON, Inc. (Japan)   11,661
131   Cass Information Systems, Inc.   4,090
2,516   Cisco Systems, Inc. *   54,346
178   Concur Technologies, Inc.*   6,294
764   Corning, Inc.   11,521
656   Daktronics, Inc.   5,294
136   Digital River, Inc.*   4,804
391   Electro Scientific Industries, Inc.*   4,801
947   EMC Corp.*   15,057
1,602   Entegris, Inc.*   6,408
626   Exar Corp.*   4,701
341   Gartner, Inc.*   5,681
142   Google, Inc., Class A*   65,557
1,106   Hewlett-Packard Co.   49,648
299   Informatica Corp.*   5,361
582   International Business Machines Corp.   68,705
517   IXYS Corp.   3,516
298   Jack Henry & Associates, Inc.   6,946
134   ManTech International Corp., Class A*   7,081
134   MasterCard, Inc., Class A   27,152
292   Microsemi Corp.*   4,120
4,000   Microsoft Corp.   98,599
664   ModusLink Global Solutions, Inc.*   4,768
637   MSC.Software Corp.*   4,828
25   Nintendo Co. Ltd. (Japan)   6,781
916   Nokia Oyj (Finland)   12,751
302   Omniture Inc.*   4,322
2,232   Oracle Corp.   48,814
550   Palm, Inc.*   7,332
433   Parametric Technology Corp.*   5,759
174   Paychex, Inc.   4,922
413   Perot Systems Corp., Class A*   6,876
290   Polycom, Inc.*   6,841
339   Quest Software, Inc.*   5,590
458   Rackspace Hosting, Inc.*   5,927
244   Riverbed Technology, Inc.*   4,704
231   SAP AG (Germany)   11,291


SCHEDULE OF INVESTMENTS (CONTINUED)
TDX INDEPENDENCE 2010 EXCHANGE-TRADED FUND (Continued)
August 31, 2009 (Unaudited)

Number
of Shares
    Value
    COMMON STOCKS (Continued)    
    INFORMATION TECHNOLOGY (Continued)    
528     Skyworks Solutions, Inc.* $ 6,151
245   Solera Holdings, Inc.   6,453
203   SRA International, Inc., Class A*   4,034
239   Starent Networks Corp.*   4,837
713   Telefonaktiebolaget LM Ericsson, B Shares (Sweden)   6,838
615   TIBCO Software, Inc.*   5,455
870   Visa, Inc., Class A   61,857
146   VistaPrint NV (Netherlands)*   6,050
696   Yahoo!, Inc.*   10,169
     
        836,276
     
    MATERIALS—0.8%    
65   Air Liquide SA (France)   6,945
482   American Vanguard Corp.   4,222
347   Anglo American PLC (United Kingdom)   11,430
220   ArcelorMittal (Luxembourg)   7,883
226   BASF AG (Germany)   11,802
856   BHP Billiton Ltd. (Australia)   26,557
562   BHP Billiton PLC (United Kingdom)   14,912
541   Dow Chemical (The) Co.   11,518
425   E.I. du Pont de Nemours & Co.   13,570
52   NewMarket Corp.   4,322
242   Newmont Mining Corp.   9,726
149   Praxair, Inc.   11,416
331   Rio Tinto PLC (United Kingdom)   13,020
135   Rock-Tenn Co., Class A   6,924
261   Rockwood Holdings, Inc.*   5,317
176   Sensient Technologies Corp.   4,588
100   Shin-Etsu Chemical Co. Ltd. (Japan)   5,929
135   Silgan Holdings, Inc.   6,564
27   Syngenta AG (Switzerland)   6,361
235   Westlake Chemical Corp.   5,649
     
        188,655
     
    TELECOMMUNICATION SERVICES—0.9%    
2,827   AT&T, Inc.   73,642
724   Deutsche Telekom AG (Germany)   9,637
493   France Telecom SA (France)   12,551
432   Koninklijke (Royal) KPN NV (Netherlands)   6,640
4   NTT DoCoMo, Inc. (Japan)   6,179
996   Telefonica SA (Spain)   25,142
1,365   Verizon Communications, Inc.   42,369
13,066   Vodafone Group PLC (United Kingdom)   28,280
     
        204,440
     
    UTILITIES—0.8%    
272   Consolidated Edison, Inc.   10,932
495   E.ON AG (Germany)   20,962
1,336   Enel S.p.A (Italy)   7,880
161   EQT Corp.   6,387
679   Exelon Corp.   33,964
408   FPL Group, Inc.   22,921


SCHEDULE OF INVESTMENTS (CONTINUED)
TDX INDEPENDENCE 2010 EXCHANGE-TRADED FUND (Continued)
August 31, 2009 (Unaudited)

Number
of Shares
    Value
      COMMON STOCKS (Continued)    
      UTILITIES (Continued)    
  301   GDF Suez (France) $ 12,695
  992   Iberdrola SA (Spain)   9,196
  138   New Jersey Resources Corp.   5,072
  165   Nicor, Inc.   5,976
  266   Piedmont Natural Gas Co., Inc.   6,389
  119   RWE AG (Germany)   11,032
  764   Southern Co.   23,837
  300   Tokyo Electric Power (The) Co., Inc. (Japan)   7,842
  180   WGL Holdings, Inc.   5,940
       
          191,025
       
      Total Common Stocks    
      (Cost $5,265,730)   4,795,443
       
      RIGHTS—0.0% (a)    
      FINANCIALS—0.0% (a)    
  654   Fortis Rights, expiring 12/31/14 (Belgium)*    
      (Cost $0)   0
       
 
Principal
Amount
    Value
      CORPORATE BONDS—22.2%    
      CONSUMER DISCRETIONARY—1.4%    
$ 25,000     Comcast Cable Communications Holdings, Inc.    
      8.375%, 3/15/13   28,914
  102,000   Daimler Finance North America LLC    
      7.30%, 1/15/12   109,493
  178,000   Home Depot (The), Inc.    
      5.40%, 3/01/16   184,401
       
          322,808
       
      CONSUMER STAPLES—0.6%    
  52,000   Diageo Finance BV (Netherlands)    
      5.30%, 10/28/15   55,818
  27,000   Kroger (The) Co.    
      5.50%, 2/01/13   28,837
  60,000   Wal-Mart Stores, Inc.    
      4.55%, 5/01/13   64,137
       
          148,792
       
      ENERGY—1.6%    
  55,000   Apache Corp.    
      5.25%, 4/15/13   58,867


SCHEDULE OF INVESTMENTS (CONTINUED)
TDX INDEPENDENCE 2010 EXCHANGE-TRADED FUND (Continued)
August 31, 2009 (Unaudited)

Principal
Amount
    Value
      CORPORATE BONDS (Continued)    
      ENERGY (Continued)    
$ 39,000   Enterprise Products Operating LP, Series B    
      5.60%, 10/15/14 $ 41,297
  135,000   Hess Corp.    
      6.65%, 8/15/11   145,049
  60,000   Kinder Morgan Energy Partners LP    
      6.75%, 3/15/11   63,430
  62,000   Spectra Energy Capital LLC    
      6.25%, 2/15/13   66,291
       
          374,934
       
      FINANCIALS—14.7%    
  137,000   Ameriprise Financial, Inc.    
      5.35%, 11/15/10   137,294
      Bank of America Corp.    
  160,000   4.50%, 8/01/10   163,979
  27,000   4.875%, 1/15/13   27,303
  102,000   Boeing Capital Corp. Ltd.    
      5.80%, 1/15/13   110,973
  65,000   Boston Properties LP    
      6.25%, 1/15/13   66,885
  153,000   Capital One Financial Corp.    
      6.15%, 9/01/16   140,852
  308,000   Citigroup, Inc.    
      6.00%, 2/21/12   317,258
  205,000   European Investment Bank (Supranational)    
      4.625%, 5/15/14   222,160
  188,000   General Electric Capital Corp., Series A MTN    
      5.875%, 2/15/12   200,023
  102,000   Genworth Financial, Inc.    
      5.75%, 6/15/14   79,797
  207,000   Goldman Sachs Group, LP    
      5.00%, 10/01/14   215,869
      HSBC Finance Corp.    
  107,000   6.375%, 11/27/12   114,999
  100,000   5.50%, 1/19/16   101,020
  107,000   International Lease Finance Corp., Series Q MTN    
      5.75%, 6/15/11   95,505
  102,000   John Deere Capital Corp.    
      7.00%, 3/15/12   113,832
  127,000   JPMorgan Chase & Co.    
      5.75%, 1/02/13   135,626
  188,000     Kreditanstalt fuer Wiederaufbau (Germany)    
      4.25%, 6/15/10   193,246
  38,000   Marsh & McLennan Cos., Inc.    
      5.75%, 9/15/15   39,113
  132,000   Merrill Lynch & Co, Inc., Series C MTN    
      5.00%, 1/15/15   131,449
  102,000   MetLife, Inc.    
      5.00%, 6/15/15   106,040
      Morgan Stanley    
  100,000   5.05%, 1/21/11   103,314
  124,000   5.30%, 3/01/13   129,644


SCHEDULE OF INVESTMENTS (CONTINUED)
TDX INDEPENDENCE 2010 EXCHANGE-TRADED FUND (Continued)
August 31, 2009 (Unaudited)

Principal
Amount
    Value
      CORPORATE BONDS (Continued)    
        FINANCIALS (Continued)    
$ 62,000   National Rural Utilities Cooperative Finance Corp., Series C MTN    
      7.25%, 3/01/12 $ 68,364
  68,000   Royal Bank of Scotland Group PLC (United Kingdom)    
      5.00%, 10/01/14   60,192
  68,000   SLM Corp., Series A MTN    
      5.375%, 5/15/14   48,156
  158,000   Wachovia Corp.    
      5.25%, 8/01/14   161,064
  92,000   Wells Fargo & Co.    
      5.00%, 11/15/14   94,623
       
          3,378,580
       
      HEALTH CARE—1.2%    
  102,000   AmerisourceBergen Corp.    
      5.875%, 9/15/15   109,347
  67,000   UnitedHealth Group, Inc.    
      4.875%, 3/15/15   68,361
  95,000   WellPoint, Inc.    
      5.25%, 1/15/16   96,336
       
          274,044
       
      INFORMATION TECHNOLOGY—1.0%    
  112,000   International Business Machines Corp.    
      4.25%, 9/15/09   112,148
  112,000   Oracle Corp.    
      5.25%, 1/15/16   120,654
       
          232,802
       
      MATERIALS—0.3%    
  60,000   Alcoa, Inc.    
      6.00%, 1/15/12   61,843
       
      TELECOMMUNICATION SERVICES—0.6%    
  42,000   Embarq Corp.    
      7.082%, 6/01/16   44,902
  94,000   New Cingular Wireless Services, Inc.    
      7.875%, 3/01/11   102,011
       
          146,913
       
      UTILITIES—0.8%    
  44,000   Constellation Energy Group    
      4.55%, 6/15/15   41,814
  67,000   Dominion Resources, Inc., Series C    
      5.15%, 7/15/15   70,578
  60,000   Exelon Generation Co. LLC    
      5.35%, 1/15/14   62,809
       
          175,201
       


SCHEDULE OF INVESTMENTS (CONTINUED)
TDX INDEPENDENCE 2010 EXCHANGE-TRADED FUND (Continued)
August 31, 2009 (Unaudited)

Principal
Amount
    Value
      Total Corporate Bonds    
      (Amortized Cost $4,950,662) $ 5,115,917
       
      UNITED STATES GOVERNMENT & AGENCIES OBLIGATIONS—54.4%    
      FEDERAL HOME LOAN MORTGAGE CORP.—9.2%    
$ 902,000   3.25%, 2/25/11   933,460
  180,000   4.875%, 11/18/11   194,113
  909,000   4.50%, 1/15/13   984,113
       
          2,111,686
       
      FEDERAL NATIONAL MORTGAGE ASSOCIATION—7.1%    
  689,000   5.00%, 4/15/15   761,990
  801,000   5.00%, 5/11/17   878,791
       
          1,640,781
       
      UNITED STATE TREASURY BONDS/NOTES—38.1%    
  100   4.00%, 9/30/09   100
  1,000,000   2.75%, 7/31/10   1,021,641
  1,890,000   2.00%, 9/30/10   1,921,746
  150,000   1.75%, 11/15/11   152,098
  1,750,000   1.375%, 4/15/12   1,753,420
  950,000   3.375%, 7/31/13   1,003,215
  1,866,400   4.75%, 5/15/14   2,074,476
  656,300   7.50%, 11/15/16   841,654
       
          8,768,350
       
      Total United States Government & Agencies Obligations    
      (Amortized Cost $12,190,993)   12,520,817
       
      SOVEREIGN BONDS—1.5%    
  220,000   Italy Government International Bond (Italy)    
      6.00%, 2/22/11   235,519
  99,000   United Mexican States, Series A MTN (Mexico)    
      6.375%, 1/16/13   107,910
       
      Total Sovereign Bonds    
      (Amortized Cost $331,874)   343,429
       
        Total Investments—99.0%    
      (Amortized Cost $22,739,259) (b) $ 22,775,606
      Cash Equivalents—0.2% (c)   47,012
      Other assets less liabilities—0.8%   180,488
       
      Net Assets—100.0% $ 23,003,106
       


SCHEDULE OF INVESTMENTS (CONTINUED)
TDX INDEPENDENCE 2010 EXCHANGE-TRADED FUND (Continued)
August 31, 2009 (Unaudited)

  ADR – American Depositary Receipt.
  MTN – Medium Term Note.
  REIT – Real Estate Investment Trust.
  * Non-income producing security.
     
  (a)

Less than 0.1%.
  (b)

The cost stated also approximates the aggregate cost for Federal income tax purposes. At August 31, 2009, net unrealized appreciation was $36,347 based on cost for Federal income tax purposes. This consisted of aggregate gross unrealized appreciation of $706,139 and aggregate gross unrealized depreciation of $669,792.
  (c)

Represents an investment in Dreyfus Institutional Reserve Money Fund with annualized 7-day yield of 0.26% at August 31, 2009.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

      Level 1 —  quoted prices in active markets for identical securities
     
      Level 2 — other significant observable inputs (including, but not limited to, 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)

The following is a summary of the inputs used as of August 31, 2009 in valuing the Fund’s investments:

Investments Level 1   Level 2   Level 3
Common Stocks $ 4,795,443     $ -     $ -
Corporate Bonds   -     5,115,917     -
United States Government & Agencies Obligations   -     12,520,817     -
Sovereign Bonds   -     343,429     -
Money Market Fund   -     47,012     -
 
Total Investments $ 4,795,443   $ 18,027,175   $ -
 


TDX INDEPENDENCE 2010 EXCHANGE-TRADED FUND
COUNTRY BREAKDOWN AS OF AUGUST 31, 2009 (Unaudited)

  Value
    % of
Net Assets
 
United States $ 20,552,740   89.3 %
United Kingdom   402,908   1.8  
Germany   334,334   1.4  
Italy   289,332   1.3  
Supranational   222,160   1.0  
Japan   161,709   0.7  
France   152,619   0.7  
Switzerland   145,221   0.6  
Mexico   107,910   0.5  
Netherlands   85,444   0.4  
Spain   79,448   0.4  
Australia   76,941   0.3  
Netherlands Antilles   31,584   0.1  
Sweden   21,829   0.1  
Bermuda   20,887   0.1  
Ireland   20,295   0.1  
Finland   12,751   0.1  
Denmark   10,773   0.1  
Luxembourg   7,883   0.0  
Norway   7,381   0.0  
Belgium   7,260   0.0  
Hong Kong   7,032   0.0  
Cayman Islands   6,481   0.0  
Greece   6,224   0.0  
Marshall Islands   4,460   0.0  
 
 
 
Total Investments   22,775,606   99.0  
Cash Equivalents   47,012   0.2  
Other assets less liabilities   180,488   0.8  
 
 
 
Net Assets $ 23,003,106   100.0 %
 
 
 


SCHEDULE OF INVESTMENTS
TDX INDEPENDENCE 2020 EXCHANGE-TRADED FUND
August 31, 2009 (Unaudited)

Number
of Shares
    Value
    COMMON STOCKS—61.9%    
    CONSUMER DISCRETIONARY—5.4%    
1,027   Amazon.com, Inc.* $ 83,382
983   Ameristar Casinos, Inc.   16,328
126   AutoZone, Inc.*   18,554
883   Bally Technologies, Inc.*   35,700
522   Bob Evans Farms, Inc.   14,026
3,019   Brown Shoe Co., Inc.   22,643
812   Buckle (The), Inc.   21,477
363   California Pizza Kitchen, Inc.*   5,104
999   Carter’s, Inc.*   25,135
1,996   Cinemark Holdings, Inc.   20,040
1,107   Collective Brands, Inc.*   17,535
558   Columbia Sportswear Co.   21,935
7,141   Comcast Corp., Class A   109,400
812   Cooper Tire & Rubber Co.   11,595
1,719   Corinthian Colleges, Inc.*   32,953
1,090   Daimler AG (Germany)   49,319
2,432   DIRECTV Group (The), Inc.*   60,216
1,047   Dress Barn (The), Inc.*   16,993
4,356   Eastman Kodak Co.   23,174
1,816   Ethan Allen Interiors, Inc.   28,221
6,962   Ford Motor Co.*   52,911
1,183   Fossil, Inc.*   30,025
603   Hennes & Mauritz AB, B Shares (Sweden)   33,502
4,020   Home Depot (The), Inc.   109,706
2,374   HONDA MOTOR Co. Ltd. (Japan)   75,111
1,173   Iconix Brand Group, Inc.*   20,152
1,083   J. Crew Group, Inc.*   36,919
969   Jack in the Box, Inc.*   19,758
2,773   Knology, Inc.*   20,077
1,543   Las Vegas Sands Corp.*   22,003
667   Life Time Fitness, Inc.*   20,757
326   LVMH Moet Hennessy Louis Vuitton SA (France)   31,199
1,889   Marcus Corp.   23,650
2,683   McDonald’s Corp.   150,891
899   Men’s Wearhouse (The), Inc.   23,374
4,508   News Corp., Class A   48,326
3,154   Nissan Motor Co. Ltd. (Japan)   22,100
736   Omnicom Group, Inc.   26,732
2,595   Panasonic Corp. (Japan)   41,681
1,087   Rent-A-Center, Inc.*   21,447
278   Sherwin-Williams (The) Co.   16,736
1,411   Sony Corp. (Japan)   38,254
736   Spartan Motors, Inc.   3,996
5,102   Talbots (The), Inc.   30,408
1,803     Target Corp.   84,741
2,831   Time Warner, Inc.   79,013
3,852   Toyota Motor Corp. (Japan)   165,681
562   Tractor Supply Co.*   26,448
1,018   Tupperware Brands Corp.   37,656
598   Vail Resorts, Inc.*   19,806
1,657   Vivendi (France)   47,248
1,694   Volcom, Inc.*   24,004
99   Volkswagen AG (Germany)   19,187
4,344   Walt Disney (The) Co.   113,118


SCHEDULE OF INVESTMENTS (CONTINUED)
TDX INDEPENDENCE 2020 EXCHANGE-TRADED FUND (Continued)
August 31, 2009 (Unaudited)

Number
of Shares
    Value
    COMMON STOCKS (Continued)    
    CONSUMER DISCRETIONARY (Continued)    
763   Warnaco Group (The), Inc.* $ 29,032
     
        2,199,379
     
      CONSUMER STAPLES—6.0%    
833   Anheuser-Busch Inbev NV (Belgium)   35,999
2,756   B&G Foods, Inc. Class A   25,135
712   Boston Beer (The) Co., Inc. Class A*   28,302
2,340   British American Tobacco PLC (United Kingdom)   71,469
844   Campbell Soup Co.   26,468
806   Carrefour SA (France)   37,990
832   Casey’s General Stores, Inc.   23,088
5,310   Coca-Cola (The) Co.   258,969
3,529   CVS Caremark Corp.   132,408
3,090   Diageo PLC (United Kingdom)   48,044
1,096   Fresh Del Monte Produce, Inc. (Cayman Islands)*   25,098
1,300   Imperial Tobacco Group PLC (United Kingdom)   36,654
3,274   Kraft Foods, Inc., Class A   92,818
476   Lancaster Colony Corp.   23,924
428   Molson Coors Brewing Co., Class B   20,279
4,608   Nestle SA (Switzerland)   191,758
4,693   Philip Morris International, Inc.   214,517
3,548   Prestige Brands Holdings, Inc.*   26,291
6,582   Procter & Gamble (The) Co.   356,152
739   Reckitt Benckiser Group PLC (United Kingdom)   34,362
858   Ruddick Corp.   22,788
1,046   Safeway, Inc.   19,926
9,996   Tesco PLC (United Kingdom)   61,240
954   Tootsie Roll Industries, Inc.   22,562
2,061   Unilever NV (Netherlands)   57,659
1,625   Unilever PLC (United Kingdom)   44,494
9,528   Wal-Mart Stores, Inc.   484,690
427   Weis Markets, Inc.   13,327
     
        2,436,411
     
    ENERGY—7.3%    
717   Arena Resources, Inc.*   21,926
3,314   ATP Oil & Gas Corp.*   36,951
804   Berry Petroleum Co., Class A   18,146
4,689   BG Group PLC (United Kingdom)   77,721
805   Bill Barrett Corp.*   23,538
24,952   BP PLC (United Kingdom)   216,347
1,627   Cal Dive International, Inc.*   16,970
4,967   Chevron Corp.   347,392
3,614   ConocoPhillips   162,738
666   Dril-Quip, Inc.*   28,412
3,524   ENI S.p.A (Italy)   83,645
12,237   Exxon Mobil Corp.   846,188
2,511   General Maritime Corp. (Marshall Islands)   19,962
671   Goodrich Petroleum Corp.*   16,064
9,606   ION Geophysical Corp.*   24,495
2,107   Matrix Service Co.*   23,219
461   Murphy Oil Corp.   26,277
740   Nordic American Tanker Shipping Ltd. (Bermuda)   22,030


SCHEDULE OF INVESTMENTS (CONTINUED)
TDX INDEPENDENCE 2020 EXCHANGE-TRADED FUND (Continued)
August 31, 2009 (Unaudited)

Number
of Shares
    Value
    COMMON STOCKS (Continued)    
    ENERGY (Continued)    
1,930   Occidental Petroleum Corp. $ 141,083
616   Peabody Energy Corp.   20,131
1,008   Repsol YPF SA (Spain)   25,025
4,961   Royal Dutch Shell PLC, Class A (United Kingdom)   138,342
3,811   Royal Dutch Shell PLC, Class B (United Kingdom)   103,975
1,647   RPC, Inc.   15,054
2,865   Schlumberger Ltd. (Netherlands Antilles)   161,013
1,819   Southwestern Energy Co.*   67,048
1,769   StatoilHydro ASA (Norway)   38,628
2,996   Total SA (France)   171,847
692   Woodside Petroleum Ltd. (Australia)   28,586
539   World Fuel Services Corp.   24,223
     
        2,946,976
     
    FINANCIALS—12.2%    
2,392   Aflac, Inc.   97,163
90   Alexander’s, Inc. REIT   25,497
613   Allianz SE (Germany)   70,920
868   American Campus Communities, Inc. REIT   22,577
2,777   Annaly Capital Management, Inc. REIT   48,153
1,577   Assicurazioni Generali S.p.A (Italy)   39,310
2,458   Australia & New Zealand Banking Group Ltd. (Australia)   44,118
2,022   AXA (France)   46,079
4,141   Banco Bilbao Vizcaya Argentaria SA (Spain)   73,628
8,803   Banco Santander SA (Spain)   135,612
19,213   Bank of America Corp.   337,958
6,358   Bank of New York Mellon (The) Corp.   188,260
10,182   Barclays PLC (United Kingdom)   63,101
3,310   BB&T Corp.   92,481
1,078   BNP Paribas (France)   86,894
4,099   Boston Private Financial Holdings, Inc.   20,577
2,038   Capital One Financial Corp.   75,997
6,291   Charles Schwab (The) Corp.   113,615
1,700   Commonwealth Bank of Australia (Australia)   65,927
1,351     Credit Suisse Group (Switzerland)   68,966
861   Delphi Financial Group, Inc., Class A   20,122
694   Deutsche Bank AG (Germany)   47,157
2,251   Dime Community Bancshares, Inc.   25,211
1,660   Encore Capital Group, Inc.*   24,734
432   Equity Lifestyle Properties, Inc. REIT   17,388
1,438   Equity One, Inc. REIT   22,649
357   First Financial Bankshares, Inc.   17,793
1,364   FirstMerit Corp.   24,511
1,237   Franklin Resources, Inc.   115,449
517   GAMCO Investors, Inc., Class A   23,332
1,154   Goldman Sachs Group (The), Inc.   190,941
1,247   Highwoods Properties, Inc. REIT   36,624
22,899   HSBC Holdings PLC (United Kingdom)   250,833
10,983   Intesa Sanpaolo S.p.A (Italy)   47,638
954   IPC Holdings Ltd. (Bermuda)   30,929
8,862   JPMorgan Chase & Co.   385,144
807   Kansas City Life Insurance Co.   28,850
653   KBW, Inc.*   18,689
1,600   Knight Capital Group, Inc., Class A*   32,192


SCHEDULE OF INVESTMENTS (CONTINUED)
TDX INDEPENDENCE 2020 EXCHANGE-TRADED FUND (Continued)
August 31, 2009 (Unaudited)

Number
of Shares
    Value
    COMMON STOCKS (Continued)    
    FINANCIALS (Continued)    
2,064   MarketAxess Holdings, Inc.* $ 22,890
3,928   MFA Financial, Inc. REIT   31,110
491   Mid-America Apartment Communities, Inc. REIT   21,496
15,621     Mitsubishi UFJ Financial Group, Inc. (Japan)   100,026
1,412   Montpelier Re Holdings Ltd. (Bermuda)   22,719
1,152   Moody’s Corp.   31,380
3,231   Morgan Stanley   93,570
280   Muenchener Rueckversicherungs-Gesellschaft AG (Germany)   41,801
2,295   National Australia Bank Ltd. (Australia)   55,103
5,713   National Bank of Greece SA ADR (Greece)*   36,506
3,218   National Financial Partners Corp.   25,261
1,400   National Retail Properties, Inc. REIT   28,728
1,832   NewAlliance Bancshares, Inc.   21,544
3,976   Nordea Bank AB (Sweden)   41,716
1,165   Northern Trust Corp.   68,106
1,418   Omega Healthcare Investors, Inc. REIT   23,978
1,032   optionsXpress Holdings, Inc.   17,172
821   Platinum Underwriters Holdings Ltd. (Bermuda)   29,761
667   Potlatch Corp. REIT   19,410
565   ProAssurance Corp.*   29,663
3,683   Progressive (The) Corp.   60,843
795   Prosperity Bancshares, Inc.   27,451
406   Renasant Corp.   6,179
1,071   Riskmetrics Group, Inc.*   16,665
916   SCBT Financial Corp.   23,495
1,380   Simon Property Group, Inc. REIT   87,796
618   Societe Generale (France)   49,850
2,505   Standard Chartered PLC (United Kingdom)   56,994
464   Stifel Financial Corp.*   26,123
825   Sumitomo Mitsui Financial Group, Inc. (Japan)   35,663
552   Tanger Factory Outlet Centers, Inc. REIT   20,766
683   Tower Group, Inc.   16,385
4,370   UBS AG (Switzerland)*   80,797
648   UMB Financial Corp.   25,939
18,469   UniCredito Italiano S.p.A (Italy)   66,989
977   Washington Real Estate Investment Trust REIT   26,340
11,095   Wells Fargo & Co.   305,334
531   Westamerica Bancorp.   27,309
3,457   Westpac Banking Corp. (Australia)   71,025
539   Westwood Holdings Group, Inc.   20,762
199   Zurich Financial Services AG (Switzerland)   43,816
     
        4,935,480
     
    HEALTH CARE—6.3%    
3,977   Abbott Laboratories   179,880
463   Amedisys, Inc.*   20,622
904   AMERIGROUP Corp.*   21,380
544   AmSurg Corp.*   11,043
1,766   AstraZeneca PLC (United Kingdom)   81,742
1,112   Bayer AG (Germany)   68,347
3,624   Boston Scientific Corp.*   42,582
3,168   Bruker Corp.*   32,155
774   Catalyst Health Solutions, Inc.*   22,105


SCHEDULE OF INVESTMENTS (CONTINUED)
TDX INDEPENDENCE 2020 EXCHANGE-TRADED FUND (Continued)
August 31, 2009 (Unaudited)

Number
of Shares
    Value
    COMMON STOCKS (Continued)    
    HEALTH CARE (Continued)    
799   Centene Corp.* $ 13,831
693     Emergency Medical Services Corp., Class A*   31,428
3,814   eResearch Technology, Inc.*   23,990
741   Forest Laboratories, Inc.*   21,689
664   Genzyme Corp.*   36,991
6,271   GlaxoSmithKline PLC (United Kingdom)   122,952
453   Haemonetics Corp.*   23,846
1,010   Inspire Pharmaceuticals, Inc.*   6,030
1,810   Isis Pharmaceuticals, Inc.*   29,213
6,411   Johnson & Johnson   387,480
636   Magellan Health Services, Inc.*   20,409
557   Martek Biosciences Corp.*   13,674
1,088   Medicis Pharmaceutical Corp., Class A   20,095
3,061   Novartis AG (Switzerland)   142,153
570   Novo Nordisk A/S, B Shares (Denmark)   34,781
704   NuVasive, Inc.*   28,209
1,022   Onyx Pharmaceuticals, Inc.*   32,776
734   Owens & Minor, Inc.   32,480
16,274   Pfizer, Inc.   271,776
399   Pharmasset Inc.*   7,366
951   Psychiatric Solutions, Inc.*   25,477
534   Quality Systems, Inc.   28,751
1,461   Regeneron Pharmaceuticals, Inc.*   33,209
914   Roche Holding AG (Switzerland)   145,552
1,443   Sanofi-Aventis SA (France)   97,989
2,949   SIGA Technologies, Inc.*   21,587
912   Sirona Dental Systems, Inc.*   24,113
1,016   STERIS Corp.   29,484
1,103   Takeda Pharmaceutical Co. Ltd. (Japan)   44,588
1,043   Thoratec Corp.*   27,368
2,881   UnitedHealth Group, Inc.   80,668
471   Vanda Pharmaceuticals, Inc.*   6,434
762   WellCare Health Plans, Inc.*   18,494
3,177   Wyeth   152,019
536   Zimmer Holdings, Inc.*   25,380
1,181   ZymoGenetics, Inc.*   6,944
     
        2,549,082
     
    INDUSTRIALS—6.3%    
484   A.O. Smith Corp.   18,416
2,922   ABB Ltd. (Switzerland)   56,181
4,414   BAE Systems PLC (United Kingdom)   22,459
800   Baldor Electric Co.   22,456
1,808   Burlington Northern Santa Fe Corp.   150,100
921   C.H. Robinson Worldwide, Inc.   51,815
1,419   Caterpillar, Inc.   64,295
865   CLARCOR, Inc.   27,732
852   CRA International, Inc.*   23,796
776   Curtiss-Wright Corp.   25,274
1,361   Dollar Thrifty Automotive Group*   27,002
402   East Japan Railway Co. (Japan)   26,348
402   Eaton Corp.   21,688
1,183   EMCOR Group, Inc.*   27,410
1,771   Emerson Electric Co.   65,297


SCHEDULE OF INVESTMENTS (CONTINUED)
TDX INDEPENDENCE 2020 EXCHANGE-TRADED FUND (Continued)
August 31, 2009 (Unaudited)

Number
of Shares
    Value
    COMMON STOCKS (Continued)    
    INDUSTRIALS (Continued)    
200   Fanuc Ltd. (Japan) $ 16,364
1,064   First Advantage Corp., Class A*   18,652
223   First Solar, Inc.*   27,112
951   General Dynamics Corp.   56,290
25,587   General Electric Co.   355,660
891   Geo Group (The), Inc.*   16,323
2,041   GrafTech International Ltd.*   29,043
679   Granite Construction, Inc.   21,796
1,046   Griffon Corp.*   11,056
3,358     Hawaiian Holdings, Inc.*   24,581
1,611   Heartland Express, Inc.   22,812
438   Heico Corp.   16,232
1,284   Heidrick & Struggles International, Inc.   26,990
3,000   Hutchison Whampoa Ltd. (Hong Kong)   21,095
4,632   JetBlue Airways Corp.*   26,912
635   Kforce, Inc.*   7,112
1,494   Knight Transportation, Inc.   24,636
1,269   Koninklijke (Royal) Philips Electronics NV (Netherlands)   28,700
676   L.B. Foster Co., Class A*   20,158
945   Lockheed Martin Corp.   70,856
1,963   Mitsubishi Corp. (Japan)   39,888
2,625   Mitsui & Co. Ltd. (Japan)   34,296
901   PACCAR, Inc.   32,589
541   Regal-Beloit Corp.   24,594
870   Republic Services, Inc.   22,281
1,722   Rollins, Inc.   30,738
289   Schneider Electric SA (France)   26,667
21   Seaboard Corp.   23,184
1,168   Siemens AG (Germany)   101,323
1,043   Tetra Tech, Inc.*   30,810
2,513   Union Pacific Corp.   150,303
5,247   United Parcel Service, Inc., Class B   280,505
2,199   United Technologies Corp.   130,533
268   Vestas Wind Systems A/S (Denmark)*   19,247
3,099   Vicor Corp.   22,778
568   Vinci SA (France)   30,505
1,207   Waste Management, Inc.   36,126
555   Watsco, Inc.   29,321
756   Watson Wyatt Worldwide, Inc., Class A   33,037
     
        2,571,374
     
    INFORMATION TECHNOLOGY—10.8%    
7,849   3Com Corp.*   34,143
3,213   Accenture PLC, Class A (Ireland)   106,029
628   Anixter International, Inc.*   22,030
2,089   Apple, Inc.*   351,391
2,170   Arris Group, Inc.*   28,774
1,096   Benchmark Electronics, Inc.*   17,974
513   CACI International, Inc., Class A*   23,577
1,415   CANON, Inc. (Japan)   54,455
616   Cass Information Systems, Inc.   19,232
13,113   Cisco Systems, Inc.*   283,241
364   Computer Sciences Corp.*   17,781
841   Concur Technologies, Inc.*   29,738


SCHEDULE OF INVESTMENTS (CONTINUED)
TDX INDEPENDENCE 2020 EXCHANGE-TRADED FUND (Continued)
August 31, 2009 (Unaudited)

Number
of Shares
    Value
    COMMON STOCKS (Continued)    
    INFORMATION TECHNOLOGY (Continued)    
3,764     Corning, Inc. $ 56,761
2,998   Daktronics, Inc.   24,194
640   Digital River, Inc.*   22,605
150   Ebix, Inc.*   7,404
1,826   Electro Scientific Industries, Inc.*   22,423
4,767   EMC Corp.*   75,795
262   EMS Technologies, Inc.*   4,910
7,479   Entegris, Inc.*   29,916
3,062   Exar Corp.*   22,996
935   Fair Isaac Corp.   20,851
1,603   Gartner, Inc.*   26,706
754   Google, Inc., Class A*   348,099
5,762   Hewlett-Packard Co.   258,656
1,470   Informatica Corp.*   26,357
3,104   International Business Machines Corp.   366,427
2,420   IXYS Corp.   16,456
1,457   Jack Henry & Associates, Inc.   33,963
636   ManTech International Corp., Class A*   33,606
669   MasterCard, Inc., Class A   135,559
1,332   Microsemi Corp.*   18,795
21,180   Microsoft Corp.   522,088
3,134   ModusLink Global Solutions, Inc.*   22,502
2,930   MSC.Software Corp.*   22,209
129   Nintendo Co. Ltd. (Japan)   34,988
5,741   Nokia Oyj (Finland)   79,915
1,328   Omniture Inc*   19,004
11,984   Oracle Corp.   262,090
2,688   Palm, Inc.*   35,831
1,997   Parametric Technology Corp.*   26,560
868   Paychex, Inc.   24,556
2,005   Perot Systems Corp., Class A*   33,383
1,372   Polycom, Inc.*   32,365
1,600   Quest Software, Inc.*   26,384
2,139   Rackspace Hosting, Inc.*   27,679
1,173   Riverbed Technology, Inc.*   22,615
250   Rogers Corp.*   6,525
1,167   SAP AG (Germany)   57,040
2,558   Skyworks Solutions, Inc.*   29,801
530   Smith Micro Software, Inc.*   6,122
1,170   Solera Holdings, Inc.   30,818
925   SRA International, Inc., Class A*   18,380
1,175   Starent Networks Corp.*   23,782
3,661   Telefonaktiebolaget LM Ericsson, B Shares (Sweden)   35,112
2,874   TIBCO Software, Inc.*   25,492
4,482   Visa, Inc., Class A   318,670
726   VistaPrint NV (Netherlands)*   30,085
3,360   Yahoo!, Inc.*   49,090
     
        4,363,930
     
    MATERIALS—2.4%    
329   Air Liquide SA (France)   35,150
539   AMCOL International Corp.   11,933
2,256   American Vanguard Corp.   19,763
1,692   Anglo American PLC (United Kingdom)   55,732


SCHEDULE OF INVESTMENTS (CONTINUED)
TDX INDEPENDENCE 2020 EXCHANGE-TRADED FUND (Continued)
August 31, 2009 (Unaudited)

Number
of Shares
    Value
    COMMON STOCKS (Continued)    
    MATERIALS (Continued)    
1,123   ArcelorMittal (Luxembourg) $ 40,241
1,156   BASF AG (Germany)   60,368
4,431   BHP Billiton Ltd. (Australia)   137,467
2,892   BHP Billiton PLC (United Kingdom)   76,734
2,620   Dow Chemical (The) Co.   55,780
2,072   E.I. du Pont de Nemours & Co.   66,159
238   NewMarket Corp.   19,783
1,169   Newmont Mining Corp.   46,982
730   Praxair, Inc.   55,933
1,704   Rio Tinto PLC (United Kingdom)   67,027
653   Rock-Tenn Co., Class A   33,492
1,187   Rockwood Holdings, Inc.*   24,179
814   Sensient Technologies Corp.   21,221
600   Shin-Etsu Chemical Co. Ltd. (Japan)   35,574
659   Silgan Holdings, Inc.   32,041
135     Syngenta AG (Switzerland)   31,807
302   Vulcan Materials Co.   15,112
1,147   Westlake Chemical Corp.   27,574
511   Weyerhaeuser Co.   19,106
     
        989,158
     
    TELECOMMUNICATION SERVICES—2.7%    
15,065   AT&T, Inc.   392,443
3,706   Deutsche Telekom AG (Germany)   49,327
2,581   France Telecom SA (France)   65,707
2,222   Koninklijke (Royal) KPN NV (Netherlands)   34,151
21   NTT DoCoMo, Inc. (Japan)   32,440
5,260   Telefonica SA (Spain)   132,776
7,185   Verizon Communications, Inc.   223,022
72,032   Vodafone Group PLC (United Kingdom)   155,904
     
        1,085,770
     
    UTILITIES—2.5%    
1,447   Consolidated Edison, Inc.   58,155
2,584   E.ON AG (Germany)   109,428
7,181   Enel S.p.A (Italy)   42,354
715   EQT Corp.   28,364
3,580   Exelon Corp.   179,073
2,168   FPL Group, Inc.   121,798
1,594   GDF Suez (France)   67,229
5,179   Iberdrola SA (Spain)   48,012
723   New Jersey Resources Corp.   26,570
796   Nicor, Inc.   28,831
1,319   Piedmont Natural Gas Co., Inc.   31,682
634   RWE AG (Germany)   58,774
4,121   Southern Co.   128,575
1,600   Tokyo Electric Power (The) Co., Inc. (Japan)   41,826
891   WGL Holdings, Inc.   29,403
     
        1,000,074
     


SCHEDULE OF INVESTMENTS (CONTINUED)
TDX INDEPENDENCE 2020 EXCHANGE-TRADED FUND (Continued)
August 31, 2009 (Unaudited)

Number
of Shares
    Value
      Total Common Stocks    
      (Cost $27,493,349) $ 25,077,634
       
      RIGHTS—0.0% (a)    
      FINANCIALS—0.0% (a)    
  3,036   Fortis Rights, expiring 12/31/14 (Belgium)*    
      (Cost $0)   0
       
         
Principal
Amount
       
      CORPORATE BONDS —19.4%    
      CONSUMER DISCRETIONARY —1.3%    
$ 220,000   Home Depot (The), Inc.    
      5.40%, 3/01/16   227,912
  136,000   News America, Inc.    
      6.20%, 12/15/34   132,397
  32,000   Time Warner, Inc.    
      7.70%, 5/01/32   35,583
  113,000   Viacom, Inc.    
      6.25%, 4/30/16   121,396
       
          517,288
       
      CONSUMER STAPLES—1.9%    
  11,000   Coca-Cola Enterprises, Inc.    
      8.50%, 2/01/22   14,606
  91,000   Diageo Finance BV (Netherlands)    
      5.30%, 10/28/15   97,682
  279,000   Kraft Foods    
      6.50%, 8/11/17   312,573
  108,000   Kroger (The) Co.    
      5.50%, 2/01/13   115,348
  48,000   Pepsi Bottling Group (The), Inc., Series B    
      7.00%, 3/01/29   58,274
  73,000   Reynolds American, Inc.    
      6.75%, 6/15/17   74,495
  95,000     Wal-Mart Stores, Inc.    
      4.55%, 5/01/13   101,550
       
          774,528
       
      ENERGY—1.7%    
  197,000   Anadarko Petroleum Corp.    
      5.95%, 9/15/16   205,160
  105,000   Canadian Natural Resources Ltd. (Canada)    
      5.70%, 5/15/17   110,147
  88,000   ConocoPhillips    
      5.90%, 10/15/32   94,310


SCHEDULE OF INVESTMENTS (CONTINUED)
TDX INDEPENDENCE 2020 EXCHANGE-TRADED FUND (Continued)
August 31, 2009 (Unaudited)

Principal
Amount
    Value
      CORPORATE BONDS (Continued)    
      ENERGY (Continued)    
$ 121,000   Enterprise Products Operating LP, Series B    
      5.60%, 10/15/14 $ 128,126
  152,000   Spectra Energy Capital LLC    
      6.25%, 2/15/13   162,520
       
          700,263
       
      FINANCIALS—8.5%    
  101,000     Allstate (The) Corp.    
      5.55%, 5/09/35   97,436
  67,000   American Express Co.    
      4.875%, 7/15/13   67,956
  28,000   Bear Stearns & Co.    
      7.25%, 2/01/18   31,982
  198,000   Boston Properties LP    
      6.25%, 1/15/13   203,742
  101,000   Capital One Financial Corp.    
      6.15%, 9/01/16   92,981
  143,000   Credit Suisse (USA), Inc.    
      7.125%, 7/15/32   161,795
  167,000   Deutsche Bank AG London (Germany)    
      6.00%, 9/01/17   178,063
  392,000   European Investment Bank (Supranational)    
      4.625%, 5/15/14   424,813
  172,000   General Electric Capital Corp., Series A MTN    
      6.75%, 3/15/32   171,108
  167,000   Genworth Financial, Inc.    
      5.75%, 6/15/14   130,648
  255,000   Goldman Sachs Group, LP    
      5.00%, 10/01/14   265,925
  50,000   HSBC Finance Corp.    
      5.50%, 1/19/16   50,510
  200,000   JP Morgan Chase Bank    
      5.875%, 6/13/16   209,677
  253,000   Landwirtschaftliche Rentenbank, Series G MTN (Germany)    
      5.00%, 11/08/16   271,745
  76,000   Marsh & McLennan Cos., Inc.    
      5.75%, 9/15/15   78,226
  28,000   Merrill Lynch & Co., Inc., MTN    
      6.875%, 4/25/18   28,637
  194,000   Merrill Lynch & Co, Inc., Series C MTN    
      5.00%, 1/15/15   193,191
  113,000   MetLife, Inc.    
      5.00%, 6/15/15   117,475
  187,000   Morgan Stanley    
      5.30%, 3/01/13   195,511
  121,000   Royal Bank of Scotland Group PLC (United Kingdom)    
      5.00%, 10/01/14   107,107
  45,000   SLM Corp., Series A MTN    
      5.375%, 5/15/14   31,868


SCHEDULE OF INVESTMENTS (CONTINUED)
TDX INDEPENDENCE 2020 EXCHANGE-TRADED FUND (Continued)
August 31, 2009 (Unaudited)

Principal
Amount
    Value
      CORPORATE BONDS (Continued)    
      FINANCIALS (Continued)    
$ 21,000   Unilever Capital Corp.    
      5.90%, 11/15/32 $ 22,939
  305,000   Wachovia Corp.    
      5.25%, 8/01/14   310,915
       
          3,444,250
       
      HEALTH CARE—0.6%    
  61,000   Abbott Laboratories    
      5.875%, 5/15/16   68,048
  73,000   UnitedHealth Group, Inc.    
      4.875%, 3/15/15   74,483
  21,000   WellPoint, Inc.    
      5.25%, 1/15/16   21,295
  61,000   Wyeth    
      5.50%, 2/01/14   66,767
       
          230,593
       
      INDUSTRIALS—0.8%    
  334,000   General Electric Co.    
      5.25%, 12/06/17   341,576
       
      INFORMATION TECHNOLOGY—0.4%    
  141,000   Oracle Corp.    
      5.25%, 1/15/16   151,894
       
      MATERIALS—0.8%    
  71,000   BHP Billiton Finance USA Ltd. (Australia)    
      4.80%, 4/15/13   75,220
  61,000   CRH America, Inc.    
      6.00%, 9/30/16   59,962
  111,000   E.I. du Pont de Nemours & Co.    
      5.25%, 12/15/16   118,204
  101,000   Weyerhaeuser Co.    
      7.375%, 3/15/32   85,179
       
          338,565
       
      TELECOMMUNICATION SERVICES—1.4%    
  63,000   BellSouth Corp.    
        6.00%, 11/15/34   64,999
  84,000   Deutsche Telekom International Finance BV (Netherlands)    
      8.75%, 6/15/30   112,087
  114,000   Embarq Corp.    
      7.082%, 6/01/16   121,878
  100,000   Verizon Global Funding Corp.    
      7.75%, 12/01/30   120,722
  146,000   Vodafone Group PLC (United Kingdom)    
      5.625%, 2/27/17   154,192
       
          573,878
       


SCHEDULE OF INVESTMENTS (CONTINUED)
TDX INDEPENDENCE 2020 EXCHANGE-TRADED FUND (Continued)
August 31, 2009 (Unaudited)

Principal
Amount
    Value
      CORPORATE BONDS (Continued)    
      UTILITIES—2.0%    
$ 135,000   Constellation Energy Group    
      4.55%, 6/15/15 $ 128,292
  170,000   Dominion Resources, Inc., Series C    
      5.15%, 7/15/15   179,080
  61,000   Exelon Generation Co. LLC    
      5.35%, 1/15/14   63,856
  61,000   FirstEnergy Corp., Series C    
      7.375%, 11/15/31   67,533
  112,000   Midamerican Energy Holdings Co.    
      6.125%, 4/01/36   119,124
  61,000   Oncor Electric Delivery Co.    
        7.00%, 9/01/22   69,563
  147,000   Pacific Gas & Electric Co.    
      6.05%, 3/01/34   160,764
       
          788,212
       
      Total Corporate Bonds    
      (Amortized Cost $7,423,322)   7,861,047
       
      UNITED STATES GOVERNMENT & AGENCIES OBLIGATIONS—15.9%    
      FEDERAL HOME LOAN MORTGAGE CORP.—2.5%    
  750,000   4.50%, 1/15/13   811,974
  164,000   6.25%, 7/15/32   197,983
       
          1,009,957
       
      FEDERAL NATIONAL MORTGAGE ASSOCIATION —1.4%    
  150,000   5.00%, 4/15/15   165,890
  380,000   5.00%, 5/11/17   416,905
       
          582,795
       
      UNITED STATE TREASURY BONDS/NOTES—12.0%    
  300   3.50%, 2/15/10   304
  400   4.50%, 5/15/10   412
  278,100   4.875%, 4/30/11   296,915
  950,000   5.00%, 8/15/11   1,025,333
  775,000   3.375%, 7/31/13   818,412
  675,400   4.75%, 5/15/14   750,697
  85,600   7.50%, 11/15/16   109,775
  557,200   8.125%, 8/15/19   769,633
  372,300   7.625%, 2/15/25   525,700
  439,400   6.25%, 5/15/30   567,375
       
          4,864,556
       
      Total United States Government & Agencies Obligations    
      (Amortized Cost $6,311,620)   6,457,308
       


SCHEDULE OF INVESTMENTS (CONTINUED)
TDX INDEPENDENCE 2020 EXCHANGE-TRADED FUND (Continued)
August 31, 2009 (Unaudited)

Principal
Amount
    Value
      SOVEREIGN BONDS—2.1%    
$ 203,000   Province of Quebec Canada (Canada)    
      7.50%, 9/15/29 $ 266,477
  175,000     Republic of Italy (Italy)    
      5.25%, 9/20/16   187,095
  89,000   United Mexican States    
      6.75%, 9/27/34   92,783
  294,000   United Mexican States, Series A MTN (Mexico)    
      6.375%, 1/16/13   320,460
       
      Total Sovereign Bonds    
      (Amortized Cost $843,085)   866,815
       
 
      Total Investments—99.3%    
      (Amortized Cost $42,071,376) (b) $ 40,262,804
      Cash Equivalents—0.2% (c)   67,498
      Other assets in excess of liabilities—0.5%   216,392
       
      Net Assets—100.0% $ 40,546,694
       
     
  ADR – American Depositary Receipt.
  MTN – Medium Term Note.
  REIT – Real Estate Investment Trust.
  * Non-income producing security.
     
  (a)  Less than 0.1%.
  (b)  The cost stated also approximates the aggregate cost for Federal income tax purposes. At August 31, 2009, net unrealized depreciation was $1,808,572 based on cost for Federal income tax purposes. This consisted of aggregate gross unrealized appreciation of $1,506,488 and aggregate gross unrealized depreciation of $3,315,060.
  (b)  Represents an investment in Dreyfus Institutional Reserve Money Fund with annualized 7-day yield of 0.26% at August 31, 2009.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

      Level 1 —  quoted prices in active markets for identical securities
     
  Level 2 — other significant observable inputs (including, but not limited to, 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)

The following is a summary of the inputs used as of August 31, 2009 in valuing the Fund’s investments:


SCHEDULE OF INVESTMENTS (CONTINUED)
TDX INDEPENDENCE 2020 EXCHANGE-TRADED FUND (Continued)
August 31, 2009 (Unaudited)

Investments Level 1   Level 2   Level 3
Common Stocks $ 25,077,634     $ -     $ -
Corporate Bonds   -     7,861,047     -
United States Government & Agencies Obligations   -     6,457,308     -
Sovereign Bonds   -     866,815     -
Money Market Fund   -     67,498     -
 
Total Investments $ 25,077,634   $ 15,252,668   $ -
 


TDX INDEPENDENCE 2020 EXCHANGE-TRADED FUND
COUNTRY BREAKDOWN AS OF AUGUST 31, 2009 (Unaudited)

  Value
  % of
Net Assets
 
United States $ 30,869,053   76.1 %
United Kingdom   2,047,425   5.0  
Germany   1,182,799   2.9  
Japan   839,285   2.1  
France   794,356   2.0  
Switzerland   761,029   1.9  
Australia   477,446   1.2  
Italy   467,030   1.1  
Supranational   424,814   1.0  
Spain   415,053   1.0  
Mexico   413,243   1.0  
Canada   376,624   0.9  
Netherlands   360,364   0.9  
Netherlands Antilles   161,013   0.4  
Ireland   106,029   0.3  
Bermuda   105,439   0.3  
Sweden   110,330   0.3  
Finland   79,915   0.2  
Denmark   54,028   0.1  
Luxembourg   40,241   0.1  
Norway   38,628   0.1  
Greece   36,506   0.1  
Belgium   35,999   0.1  
Cayman Islands   25,098   0.1  
Hong Kong   21,095   0.1  
Marshall Islands   19,962   0.0  
 
 
 
Total Investments   40,262,804   99.3  
Cash Equivalents   67,498   0.2  
Other assets less liabilities   216,392   0.5  
 
 
 
Net Assets $ 40,546,694   100.0 %
 
   
 


SCHEDULE OF INVESTMENTS
TDX INDEPENDENCE 2030 EXCHANGE-TRADED FUND
August 31, 2009 (Unaudited)

Number
of Shares
    Value
    COMMON STOCKS—83.8%    
    CONSUMER DISCRETIONARY—7.4%    
1,214   Amazon.com, Inc.* $ 98,565
1,161   Ameristar Casinos, Inc.   19,284
150   AutoZone, Inc.*   22,088
1,043   Bally Technologies, Inc.*   42,168
617   Bob Evans Farms, Inc.   16,579
3,565   Brown Shoe Co., Inc.   26,738
959   Buckle (The), Inc.   25,366
429   California Pizza Kitchen, Inc.*   6,032
1,184   Carter’s, Inc.*   29,789
2,364   Cinemark Holdings, Inc.   23,735
1,307   Collective Brands, Inc.*   20,703
660   Columbia Sportswear Co.   25,945
8,441   Comcast Corp., Class A   129,316
959   Cooper Tire & Rubber Co.   13,695
2,031   Corinthian Colleges, Inc.*   38,934
1,286   Daimler AG (Germany)   58,188
2,882   DIRECTV Group (The), Inc.*   71,358
1,236   Dress Barn, Inc.*   20,060
5,140   Eastman Kodak Co.   27,345
2,145   Ethan Allen Interiors, Inc.   33,333
8,224   Ford Motor Co.*   62,502
1,397   Fossil, Inc.*   35,456
748   Hennes & Mauritz AB, B Shares (Sweden)   41,558
4,745   Home Depot (The), Inc.   129,491
2,824   HONDA MOTOR Co. Ltd. (Japan)   89,349
1,387   Iconix Brand Group, Inc.*   23,829
1,279   J. Crew Group, Inc.*   43,601
1,146   Jack in the Box, Inc.*   23,367
3,280   Knology, Inc. *   23,747
1,820   Las Vegas Sands Corp.*   25,953
787     Life Time Fitness, Inc.*   24,491
405   LVMH Moet Hennessy Louis Vuitton SA (France)   38,760
2,231   Marcus Corp.   27,932
3,170   McDonald’s Corp.   178,280
1,060   Men’s Wearhouse (The), Inc.   27,560
5,326   News Corp., Class A   57,095
3,719   Nissan Motor Co. Ltd. (Japan)   26,059
873   Omnicom Group, Inc.   31,707
3,107   Panasonic Corp. (Japan)   49,905
1,282   Rent-A-Center, Inc.*   25,294
329   Sherwin-Williams (The) Co.   19,806
1,721   Sony Corp. (Japan)   46,659
869   Spartan Motors, Inc.   4,719
6,025   Talbots (The), Inc.   35,909
2,129   Target Corp.   100,063
3,348   Time Warner, Inc.   93,443
4,627   Toyota Motor Corp. (Japan)   199,015
664   Tractor Supply Co.*   31,248
1,204   Tupperware Brands Corp.   44,536
706   Vail Resorts, Inc.*   23,383
1,986   Vivendi (France)   56,630
2,001   Volcom, Inc.*   28,354
118   Volkswagen AG (Germany)   22,869


SCHEDULE OF INVESTMENTS (CONTINUED)
TDX INDEPENDENCE 2030 EXCHANGE-TRADED FUND (Continued)
August 31, 2009 (Unaudited)

Number
of Shares
    Value
    COMMON STOCKS (Continued)    
    CONSUMER DISCRETIONARY (Continued)    
5,136   Walt Disney (The) Co. $ 133,740
902   Warnaco Group (The), Inc.*   34,321
     
        2,609,852
     
    CONSUMER STAPLES—8.2%    
990   Anheuser-Busch Inbev NV (Belgium)   42,784
3,253   B&G Foods, Inc., Class A   29,667
839   Boston Beer (The) Co., Inc., Class A*   33,350
2,759   British American Tobacco PLC (United Kingdom)   84,267
993   Campbell Soup Co.   31,140
977   Carrefour SA (France)   46,050
985   Casey’s General Stores, Inc.   27,334
6,377   Coca-Cola (The) Co.   311,006
4,171   CVS Caremark Corp.   156,496
3,643   Diageo PLC (United Kingdom)   56,642
1,291   Fresh Del Monte Produce, Inc. (Cayman Islands)*   29,564
1,525   Imperial Tobacco Group PLC (United Kingdom)   42,998
3,861   Kraft Foods, Inc., Class A   109,459
562   Lancaster Colony Corp.   28,246
504   Molson Coors Brewing Co., Class B   23,880
5,446   Nestle SA (Switzerland)   226,631
5,760   Philip Morris International, Inc.   263,290
4,190   Prestige Brands Holdings, Inc.*   31,048
7,775   Procter & Gamble (The) Co.   420,706
907   Reckitt Benckiser Group PLC (United Kingdom)   42,174
1,016   Ruddick Corp.   26,985
1,237   Safeway, Inc.   23,565
11,764   Tesco PLC (United Kingdom)   72,071
1,125   Tootsie Roll Industries, Inc.   26,606
2,484   Unilever NV (Netherlands)   69,493
1,941   Unilever PLC (United Kingdom)   53,146
11,367   Wal-Mart Stores, Inc.   578,240
506   Weis Markets, Inc.   15,792
     
        2,902,630
     
    ENERGY—9.8%    
847   Arena Resources, Inc.*   25,901
3,913     ATP Oil & Gas Corp.*   43,630
948   Berry Petroleum Co., Class A   21,396
5,547   BG Group PLC (United Kingdom)   91,942
952   Bill Barrett Corp.*   27,836
29,495   BP PLC (United Kingdom)   255,738
1,921   Cal Dive International, Inc.*   20,036
5,978   Chevron Corp.   418,101
4,267   ConocoPhillips   192,143
787   Dril-Quip, Inc.*   33,573
4,183   ENI S.p.A (Italy)   99,287
14,445   Exxon Mobil Corp.   998,872
2,967   General Maritime Corp. (Marshall Islands)   23,588
792   Goodrich Petroleum Corp.*   18,960
11,343   ION Geophysical Corp.*   28,925
2,489   Matrix Service Co.*   27,429


SCHEDULE OF INVESTMENTS (CONTINUED)
TDX INDEPENDENCE 2030 EXCHANGE-TRADED FUND (Continued)
August 31, 2009 (Unaudited)

Number
of Shares
    Value
    COMMON STOCKS (Continued)    
    ENERGY (Continued)    
544   Murphy Oil Corp. $ 31,008
875   Nordic American Tanker Shipping Ltd. (Bermuda)   26,049
2,281     Occidental Petroleum Corp.   166,741
727   Peabody Energy Corp.   23,758
1,191   Repsol YPF SA (Spain)   29,568
5,851   Royal Dutch Shell PLC, Class A (United Kingdom)   163,160
4,498   Royal Dutch Shell PLC, Class B (United Kingdom)   122,718
1,945   RPC, Inc.   17,777
3,385   Schlumberger Ltd. (Netherlands Antilles)   190,237
2,152   Southwestern Energy Co.*   79,323
2,064   StatoilHydro ASA (Norway)   45,070
3,557   Total SA (France)   204,026
817   Woodside Petroleum Ltd. (Australia)   33,750
637   World Fuel Services Corp.   28,627
     
        3,489,169
     
    FINANCIALS—16.5%    
3,049   Aflac, Inc.   123,850
106   Alexander’s, Inc. REIT   30,030
724   Allianz SE (Germany)   83,762
1,027   American Campus Communities, Inc. REIT   26,712
3,282   Annaly Capital Management, Inc. REIT   56,910
1,852   Assicurazioni Generali S.p.A (Italy)   46,164
2,917   Australia & New Zealand Banking Group Ltd. (Australia)   52,356
2,403   AXA (France)   54,761
4,902   Banco Bilbao Vizcaya Argentaria SA (Spain)   87,159
10,407   Banco Santander SA (Spain)   160,323
22,894   Bank of America Corp.   402,705
7,511   Bank of New York Mellon (The) Corp.   222,401
12,047   Barclays PLC (United Kingdom)   74,659
3,907   BB&T Corp.   109,162
1,280   BNP Paribas (France)   103,177
4,838   Boston Private Financial Holdings, Inc.   24,287
2,407   Capital One Financial Corp.   89,757
7,411   Charles Schwab (The) Corp.   133,843
2,014   Commonwealth Bank of Australia (Australia)   78,104
1,634   Credit Suisse Group (Switzerland)   83,412
1,018   Delphi Financial Group, Inc., Class A   23,791
823   Deutsche Bank AG (Germany)   55,923
2,656   Dime Community Bancshares, Inc.   29,747
1,961   Encore Capital Group, Inc.*   29,219
512   Equity Lifestyle Properties, Inc. REIT   20,608
1,700   Equity One, Inc. REIT   26,775
422   First Financial Bankshares, Inc.   21,032
1,610   FirstMerit Corp.   28,932
1,461   Franklin Resources, Inc.   136,355
611   GAMCO Investors, Inc., Class A   27,574
1,364   Goldman Sachs Group (The), Inc.   225,687
1,475   Highwoods Properties, Inc. REIT   43,321
26,994   HSBC Holdings PLC (United Kingdom)   295,689
12,668   Intesa Sanpaolo S.p.A (Italy)   54,947
1,128   IPC Holdings Ltd. (Bermuda)   36,570
10,692   JPMorgan Chase & Co.   464,673
954   Kansas City Life Insurance Co.   34,106
772   KBW, Inc.*   22,095


SCHEDULE OF INVESTMENTS (CONTINUED)
TDX INDEPENDENCE 2030 EXCHANGE-TRADED FUND (Continued)
August 31, 2009 (Unaudited)

Number
of Shares
    Value
    COMMON STOCKS (Continued)    
    FINANCIALS (Continued)    
1,890   Knight Capital Group, Inc., Class A* $ 38,027
2,439   MarketAxess Holdings, Inc.*   27,049
4,641   MFA Financial, Inc. REIT   36,757
581   Mid-America Apartment Communities, Inc. REIT   25,436
18,535     Mitsubishi UFJ Financial Group, Inc. (Japan)   118,685
1,672   Montpelier Re Holdings Ltd. (Bermuda)   26,902
1,360   Moody’s Corp.   37,046
3,816   Morgan Stanley   110,511
335   Muenchener Rueckversicherungs-Gesellschaft AG (Germany)   50,012
2,718   National Australia Bank Ltd. (Australia)   65,259
6,555   National Bank of Greece SA ADR (Greece)   41,886
3,801   National Financial Partners Corp.   29,838
1,654   National Retail Properties, Inc. REIT   33,940
2,162   NewAlliance Bancshares, Inc.   25,425
4,721   Nordea Bank AB (Sweden)   49,533
1,377   Northern Trust Corp.   80,499
1,677   Omega Healthcare Investors, Inc. REIT   28,358
1,219   optionsXpress Holdings, Inc.   20,284
958   Platinum Underwriters Holdings Ltd. (Bermuda)   34,728
790   Potlatch Corp. REIT   22,989
668   ProAssurance Corp.*   35,070
4,359   Progressive (The) Corp.   72,011
938   Prosperity Bancshares, Inc.   32,389
478   Renasant Corp.   7,275
1,266   Riskmetrics Group, Inc.*   19,699
1,082   SCBT Financial Corp.   27,753
1,631   Simon Property Group, Inc. REIT   103,764
735   Societe Generale (France)   59,288
2,962   Standard Chartered PLC (United Kingdom)   67,391
549   Stifel Financial Corp.*   30,909
976   Sumitomo Mitsui Financial Group, Inc. (Japan)   42,190
654   Tanger Factory Outlet Centers, Inc. REIT   24,603
808   Tower Group, Inc.   19,384
5,136   UBS AG (Switzerland)*   94,959
765   UMB Financial Corp.   30,623
21,763   UniCredito Italiano S.p.A (Italy)   78,936
1,156   Washington Real Estate Investment Trust REIT   31,166
13,204   Wells Fargo & Co.   363,374
627   Westamerica Bancorp.   32,247
4,099   Westpac Banking Corp. (Australia)   84,215
636   Westwood Holdings Group, Inc.   24,499
235   Zurich Financial Services AG (Switzerland)   51,743
     
        5,857,230
     
    HEALTH CARE—8.5%    
4,690   Abbott Laboratories   212,129
546   Amedisys, Inc.*   24,319
1,068   AMERIGROUP Corp.*   25,258
642   AmSurg Corp.*   13,033
2,106   AstraZeneca PLC (United Kingdom)   97,479
1,314   Bayer AG (Germany)   80,763
4,278   Boston Scientific Corp.*   50,267


SCHEDULE OF INVESTMENTS (CONTINUED)
TDX INDEPENDENCE 2030 EXCHANGE-TRADED FUND (Continued)
August 31, 2009 (Unaudited)

Number
of Shares
    Value
    COMMON STOCKS (Continued)    
    HEALTH CARE (Continued)    
3,742   Bruker Corp.* $ 37,981
914   Catalyst Health Solutions, Inc.*   26,104
943   Centene Corp.*   16,323
818   Emergency Medical Services Corp., Class A*   37,096
4,503   eResearch Technology, Inc.*   28,324
874     Forest Laboratories, Inc.*   25,582
783   Genzyme Corp.*   43,621
7,386   GlaxoSmithKline PLC (United Kingdom)   144,814
535   Haemonetics Corp.*   28,162
1,196   Inspire Pharmaceuticals, Inc.*   7,140
2,139   Isis Pharmaceuticals, Inc.*   34,523
7,683   Johnson & Johnson   464,361
751   Magellan Health Services, Inc.*   24,100
657   Martek Biosciences Corp.*   16,129
1,285   Medicis Pharmaceutical Corp., Class A   23,734
3,603   Novartis AG (Switzerland)   167,323
683   Novo Nordisk A/S, B Shares (Denmark)   41,676
832   NuVasive, Inc.*   33,338
1,207   Onyx Pharmaceuticals, Inc.*   38,708
867   Owens & Minor, Inc.   38,365
19,444   Pfizer, Inc.   324,715
471   Pharmasset Inc.*   8,695
1,123   Psychiatric Solutions, Inc.*   30,085
632   Quality Systems, Inc.   34,027
1,727   Regeneron Pharmaceuticals, Inc.*   39,255
1,075   Roche Holding AG (Switzerland)   171,190
1,732   Sanofi-Aventis SA (France)   117,614
3,485   SIGA Technologies, Inc.*   25,510
1,077   Sirona Dental Systems, Inc.*   28,476
1,199   STERIS Corp.   34,795
1,238   Takeda Pharmaceutical Co. Ltd. (Japan)   50,046
1,234   Thoratec Corp.*   32,380
3,401   UnitedHealth Group, Inc.   95,228
556   Vanda Pharmaceuticals, Inc.*   7,595
899   WellCare Health Plans, Inc.*   21,819
3,752   Wyeth   179,533
631   Zimmer Holdings, Inc.*   29,878
1,396   Zymogenetics, Inc.* 8,208
     
        3,019,701
     
    INDUSTRIALS—8.6%    
574   A.O. Smith Corp.   21,841
3,584   ABB Ltd. (Switzerland)   68,909
5,596   BAE Systems PLC (United Kingdom)   28,474
949   Baldor Electric Co.   26,638
2,132   Burlington Northern Santa Fe Corp.   176,999
1,085   C.H. Robinson Worldwide, Inc.   61,042
1,686   Caterpillar, Inc.   76,393
1,030   CLARCOR, Inc.   33,022
1,009   CRA International, Inc.*   28,181
924   Curtiss-Wright Corp.   30,095
1,607   Dollar Thrifty Automotive Group, Inc.*   31,883
540   East Japan Railway Co. (Japan)   35,393


SCHEDULE OF INVESTMENTS (CONTINUED)
TDX INDEPENDENCE 2030 EXCHANGE-TRADED FUND (Continued)
August 31, 2009 (Unaudited)

Number
of Shares
    Value
    COMMON STOCKS (Continued)    
    INDUSTRIALS (Continued)    
480   Eaton Corp. $ 25,896
1,404   EMCOR Group, Inc.*   32,531
2,109   Emerson Electric Co.   77,759
333   Fanuc Ltd. (Japan)   27,246
1,260   First Advantage Corp., Class A*   22,088
264   First Solar, Inc.*   32,097
1,131   General Dynamics Corp.   66,944
28,963   General Electric Co.   402,587
1,057   Geo Group (The), Inc.*   19,364
2,418   GrafTech International Ltd.*   34,408
810   Granite Construction, Inc.   26,001
1,250   Griffon Corp.*   13,213
3,958   Hawaiian Holdings, Inc.*   28,973
1,895   Heartland Express, Inc.   26,833
521   Heico Corp.   19,308
1,520   Heidrick & Struggles International, Inc.   31,950
3,331   Hutchison Whampoa Ltd. (Hong Kong)   23,422
5,461   JetBlue Airways Corp.*   31,728
757   Kforce, Inc.*   8,478
1,759   Knight Transportation, Inc.   29,006
1,591   Koninklijke (Royal) Philips Electronics NV (Netherlands)   35,983
803   L.B. Foster Co., Class A*   23,945
1,127   Lockheed Martin Corp.   84,502
2,247   Mitsubishi Corp. (Japan)   45,659
3,169   Mitsui & Co. Ltd. (Japan)   41,404
1,075   PACCAR, Inc.   38,883
644   Regal-Beloit Corp.   29,276
1,033   Republic Services, Inc.   26,455
2,052   Rollins, Inc.   36,628
400   Schneider Electric SA (France)   36,909
24   Seaboard Corp.   26,496
1,415   Siemens AG (Germany)   122,749
1,238   Tetra Tech, Inc.*   36,571
2,965   Union Pacific Corp.   177,337
6,191   United Parcel Service, Inc., Class B   330,972
2,620   United Technologies Corp.   155,523
324   Vestas Wind Systems A/S (Denmark)*   23,268
3,680   Vicor Corp.   27,048
674   Vinci SA (France)   36,198
1,438   Waste Management, Inc.   43,039
659   Watsco, Inc.   34,815
896   Watson Wyatt Worldwide, Inc., Class A   39,155
     
        3,051,517
     
      INFORMATION TECHNOLOGY—14.5%    
9,281   3Com Corp.*   40,372
3,798   Accenture PLC, Class A (Ireland)   125,334
742   Anixter International, Inc.*   26,029
2,579   Apple, Inc.*   433,815
2,566   Arris Group, Inc.*   34,025
1,296   Benchmark Electronics, Inc.*   21,254
606   CACI International, Inc., Class A*   27,852
1,603   CANON, Inc. (Japan)   61,690
728   Cass Information Systems, Inc.   22,728


SCHEDULE OF INVESTMENTS (CONTINUED)
TDX INDEPENDENCE 2030 EXCHANGE-TRADED FUND (Continued)
August 31, 2009 (Unaudited)

Number
of Shares
    Value
    COMMON STOCKS (Continued)    
     INFORMATION TECHNOLOGY (Continued)    
15,495   Cisco Systems, Inc.* $ 334,692
429   Computer Sciences Corp.*   20,957
995   Concur Technologies, Inc.*   35,183
4,444   Corning, Inc.   67,016
3,541   Daktronics, Inc.   28,576
756   Digital River, Inc.*   26,702
178   Ebix, Inc.*   8,786
2,157   Electro Scientific Industries, Inc.*   26,488
5,633   EMC Corp.*   89,565
310   EMS Technologies, Inc.*   5,809
8,831   Entegris, Inc.*   35,324
3,617   Exar Corp.*   27,164
1,104   Fair Isaac Corp.   24,619
1,893   Gartner, Inc.*   31,537
867   Google, Inc., Class A*   400,268
6,808   Hewlett-Packard Co.   305,611
1,741   Informatica Corp.*   31,216
3,669   International Business Machines Corp.   433,125
2,858   IXYS Corp.   19,434
1,723   Jack Henry & Associates, Inc.   40,163
752   ManTech International Corp., Class A*   39,736
791   MasterCard, Inc., Class A   160,280
1,571   Microsemi Corp.*   22,167
25,028   Microsoft Corp.   616,941
3,702   ModusLink Global Solutions, Inc.*   26,580
3,465   MSC.Software Corp.*   26,265
153   Nintendo Co. Ltd. (Japan)   41,497
6,596   Nokia Oyj (Finland)   91,816
1,570   Omniture Inc.*   22,467
14,166   Oracle Corp.   309,810
3,178   Palm, Inc.*   42,363
2,361   Parametric Technology Corp.*   31,401
1,028   Paychex, Inc.   29,082
2,369   Perot Systems Corp., Class A*   39,444
1,621   Polycom, Inc.*   38,239
1,891   Quest Software, Inc.*   31,183
2,527   Rackspace Hosting, Inc.*   32,699
1,388   Riverbed Technology, Inc.*   26,761
295   Rogers Corp.*   7,700
1,396   SAP AG (Germany)   68,233
3,020   Skyworks Solutions, Inc.*   35,183
626   Smith Micro Software, Inc.*   7,230
1,384   Solera Holdings, Inc.   36,455
1,094   SRA International, Inc., Class A*   21,738
1,390   Starent Networks Corp.*   28,134
4,371   Telefonaktiebolaget LM Ericsson, B Shares (Sweden)   41,921
3,398   TIBCO Software, Inc.*   30,140
5,296   Visa, Inc., Class A   376,546
859   VistaPrint NV (Netherlands)*   35,597
3,969   Yahoo!, Inc.*   57,987
     
        5,160,929
     


SCHEDULE OF INVESTMENTS (CONTINUED)
TDX INDEPENDENCE 2030 EXCHANGE-TRADED FUND (Continued)
August 31, 2009 (Unaudited)

Number
of Shares
    Value
    COMMON STOCKS (Continued)    
    MATERIALS—3.4%    
396   Air Liquide SA (France) $ 42,308
637   AMCOL International Corp.   14,103
2,666   American Vanguard Corp.   23,354
2,341     Anglo American PLC (United Kingdom)   77,108
1,324   ArcelorMittal (Luxembourg)   47,443
1,374   BASF AG (Germany)   71,752
5,236   BHP Billiton Ltd. (Australia)   162,444
3,414   BHP Billiton PLC (United Kingdom)   90,585
3,094   Dow Chemical (The) Co.   65,871
2,448   E.I. du Pont de Nemours & Co.   78,165
281   NewMarket Corp.   23,357
1,380   Newmont Mining Corp.   55,462
863   Praxair, Inc.   66,123
2,002   Rio Tinto PLC (United Kingdom)   78,750
773   Rock-Tenn Co., Class A   39,647
1,402   Rockwood Holdings, Inc.*   28,559
962   Sensient Technologies Corp.   25,079
888   Shin-Etsu Chemical Co. Ltd. (Japan)   52,649
780   Silgan Holdings, Inc.   37,924
162   Syngenta AG (Switzerland)   38,168
357   Vulcan Materials Co.   17,864
1,356   Westlake Chemical Corp.   32,598
603   Weyerhaeuser Co.   22,546
     
        1,191,859
     
    TELECOMMUNICATION SERVICES—3.6%    
17,896   AT&T, Inc.   466,191
4,385   Deutsche Telekom AG (Germany)   58,365
3,078   France Telecom SA (France)   78,359
2,663   Koninklijke (Royal) KPN NV (Netherlands)   40,929
24   NTT DoCoMo, Inc. (Japan)   37,074
6,248   Telefonica SA (Spain)   157,715
8,496   Verizon Communications, Inc.   263,716
84,611   Vodafone Group PLC (United Kingdom)   183,130
     
        1,285,479
     
    UTILITIES—3.3%    
1,708   Consolidated Edison, Inc.   68,645
3,048   E.ON AG (Germany)   129,078
8,616   Enel S.p.A (Italy)   50,818
845   EQT Corp.   33,521
4,109   Exelon Corp.   205,531
2,560   FPL Group, Inc.   143,821
1,894   GDF Suez (France)   79,882
6,137   Iberdrola SA (Spain)   56,893
856   New Jersey Resources Corp.   31,458
941   Nicor, Inc.   34,083
1,559   Piedmont Natural Gas Co., Inc.   37,447
756   RWE AG (Germany)   70,084
4,867   Southern Co.   151,850
1,888   Tokyo Electric Power (The) Co., Inc. (Japan)   49,355


SCHEDULE OF INVESTMENTS (CONTINUED)
TDX INDEPENDENCE 2030 EXCHANGE-TRADED FUND (Continued)
August 31, 2009 (Unaudited)

Number
of Shares
    Value
      COMMON STOCKS (Continued)    
      UTILITIES (Continued)    
  1,053   WGL Holdings, Inc. $ 34,749
       
          1,177,215
       
      Total Common Stocks    
      (Cost $32,628,561)   29,745,581
       
      RIGHTS—0.0% (a)    
      FINANCIALS—0.0% (a)    
  3,513   Fortis Rights, expiring 12/31/14 (Belgium)*    
      (Cost $0)   0
       
         
Principal
Amount
    Value
      CORPORATE BONDS—8.1%    
      CONSUMER DISCRETIONARY—0.5%    
$ 19,000   CBS Corp.    
      7.875%, 7/30/30   17,205
  26,000   Comcast Corp.    
      6.45%, 3/15/37   27,827
  31,000   Home Depot (The), Inc.    
      5.40%, 3/01/16   32,114
  31,000   News America, Inc.    
      6.20%, 12/15/34   30,179
  24,000   Time Warner Cable, Inc.    
      6.55%, 5/01/37   25,336
  25,000   Time Warner, Inc.    
      7.70%, 5/01/32   27,799
  19,000   Viacom, Inc.    
      6.25%, 4/30/16   20,412
       
          180,872
       
      CONSUMER STAPLES—1.5%    
  31,000   Coca-Cola Enterprises, Inc.    
        8.50%, 2/01/22   41,164
  38,000   Kraft Foods    
      6.50%, 8/11/17   42,573
  353,000   Procter & Gamble (The) Co.    
      5.55%, 3/05/37   379,909
      Wal-Mart Stores, Inc.    
  7,000   4.55%, 5/01/13   7,483
  51,000   6.50%, 8/15/37   59,003
       
          530,132
       
      ENERGY—0.4%    
  33,000   Anadarko Petroleum Corp.    
      5.95%, 9/15/16   34,367


SCHEDULE OF INVESTMENTS (CONTINUED)
TDX INDEPENDENCE 2030 EXCHANGE-TRADED FUND (Continued)
August 31, 2009 (Unaudited)

Principal
Amount
    Value
      CORPORATE BONDS (Continued)    
      ENERGY (Continued)    
$ 25,000   Canadian Natural Resources Ltd. (Canada)    
      5.70%, 5/15/17 $ 26,226
  47,000   ConocoPhillips    
      5.90%, 10/15/32   50,370
  18,000   Enterprise Products Operating LP, Series B    
      5.60%, 10/15/14   19,060
       
          130,023
       
      FINANCIALS—2.8%    
  43,000   Allstate (The) Corp.    
      5.55%, 5/09/35   41,483
  138,000   American Express Co.    
      6.80%, 9/01/66 (b)   109,710
  38,000   Bear Stearns & Co.    
      7.25%, 2/01/18   43,403
  19,000   Capital One Financial Corp.    
      6.15%, 9/01/16   17,491
  120,000   Credit Suisse (USA), Inc.    
      7.125%, 7/15/32   135,772
  33,000   Deutsche Bank AG London (Germany)    
      6.00%, 9/01/17   35,186
  48,000   General Electric Capital Corp., Series A MTN    
      6.75%, 3/15/32   47,751
  18,000   Goldman Sachs Group, LP    
      5.00%, 10/01/14   18,771
  85,000   Goldman Sachs Group (The), Inc.    
      6.75%, 10/01/37   85,367
  200,000   HSBC Holdings PLC (United Kingdom)    
      6.50%, 9/15/37   207,517
  24,000   Marsh & McLennan Cos., Inc.    
      5.75%, 9/15/15   24,703
  13,000   Royal Bank of Scotland Group PLC (United Kingdom)    
      5.00%, 10/01/14   11,507
  13,000   SLM Corp., Series A MTN    
      5.375%, 5/15/14   9,206
  170,000   Travelers (The) Cos., Inc.    
      6.25%, 3/15/37 (b)   145,176
  33,000   Unilever Capital Corp.    
      5.90%, 11/15/32   36,047
  18,000   Wells Fargo & Co.    
      5.00%, 11/15/14   18,513
       
          987,603
       
      HEALTH CARE—1.5%    
  18,000     Abbott Laboratories    
      5.875%, 5/15/16   20,080
  19,000   AmerisourceBergen Corp.    
      5.875%, 9/15/15   20,369
  53,000   AstraZeneca PLC (United Kingdom)    
      6.45%, 9/15/37   62,550


SCHEDULE OF INVESTMENTS (CONTINUED)
TDX INDEPENDENCE 2030 EXCHANGE-TRADED FUND (Continued)
August 31, 2009 (Unaudited)

Principal
Amount
    Value
      CORPORATE BONDS (Continued)    
      HEALTH CARE (Continued)    
$ 34,000   Bristol-Myers Squibb Co    
      5.875%, 11/15/36 $ 37,397
  368,000   Eli Lilly & Co.    
      5.55%, 3/15/37   388,944
  18,000   WellPoint, Inc.    
      5.25%, 1/15/16   18,253
       
          547,593
       
        INDUSTRIALS—0.1%    
  16,000   Burlington Northern Santa Fe Corp.    
      6.15%, 5/01/37   17,700
  37,000   CSX Corp.    
      6.00%, 10/01/36   36,294
       
          53,994
       
      INFORMATION TECHNOLOGY—0.1%    
  33,000   Oracle Corp.    
      5.25%, 1/15/16   35,550
       
      MATERIALS—0.3%    
  41,000   BHP Billiton Finance USA Ltd. (Australia)    
      4.80%, 4/15/13   43,437
  16,000   CRH America, Inc.    
      6.00%, 9/30/16   15,728
  15,000   Vale Overseas Ltd. (Cayman Islands)    
      6.875%, 11/21/36   15,093
  29,000   Weyerhaeuser Co.    
      7.375%, 3/15/32   24,457
       
          98,715
       
      TELECOMMUNICATION SERVICES—0.6%    
  54,000   BellSouth Corp.    
      6.00%, 11/15/34   55,714
  14,000   Embarq Corp.    
      7.082%, 6/01/16   14,967
  101,000   Verizon Global Funding Corp.    
      7.75%, 12/01/30   121,930
  13,000   Vodafone Group PLC (United Kingdom)    
      5.625%, 2/27/17   13,729
       
          206,340
       
      UTILITIES—0.3%    
  28,000   Constellation Energy Group    
      4.55%, 6/15/15   26,609
  18,000   Dominion Resources, Inc., Series C    
      5.15%, 7/15/15   18,961
  28,000   Midamerican Energy Holdings Co.    
      6.125%, 4/01/36   29,781


SCHEDULE OF INVESTMENTS (CONTINUED)
TDX INDEPENDENCE 2030 EXCHANGE-TRADED FUND (Continued)
August 31, 2009 (Unaudited)

Principal
Amount
    Value
      CORPORATE BONDS (Continued)    
      UTILITIES (Continued)    
$ 36,000   Pacific Gas & Electric Co.    
      6.05%, 3/01/34 $ 39,371
       
          114,722
       
      Total Corporate Bonds    
      (Amortized Cost $2,699,606)   2,885,544
       
      UNITED STATES GOVERNMENT & AGENCIES OBLIGATIONS—7.1%       
      FEDERAL HOME LOAN MORTGAGE CORP.—0.2%    
  55,000   6.25%, 7/15/32   66,397
       
      FEDERAL NATIONAL MORTGAGE ASSOCIATION—1.1%    
  228,000   5.00%, 4/15/15   252,153
  144,000   5.00%, 5/11/17   157,985
       
          410,138
       
      UNITED STATES TREASURY BONDS/NOTES—5.8%    
  400   3.50%, 2/15/10   406
  10,300   4.75%, 2/15/10   10,512
  577,400   1.75%, 11/15/11   585,475
  614,500   4.75%, 5/15/14   683,007
  330,600   7.50%, 11/15/16   423,969
  153,400   8.125%, 8/15/19   211,884
  92,900   7.625%, 2/15/25   131,178
       
          2,046,431
       
      Total United States Government & Agencies Obligations    
      (Amortized Cost $2,462,950)   2,522,966
       
      SOVEREIGN BONDS—0.6%    
  31,000    Province of Quebec Canada (Canada)    
       7.50%, 9/15/29   40,694
  67,000   Republic of Brazil (Brazil)    
      7.125%, 1/20/37   74,369
  25,000   Republic of Italy (Italy)    
      5.25%, 9/20/16   26,728
  56,000   United Mexican States (Mexico)    
        5.625%, 1/15/17   56,980
       
      Total Sovereign Bonds    
      (Amortized Cost $198,480)   198,771
       
      Total Investments—99.6%    
      (Amortized Cost $37,989,597) (c) $ 35,352,862
      Other assets less liabilities—0.4%   158,052
       
      Net Assets—100.0% $ 35,510,914
       


SCHEDULE OF INVESTMENTS
TDX INDEPENDENCE 2030 EXCHANGE-TRADED FUND (Concluded)
Aug 31, 2009 (Unaudited)

  ADR – American Depositary Receipt.
  MTN – Medium Term Note.
  REIT – Real Estate Investment Trust.
  * Non-income producing security.
     
  (a) Less than 0.1%.
  (b) Variable Rate Coupon. Stated interest rate was in effect at August 31, 2009.
  (c) The cost stated also approximates the aggregate cost for Federal income tax purposes. At August 31, 2009, net unrealized depreciation was $2,636,735 based on cost for Federal income tax purposes. This consisted of aggregate gross unrealized appreciation of $1,170,477 and aggregate gross unrealized depreciation of $3,807,212.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

      Level 1 —  quoted prices in active markets for identical securities
     
  Level 2 — other significant observable inputs (including, but not limited to, 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)

The following is a summary of the inputs used as of August 31, 2009 in valuing the Fund’s investments:

Investments Level 1     Level 2     Level 3
Common Stocks $ 29,745,581   $ -   $ -
Corporate Bonds   -     2,885,544     -
United States Government & Agencies Obligations   -     2,522,966     -
Sovereign Bonds   -     198,771     -
Money Market Fund   -     -     -
 
Total Investments $ 29,745,581   $ 5,607,281   $ -
 


TDX INDEPENDENCE 2030 EXCHANGE-TRADED FUND
COUNTRY BREAKDOWN AS OF AUGUST 31, 2009

  Value
   % of
Net Assets
 
United States $ 26,410,674   74.4 %
United Kingdom   2,418,237   6.8  
Japan   1,013,876   2.8  
France   953,962   2.7  
Germany   906,964   2.5  
Switzerland   902,336   2.5  
Australia   519,563   1.5  
Spain   491,658   1.4  
Italy   356,880   1.0  
Netherlands Antilles   190,237   0.5  
Netherlands   182,001   0.5  
Sweden   133,012   0.4  
Ireland   125,334   0.4  
Bermuda   124,249   0.4  
Finland   91,816   0.3  
Brazil   74,369   0.2  
Canada   66,919   0.2  
Denmark   64,945   0.2  
Mexico   56,980   0.2  
Luxembourg   47,443   0.1  
Norway   45,070   0.1  
Cayman Islands   44,657   0.1  
Belgium   42,784   0.1  
Greece   41,886   0.1  
Marshall Islands   23,588   0.1  
Hong Kong   23,422   0.1  
 
 
 
Total Investments   35,352,862   99.6  
Other assets less liabilities   158,052   0.4  
 
 
 
Net Assets $ 35,510,914   100.0 %
 
 
 


SCHEDULE OF INVESTMENTS
TDX INDEPENDENCE 2040 EXCHANGE-TRADED FUND
August 31, 2009 (Unaudited)

Number
of Shares
    Value
    COMMON STOCKS—95.0%    
    CONSUMER DISCRETIONARY—8.4%    
1,215   Amazon.com, Inc.* $ 98,646
1,143   Ameristar Casinos, Inc.   18,985
200   AutoZone, Inc.*   29,450
1,023   Bally Technologies, Inc.*   41,360
610   Bob Evans Farms, Inc.   16,391
3,494   Brown Shoe Co., Inc.   26,205
961   Buckle (The), Inc.   25,418
428   California Pizza Kitchen, Inc.*   6,018
1,193   Carter’s, Inc.*   30,016
2,308   Cinemark Holdings, Inc.   23,172
1,300   Collective Brands, Inc.*   20,592
653   Columbia Sportswear Co.   25,669
8,228   Comcast Corp., Class A   126,053
934   Cooper Tire & Rubber Co.   13,338
1,994   Corinthian Colleges, Inc.*   38,225
1,256   Daimler AG (Germany)   56,831
2,825   DIRECTV Group (The), Inc.*   69,947
1,238   Dress Barn, Inc.*   20,093
5,015   Eastman Kodak Co.   26,680
2,098   Ethan Allen Interiors, Inc.   32,603
8,013   Ford Motor Co.*   60,899
1,372   Fossil, Inc.*   34,821
746   Hennes & Mauritz AB, B Shares (Sweden)   41,447
4,773   Home Depot (The), Inc.   130,254
2,755   HONDA MOTOR Co. Ltd. (Japan)   87,166
1,370   Iconix Brand Group, Inc.*   23,537
1,262   J. Crew Group, Inc.*   43,022
1,135   Jack in the Box, Inc.*   23,143
3,198   Knology, Inc.*   23,154
1,770   Las Vegas Sands Corp.*   25,240
768   Life Time Fitness, Inc.*   23,900
393   LVMH Moet Hennessy Louis Vuitton SA (France)   37,611
2,182   Marcus Corp.   27,319
3,125   McDonald’s Corp.   175,749
1,054   Men’s Wearhouse (The), Inc.   27,404
5,183   News Corp., Class A   55,562
3,606   Nissan Motor Co. Ltd. (Japan)   25,267
854   Omnicom Group, Inc.   31,017
3,077   Panasonic Corp. (Japan)   49,423
1,282   Rent-A-Center, Inc.*   25,294
359   Sherwin-Williams (The) Co.   21,612
1,677   Sony Corp. (Japan)   45,466
847   Spartan Motors, Inc.   4,599
5,917     Talbots (The), Inc.   35,265
2,124   Target Corp.   99,828
3,261   Time Warner, Inc.   91,015
4,572   Toyota Motor Corp. (Japan)   196,650
675   Tractor Supply Co.*   31,766
1,182   Tupperware Brands Corp.   43,722
693   Vail Resorts, Inc.*   22,952
1,959   Vivendi (France)   55,860
1,958   Volcom, Inc.*   27,745
115   Volkswagen AG (Germany)   22,287
5,013   Walt Disney (The) Co.   130,538


SCHEDULE OF INVESTMENTS (CONTINUED)
TDX INDEPENDENCE 2040 EXCHANGE-TRADED FUND (Continued)
August 31, 2009 (Unaudited)

Number
of Shares
    Value
    COMMON STOCKS (Continued)    
    CONSUMER DISCRETIONARY (Continued)    
886   Warnaco Group (The), Inc.* $ 33,712
     
        2,579,938
     
      CONSUMER STAPLES—9.2%    
967   Anheuser-Busch Inbev NV (Belgium)   41,790
3,174   B&G Foods, Inc., Class A   28,947
820   Boston Beer (The) Co., Inc., Class A*   32,595
2,693   British American Tobacco PLC (United Kingdom)   82,251
977   Campbell Soup Co.   30,639
967   Carrefour SA (France)   45,579
969   Casey’s General Stores, Inc.   26,890
6,230   Coca-Cola (The) Co.   303,837
4,077   CVS Caremark Corp.   152,969
3,565   Diageo PLC (United Kingdom)   55,430
1,256   Fresh Del Monte Produce, Inc. (Cayman Islands)*   28,762
1,492   Imperial Tobacco Group PLC (United Kingdom)   42,068
3,772   Kraft Foods, Inc., Class A   106,936
555   Lancaster Colony Corp.   27,894
491   Molson Coors Brewing Co., Class B   23,264
5,340   Nestle SA (Switzerland)   222,220
5,615   Philip Morris International, Inc.   256,662
4,076   Prestige Brands Holdings, Inc.*   30,203
7,600   Procter & Gamble (The) Co.   411,236
881   Reckitt Benckiser Group PLC (United Kingdom)   40,965
994   Ruddick Corp.   26,401
1,210   Safeway, Inc.   23,051
11,559   Tesco PLC (United Kingdom)   70,815
1,101   Tootsie Roll Industries, Inc.   26,039
2,426   Unilever NV (Netherlands)   67,870
1,898   Unilever PLC (United Kingdom)   51,968
11,111   Wal-Mart Stores, Inc.   565,216
497   Weis Markets, Inc.   15,511
     
        2,838,008
     
    ENERGY—11.1%    
826   Arena Resources, Inc.*   25,259
3,806   ATP Oil & Gas Corp.*   42,437
921   Berry Petroleum Co., Class A   20,787
5,419   BG Group PLC (United Kingdom)   89,820
926   Bill Barrett Corp.*   27,076
30,009   BP PLC (United Kingdom)   260,195
1,869   Cal Dive International, Inc.*   19,494
5,827   Chevron Corp.   407,540
4,157   ConocoPhillips   187,190
767   Dril-Quip, Inc.*   32,720
4,082   ENI S.p.A (Italy)   96,889
14,116   Exxon Mobil Corp.   976,122
2,891   General Maritime Corp. (Marshall Islands)   22,983
770   Goodrich Petroleum Corp.*   18,434
11,029   ION Geophysical Corp.*   28,124
2,425   Matrix Service Co.*   26,724
529   Murphy Oil Corp.   30,153
855   Nordic American Tanker Shipping Ltd. (Bermuda)   25,453


SCHEDULE OF INVESTMENTS (CONTINUED)
TDX INDEPENDENCE 2040 EXCHANGE-TRADED FUND (Continued)
August 31, 2009 (Unaudited)

Number
of Shares
    Value
    COMMON STOCKS (Continued)    
    ENERGY (Continued)    
2,227   Occidental Petroleum Corp. $ 162,794
706   Peabody Energy Corp.   23,072
1,168     Repsol YPF SA (Spain)   28,997
5,715   Royal Dutch Shell PLC, Class A (United Kingdom)   159,368
4,395   Royal Dutch Shell PLC, Class B (United Kingdom)   119,908
1,892   RPC, Inc.   17,293
3,303   Schlumberger Ltd. (Netherlands Antilles)   185,629
2,105   Southwestern Energy Co.*   77,590
1,983   StatoilHydro ASA (Norway)   43,301
3,472   Total SA (France)   199,150
795   Woodside Petroleum Ltd. (Australia)   32,841
626   World Fuel Services Corp.   28,132
     
        3,415,475
     
    FINANCIALS—18.7%    
2,957   Aflac, Inc.   120,113
103   Alexander’s, Inc. REIT   29,180
706   Allianz SE (Germany)   81,680
998   American Campus Communities, Inc. REIT   25,958
3,204   Annaly Capital Management, Inc. REIT   55,557
1,812   Assicurazioni Generali S.p.A (Italy)   45,167
2,833   Australia & New Zealand Banking Group Ltd. (Australia)   50,848
2,343   AXA (France)   53,394
4,791   Banco Bilbao Vizcaya Argentaria SA (Spain)   85,185
10,163   Banco Santander SA (Spain)   156,564
22,392   Bank of America Corp.   393,876
7,331   Bank of New York Mellon (The) Corp.   217,071
11,769   Barclays PLC (United Kingdom)   72,936
4,014   BB&T Corp.   112,151
1,249   BNP Paribas (France)   100,677
4,712   Boston Private Financial Holdings, Inc.   23,654
2,345   Capital One Financial Corp.   87,445
7,214   Charles Schwab (The) Corp.   130,285
1,956   Commonwealth Bank of Australia (Australia)   75,854
1,595   Credit Suisse Group (Switzerland)   81,421
993   Delphi Financial Group, Inc., Class A   23,206
801   Deutsche Bank AG (Germany)   54,428
2,591   Dime Community Bancshares, Inc.   29,019
1,914   Encore Capital Group, Inc.*   28,519
502   Equity Lifestyle Properties, Inc. REIT   20,206
1,652   Equity One, Inc. REIT   26,019
418   First Financial Bankshares, Inc.   20,833
1,582   FirstMerit Corp.   28,429
1,426   Franklin Resources, Inc.   133,089
597   GAMCO Investors, Inc., Class A   26,943
1,331   Goldman Sachs Group (The), Inc.   220,227
1,435   Highwoods Properties, Inc. REIT   42,146
26,352   HSBC Holdings PLC (United Kingdom)   288,657
12,689   Intesa Sanpaolo S.p.A (Italy)   55,038
1,101   IPC Holdings Ltd. (Bermuda)   35,694
10,520   JPMorgan Chase & Co.   457,200
928   Kansas City Life Insurance Co.   33,176
754   KBW, Inc.*   21,579
1,847   Knight Capital Group, Inc., Class A*   37,162


SCHEDULE OF INVESTMENTS (CONTINUED)
TDX INDEPENDENCE 2040 EXCHANGE-TRADED FUND (Continued)
August 31, 2009 (Unaudited)

Number
of Shares
    Value
    COMMON STOCKS (Continued)    
    FINANCIALS (Continued)    
2,386   MarketAxess Holdings, Inc.* $ 26,461
4,538   MFA Financial, Inc. REIT   35,941
566   Mid-America Apartment Communities, Inc. REIT   24,779
18,194   Mitsubishi UFJ Financial Group, Inc. (Japan)   116,501
1,632   Montpelier Re Holdings Ltd. (Bermuda)   26,259
1,325   Moody’s Corp.   36,093
3,921   Morgan Stanley   113,552
327   Muenchener Rueckversicherungs-Gesellschaft AG (Germany)   48,817
2,658   National Australia Bank Ltd. (Australia)   63,819
6,553   National Bank of Greece SA ADR (Greece)*   41,874
3,697   National Financial Partners Corp.   29,021
1,609   National Retail Properties, Inc. REIT   33,017
2,115   NewAlliance Bancshares, Inc.   24,872
4,589   Nordea Bank AB (Sweden)   48,148
1,343   Northern Trust Corp.   78,512
1,638   Omega Healthcare Investors, Inc. REIT   27,699
1,189   optionsXpress Holdings, Inc.   19,785
946   Platinum Underwriters Holdings Ltd. (Bermuda)   34,293
770   Potlatch Corp. REIT   22,407
654   ProAssurance Corp.*   34,335
4,261   Progressive (The) Corp.   70,392
920   Prosperity Bancshares, Inc.   31,768
465   Renasant Corp.   7,077
1,238   Riskmetrics Group, Inc.*   19,263
1,057   SCBT Financial Corp.   27,112
1,589   Simon Property Group, Inc. REIT   101,092
718   Societe Generale (France)   57,917
2,896   Standard Chartered PLC (United Kingdom)   65,890
537   Stifel Financial Corp.*   30,233
953   Sumitomo Mitsui Financial Group, Inc. (Japan)   41,196
641   Tanger Factory Outlet Centers, Inc. REIT   24,114
795   Tower Group, Inc.   19,072
5,020   UBS AG (Switzerland)*   92,815
749   UMB Financial Corp.   29,982
21,244   UniCredito Italiano S.p.A (Italy)   77,054
1,126   Washington Real Estate Investment Trust REIT   30,357
12,968   Wells Fargo & Co.   356,879
618   Westamerica Bancorp.   31,784
3,988   Westpac Banking Corp. (Australia)   81,934
623   Westwood Holdings Group, Inc.   23,998
231     Zurich Financial Services AG (Switzerland)   50,862
     
        5,737,562
     
    HEALTH CARE—9.7%    
4,677   Abbott Laboratories   211,541
530   Amedisys, Inc.*   23,606
1,043   AMERIGROUP Corp.*   24,667
622   AmSurg Corp.*   12,627
2,053   AstraZeneca PLC (United Kingdom)   95,026
1,284   Bayer AG (Germany)   78,919
4,158   Boston Scientific Corp.*   48,857
3,650   Bruker Corp.*   37,048
889   Catalyst Health Solutions, Inc.*   25,390


SCHEDULE OF INVESTMENTS (CONTINUED)
TDX INDEPENDENCE 2040 EXCHANGE-TRADED FUND (Continued)
August 31, 2009 (Unaudited)

Number
of Shares
    Value
    COMMON STOCKS (Continued)    
    HEALTH CARE (Continued)    
919   Centene Corp.* $ 15,908
798   Emergency Medical Services Corp., Class A*   36,189
4,389   eResearch Technology, Inc.*   27,607
853   Forest Laboratories, Inc.*   24,967
765   Genzyme Corp.*   42,618
7,208   GlaxoSmithKline PLC (United Kingdom)   141,324
524   Haemonetics Corp.*   27,583
1,187   Inspire Pharmaceuticals, Inc.*   7,086
2,093   Isis Pharmaceuticals, Inc.*   33,781
7,501   Johnson & Johnson   453,359
730   Magellan Health Services, Inc.*   23,426
640   Martek Biosciences Corp.*   15,712
1,254   Medicis Pharmaceutical Corp., Class A   23,161
3,530   Novartis AG (Switzerland)   163,933
668   Novo Nordisk A/S, B Shares (Denmark)   40,761
812   NuVasive, Inc.*   32,537
1,178   Onyx Pharmaceuticals, Inc.*   37,778
846   Owens & Minor, Inc.   37,436
19,076   Pfizer, Inc.   318,569
459   Pharmasset Inc.*   8,473
1,090   Psychiatric Solutions, Inc.*   29,201
620   Quality Systems, Inc.   33,381
1,687   Regeneron Pharmaceuticals, Inc.*   38,346
1,053   Roche Holding AG (Switzerland)   167,687
1,689   Sanofi-Aventis SA (France)   114,694
3,418   SIGA Technologies, Inc.*   25,020
1,047   Sirona Dental Systems, Inc.*   27,683
1,169   STERIS Corp.   33,924
1,392   Takeda Pharmaceutical Co. Ltd. (Japan)   56,271
1,209   Thoratec Corp.*   31,724
3,316   UnitedHealth Group, Inc.   92,848
549   Vanda Pharmaceuticals, Inc.*   7,499
872   WellCare Health Plans, Inc.*   21,163
3,669   Wyeth   175,562
611   Zimmer Holdings, Inc.*   28,931
1,360   Zymogenetics, Inc.*   7,997
     
        2,961,820
     
    INDUSTRIALS—9.8%    
557   A.O. Smith Corp.   21,194
3,512   ABB Ltd. (Switzerland)   67,525
5,459   BAE Systems PLC (United Kingdom)   27,777
925   Baldor Electric Co.   25,965
2,084   Burlington Northern Santa Fe Corp.   173,013
1,065     C.H. Robinson Worldwide, Inc.   59,917
1,644   Caterpillar, Inc.   74,490
1,010   CLARCOR, Inc.   32,381
984   CRA International, Inc.*   27,483
902   Curtiss-Wright Corp.   29,378
1,571   Dollar Thrifty Automotive Group, Inc.*   31,169
600   East Japan Railway Co. (Japan)   39,325
467   Eaton Corp.   25,195
1,369   EMCOR Group, Inc.*   31,720
2,065   Emerson Electric Co.   76,137


SCHEDULE OF INVESTMENTS (CONTINUED)
TDX INDEPENDENCE 2040 EXCHANGE-TRADED FUND (Continued)
August 31, 2009 (Unaudited)

Number
of Shares
    Value
      COMMON STOCKS (Continued)    
    INDUSTRIALS (Continued)    
300   Fanuc Ltd. (Japan) $ 24,546
1,225   First Advantage Corp., Class A*   21,474
257   First Solar, Inc.*   31,246
1,106   General Dynamics Corp.   65,464
28,256   General Electric Co.   392,757
1,030   Geo Group (The), Inc.*   18,870
2,358   GrafTech International Ltd.*   33,554
795   Granite Construction, Inc.   25,520
1,223   Griffon Corp.*   12,927
3,866   Hawaiian Holdings, Inc.*   28,299
1,865   Heartland Express, Inc.   26,408
509   Heico Corp.   18,864
1,480   Heidrick & Struggles International, Inc.   31,110
4,000   Hutchison Whampoa Ltd. (Hong Kong)   28,127
5,337   JetBlue Airways Corp.*   31,008
740   Kforce, Inc.*   8,288
1,727   Knight Transportation, Inc.   28,478
1,548   Koninklijke (Royal) Philips Electronics NV (Netherlands)   35,010
784   L.B. Foster Co., Class A*   23,379
1,109   Lockheed Martin Corp.   83,152
2,242   Mitsubishi Corp. (Japan)   45,558
3,152   Mitsui & Co. Ltd. (Japan)   41,182
1,052   PACCAR, Inc.   38,051
630   Regal-Beloit Corp.   28,640
1,003   Republic Services, Inc.   25,687
2,029   Rollins, Inc.   36,218
387   Schneider Electric SA (France)   35,710
24   Seaboard Corp.   26,496
1,377   Siemens AG (Germany)   119,453
1,215   Tetra Tech, Inc.*   35,891
2,896   Union Pacific Corp.   173,209
6,056   United Parcel Service, Inc., Class B   323,753
2,575   United Technologies Corp.   152,851
316   Vestas Wind Systems A/S (Denmark)*   22,694
3,595   Vicor Corp.   26,423
662   Vinci SA (France)   35,554
1,407   Waste Management, Inc.   42,112
642   Watsco, Inc.   33,917
874   Watson Wyatt Worldwide, Inc., Class A   38,194
     
        2,992,743
     
    INFORMATION TECHNOLOGY—16.5%    
9,083   3Com Corp.*   39,511
3,715   Accenture PLC, Class A (Ireland)   122,595
721   Anixter International, Inc.*   25,293
2,509   Apple, Inc.*   422,039
2,509   Arris Group, Inc.*   33,269
1,259   Benchmark Electronics, Inc.*   20,648
591   CACI International, Inc., Class A*   27,162
1,693   CANON, Inc. (Japan)   65,154
713   Cass Information Systems, Inc.   22,260
15,128   Cisco Systems, Inc.*   326,765
417   Computer Sciences Corp.*   20,370
971   Concur Technologies, Inc.*   34,335


SCHEDULE OF INVESTMENTS (CONTINUED)
TDX INDEPENDENCE 2040 EXCHANGE-TRADED FUND (Continued)
August 31, 2009 (Unaudited)

Number
of Shares
    Value
    COMMON STOCKS (Continued)    
    INFORMATION TECHNOLOGY (Continued)    
4,329   Corning, Inc. $ 65,281
3,445   Daktronics, Inc.   27,801
738   Digital River, Inc.*   26,066
175   Ebix, Inc.*   8,638
2,099   Electro Scientific Industries, Inc.*   25,776
5,499   EMC Corp.*   87,434
301   EMS Technologies, Inc.*   5,641
8,594   Entegris, Inc.*   34,376
3,524   Exar Corp.*   26,465
1,072   Fair Isaac Corp.   23,906
1,841   Gartner, Inc.*   30,671
857   Google, Inc., Class A*   395,651
6,644   Hewlett-Packard Co.   298,249
1,708   Informatica Corp.*   30,624
3,586   International Business Machines Corp.   423,327
2,784   IXYS Corp.   18,931
1,685   Jack Henry & Associates, Inc.   39,277
734   ManTech International Corp., Class A*   38,785
772   MasterCard, Inc., Class A   156,430
1,526   Microsemi Corp.*   21,532
24,447   Microsoft Corp.   602,620
3,602   ModusLink Global Solutions, Inc.*   25,862
3,371   MSC.Software Corp.*   25,552
154   Nintendo Co. Ltd. (Japan)   41,768
6,475   Nokia Oyj (Finland)   90,132
1,525   Omniture Inc.*   21,823
14,049   Oracle Corp.   307,252
3,106   Palm, Inc.*   41,403
2,297   Parametric Technology Corp.*   30,550
1,011   Paychex, Inc.   28,601
2,311   Perot Systems Corp., Class A*   38,478
1,581   Polycom, Inc.*   37,296
1,844   Quest Software, Inc.*   30,408
2,465   Rackspace Hosting, Inc.*   31,897
1,359   Riverbed Technology, Inc.*   26,202
283   Rogers Corp.*   7,386
1,365   SAP AG (Germany)   66,718
2,947   Skyworks Solutions, Inc.*   34,333
613   Smith Micro Software, Inc.*   7,080
1,351   Solera Holdings, Inc.   35,585
1,065   SRA International, Inc., Class A*   21,162
1,364   Starent Networks Corp.*   27,607
4,251   Telefonaktiebolaget LM Ericsson, B Shares (Sweden)   40,770
3,311   TIBCO Software, Inc.*   29,369
5,171   Visa, Inc., Class A   367,658
843   VistaPrint NV (Netherlands)*   34,934
3,865   Yahoo!, Inc.*   56,468
     
        5,053,176
     
    MATERIALS—3.7%    
385     Air Liquide SA (France)   41,133
623   AMCOL International Corp.   13,793
2,607   American Vanguard Corp.   22,837
1,922   Anglo American PLC (United Kingdom)   63,307


SCHEDULE OF INVESTMENTS (CONTINUED)
TDX INDEPENDENCE 2040 EXCHANGE-TRADED FUND (Continued)
August 31, 2009 (Unaudited)

Number
of Shares
    Value
    COMMON STOCKS (Continued)    
    MATERIALS (Continued)    
1,290   ArcelorMittal (Luxembourg) $ 46,225
1,338   BASF AG (Germany)   69,872
5,102   BHP Billiton Ltd. (Australia)   158,286
3,331   BHP Billiton PLC (United Kingdom)   88,383
3,017   Dow Chemical (The) Co.   64,232
2,392   E.I. du Pont de Nemours & Co.   76,377
275   NewMarket Corp.   22,858
1,350   Newmont Mining Corp.   54,257
845   Praxair, Inc.   64,744
1,955   Rio Tinto PLC (United Kingdom)   76,900
758   Rock-Tenn Co., Class A   38,878
1,366   Rockwood Holdings, Inc.*   27,825
940   Sensient Technologies Corp.   24,506
700   Shin-Etsu Chemical Co. Ltd. (Japan)   41,503
765   Silgan Holdings, Inc.   37,194
159   Syngenta AG (Switzerland)   37,461
349   Vulcan Materials Co.   17,464
1,328   Westlake Chemical Corp.   31,925
588   Weyerhaeuser Co.   21,985
     
        1,141,945
     
    TELECOMMUNICATION SERVICES—4.1%    
17,440   AT&T, Inc.   454,312
4,287   Deutsche Telekom AG (Germany)   57,060
3,009   France Telecom SA (France)   76,602
2,612   Koninklijke (Royal) KPN NV (Netherlands)   40,145
25   NTT DoCoMo, Inc. (Japan)   38,619
6,102   Telefonica SA (Spain)   154,030
8,304   Verizon Communications, Inc.   257,756
82,200   Vodafone Group PLC (United Kingdom)   177,912
     
        1,256,436
     
    UTILITIES—3.8%    
1,666   Consolidated Edison, Inc.   66,957
3,238   E.ON AG (Germany)   137,124
8,396   Enel S.p.A (Italy)   49,520
820   EQT Corp.   32,529
4,105   Exelon Corp.   205,331
2,502   FPL Group, Inc.   140,562
1,845   GDF Suez (France)   77,815
5,994   Iberdrola SA (Spain)   55,567
844   New Jersey Resources Corp.   31,017
919   Nicor, Inc.   33,286
1,528   Piedmont Natural Gas Co., Inc.   36,703
737   RWE AG (Germany)   68,323
4,754     Southern Co.   148,325
1,900   Tokyo Electric Power (The) Co., Inc. (Japan)   49,669
1,029   WGL Holdings, Inc.   33,957
     
        1,166,685
     


SCHEDULE OF INVESTMENTS (CONTINUED)
TDX INDEPENDENCE 2040 EXCHANGE-TRADED FUND (Continued)
August 31, 2009 (Unaudited)

Number
of Shares
    Value
      Total Common Stocks    
      (Cost $32,726,764) $ 29,143,788
       
      RIGHTS—0.0% (a)    
      FINANCIALS—0.0% (a)    
  3,912   Fortis Rights, expiring 12/31/14 (Belgium)*    
      (Cost $0)   0
       
 
Principal
Amount
    Value
      CORPORATE BONDS—2.3%    
      CONSUMER DISCRETIONARY—0.3%    
$ 5,000   CBS Corp.    
      7.875%, 7/30/30   4,528
  44,000   Comcast Corp.    
      6.45%, 3/15/37   47,090
  3,000     Home Depot (The), Inc.    
      5.40%, 3/01/16   3,108
  41,000   Time Warner Cable, Inc.    
      6.55%, 5/01/37   43,282
  5,000   Time Warner, Inc.    
      7.70%, 5/01/32   5,560
  6,000   Viacom, Inc.    
      6.25%, 4/30/16   6,446
       
          110,014
       
      CONSUMER STAPLES—0.1%    
  18,000   CVS Caremark Corp.    
      6.302%, 6/01/37 (b)   14,228
  4,000   Pepsi Bottling Group (The), Inc., Series B    
      7.00%, 3/01/29   4,856
       
          19,084
       
      ENERGY—0.1%    
  2,000   Anadarko Petroleum Corp.    
      5.95%, 9/15/16   2,083
  2,000   Canadian Natural Resources Ltd. (Canada)    
      5.70%, 5/15/17   2,098
  28,000   ConocoPhillips    
      5.90%, 10/15/32   30,007
  2,000   Enterprise Products Operating LP, Series B    
      5.60%, 10/15/14   2,118
       
          36,306
       
      FINANCIALS—1.0%    
  5,000   Allstate (The) Corp.    
      5.55%, 5/09/35   4,824


SCHEDULE OF INVESTMENTS (CONTINUED)
TDX INDEPENDENCE 2040 EXCHANGE-TRADED FUND (Continued)
August 31, 2009 (Unaudited)

Principal
Amount
    Value
      CORPORATE BONDS (Continued)    
      FINANCIALS (Continued)    
$ 47,000   American Express Co.    
      6.80%, 9/01/66 (b) $ 37,365
  8,000     Capital One Financial Corp.    
      6.15%, 9/01/16   7,365
  28,000   Credit Suisse (USA), Inc.    
      7.125%, 7/15/32   31,680
  7,000   General Electric Capital Corp., Series A MTN    
      6.75%, 3/15/32   6,964
  2,000   Goldman Sachs Group, LP    
      5.00%, 10/01/14   2,086
  69,000   Goldman Sachs Group (The), Inc.    
      6.75%, 10/01/37   69,298
  48,000   HSBC Holdings PLC (United Kingdom)    
      6.50%, 9/15/37   49,803
  9,000   Landwirtschaftliche Rentenbank, Series G MTN (Germany)    
      5.00%, 11/08/16   9,667
  4,000   Merrill Lynch & Co., Inc.    
      6.875%, 4/25/18   4,091
  3,000   Royal Bank of Scotland Group PLC (United Kingdom)    
      5.00%, 10/01/14   2,656
  2,000   SLM Corp., Series A MTN    
      5.375%, 5/15/14   1,416
  46,000   Travelers (The) Cos., Inc.    
      6.25%, 3/15/37 (b)   39,283
  35,000   Unilever Capital Corp.    
      5.90%, 11/15/32   38,232
  2,000   Wells Fargo & Co.    
      5.00%, 11/15/14   2,057
       
          306,787
       
      HEALTH CARE—0.1%    
  22,000   Abbott Laboratories    
      5.875%, 5/15/16   24,542
  2,000   WellPoint, Inc.    
      5.25%, 1/15/16   2,028
       
          26,570
       
      INDUSTRIALS—0.1%    
  33,000   CSX Corp.    
      6.00%, 10/01/36   32,371
       
      MATERIALS—0.1%    
  9,000   BHP Billiton Finance USA Ltd. (Australia)    
      4.80%, 4/15/13   9,535
  6,000   CRH America, Inc.    
      6.00%, 9/30/16   5,898
  6,000   Weyerhaeuser Co.    
      7.375%, 3/15/32   5,060
       
          20,493
       


SCHEDULE OF INVESTMENTS (CONTINUED)
TDX INDEPENDENCE 2040 EXCHANGE-TRADED FUND (Continued)
August 31, 2009 (Unaudited)

Principal
Amount
    Value
      CORPORATE BONDS (Continued)    
      TELECOMMUNICATION SERVICES—0.3%    
$ 36,000   BellSouth Corp.    
      6.00%, 11/15/34 $ 37,142
  6,000   Embarq Corp.    
      7.082%, 6/01/16   6,415
  27,000   Verizon Global Funding Corp.    
      7.75%, 12/01/30   32,595
  3,000   Vodafone Group PLC (United Kingdom)    
      5.625%, 2/27/17   3,168
       
          79,320
       
      UTILITIES—0.2%    
  2,000   Constellation Energy Group    
      4.55%, 6/15/15   1,901
  2,000   Dominion Resources, Inc., Series C    
      5.15%, 7/15/15   2,107
  33,000   Midamerican Energy Holdings Co.    
      6.125%, 4/01/36   35,098
  28,000   Pacific Gas & Electric Co.    
      6.05%, 3/01/34   30,622
       
          69,728
       
      Total Corporate Bonds    
      (Amortized Cost $670,267)   700,673
       
      UNITED STATES GOVERNMENT & AGENCIES OBLIGATIONS—2.1%    
      FEDERAL HOME LOAN MORTGAGE CORP.—0.0% (a)    
  3,000   6.25%, 7/15/32   3,622
       
      FEDERAL NATIONAL MORTGAGE ASSOCIATION—0.2%    
  56,000   5.00%, 4/15/15   61,932
       
      UNITED STATE TREASURY BONDS/NOTES—1.9%    
  1,100   3.50%, 2/15/10   1,116
  8,000   4.75%, 2/15/10   8,164
  54,400   4.50%, 5/15/10   56,004
  50,200   4.875%, 4/30/11   53,596
  72,300   4.75%, 5/15/14   80,360
  90,000   3.25%, 7/31/16   91,406
  65,600   8.125%, 8/15/19   90,611
  44,600   7.625%, 2/15/25   62,977
  28,600   6.25%, 5/15/30   36,930
  54,200     5.00%, 5/15/37   61,526
  44,400   4.375%, 2/15/38   45,808
       
          588,498
       
      Total United States Government & Agencies Obligations    
      (Amortized Cost $643,362)   654,052
       


SCHEDULE OF INVESTMENTS (CONTINUED)
TDX INDEPENDENCE 2040 EXCHANGE-TRADED FUND (Continued)
August 31, 2009 (Unaudited)

Principal
Amount
    Value
      SOVEREIGN BONDS—0.1%    
$ 7,000     Province of Quebec Canada (Canada)    
      7.50%, 9/15/29 $ 9,189
  15,000   Republic of Brazil (Brazil)    
      7.125%, 1/20/37   16,650
       
      Total Sovereign Bonds    
      (Amortized Cost $25,747)   25,839
       
      Total Investments—99.5%    
      (Amortized Cost $34,066,140) (c) $ 30,524,352
      Cash Equivalents—0.0% (a)(d)   17,128
      Other assets less liabilities—0.5%   147,029
       
      Net Assets—100.0% $ 30,688,509
       

  ADR – American Depositary Receipt.
  MTN – Medium Term Note.
  REIT – Real Estate Investment Trust.
  * Non-income producing security.
     
  (a)

Less than 0.1%
  (b)

Variable Rate Coupon. Stated interest rate was in effect at August 31, 2009.
  (c)

The cost stated also approximates the aggregate cost for Federal income tax purposes. At August 31, 2009, net unrealized depreciation was $3,541,788 based on cost for Federal income tax purposes. This consisted of aggregate gross unrealized appreciation of $972,675 and aggregate gross unrealized depreciation of $4,514,463.
  (d)

Represents an investment in Dreyfus Institutional Reserve Money Fund with annualized 7-day yield of 0.26% at August 31, 2009.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

      Level 1 —  quoted prices in active markets for identical securities
     
  Level 2 — other significant observable inputs (including, but not limited to, 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)

The following is a summary of the inputs used as of August 31, 2009 in valuing the Fund’s investments:


SCHEDULE OF INVESTMENTS (CONTINUED)
TDX INDEPENDENCE 2040 EXCHANGE-TRADED FUND (Continued)
August 31, 2009 (Unaudited)

Investments Level 1   Level 2   Level 3
Common Stocks $ 29,143,788   $ -   $ -
Corporate Bonds   -     700,673     -
United States Government & Agencies Obligations   -     654,052     -
Sovereign Bonds   -     25,839     -
Money Market Fund   -     17,128     -
 
Total Investments $ 29,143,788     $ 1,397,692     $ -
 


TDX INDEPENDENCE 2040 EXCHANGE-TRADED FUND
COUNTRY BREAKDOWN AS OF AUGUST 31, 2009 (Unaudited)

  Value
    % of
Net Assets
 
United States $ 22,255,801   72.5 %
United Kingdom   2,126,526   6.9  
Japan   1,005,264   3.3  
France   931,697   3.0  
Switzerland   883,924   2.9  
Germany   871,179   2.8  
Spain   480,343   1.6  
Australia   473,117   1.6  
Italy   323,668   1.1  
Netherlands Antilles   185,629   0.6  
Netherlands   177,959   0.6  
Sweden   130,365   0.4  
Ireland   122,595   0.4  
Bermuda   121,699   0.4  
Finland   90,132   0.3  
Denmark   63,455   0.2  
Luxembourg   46,225   0.2  
Norway   43,301   0.1  
Greece   41,874   0.1  
Belgium   41,790   0.1  
Cayman Islands   28,762   0.1  
Hong Kong   28,127   0.1  
Marshall Islands   22,983   0.1  
Brazil   16,650   0.1  
Canada   11,287   0.0  
 
 
 
Total Investments   30,524,352   99.5  
Cash Equivalents   17,128   0.0  
Other assets less liabilities   147,029   0.5  
 
 
 
Net Assets $ 30,688,509   100.0 %
 
 
 


SCHEDULE OF INVESTMENTS
TDX INDEPENDENCE IN-TARGET EXCHANGE-TRADED FUND
August 31, 2009 (Unaudited)

Number
of Shares
    Value
    COMMON STOCKS—19.8%    
    CONSUMER DISCRETIONARY—1.7%    
220   Amazon.com, Inc.* $ 17,862
33   AutoZone, Inc.*   4,859
215   Bally Technologies, Inc.*   8,692
717   Brown Shoe Co., Inc.   5,378
205   Buckle (The), Inc.   5,422
254   Carter’s, Inc.*   6,391
469   Cinemark Holdings, Inc.   4,709
1,454   Comcast Corp., Class A   22,275
427   Corinthian Colleges, Inc.*   8,186
218   Daimler AG (Germany)   9,864
481   DIRECTV Group (The), Inc.*   11,910
474   Ethan Allen Interiors, Inc.   7,366
1,582   Ford Motor Co.*   12,023
298   Fossil, Inc.*   7,563
129   Hennes & Mauritz AB, B Shares (Sweden)   7,167
851   Home Depot (The), Inc.   23,224
532   HONDA MOTOR Co. Ltd. (Japan)   16,832
262   J. Crew Group, Inc.*   8,932
251   Jack in the Box, Inc.*   5,118
653   Knology, Inc.*   4,728
76   LVMH Moet Hennessy Louis Vuitton SA (France)   7,273
468   Marcus Corp.   5,859
567   McDonald’s Corp.   31,888
981   News Corp., Class A   10,516
167   Omnicom Group, Inc.   6,065
600   Panasonic Corp. (Japan)   9,637
287   Rent-A-Center, Inc.*   5,663
283   Sony Corp. (Japan)   7,673
1,259   Talbots (The), Inc.   7,504
400   Target Corp.   18,800
587   Time Warner, Inc.   16,383
800   Toyota Motor Corp. (Japan)   34,410
138   Tractor Supply Co.*   6,494
263   Tupperware Brands Corp.   9,728
335   Vivendi (France)   9,552
437   Volcom, Inc.*   6,192
19   Volkswagen AG (Germany)   3,682
868   Walt Disney (The) Co.   22,603
199   Warnaco Group (The), Inc.*   7,572
     
        425,995
     
      CONSUMER STAPLES—1.9%    
186   Anheuser-Busch Inbev NV (Belgium)   8,038
661   B&G Foods, Inc. Class A   6,028
176   Boston Beer (The) Co., Inc., Class A*   6,996
466   British American Tobacco PLC (United Kingdom)   14,233
203   Campbell Soup Co.   6,366
170   Carrefour SA (France)   8,013
198   Casey’s General Stores, Inc.   5,495
1,037   Coca-Cola (The) Co.   50,574
722   CVS Caremark Corp.   27,089
630   Diageo PLC (United Kingdom)   9,795


SCHEDULE OF INVESTMENTS (CONTINUED)
TDX INDEPENDENCE IN-TARGET EXCHANGE-TRADED FUND (Continued)
August 31, 2009 (Unaudited)

Number
of Shares
    Value
      COMMON STOCKS (Continued)    
    CONSUMER STAPLES (Continued)    
200   Fresh Del Monte Produce, Inc. (Cayman Islands)* $ 4,580
275   Imperial Tobacco Group PLC (United Kingdom)   7,754
678   Kraft Foods, Inc., Class A   19,221
108   Lancaster Colony Corp.   5,428
884   Nestle SA (Switzerland)   36,787
939   Philip Morris International, Inc.   42,922
864   Prestige Brands Holdings, Inc.*   6,402
1,285   Procter & Gamble (The) Co.   69,531
125   Reckitt Benckiser Group PLC (United Kingdom)   5,812
214   Ruddick Corp.   5,684
259   Safeway, Inc.   4,934
2,081   Tesco PLC (United Kingdom)   12,749
232   Tootsie Roll Industries, Inc.   5,487
412   Unilever NV (Netherlands)   11,526
329   Unilever PLC (United Kingdom)   9,008
1,819   Wal-Mart Stores, Inc.   92,534
     
        482,986
     
    ENERGY—2.4%    
185   Arena Resources, Inc.*   5,657
791   ATP Oil & Gas Corp.*   8,820
935   BG Group PLC (United Kingdom)   15,498
204   Bill Barrett Corp.*   5,965
4,922   BP PLC (United Kingdom)   42,676
995   Chevron Corp.   69,590
760   ConocoPhillips   34,223
165   Dril-Quip, Inc.*   7,039
690   ENI S.p.A (Italy)   16,378
2,431   Exxon Mobil Corp.   168,103
641   General Maritime Corp. (Marshall Islands)   5,096
2,249   ION Geophysical Corp.*   5,735
519   Matrix Service Co.*   5,719
121   Murphy Oil Corp.   6,897
185   Nordic American Tanker Shipping Ltd. (Bermuda)   5,507
405   Occidental Petroleum Corp.   29,606
174   Peabody Energy Corp.   5,686
211   Repsol YPF SA (Spain)   5,238
993   Royal Dutch Shell PLC, Class A (United Kingdom)   27,691
766   Royal Dutch Shell PLC, Class B (United Kingdom)   20,899
605   Schlumberger Ltd. (Netherlands Antilles)   34,001
399   Southwestern Energy Co.*   14,707
408   StatoilHydro ASA (Norway)   8,909
584   Total SA (France)   33,498
148   Woodside Petroleum Ltd. (Australia)   6,114
132   World Fuel Services Corp.   5,932
     
        595,184
     
    FINANCIALS—3.9%    
511   Aflac, Inc.   20,757
23   Alexander’s, Inc. REIT   6,516
122   Allianz SE (Germany)   14,115
233   American Campus Communities, Inc. REIT   6,060
640   Annaly Capital Management, Inc. REIT   11,098


SCHEDULE OF INVESTMENTS (CONTINUED)
TDX INDEPENDENCE IN-TARGET EXCHANGE-TRADED FUND (Continued)
August 31, 2009 (Unaudited)

Number
of Shares
      Value
    COMMON STOCKS (Continued)    
    FINANCIALS (Continued)    
308   Assicurazioni Generali S.p.A (Italy) $ 7,677
477   Australia & New Zealand Banking Group Ltd. (Australia)   8,561
401   AXA (France)   9,138
822   Banco Bilbao Vizcaya Argentaria SA (Spain)   14,615
1,743   Banco Santander SA (Spain)   26,851
3,781   Bank of America Corp.   66,507
1,273   Bank of New York Mellon (The) Corp.   37,694
2,043   Barclays PLC (United Kingdom)   12,661
679   BB&T Corp.   18,971
214   BNP Paribas (France)   17,250
932   Boston Private Financial Holdings, Inc.   4,679
432   Capital One Financial Corp.   16,109
1,211   Charles Schwab (The) Corp.   21,871
333   Commonwealth Bank of Australia (Australia)   12,914
233   Credit Suisse Group (Switzerland)   11,894
142   Deutsche Bank AG (Germany)   9,649
528   Dime Community Bancshares, Inc.   5,914
378   Encore Capital Group, Inc.*   5,632
384   Equity One, Inc. REIT   6,048
291   FirstMerit Corp.   5,229
252   Franklin Resources, Inc.   23,519
118   GAMCO Investors, Inc., Class A   5,325
232   Goldman Sachs Group (The), Inc.   38,387
312   Highwoods Properties, Inc. REIT   9,163
4,538   HSBC Holdings PLC (United Kingdom)   49,709
2,254   Intesa Sanpaolo S.p.A (Italy)   9,777
216   IPC Holdings Ltd. (Bermuda)   7,003
1,763   JPMorgan Chase & Co.   76,619
192   Kansas City Life Insurance Co.   6,864
354   Knight Capital Group, Inc., Class A*   7,122
468   MarketAxess Holdings, Inc.*   5,190
970   MFA Financial, Inc. REIT   7,682
3,233   Mitsubishi UFJ Financial Group, Inc. (Japan)   20,702
337   Montpelier Re Holdings Ltd. (Bermuda)   5,422
253   Moody’s Corp.   6,892
664   Morgan Stanley   19,229
55   Muenchener Rueckversicherungs-Gesellschaft AG (Germany)   8,211
456   National Australia Bank Ltd. (Australia)   10,949
1,210   National Bank of Greece SA ADR (Greece)*   7,732
741   National Financial Partners Corp.   5,817
351   National Retail Properties, Inc. REIT   7,203
399   NewAlliance Bancshares, Inc.   4,692
787   Nordea Bank AB (Sweden)   8,257
241   Northern Trust Corp.   14,089
367   Omega Healthcare Investors, Inc. REIT   6,206
188   Platinum Underwriters Holdings Ltd. (Bermuda)   6,815
127   ProAssurance Corp.*   6,668
786   Progressive (The) Corp.   12,985
169   Prosperity Bancshares, Inc.   5,836
210   SCBT Financial Corp.   5,387
309   Simon Property Group, Inc. REIT   19,659
125   Societe Generale (France)   10,083
503   Standard Chartered PLC (United Kingdom)   11,444
104   Stifel Financial Corp.*   5,855
220   Sumitomo Mitsui Financial Group, Inc. (Japan)   9,510


SCHEDULE OF INVESTMENTS (CONTINUED)
TDX INDEPENDENCE IN-TARGET EXCHANGE-TRADED FUND (Continued)
August 31, 2009 (Unaudited)

 Number
of Shares
    Value
      COMMON STOCKS (Continued)    
    FINANCIALS (Continued)    
872   UBS AG (Switzerland)* $ 16,122
143   UMB Financial Corp.   5,724
3,754   UniCredito Italiano S.p.A (Italy)   13,616
257   Washington Real Estate Investment Trust REIT   6,929
2,169   Wells Fargo & Co.   59,691
109   Westamerica Bancorp.   5,606
658   Westpac Banking Corp. (Australia)   13,519
126   Westwood Holdings Group, Inc.   4,854
39   Zurich Financial Services AG (Switzerland)   8,587
     
        979,061
     
    HEALTH CARE—2.0%    
786   Abbott Laboratories   35,550
227   AMERIGROUP Corp.*   5,369
345   AstraZeneca PLC (United Kingdom)   15,969
225   Bayer AG (Germany)   13,829
875   Boston Scientific Corp.*   10,281
742   Bruker Corp.*   7,531
200   Catalyst Health Solutions, Inc.*   5,712
163   Emergency Medical Services Corp., Class A*   7,392
930   eResearch Technology, Inc.*   5,850
154   Genzyme Corp.*   8,579
1,237   GlaxoSmithKline PLC (United Kingdom)   24,253
118   Haemonetics Corp.*   6,212
425   Isis Pharmaceuticals, Inc.*   6,860
1,270   Johnson & Johnson   76,758
172   Magellan Health Services, Inc.*   5,519
606   Novartis AG (Switzerland)   28,143
131   Novo Nordisk A/S, B Shares (Denmark)   7,994
177   NuVasive, Inc.*   7,092
243   Onyx Pharmaceuticals, Inc.*   7,793
184   Owens & Minor, Inc.   8,142
3,272   Pfizer, Inc.   54,641
249   Psychiatric Solutions, Inc.*   6,671
127   Quality Systems, Inc.   6,838
346   Regeneron Pharmaceuticals, Inc.*   7,865
181   Roche Holding AG (Switzerland)   28,824
280   Sanofi-Aventis SA (France)   19,014
690   SIGA Technologies, Inc.*   5,051
261   STERIS Corp.   7,574
266   Takeda Pharmaceutical Co. Ltd. (Japan)   10,753
254   Thoratec Corp.*   6,665
635   UnitedHealth Group, Inc.   17,780
649   Wyeth   31,055
150   Zimmer Holdings, Inc.*   7,103
     
        504,662
     
    INDUSTRIALS—2.0%    
601   ABB Ltd. (Switzerland)   11,555
1,020   BAE Systems PLC (United Kingdom)   5,190
201   Baldor Electric Co.   5,642
356   Burlington Northern Santa Fe Corp.   29,555
184   C.H. Robinson Worldwide, Inc.   10,352


SCHEDULE OF INVESTMENTS (CONTINUED)
TDX INDEPENDENCE IN-TARGET EXCHANGE-TRADED FUND (Continued)
August 31, 2009 (Unaudited)

 Number
of Shares
      Value
    COMMON STOCKS (Continued)    
    INDUSTRIALS (Continued)    
322   Caterpillar, Inc. $ 14,590
207   CLARCOR, Inc.   6,636
209   CRA International, Inc.*   5,837
190   Curtiss-Wright Corp.   6,188
306   Dollar Thrifty Automotive Group*   6,071
287   EMCOR Group, Inc.*   6,650
379   Emerson Electric Co.   13,974
100   Fanuc Ltd. (Japan)   8,182
53   First Solar, Inc.*   6,444
208   General Dynamics Corp.   12,312
4,954   General Electric Co.   68,862
500   GrafTech International Ltd.*   7,115
165   Granite Construction, Inc.   5,297
786   Hawaiian Holdings, Inc.*   5,754
352   Heartland Express, Inc.   4,984
313   Heidrick & Struggles International, Inc.   6,579
1,061   JetBlue Airways Corp.*   6,164
328   Knight Transportation, Inc.   5,409
307   Koninklijke (Royal) Philips Electronics NV (Netherlands)   6,943
165   L.B. Foster Co., Class A*   4,920
191   Lockheed Martin Corp.   14,321
416   Mitsubishi Corp. (Japan)   8,453
600   Mitsui & Co. Ltd. (Japan)   7,839
215   PACCAR, Inc.   7,777
129   Regal-Beloit Corp.   5,864
215   Republic Services, Inc.   5,506
368   Rollins, Inc.   6,569
63   Schneider Electric SA (France)   5,813
5   Seaboard Corp.   5,520
238   Siemens AG (Germany)   20,646
234   Tetra Tech, Inc.*   6,912
503   Union Pacific Corp.   30,085
1,014   United Parcel Service, Inc., Class B   54,209
414   United Technologies Corp.   24,575
769   Vicor Corp.   5,652
119   Vinci SA (France)   6,391
256   Waste Management, Inc.   7,662
125   Watsco, Inc.   6,604
182   Watson Wyatt Worldwide, Inc., Class A   7,953
     
        509,556
     
    INFORMATION TECHNOLOGY—3.5%    
1,742   3Com Corp.*   7,578
642   Accenture PLC, Class A (Ireland)   21,186
154   Anixter International, Inc.*   5,402
421   Apple, Inc.*   70,816
495   Arris Group, Inc.*   6,564
125   CACI International, Inc., Class A*   5,745
266   CANON, Inc. (Japan)   10,237
151   Cass Information Systems, Inc.   4,714
2,558   Cisco Systems, Inc.*   55,253
200   Concur Technologies, Inc.*   7,072
810   Corning, Inc.   12,215
735   Daktronics, Inc.   5,931


SCHEDULE OF INVESTMENTS (CONTINUED)
TDX INDEPENDENCE IN-TARGET EXCHANGE-TRADED FUND (Continued)
August 31, 2009 (Unaudited)

 Number
of Shares
    Value
    COMMON STOCKS (Continued)    
    INFORMATION TECHNOLOGY (Continued)    
153   Digital River, Inc.* $ 5,404
435   Electro Scientific Industries, Inc.*   5,342
997   EMC Corp.*   15,852
1,761   Entegris, Inc.*   7,044
698   Exar Corp.*   5,242
382   Gartner, Inc.*   6,364
147   Google, Inc., Class A*   67,865
1,127   Hewlett-Packard Co.   50,591
341   Informatica Corp.*   6,114
575   International Business Machines Corp.   67,879
576   IXYS Corp.   3,917
336   Jack Henry & Associates, Inc.   7,832
153   ManTech International Corp., Class A*   8,085
141   MasterCard, Inc., Class A   28,571
328   Microsemi Corp.*   4,628
4,046   Microsoft Corp.   99,735
731   ModusLink Global Solutions, Inc.*   5,249
726   MSC.Software Corp.*   5,503
27   Nintendo Co. Ltd. (Japan)   7,323
945   Nokia Oyj (Finland)   13,154
2,256   Oracle Corp.   49,339
594   Palm, Inc.*   7,918
491   Parametric Technology Corp.*   6,530
199   Paychex, Inc.   5,630
463   Perot Systems Corp., Class A*   7,709
321   Polycom, Inc.*   7,572
387   Quest Software, Inc.*   6,382
506   Rackspace Hosting, Inc.*   6,548
269   Riverbed Technology, Inc.*   5,186
252   SAP AG (Germany)   12,317
576   Skyworks Solutions, Inc.*   6,710
275   Solera Holdings, Inc.   7,244
262   Starent Networks Corp.*   5,303
732   Telefonaktiebolaget LM Ericsson, B Shares (Sweden)   7,020
704   TIBCO Software, Inc.*   6,244
901   Visa, Inc., Class A   64,061
162   VistaPrint NV (Netherlands)*   6,713
752     Yahoo!, Inc.*   10,987
     
        863,820
     
    MATERIALS—0.8%    
70   Air Liquide SA (France)   7,479
556   American Vanguard Corp.   4,871
347   Anglo American PLC (United Kingdom)   11,430
233   ArcelorMittal (Luxembourg)   8,349
238   BASF AG (Germany)   12,429
882   BHP Billiton Ltd. (Australia)   27,362
589   BHP Billiton PLC (United Kingdom)   15,627
586   Dow Chemical (The) Co.   12,476
470   E.I. du Pont de Nemours & Co.   15,007
270   Newmont Mining Corp.   10,851
167   Praxair, Inc.   12,796
348   Rio Tinto PLC (United Kingdom)   13,689
156   Rock-Tenn Co., Class A   8,001


SCHEDULE OF INVESTMENTS (CONTINUED)
TDX INDEPENDENCE IN-TARGET EXCHANGE-TRADED FUND (Continued)
August 31, 2009 (Unaudited)

   Number
 of Shares
    Value
      COMMON STOCKS (Continued)    
    MATERIALS (Continued)    
212   Sensient Technologies Corp. $ 5,527
100   Shin-Etsu Chemical Co. Ltd. (Japan)   5,929
157   Silgan Holdings, Inc.   7,633
29   Syngenta AG (Switzerland)   6,833
270   Westlake Chemical Corp.   6,491
     
        192,780
     
    TELECOMMUNICATION SERVICES—0.8%    
2,899   AT&T, Inc.   75,520
751   Deutsche Telekom AG (Germany)   9,996
499   France Telecom SA (France)   12,703
450   Koninklijke (Royal) KPN NV (Netherlands)   6,916
4   NTT DoCoMo, Inc. (Japan)   6,179
1,001   Telefonica SA (Spain)   25,268
1,395   Verizon Communications, Inc.   43,301
13,502   Vodafone Group PLC (United Kingdom)   29,223
     
        209,106
     
    UTILITIES—0.8%    
283   Consolidated Edison, Inc.   11,374
515   E.ON AG (Germany)   21,809
1,362   Enel S.p.A (Italy)   8,033
181   EQT Corp.   7,180
687   Exelon Corp.   34,364
410   FPL Group, Inc.   23,034
309   GDF Suez (France)   13,032
1,024   Iberdrola SA (Spain)   9,493
154   New Jersey Resources Corp.   5,660
185   Nicor, Inc.   6,701
295   Piedmont Natural Gas Co., Inc.   7,086
124   RWE AG (Germany)   11,495
763   Southern Co.   23,806
300   Tokyo Electric Power (The) Co., Inc. (Japan)   7,842
202   WGL Holdings, Inc.   6,666
     
        197,575
     
    Total Common Stocks    
    (Cost $4,958,118)   4,960,725
     
    RIGHTS—0.0% (a)    
    FINANCIALS—0.0% (a)    
445   Fortis Rights, expiring 12/31/14 (Belgium)*    
    (Cost $0)   0
     


SCHEDULE OF INVESTMENTS (CONTINUED)
TDX INDEPENDENCE IN-TARGET EXCHANGE-TRADED FUND (Continued)
August 31, 2009 (Unaudited)

Principal
Amount
    Value
        CORPORATE BONDS—9.8%    
      CONSUMER DISCRETIONARY—0.3%    
$ 18,000   Comcast Cable Communications Holdings, Inc.    
      8.375%, 3/15/13 $ 20,818
  41,000   Home Depot (The), Inc.    
      5.40%, 3/01/16   42,474
       
          63,292
       
      CONSUMER STAPLES—0.5%    
  29,000   Diageo Finance BV (Netherlands)    
      5.30%, 10/28/15   31,129
  24,000   Kroger (The) Co.    
      5.50%, 2/01/13   25,633
  49,000   Wal-Mart Stores, Inc.    
      4.55%, 5/01/13   52,379
       
          109,141
       
      ENERGY—0.7%    
  34,000   Apache Corp.    
      5.25%, 4/15/13   36,390
  44,000   Hess Corp.    
      6.65%, 8/15/11   47,275
  34,000   Kinder Morgan Energy Partners LP    
      6.75%, 3/15/11   35,944
  49,000   Spectra Energy Capital LLC    
      6.25%, 2/15/13   52,392
       
          172,001
       
      FINANCIALS—6.8%    
  39,000   American Express Co.    
      4.875%, 7/15/13   39,557
  79,000   Bank of America Corp.    
      4.875%, 1/15/13   79,886
  49,000   Boeing Capital Corp. Ltd.    
      5.80%, 1/15/13   53,311
  49,000   Boston Properties LP    
      6.25%, 1/15/13   50,421
  41,000   Capital One Financial Corp.    
      6.15%, 9/01/16   37,745
  99,000   Citigroup, Inc.    
      6.00%, 2/21/12   101,975
  239,000   European Investment Bank (Supranational)    
      4.625%, 5/15/14   259,005
      General Electric Capital Corp., Series A MTN    
  24,000   7.375%, 1/19/10   24,579
  24,000   5.875%, 2/15/12   25,535
  49,000   Genworth Financial, Inc.    
      5.75%, 6/15/14   38,334


SCHEDULE OF INVESTMENTS (CONTINUED)
TDX INDEPENDENCE IN-TARGET EXCHANGE-TRADED FUND (Continued)
August 31, 2009 (Unaudited)

Principal
Amount
    Value
        CORPORATE BONDS (Continued)    
      FINANCIALS (Continued)    
$ 99,000   Goldman Sachs Group, LP    
      5.00%, 10/01/14 $ 103,242
  129,000   HSBC Finance Corp.    
      6.375%, 11/27/12   138,644
  129,000   International Lease Finance Corp. Series Q MTN    
      5.75%, 6/15/11   115,141
  74,000   John Deere Capital Corp.    
      7.00%, 3/15/12   82,584
      JPMorgan Chase & Co.    
  24,000   5.75%, 1/02/13   25,630
  70,000   5.875%, 6/13/16   73,387
  24,000   Marsh & McLennan Cos., Inc.    
      5.75%, 9/15/15   24,703
  41,000   Merrill Lynch & Co, Inc., Series C MTN    
      5.00%, 1/15/15   40,829
  41,000   MetLife, Inc.    
      5.00%, 6/15/15   42,624
  108,000   Morgan Stanley    
      5.30%, 3/01/13   112,915
  29,000   National Rural Utilities Cooperative Finance Corp., Series C MTN    
      7.25%, 3/01/12   31,977
  12,000   Prudential Financial, Inc.    
      5.10%, 9/20/14   11,949
  50,000   US Bank Series    
      4.95%, 10/30/14   53,263
  74,000   Wachovia Corp.    
      5.25%, 8/01/14   75,435
  64,000   Wells Fargo & Co.    
      4.875%, 1/12/11   66,422
       
          1,709,093
       
      HEALTH CARE—0.1%    
  29,000   UnitedHealth Group, Inc.    
      4.875%, 3/15/15   29,589
       
      INFORMATION TECHNOLOGY—0.6%    
  119,000   International Business Machines Corp.    
      4.25%, 9/15/09   119,157
  29,000   Oracle Corp.    
      5.25%, 1/15/16   31,241
       
          150,398
       
      TELECOMMUNICATION SERVICES—0.2%    
  24,000   Embarq Corp.    
      7.082%, 6/01/16   25,658
  24,000   New Cingular Wireless Services, Inc.    
      7.875%, 3/01/11   26,046
       
          51,704
       


SCHEDULE OF INVESTMENTS (CONTINUED)
TDX INDEPENDENCE IN-TARGET EXCHANGE-TRADED FUND (Continued)
August 31, 2009 (Unaudited)

Principal
Amount
    Value
        CORPORATE BONDS (Continued)    
      UTILITIES—0.6%    
$ 33,000   Constellation Energy Group    
      4.55%, 6/15/15 $ 31,360
  41,000   Dominion Resources, Inc., Series C    
      5.15%, 7/15/15   43,190
  24,000   Exelon Generation Co. LLC    
      5.35%, 1/15/14   25,124
  54,000   Progress Energy, Inc.    
      7.10%, 3/01/11   57,453
       
          157,127
       
      Total Corporate Bonds    
      (Amortized Cost $2,359,314)   2,442,345
       
      UNITED STATES GOVERNMENT & AGENCIES OBLIGATIONS—69.2%       
      FEDERAL HOME LOAN MORTGAGE CORP.—3.0%    
  400,000   3.25%, 2/25/11   413,951
  40,000   4.875%, 11/18/11   43,136
  275,000   4.50%, 1/15/13   297,724
       
          754,811
       
      UNITED STATES TREASURY BONDS/NOTES—66.2%    
  2,900,000   4.00%, 9/30/09   2,909,517
  200   4.625%, 11/15/09   202
  1,050,000   3.50%, 12/15/09   1,060,254
  1,452,400   3.50%, 2/15/10   1,474,073
  300   4.75%, 2/15/10   306
  100   6.50%, 2/15/10   103
  590,000   2.00%, 2/28/10   595,232
  1,361,400   4.50%, 5/15/10   1,401,552
  1,866,400   3.875%, 7/15/10   1,923,340
  1,290,000   5.00%, 2/15/11   1,371,634
  1,079,800   4.875%, 4/30/11   1,152,856
  750,000   4.875%, 5/31/11   802,706
  2,050,000   5.125%, 6/30/11   2,208,555
  125,000   4.625%, 8/31/11   134,024
  240,000   1.375%, 5/15/12   240,169
  200,000   3.375%, 7/31/13   211,203
  976,600   4.75%, 5/15/14   1,085,476
       
          16,571,202
       
      Total United States Government & Agencies Obligations    
      (Amortized Cost $17,147,581)   17,326,013
       


SCHEDULE OF INVESTMENTS (CONTINUED)
TDX INDEPENDENCE IN-TARGET EXCHANGE-TRADED FUND (Continued)
August 31, 2009 (Unaudited)

Principal
Amount
    Value
        SOVERIGN BONDS—0.2%    
$  44,000   Italy Government International Bond (Italy)    
      6.00%, 2/22/11    
      (Amortized Cost $45,666) $ 47,104
       
      Total Investments—99.0%    
      (Amortized Cost $24,510,679) (b) $ 24,776,187
      Cash Equivalents—0.1% (c)   21,045
      Other assets in excess of liabilities—0.9%   222,687
       
      Net Assets—100.0% $ 25,019,919
       

  ADR – American Depositary Receipt.
  MTN – Medium Term Note.
  REIT – Real Estate Investment Trust.
  * Non-income producing security.
     
  (a)

Less than 0.1%
  (b)

The cost stated also approximates the aggregate cost for Federal income tax purposes. At August 31, 2009, net unrealized appreciation was $265,508 based on cost for Federal income tax purposes. This consisted of aggregate gross unrealized appreciation of $501,068 and aggregate gross unrealized depreciation of $235,560.
  (c)

Represents an investment in Dreyfus Institutional Reserve Money Fund with annualized 7-day yield of 0.26% at August 31, 2009.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

      Level 1 —  quoted prices in active markets for identical securities
     
  Level 2 — other significant observable inputs (including, but not limited to, 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)

The following is a summary of the inputs used as of August 31, 2009 in valuing the Fund’s investments:

Investments Level 1   Level 2   Level 3
Common Stocks $ 4,960,725     $ -     $ -
Corporate Bonds   -     2,442,345     -
United States Government & Agencies Obligations   -     17,326,013     -
Sovereign Bonds   -     47,104     -
Money Market Fund   -     21,045     -
 
Total Investments $ 4,960,725   $ 19,836,507   $ -
 


TDX INDEPENDENCE IN-TARGET EXCHANGE-TRADED FUND
COUNTRY BREAKDOWN AS OF AUGUST 31, 2009 (Unaudited)

  Value
  % of
Net Assets
 
United States $ 23,041,411   92.1 %
United Kingdom   355,311   1.4  
Supranational   259,006   1.1  
Japan   171,501   0.7  
France   159,240   0.7  
Switzerland   148,745   0.6  
Germany   148,042   0.6  
Italy   102,585   0.4  
Spain   81,466   0.3  
Australia   79,420   0.3  
Netherlands   63,228   0.3  
Netherlands Antilles   34,001   0.1  
Bermuda   24,748   0.1  
Sweden   22,445   0.1  
Ireland   21,186   0.1  
Finland   13,154   0.1  
Norway   8,909   0.0  
Luxembourg   8,349   0.0  
Belgium   8,038   0.0  
Denmark   7,994   0.0  
Greece   7,732     0.0  
Marshall Islands   5,096   0.0  
Cayman Islands   4,580   0.0  
 
 
 
Total Investments   24,776,187   99.0  
Cash Equivalents   21,045   0.1  
Other assets less liabilities   222,687   0.9  
 
 
 
Net Assets $ 25,019,919   100.0 %
 
 
 

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) TDX Independence Funds, Inc.
   
By: /s/ David M. Kelley
  David M. Kelley
  President and Chief Executive Officer
   
Date:  October 21, 2009

     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: /s/ David M. Kelley
  David M. Kelley
  President and Chief Executive Officer
   
Date: October 21, 2009
   
By: /s/ James J. McCluskey
  James J. McCluskey
  Chief Financial Officer, Secretary, Treasurer and Controller
   
Date:  October 21, 2009

EX-99.CERT 2 e36787ex99cert.htm CERTIFICATIONS

Exhibit 99.CERT

CERTIFICATIONS

I, David M. Kelley, certify that:

1.     

I have reviewed this report on Form N-Q of TDX Independence Funds, Inc.;
   
2.     

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
   
3.     

Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the Registrant as of the end of the fiscal quarter for which the report is filed;
   
4.     

The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:
     
  (a)  Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
  (b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
     
  (c)      Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
     
  (d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and
   
5. The Registrant’s other certifying officer and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):
     
  (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and
     
  (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date: October 21, 2009  
   
  /s/ David M. Kelley
  David M. Kelley,
  President and Chief Executive Officer


CERTIFICATIONS

I, James J. McCluskey, certify that:

1.     

I have reviewed this report on Form N-Q of TDX Independence Funds, Inc.;
   
2.     

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
   
3.     

Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the Registrant as of the end of the fiscal quarter for which the report is filed;
   
4.     

The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:
     
  (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
  (b)      Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
     
  (c)      Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
     
  (d)  Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and
   
5.      The Registrant’s other certifying officer and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):
     
  (a)      All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and
     
  (b)      Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.
   
Date: October 21, 2009  
   
  /s/ James J. McCluskey
      James J. McCluskey, Chief Financial Officer,    
  Secretary, Treasurer and Controller

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