UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT ON REGISTERED
MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act File Number 811-21827
ZIEGLER EXCHANGE TRADED TRUST
(Exact name of registrant as specified in charter)
200 South Wacker Drive
Suite 2000
Chicago, IL 60606
(Address of principal executive offices)(Zip code)
Brian K.
Andrew, President
Ziegler Exchange Traded Trust
200 South Wacker Drive
Suite 2000
Chicago, IL 60606
(Name and address of agent for service)
With a copy to:
Angelique A. David
North Track Funds, Inc.
200 South Wacker Drive
Suite 2000
Chicago, IL 60606
Registrants telephone number, including area code: (312) 263-0110
Date of fiscal year end: October 31,
2007
Date of reporting period: October 31, 2007
Form N-CSR is to be used by management investment
companies to file reports with the Commission not later than 10 days after the transmission
to stockholders of any report that is required to be transmitted to stockholders
under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The
Commission may use the information provided on Form N-CSR in its regulatory, disclosure
review, inspection and policymaking roles.
A registrant is required to disclose the
information specified by Form N-CSR, and the Commission will make this information
public. A registrant is not required to respond to the collection of information
contained in Form N-CSR 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 Secretary, Securities and Exchange Commission, 450 Fifth Street, N.W.,
Washington, DC 20549-0609. The OMB has reviewed this collection of information under
the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
|
|
|
Table of Contents
Presidents Letter
|
|
2
|
|
Premium and
Discount Information
|
|
3
|
|
Managers
Commentary and Charts
|
|
4
|
|
Schedule of
Investments
|
|
6
|
|
Statement
of Assets and Liabilities
|
|
8
|
|
Statement
of Operations
|
|
9
|
|
Statement
of Changes in Net Assets
|
|
10
|
|
Financial
Highlights
|
|
11
|
|
Notes to Financial
Statements
|
|
12
|
|
Report of
Independent Registered Public Accounting Firm
|
|
17
|
|
Expense Information
|
|
18
|
|
Board Approval
of Investment Advisory Agreement
|
|
19
|
|
Trustees and
Officers of Ziegler Exchange Traded Trust
|
|
22
|
|
Cautionary Note on Forward-Looking Statements
Some of the matters discussed in this report
are forward-looking statements made pursuant to the safe harbor provisions of the
Securities Litigation Reform Act of 1995. These include any predictions, recommendations,
assessments, analyses or outlooks for individual securities, industries, prevailing
interest rates, yields, returns, economic sectors and/or securities markets and
can be identified as such because the context of the statements may include words
such as will, should, believes, predicts, expects, anticipates, foresees, hopes and words of similar import. These statements involve risks and uncertainties.
In addition to the general risks described for the NYSE Arca Tech 100 ETF in its
current Prospectus, such as market, objective, industry, issuer, trading, liquidity, credit
and interest rate risks, other factors bearing on these reports include the accuracy
of the advisers or portfolio managers forecasts and predictions about
particular securities, industries, markets and the general economy in making investment
decisions; the appropriateness of the investment strategies designed by the adviser
or portfolio manager; and the ability of the adviser or portfolio manager to implement
their strategies efficiently and successfully. Any one or more of these factors,
as well as other risks affecting the securities markets generally, could cause the
actual results of the NYSE Arca Tech 100 ETF to differ materially from anticipated
performance. The forward-looking statements included herein are made only as of
the date of this Report, and Ziegler Capital Management LLC, under-takes no obligation
to update such forward-looking statements to reflect subsequent events, conditions
or circumstances.
ZIEGLER EXCHANGE TRADED TRUST
NYSE
ARCA TECH 100 ETF
PRESIDENTS LETTER
ANNUAL REPORT TO SHAREHOLDERS
OCTOBER 31, 2007
Dear Shareholders
,
I am pleased to provide you with the first Annual Report for the Ziegler Exchange
Traded Trust NYSE Arca Tech 100 ETF for the period ended October 31, 2007. This report
includes comparative performance information, portfolio and market commentary, and
a schedule of investments and financial statements.
The technology sector has performed well
in 2007 as noted in the Managers Commentary Report. A number of factors, including
stronger capital expenditures by corporations, favorable tax treatment for those
expenditures and a need to improve productivity, contributed to the strong investment
performance. The sector, as defined by the NYSE Arca Tech 100 Index, includes stocks
from industries such as entertainment, aerospace and defense, health care equipment
and biotechnology. This diversity has allowed the Index to participate in the broad
technology rally.
Stock market volatility has increased as
a result of the spillover effect from the mortgage market crisis. This increase
in volatility impacts technology stocks more directly as a result of their higher
earnings multiples. Because investors focus so much attention on future earnings
growth for these companies, any concerns about the economys ability to grow
or corporations ability to increase earnings causes this increase in volatility.
Fortunately, the Indexs price weighted construction leads to less of a concentration
in individual stock investments and reduces overall volatility.
We believe that this makes the NYSE Arca
Tech 100 ETF an excellent choice for technology investors. We look forward to continuing
our relationship with NYSE Arca to bring you this Exchange Traded Fund. Thank you
for your investment and confidence in the ability of Ziegler Capital Management,
LLC to manage the Fund on your behalf.
As always, we welcome your questions and comments.
Best Regards,
Brian K. Andrew,
CFA President
This report contains information for
existing shareholders of the Ziegler Exchange Traded Trust. It does not constitute
an offer to sell. If an investor wishes to receive more information about the Trust,
the investor should obtain a Prospectus, which includes a discussion of the objectives,
risks, sales charges and expenses for the NYSE Arca Tech 100 ETF. A Prospectus can
be obtained by calling us at 1-888-798-TECH. Please read the Prospectus carefully
before investing in the Trust
.
Shares of the NYSE Arca Tech 100 ETF
are listed on NYSE Arca, Inc. and trade on NYSE Arca, L.L.C. Except when aggregated
in creation units (50,000 shares per Creation Unit), individual share of the NYSE
Arca Tech 100 ETF are not redeemable through Ziegler Exchange Traded Trust. However,
individual shares can be purchased and sold through the secondary market.
2
NYSE ARCA TECH 100 ETF
Premium/Discount (
Unaudited)
The table that follows presents information
about the differences between the daily market price (Market Price)
on secondary markets for shares of the NYSE Arca Tech 100 ETF (the Fund),
a series of the Ziegler Exchange Traded Trust (the Trust), and the Funds net asset value (NAV). NAV per share of the Fund is calculated
daily by adding up the total value of the Funds investments and other assets
and subtracting any of its liabilities, or debts, and then dividing by the number
of outstanding shares of the Fund. Market Price of the Fund generally is determined
using the closing price on the stock exchange on which the shares of the Fund are
listed, as of the time that the Funds NAV is calculated. The Funds Market
Price may be at, above or below its NAV. The NAV of the Fund will fluctuate in accordance
with changes in the market value of its portfolio holdings. The Market Price of
the Fund will fluctuate in accordance with market supply and demand.
Premiums or discounts are the differences
(expressed as a percentage) between NAV and Market Price of the Fund on a given
day, generally at the time NAV is calculated. A premium is the amount that the Fund
is trading above the reported NAV, expressed as a percentage of the NAV. A discount
is the amount that the Fund is trading below the reported NAV, expressed as a percentage
of the NAV.
The following information shows the frequency distribution of premiums
and discounts for the Fund. The information shown for the Fund is for the full calendar
quarter completed after the inception date of the Fund through the date of the most
recent calendar quarter end. The specific period covered for the Fund is disclosed
in the table for the Fund.
Each line in the table shows the number
of trading days which the Fund traded within the premium/discount basis point differential
range indicated. The number of trading days in each premium/discount basis point
differential range is also shown as a percentage of the total number of trading
days in the period covered by the table. All data presented here represents past
performance, which cannot be used to predict future results
.
NYSE ARCA TECH 100 ETF
Period Covered: April 1, 2007 through September 30, 2007
|
|
Number
|
|
Percentage of
|
Premium/Discount Basis Point Differential Range(1)
|
of Days
|
|
Total Days
|
|
|
|
|
|
|
>100.0
|
|
8
|
|
|
|
6.36
|
%
|
|
75.0 99.9
|
|
4
|
|
|
|
3.17
|
|
|
50.0 74.9
|
|
4
|
|
|
|
3.17
|
|
|
25.0 49.9
|
|
12
|
|
|
|
9.52
|
|
|
0.0 24.9
|
|
30
|
|
|
|
23.81
|
|
|
-24.9 0.0
|
|
28
|
|
|
|
22.22
|
|
|
-49.9 -25.0
|
|
14
|
|
|
|
11.11
|
|
|
-74.9 -50.0
|
|
10
|
|
|
|
7.94
|
|
|
-99.9 -75.0
|
|
5
|
|
|
|
3.97
|
|
|
<-100.0
|
|
11
|
|
|
|
8.73
|
|
|
|
|
|
|
|
|
|
|
|
|
|
126
|
|
|
|
100.00
|
%
|
|
|
|
|
|
|
|
|
|
(1) One basis
point equals 1/100 of 1%
|
3
ZIEGLER EXCHANGE TRADED TRUST
NYSE
ARCA TECH 100 ETF
MANAGERS COMMENTARY
OCTOBER 31, 2007
Q:
|
How did
the Fund perform during the period?
|
|
|
A:
|
The NYSE
Arca Tech ETF 100 (the Fund) commenced operations on March 26, 2007.
For the period measured from its commencement
of operations through October 31, 2007, the Fund returned 13.60% (at NAV), compared to 13.68%
for its benchmark, the NYSE Arca Tech 100 Index.
|
|
|
Q:
|
What
factors contributed to the Funds performance versus the Index?
|
|
|
A:
|
The Fund
utilizes a passive management strategy to replicate its benchmark. The standard
operating expense and other associated
fees caused the Fund to trail in performance compared to its Index. The Funds
13% exposure to computer & peripheral stocks added to the performance as they averaged a 31% return for
the performance measurement
period. The Funds 2.2% allocation to pharmaceutical stocks averaged a 15.8%
decline and detracted from the Funds performance.
|
|
|
Q:
|
Which
stocks were top performers?
|
|
|
A:
|
The following
stocks were the top five contributors to the Funds fiscal year performance:
|
Name
|
Fund Weight
|
|
Stock Return
|
|
Contribution to Fund
|
|
|
|
|
|
|
APPLE INC
|
|
3.89
|
%
|
|
|
103.72
|
%
|
|
|
4.03
|
%
|
BIOGEN IDEC INC
|
|
1.73
|
%
|
|
|
66.01
|
%
|
|
|
1.14
|
%
|
INTERNATIONAL BUSINESS MACHINES
|
|
3.32
|
%
|
|
|
24.11
|
%
|
|
|
0.80
|
%
|
GOODRICH CORP
|
|
1.86
|
%
|
|
|
37.03
|
%
|
|
|
0.69
|
%
|
NOKIA OYJ
|
|
0.91
|
%
|
|
|
81.19
|
%
|
|
|
0.74
|
%
|
Q:
|
Which stocks detracted from the Funds performance?
|
|
|
A:
|
The following
stocks were the top five detractors to the Funds fiscal year performance:
|
Name
|
Fund Weight
|
|
Stock Return
|
|
Detraction to Fund
|
|
|
|
|
|
|
INTERDIGITAL INC
|
|
0.81
|
%
|
|
|
-32.40
|
%
|
|
|
-0.64
|
%
|
GENENTECH INC
|
|
2.37
|
%
|
|
|
-9.65
|
%
|
|
|
-0.41
|
%
|
NORTEL NETWORKS
CORP
|
|
0.66
|
%
|
|
|
-34.08
|
%
|
|
|
-0.26
|
%
|
ELECTRONIC DATA SYSTEMS
|
|
0.79
|
%
|
|
|
-22.29
|
%
|
|
|
-0.26
|
%
|
VIROPHARMA INC
|
|
0.24
|
%
|
|
|
-39.79
|
%
|
|
|
-0.20
|
%
|
Q:
|
What is your outlook?
|
|
|
A:
|
Technology
stocks should benefit in the near-term from increased spending by companies on information
technology infrastructure, as they seek to increase, or maintain, productivity in their businesses. In addition,
the global economy should remain strong, generating demand for technologically innovative products. Fundamentals
for technology sector stocks represent fair value, while analysts expect the growth rate for these companies to exceed
that of the broad market in 2008. Longer-term, technology tends to be the creative force and innovation that
provides real growth for the global economys growth. These characteristics make the sector an attractive holding
for long-term investors.
|
NYSE Arca Tech 100
SM
is a service mark of the NYSE Group, Inc. (NYSE) and Archipelago Holdings,
Inc. (Archipelago) and has been licensed for use by Ziegler Exchange
Traded Trust (the Trust). Neither the Trust nor the Fund is sponsored,
endorsed, sold or promoted by NYSE or Archipelago. Neither NYSE nor Archipelago
makes any representation or warranty regarding the advisability of investing in
securities generally, in the Fund particularly, or the ability of the NYSE Arca
Tech 100
SM
Index to track general stock market performance.
NEITHER NYSE NOR ARCHIPELAGO MAKES ANY EXPRESS
OR IMPLIED WARRANTIES, AND HEREBY EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY
OR FITNESS FOR A PARTICULAR PURPOSE WITH RESPECT TO THE NYSE ARCA TECH 100
SM
INDEX OR ANY DATA INCLUDED THEREIN. IN NO EVENT SHALL NYSE OR ARCHIPELAGO
HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES
(INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.
4
ZIEGLER EXCHANGE TRADED TRUST
NYSE
ARCA TECH 100 ETF
PERFORMANCE
FOR THE PERIOD ENDED OCTOBER 31, 2007
The graph below compares the value of a
$10,000 investment in the NYSE Arca Tech 100 ETF with the NYSE Arca Tech 100 Index
since inception. The performance of the Fund shown below reflects operating expenses
and other associated fees.
Value of a $10,000 Investment Since Inception at Net Asset Value*
* The line graph represents the historical performance of a hypothetical investment of $10,000 in the Ziegler Exchange Traded Trust NYSE Arca Tech
100 ETF from March 26, 2007 to October 31, 2007, assuming the reinvestment of distributions.
Cumulative Total Return
|
For the Period Ended October 31, 2007 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Ziegler Exchange Traded Trust
|
|
NYSE Arca
|
|
NYSE Arca Tech 100 ETF
|
|
Tech 100 Index
|
|
|
|
|
Cumulative Total Return at NAV as of 10/31/2007
|
|
|
|
|
|
|
|
(since inception-3/26/07)**
|
|
13.60
|
%
|
|
|
14.00
|
%
|
Cumulative
Total Return at Closing Price as of 10/31/2007
|
|
|
|
|
|
|
|
(since
inception-3/26/07)**
|
|
12.44
|
%
|
|
|
14.00
|
%
|
** Ziegler
Capital Management, LLC, the Funds investment advisor, has contractually agreed
to waive fees and/or reimburse expenses through February 2008, so that total expenses
will not exceed 0.50%. Without such waiver and/or reimbursement, total returns would
have been less.
|
Top Technology Subsectors as of October 31, 2007 as a Percent of Net Assets
* Includes short-term investments and net other assets.
Past performance does not guarantee future
results. Return calculations assume the reinvestment of distributions and do not
reflect taxes that a shareholder would pay on fund distributions or on the redemption
of fund shares. The performance data quoted represents past performance and current
returns may be lower or higher. The investment return and net asset value will fluctuate
so that an invetors shares, when redeemed may be more or less than the original
cost. To obtain performance current to the most recent month please visit www.nxt100.com
.
5
ZIEGLER EXCHANGE TRADED TRUST
NYSE ARCA TECH 100 ETF
SCHEDULE OF INVESTMENTS
OCTOBER 31, 2007
|
|
|
|
Number
|
|
Market
|
|
|
|
of Shares
|
|
Value
|
|
COMMON STOCKS 99.8%
|
|
|
|
|
|
|
|
|
AEROSPACE & DEFENSE 6.8%
|
|
|
Goodrich Corp.
|
|
1,215
|
|
$
|
84,637
|
|
|
Lockheed Martin
Corp.
|
|
1,215
|
|
|
133,699
|
|
|
Raytheon Co.
|
|
1,215
|
|
|
77,286
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
295,622
|
|
|
|
|
|
|
|
BIOTECHNOLOGY 7.9%
|
*
|
|
Amgen, Inc.
|
|
1,215
|
|
|
70,604
|
*
|
|
Biogen Idec,
Inc.
|
|
1,215
|
|
|
90,445
|
*
|
|
Genentech,
Inc.
|
|
1,215
|
|
|
90,068
|
*
|
|
Genzyme Corp.
|
|
1,215
|
|
|
92,304
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
343,421
|
|
|
|
|
|
|
|
COMMUNICATIONS EQUIPMENT 11.6%
|
*
|
|
3Com Corp.
|
|
1,215
|
|
|
5,929
|
*
|
|
ADC Telecommunications,
Inc.
|
|
1,215
|
|
|
22,720
|
|
|
Alcatel-Lucent
ADR
|
|
1,215
|
|
|
11,773
|
*
|
|
Arris Group,
Inc.
|
|
1,215
|
|
|
13,972
|
*
|
|
Ciena Corp.
|
|
1,215
|
|
|
58,150
|
*
|
|
Cisco Systems,
Inc.
|
|
1,215
|
|
|
40,168
|
|
|
Corning, Inc.
|
|
1,215
|
|
|
29,488
|
|
|
Harris Corp.
|
|
1,215
|
|
|
73,580
|
*
|
|
Interdigital
Communications Corp.
|
|
1,215
|
|
|
26,110
|
*
|
|
JDS Uniphase
Corp.
|
|
1,215
|
|
|
18,541
|
*
|
|
Juniper Networks,
Inc.
|
|
1,215
|
|
|
43,740
|
|
|
Motorola,
Inc.
|
|
1,215
|
|
|
22,830
|
|
|
Nokia Oyj
ADR
|
|
1,215
|
|
|
48,260
|
*
|
|
Nortel Networks
Corp.
|
|
1,215
|
|
|
19,598
|
*
|
|
Packeteer,
Inc.
|
|
1,215
|
|
|
10,558
|
|
|
QUALCOMM,
Inc.
|
|
1,215
|
|
|
51,917
|
*
|
|
Tellabs, Inc.
|
|
1,215
|
|
|
10,704
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
508,038
|
|
|
|
|
|
|
|
COMPUTERS & PERIPHERALS 13.8%
|
*
|
|
Adaptec, Inc.
|
|
1,215
|
|
|
4,289
|
*
|
|
Apple, Inc.
|
|
1,215
|
|
|
230,789
|
*
|
|
Dell, Inc.
|
|
1,215
|
|
|
37,179
|
*
|
|
EMC Corp.
|
|
1,215
|
|
|
30,849
|
|
|
Hewlett-Packard
Co.
|
|
1,215
|
|
|
62,791
|
|
|
International
Business Machines Corp.
|
|
1,215
|
|
|
141,086
|
*
|
|
Network Appliance,
Inc.
|
|
1,215
|
|
|
38,260
|
*
|
|
QLogic Corp.
|
|
1,215
|
|
|
18,869
|
*
|
|
Sun Microsystems,
Inc.
|
|
1,215
|
|
|
6,938
|
*
|
|
Teradata Corp.
|
|
1,215
|
|
|
34,664
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
605,714
|
|
|
|
|
|
|
|
ELECTRONIC EQUIPMENT & INSTRUMENTS 3.6%
|
*
|
|
Agilent Technologies,
Inc.
|
|
1,215
|
|
|
44,773
|
*
|
|
Coherent,
Inc.
|
|
1,215
|
|
|
39,852
|
|
|
Jabil Circuit,
Inc.
|
|
1,215
|
|
|
26,402
|
|
|
Tektronix,
Inc.
|
|
1,215
|
|
|
45,988
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
157,015
|
|
|
|
|
|
|
|
HEALTH CARE EQUIPMENT & SUPPLIES 2.8%
|
*
|
|
Boston Scientific
Corp.
|
|
1,215
|
|
|
16,852
|
|
|
Medtronic,
Inc.
|
|
1,215
|
|
|
57,640
|
*
|
|
St. Jude Medical,
Inc.
|
|
1,215
|
|
|
49,487
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
123,979
|
|
|
|
|
|
|
|
INTERNET SOFTWARE & SERVICES 5.9%
|
*
|
|
Digital River,
Inc.
|
|
1,215
|
|
|
64,468
|
*
|
|
eBay, Inc.
|
|
1,215
|
|
|
43,861
|
*
|
|
j2 Global
Communications, Inc.
|
|
1,215
|
|
|
40,933
|
*
|
|
RealNetworks,
Inc.
|
|
1,215
|
|
|
8,821
|
*
|
|
VeriSign,
Inc.
|
|
1,215
|
|
|
41,419
|
*
|
|
Websense,
Inc.
|
|
1,215
|
|
|
22,356
|
*
|
|
Yahoo!, Inc.
|
|
1,215
|
|
|
37,787
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
259,645
|
|
|
|
|
|
|
|
IT SERVICES 6.0%
|
|
|
Automatic
Data Processing, Inc.
|
|
1,215
|
|
|
60,215
|
*
|
|
Computer Sciences
Corp.
|
|
1,215
|
|
|
70,944
|
*
|
|
DST Systems,
Inc.
|
|
1,215
|
|
|
102,923
|
|
|
Electronic
Data Systems Corp.
|
|
1,215
|
|
|
26,232
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
260,314
|
|
|
|
|
|
|
|
LIFE SCIENCES TOOLS & SERVICES 4.8%
|
|
|
Applera Corp.
Applied Biosystems Group
|
|
1,215
|
|
|
45,125
|
*
|
|
Millipore
Corp.
|
|
1,215
|
|
|
94,345
|
*
|
|
Thermo Fisher
Scientific, Inc.
|
|
1,215
|
|
|
71,454
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
210,924
|
|
|
|
|
|
|
|
OFFICE ELECTRONICS 0.5%
|
*
|
|
Xerox Corp.
|
|
1,215
|
|
|
21,190
|
|
|
|
|
|
|
|
PHARMACEUTICALS 2.3%
|
|
|
Biovail Corp.
|
|
1,215
|
|
|
24,312
|
|
|
Novartis AG
ADR
|
|
1,215
|
|
|
64,602
|
*
|
|
Viropharma,
Inc.
|
|
1,215
|
|
|
10,461
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
99,375
|
|
|
|
|
|
|
|
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT 13.6%
|
|
|
Altera Corp.
|
|
1,215
|
|
|
23,838
|
|
|
Analog Devices,
Inc.
|
|
1,215
|
|
|
40,654
|
Percentages
shown are a percent of net assets.
The accompanying notes to financial statements
are an integral part of this schedule.
6
ZIEGLER EXCHANGE TRADED TRUST
NYSE ARCA TECH 100 ETF
SCHEDULE OF INVESTMENTS (Continued)
OCTOBER 31, 2007
|
|
|
|
Number
|
|
Market
|
|
|
|
of Shares
|
|
Value
|
|
COMMON STOCKS (Continued)
|
|
|
|
|
|
|
|
|
|
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (Continued)
|
|
|
Applied Materials, Inc.
|
|
1,215
|
|
$
|
23,595
|
|
*
|
|
Broadcom Corp.,
Class A
|
|
1,215
|
|
|
39,548
|
|
*
|
|
Cypress Semiconductor
Corp.
|
|
1,215
|
|
|
44,408
|
|
|
|
Intel Corp.
|
|
1,215
|
|
|
32,684
|
|
|
|
Kla-Tencor
Corp.
|
|
1,215
|
|
|
63,970
|
|
*
|
|
Kulicke & Soffa Industries, Inc.
|
|
1,215
|
|
|
9,198
|
|
*
|
|
Lam Research
Corp.
|
|
1,215
|
|
|
60,993
|
|
|
|
Linear Technology
Corp.
|
|
1,215
|
|
|
40,119
|
|
*
|
|
LSI Corp.
|
|
1,215
|
|
|
8,019
|
|
*
|
|
Micron Technology,
Inc.
|
|
1,215
|
|
|
12,770
|
|
|
|
National Semiconductor
Corp.
|
|
1,215
|
|
|
30,545
|
|
*
|
|
Novellus Systems,
Inc.
|
|
1,215
|
|
|
34,518
|
|
*
|
|
Standard Microsystems
Corp.
|
|
1,215
|
|
|
47,385
|
|
*
|
|
Teradyne,
Inc.
|
|
1,215
|
|
|
14,993
|
|
|
|
Texas Instruments,
Inc.
|
|
1,215
|
|
|
39,609
|
|
|
|
Xilinx, Inc.
|
|
1,215
|
|
|
29,646
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
596,492
|
|
|
|
|
|
|
|
|
|
SOFTWARE 20.2%
|
*
|
|
Adobe Systems,
Inc.
|
|
1,215
|
|
|
58,198
|
|
*
|
|
Amdocs, Ltd.
|
|
1,215
|
|
|
41,796
|
|
*
|
|
Autodesk,
Inc.
|
|
1,215
|
|
|
59,414
|
|
*
|
|
BEA Systems,
Inc.
|
|
1,215
|
|
|
20,533
|
|
*
|
|
BMC Software,
Inc.
|
|
1,215
|
|
|
41,116
|
|
|
|
CA, Inc.
|
|
1,215
|
|
|
32,137
|
|
*
|
|
Cadence Design
Systems, Inc.
|
|
1,215
|
|
|
23,814
|
|
*
|
|
Check Point Software Technologies Ltd.
|
|
1,215
|
|
|
30,691
|
|
*
|
|
Citrix Systems,
Inc.
|
|
1,215
|
|
|
52,233
|
|
*
|
|
Cognos, Inc.
|
|
1,215
|
|
|
61,151
|
|
*
|
|
Compuware
Corp.
|
|
1,215
|
|
|
12,150
|
|
*
|
|
Electronic
Arts, Inc.
|
|
1,215
|
|
|
74,261
|
|
*
|
|
McAfee, Inc.
|
|
1,215
|
|
|
50,240
|
|
*
|
|
Mentor Graphics
Corp.
|
|
1,215
|
|
|
19,464
|
|
|
|
Microsoft
Corp.
|
|
1,215
|
|
|
44,724
|
|
*
|
|
Novell, Inc.
|
|
1,215
|
|
|
9,185
|
|
*
|
|
Oracle Corp.
|
|
1,215
|
|
|
26,936
|
|
*
|
|
Progress Software
Corp.
|
|
1,215
|
|
|
39,743
|
|
*
|
|
Red Hat, Inc.
|
|
1,215
|
|
|
26,232
|
|
|
|
SAP AG ADR
|
|
1,215
|
|
|
65,950
|
|
*
|
|
Sybase, Inc.
|
|
1,215
|
|
|
34,749
|
|
*
|
|
Symantec Corp.
|
|
1,215
|
|
|
22,818
|
|
*
|
|
Synopsys,
Inc.
|
|
1,215
|
|
|
34,336
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
881,871
|
|
|
|
|
|
|
|
|
|
Total Common
Stocks
|
(Cost
$3,876,928)
|
|
|
|
|
4,363,600
|
|
|
|
|
|
|
|
|
|
SHORT-TERM INVESTMENT 0.7%
|
|
MONEY MARKET MUTUAL FUND 0.7%
|
JPMorgan 100% U.S. Treasury Securities Money Market
Fund
|
|
|
|
|
|
|
|
|
(Cost $32,313)
|
|
32,313
|
|
|
32,313
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS 100.5%
|
(Cost $3,909,241)
|
|
|
|
|
4,395,913
|
|
LIABILITIES LESS OTHER ASSETS (0.5)%
|
|
|
|
|
(22,387
|
)
|
|
|
|
|
|
|
|
|
NET ASSETS
100.0%
|
|
|
|
$
|
4,373,526
|
|
|
|
|
|
|
|
|
|
As of November
30, 2007, the gross unrealized appreciation (depreciation) of investments based
on the aggregate cost of investments for federal income tax purposes was as follows:
|
|
|
|
|
|
|
|
|
|
Aggregate
gross unrealized appreciation
|
|
|
|
$
|
619,171
|
|
Aggregate
gross unrealized depreciation
|
|
|
|
|
(134,355
|
)
|
|
|
|
|
|
|
|
|
Net unrealized
appreciation
|
|
|
|
$
|
484,816
|
|
|
|
|
|
|
|
|
|
Federal income
tax cost of investments
|
|
|
|
$
|
3,911,097
|
|
|
|
|
|
|
|
|
|
* Non-income producing.
ADR American
Depositary Receipt
Percentages
shown are a percent of net assets.
The accompanying notes to financial statements
are an integral part of this schedule.
7
ZIEGLER EXCHANGE TRADED TRUST
NYSE
ARCA TECH 100 ETF
STATEMENT OF ASSETS AND LIABILITIES
OCTOBER 31, 2007
Assets:
|
|
|
|
Investments:
|
|
|
|
Cost
basis of investments
|
$
|
3,909,241
|
|
|
|
|
Total
investments at value (See Schedule of Investments)
|
$
|
4,395,913
|
|
|
|
|
Cash
|
|
11,774
|
|
Receivables:
|
|
|
|
Due
from advisor
|
|
40,811
|
|
Dividends
and interest
|
|
506
|
|
|
|
|
|
|
41,317
|
|
|
|
|
Prepaid
offering costs
|
|
41,062
|
|
|
|
|
Total
assets
|
|
4,490,066
|
|
|
|
|
Liabilities:
|
|
|
|
Payables:
|
|
|
|
Offering
and organizational costs
|
|
63.896
|
|
Transfer
agent fees
|
|
5,833
|
|
Trustee
fees
|
|
8,000
|
|
Custodian
fees
|
|
1,304
|
|
Administration
fees
|
|
721
|
|
Other
accrued expenses
|
|
36,786
|
|
|
|
|
Total
liabilities
|
|
116,540
|
|
|
|
|
Total
net assets
|
$
|
4,373,526
|
|
|
|
|
Net Assets
Consist Of:
|
|
|
|
Capital
Stock
|
$
|
3,786,812
|
|
Accumulated
net investment income
|
|
57,956
|
|
Accumulated
net realized gains on investments
|
|
42,086
|
|
Net
unrealized appreciation on investments
|
|
486,672
|
|
|
|
|
Total
net assets
|
$
|
4,373,526
|
|
|
|
|
Net Asset
Value
|
|
|
|
Shares
Outstanding (unlimited number of shares authorized, no par value)
|
|
154,000
|
|
Net
Asset Value
|
$
|
28.40
|
|
The accompanying notes to financial statements
are an integral part of these statements.
8
ZIEGLER EXCHANGE TRADED TRUST
NYSE
ARCA TECH 100 ETF
STATEMENT OF OPERATIONS
FOR THE PERIOD ENDED OCTOBER 31,
2007*
Investment Income:
|
|
|
|
Dividends (net of foreign withholding taxes of $68)
|
$
|
11,750
|
|
Interest
|
|
1,318
|
|
|
|
|
Total
investment income
|
|
13,068
|
|
|
|
|
Expenses:
|
|
|
|
Offering and
organizational costs (Note 2)
|
|
61,172
|
|
Professional
fees
|
|
28,809
|
|
Transfer agent
fees (Note 8)
|
|
20,981
|
|
Trustee fees
|
|
16,422
|
|
Shareholder
reporting fees
|
|
15,000
|
|
Investment
advisory and management services fees (Note 4)
|
|
9,761
|
|
Administration
fees (Note 5)
|
|
3,608
|
|
Custodian
fees (Note 6)
|
|
3,478
|
|
Distribution
and service fees (Note 7)
|
|
2,603
|
|
License fees
|
|
1,952
|
|
Other fees
|
|
2,829
|
|
|
|
|
Gross
expenses before fees waived
|
|
166,615
|
|
|
|
|
Less:
|
|
|
|
Advisor reimbursement
and waiver
|
|
(145,776
|
)
|
Distribution
fees waived
|
|
(2,603
|
)
|
Licensing
fees waived
|
|
(1,952
|
)
|
|
|
|
Total
net expenses
|
|
16,284
|
|
|
|
|
Net investment
loss
|
|
(3,216
|
)
|
|
|
|
Net realized
gains:
|
|
|
|
Investments
|
|
42,086
|
|
In-kind redemptions
|
|
672,484
|
|
|
|
|
|
|
714,570
|
|
Change
in net unrealized appreciation on investments
|
|
486,672
|
|
|
|
|
Net
realized and unrealized gain on investments
|
|
1,201,242
|
|
|
|
|
Net increase
in net assets resulting from operations
|
$
|
1,198,026
|
|
|
|
|
|
|
|
|
* The Fund
commenced investment operations on March 26, 2007.
|
|
|
|
The accompanying notes to financial statements
are an integral part of these statements.
9
ZIEGLER EXCHANGE TRADED TRUST
NYSE
ARCA TECH 100 ETF
STATEMENT
OF CHANGES IN NET ASSETS
FOR THE PERIOD ENDED OCTOBER 31, 2007*
Operations:
|
|
|
|
Net investment loss
|
$
|
(3,216
|
)
|
Net realized
gains on investments and in kind redemptions
|
|
714,570
|
|
Change in
net unrealized appreciation on investments
|
|
486,672
|
|
|
|
|
Net
increase in net assets resulting from operations
|
|
1,198,026
|
|
|
|
|
Capital
Share Transactions
(a)
:
|
|
|
|
Proceeds from
shares issued
|
|
21,002,500
|
|
Cost of shares
redeemed
|
|
(17,927,000
|
)
|
|
|
|
Net
increase in net assets from capital share transactions
|
|
3,075,500
|
|
|
|
|
Change
in net assets
|
|
4,273,526
|
|
|
|
|
Net Assets:
|
|
|
|
Balance at
beginning of period
|
$
|
100,000
|
|
|
|
|
Balance at
end of period
|
$
|
4,373,526
|
|
|
|
|
Accumulated
net investment income
|
$
|
57,956
|
|
|
|
|
(a) Share Transactions:
|
|
|
|
Shares
outstanding, beginning of period
|
|
4,000
|
|
Shares
issued
|
|
850,000
|
|
Shares
redeemed
|
|
(700,000
|
)
|
|
|
|
Shares
outstanding, end of period
|
|
154,000
|
|
|
|
|
|
|
|
|
* The Fund
commenced investment operations on March 26, 2007.
|
|
|
|
The accompanying notes to financial statements
are an integral part of these statements.
10
ZIEGLER EXCHANGE TRADED TRUST
NYSE
ARCA TECH 100 ETF
FINANCIAL HIGHLIGHTS
The table
below presents information for a share of capital stock outstanding for the period
indicated. This information should be read in conjunction with the financial statements
and related notes:
|
March 26, 2007*
|
|
through
|
|
October 31, 2007
|
|
|
Net asset value, beginning of period
|
|
$25.00
|
|
|
|
|
|
Net investment
income (loss) (a)
|
|
(0.02
|
)
|
Net realized
and unrealized gains (losses) on investments and in kind redemptions
|
|
3.42
|
|
|
|
|
|
Total from
investment operations
|
|
3.40
|
|
|
|
|
|
Distributions
|
|
|
|
Dividends
from net investment income
|
|
|
|
Distributions
from net realized capital gains on investments
|
|
|
|
Distributions
in excess of net realized capital gains
|
|
|
|
|
|
|
|
Total distributions
|
|
|
|
|
|
|
|
Net asset
value, end of period
|
|
$28.40
|
|
|
|
|
|
Total Return:
(b)
|
|
|
|
Net Asset
Value (c)
|
|
13.60
|
%
|
|
|
|
|
Market Value
(d)
|
|
12.44
|
%
|
|
|
|
|
Ratio of net
expenses to average net assets (e)
|
|
0.50
|
%
|
Ratio of net
investment income (loss) to average net assets (e)
|
|
(0.10
|
)%
|
Ratio of expenses
(prior to waivers and reimbursement) to average net assets (e)
|
|
5.12
|
%
|
Ratio of net
investment income (loss) (prior to waivers and reimbursement) to average net assets
(e)
|
|
(4.71
|
)%
|
|
|
|
|
Net assets, end of period (in thousands)
|
|
$4,374
|
|
|
|
|
|
Portfolio
turnover rate (b)
|
|
22
|
%
|
|
|
|
|
|
*
|
|
The Fund commenced investment operations on March 26, 2007.
|
(a)
|
|
Per share
net investment loss has been calculated using the average daily shares method.
|
(b)
|
|
Not annualized
for periods less than one year.
|
(c)
|
|
Net asset
value total return is calculated assuming an initial investment made at the net
asset value at the beginning of the period, reinvestment of dividends and distributions
at net asset value during the period, if any, and redemption on the last day of
the period. Total returns would have been lower had certain expenses not been reduced
during the period shown.
|
(d)
|
|
Market value
total return is calculated assuming an initial investment made at the market value
at the beginning of the period, reinvestment of dividends and distributions at net
asset value during the period, if any, and redemption on the last day of the period
at market value. Market value is determined by trading that occurs on NYSE Arca,
L.L.C. Market value may be greater or less than net asset value, depending on the
Funds closing price on NYSE Arca, L.L.C.
|
(e)
|
|
Annualized
for periods less than one year.
|
The accompanying notes to financial statements
are an integral part of these statements.
11
ZIEGLER EXCHANGE TRADED TRUST
NYSE ARCA TECH 100 ETF
NOTES TO FINANCIAL
STATEMENTS
OCTOBER 31, 2007
1.
|
|
|
|
Organization
|
|
|
|
|
Ziegler
Exchange Traded Trust, a diversified investment company (the Trust),
was organized as a Delaware statutory trust on July 13, 2005. The Trust currently
consists of one portfolio, the NYSE Arca Tech 100 ETF (the Fund) which
commenced operations on March 26, 2007. The Fund is an exchange-traded fund that
seeks to provide investment results that closely correspond to the performance of
the NYSE Arca Tech 100 Index
SM
(the Index).
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2.
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(a)
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Significant
Accounting Policies
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The following
is a summary of significant accounting policies followed by the Fund in preparation
of its financial statements. These policies are in conformity with U.S. generally
accepted accounting principles. The preparation of financial statements in accordance
with U.S. generally accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts. The actual results could differ
from those estimates.
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(b)
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Security
Valuation
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The Fund
values its portfolio securities at their market value when market quotations are
readily available. When market quotations are not readily available for a particular
security (e.g., because there is no regular market quotation for such security,
the market for such security is limited, the exchange or market in which such security
trades does not open for an entire trading day, the validity of quotations is questionable
or some significant event occurs after the close of trading of such security and
before such security is valued), the Fund values such security at its fair
value as determined in good faith by the Funds Board of Trustees (the
Board). The Board has delegated responsibility for daily pricing to
Ziegler Capital Management, LLC (the Advisor). The Advisor has appointed
a Valuation Committee to perform such pricing functions in accordance with pricing
policies and procedures adopted by the Funds Board. The Valuation Committees fair value determinations are reviewed regularly by the Board.
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Equity
securities that are traded on U.S. exchanges, including futures contracts and options,
and for which market quotations are readily available are valued at their last sale
price on the principal exchange on which such securities are traded as of the close
of regular trading on such exchange or, lacking any sales, at the latest bid quotation.
Over-the-counter securities for which a last sales price on the valuation date and
at the valuation time is available are valued at that price. All other over-the-counter
securities for which market quotations are readily available are valued at the latest
bid quotation.
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Because
market quotations for most debt and convertible securities are not readily available,
such securities are generally valued using valuations published by an independent
pricing service. Preferred stock and options for which market quotations are not
readily available are valued using an independent pricing service. The pricing service
uses various valuation methodologies such as matrix pricing and other analytical
pricing models as well as market transactions and dealer quotations. Debt securities
purchased with maturities of 60 days or less are valued on an amortized cost basis,
under which the value of such securities is equal to its acquisition cost, plus
or minus any amortized discount or premium. Investments in mutual funds are valued
at their closing net asset value each business day.
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(c)
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Options
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The Fund
may purchase or write put and call options on indices that the Advisor deems suitable,
and the Fund may purchase or write put and call options on exchange-traded funds
that track such indices. In addition, the Fund may purchase or write put and call
options on the individual securities in such indices. The risk in writing a call
option is that the Fund gives up the opportunity for profit if the market price
of the security increases. The risk in writing a put option is that the Fund may
incur a loss if the market price of the security decreases and the option is exercised.
The risk in buying an option is that the Fund pays a premium whether or not the
option is exercised. The Fund also has the additional risk of not being able to
enter into a closing transaction if a liquid secondary market does not exist.
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Option
contracts are valued daily, and unrealized appreciation or depreciation is recorded.
When an option is exercised, the proceeds on sales for a written call option, the
purchase cost for a written put option, or the cost of a security for a purchased
put or call option is adjusted by the amount of premium received or paid.
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Whenever
the Fund does not own securities underlying an open option position sufficient to
cover the position, or when the Fund has sold a put, the Fund will maintain in a
segregated account with its custodian, cash or securities sufficient to cover the
exercise price, or with respect to index options, the market value of the open position.
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There were no option contracts purchased or sold by the Fund during the period ended
October 31, 2007.
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(d)
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Futures
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The Fund
may purchase and sell exchange-traded index futures contracts. When a purchase or
sale of a futures contract is made by the Fund, it is required to deposit with the
custodian (or broker, if legally permitted) a specified amount of cash or Government
Securities (initial margin). The margin required for a futures contract
is set by the exchange on which the contract is traded and may be modified during
the term of the contract. The Fund expects to earn interest income on its initial
margin deposits. A futures contract held by the Fund will be valued daily at the
official settlement price of the exchange on which it is traded. Each day the Fund
will pay or receive cash, called variation margin, equal to the daily change in
value of the futures contract. This process is known as marking to market. If an
offsetting purchase price is less than the original sale price, the Fund would realize
a gain, or if it is more, the Fund would realize a loss. Conversely, if an offsetting
sale price is more than the original purchase price, the Fund would realize a gain,
or if it is less, the Fund would realize a loss.
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There were
no futures contracts purchased or sold by the Fund during the period ended October
31, 2007.
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12
ZIEGLER EXCHANGE TRADED TRUST
NYSE ARCA TECH 100 ETF
NOTES TO FINANCIAL
STATEMENTS (Continued)
OCTOBER 31, 2007
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(e)
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Securities
Lending
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In order
to generate income, the Fund may lend its portfolio securities to brokers, dealers
and other institutional investors, provided the Fund receives cash collateral which
at all times is maintained in an amount equal to at least 100% of the current market
value of the securities loaned. The Fund considers collateral consisting of U.S.
Government securities or irrevocable letters of credit issued by banks whose securities
meet the standards for investment by the Fund to be the equivalent of cash. During
the term of the loan, the Fund is entitled to receive interest and other distributions
paid on the loaned securities, as well as any appreciation in the market value.
The Fund also is entitled to receive interest from the institutional borrower based
on the value of the securities loaned. From time to time, the Fund may return to
the borrower, and/or a third party which is unaffiliated with the Fund and which
is acting as a placing broker, a part of the interest earned from the
investment of the collateral received for securities loaned.
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The Fund
did not have any securities on loan as of and during the period ended October 31,
2007.
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(f)
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Depository
Receipts
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The Fund
may invest in ADRs, for which the depository is typically a U.S. financial institution
and the underlying securities are issued by foreign issuers. ADRs may be listed
on a national securities exchange or may trade on an over-the-counter market. ADR
prices are denominated in United States dollars, although the underlying security
may be denominated in a foreign currency. Although generally tempered to some extent,
ADRs do not eliminate all of the risks associated with directly investing in the
securities of foreign issuers.
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(g)
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Swap Agreements
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The Fund
may enter into equity index or interest rate swap agreements for purposes of attempting
to gain exposure to the stocks making up an index of securities in a market without
actually purchasing those stocks, or to hedge a position. Swap agreements are two-party
contracts entered into primarily by institutional investors for periods ranging
from a day to more than one year. In a standard swap transaction, two
parties agree to exchange the returns (or differentials in rates of return) earned
or realized on particular predetermined investments or instruments. The gross returns
to be exchanged or swapped between the parties are calculated with respect
to a notional amount, i.e., the return on or increase in value of a
particular dollar amount invested in a basket of securities representing
a particular index. Forms of swap agreements include interest rate caps, under which,
in return for a premium, one party agrees to make payments to the other to the extent
that interest rates exceed a specified rate, or cap, interest rate floors,
under which, in return for a premium, one party agrees to make payments to the other
to the extent that interest rates fall below a specified level, or floor; and interest rate dollars, under which a party sells a cap and purchases a
floor or vice versa in an attempt to protect itself against interest rate movements
exceeding given minimum or maximum levels.
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The Fund
may enter into swap agreements to invest in a market without owning or taking physical
custody of securities in circumstances in which direct investment is restricted
for legal reasons or is otherwise impracticable. The counterparty to any swap agreement
will typically be a bank, investment banking firm or broker/dealer. The counterparty
will generally agree to pay the Fund the amount, if any, by which the notional amount
of the swap agreement would have increased in value had it been invested in the
particular stocks, plus the dividends that would have been received on those stocks.
The Fund will agree to pay to the counterparty a floating rate of interest on the
notional amount of the swap agreement plus the amount, if any, by which the notional
amount would have decreased in value had it been invested in such stocks. Therefore,
the return to the Fund on any swap agreement should be the gain or loss on the notional
amount plus dividends on the stocks less the interest paid by the Fund on the notional
amount.
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There were
no swap contracts purchased or sold by the Fund during the period ended October
31, 2007.
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(h)
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Distributions
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The Fund
may earn dividends, interest and other income from its investments and distributes
this income (less expenses) to shareholders as dividends. The Fund also realizes
capital gains from its investments and distributes these gains (less any losses)
as capital gains distributions. The Fund normally declares and pays dividends, if
any, annually. Capital gains distributions, if any, for the Fund will normally be
declared annually and paid within 60 days after the end of the fiscal year.
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(i)
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Offering
and Organizational Costs
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Organizational
costs consist of costs incurred by the Fund that enable it legally to do business.
The Fund expenses organizational costs as incurred. Fees related to preparing the
Funds initial registration statement are offering costs. Offering costs are
accounted for as a deferred charge and are amortized to expense over twelve months
on a straight-line basis.
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(j)
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Taxes
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The Fund
intends to qualify as a regulated investment company under Subchapter M of the Internal
Revenue Code and to distribute substantially all of its net investment income and
capital gains to its shareholders. Therefore, no Federal income tax provision is
required.
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In July
2006, the Financial Accounting Standards Board (FASB) issued Interpretation
No. 48, Accounting for Uncertainty in Income Taxes an Interpretation
of FASB Statement No. 109 (FIN 48). FIN 48 addresses the accounting
for uncertainty in income taxes and establishes for all entities, including pass-through
entities, such as the funds, a minimum threshold for financial statement recognition
of the benefit of positions taken in filing tax returns (including whether an entity
is taxable in a particular jurisdiction), and requires certain expanded tax disclosures.
The provisions of FIN 48 are effective for fiscal years beginning after December
15, 2006, and are to be applied to all open tax years as of the date of effectiveness.
The Fund adopted FIN 48 in fiscal year 2007 because the Fund commenced operations
after
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13
ZIEGLER EXCHANGE TRADED TRUST
NYSE ARCA TECH 100 ETF
NOTES TO FINANCIAL
STATEMENTS (Continued)
OCTOBER 31, 2007
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December 15, 2006. No uncertain tax positions existed at the time of adoption or as of October
31, 2007. Consequently, the Fund has not recorded a liability for unrecognized tax
benefits as of October 31, 2007.
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The tax
character of distributions paid may differ from the character of distributions shown
on the Statement of Changes in Net Assets due to short-term capital gains being
treated as ordinary income for tax purposes. The Funds tax year end is October
31st and the tax character of distributions for the fiscal year ended October 31,
2007 were as follows:
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Distributions paid from ordinary income
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$
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Distributions
paid from net long-term capital gains
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Total distributions
paid
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$
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Temporary
differences are generally due to differing book and tax treatments for the timing
of the recognition of gains and losses on certain investment transactions and the
timing and the deductibility of certain expenses.
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To reflect
reclassifications arising from permanent book/tax differences for the
fiscal year ended October 31, 2007, the Funds accumulated net investment income
(loss) was increased $61,172, accumulated net realized gains/losses on investments
was decreased $672,484 and paid in capital was increased $611,312. The permanent differences
are primarily due to gain (loss) on in-kind redemptions and nondeductible expenses.
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At October
31, 2007 the components of accumulated earnings (deficit) on a tax basis were as
follows:
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Undistributed ordinary income
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$
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101,898
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Unrealized appreciation/(depreciation)
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484,816
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(k)
|
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New Accounting Pronouncements
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In September
2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157), was issued and is effective for fiscal years beginning
after November 15, 2007. SFAS 157 defines fair value, establishes a framework for
measuring fair value and expands disclosures about fair value measurements. Management
is evaluating the application of the SFAS 157 and has not at this time determined
the impact, if any, resulting from the adoption on the Funds financial statement
disclosures.
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In addition,
in February 2007, the FASB issued Statement of Financial Accounting Standards No.
159, The Fair Value Option for Financial Assets and Financial Liabilities
Including an amendment of FASB Statement No. 115 (SFAS 159),
which is effective for fiscal years beginning after November 15, 2007. SFAS 159
permits entities to elect to measure certain financial assets and liabilities at
fair value. The fair value option may be applied instrument by instrument, is irrevocable
and is applied only to entire instruments and not to portions of instruments. SFAS
159 also establishes presentation and disclosure requirements designed to facilitate
comparisons between entities that choose different measurement attributes for similar
types of assets and liabilities. Management continues to evaluate the impact the
adoption of SFAS 159 will have on the Funds financial statement disclosures.
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3.
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Securities
Transactions and Related Income
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Security
transactions are recorded on a trade date basis. Realized gains and losses on security
transactions are determined on the identified cost basis. Dividend income is recorded
on the ex-dividend date. Interest income is recognized on the accrual basis.
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4.
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Investment
Advisory Fees
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Ziegler
Capital Management, LLC serves as the Funds Advisor. The Advisor is a wholly-owned
subsidiary of The Ziegler Companies, Inc. Certain officers and trustees of the Fund
are affiliated with the Advisor. The Advisor makes investment decisions for the
assets of the Fund and continuously reviews, supervises and administers the Funds investment programs. The Board supervises the Advisor and establishes policies
that the Advisor must follow in its day-to-day management activities.
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The management
fee is calculated and paid to the Advisor every month. The Funds annual management
fee rate is 0.30% on the first $250 million in average daily net assets; 0.25% on
the next $250 million in average daily net assets; 0.20% on the next $500 million
in average daily net assets; and 0.15% on average daily net assets in excess of $1
billion. The Advisor has contractually agreed to reduce its advisory fees and reimburse
the Fund for any service provider fees until March 26, 2008, to the extent necessary
to maintain the Funds net annual operating expenses at a ratio of 0.50% of
average daily net assets. Any such waiver or reimbursement is subject to later adjustment
to allow the Advisor to recoup amounts waived or reimbursed to the extent actual
fees and expenses on a monthly basis during the fiscal year are less than the respective
expense cap limitations, provided, however, that the Advisor shall only be entitled
to recoup such amounts for the period in which such amount was waived or reimbursed,
and Board approval must be obtained prior to such recoupment. For the period ended
October 31, 2007 the advisor waived fees and/or reimbursed the Fund $145,776.
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During
periods when the Advisor reduces its fees and reimburses the Fund without any recoupment
of fees, this arrangement can decrease the Funds expenses and increase its
performance. However, expenses may increase in the event of a recoupment. As of
October 31, 2007, the amount subject to potential recovery under the operating expenses
limitation agreement was $145,776.
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5.
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Administration Fees
|
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J.P. Morgan
Investor Services Co. serves as the Funds administrator and accounting/pricing
agent. Some of the administrative services include assisting with the preparation
and review of reports to be filed with the SEC, providing tax and 1940 Act regulatory
compliance services, and
|
14
ZIEGLER EXCHANGE TRADED TRUST
NYSE ARCA TECH 100 ETF
NOTES TO FINANCIAL
STATEMENTS (Continued)
OCTOBER 31, 2007
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preparing
materials and reports for the Trustees to review. Some of the accounting services
include the maintenance of the Funds books and records of the Funds
assets, calculation of the Funds NAV, and coordination with the Funds
independent auditors with respect to the Funds annual audit.
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As consideration
for the administrative and accounting services, the Fund will pay J.P. Morgan Investor
Services Co. an annual fee based upon the average daily net assets of the Fund and
reimburse it for its out-of-pocket expenses as follows. For the first year of the
agreement, the fee will be equal to 10 basis points per annum of the average daily
net assets of the Fund for the first six months plus 20 basis points per annum of
the average daily net assets of the Fund for last six months. For the second year
of the agreement, the annual fee will be equal to 20 basis points per annum of the
average daily net assets of the Fund, with a guaranteed minimum annual fee of $15,000,
but the fee cannot exceed $100,000 in year two. After year two of the agreement,
the annual fee will be equal to 20 basis points per annum of the average daily net
assets of the Fund, with a guaranteed minimum annual fee of $100,000. The fees, together
with the out-of-pocket expenses, will be computed, billed and paid monthly.
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6.
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Custodian Fees
|
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|
JPMorgan
Chase Bank, N.A. serves as the custodian of the Funds assets. The custodian
is responsible for holding and safekeeping of the Funds assets.
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7.
|
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Distribution
and Service Fees
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Pursuant
to the Distribution Agreement adopted by the Trust, B.C. Ziegler and Company (the
Distributor), acts as Distributor for the shares of the Trust under
the general supervision and control of the Trustees and the Officers of the Fund.
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The Trust
has adopted a Distribution and Service Plan (the Plan) for the Fund,
pursuant to rule 12b-1 under the Investment Company Act of 1940. The maximum amount
the Fund may pay under the Plan for distribution services may not exceed 0.25% of
the Funds average daily net assets on annual basis.
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Pursuant
to a Marketing Agreement among Archipelago Securities, L.L.C (Archipelago) or its affiliate, the Distributor and the Trust, the Fund will pay a 12b-1
fee to Archipelago or its affiliate, as Marketing Agent, at an annual rate of 0.08%
of the Funds average daily net assets as reimbursement for branding, marketing
and advertising expenses that Archipelago or its affiliate incur. Archipelago or
its affiliate has agreed to waive its right to this 12b-1 fee until the sooner to
occur of: (a) the Fund total assets reaching $60 million or (b) one year after the
date on which the Fund commences trading. For the period ended October 31, 2007,
Archipelago and its affiliate waived 12b-1 fees in the amount of $2,603.
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Although
the plan allows for up to 0.25% of the Funds average daily net assets to be
paid for distribution services, the only 12b-1 fees currently anticipated to be
paid are to Archipelago or its affiliates after termination of the waiver period.
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8.
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Transfer
Agent Fees
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Pursuant
to an Agency Services Agreement with the Fund, JPMorgan Chase Bank, N.A. will act
as transfer agent, dividend-paying agent, and index receipt agent for the Fund.
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9.
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Buying
and Selling of Shares
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The shares
may only be purchased and sold directly from the Fund by certain participants in
large increments in an in-kind transaction. Shares will also be listed on the NYSE
Arca, Inc. and traded on the NYSE Arca, L.L.C. (the NYSE Arca Marketplace), and therefore, may be purchased and sold on the secondary market. Given
the structure of the Fund, most individual investors will not be able to purchase
shares of the Fund directly from the Fund but will need to purchase them in the
secondary market. Transactions in the secondary market are not made at the Funds NAV, but rather are made at market prices which may vary throughout the day
and may differ from the Funds NAV. Shares may be purchased directly from the
Fund only in blocks of 50,000 shares known as Creation Units. The number of shares
in a Creation Unit is generally not expected to change, except in the event of a
share split, reverse split or other revaluation. The Fund will not issue fractional
Creation Units.
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To redeem
shares of the Fund, you must be an Authorized Participant or you must redeem through
a broker that is an Authorized Participant, and you must tender shares in Creation
Unit-size blocks (50,000 shares) in proper form. Shares of the Fund are not individually
redeemable except when aggregated in Creation Units. The Distributor will provide
a list of Authorized Participants upon request.
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Redemption
proceeds will be paid in-kind with a basket of securities (Fund Securities). The Fund Securities you receive will generally be the same as that required
to purchase Creation Units (Deposit Securities) on the same day. There
will be times, however, when the Deposit Securities and Fund Securities differ.
The designated list of securities making up the Fund Securities will be available
through the NSCC each business day, prior to the opening of trading on the NYSE
Arca Marketplace. The Fund reserves the right to honor a redemption request with
a nonconforming basket of securities.
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A fixed
transaction fee of $1,000 is applicable to each purchase and redemption, regardless
of the number of Creation Units purchased or redeemed. An additional fee of $3,000
will be applied to purchases or redemptions affected through the manual DTC clearing
process. Accordingly, the maximum transaction fee charge may be $4,000. The transaction
fee is charged to offset the estimated costs associated with purchasing or redeeming
Creation Units. There were no transaction fees for the period ended October 31,
2007.
|
15
ZIEGLER EXCHANGE TRADED TRUST
NYSE ARCA TECH 100 ETF
NOTES TO FINANCIAL STATEMENTS (Continued)
OCTOBER 31, 2007
10.
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|
Investment
Transactions
|
|
|
|
|
For the
period ended October 31, 2007, the cost of securities purchased and proceeds from
sales of securities, excluding short-term securities and in-kind transactions, was $915,776
and $819,979, respectively.
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11.
|
|
|
|
In-Kind
Transactions
|
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|
|
During
the period the Fund delivered securities of the Fund in exchange for the redemption
of shares (redemption in-kind). Cash and securities were transferred for redemption
at a fair value of $17,911,842 for the Fund. For financial reporting and federal
income tax purposes, the Fund recorded net realized gains of $672,484 in connection
with the transactions.
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In addition,
the Fund received securities in exchange for subscriptions of shares (subscriptions-in-kind)
during the period with value of $20,978,403.
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12.
|
|
|
|
Industry
and Sector Concentration Risks
|
|
|
|
|
Because
the Fund structures its investment portfolio to correspond to the composition of
the Index, a significant portion of the Funds investments will consist of
securities within the technology sector. The Funds concentration in any one
sector or industry will result only from the composition of the Index, and the Fund
will float with the Index with respect to any such concentration.
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|
The Funds investments in technology-related companies expose the Fund to risks associated
with economic conditions in the technology market to a greater extent than funds
not concentrated in the technology sector. Due to competition, a less diversified
product line, and other factors, companies that develop and/or rely on technology
could become increasingly sensitive to downswings in the economy. In the past, such
companies have also experienced volatile swings in demand for their products and
services due to changing economic conditions and rapid technological advances.
|
16
REPORT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM
To the Shareholders and Board of Trustees
of the Ziegler Exchange Traded Trust:
We have audited the accompanying statement
of assets and liabilities of NYSE Arca Tech 100 ETF, one of the portfolios constituting
the Ziegler Exchange Traded Trust (the Trust), including the schedule
of investments, as of October 31, 2007, and the related statements of operations,
changes in net assets, and the financial highlights for the period March 26, 2007
(commencement of operations) to October 31, 2007. These financial statements and
financial highlights are the responsibility of the Trusts management. Our
responsibility is to express an opinion on these financial statements and financial
highlights based on our audit.
We conducted our audit in accordance with
the standards of the Public Company Accounting Oversight Board (United States).
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements and financial highlights are free
of material misstatement. The Trust is not required to have, nor were we engaged
to perform, an audit of its internal control over financial reporting. Our audits
included consideration of internal control over financial reporting as a basis for
designing audit procedures that are appropriate in the circumstances, but not for
the purpose of expressing an opinion on the effectiveness of the Trusts internal
control over financial reporting. Accordingly, we express no such opinion. An audit
also includes examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements, assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial statement
presentation. Our procedures included confirmation of securities owned as of October
31, 2007, by correspondence with the custodian. We believe that our audit provides
a reasonable basis for our opinion.
In our opinion, the financial statements
and financial highlights referred to above present fairly, in all material respects,
the financial position of the Trust as of October 31, 2007, the results of its operations,
changes in its net assets, and the financial highlights for the period March 26,
2007 (commencement of operations) to October 31, 2007, in conformity with accounting
principles generally accepted in the United States of America.
December 20, 2007
17
EXPENSE INFORMATION
(Unaudited)
Shareholder Expense Example
As
a shareholder of the Fund, you incur two types of costs: (1) transaction costs for
purchasing and selling shares and (2) ongoing costs, including advisory fees; distribution
and/or service (12b-1) fees; and other Fund expenses. The expense examples below
are intended to help you understand your ongoing costs (in dollars) of investing
in the Fund and to compare these costs with the ongoing costs of investing in other
exchange-traded funds.
These examples are based on an investment of $1,000 invested
at the beginning of the period and held for the entire period from May 1, 2007 to
October 31, 2007.
Actual Expenses
The first line
in the table below provides information about actual account values and actual expenses.
You may use the information in this line, together with the amount you invested,
to estimate the expenses that you paid over the period. Simply divide your account
value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6),
then multiply the result by the number in the first line under the heading Expenses
Paid During the Period to estimate the expenses you paid on your account during
this period.
Hypothetical Example for Comparison Purposes
The second line in the table below provides information about hypothetical
account values and hypothetical expenses based on the Funds actual expense
ratio and an assumed rate of return of 5% per year before expenses, which is not
the Funds actual return. The hypothetical account values and expenses may
not be used to estimate the actual ending account balance or expenses you paid for
the period. You may use this information to compare the ongoing costs of investing
in the Fund and other exchange-traded funds. To do so, compare this 5% hypothetical
example with the 5% hypothetical examples that appear in the shareholder reports
of the other exchange-traded funds.
Please note that the expenses shown in
the table are meant to highlight your ongoing costs only and do not reflect any
transactional costs, such as creation or redemption fees or brokerage charges. Therefore,
the second line of the table is useful in comparing ongoing costs only, and will
not help you determine the relative total costs of owning different funds. In addition,
if these transactional costs were included, your costs would have been higher.
NYSE Arca Tech 100 ETF
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Expenses Paid
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Annualized
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Beginning Account
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Ending Account
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During the Period
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Expense Ratio
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Value 5/1/07
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Value 10/31/07
|
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5/1/07 - 10/31/07*
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During Period
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Actual
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$1,000.00
|
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$1,088.50
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$2.63
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0.50%
|
Hypothetical
(5% return before expenses)
|
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$1,000.00
|
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$1,022.68
|
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$2.55
|
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0.50%
|
*
|
|
Expenses are
equal to the annualized net expense ratio, multiplied by the average account value
over the period, multiplied by 184/365 (to reflect the one-half year period).
|
18
BOARD APPROVAL OF INVESTMENT ADVISORY
AGREEMENT
(Unaudited)
The Investment Company Act of 1940 (the
Act) requires that the Ziegler Exchange Traded Trusts investment
advisory agreement (Advisory Agreement) be approved annually by a vote
of a majority of the Board of Trustees of the Ziegler Exchange Traded Trust (the
Trust), including a majority of the Trustees who are not parties to
the Advisory Agreement or interested persons of the Trust as that term
is defined in the Act (the Independent Trustees). At its meeting on
October 5, 2007, the Board of Trustees of the Trust, including all of the Independent
Trustees, voted unanimously to renew the existing Advisory Agreement between the
Trust and Ziegler Capital Management, LLC (the Advisor) with respect
to the only existing series of the Trust, the NYSE Arca Tech 100 ETF (the Fund).
The Boards approval was based on its consideration and evaluation
of a variety of factors, including: (1) the nature, extent and quality of the services
provided by the Advisor; (2) the performance of the Fund in comparison to its benchmark
index and a peer group of mutual funds; (3) the management fees and total operating
expenses, including comparative information; (4) the extent to which economies of
scale may be realized as the Fund grows; and (5) whether fee breakpoint levels reflect
these economies of scale for the benefit of the Funds shareholders.
In
connection with the approval process, the Board, including each of the Independent
Trustees, met on October 5, 2007, to consider information relevant to the renewal
process.
The information reviewed by the Board included
information regarding the Funds advisory fees, total expenses, investment
performance and trading practices; comparative information on advisory fees and
total operating expenses; information regarding the Advisors profitability;
fees waived or reimbursed; fee breakpoints; information regarding the types of services
being furnished to the Fund; information regarding the personnel providing the services;
and information regarding the resources of the Advisor. Because the Fund commenced
operations on March 26, 2007, certain information, such as performance information
and comparative expense information, was limited.
In addition, in connection
with each of its regular quarterly meetings since the commencement of operations,
the Board received information on the performance of the Fund, including absolute
performance and information regarding the relative performance of the Fund in comparison
to its benchmark index.
The Board has also received and reviewed
extensive information from the Advisor with respect to the organization, investment
philosophy, portfolio managers and other personnel, and facilities, as well as a
copy of the Advisors Form ADV filing with the SEC.
Throughout the process, the Independent
Trustees were represented by their independent counsel and also utilized the services
of Fund counsel, including a memorandum from Fund counsel summarizing their responsibilities
under the Act in reviewing and approving the Advisory Agreement.
Nature, Extent and Quality of Services
Provided by Advisor
At each of the Boards regular quarterly meetings
since the commencement of operations, management presented information describing
the services furnished by the Advisor to the Fund and reported on investment management,
portfolio trading and compliance with applicable investment restrictions and limitations
of the Fund. The Board also reviewed information as to the portfolio trading costs
of the Fund and the Advisors use of soft dollars as permitted
pursuant to Section 28(e) of the Securities Exchange Act of 1934. The Board considered
biographical information for each of the portfolio managers, other relevant management
personnel and the history, organization, resources and regulatory history of the
Advisor. The Board concluded that the Advisor was well qualified; provided services
comparable to those provided by other advisors to similar exchange-traded funds;
that the nature and extent of services provided by the Advisor were appropriate
for the investment objective and program of the Fund; that the quality of the services
was acceptable; and that the Advisor had appropriate and sufficient knowledge to
manage the Fund.
Investment Performance
The Board
received reports at each of its quarterly meetings from the Advisors Chief
Investment Officer, including a report on the Funds investment performance
before and after expenses and its relative performance to a benchmark index. In
connection with the annual contract renewal process, the Board also reviewed performance
information for the Fund in relationship to a comparison group provided by Morningstar
Direct, which included US Technology Exchange-Traded Funds. For the one month ended
August 31, 2007, the Funds performance was slightly below the
19
BOARD APPROVAL OF INVESTMENT ADVISORY
AGREEMENT (Continued)
(Unaudited)
median of other funds in the comparison
group. Because of the limited performance information and because the Fund closely
tracks its index, the NYSE Arca Tech 100 Index, the Board also considered the performance
of the Funds Index, which commenced operations in 1982 and, as of June 30,
2007, has outperformed its competitors for three, five and 10 year periods. The
Board concluded that the Funds investment performance was reasonable in light
of the Funds recent commencement of operations and other characteristics.
Cost of Services and Profitability to
the Advisor
The Board considered the Funds contractual advisory fee
in comparison to its peers. The Board noted that the Funds contractual advisory
fee was extremely competitive at 12 basis points less than the average for its peer
group and 20 basis points less than the median for its peer group. The Board concluded
that the advisory fee was reasonable in light of the services provided.
The Board considered the Advisors
profitability in light of the Funds relative infancy and significant fee waivers
and reimbursements. The Board considered that the Advisor is currently waiving all
fees and reimbursing additional amounts and would need to gain an additional $70
million in assets before beginning to earn a marginal profit. In light of these
facts, the Board concluded that the anticipated profit to be earned by the Advisor
for investment management was reasonable in light of the fee charged.
Economies of Scale and Breakpoints
The Board considered whether economies of scale might be realized as the Funds assets increase. The Board reviewed information provided by the Advisor relating
to the breakpoints in the Advisory Agreement, which reduce the advisory fees as
the Funds asset level increases and may assist with the realization of economies
of scale. Although it is difficult to anticipate the effect of economies of scale
based on breakpoints since the Fund recently commenced operations, the Board noted
that the breakpoints were competitive.
20
GENERAL INFORMATION
(Unaudited)
INDEMNIFICATIONS
In the normal
course of business the Fund enters into contracts that contain a variety of representations
which provide general indemnifications. The Funds maximum exposure under these
arrangements cannot be known; however, the Fund expects any risk of loss to be remote.
PROXY VOTING
A copy of the policies
and procedures that the Fund uses to vote proxies relating to portfolio securities
is attached to the Funds Statement of Additional Information, which is available,
without charge, upon request, by calling 1-888-798-TECH(8324) or on the Funds
website at www.nxt100.com or on the SECs website at www.sec.gov. In addition,
information regarding how the Fund actually voted proxies relating to portfolio
securities from the commencement of operations until June 30, 2007 is available, without
charge and upon request, by calling 1-888-798-TECH(8324) or on the SECs website
at www.sec.gov.
PORTFOLIO HOLDINGS
The Fund files
its complete schedule of portfolio holdings with the SEC for the first and third
quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SECs
website at www.sec.gov. The Funds Form N-Q may also be reviewed and copied
at the SECs Public Reference Room in Washington, DC. Information regarding
the operation of the SECs Public Reference Room may be obtained by calling
1-800-SEC-0330. The Fund will also make available the information on Forms N-Q to
shareholders without charge and upon request, by calling 1-888-798-TECH(8324).
21
TRUSTEES AND OFFICERS OF ZIEGLER EXCHANGE
TRADED TRUST
(Unaudited)
The trustees and officers of Ziegler Exchange
Traded Trust (the Trust) are listed below, together with their principal
occupations during the past five years. The current Statement of Additional Information
for the Trust contains additional information about the trustees and officers and
is available, without charge, upon request by calling the Trust toll free at 1-888-798-TECH
(8324).
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Principal
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Number of
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Position(s)
|
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Term of Office
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Occupation(s)
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Funds
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Other
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Name, Address
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Held with
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And Length of
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During
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Overseen by
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Directorships
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And Date of Birth
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The Trust
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Time Served
1
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Past 5 Years
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Trustee
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Held by Trustee
2
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Independent
Trustees
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Marcia L. Wallace
200 S. Wacker Drive
Suite 2000
Chicago, IL 60606
Birthdate: 12-2-47
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Trustee
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Since 2005
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Retired: Senior Vice President in Global Trust Services and Institutional Custody, First
Chicago NBD/Bank One from 1985 to 1999.
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1
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North Track
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Funds, Inc.
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James G. DeJong
200 S. Wacker Drive
Suite 2000
Chicago, IL 60606
Birthdate: 10-18-51
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Trustee
|
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Since 2005
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President and Managing Shareholder, Oneil, Cannon, Hollman & DeJong S.C. (law firm) since
1987.
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1
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North Track
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Funds, Inc.
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Brian J. Girvan
200 S. Wacker Drive
Suite 2000
Chicago, IL 60606
Birthdate: 10-20-55
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Trustee
|
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Since 2005
|
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Partner, Ascent Venture Management, Inc. since August 2003; Chief Operating Officer
and Chief Financial Officer, Argo Global Capital, LLC (venture capital company) from
2001 to 2003; Senior Vice President and Division Executive, Fidelity Investments from
1999 to 2001; Senior Vice President and Group CFO, Fidelity Investments 1998 to 1999.
|
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1
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North Track
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Funds, Inc.
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Cornelia Boyle
200 S. Wacker Drive
Suite 2000
Chicago, IL 60606
Birthdate: 09-23-53
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Trustee
|
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Since 2005
|
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Currently Retired; Executive Vice President and Chief Operating Officer, AIG Sun America Retirement
Markets, Inc. from 2000 to 2003; and Executive Vice President, Fidelity Investments
from 1996 to 2000.
|
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1
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|
North Track
|
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|
Funds, Inc.
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22
TRUSTEES AND OFFICERS OF ZIEGLER EXCHANGE
TRADED TRUST (Continued)
(Unaudited)
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Principal
|
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Number of
|
|
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|
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Position(s)
|
|
Term of Office
|
|
Occupation(s)
|
|
Funds
|
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Other
|
Name, Address
|
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Held with
|
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And Length of
|
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During
|
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Overseen by
|
|
Directorships
|
And Date of Birth
|
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The Trust
|
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Time Served
1
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Past 5 Years
|
|
Trustee
|
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Held by Trustee
2
|
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Interested Trustees and Officers
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John J. Mulherin
3
200 S. Wacker Drive
Suite 2000
Chicago, IL 60606
Birthdate: 05-18-51
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Trustee
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Since 2005
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Chief Executive Officer, The Ziegler Companies, Inc. since February 2000.
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1
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North Track
|
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Funds, Inc.
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Brian J. Andrew
200 S. Wacker Drive
Suite 2000
Chicago, IL 60606
Birthdate: 10-31-62
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President
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Since 2006
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President and Director, Ziegler Capital Management, LLC since 2006; President, NorthTrack
Funds, Inc. since 2006; Senior Managing Director, The Ziegler Companies, Inc. since
2000; Chief Investment Officer, The Ziegler Companies, Inc. from 2000 to 2006.
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N/A
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N/A
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Todd A. Krause
200 S. Wacker Drive
Suite 2000
Chicago, IL 60606
Birthdate: 02-20-63
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Chief Financial
|
Since 2007
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First Vice President of LaSalle Fund Services, ABNAmro LaSalle Bank NA, from June 2006
to December 2007; Chief Financial Officer and Manager of Fund Operations, Trident Financial
Services, LLC from 2002 to 2006; Chief Financial Officer and Manager of Operations,
Anchor Asset Management, LLC from 2001 to 2002.
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N/A
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N/A
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Officer and
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Treasurer
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Benjamin H. DeBerry
200 S. Wacker Drive
Suite 2000
Chicago, IL 60606
Birthdate: 04-29-71
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Secretary
|
|
Since 2007
|
|
Senior Managing Director and General Counsel, The Ziegler Companies, Inc. since 2007;
Secretary, NorthTrack Funds, Inc. since 2007; Senior Counsel of the Network and Enterprise
Business, Motorola, Inc. from 2005 to 2007; Associate, Wildman, Harold, Allen & Dixon LLP from 2004 to 2005; Associate, Chapman and Cutler LLP from 2002 to 2004.
|
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N/A
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N/A
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23
TRUSTEES AND OFFICERS OF ZIEGLER EXCHANGE
TRADED TRUST (Continued)
(Unaudited)
|
|
|
|
|
|
Principal
|
|
Number of
|
|
|
|
|
Position(s)
|
|
Term of Office
|
|
Occupation(s)
|
|
Funds
|
|
Other
|
Name, Address
|
|
Held with
|
|
And Length of
|
|
During
|
|
Overseen by
|
|
Directorships
|
And Date of Birth
|
|
The Trust
|
|
Time Served
1
|
|
Past 5 Years
|
|
Trustee
|
|
Held by Trustee
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Angelique David
200 S. Wacker Drive
Suite 2000
Chicago, IL 60606
Birthdate: 07-26-77
|
|
Assistant
|
|
Since 2007
|
|
Vice President and Assistant General Counsel, The Ziegler Companies, Inc. since 2007;
Assistant Secretary, North Track Funds, Inc. since 2007; Associate, Locke, Lord, Bissell & Liddell from 2002 to 2007.
|
|
N/A
|
|
N/A
|
|
Secretary
|
|
|
|
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|
|
|
|
|
Elizabeth A. Watkins
200 S. Wacker Drive
Suite 2000
Chicago, IL 60606
Birthdate: 01-29-68
|
|
Chief
|
|
Since 2007
|
|
Senior Managing Director and Chief Compliance Officer, The Ziegler Companies, Inc. since July
2007; Chief Compliance Officer, North Track Funds, Inc. since 2007; Managing Director and
Chief Compliance Officer, The Ziegler Companies, Inc. from June 2006 to July 2007; Vice
President and Chief Compliance Officer, The Ziegler Companies, Inc. from November 2003
to June 2006. Compliance Consultant, Northwestern Mutual Insurance Services from October
2002 to November 2003; Vice President of Brokerage Services, Oberweis Securities, Inc.
from 1999 to 2002.
|
|
N/A
|
|
N/A
|
|
Compliance
|
|
|
|
|
|
|
|
|
Officer
|
|
|
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1
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Officers of
the Trust serve one-year terms, subject to annual reappointment by the Board of
Trustees. Trustees serve a term of indefinite length until their resignation or
removal, and stand for re-election by shareholders only as and when required under
the 1940 Act.
|
2
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|
Only includes
directorships held in a company with a class of securities registered pursuant to
Section 12 or subject to the requirements of Section 15(d) of the Securities Exchange
Act of 1934 or any company registered as an investment company under the 1940 Act.
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3
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Mr. Mulherin
is considered to be an interested person (as defined in the 1940 Act)
of the Trust because he is Chief Executive Officer of The Ziegler Companies, Inc.
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24
Ziegler
Exchange Traded Trust
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Officers
and Trustees
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200 South
Wacker Drive
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Marcia L.
Wallace, Trustee
|
Suite 2000
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James G. DeJong,
Trustee
|
Chicago, Illinois
60606
|
|
Brian J. Girvan,
Trustee
|
888.798.TECH
(8324)
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|
Cornelia Boyle,
Trustee
|
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John J. Mulherin,
Trustee
|
Investment
Advisor
|
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Brian K. Andrew,
President
|
|
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Todd A. Krause,
CFO and Treasurer
|
Ziegler Capital
Management, LLC
|
|
Benjamin DeBerry,
Secretary
|
200 South
Wacker Drive
|
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Angelique
David, Assistant Secretary
|
Suite 2000
|
|
Elizabeth
Watkins, Chief Compliance Officer
|
Chicago, Illinois
60606
|
|
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Distributor
|
|
|
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B.C. Ziegler
and Company
|
|
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200 South
Wacker Drive
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|
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Suite 2000
|
|
|
Chicago, Illinois
60606
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|
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Administrator
and Accounting/Pricing Agent
|
|
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JPMorgan Investor
Services Co.
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73 Tremont
Street
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Boston, MA
02108
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Transfer
Agent and Custodian
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JPMorgan Chase
Bank, N.A.,
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3 ChaseMetroTech
Center
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Brooklyn,
New York 11245
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|
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Counsel
|
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Quarles & Brady LLP
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411 East Wisconsin
Avenue
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Milwaukee,
Wisconsin 53202
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Independent
Registered Public Accounting Firm
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Deloitte & Touche LLP
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555 East Wells
Street
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Milwaukee,
WI 53202
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Annual Report
|
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Ziegler Exchange
Traded Trust
|
|
|
200 South
Wacker Drive
|
|
|
Suite 2000
|
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|
Chicago, IL
60606
|
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|
Shareholder
Information
|
|
|
888.798.TECH (8324)
|
|
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www.nxt100.com
|
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This report was prepared for the information of
shareholders of Ziegler Exchange Traded Trust
NYSE Arca Tech 100 ETF, and may not be used in
connection with the offering of securities unless
preceded or accompanied by a current Prospectus.
|
|
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NYSE Arca Tech 100
SM
is a service mark of the
NYSE Group, Inc. (NYSE) and Archipelago
Holdings, Inc. (Archipelago) and has been
licensed for use by The Exchange Traded Trust
(the Trust). Neither the Trust nor the Fund is
sponsored, endorsed, sold or promoted by NYSE
or Archipelago. Neither NYSE nor Archipelago
makes any representation or warranty regarding
the advisability of investing in securities generally,
in the Fund particularly, or the ability of the NYSE
Arca Tech 100
SM
Index to track general stock
market performance.
|
|
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|
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|
Neither NYSE nor Archipelago makes any express
or implied warranties, and hereby expressly
disclaims all warranties of merchantability or
fitness for a particular purpose with respect to the
NYSE Arca Tech 100
SM
Index or any data included
therein. In no event shall NYSE or Archipelago
have any liability for any special, punitive,
indirect, or consequential damages (including
lost profits), even if notified of the possibility
of such damages.
|
|
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|
|
NXT405 - 10/07
|
|
|
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|
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Item 2. Code of Ethics.
As of the end of the period covered by this
report on Form N-CSR, the Registrant has adopted a Code of Ethics (as defined in
Item 2(b) of Form N-CSR) that applies to the Registrants principal executive
officer, principal financial officer and principal accounting officer. The Registrants Code of Ethics (as defined in Item 2(b) of Form N-CSR) and any amendments
or waivers thereto are available on the Registrants website at
www.nxt100.com
.
Item 3. Audit Committee Financial Expert.
The Registrants Board of Trustees has determined that the Registrant
has at least one audit committee financial expert serving on its audit committee.
Brian J. Girvan, a trustee of the Registrant, has been determined to be an audit
committee expert, and he is "independent" within the meaning of Item 3(a)(2) of
Form N-CSR. Mr. Girvan is currently a partner with Ascent Venture Management, Inc.,
a venture capital firm. From January 2001 to July 2003, he was Chief Operating Officer
and Chief Financial Officer of Argo Global Capital, LLC (a venture capital firm).
In such capacities, Mr. Girvan managed the firms finances and supervised the
preparation of financial statements. Previously, he had served in various official
capacities for Fidelity Investments where he had overall responsibility for financial
controls and supervised the preparation of division budgets, business plans and
financial statements. Mr. Girvan also served as Senior Vice President, Chief Financial
Officer and Treasurer for PIMCO Advisors (and its predecessors), where he made filings
of financial statements and was a fund treasurer. Mr. Girvan received a B.B.A. in
Accounting from Manhattan College and is a CPA.
Item 4. Principal Accountant Fees and
Services.
The following table sets forth information as to the fees for audit,
audit-related, tax and other services and products provided to the Registrant by
Deloitte & Touche LLP, the Registrants principal accountant, for 2007.
The Registrant commenced operations on March 26, 2007, and, therefore, is only producing
information for the fiscal year ended October 31, 2007.
|
|
Fiscal Year Ended October 31, 2007
|
|
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Audit Fees
(1)
|
|
$
|
28,500
|
|
|
|
|
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Audit-Related
Fees
(2)
|
|
$
|
0
|
|
|
|
|
|
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Tax Fees
(3)
|
|
$
|
2,500
|
|
|
|
|
|
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All Other
Fees
(4)
|
|
$
|
0
|
|
|
|
|
|
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TOTAL
|
|
$
|
31,000
|
|
(1)
|
|
This category
relates to professional services rendered by the principal accountant for the audit
of the Registrants annual financial statements or services that are normally
provided by the accountant in connection with statutory and regulatory filings or
engagements for those fiscal years.
|
|
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(2)
|
|
This category
relates to assurance and related services by the principal accountant that are reasonably
related to the performance of the audit of the Registrants financial statements
and are not reported under "Audit Fees" above.
|
|
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(3)
|
|
This category
relates to professional services rendered by the principal accountant for tax compliance,
tax advice and tax planning. In 2007, the tax services provided by Registrants
principal accountant specifically related to assistance in the preparation of income
and excise tax returns, determination of capital gains, dividends and interest income
and the distribution thereof, wash sale testing and tax analysis and advice.
|
|
|
|
(4)
|
|
This category
relates to products and services provided by the principal accountant other than
those reported under "Audit Fees," "Audit-Related Fees," and "Tax Fees" above.
|
Deloitte & Touche LLP did not bill
any amount during the fiscal year for services or products provided to Ziegler Capital
Management, LLC ("Ziegler"), the Registrants investment advisor, or any entity
controlling, controlled by or under common control with Ziegler that provides ongoing
services for the Registrant, other than $8,200 billed to Ziegler in fiscal 2007,
for agreed upon procedures related to a review of certain reports prepared by Ziegler
in connection with purchases and sales of certain classes of shares of the various
mutual fund series of an investment company that shares the same investment advisor
as the Registrant. The Registrants audit committee determined that the provision
by Deloitte & Touche LLP of such non-audit services to Ziegler is compatible
with maintaining the independence of such
accounting firm relative to the Registrant.
The audit committee of the Registrants Board of Trustees has not adopted any pre-approval policies and procedures
(as described in paragraph (c)(7) of Rule 2-01 of Regulation S-X) regarding the
provision of audit or non-audit services to the Registrant.
Item 5. Audit Committee of Listed Registrants.
Not applicable to this Registrant because it is not a "listed issuer" within
the meaning of Rule 10A-3 under the Securities Exchange Act of 1934.
Item 6. Schedule of Investments.
The required Schedule of Investments in securities of unaffiliated issuers is
included as part of the Registrants Annual Report to shareholders dated as
of October 31, 2007 provided under Item 1 of this Form N-CSR.
Item 7. Disclosure of Proxy Voting Policies
and Procedures for Closed-End Management Investment Companies.
Not applicable
to this Registrant because it is not a closed-end management investment company.
Item 8. Portfolio Managers of Closed-End
Management Investment Companies.
Not applicable to this Registrant because
it is not a closed-end management investment company.
Item 9. Purchase of Equity Securities
by Closed-End Management Investment Companies and affiliated purchasers.
Not applicable to this Registrant because it is not a closed-end management
investment company.
Item 10. Submission of Matters to a Vote
of Securities Holders.
There have been no material changes to the procedures
by which shareholders may recommend nominees to the Registrants Board of
Trustees.
Item 11. Controls and Procedures.
(a)
Disclosure Controls and Procedures.
The Registrants management, with the participation of its principal executive
and principal financial officers, has evaluated the effectiveness of the Registrants disclosure controls and procedures (as defined in Rule 30a-3(c) under the
Investment Company Act of 1940), as of a date within 90 days of the filing date
of the report on Form N-CSR. Based on such evaluation, the Registrants principal
executive and financial officers have concluded that the design and operation of
the Registrants disclosure controls and procedures are effective in providing
reasonable assurance that the information required to be disclosed on Form N-CSR
is recorded, processed, summarized and recorded within the applicable time periods.
(b)
Changes in Internal Control Over Financial
Reporting.
There were no changes in the Registrants internal control over
financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act
of 1940) that occurred during the Registrants last fiscal quarter of the period
covered by this Form N-CSR that has materially affected, or is reasonably likely
to materially affect, the Registrants internal control over financial reporting.
Item 12. Exhibits.
The following
exhibits are attached to this Form N-CSR:
|
Exhibit No.
|
|
Description of Exhibit
|
|
|
|
|
|
12(a)(1)
|
|
The Code
of Ethics for the Registrants Principal Executive, Financial and Accounting
Officers referred to in Item 2 on Form N-CSR.
|
|
|
|
|
|
12(a)(2)-1
|
|
Certification
of Principal Executive Officer Required by Section 302 of the Sarbanes-Oxley Act
of 2002
|
|
|
|
|
|
12(a)(2)-2
|
|
Certification
of Principal Financial Officer Required by Section 302 of the Sarbanes-Oxley Act
of 2002
|
|
|
|
|
|
12(b)
|
|
Certification
of Chief Executive Officer and Chief Financial Officer Required by Section 906 of
the Sarbanes-Oxley Act of 2002
|
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, on this 3
rd
day of January, 2008.
ZIEGLER EXCHANGE TRADED TRUST
By:
|
|
|
/s/ Brian
K. Andrew
|
|
|
|
|
|
|
Brian K. Andrew,
President
|
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
indicated on this 3
rd
day of January, 2008.
By:
|
|
|
/s/ Brian
K. Andrew
|
|
|
|
|
|
|
Brian K.
Andrew, President
|
|
|
|
(Principal
Executive Officer)
|
By:
|
|
|
/s/ Todd A.
Krause
|
|
|
|
|
|
|
Todd A. Krause,
Chief
|
|
|
|
Financial
Officer and Treasurer
|
|
|
|
(Principal
Financial Officer)
|
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