# EDGAR Filing Document

**Accession Number:** 0001137360
**File Stem:** 0001752724-23-072042
**Filing Date:** 2023-3
**Character Count:** 189180
**Document Hash:** e31cc6681995c0bea237694d126f12af
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-072042.hdr.sgml**: 20230329

**ACCESSION NUMBER**: 0001752724-23-072042

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230329

**DATE AS OF CHANGE**: 20230329

**PERIOD START**: 20230430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VanEck ETF Trust
- **CENTRAL INDEX KEY:** 0001137360
- **IRS NUMBER:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-10325
- **FILM NUMBER:** 23774174

**BUSINESS ADDRESS:**
- **STREET 1:** 666 THIRD AVENUE, 9TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 212-293-2000

**MAIL ADDRESS:**
- **STREET 1:** 666 THIRD AVENUE, 9TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VanEck Vectors ETF Trust
- **DATE OF NAME CHANGE:** 20160427

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MARKET VECTORS ETF TRUST
- **DATE OF NAME CHANGE:** 20070312

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MARKET VECTORS TRUST
- **DATE OF NAME CHANGE:** 20050516

## Series and Classes Contracts Data

### VanEck Green Bond ETF (Series ID: S000056168)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000176891 | VanEck Green Bond ETF | GRNB            |

## Nport-Ex

VANECK GREEN BOND ETF

SCHEDULE OF INVESTMENTS

January 31, 2023 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Par <br>(000's** | **Value** |
| **CORPORATE BONDS: 85.5%** |  |  |
| **Argentina: 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genneia SA 144A <br> 8.75%, 09/02/27  | $100 | $96590 |
| **Australia: 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of China Ltd. Reg S <br> 0.75%, 09/29/24  | 200 | 188228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FMG Resources August 2006 Pty Ltd. 144A <br> 6.12%, 04/15/32  | 200 | 195205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen 144A <br> 5.88% (US Treasury <br>Yield Curve Rate T 5 Year+3.98%), 05/23/42 | 450 | 461576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Australia Bank Ltd. <br> 3.62%, 06/20/23  | 225 | 224082 |
|  |  | 1069091 |
| **Bermuda: 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Energy Resources Ltd. 144A <br> 6.25%, 04/26/29  | 200 | 191150 |
| **Brazil: 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco BTG Pactual SA 144A <br> 2.75%, 01/11/26  | 150 | 137775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fibria Overseas Finance Ltd. <br> 5.50%, 01/17/27 †  | 375 | 377296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FS Luxembourg Sarl 144A <br> 10.00%, 12/15/25  | 200 | 202263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Klabin Austria GmbH 144A <br> 7.00%, 04/03/49  | 150 | 151991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Klabin Finance SA 144A <br> 4.88%, 09/19/27  | 140 | 136811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rumo Luxembourg Sarl 144A <br> 5.25%, 01/10/28  | 200 | 192540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Suzano Austria GmbH 144A <br> 5.75%, 07/14/26  | 50 | 50464 |
|  |  | 1249140 |
| **British Virgin Islands: 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amipeace Ltd. Reg S <br> 1.75%, 11/09/26  | 300 | 270945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beijing Capital Polaris Investment Co. Ltd. Reg S <br> 2.80%, 03/18/23  | 200 | 199100 |
|  |  | 470045 |
| **Canada: 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Azure Power Solar Energy Private Ltd. 144A <br> 5.65%, 12/24/24  | 100 | 85513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Finance, Inc. <br> 2.72%, 04/15/31  | 250 | 210775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Imperial Bank of Commerce <br> 0.95%, 10/23/25 †  | 250 | 227280 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br>(000's** | **Value** |
| **Canada (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liberty Utilities Finance GP 1 144A <br> 2.05%, 09/15/30  | $300 | $237553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tucson Electric Power Co. <br> 1.50%, 08/01/30  | 150 | 119482 |
|  |  | 880603 |
| **Cayman Islands: 1.5%** |  |  |
| Gaci First Investment Co. Reg S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/13/27 | 300 | 305437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 10/13/32 | 200 | 206950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 10/13/22 | 300 | 288862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hongkong Land Finance Cayman Islands Co. Ltd. Reg S <br> 2.25%, 07/15/31  | 200 | 165850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saudi Electricity Global Sukuk Co. 5 Reg S <br> 1.74%, 09/17/25  | 200 | 186788 |
|  |  | 1153887 |
| **Chile: 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colbun SA 144A <br> 3.15%, 01/19/32 †  | 150 | 129187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interchile SA 144A <br> 4.50%, 06/30/56  | 350 | 298851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inversiones CMPC SA 144A<br> 4.38%, 04/04/27  | 100 | 97475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inversiones Latin America Power Ltda. Reg S <br> 5.12%, 06/15/33  | 194 | 84256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sociedad Quimica y Minera de Chile SA 144A <br> 3.50%, 09/10/51  | 300 | 219486 |
|  |  | 829255 |
| **China: 5.1%** |  |  |
| Bank of China Ltd. Reg S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> 0.95%, 09/21/23 | 450 | 439549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% (ICE LIBOR USD 3 <br>Month+0.83%), 06/07/23 | 200 | 200250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central China Real Estate Ltd. Reg S <br> 7.50%, 07/14/25  | 200 | 62033 |
| China Construction Bank Corp. Reg S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00%, 08/04/23 | 200 | 196318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25%, 08/04/25 | 200 | 184634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Merchants Bank Co. Ltd. Reg S <br> 1.20%, 09/10/25  | 400 | 363785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICBCIL Finance Co. Ltd. Reg S <br> 5.73% (ICE LIBOR USD 3 <br> Month+1.05%), 11/20/24  | 200 | 199499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial & Commercial Bank of China Ltd. Reg S <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.52% (ICE LIBOR USD 3<br> Month+0.78%), 09/16/24 | 800 | 798584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> 5.58% (ICE LIBOR USD 3<br> Month+0.83%), 06/14/23 | 200 | 200240 |

---

VANECK GREEN BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| | **Par <br>(000's** | **Value** |
| **China (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65% (ICE LIBOR USD 3 <br> Month+0.83%), 04/25/24 | $400 | $400648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial Bank Co. Ltd. Reg S <br> 1.12%, 11/06/23  | 200 | 194710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lenovo Group Ltd. 144A <br> 6.54%, 07/27/32  | 200 | 206162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rongshi International Finance Ltd. Reg S <br> 3.25%, 05/21/24  | 200 | 196299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wuhan Metro Group Co. Ltd. Reg S <br> 2.96%, 09/24/24  | 200 | 192788 |
|  |  | 3835499 |
| **Colombia: 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consorcio Transmantaro SA 144A <br> 4.70%, 04/16/34  | 150 | 139998 |
| **Dominican Republic: 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UEP Penonome II SA 144A <br> 6.50%, 10/01/38  | 92 | 69909 |
| **France: 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas SA 144A <br> 1.68% (SOFR+0.91%), 06/30/27  | 300 | 266807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electricite de France SA 144A <br> 3.62%, 10/13/25  | 450 | 438355 |
|  |  | 705162 |
| **Georgia: 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Georgian Railway JSC 144A <br> 4.00%, 06/17/28  | 100 | 88976 |
| **Germany: 2.7%** |  |  |
| Kreditanstalt fuer Wiederaufbau |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%, 09/30/30 | 950 | 768731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00%, 10/01/26 † | 600 | 541751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 09/14/29 | 650 | 577452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Landesbank Baden-Wuerttemberg Reg S<br> 2.00%, 02/24/25 | 188 | 177683 |
|  |  | 2065617 |
| **Hong Kong: 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agricultural Bank of China Ltd. Reg S <br> 2.00%, 03/01/25  | 300 | 284260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICBCIL Finance Co. Ltd. Reg S <br> 2.25%, 11/02/26  | 200 | 181864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial & Commercial Bank of China Ltd./Hong Kong Reg S <br> 2.95%, 06/01/25  | 200 | 192580 |
| Industrial Bank Co. Ltd. Reg S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88%, 06/10/24 | 200 | 190132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 05/18/25 | 200 | 193959 |
| Link Finance Cayman 2009 Ltd. Reg S |  |  |

---

---

| | | |
|:---|:---|:---|
| | **Par <br>(000's** | **Value** |
| **Hong Kong (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 07/21/26 | $200 | $188579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MTR Corp. CI Ltd. Reg S <br> 2.50%, 11/02/26 | 400 | 373380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MTR Corp. Ltd. Reg S <br> 1.62%, 08/19/30  | 200 | 164712 |
|  |  | 1769466 |
| **India: 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adani Green Energy Ltd. 144A <br> 4.38%, 09/08/24  | 250 | 197637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adani Green Energy UP Ltd. / Prayatna Developers Pvt Ltd. / Parampujya Solar Energy Reg S <br> 6.25%, 12/10/24  | 200 | 185721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adani Renewable Energy RJ Ltd./ Kodangal Solar Parks Pvt Ltd. / Wardha Solar Maharashtra 144A <br> 4.62%, 10/15/39  | 181 | 129819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India Green Energy Holdings 144A <br> 5.38%, 04/29/24  | 150 | 145619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indian Railway Finance Corp. Ltd. <br> 144A 3.57%, 01/21/32  | 200 | 174920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indian Railway Finance Corp. Ltd. Reg S <br> 3.83%, 12/13/27  | 200 | 188803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JSW Hydro Energy Ltd. 144A <br> 4.12%, 05/18/31  | 177 | 150838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Power Finance Corp. Ltd. Reg S <br> 3.75%, 12/06/27  | 200 | 185532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REC Ltd. Reg S <br> 3.88%, 07/07/27  | 200 | 188365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ReNew Power Pvt Ltd. 144A <br> 5.88%, 03/05/27  | 90 | 85950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ReNew Wind Energy AP2 / ReNew Power Pvt Ltd. other 9 Subsidiaries 144A <br> 4.50%, 07/14/28 †  | 200 | 172222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Bank of India/London Reg S <br> 4.50%, 09/28/23  | 200 | 199162 |
|  |  | 2004588 |
| **Indonesia: 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Star Energy Geothermal Darajat II / Star Energy Geothermal Salak 144A <br> 4.85%, 10/14/38  | 400 | 348107 |
| **Ireland: 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance Plc 144A <br> 6.00%, 06/15/27  | 200 | 199702 |

---

------

---

| | | |
|:---|:---|:---|
| | **Par <br>(000's** | **Value** |
| **Ireland (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Ireland Group Plc 144A<br> 6.25% (US Treasury<br> Yield Curve Rate T 1 Year+2.65%), 09/16/26  | $250 | $252138 |
|  |  | 451840 |
| **Japan: 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Nippon Expressway Co. Ltd. Reg S <br> 0.89%, 12/10/25  | 200 | 178968 |
| Honda Motor Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27%, 03/10/25 | 300 | 285737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.97%, 03/10/32 | 600 | 534842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marubeni Corp. Reg S <br> 1.58%, 09/17/26  | 200 | 177230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. <br> 2.53%, 09/13/23  | 100 | 98420 |
| Norinchukin Bank 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28%, 09/22/26 | 200 | 177683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.08%, 09/22/31 | 150 | 123286 |
| NTT Finance Corp. 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.24%, 07/25/25 | 200 | 197537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.37%, 07/27/27 | 200 | 200086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Renesas Electronics Corp. 144A <br> 1.54%, 11/26/24  | 150 | 138717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group, Inc. <br> 2.47%, 01/14/29  | 200 | 174211 |
| Sumitomo Mitsui Trust Bank Ltd. 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55%, 03/25/26 | 175 | 158223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55%, 03/10/25 | 200 | 189709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toyota Motor Credit Corp. <br> 2.15%, 02/13/30 † | 300 | 261832 |
|  |  | 2896481 |
| **Luxembourg: 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;European Investment Bank <br> 1.62%, 05/13/31 †  | 500 | 432238 |
| **Macao: 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of China Ltd./Macau Reg S <br> 5.10% (SOFR Compound <br>Index+0.78%), 04/28/25  | 300 | 299895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Construction Bank Corp. Reg S <br> 4.82% (SOFR Compound<br> Index+0.50%), 12/21/24  | 200 | 198918 |
|  |  | 498813 |
| **Mauritius: 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greenko Wind Projects Mauritius Ltd. 144A <br> 5.50%, 04/06/25  | 200 | 189549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India Cleantech Energy 144A <br> 4.70%, 08/10/26  | 142 | 127845 |
| India Green Power Holdings 144A |  |  |

---

---

| | | |
|:---|:---|:---|
| | **Par <br>(000's** | **Value** |
| **Mauritius (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/22/27 | $200 | $175198 |
|  |  | 492592 |
| **Mexico: 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Femsa SAB de CV <br> 1.85%, 09/01/32  | 250 | 198697 |
| **Netherlands: 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABN AMRO Bank NV 144A <br> 2.47% (US Treasury <br> Yield Curve Rate T 1 Year+1.10%), 12/13/29  | 350 | 295787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cooperatieve Rabobank UA 144A<br> 1.00% (US Treasury<br> Yield Curve Rate T 1 <br> Year+0.73%), 09/24/26 † | 350 | 312444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.11% (US Treasury <br>Yield Curve Rate T 1 <br>Year+0.55%), 02/24/27 | 250 | 221733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greenko Dutch BV 144A <br> 3.85%, 03/29/26  | 478 | 428690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ING Groep NV 144A<br> 1.40% (US Treasury<br> Yield Curve Rate T 1<br> Year+1.10%), 07/01/26 | 450 | 410153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.62%, 01/06/26 | 300 | 300169 |
| NXP BV / NXP Funding LLC / NXP USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 05/11/31 | 550 | 452195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40%, 05/01/30 | 200 | 179126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/15/33 | 200 | 196267 |
|  |  | 2796564 |
| **Portugal: 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EDP Finance BV 144A <br> 1.71%, 01/24/28 | 400 | 341237 |
| **Qatar: 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QNB Finance Ltd. Reg S <br> 1.62%, 09/22/25 | 200 | 184540 |
| **Saudi Arabia: 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arab Petroleum Investments Corp. 144A <br> 1.48%, 10/06/26  | 250 | 225576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saudi Electricity Global Sukuk Co. 5 Reg S<br> 2.41%, 09/17/30  | 300 | 264228 |
|  |  | 489804 |
| **Singapore: 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Continuum Energy Levanter Pte Ltd. 144A<br> 4.50%, 02/09/27  | 194 | 174436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greenko Investment Co. 144A <br> 4.88%, 08/16/23  | 200 | 197000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greenko Solar Mauritius Ltd. 144A<br> 5.95%, 07/29/26  | 200 | 188670 |
| Industrial & Commercial Bank of China Ltd./ Singapore Reg S |  |  |

---

VANECK GREEN BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| | **Par <br>(000's** | **Value** |
| **Singapore (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00%, 10/28/24 | $450 | $423727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Star Energy Geothermal Wayang Windu Ltd. 144A <br> 6.75%, 04/24/33  | 203 | 197624 |
|  |  | 1181457 |
| **South Africa: 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of China Ltd. Reg S <br> 1.88%, 02/16/25  | 200 | 189035 |
| **South Korea: 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Export-Import Bank of Korea <br> 5.12%, 01/11/33  | 200 | 209951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyundai Capital Services, Inc. 144A <br> 1.25%, 02/08/26  | 300 | 265141 |
| Kia Corp. 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 10/16/26 | 200 | 175732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 02/14/25 | 200 | 188025 |
| Korea Electric Power Corp. 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 06/24/24 | 350 | 339068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.62%, 06/14/25 | 200 | 193466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 04/06/26 | 200 | 202183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Korea Water Resources Corp. Reg S <br> 3.88%, 05/15/23  | 200 | 199444 |
| LG Chem Ltd. 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38%, 07/07/26 | 200 | 176685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 07/07/31 | 225 | 183673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 10/15/24 | 250 | 241860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.62%, 04/15/29 | 50 | 46774 |
|  |  | 2422002 |
| **Spain: 1.0%** |  |  |
| Avangrid, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20%, 04/15/25 | 531 | 510801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80%, 06/01/29 | 250 | 235478 |
|  |  | 746279 |
| **Supranational: 6.0%** |  |  |
| Asian Development Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 08/14/26 | 275 | 255705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12%, 03/19/25 | 150 | 143629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 08/10/27 | 150 | 141529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12%, 09/26/28 | 100 | 96554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central American Bank for Economic Integration Reg S <br> 5.46% (ICE LIBOR USD 3<br> Month+0.85%), 11/15/24  | 200 | 199705 |
| European Bank for Reconstruction & Development |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 02/13/25 | 100 | 94679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62%, 09/27/24 | 500 | 477695 |
| European Investment Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%, 09/23/30 | 600 | 486922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62%, 10/09/29 † | 380 | 335223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12%, 04/13/26 † | 300 | 283612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 05/24/27 † | 500 | 473299 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br>(000's** | **Value** |
| **Supranational (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;European Investment Bank 144A <br> 2.88%, 06/13/25  | $750 | $729130 |
| International Bank for Reconstruction & Development |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12%, 03/03/25 | 430 | 411823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12%, 11/20/25 † | 75 | 73270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Finance Corp. <br> 2.12%, 04/07/26 | 344 | 325701 |
|  |  | 4528476 |
| **Sweden: 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swedbank AB 144A <br> 1.54%, 11/16/26  | 350 | 311629 |
| **Turkey: 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aydem Yenilenebilir Enerji AS 144A <br> 7.75%, 02/02/27  | 200 | 169460 |
| **United Arab Emirates: 0.7%** |  |  |
| MAF Sukuk Ltd. Reg S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.93%, 02/28/30 | 200 | 191150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.64%, 05/14/29 | 200 | 199740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweihan PV Power Co. PJSC 144A <br> 3.62%, 01/31/49  | 195 | 163491 |
|  |  | 554381 |
| **United Kingdom: 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlantica Sustainable Infrastructure Plc 144A <br> 4.12%, 06/15/28  | 200 | 178245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Finance I UK Plc / Brookfield Finance, Inc. <br> 2.34%, 01/30/32  | 150 | 121448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Construction Bank Corp. Reg S <br> 3.12%, 05/17/25  | 350 | 338308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NatWest Group Plc <br> 2.36% (US Treasury<br> Yield Curve Rate T 1<br> Year+2.15%), 05/22/24 | 200 | 197857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Niagara Mohawk Power Corp. 144A <br> 1.96%, 06/27/30  | 300 | 246209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swire Properties MTN Financing Ltd. Reg S <br> 3.50%, 01/10/28  | 200 | 189845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vmed O2 UK Financing I Plc 144A <br> 4.75%, 07/15/31  | 400 | 340634 |
|  |  | 1612546 |
| **United States: 35.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AES Andes SA 144A <br> 6.35% (US Treasury <br> Yield Curve Rate T 5<br> Year+4.92%), 10/07/79  | 200 | 189907 |
| AES Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38%, 01/15/26 | 150 | 135290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45%, 01/15/31 | 305 | 252407 |

---

------

---

| | | |
|:---|:---|:---|
| | **Par <br>(000's** | **Value** |
| **United States (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agricultural Bank of China Ltd. Reg S <br> 1.25%, 01/19/26  | $200 | $182661 |
| Alexandria Real Estate Equities, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 05/18/32 | 350 | 279324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95%, 03/15/34 | 250 | 211188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80%, 04/15/26 | 100 | 97679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aligned Data Centers Issuer LLC 144A <br> 1.94%, 08/15/46  | 388 | 343467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amgen, Inc. <br> 3.00%, 02/22/29  | 200 | 183805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. <br> 3.00%, 06/20/27  | 300 | 287750 |
| Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance Plc 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 09/01/28 | 250 | 219687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/29 | 275 | 227818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Public Service Co. <br> 2.65%, 09/15/50  | 200 | 126636 |
| AvalonBay Communities, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90%, 12/01/28 | 100 | 86207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05%, 01/15/32 | 250 | 205933 |
| Boston Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45%, 10/01/33 † | 400 | 305170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40%, 06/21/29 | 225 | 200131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 12/01/28 | 200 | 192305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc. <br> 1.68% (SOFR+1.67%), 05/15/24  | 550 | 544599 |
| Clearway Energy Operating LLC 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 02/15/31 | 400 | 338466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 03/15/28 | 275 | 259743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dana, Inc. <br> 4.25%, 09/01/30  | 200 | 169502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deutsche Bank <br> AG 1.69%, 03/19/26  | 300 | 273904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dominion Energy, Inc. <br> 2.25%, 08/15/31  | 350 | 290810 |
| DTE Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90%, 04/01/28 | 150 | 133361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 04/01/51 | 200 | 153882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 03/01/49 | 290 | 253627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duke Energy Carolinas LLC <br> 3.95%, 11/15/28  | 350 | 343205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duke Energy Progress LLC <br> 3.45%, 03/15/29  | 300 | 283880 |
| Equinix, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00%, 09/15/25 | 300 | 271157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55%, 03/15/28 | 100 | 85251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 05/15/31 | 350 | 292791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90%, 04/15/32 | 350 | 322171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ERP Operating LP <br> 4.15%, 12/01/28  | 200 | 193467 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br>(000's** | **Value** |
| **United States (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evergy Kansas Central, Inc. <br> 2.55%, 07/01/26  | $100 | $93683 |
| Fannie Mae-Aces |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44%, 10/25/29 | 300 | 251207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.44%, 10/25/29 | 37 | 33783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.52%, 08/25/29 | 237 | 214924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.54%, 07/25/24 | 162 | 157625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.77%, 02/25/27 | 222 | 212648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.91%, 01/25/28 | 395 | 374966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.94%, 06/25/29 | 9 | 8040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.96%, 09/25/27 | 256 | 245971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.03%, 03/25/28 | 207 | 197434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.06%, 03/25/28 | 448 | 424648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.07%, 02/25/30 | 341 | 321418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15%, 11/25/27 | 13 | 12378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30%, 06/25/28 | 318 | 307990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Realty Investment Trust <br> 1.25%, 02/15/26 †  | 200 | 178811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fifth Third Bancorp <br> 1.71% (SOFR+0.69%), 11/01/27 †  | 200 | 180243 |
| Ford Motor Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 02/12/32 | 850 | 675714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 08/19/32 | 450 | 442106 |
| Freddie Mac Multifamily Structured Pass Through Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30%, 06/25/30 | 30 | 24830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 04/25/26 | 285 | 273029 |
| General Motors Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 10/15/29 | 50 | 49702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 10/15/32 | 650 | 642718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HAT Holdings I LLC / HAT Holdings II LLC 144A <br> 6.00%, 04/15/25  | 100 | 97854 |
| Healthpeak Properties, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35%, 02/01/27 | 200 | 177995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12%, 12/01/28 † | 100 | 86864 |
| Host Hotels & Resorts LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90%, 12/15/31 | 250 | 199563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 12/15/29 | 100 | 87180 |
| Interstate Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 09/30/49 | 150 | 115532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10%, 09/26/28 | 250 | 245502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jabil, Inc.<br> 4.25%, 05/15/27 | 200 | 194557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson Controls International plc / Tyco Fire & Security Finance SCA <br> 1.75%, 09/15/30 †  | 300 | 248695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. <br> 0.65% (Term SOFR USD 3 <br> Month+0.60%), 09/16/24  | 325 | 315908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77% (SOFR+0.49%), 08/09/25 | 350 | 326141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kaiser Foundation Hospitals <br> 2.81%, 06/01/41  | 500 | 386629 |

---

VANECK GREEN BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| | **Par <br>(000's** | **Value** |
| **United States (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15%, 05/01/27 | $80 | $76620 |
| Kilroy Realty LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 11/15/32 | 50 | 37009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65%, 11/15/33 | 150 | 108492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 12/15/28 | 250 | 233455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leeward Renewable Energy Operations LLC 144A<br> 4.25%, 07/01/29 | 200 | 176275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Institute of Technology<br> 3.96%, 07/01/38 | 200 | 190007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Life Global Funding I 144A<br> 0.95%, 07/02/25 | 200 | 182820 |
| MidAmerican Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 08/01/52 | 200 | 140021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10%, 05/01/27 | 225 | 214960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15%, 04/15/50 | 200 | 153265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65%, 04/15/29 | 150 | 144409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65%, 08/01/48 | 400 | 336148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 08/01/47 | 125 | 110452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 07/15/49 | 275 | 250554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings, Inc.<br> 1.90%, 06/15/28 | 425 | 372484 |
| Northern States Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.60%, 06/01/51 | 250 | 171513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90%, 03/01/50 | 250 | 182478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20%, 04/01/52 | 200 | 153793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northern States Power Co./ MN<br> 2.25%, 04/01/31 | 150 | 128907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NSTAR Electric Co.<br> 3.25%, 05/15/29 | 225 | 209765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owens Corning<br> 3.95%, 08/15/29 | 225 | 213556 |
| PacifiCorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90%, 06/15/52 | 200 | 143072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 12/01/53 | 200 | 213878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pattern Energy Operations LP / Pattern Energy Operations, Inc. 144A<br> 4.50%, 08/15/28 | 250 | 229699 |
| PepsiCo, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 10/15/49 † | 250 | 192638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90%, 07/18/32 | 500 | 488809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Piedmont Operating Partnership LP<br> 3.15%, 08/15/30 | 150 | 118024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc.<br> 2.20%, 11/01/24 | 160 | 154028 |
| Prologis LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25%, 10/15/30 | 275 | 217491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 02/01/31 | 200 | 163713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Service Co. of Colorado<br> 3.20%, 03/01/50 | 250 | 193654 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br>(000's** | **Value** |
| **United States (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70%, 06/15/28 | $200 | $194424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10%, 06/15/48 | 110 | 97872 |
| Public Service Co. of Oklahoma |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20%, 08/15/31 | 300 | 248504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15%, 08/15/51 | 150 | 107110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Service Electric and Gas Co. <br> 3.10%, 03/15/32 †  | 150 | 135933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regency Centers LP <br> 3.75%, 06/15/24  | 125 | 121728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seattle Children's Hospital <br> 2.72%, 10/01/50  | 150 | 101626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SK Battery America, Inc. Reg S <br> 1.62%, 01/26/24  | 250 | 238451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SLG Office Trust 2021-OVA 144A <br> 2.59%, 07/15/41  | 600 | 503007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sonoco Products Co. <br> 2.85%, 02/01/32  | 400 | 341841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Power Co. <br> 4.15%, 12/01/25  | 500 | 492718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southwestern Public Service Co. <br> 3.15%, 05/01/50  | 100 | 75153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunnova Energy Corp. 144A <br> 5.88%, 09/01/26 †  | 100 | 90141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toyota Auto Receivables Owner <br> 0.26%, 11/17/25  | 198 | 190455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UDR, Inc. <br> 1.90%, 03/15/33  | 175 | 132189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Union Electric Co. <br> 2.62%, 03/15/51  | 275 | 188992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vena Energy Capital Pte Ltd. Reg S <br> 3.13%, 02/26/25  | 200 | 186887 |
| Verizon Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 09/18/30 † | 300 | 242771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85%, 09/03/41 | 400 | 296622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 02/08/29 | 300 | 289047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 03/01/52 | 300 | 246633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vornado Realty LP <br> 3.40%, 06/01/31 | 150 | 115074 |
| Welltower OP LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 02/15/27 | 250 | 229426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85%, 06/15/32 | 100 | 89734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin Electric Power Co. <br> 4.75%, 09/30/32  | 250 | 255320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin Power and Light Co. <br> 1.95%, 09/16/31  | 200 | 162797 |
|  |  | 27019913 |
| **Total Corporate Bonds**<br>(Cost: $71,920,277) |  | 64485067 |

---

------

---

| | | |
|:---|:---|:---|
| | **Par <br>(000's** | **Value** |
| **GOVERNMENT OBLIGATIONS: 12.7%** |  |  |
| **Brazil: 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Nacional de Desenvolvimento Economico e Social Reg S <br> 4.75%, 05/09/24  | $200 | $199250 |
| **Canada: 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDP Financial, Inc. Reg S <br> 1.00%, 05/26/26  | 350 | 315411 |
| **Chile: 1.2%** |  |  |
| Chile Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55%, 01/27/32 | 350 | 296865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 01/25/50 | 850 | 642854 |
|  |  | 939719 |
| **Egypt: 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Egypt Government International Bond 144A <br> 5.25%, 10/06/25  | 50 | 45078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Egypt Government International Bond Reg S <br> 5.25%, 10/06/25  | 200 | 180312 |
|  |  | 225390 |
| **Hong Kong: 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airport Authority Reg S <br> 1.75%, 01/12/27  | 300 | 273934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Development Bank Reg S <br> 0.62%, 09/09/24  | 200 | 188030 |
| Hong Kong Government International Bond 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62%, 02/02/26 | 200 | 180163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38%, 02/02/31 | 400 | 330588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 02/02/51 | 200 | 135069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 05/28/24 | 250 | 243871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong Government International Bond Reg S <br> 1.75%, 11/24/31  | 400 | 336191 |
|  |  | 1687846 |
| **Indonesia: 1.8%** |  |  |
| Perusahaan Penerbit SBSN Indonesia III 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30%, 06/23/25 | 150 | 142250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.55%, 06/09/51 | 275 | 214971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 03/01/23 | 450 | 450061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90%, 08/20/24 | 250 | 247541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 06/06/32 | 300 | 301013 |
|  |  | 1355836 |
| **Japan: 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan Bank for International Cooperation <br> 1.62%, 01/20/27  | 200 | 181523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan Finance Organization for Municipalities 144A <br> 1.50%, 01/27/25  | 200 | 188164 |
|  |  | 369687 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br>(000's** | **Value** |
| **Netherlands: 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nederlandse Financierings- Maatschappij voor Ontwikkelingslanden NV Reg S <br> 2.75%, 02/20/24  | $200 | $195777 |
| Nederlandse Waterschapsbank NV 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00%, 05/28/30 | 100 | 81727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 03/24/26 | 350 | 331700 |
|  |  | 609204 |
| **Norway: 0.7%** |  |  |
| Kommunalbanken AS 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50%, 10/21/24 | 200 | 186646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12%, 02/11/25 | 325 | 310871 |
|  |  | 497517 |
| **Pakistan: 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pakistan Water & Power Development Authority Reg S <br> 7.50%, 06/04/31  | 200 | 66925 |
| **South Korea: 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Export-Import Bank of Korea <br> 2.12%, 01/18/32  | 500 | 410845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Export-Import Bank of Korea 144A <br> 1.75%, 10/19/28  | 250 | 215648 |
| Korea Development Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40%, 06/19/24 | 200 | 188519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%, 01/25/25 | 200 | 185408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Korea Hydro & Nuclear Power Co. Ltd. 144A <br> 3.75%, 07/25/23  | 100 | 99437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Korea South-East Power Co. Ltd. Reg S <br> 2.12%, 02/03/25  | 200 | 188724 |
|  |  | 1288581 |
| **Sweden: 0.8%** |  |  |
| Kommuninvest I Sverige AB 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38%, 06/19/24 | 350 | 330303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62%, 04/24/23 | 300 | 297792 |
|  |  | 628095 |
| **United States: 1.9%** |  |  |
| City of San Francisco CA Public Utilities Commission Water Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.83%, 11/01/41 | 100 | 78416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30%, 11/01/39 | 100 | 84906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.47%, 11/01/43 | 100 | 84762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts <br> 3.28%, 06/01/46  | 150 | 122877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;District of Columbia Water & Sewer Authority <br> 4.81%, 10/01/14  | 170 | 162277 |
| Fannie Mae-Aces |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.55%, 09/25/28 | 508 | 497332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.74%, 09/25/30 | 94 | 91368 |

---

VANECK GREEN BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| | **Par <br>(000's** | **Value** |
| **United States (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority <br> 5.17%, 11/15/49  | $150 | $138930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tennessee Valley Authority <br> 1.50%, 09/15/31  | 200 | 163704 |
|  |  | 1424572 |
| **Total Government Obligations**<br>(Cost: $11,000,983) |  | 9608033 |
|  | **Number**<br>**of Shares** |  |
| **PREFERRED SECURITIES: 0.2%**<br>(Cost: $173,320) |  |  |
| **Canada: 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Finance, Inc. (USD) <br> 4.62%, 10/16/80 †  | 7000 | 133280 |
| **Total Investments Before Collateral for**<br> **Securities Loaned: 98.4%**<br> (Cost: $83,094,580) |  | 74226380 |

---

---

| | | |
|:---|:---|:---|
| | **Number<br>of Shares** | **Value** |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.9%** |  |  |
| **Money Market Fund: 0.9%** <br> (Cost: $654,425) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio | 654425 | $654425 |
| **Total Investments: 99.3%**<br>(Cost: $83,749,005) |  | 74880805 |
| **Other assets less liabilities: 0.7%** | **Other assets less liabilities: 0.7%** | 493394 |
| **NET ASSETS: 100.0%** |  | $75374199 |

---

------

**Definitions:**

LIBOR London Interbank Offered Rate <br> SOFR Secured Overnight Financing Rate <br> USD United States Dollar

**Footnotes:**

---

| | |
|:---|:---|
| † | Security fully or partially on loan. Total market value of securities on loan is $4,413,462. |
| Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $22,266,123, or 29.5% of net assets. |

---

---

| | | |
|:---|:---|:---|
| **Summary of Investments by Sector<br> Excluding Collateral for Securities Loaned** | **% of<br>Investments** | **Value** |
| Financials | 39.4% | $29275298 |
| Utilities | 20.2 | 15033916 |
| Real Estate | 8 | 5906691 |
| Government Activity | 7.4 | 5470152 |
| Mortgage Securities | 5.4 | 3993057 |
| Consumer Cyclicals | 4.9 | 3642774 |
| Technology | 4.2 | 3127470 |
| Basic Materials | 3.9 | 2866769 |
| Industrials | 3.4 | 2533131 |
| Consumer Non-Cyclicals | 1.2 | 880144 |
| Healthcare | 1 | 748680 |
| Energy | 0.7 | 558291 |
| Academic & Educational Services | 0.3 | 190007 |
|  | 100.0% | $74226380 |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** VanEck ETF Trust

- **b. Investment Company Act file number:** 811-10325

- **c. CIK number of Registrant:** 0001137360

- **d. LEI of Registrant:** 549300ZLFKNTXC51ZN76

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 666 THIRD AVENUE, 9TH FLOOR

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10017

  - **Telephone number:** 212-293-2000

**Item A.2. Information about the Series.**

- **a. Name of Series:** VanEck Green Bond ETF

- **b. EDGAR series identifier (if any):** S000056168

- **c. LEI of Series:** 549300P1LT1BDK387R52

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-04-30

- **b. Date as of which information is reported:** 2023-01-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $76039669.31

**Total Liabilities:** $664548.53

**Net Assets:** $75375120.78

**Cash Not Reported:** $334112.82

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -144.66000000 | **1-Year:** -4024.06000000 | **5-Year:** -11180.11000000 | **10-Year:** -12422.09000000 | **30-Year:** -7000.37000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** -18.66000000 | **1-Year:** -714.96000000 | **5-Year:** -1825.74000000 | **10-Year:** -1294.86000000 | **30-Year:** -104.75000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000176891 | 3.61%                | 0.05%                | 2.58%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-913371.72              | $3442952.92                                |
| Month 2  | $-71991.52               | $-69025.38                                 |
| Month 3  | $-89179.53               | $1809755.09                                |

### Schedule of Portfolio Investments

| Name                                                               | Title                                                                            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ADANIREN KODSOPAR WARSOM                                           | Adani Renewable Energy RJ Ltd/Kodangal Solar Parks Pvt Ltd/Wardha Solar Maharash | CUSIP: 00654CAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | IN        |    180750 | PA      | $129818.68    | 0.17%             | 2039-10-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| INVERSIONES LATAM POWER                                            | Inversiones Latin America Power Ltda                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | CL        |    193726 | PA      | $84256.59     | 0.11%             | 2033-06-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| SK BATTERY AMERICA INC                                             | SK Battery America Inc                                                           | CUSIP: 000000000<br>LEI: 54930012FBFVNU7RWO57 | Long             | DBT              | CORP              | US        |    250000 | PA      | $238451.19    | 0.32%             | 2024-01-26      | Fixed         | 1.63%                 | No            |                  2 | On Loan: No      |
| EQUINIX INC                                                        | Equinix Inc                                                                      | CUSIP: 29444UBL9<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | DBT              |  | US        |    100000 | PA      | $85250.79     | 0.11%             | 2028-03-15      | Fixed         | 1.55%                 | No            |                  2 | On Loan: No      |
| MET LIFE GLOB FUNDING I                                            | Metropolitan Life Global Funding I                                               | CUSIP: 59217GEJ4<br>LEI: 635400MMSOCXNNNZDZ82 | Long             | DBT              | CORP              | US        |    200000 | PA      | $182819.99    | 0.24%             | 2025-07-02      | Fixed         | 0.95%                 | No            |                  2 | On Loan: No      |
| Asian Development Bank                                             | Asian Development Bank                                                           | CUSIP: 045167EJ8<br>LEI: 549300X0MVH42CY8Q105 | Long             | DBT              | NUSS              | XX        |    100000 | PA      | $96553.97     | 0.13%             | 2028-09-26      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| VORNADO REALTY LP                                                  | Vornado Realty LP                                                                | CUSIP: 929043AL1<br>LEI: 549300BMOJ05INE4YK86 | Long             | DBT              |  | US        |    150000 | PA      | $115074.37    | 0.15%             | 2031-06-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| PERUSAHAAN PENERBIT SBSN                                           | Perusahaan Penerbit SBSN Indonesia III                                           | CUSIP: 71567PAV2<br>LEI: 254900G208H6Q0L5B953 | Long             | DBT              | CORP              | ID        |    300000 | PA      | $301012.57    | 0.40%             | 2032-06-06      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| SWIRE PROPERT MTN FIN                                              | Swire Properties MTN Financing Ltd                                               | CUSIP: 000000000<br>LEI: 549300MYFUCWFUIC4803 | Long             | DBT              | CORP              | HK        |    200000 | PA      | $189845.00    | 0.25%             | 2028-01-10      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| SWEIHAN PV POWER CO PJSC                                           | Sweihan PV Power Co PJSC                                                         | CUSIP: 870674AA6<br>LEI: 353800EF1E1IC18GBC48 | Long             | DBT              | CORP              | AE        |    194716 | PA      | $163491.54    | 0.22%             | 2049-01-31      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| Inversiones CMPC SA                                                | Inversiones CMPC SA                                                              | CUSIP: 46128MAJ0<br>LEI: 549300G475ACIABB4385 | Long             | DBT              | CORP              | CL        |    100000 | PA      | $97475.28     | 0.13%             | 2027-04-04      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| UEP PENONOME II SA                                                 | UEP Penonome II SA                                                               | CUSIP: 90363PAA4<br>LEI: 549300DS6G5XB230S845 | Long             | DBT              | CORP              | PA        |     92328 | PA      | $69908.67     | 0.09%             | 2038-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Southern Power Co                                                  | Southern Power Co                                                                | CUSIP: 843646AM2<br>LEI: 5LADC78JBG2BMZD5XF57 | Long             | DBT              | CORP              | US        |    500000 | PA      | $492718.22    | 0.65%             | 2025-12-01      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| INDUSTRIAL BANK/HK                                                 | Industrial Bank Co Ltd/Hong Kong                                                 | CUSIP: 000000000<br>LEI: 3003007Y03W5HH1MXR96 | Long             | DBT              | CORP              | CN        |    200000 | PA      | $193958.87    | 0.26%             | 2025-05-18      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| KFW                                                                | Kreditanstalt fuer Wiederaufbau                                                  | CUSIP: 500769JQ8<br>LEI: 549300GDPG70E3MBBU98 | Long             | DBT              | CORP              | DE        |    600000 | PA      | $541751.47    | 0.72%             | 2026-10-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: —       |
| NORTHERN STATES PWR-MINN                                           | Northern States Power Co/MN                                                      | CUSIP: 665772CT4<br>LEI: 3S1GHB0TEH85KX44SB51 | Long             | DBT              | CORP              | US        |    150000 | PA      | $128906.62    | 0.17%             | 2031-04-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CAROLINAS                                              | Duke Energy Carolinas LLC                                                        | CUSIP: 26442CAX2<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |    350000 | PA      | $343204.60    | 0.46%             | 2028-11-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| LINK FINANCE CAYMAN 2009                                           | Link Finance Cayman 2009 Ltd/The                                                 | CUSIP: 000000000<br>LEI: 254900J10LHB6JOSNR19 | Long             | DBT              |  | KY        |    200000 | PA      | $188579.00    | 0.25%             | 2026-07-21      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| KIA CORP                                                           | Kia Corp                                                                         | CUSIP: 49374JAC7<br>LEI: 988400V8MJK9N7OI5X76 | Long             | DBT              | CORP              | KR        |    200000 | PA      | $188024.90    | 0.25%             | 2025-02-14      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| BANCO NAC DE DESEN ECONO                                           | Banco Nacional de Desenvolvimento Economico e Social                             | CUSIP: 000000000<br>LEI: 254900DCL95WTK6VYD35 | Long             | DBT              | NUSS              | BR        |    200000 | PA      | $199250.10    | 0.26%             | 2024-05-09      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NEDER WATERSCHAPSBANK                                              | Nederlandse Waterschapsbank NV                                                   | CUSIP: 63983TBB0<br>LEI: JLP5FSPH9WPSHY3NIM24 | Long             | DBT              | NUSS              | NL        |    350000 | PA      | $331700.06    | 0.44%             | 2026-03-24      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| HAT HOLDINGS I LLC/HAT                                             | HAT Holdings I LLC / HAT Holdings II LLC                                         | CUSIP: 418751AB9<br>LEI: N/A                  | Long             | DBT              |  | US        |    100000 | PA      | $97854.50     | 0.13%             | 2025-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BANK OF CHINA/SYDNEY                                               | Bank of China Ltd/Sydney                                                         | CUSIP: 000000000<br>LEI: 54930053HGCFWVHYZX42 | Long             | DBT              | CORP              | CN        |    200000 | PA      | $188227.82    | 0.25%             | 2024-09-29      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| RENESAS ELECTRONICS CORP                                           | Renesas Electronics Corp                                                         | CUSIP: 75972BAA9<br>LEI: 5299000EPC47VJQOFB81 | Long             | DBT              | CORP              | JP        |    150000 | PA      | $138717.28    | 0.18%             | 2024-11-26      | Fixed         | 1.54%                 | No            |                  2 | On Loan: No      |
| Fanniemae-Aces                                                     | Fannie Mae-Aces                                                                  | CUSIP: 3136AXVB8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    162186 | PA      | $157624.96    | 0.21%             | 2024-07-25      | Variable      | 2.54%                 | No            |                  2 | On Loan: No      |
| NXP BV/NXP FDG/NXP USA                                             | NXP BV / NXP Funding LLC / NXP USA Inc                                           | CUSIP: 62954HBB3<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    200000 | PA      | $196266.82    | 0.26%             | 2033-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GACI FIRST INVESTMENT                                              | Gaci First Investment Co                                                         | CUSIP: 000000000<br>LEI: 558600TU1PWGNLZ3XM88 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $206950.00    | 0.27%             | 2032-10-13      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SWEDBANK AB                                                        | Swedbank AB                                                                      | CUSIP: 87020PAP2<br>LEI: M312WZV08Y7LYUC71685 | Long             | DBT              | CORP              | SE        |    350000 | PA      | $311628.59    | 0.41%             | 2026-11-16      | Fixed         | 1.54%                 | No            |                  2 | On Loan: No      |
| COOPERATIEVE RABOBANK UA                                           | Cooperatieve Rabobank UA                                                         | CUSIP: 74977RDK7<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |    250000 | PA      | $221732.61    | 0.29%             | 2027-02-24      | Fixed         | 1.11%                 | No            |                  2 | On Loan: No      |
| ERP Operating LP                                                   | ERP Operating LP                                                                 | CUSIP: 26884ABK8<br>LEI: DX5HQV5MLU50FEWZ5072 | Long             | DBT              |  | US        |    200000 | PA      | $193467.26    | 0.26%             | 2028-12-01      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| ALEXANDRIA REAL ESTATE E                                           | Alexandria Real Estate Equities Inc                                              | CUSIP: 015271AP4<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | DBT              |  | US        |    100000 | PA      | $97678.73     | 0.13%             | 2026-04-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| CHINA CONSTRUCT BK/MACAU                                           | China Construction Bank Corp/Macau                                               | CUSIP: 000000000<br>LEI: 5493001KQW6DM7KEDR62 | Long             | DBT              | CORP              | CN        |    200000 | PA      | $198918.00    | 0.26%             | 2024-12-21      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC                                                  | NatWest Group PLC                                                                | CUSIP: 780097BN0<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $197856.87    | 0.26%             | 2024-05-22      | Fixed         | 2.36%                 | No            |                  2 | On Loan: No      |
| INTERSTATE POWER & LIGHT                                           | Interstate Power and Light Co                                                    | CUSIP: 461070AP9<br>LEI: EF9UQIIO4KY2BWOK3P26 | Long             | DBT              | CORP              | US        |    250000 | PA      | $245501.80    | 0.33%             | 2028-09-26      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| KFW                                                                | Kreditanstalt fuer Wiederaufbau                                                  | CUSIP: 500769JD7<br>LEI: 549300GDPG70E3MBBU98 | Long             | DBT              | CORP              | DE        |    650000 | PA      | $577452.59    | 0.77%             | 2029-09-14      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| FEDERAL REALTY INVS TRST                                           | Federal Realty Investment Trust                                                  | CUSIP: 313747BB2<br>LEI: 549300LI6XZ51GOCJ427 | Long             | DBT              |  | US        |    200000 | PA      | $178810.86    | 0.24%             | 2026-02-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: —       |
| BANK OF CHINA/PARIS                                                | Bank of China Ltd/Paris                                                          | CUSIP: 000000000<br>LEI: 254900DOHD6ZQSF7GZ43 | Long             | DBT              | CORP              | CN        |    450000 | PA      | $439548.75    | 0.58%             | 2023-09-21      | Fixed         | 0.95%                 | No            |                  2 | On Loan: No      |
| EUROPEAN INVESTMENT BANK                                           | European Investment Bank                                                         | CUSIP: 298785JA5<br>LEI: 5493006YXS1U5GIHE750 | Long             | DBT              | NUSS              | XX        |    380000 | PA      | $335222.72    | 0.44%             | 2029-10-09      | Fixed         | 1.63%                 | No            |                  2 | On Loan: —       |
| MidAmerican Energy Co                                              | MidAmerican Energy Co                                                            | CUSIP: 595620AU9<br>LEI: NINLOILYRTLIMK26MZ18 | Long             | DBT              | CORP              | US        |    275000 | PA      | $250553.57    | 0.33%             | 2049-07-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| SOUTHWESTERN PUBLIC SERV                                           | Southwestern Public Service Co                                                   | CUSIP: 845743BU6<br>LEI: OL6FE7QD5EQ3DOYEO258 | Long             | DBT              | CORP              | US        |    100000 | PA      | $75153.25     | 0.10%             | 2050-05-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| INTL BK RECON & DEVELOP                                            | International Bank for Reconstruction & Development                              | CUSIP: 45905U6L3<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | XX        |     75000 | PA      | $73270.36     | 0.10%             | 2025-11-20      | Fixed         | 3.13%                 | No            |                  2 | On Loan: —       |
| SEATTLE CHILDREN HOSP                                              | Seattle Children's Hospital                                                      | CUSIP: 81257VAB7<br>LEI: 549300WXE9O4DQMMXS47 | Long             | DBT              | CORP              | US        |    150000 | PA      | $101626.09    | 0.13%             | 2050-10-01      | Fixed         | 2.72%                 | No            |                  2 | On Loan: No      |
| GREENKO DUTCH BV                                                   | Greenko Dutch BV                                                                 | CUSIP: 39530LAD2<br>LEI: 724500PT585P4JPVRP08 | Long             | DBT              | CORP              | NL        |    477500 | PA      | $428689.95    | 0.57%             | 2026-03-29      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Duke Energy Progress LLC                                           | Duke Energy Progress LLC                                                         | CUSIP: 26442UAH7<br>LEI: 0NIFZ782LS46WOC9QK20 | Long             | DBT              | CORP              | US        |    300000 | PA      | $283880.49    | 0.38%             | 2029-03-15      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| Fanniemae-Aces                                                     | Fannie Mae-Aces                                                                  | CUSIP: 3136AY6X6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    256188 | PA      | $245970.62    | 0.33%             | 2027-09-25      | Variable      | 2.96%                 | No            |                  2 | On Loan: No      |
| CLEARWAY ENERGY OP LLC                                             | Clearway Energy Operating LLC                                                    | CUSIP: 18539UAD7<br>LEI: 549300Z3NFMM54NWBB87 | Long             | DBT              | CORP              | US        |    400000 | PA      | $338466.00    | 0.45%             | 2031-02-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| NXP BV/NXP FDG/NXP USA                                             | NXP BV / NXP Funding LLC / NXP USA Inc                                           | CUSIP: 62954HBA5<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    550000 | PA      | $452195.09    | 0.60%             | 2031-05-11      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| TRANSMANTARO                                                       | Consorcio Transmantaro SA                                                        | CUSIP: 210314AB6<br>LEI: 549300NL65DC6HVEJX96 | Long             | DBT              | CORP              | PE        |    150000 | PA      | $139998.00    | 0.19%             | 2034-04-16      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| INVEST ENERGY RES LTD                                              | Investment Energy Resources Ltd                                                  | CUSIP: 46143NAB6<br>LEI: 254900A71Y7WHN7L5K89 | Long             | DBT              | CORP              | BM        |    200000 | PA      | $191150.13    | 0.25%             | 2029-04-26      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| HEALTHPEAK PROPERTIES                                              | Healthpeak Properties Inc                                                        | CUSIP: 42250PAC7<br>LEI: PZ9HF5U52KPF0MH0QN75 | Long             | DBT              |  | US        |    200000 | PA      | $177995.48    | 0.24%             | 2027-02-01      | Fixed         | 1.35%                 | No            |                  2 | On Loan: No      |
| State Street Global Advisors                                       | State Street Navigator Securities Lending Government Money Market Portfolio      | CUSIP: 857492706<br>LEI: 5493008BJIBKQ5KTIF74 | Long             | STIV             | RF                | US        |    650822 | NS      | $650822.50    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| MARUBENI CORP                                                      | Marubeni Corp                                                                    | CUSIP: 000000000<br>LEI: 4P4N3ORD02UGQT1T1W12 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $177230.00    | 0.24%             | 2026-09-17      | Fixed         | 1.58%                 | No            |                  2 | On Loan: No      |
| RENEW POWER PVT LTD                                                | ReNew Power Pvt Ltd                                                              | CUSIP: 75975AAA8<br>LEI: 335800BITJZHVZ1CN475 | Long             | DBT              | CORP              | IN        |     90000 | PA      | $85950.00     | 0.11%             | 2027-03-05      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| IND & COMM BK CHINA/SG                                             | Industrial & Commercial Bank of China Ltd/Singapore                              | CUSIP: 000000000<br>LEI: 5493002ERZU2K9PZDL40 | Long             | DBT              | CORP              | CN        |    400000 | PA      | $400648.00    | 0.53%             | 2024-04-25      | Floating      | 5.65%                 | No            |                  2 | On Loan: No      |
| REC LIMITED                                                        | REC Ltd                                                                          | CUSIP: 000000000<br>LEI: 335800B4YRYWAMIJZ374 | Long             | DBT              | CORP              | IN        |    200000 | PA      | $188364.98    | 0.25%             | 2027-07-07      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| STAR ENERGY CO ISSUE                                               | Star Energy Geothermal Darajat II / Star Energy Geothermal Salak                 | CUSIP: 85513LAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    400000 | PA      | $348107.36    | 0.46%             | 2038-10-14      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| JABIL INC                                                          | Jabil Inc                                                                        | CUSIP: 466313AM5<br>LEI: 5493000CGCQY2OQU7669 | Long             | DBT              | CORP              | US        |    200000 | PA      | $194557.19    | 0.26%             | 2027-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| KOMMUNINVEST I SVERIGE                                             | Kommuninvest I Sverige AB                                                        | CUSIP: 50046PBR5<br>LEI: EV2XZWMLLXF2QRX0CD47 | Long             | DBT              | NUSS              | SE        |    350000 | PA      | $330303.41    | 0.44%             | 2024-06-19      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| PERUSAHAAN PENERBIT SBSN                                           | Perusahaan Penerbit SBSN Indonesia III                                           | CUSIP: 71567PAN0<br>LEI: 254900G208H6Q0L5B953 | Long             | DBT              | NUSS              | ID        |    150000 | PA      | $142250.43    | 0.19%             | 2025-06-23      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| NXP BV/NXP FDG/NXP USA                                             | NXP BV / NXP Funding LLC / NXP USA Inc                                           | CUSIP: 62954HAY4<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |    200000 | PA      | $179125.51    | 0.24%             | 2030-05-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE COLORADO                                            | Public Service Co of Colorado                                                    | CUSIP: 744448CP4<br>LEI: 5BANEF6PGSEK0SNMQF44 | Long             | DBT              | CORP              | US        |    200000 | PA      | $194423.65    | 0.26%             | 2028-06-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| COLBUN SA                                                          | Colbun SA                                                                        | CUSIP: 192714AE3<br>LEI: 5493003VQJLE2QB8IF36 | Long             | DBT              | CORP              | CL        |    150000 | PA      | $129186.75    | 0.17%             | 2032-01-19      | Fixed         | 3.15%                 | No            |                  2 | On Loan: —       |
| NORTHERN STATES PWR-MINN                                           | Northern States Power Co/MN                                                      | CUSIP: 665772CS6<br>LEI: 3S1GHB0TEH85KX44SB51 | Long             | DBT              | CORP              | US        |    250000 | PA      | $171512.56    | 0.23%             | 2051-06-01      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| Fanniemae-Aces                                                     | Fannie Mae-Aces                                                                  | CUSIP: 3136B75M9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     37200 | PA      | $33782.51     | 0.04%             | 2029-10-25      | Fixed         | 2.44%                 | No            |                  2 | On Loan: No      |
| HONG KONG                                                          | Hong Kong Government International Bond                                          | CUSIP: 43858AAB6<br>LEI: 549300DSMAD69T7GGN13 | Long             | DBT              | NUSS              | HK        |    250000 | PA      | $243871.25    | 0.32%             | 2024-05-28      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| TENN VALLEY AUTHORITY                                              | Tennessee Valley Authority                                                       | CUSIP: 880591EX6<br>LEI: 549300HE1ISW43LNKM54 | Long             | DBT              | USGA              | US        |    200000 | PA      | $163704.06    | 0.22%             | 2031-09-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| SUNNOVA ENERGY CORP                                                | Sunnova Energy Corp                                                              | CUSIP: 86745GAF0<br>LEI: 549300TH3GCD8YQUDR46 | Long             | DBT              | CORP              | US        |    100000 | PA      | $90141.50     | 0.12%             | 2026-09-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: —       |
| INDIAN RAILWAY FINANCE                                             | Indian Railway Finance Corp Ltd                                                  | CUSIP: 45434L2H6<br>LEI: 335800F2JHSOGXQEBY56 | Long             | DBT              | CORP              | IN        |    200000 | PA      | $174920.00    | 0.23%             | 2032-01-21      | Fixed         | 3.57%                 | No            |                  2 | On Loan: No      |
| AES CORP/THE                                                       | AES Corp/The                                                                     | CUSIP: 00130HCG8<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |    305000 | PA      | $252407.38    | 0.33%             | 2031-01-15      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| INDIA CLEANTECH ENERGY                                             | India Cleantech Energy                                                           | CUSIP: 45410BAA2<br>LEI: 254900DGTS4HHR3Q6F66 | Long             | DBT              | CORP              | MU        |    142050 | PA      | $127845.00    | 0.17%             | 2026-08-10      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| BANK OF CHINA/LONDON                                               | Bank of China Ltd/London                                                         | CUSIP: 000000000<br>LEI: 54930053HGCFWVHYZX42 | Long             | DBT              | CORP              | CN        |    200000 | PA      | $200249.92    | 0.27%             | 2023-06-07      | Floating      | 5.55%                 | No            |                  2 | On Loan: No      |
| CONTINUUM ENERGY LEVANTE                                           | Continuum Energy Levanter Pte Ltd                                                | CUSIP: 21218MAB1<br>LEI: 254900MFSMO37F3WJ232 | Long             | DBT              | CORP              | SG        |    193500 | PA      | $174436.13    | 0.23%             | 2027-02-09      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| EXPORT-IMPORT BANK KOREA                                           | Export-Import Bank of Korea                                                      | CUSIP: 302154DN6<br>LEI: 549300APVP4R32PI3Y06 | Long             | DBT              | NUSS              | KR        |    500000 | PA      | $410845.00    | 0.55%             | 2032-01-18      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| MITSUBISHI UFJ FIN GRP                                             | Mitsubishi UFJ Financial Group Inc                                               | CUSIP: 606822AH7<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |    100000 | PA      | $98419.93     | 0.13%             | 2023-09-13      | Fixed         | 2.53%                 | No            |                  2 | On Loan: No      |
| LG CHEM LTD                                                        | LG Chem Ltd                                                                      | CUSIP: 501955AD0<br>LEI: 988400IES4EIG7O06940 | Long             | DBT              | CORP              | KR        |    225000 | PA      | $183672.60    | 0.24%             | 2031-07-07      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| WISCONSIN POWER & LIGHT                                            | Wisconsin Power and Light Co                                                     | CUSIP: 976826BP1<br>LEI: JWBYHVQVMY66CVCOSO49 | Long             | DBT              | CORP              | US        |    200000 | PA      | $162796.80    | 0.22%             | 2031-09-16      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE OKLAHOMA                                            | Public Service Co of Oklahoma                                                    | CUSIP: 744533BP4<br>LEI: F3TJNSIZRGXRH8GEIK79 | Long             | DBT              | CORP              | US        |    150000 | PA      | $107110.50    | 0.14%             | 2051-08-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                             | Verizon Communications Inc                                                       | CUSIP: 92343VGP3<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    300000 | PA      | $246633.50    | 0.33%             | 2052-03-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT                                             | Egypt Government International Bond                                              | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    200000 | PA      | $180312.40    | 0.24%             | 2025-10-06      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Electricite de France SA                                           | Electricite de France SA                                                         | CUSIP: 268317AS3<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |    450000 | PA      | $438354.67    | 0.58%             | 2025-10-13      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| MidAmerican Energy Co                                              | MidAmerican Energy Co                                                            | CUSIP: 595620AS4<br>LEI: NINLOILYRTLIMK26MZ18 | Long             | DBT              | CORP              | US        |    400000 | PA      | $336147.56    | 0.45%             | 2048-08-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| ICBCIL FINANCE CO LTD                                              | ICBCIL Finance Co Ltd                                                            | CUSIP: 000000000<br>LEI: 549300ZCUURSNVTOEU07 | Long             | DBT              | CORP              | HK        |    200000 | PA      | $181864.00    | 0.24%             | 2026-11-02      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| RONGSHI INTERNATIONAL FI                                           | Rongshi International Finance Ltd                                                | CUSIP: 000000000<br>LEI: 5493002NOQBAWLD8YZ55 | Long             | DBT              | CORP              | VG        |    200000 | PA      | $196299.41    | 0.26%             | 2024-05-21      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| INTL FINANCE CORP                                                  | International Finance Corp                                                       | CUSIP: 45950VHX7<br>LEI: QKL54NQY28TCDAI75F60 | Long             | DBT              | NUSS              | XX        |    344000 | PA      | $325700.86    | 0.43%             | 2026-04-07      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| CENTRAL NIPPON EXPRESSWY                                           | Central Nippon Expressway Co Ltd                                                 | CUSIP: 000000000<br>LEI: 3538005TH2GJERPBFN83 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $178967.60    | 0.24%             | 2025-12-10      | Fixed         | 0.89%                 | No            |                  2 | On Loan: No      |
| AMIPEACE LTD                                                       | Amipeace Ltd                                                                     | CUSIP: 000000000<br>LEI: 549300Z8IOSIIKWF5763 | Long             | DBT              | CORP              | VG        |    300000 | PA      | $270945.01    | 0.36%             | 2026-11-09      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| OWENS CORNING                                                      | Owens Corning                                                                    | CUSIP: 690742AJ0<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | DBT              | CORP              | US        |    225000 | PA      | $213555.58    | 0.28%             | 2029-08-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| AZURE POWER SOLAR ENERGY                                           | Azure Power Solar Energy Pvt Ltd                                                 | CUSIP: 05502TAA6<br>LEI: 549300N77HEXIINE3X94 | Long             | DBT              | CORP              | MU        |    100000 | PA      | $85513.00     | 0.11%             | 2024-12-24      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| KIA CORP                                                           | Kia Corp                                                                         | CUSIP: 49374JAA1<br>LEI: 988400V8MJK9N7OI5X76 | Long             | DBT              | CORP              | KR        |    200000 | PA      | $175732.12    | 0.23%             | 2026-10-16      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Apple Inc                                                          | Apple Inc                                                                        | CUSIP: 037833CX6<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |    800000 | PA      | $767333.89    | 1.02%             | 2027-06-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| IND & COMM BK CHN/LONDON                                           | Industrial & Commercial Bank of China Ltd/London                                 | CUSIP: 000000000<br>LEI: 5493002ERZU2K9PZDL40 | Long             | DBT              | CORP              | CN        |    200000 | PA      | $200240.00    | 0.27%             | 2023-06-14      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| Kommunalbanken AS                                                  | Kommunalbanken AS                                                                | CUSIP: 50048MBX7<br>LEI: I7ETN0QQO2AHZZGHJ389 | Long             | DBT              | NUSS              | NO        |    325000 | PA      | $310870.75    | 0.41%             | 2025-02-11      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| LG Chem Ltd                                                        | LG Chem Ltd                                                                      | CUSIP: 501955AB4<br>LEI: 988400IES4EIG7O06940 | Long             | DBT              | CORP              | KR        |     50000 | PA      | $46774.12     | 0.06%             | 2029-04-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| CHINA DEVELOPMENT BK/HK                                            | China Development Bank/Hong Kong                                                 | CUSIP: 000000000<br>LEI: 300300C1020111000029 | Long             | DBT              | NUSS              | CN        |    200000 | PA      | $188030.29    | 0.25%             | 2024-09-09      | Fixed         | 0.63%                 | No            |                  2 | On Loan: No      |
| BANK OF CHINA/MACAU                                                | Bank of China Ltd/Macau                                                          | CUSIP: 000000000<br>LEI: 54930047DU4WCPOIO219 | Long             | DBT              | CORP              | CN        |    300000 | PA      | $299895.00    | 0.40%             | 2025-04-28      | Floating      | 5.10%                 | No            |                  2 | On Loan: No      |
| DTE ELECTRIC CO                                                    | DTE Electric Co                                                                  | CUSIP: 23338VAP1<br>LEI: 9N0FWODEJVKHC2DYLO03 | Long             | DBT              | CORP              | US        |    200000 | PA      | $153881.78    | 0.20%             | 2051-04-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| NORTHERN STATES PWR-MINN                                           | Northern States Power Co/MN                                                      | CUSIP: 665772CR8<br>LEI: 3S1GHB0TEH85KX44SB51 | Long             | DBT              | CORP              | US        |    250000 | PA      | $182478.21    | 0.24%             | 2050-03-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI TR BK LT                                           | Sumitomo Mitsui Trust Bank Ltd                                                   | CUSIP: 86563VAV1<br>LEI: 5493006GGLR4BTEL8O61 | Long             | DBT              | CORP              | JP        |    175000 | PA      | $158223.25    | 0.21%             | 2026-03-25      | Fixed         | 1.55%                 | No            |                  2 | On Loan: No      |
| Fanniemae-Aces                                                     | Fannie Mae-Aces                                                                  | CUSIP: 3136B3XY1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    507684 | PA      | $497332.20    | 0.66%             | 2028-09-25      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                                                   | Deutsche Bank AG/New York NY                                                     | CUSIP: 25160PAF4<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    300000 | PA      | $273903.52    | 0.36%             | 2026-03-19      | Fixed         | 1.69%                 | No            |                  2 | On Loan: No      |
| Kilroy Realty LP                                                   | Kilroy Realty LP                                                                 | CUSIP: 49427RAN2<br>LEI: 5493008CT3N3JR7P1552 | Long             | DBT              |  | US        |    250000 | PA      | $233455.04    | 0.31%             | 2028-12-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Avangrid Inc                                                       | Avangrid Inc                                                                     | CUSIP: 05351WAB9<br>LEI: 549300OX0Q38NLSKPB49 | Long             | DBT              | CORP              | US        |    250000 | PA      | $235478.13    | 0.31%             | 2029-06-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| JOHNSON CONTROLS/TYCO FI                                           | Johnson Controls International plc / Tyco Fire & Security Finance SCA            | CUSIP: 47837RAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    300000 | PA      | $248695.31    | 0.33%             | 2030-09-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: —       |
| KOREA HYDRO & NUCLEAR PO                                           | Korea Hydro & Nuclear Power Co Ltd                                               | CUSIP: 50064YAN3<br>LEI: 9884008CRY5MLCN8OQ43 | Long             | DBT              | NUSS              | KR        |    100000 | PA      | $99437.50     | 0.13%             | 2023-07-25      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| PROLOGIS LP                                                        | Prologis LP                                                                      | CUSIP: 74340XBR1<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              |  | US        |    275000 | PA      | $217491.47    | 0.29%             | 2030-10-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| KOREA ELECTRIC POWER CO                                            | Korea Electric Power Corp                                                        | CUSIP: 500631AV8<br>LEI: 988400QG33WS7JEIV602 | Long             | DBT              | NUSS              | KR        |    200000 | PA      | $193466.36    | 0.26%             | 2025-06-14      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| JPN BANK FOR INT'L COOP                                            | Japan Bank for International Cooperation                                         | CUSIP: 471048CP1<br>LEI: 549300TJ3QFYVCTSCJ29 | Long             | DBT              | NUSS              | JP        |    200000 | PA      | $181523.15    | 0.24%             | 2027-01-20      | Fixed         | 1.63%                 | No            |                  2 | On Loan: No      |
| ABN AMRO BANK NV                                                   | ABN AMRO Bank NV                                                                 | CUSIP: 00084DAW0<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | DBT              | CORP              | NL        |    350000 | PA      | $295786.89    | 0.39%             | 2029-12-13      | Fixed         | 2.47%                 | No            |                  2 | On Loan: No      |
| City of San Francisco CA Public Utilities Commission Water Revenue | SAN FRANCISCO CA CITY & CNTY PUB UTILS COMMN WTR REVENUE                         | CUSIP: 79771FAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $78416.01     | 0.10%             | 2041-11-01      | Fixed         | 2.83%                 | No            |                  2 | On Loan: No      |
| CDP FINANCIAL INC                                                  | CDP Financial Inc                                                                | CUSIP: 000000000<br>LEI: 549300OXMGVYFCBFV096 | Long             | DBT              | NUSS              | CA        |    350000 | PA      | $315410.53    | 0.42%             | 2026-05-26      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| EUROPEAN INVESTMENT BANK                                           | European Investment Bank                                                         | CUSIP: 298785JN7<br>LEI: 5493006YXS1U5GIHE750 | Long             | DBT              | NUSS              | XX        |    500000 | PA      | $432237.85    | 0.57%             | 2031-05-13      | Fixed         | 1.63%                 | No            |                  2 | On Loan: —       |
| MIDAMERICAN ENERGY CO                                              | MidAmerican Energy Co                                                            | CUSIP: 595620AW5<br>LEI: NINLOILYRTLIMK26MZ18 | Long             | DBT              | CORP              | US        |    200000 | PA      | $140021.13    | 0.19%             | 2052-08-01      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| CHINA MERCHANTS BANK/HK                                            | China Merchants Bank Co Ltd/Hong Kong                                            | CUSIP: 000000000<br>LEI: 549300MKO5B60FFIHF58 | Long             | DBT              | CORP              | CN        |    400000 | PA      | $363784.67    | 0.48%             | 2025-09-10      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| IND & COMM BK CHINA/SG                                             | Industrial & Commercial Bank of China Ltd/Singapore                              | CUSIP: 000000000<br>LEI: 5493002ERZU2K9PZDL40 | Long             | DBT              | CORP              | CN        |    450000 | PA      | $423726.99    | 0.56%             | 2024-10-28      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| FMG RESOURCES AUG 2006                                             | FMG Resources August 2006 Pty Ltd                                                | CUSIP: 30251GBE6<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |    200000 | PA      | $195205.00    | 0.26%             | 2032-04-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Fanniemae-Aces                                                     | Fannie Mae-Aces                                                                  | CUSIP: 3136B1XJ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    447642 | PA      | $424647.97    | 0.56%             | 2028-03-25      | Variable      | 3.06%                 | No            |                  2 | On Loan: No      |
| GEORGIAN RAILWAY JSC                                               | Georgian Railway JSC                                                             | CUSIP: 37363BAB4<br>LEI: 2138005UZV4ZT2B2ZO19 | Long             | DBT              | CORP              | GE        |    100000 | PA      | $88976.00     | 0.12%             | 2028-06-17      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KOREA ELECTRIC POWER CO                                            | Korea Electric Power Corp                                                        | CUSIP: 500631AX4<br>LEI: 988400QG33WS7JEIV602 | Long             | DBT              | NUSS              | KR        |    200000 | PA      | $202182.51    | 0.27%             | 2026-04-06      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| COOPERATIEVE RABOBANK UA                                           | Cooperatieve Rabobank UA                                                         | CUSIP: 74977RDJ0<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |    350000 | PA      | $312444.50    | 0.41%             | 2026-09-24      | Fixed         | 1.00%                 | No            |                  2 | On Loan: —       |
| PUBLIC SERVICE COLORADO                                            | Public Service Co of Colorado                                                    | CUSIP: 744448CS8<br>LEI: 5BANEF6PGSEK0SNMQF44 | Long             | DBT              | CORP              | US        |    250000 | PA      | $193653.62    | 0.26%             | 2050-03-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF CHILE                                                  | Chile Government International Bond                                              | CUSIP: 168863DL9<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |    850000 | PA      | $642853.54    | 0.85%             | 2050-01-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| District of Columbia Water & Sewer Authority                       | DIST OF COLUMBIA WTR & SWR AUTH PUBLIC UTILITY REVENUE                           | CUSIP: 254845JZ4<br>LEI: 549300OT2FIJQJ5PSH71 | Long             | DBT              | MUN               | US        |    170000 | PA      | $162276.99    | 0.22%             | 2114-10-01      | Fixed         | 4.81%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD FIN I UK PLC                                            | Brookfield Finance I UK Plc / Brookfield Finance Inc                             | CUSIP: 11272BAA1<br>LEI: 213800JCKNPJE9FDCJ76 | Long             | DBT              | CORP              | GB        |    150000 | PA      | $121447.91    | 0.16%             | 2032-01-30      | Fixed         | 2.34%                 | No            |                  2 | On Loan: No      |
| ADANI GREEN ENERGY LTD                                             | Adani Green Energy Ltd                                                           | CUSIP: 00653XAA5<br>LEI: 335800ZBBU81OH211H17 | Long             | DBT              | CORP              | IN        |    250000 | PA      | $197637.62    | 0.26%             | 2024-09-08      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                                             | PNC Financial Services Group Inc/The                                             | CUSIP: 693475AY1<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    160000 | PA      | $154027.63    | 0.20%             | 2024-11-01      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| COMISION FEDERAL DE ELEC                                           | Comision Federal de Electricidad                                                 | CUSIP: 200447AL4<br>LEI: 4469000001BFPONMPF32 | Long             | DBT              | CORP              | MX        |    350000 | PA      | $323545.25    | 0.43%             | 2029-05-15      | Fixed         | 4.69%                 | No            |                  2 | On Loan: No      |
| European Investment Bank                                           | European Investment Bank                                                         | CUSIP: 298785HD1<br>LEI: 5493006YXS1U5GIHE750 | Long             | DBT              | NUSS              | XX        |    300000 | PA      | $283612.34    | 0.38%             | 2026-04-13      | Fixed         | 2.13%                 | No            |                  2 | On Loan: —       |
| FHLMC Multifamily Structured Pass Through Certs.                   | Freddie Mac Multifamily Structured Pass Through Certificates                     | CUSIP: 3137FVED0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     30000 | PA      | $24830.38     | 0.03%             | 2030-06-25      | Variable      | 1.30%                 | No            |                  2 | On Loan: No      |
| PERUSAHAAN PENERBIT SBSN                                           | Perusahaan Penerbit SBSN Indonesia III                                           | CUSIP: 71567PAJ9<br>LEI: 254900G208H6Q0L5B953 | Long             | DBT              | NUSS              | ID        |    450000 | PA      | $450061.23    | 0.60%             | 2023-03-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                             | Verizon Communications Inc                                                       | CUSIP: 92343VES9<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    300000 | PA      | $289047.22    | 0.38%             | 2029-02-08      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Fanniemae-Aces                                                     | Fannie Mae-Aces                                                                  | CUSIP: 3136B3DE7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     93515 | PA      | $91367.38     | 0.12%             | 2030-09-25      | Variable      | 3.74%                 | No            |                  2 | On Loan: No      |
| AVANGRID INC                                                       | Avangrid Inc                                                                     | CUSIP: 05351WAC7<br>LEI: 549300OX0Q38NLSKPB49 | Long             | DBT              | CORP              | US        |    531000 | PA      | $510801.30    | 0.68%             | 2025-04-15      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| KOREA SOUTH-EAST POWER                                             | Korea South-East Power Co Ltd                                                    | CUSIP: 000000000<br>LEI: 988400L19KVH3DIO8255 | Long             | DBT              | NUSS              | KR        |    200000 | PA      | $188724.00    | 0.25%             | 2025-02-03      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                                        | BNP Paribas SA                                                                   | CUSIP: 09659W2Q6<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    300000 | PA      | $266807.63    | 0.35%             | 2027-06-30      | Fixed         | 1.68%                 | No            |                  2 | On Loan: No      |
| MTR CORP LTD                                                       | MTR Corp Ltd                                                                     | CUSIP: 000000000<br>LEI: 254900IH4U9NHH9AQM97 | Long             | DBT              | CORP              | HK        |    200000 | PA      | $164711.78    | 0.22%             | 2030-08-19      | Fixed         | 1.63%                 | No            |                  2 | On Loan: No      |
| Power Finance Corp Ltd                                             | Power Finance Corp Ltd                                                           | CUSIP: 000000000<br>LEI: 3358003Q6D9LIJJZ1614 | Long             | DBT              | CORP              | IN        |    200000 | PA      | $185532.00    | 0.25%             | 2027-12-06      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| HOST HOTELS & RESORTS LP                                           | Host Hotels & Resorts LP                                                         | CUSIP: 44107TAY2<br>LEI: FXB7X4WXVA8QPMNOGS12 | Long             | DBT              |  | US        |    100000 | PA      | $87179.81     | 0.12%             | 2029-12-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| HONGKONG LAND FINANCE                                              | Hongkong Land Finance Cayman Islands Co Ltd/The                                  | CUSIP: 000000000<br>LEI: 254900OHTMO343QAXN81 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $165850.00    | 0.22%             | 2031-07-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| MASS INSTITUTE OF TECH                                             | Massachusetts Institute of Technology                                            | CUSIP: 575718AE1<br>LEI: DLZO3A31IADZ27B62557 | Long             | DBT              | CORP              | US        |    200000 | PA      | $190006.90    | 0.25%             | 2038-07-01      | Fixed         | 3.96%                 | No            |                  2 | On Loan: No      |
| PERUSAHAAN PENERBIT SBSN                                           | Perusahaan Penerbit SBSN Indonesia III                                           | CUSIP: 71567PAT7<br>LEI: 254900G208H6Q0L5B953 | Long             | DBT              | NUSS              | ID        |    275000 | PA      | $214971.02    | 0.29%             | 2051-06-09      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| KOMMUNALBANKEN AS                                                  | Kommunalbanken AS                                                                | CUSIP: 50048MDA5<br>LEI: I7ETN0QQO2AHZZGHJ389 | Long             | DBT              | NUSS              | NO        |    200000 | PA      | $186646.36    | 0.25%             | 2024-10-21      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| SAUDI ELEC GLB SUKUK                                               | Saudi Electricity Global Sukuk Co 5                                              | CUSIP: 000000000<br>LEI: 549300WDKWTRF2HVF283 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $186787.60    | 0.25%             | 2025-09-17      | Fixed         | 1.74%                 | No            |                  2 | On Loan: No      |
| EUROPEAN BK RECON & DEV                                            | European Bank for Reconstruction & Development                                   | CUSIP: 29874QAY0<br>LEI: 549300HTGDOVDU6OGK19 | Long             | DBT              | NUSS              | XX        |    500000 | PA      | $477695.45    | 0.63%             | 2024-09-27      | Fixed         | 1.63%                 | No            |                  2 | On Loan: No      |
| EVERGY KANSAS CENTRAL                                              | Evergy Kansas Central Inc                                                        | CUSIP: 95709TAN0<br>LEI: J75GNWGEO73W89ZV3S44 | Long             | DBT              | CORP              | US        |    100000 | PA      | $93683.08     | 0.12%             | 2026-07-01      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| BK OF CHINA/JOHANNESBURG                                           | Bank of China Ltd/Johannesburg                                                   | CUSIP: 000000000<br>LEI: 54930053HGCFWVHYZX42 | Long             | DBT              | CORP              | CN        |    200000 | PA      | $189035.00    | 0.25%             | 2025-02-16      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| DTE Electric Co                                                    | DTE Electric Co                                                                  | CUSIP: 23338VAJ5<br>LEI: 9N0FWODEJVKHC2DYLO03 | Long             | DBT              | CORP              | US        |    290000 | PA      | $253626.68    | 0.34%             | 2049-03-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| DANA INC                                                           | Dana Inc                                                                         | CUSIP: 235825AH9<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | DBT              | CORP              | US        |    200000 | PA      | $169501.82    | 0.22%             | 2030-09-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANCORP                                                | Fifth Third Bancorp                                                              | CUSIP: 316773DD9<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |    200000 | PA      | $180243.15    | 0.24%             | 2027-11-01      | Fixed         | 1.71%                 | No            |                  2 | On Loan: —       |
| PEPSICO INC                                                        | PepsiCo Inc                                                                      | CUSIP: 713448FM5<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | DBT              | CORP              | US        |    500000 | PA      | $488808.82    | 0.65%             | 2032-07-18      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| HONG KONG                                                          | Hong Kong Government International Bond                                          | CUSIP: 000000000<br>LEI: 549300DSMAD69T7GGN13 | Long             | DBT              | NUSS              | HK        |    400000 | PA      | $336190.95    | 0.45%             | 2031-11-24      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI FINL GRP                                           | Sumitomo Mitsui Financial Group Inc                                              | CUSIP: 86562MCN8<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $174211.25    | 0.23%             | 2029-01-14      | Fixed         | 2.47%                 | No            |                  2 | On Loan: No      |
| HOST HOTELS & RESORTS LP                                           | Host Hotels & Resorts LP                                                         | CUSIP: 44107TBA3<br>LEI: FXB7X4WXVA8QPMNOGS12 | Long             | DBT              |  | US        |    250000 | PA      | $199562.50    | 0.26%             | 2031-12-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE COLORADO                                            | Public Service Co of Colorado                                                    | CUSIP: 744448CQ2<br>LEI: 5BANEF6PGSEK0SNMQF44 | Long             | DBT              | CORP              | US        |    110000 | PA      | $97872.48     | 0.13%             | 2048-06-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| NORTHERN STATES PWR-MINN                                           | Northern States Power Co/MN                                                      | CUSIP: 665772CU1<br>LEI: 3S1GHB0TEH85KX44SB51 | Long             | DBT              | CORP              | US        |    200000 | PA      | $153792.94    | 0.20%             | 2052-04-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| City of San Francisco CA Public Utilities Commission Water Revenue | SAN FRANCISCO CITY & CNTY CA PUBLIC UTILITIES COMMISSION WTR                     | CUSIP: 79765R5A3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $84906.33     | 0.11%             | 2039-11-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| NEDER FINANCIERINGS-MAAT                                           | Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden NV               | CUSIP: 000000000<br>LEI: XTC5E2QFTEF0435JWL77 | Long             | DBT              | NUSS              | NL        |    200000 | PA      | $195776.75    | 0.26%             | 2024-02-20      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| PAKISTAN WATER & POWER                                             | Pakistan Water & Power Development Authority                                     | CUSIP: 000000000<br>LEI: 213800UA74QOTK6IES10 | Long             | DBT              | NUSS              | PK        |    200000 | PA      | $66924.80     | 0.09%             | 2031-06-04      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| SONOCO PRODUCTS CO                                                 | Sonoco Products Co                                                               | CUSIP: 835495AP7<br>LEI: GKOMIK4RDJGHEF0VNP11 | Long             | DBT              | CORP              | US        |    400000 | PA      | $341840.99    | 0.45%             | 2032-02-01      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| LIBERTY UTILITIES FIN                                              | Liberty Utilities Finance GP 1                                                   | CUSIP: 531546AB5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $237553.19    | 0.32%             | 2030-09-15      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                | JPMorgan Chase & Co                                                              | CUSIP: 46647PBS4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    325000 | PA      | $315908.05    | 0.42%             | 2024-09-16      | Fixed         | 0.65%                 | No            |                  2 | On Loan: No      |
| AIRPORT AUTHORITY HK                                               | Airport Authority                                                                | CUSIP: 000000000<br>LEI: 254900748HGC4RBR4O84 | Long             | DBT              | NUSS              | HK        |    300000 | PA      | $273934.05    | 0.36%             | 2027-01-12      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| GACI FIRST INVESTMENT                                              | Gaci First Investment Co                                                         | CUSIP: 000000000<br>LEI: 558600TU1PWGNLZ3XM88 | Long             | DBT              | CORP              | KY        |    300000 | PA      | $288861.60    | 0.38%             | 2122-10-13      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| VMED O2 UK FINAN                                                   | Vmed O2 UK Financing I PLC                                                       | CUSIP: 92858RAB6<br>LEI: 213800MRR46ECNGZ7L69 | Long             | DBT              | CORP              | GB        |    400000 | PA      | $340634.51    | 0.45%             | 2031-07-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NATIONAL AUSTRALIA BK/NY                                           | National Australia Bank Ltd/New York                                             | CUSIP: 63254ABA5<br>LEI: 549300E2IPL06NDXMZ63 | Long             | DBT              | CORP              | AU        |    225000 | PA      | $224082.00    | 0.30%             | 2023-06-20      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                              | MET TRANSPRTN AUTH NY REVENUE                                                    | CUSIP: 59261AG76<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    150000 | PA      | $138929.97    | 0.18%             | 2049-11-15      | Fixed         | 5.18%                 | No            |                  2 | On Loan: No      |
| Asian Development Bank                                             | Asian Development Bank                                                           | CUSIP: 045167CY7<br>LEI: 549300X0MVH42CY8Q105 | Long             | DBT              | NUSS              | XX        |    150000 | PA      | $143629.15    | 0.19%             | 2025-03-19      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                                                          | Amgen Inc                                                                        | CUSIP: 031162DD9<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    200000 | PA      | $183805.05    | 0.24%             | 2029-02-22      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| HONG KONG                                                          | Hong Kong Government International Bond                                          | CUSIP: 43858AAC4<br>LEI: 549300DSMAD69T7GGN13 | Long             | DBT              | NUSS              | HK        |    200000 | PA      | $180162.99    | 0.24%             | 2026-02-02      | Fixed         | 0.63%                 | No            |                  2 | On Loan: No      |
| BOSTON PROPERTIES LP                                               | Boston Properties LP                                                             | CUSIP: 10112RBB9<br>LEI: BVHHEFJI6SHNOKQT2572 | Long             | DBT              |  | US        |    225000 | PA      | $200131.20    | 0.27%             | 2029-06-21      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                             | Verizon Communications Inc                                                       | CUSIP: 92343VFL3<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    300000 | PA      | $242770.96    | 0.32%             | 2030-09-18      | Fixed         | 1.50%                 | No            |                  2 | On Loan: —       |
| HONDA MOTOR CO LTD                                                 | Honda Motor Co Ltd                                                               | CUSIP: 438127AC6<br>LEI: 549300P7ZYCQJ36CCS16 | Long             | DBT              | CORP              | JP        |    600000 | PA      | $534842.05    | 0.71%             | 2032-03-10      | Fixed         | 2.97%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS CO                                                  | General Motors Co                                                                | CUSIP: 37045VAZ3<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |    650000 | PA      | $642717.70    | 0.85%             | 2032-10-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| INTERCHILE SA                                                      | Interchile SA                                                                    | CUSIP: 45846AAA8<br>LEI: 549300Y105FQQX6RCE16 | Long             | DBT              | CORP              | CL        |    350000 | PA      | $298851.00    | 0.40%             | 2056-06-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SOCIEDAD QUIMICA Y MINER                                           | Sociedad Quimica y Minera de Chile SA                                            | CUSIP: 833636AL7<br>LEI: TJ88LXZZW5PWIN93ZC81 | Long             | DBT              | CORP              | CL        |    300000 | PA      | $219485.67    | 0.29%             | 2051-09-10      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| QNB FINANCE LTD                                                    | QNB Finance Ltd                                                                  | CUSIP: 000000000<br>LEI: 549300MY0DXTHQEX5O57 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $184539.60    | 0.24%             | 2025-09-22      | Fixed         | 1.63%                 | No            |                  2 | On Loan: No      |
| Fanniemae-Aces                                                     | Fannie Mae-Aces                                                                  | CUSIP: 3136B6XJ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    236661 | PA      | $214923.82    | 0.29%             | 2029-08-25      | Fixed         | 2.52%                 | No            |                  2 | On Loan: No      |
| AVALONBAY COMMUNITIES                                              | AvalonBay Communities Inc                                                        | CUSIP: 053484AC5<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | DBT              |  | US        |    100000 | PA      | $86207.20     | 0.11%             | 2028-12-01      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT                                             | Egypt Government International Bond                                              | CUSIP: 038461AS8<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |     50000 | PA      | $45078.10     | 0.06%             | 2025-10-06      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR COMPANY                                                 | Ford Motor Co                                                                    | CUSIP: 345370DB3<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |    450000 | PA      | $442106.26    | 0.59%             | 2032-08-19      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| AVALONBAY COMMUNITIES                                              | AvalonBay Communities Inc                                                        | CUSIP: 053484AB7<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | DBT              |  | US        |    250000 | PA      | $205932.86    | 0.27%             | 2032-01-15      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| Fanniemae-Aces                                                     | Fannie Mae-Aces                                                                  | CUSIP: 3136B2GX4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    317905 | PA      | $307989.78    | 0.41%             | 2028-06-25      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| NORINCHUKIN BANK                                                   | Norinchukin Bank/The                                                             | CUSIP: 656029AH8<br>LEI: 5493007VSMFZCPV1NB83 | Long             | DBT              | CORP              | JP        |    150000 | PA      | $123286.26    | 0.16%             | 2031-09-22      | Fixed         | 2.08%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL SERVICES                                           | Hyundai Capital Services Inc                                                     | CUSIP: 44920UAP3<br>LEI: 549300MALMDAGL2ZJJ27 | Long             | DBT              | CORP              | KR        |    300000 | PA      | $265141.07    | 0.35%             | 2026-02-08      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| HEALTHPEAK PROPERTIES                                              | Healthpeak Properties Inc                                                        | CUSIP: 42250PAD5<br>LEI: PZ9HF5U52KPF0MH0QN75 | Long             | DBT              |  | US        |    100000 | PA      | $86863.61     | 0.12%             | 2028-12-01      | Fixed         | 2.13%                 | No            |                  2 | On Loan: —       |
| BOSTON PROPERTIES LP                                               | Boston Properties LP                                                             | CUSIP: 10112RBF0<br>LEI: BVHHEFJI6SHNOKQT2572 | Long             | DBT              |  | US        |    400000 | PA      | $305170.14    | 0.40%             | 2033-10-01      | Fixed         | 2.45%                 | No            |                  2 | On Loan: —       |
| VENA ENERGY CAP PTE LTD                                            | Vena Energy Capital Pte Ltd                                                      | CUSIP: 000000000<br>LEI: 254900WSETM7TQMYGS40 | Long             | DBT              | CORP              | SG        |    200000 | PA      | $186887.07    | 0.25%             | 2025-02-26      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| CHINA CONSTRUCT BANK/HK                                            | China Construction Bank Corp/Hong Kong                                           | CUSIP: 000000000<br>LEI: 5493001KQW6DM7KEDR62 | Long             | DBT              | CORP              | CN        |    200000 | PA      | $196318.16    | 0.26%             | 2023-08-04      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| IND & COMM BK CHINA/HK                                             | Industrial & Commercial Bank of China Ltd/Hong Kong                              | CUSIP: 000000000<br>LEI: 5493002ERZU2K9PZDL40 | Long             | DBT              | CORP              | CN        |    800000 | PA      | $798584.00    | 1.06%             | 2024-09-16      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| Aligned Data Centers Issuer LLC                                    | Aligned Data Centers Issuer LLC                                                  | CUSIP: 01627AAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    388000 | PA      | $343467.42    | 0.46%             | 2046-08-15      | Fixed         | 1.94%                 | No            |                  2 | On Loan: No      |
| EUROPEAN INVESTMENT BANK                                           | European Investment Bank                                                         | CUSIP: 298785JH0<br>LEI: 5493006YXS1U5GIHE750 | Long             | DBT              | NUSS              | XX        |    600000 | PA      | $486922.26    | 0.65%             | 2030-09-23      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| PACIFICORP                                                         | PacifiCorp                                                                       | CUSIP: 695114CZ9<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |    200000 | PA      | $213877.63    | 0.28%             | 2053-12-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR COMPANY                                                 | Ford Motor Co                                                                    | CUSIP: 345370DA5<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |    850000 | PA      | $675713.53    | 0.90%             | 2032-02-12      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| CHN CONSTRUCT BK/LONDON                                            | China Construction Bank Corp/London                                              | CUSIP: 000000000<br>LEI: 5493001KQW6DM7KEDR62 | Long             | DBT              | CORP              | CN        |    350000 | PA      | $338308.02    | 0.45%             | 2025-05-17      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| CLEARWAY ENERGY OP LLC                                             | Clearway Energy Operating LLC                                                    | CUSIP: 18539UAC9<br>LEI: 549300Z3NFMM54NWBB87 | Long             | DBT              | CORP              | US        |    275000 | PA      | $259743.00    | 0.34%             | 2028-03-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ELECTRIC POWER                                           | Wisconsin Electric Power Co                                                      | CUSIP: 976656CN6<br>LEI: AENKIFMULUAWOUU8Q584 | Long             | DBT              | CORP              | US        |    250000 | PA      | $255320.32    | 0.34%             | 2032-09-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| SAUDI ELEC GLB SUKUK                                               | Saudi Electricity Global Sukuk Co 5                                              | CUSIP: 000000000<br>LEI: 549300WDKWTRF2HVF283 | Long             | DBT              | CORP              | KY        |    300000 | PA      | $264227.70    | 0.35%             | 2030-09-17      | Fixed         | 2.41%                 | No            |                  2 | On Loan: No      |
| City of San Francisco CA Public Utilities Commission Water Revenue | SAN FRANCISCO CITY & CNTY CA PUBLIC UTILITIES COMMISSION WTR                     | CUSIP: 79765R5B1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $84761.77     | 0.11%             | 2043-11-01      | Fixed         | 3.47%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                                                | Dominion Energy Inc                                                              | CUSIP: 25746UDL0<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    350000 | PA      | $290809.85    | 0.39%             | 2031-08-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| TOYOTA MOTOR CREDIT CORP                                           | Toyota Motor Credit Corp                                                         | CUSIP: 89236TGU3<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |    300000 | PA      | $261832.01    | 0.35%             | 2030-02-13      | Fixed         | 2.15%                 | No            |                  2 | On Loan: —       |
| Fanniemae-Aces                                                     | Fannie Mae-Aces                                                                  | CUSIP: 3136B1K86<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    207402 | PA      | $197434.25    | 0.26%             | 2028-03-25      | Variable      | 3.03%                 | No            |                  2 | On Loan: No      |
| COCA-COLA FEMSA SAB CV                                             | Coca-Cola Femsa SAB de CV                                                        | CUSIP: 191241AJ7<br>LEI: 5493008KEVFYPMGTXO33 | Long             | DBT              | CORP              | MX        |    250000 | PA      | $198697.50    | 0.26%             | 2032-09-01      | Fixed         | 1.85%                 | No            |                  2 | On Loan: No      |
| AYDEM YENILENEBILIR ENER                                           | Aydem Yenilenebilir Enerji AS                                                    | CUSIP: 054644AA7<br>LEI: 9845009C50EDA74OA532 | Long             | DBT              | CORP              | TR        |    200000 | PA      | $169460.00    | 0.22%             | 2027-02-02      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| INDIA GREEN POWER HOLD                                             | India Green Power Holdings                                                       | CUSIP: 45410LAA0<br>LEI: 254900I7N0GT4VVL6V29 | Long             | DBT              | CORP              | MU        |    200000 | PA      | $175198.26    | 0.23%             | 2027-02-22      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ALEXANDRIA REAL ESTATE E                                           | Alexandria Real Estate Equities Inc                                              | CUSIP: 015271AW9<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | DBT              |  | US        |    350000 | PA      | $279323.58    | 0.37%             | 2032-05-18      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| INDIAN RAILWAY FINANCE                                             | Indian Railway Finance Corp Ltd                                                  | CUSIP: 000000000<br>LEI: 335800F2JHSOGXQEBY56 | Long             | DBT              | CORP              | IN        |    200000 | PA      | $188803.00    | 0.25%             | 2027-12-13      | Fixed         | 3.84%                 | No            |                  2 | On Loan: No      |
| MidAmerican Energy Co                                              | MidAmerican Energy Co                                                            | CUSIP: 595620AT2<br>LEI: NINLOILYRTLIMK26MZ18 | Long             | DBT              | CORP              | US        |    150000 | PA      | $144408.81    | 0.19%             | 2029-04-15      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| ING GROEP NV                                                       | ING Groep NV                                                                     | CUSIP: 456837AU7<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |    450000 | PA      | $410153.08    | 0.54%             | 2026-07-01      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| WUHAN METRO                                                        | Wuhan Metro Group Co Ltd                                                         | CUSIP: 000000000<br>LEI: 549300CGD0XKNKRS4R50 | Long             | DBT              | CORP              | CN        |    200000 | PA      | $192788.00    | 0.26%             | 2024-09-24      | Fixed         | 2.96%                 | No            |                  2 | On Loan: No      |
| AES CORP/THE                                                       | AES Corp/The                                                                     | CUSIP: 00130HCE3<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |    150000 | PA      | $135290.27    | 0.18%             | 2026-01-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| MAF SUKUK LTD                                                      | MAF Sukuk Ltd                                                                    | CUSIP: 000000000<br>LEI: 549300IS9H0W5N2N4K34 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $199739.80    | 0.26%             | 2029-05-14      | Fixed         | 4.64%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD FINANCE INC                                             | Brookfield Finance Inc                                                           | CUSIP: 11271LAH5<br>LEI: 549300XH8D8K6OYWGD17 | Long             | DBT              | CORP              | CA        |    250000 | PA      | $210774.88    | 0.28%             | 2031-04-15      | Fixed         | 2.72%                 | No            |                  2 | On Loan: No      |
| TUCSON ELECTRIC POWER CO                                           | Tucson Electric Power Co                                                         | CUSIP: 898813AS9<br>LEI: YLF139GXSRKPBBTNZL03 | Long             | DBT              | CORP              | US        |    150000 | PA      | $119482.25    | 0.16%             | 2030-08-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Fanniemae-Aces                                                     | Fannie Mae-Aces                                                                  | CUSIP: 3136B4VT2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      8598 | PA      | $8040.28      | 0.01%             | 2029-06-25      | Fixed         | 2.94%                 | No            |                  2 | On Loan: No      |
| ALEXANDRIA REAL ESTATE E                                           | Alexandria Real Estate Equities Inc                                              | CUSIP: 015271AY5<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | DBT              |  | US        |    250000 | PA      | $211188.47    | 0.28%             | 2034-03-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE OKLAHOMA                                            | Public Service Co of Oklahoma                                                    | CUSIP: 744533BM1<br>LEI: F3TJNSIZRGXRH8GEIK79 | Long             | DBT              | CORP              | US        |    300000 | PA      | $248503.67    | 0.33%             | 2031-08-15      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| MTR CORP CI LTD                                                    | MTR Corp CI Ltd                                                                  | CUSIP: 000000000<br>LEI: 254900SEVE6JAZLGDW04 | Long             | DBT              | CORP              | KY        |    400000 | PA      | $373380.00    | 0.50%             | 2026-11-02      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CANADIAN IMPERIAL BANK                                             | Canadian Imperial Bank of Commerce                                               | CUSIP: 13607GRR7<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |    250000 | PA      | $227279.33    | 0.30%             | 2025-10-23      | Fixed         | 0.95%                 | No            |                  2 | On Loan: —       |
| JSW HYDRO ENERGY LTD                                               | JSW Hydro Energy Ltd                                                             | CUSIP: 46653YAA6<br>LEI: 3358006ZP5KO7VUH2790 | Long             | DBT              | CORP              | IN        |    177000 | PA      | $150837.88    | 0.20%             | 2031-05-18      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| MUNICH RE                                                          | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen                        | CUSIP: 62582PAA8<br>LEI: 529900MUF4C20K50JS49 | Long             | DBT              | CORP              | DE        |    450000 | PA      | $461576.25    | 0.61%             | 2042-05-23      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| FS LUXEMBOURG SARL                                                 | FS Luxembourg Sarl                                                               | CUSIP: 30315XAB0<br>LEI: 222100EKR3JUJPGGOY81 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $202263.07    | 0.27%             | 2025-12-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Boston Properties LP                                               | Boston Properties LP                                                             | CUSIP: 10112RBA1<br>LEI: BVHHEFJI6SHNOKQT2572 | Long             | DBT              |  | US        |    200000 | PA      | $192304.51    | 0.26%             | 2028-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PACIFICORP                                                         | PacifiCorp                                                                       | CUSIP: 695114CY2<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |    200000 | PA      | $143072.42    | 0.19%             | 2052-06-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| EQUINIX INC                                                        | Equinix Inc                                                                      | CUSIP: 29444UBS4<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | DBT              |  | US        |    350000 | PA      | $292791.09    | 0.39%             | 2031-05-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| GACI FIRST INVESTMENT                                              | Gaci First Investment Co                                                         | CUSIP: 000000000<br>LEI: 558600TU1PWGNLZ3XM88 | Long             | DBT              | CORP              | KY        |    300000 | PA      | $305437.50    | 0.41%             | 2027-10-13      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARDAGH METAL PACKAGING                                             | Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC      | CUSIP: 03969YAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    275000 | PA      | $227818.25    | 0.30%             | 2029-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BANCO BTG PACTUAL/CAYMAN                                           | Banco BTG Pactual SA/Cayman Islands                                              | CUSIP: 05971AAG6<br>LEI: 2549002JHJ73KGETOK78 | Long             | DBT              | CORP              | BR        |    150000 | PA      | $137775.00    | 0.18%             | 2026-01-11      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| WELLTOWER OP LLC                                                   | Welltower OP LLC                                                                 | CUSIP: 95040QAK0<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | DBT              |  | US        |    250000 | PA      | $229425.64    | 0.30%             | 2027-02-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| European Investment Bank                                           | European Investment Bank                                                         | CUSIP: 298785HM1<br>LEI: 5493006YXS1U5GIHE750 | Long             | DBT              | NUSS              | XX        |    500000 | PA      | $473298.62    | 0.63%             | 2027-05-24      | Fixed         | 2.38%                 | No            |                  2 | On Loan: —       |
| BEIJING CAPITAL POLARIS                                            | Beijing Capital Polaris Investment Co Ltd                                        | CUSIP: 000000000<br>LEI: 3003003WGUXVPX0I6P97 | Long             | DBT              | CORP              | VG        |    200000 | PA      | $199100.00    | 0.26%             | 2023-03-18      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| ADANI GREEN ENERGY UP                                              | Adani Green Energy UP Ltd / Prayatna Developers Pvt Ltd / Parampujya Solar Energ | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | IN        |    200000 | PA      | $185721.50    | 0.25%             | 2024-12-10      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| STATE BANK INDIA/LONDON                                            | State Bank of India/London                                                       | CUSIP: 000000000<br>LEI: 5493001JZ37UBBZF6L49 | Long             | DBT              | CORP              | IN        |    200000 | PA      | $199162.00    | 0.26%             | 2023-09-28      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| KAISER FOUNDATION HOSPIT                                           | Kaiser Foundation Hospitals                                                      | CUSIP: 48305QAC7<br>LEI: DW4Z57L3G4IRMHYZYK62 | Long             | DBT              | CORP              | US        |     80000 | PA      | $76620.44     | 0.10%             | 2027-05-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| GENNEIA SA                                                         | Genneia SA                                                                       | CUSIP: 372319AB9<br>LEI: 529900YZ70LX0XWS9P67 | Long             | DBT              | CORP              | AR        |    100000 | PA      | $96590.00     | 0.13%             | 2027-09-02      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| MAF SUKUK LTD                                                      | MAF Sukuk Ltd                                                                    | CUSIP: 000000000<br>LEI: 549300IS9H0W5N2N4K34 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $191150.00    | 0.25%             | 2030-02-28      | Fixed         | 3.93%                 | No            |                  2 | On Loan: No      |
| KOREA ELECTRIC POWER CO                                            | Korea Electric Power Corp                                                        | CUSIP: 500631AT3<br>LEI: 988400QG33WS7JEIV602 | Long             | DBT              | NUSS              | KR        |    350000 | PA      | $339067.96    | 0.45%             | 2024-06-24      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| KLABIN AUSTRIA GMBH                                                | Klabin Austria GmbH                                                              | CUSIP: 49835LAB7<br>LEI: 984500578YEA8DD41B09 | Long             | DBT              | CORP              | AT        |    140000 | PA      | $136810.80    | 0.18%             | 2027-09-19      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE ELECTRIC                                            | Public Service Electric and Gas Co                                               | CUSIP: 74456QCJ3<br>LEI: 549300RUHPVD434XUK18 | Long             | DBT              | CORP              | US        |    150000 | PA      | $135932.79    | 0.18%             | 2032-03-15      | Fixed         | 3.10%                 | No            |                  2 | On Loan: —       |
| ARAB PETROLEUM INVST                                               | Arab Petroleum Investments Corp                                                  | CUSIP: 03845EAC6<br>LEI: 213800A54KIUYH5YD185 | Long             | DBT              | NUSS              | XX        |    250000 | PA      | $225576.25    | 0.30%             | 2026-10-06      | Fixed         | 1.48%                 | No            |                  2 | On Loan: No      |
| PEPSICO INC                                                        | PepsiCo Inc                                                                      | CUSIP: 713448EP9<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | DBT              | CORP              | US        |    250000 | PA      | $192637.54    | 0.26%             | 2049-10-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: —       |
| KFW                                                                | Kreditanstalt fuer Wiederaufbau                                                  | CUSIP: 500769JG0<br>LEI: 549300GDPG70E3MBBU98 | Long             | DBT              | CORP              | DE        |    950000 | PA      | $768730.60    | 1.02%             | 2030-09-30      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| EUROPEAN BK RECON & DEV                                            | European Bank for Reconstruction & Development                                   | CUSIP: 29874QEE0<br>LEI: 549300HTGDOVDU6OGK19 | Long             | DBT              | NUSS              | XX        |    100000 | PA      | $94678.55     | 0.13%             | 2025-02-13      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| SLG Office Trust                                                   | SLG Office Trust 2021-OVA                                                        | CUSIP: 78449RAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    600000 | PA      | $503007.30    | 0.67%             | 2041-07-15      | Fixed         | 2.59%                 | No            |                  2 | On Loan: No      |
| NTT FINANCE CORP                                                   | NTT Finance Corp                                                                 | CUSIP: 62954WAK1<br>LEI: 3538007PR116187GD960 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $200085.97    | 0.27%             | 2027-07-27      | Fixed         | 4.37%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                             | Verizon Communications Inc                                                       | CUSIP: 92343VGL2<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    400000 | PA      | $296621.78    | 0.39%             | 2041-09-03      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS CO                                                  | General Motors Co                                                                | CUSIP: 37045VAY6<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49702.11     | 0.07%             | 2029-10-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| KOREA DEVELOPMENT BANK                                             | Korea Development Bank/The                                                       | CUSIP: 500630DM7<br>LEI: 549300ML2LNRZUCS7149 | Long             | DBT              | NUSS              | KR        |    200000 | PA      | $185407.54    | 0.25%             | 2025-01-25      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| LEEWARD RENEWABL                                                   | Leeward Renewable Energy Operations LLC                                          | CUSIP: 524590AA4<br>LEI: 254900EVJU1A57NUX379 | Long             | DBT              | CORP              | US        |    200000 | PA      | $176274.57    | 0.23%             | 2029-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| PERUSAHAAN PENERBIT SBSN                                           | Perusahaan Penerbit SBSN Indonesia III                                           | CUSIP: 71567PAL4<br>LEI: 254900G208H6Q0L5B953 | Long             | DBT              | NUSS              | ID        |    250000 | PA      | $247541.25    | 0.33%             | 2024-08-20      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Fanniemae-Aces                                                     | Fannie Mae-Aces                                                                  | CUSIP: 3136AVKR9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    221539 | PA      | $212647.65    | 0.28%             | 2027-02-25      | Variable      | 2.77%                 | No            |                  2 | On Loan: No      |
| NORINCHUKIN BANK                                                   | Norinchukin Bank/The                                                             | CUSIP: 656029AG0<br>LEI: 5493007VSMFZCPV1NB83 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $177682.83    | 0.24%             | 2026-09-22      | Fixed         | 1.28%                 | No            |                  2 | On Loan: No      |
| KILROY REALTY LP                                                   | Kilroy Realty LP                                                                 | CUSIP: 49427RAQ5<br>LEI: 5493008CT3N3JR7P1552 | Long             | DBT              |  | US        |     50000 | PA      | $37009.34     | 0.05%             | 2032-11-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| EDP FINANCE BV                                                     | EDP Finance BV                                                                   | CUSIP: 26835PAH3<br>LEI: 5299007L43AQDFOW5739 | Long             | DBT              | CORP              | NL        |    400000 | PA      | $341236.72    | 0.45%             | 2028-01-24      | Fixed         | 1.71%                 | No            |                  2 | On Loan: No      |
| Fanniemae-Aces                                                     | Fannie Mae-Aces                                                                  | CUSIP: 3136B9WE3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    300000 | PA      | $251206.86    | 0.33%             | 2029-10-25      | Fixed         | 1.44%                 | No            |                  2 | On Loan: No      |
| HONG KONG                                                          | Hong Kong Government International Bond                                          | CUSIP: 43858AAE0<br>LEI: 549300DSMAD69T7GGN13 | Long             | DBT              | NUSS              | HK        |    200000 | PA      | $135068.75    | 0.18%             | 2051-02-02      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| BANK OF IRELAND GROUP                                              | Bank of Ireland Group PLC                                                        | CUSIP: 06279JAC3<br>LEI: 635400C8EK6DRI12LJ39 | Long             | DBT              | CORP              | IE        |    250000 | PA      | $252137.93    | 0.33%             | 2026-09-16      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| NIAGARA MOHAWK POWER                                               | Niagara Mohawk Power Corp                                                        | CUSIP: 65364UAN6<br>LEI: 3T97Y9RR5EN5Y18QHB56 | Long             | DBT              | CORP              | US        |    300000 | PA      | $246208.95    | 0.33%             | 2030-06-27      | Fixed         | 1.96%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                | JPMorgan Chase & Co                                                              | CUSIP: 46647PCM6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    350000 | PA      | $326140.64    | 0.43%             | 2025-08-09      | Fixed         | 0.77%                 | No            |                  2 | On Loan: No      |
| WELLTOWER OP LLC                                                   | Welltower OP LLC                                                                 | CUSIP: 95040QAR5<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | DBT              |  | US        |    100000 | PA      | $89734.36     | 0.12%             | 2032-06-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| ARDAGH METAL PACKAGING                                             | Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC      | CUSIP: 03969YAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    250000 | PA      | $219687.50    | 0.29%             | 2028-09-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| NTT FINANCE CORP                                                   | NTT Finance Corp                                                                 | CUSIP: 62954WAJ4<br>LEI: 3538007PR116187GD960 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $197536.58    | 0.26%             | 2025-07-25      | Fixed         | 4.24%                 | No            |                  2 | On Loan: No      |
| Toyota Auto Receivables Owner Trust                                | Toyota Auto Receivables 2021-B Owner Trust                                       | CUSIP: 89190GAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    197682 | PA      | $190455.49    | 0.25%             | 2025-11-17      | Fixed         | 0.26%                 | No            |                  2 | On Loan: No      |
| JAPAN FIN ORG MUNICIPAL                                            | Japan Finance Organization for Municipalities                                    | CUSIP: 471068AW6<br>LEI: 5493007YYYNZ4NMEOD64 | Long             | DBT              | NUSS              | JP        |    200000 | PA      | $188163.62    | 0.25%             | 2025-01-27      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| INDUSTRIAL BANK/HK                                                 | Industrial Bank Co Ltd/Hong Kong                                                 | CUSIP: 000000000<br>LEI: 3003007Y03W5HH1MXR96 | Long             | DBT              | CORP              | CN        |    200000 | PA      | $190132.10    | 0.25%             | 2024-06-10      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| Greenko Investment Co                                              | Greenko Investment Co                                                            | CUSIP: 39530XAA2<br>LEI: 21380023V4N5Y8KXN552 | Long             | DBT              | CORP              | MU        |    200000 | PA      | $197000.00    | 0.26%             | 2023-08-16      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ICBCIL FINANCE CO LTD                                              | ICBCIL Finance Co Ltd                                                            | CUSIP: 000000000<br>LEI: 549300ZCUURSNVTOEU07 | Long             | DBT              | CORP              | HK        |    200000 | PA      | $199499.00    | 0.26%             | 2024-11-20      | Floating      | 5.73%                 | No            |                  2 | On Loan: No      |
| CENTRAL AMERICAN BANK                                              | Central American Bank for Economic Integration                                   | CUSIP: 000000000<br>LEI: 549300OLDAMXBPSHIC05 | Long             | DBT              | NUSS              | XX        |    200000 | PA      | $199704.76    | 0.26%             | 2024-11-15      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD FINANCE INC                                             | Brookfield Finance Inc                                                           | CUSIP: 11271L102<br>LEI: 549300XH8D8K6OYWGD17 | Long             | EP               | CORP              | CA        |      7000 | NS      | $133280.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: —       |
| INTERSTATE POWER & LIGHT                                           | Interstate Power and Light Co                                                    | CUSIP: 461070AR5<br>LEI: EF9UQIIO4KY2BWOK3P26 | Long             | DBT              | CORP              | US        |    150000 | PA      | $115531.82    | 0.15%             | 2049-09-30      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| GREENKO SOLAR MAURITIUS                                            | Greenko Solar Mauritius Ltd                                                      | CUSIP: 39530VAB4<br>LEI: 2138007S1PL541B3KP92 | Long             | DBT              | CORP              | MU        |    200000 | PA      | $188670.00    | 0.25%             | 2026-07-29      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| STAR ENERGY GEOTHERMAL                                             | Star Energy Geothermal Wayang Windu Ltd                                          | CUSIP: 85511XAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | VG        |    202700 | PA      | $197624.08    | 0.26%             | 2033-04-24      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| INDIA GREEN ENERGY HLDNG                                           | India Green Energy Holdings                                                      | CUSIP: 45410FAA3<br>LEI: 2549005BFUXXT5HWAG36 | Long             | DBT              | CORP              | MU        |    150000 | PA      | $145618.97    | 0.19%             | 2024-04-29      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| EXPORT-IMPORT BANK KOREA                                           | Export-Import Bank of Korea                                                      | CUSIP: 30215EBE6<br>LEI: 549300APVP4R32PI3Y06 | Long             | DBT              | NUSS              | KR        |    250000 | PA      | $215647.50    | 0.29%             | 2028-10-19      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Asian Development Bank                                             | Asian Development Bank                                                           | CUSIP: 045167DR1<br>LEI: 549300X0MVH42CY8Q105 | Long             | DBT              | NUSS              | XX        |    275000 | PA      | $255704.56    | 0.34%             | 2026-08-14      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| HONDA MOTOR CO LTD                                                 | Honda Motor Co Ltd                                                               | CUSIP: 438127AA0<br>LEI: 549300P7ZYCQJ36CCS16 | Long             | DBT              | CORP              | JP        |    300000 | PA      | $285736.69    | 0.38%             | 2025-03-10      | Fixed         | 2.27%                 | No            |                  2 | On Loan: No      |
| DTE ELECTRIC CO                                                    | DTE Electric Co                                                                  | CUSIP: 23338VAN6<br>LEI: 9N0FWODEJVKHC2DYLO03 | Long             | DBT              | CORP              | US        |    150000 | PA      | $133361.32    | 0.18%             | 2028-04-01      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                                             | NextEra Energy Capital Holdings Inc                                              | CUSIP: 65339KBW9<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    425000 | PA      | $372483.94    | 0.49%             | 2028-06-15      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| ING Groep NV                                                       | ING Groep NV                                                                     | CUSIP: 45685NAA4<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |    300000 | PA      | $300169.25    | 0.40%             | 2026-01-06      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| MIDAMERICAN ENERGY CO                                              | MidAmerican Energy Co                                                            | CUSIP: 595620AV7<br>LEI: NINLOILYRTLIMK26MZ18 | Long             | DBT              | CORP              | US        |    200000 | PA      | $153265.34    | 0.20%             | 2050-04-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| AES GENER SA                                                       | AES Andes SA                                                                     | CUSIP: 00105DAG0<br>LEI: 549300IF4IFG0FS0RM26 | Long             | DBT              | CORP              | CL        |    200000 | PA      | $189907.00    | 0.25%             | 2079-10-07      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| MidAmerican Energy Co                                              | MidAmerican Energy Co                                                            | CUSIP: 595620AQ8<br>LEI: NINLOILYRTLIMK26MZ18 | Long             | DBT              | CORP              | US        |    225000 | PA      | $214960.02    | 0.29%             | 2027-05-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| ARDAGH METAL PACKAGING                                             | Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC      | CUSIP: 03969YAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    200000 | PA      | $199702.00    | 0.26%             | 2027-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ATLANTICA SUSTAIN INFRA                                            | Atlantica Sustainable Infrastructure PLC                                         | CUSIP: 04916WAA2<br>LEI: 549300ITBBGKJ651R879 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $178245.00    | 0.24%             | 2028-06-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| KOREA DEVELOPMENT BANK                                             | Korea Development Bank/The                                                       | CUSIP: 500630DF2<br>LEI: 549300ML2LNRZUCS7149 | Long             | DBT              | NUSS              | KR        |    200000 | PA      | $188519.04    | 0.25%             | 2024-06-19      | Fixed         | 0.40%                 | No            |                  2 | On Loan: No      |
| European Investment Bank                                           | European Investment Bank                                                         | CUSIP: 29878TDB7<br>LEI: 5493006YXS1U5GIHE750 | Long             | DBT              | NUSS              | XX        |    750000 | PA      | $729130.41    | 0.97%             | 2025-06-13      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Suzano Austria GmbH                                                | Suzano Austria GmbH                                                              | CUSIP: 05674XAA9<br>LEI: 254900287ZNSGVP1R341 | Long             | DBT              | CORP              | AT        |     50000 | PA      | $50463.84     | 0.07%             | 2026-07-14      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| LB BADEN-WUERTTEMBERG                                              | Landesbank Baden-Wuerttemberg                                                    | CUSIP: 000000000<br>LEI: B81CK4ESI35472RHJ606 | Long             | DBT              | CORP              | DE        |    188000 | PA      | $177682.74    | 0.24%             | 2025-02-24      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| 10 RENEW POWER SUBSIDIAR                                           | ReNew Wind Energy AP2 / ReNew Power Pvt Ltd other 9 Subsidiaries                 | CUSIP: 75973PAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | IN        |    200000 | PA      | $172221.84    | 0.23%             | 2028-07-14      | Fixed         | 4.50%                 | No            |                  2 | On Loan: —       |
| GREENKO WIND PROJECTS MU                                           | Greenko Wind Projects Mauritius Ltd                                              | CUSIP: 39531JAA2<br>LEI: 254900MSUXE1FF83DP82 | Long             | DBT              | CORP              | MU        |    200000 | PA      | $189548.64    | 0.25%             | 2025-04-06      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF CHILE                                                  | Chile Government International Bond                                              | CUSIP: 168863DN5<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |    350000 | PA      | $296865.02    | 0.39%             | 2032-01-27      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| NEDER WATERSCHAPSBANK                                              | Nederlandse Waterschapsbank NV                                                   | CUSIP: 63983TBU8<br>LEI: JLP5FSPH9WPSHY3NIM24 | Long             | DBT              | NUSS              | NL        |    100000 | PA      | $81727.10     | 0.11%             | 2030-05-28      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Regency Centers LP                                                 | Regency Centers LP                                                               | CUSIP: 75884RAT0<br>LEI: 5493008PTR2GAOYBXW28 | Long             | DBT              |  | US        |    125000 | PA      | $121728.41    | 0.16%             | 2024-06-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| AGRICULTURAL BK CHINA/NY                                           | Agricultural Bank of China Ltd/New York                                          | CUSIP: 000000000<br>LEI: 549300E7TSGLCOVSY746 | Long             | DBT              | CORP              | CN        |    200000 | PA      | $182660.67    | 0.24%             | 2026-01-19      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Asian Development Bank                                             | Asian Development Bank                                                           | CUSIP: 045167EC3<br>LEI: 549300X0MVH42CY8Q105 | Long             | DBT              | NUSS              | XX        |    150000 | PA      | $141529.22    | 0.19%             | 2027-08-10      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| PROLOGIS LP                                                        | PROLOGIS LP                                                                      | CUSIP: 74340XCA7<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              | CORP              | US        |    200000 | PA      | $163713.03    | 0.22%             | 2031-02-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.                   | Freddie Mac Multifamily Structured Pass Through Certificates                     | CUSIP: 3137FMD25<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    285000 | PA      | $273029.23    | 0.36%             | 2026-04-25      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| FIBRIA OVERSEAS FINANCE                                            | Fibria Overseas Finance Ltd                                                      | CUSIP: 31572UAF3<br>LEI: 549300WABWKSHESAMG92 | Long             | DBT              | CORP              | KY        |    375000 | PA      | $377296.21    | 0.50%             | 2027-01-17      | Fixed         | 5.50%                 | No            |                  2 | On Loan: —       |
| CHINA CONSTRUCT BANK/HK                                            | China Construction Bank Corp/Hong Kong                                           | CUSIP: 000000000<br>LEI: 5493001KQW6DM7KEDR62 | Long             | DBT              | CORP              | CN        |    200000 | PA      | $184634.48    | 0.24%             | 2025-08-04      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| UDR INC                                                            | UDR Inc                                                                          | CUSIP: 90265EAU4<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | DBT              |  | US        |    175000 | PA      | $132189.13    | 0.18%             | 2033-03-15      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| KOREA WATER RESOURCES                                              | Korea Water Resources Corp                                                       | CUSIP: 000000000<br>LEI: 98840035IHSMZZ2TP220 | Long             | DBT              | NUSS              | KR        |    200000 | PA      | $199444.00    | 0.26%             | 2023-05-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| KOMMUNINVEST I SVERIGE                                             | Kommuninvest I Sverige AB                                                        | CUSIP: 50046PBL8<br>LEI: EV2XZWMLLXF2QRX0CD47 | Long             | DBT              | NUSS              | SE        |    300000 | PA      | $297792.11    | 0.40%             | 2023-04-24      | Fixed         | 1.63%                 | No            |                  2 | On Loan: No      |
| EQUINIX INC                                                        | Equinix Inc                                                                      | CUSIP: 29444UBK1<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | DBT              |  | US        |    300000 | PA      | $271156.75    | 0.36%             | 2025-09-15      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| AGRICULTURAL BK CHINA/HK                                           | Agricultural Bank of China Ltd/Hong Kong                                         | CUSIP: 000000000<br>LEI: 549300E7TSGLCOVSY746 | Long             | DBT              | CORP              | CN        |    300000 | PA      | $284260.50    | 0.38%             | 2025-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fanniemae-Aces                                                     | Fannie Mae-Aces                                                                  | CUSIP: 3136B1LF9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    340994 | PA      | $321417.77    | 0.43%             | 2030-02-25      | Variable      | 3.07%                 | No            |                  2 | On Loan: No      |
| LENOVO GROUP LTD                                                   | Lenovo Group Ltd                                                                 | CUSIP: 526250AE5<br>LEI: 254900VUZRGD5U73RE46 | Long             | DBT              | CORP              | HK        |    200000 | PA      | $206161.57    | 0.27%             | 2032-07-27      | Fixed         | 6.54%                 | No            |                  2 | On Loan: No      |
| RUMO LUXEMBOURG SARL                                               | Rumo Luxembourg Sarl                                                             | CUSIP: 781467AC9<br>LEI: 222100HOIQFT7YOSPB46 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $192540.00    | 0.26%             | 2028-01-10      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MidAmerican Energy Co                                              | MidAmerican Energy Co                                                            | CUSIP: 595620AR6<br>LEI: NINLOILYRTLIMK26MZ18 | Long             | DBT              | CORP              | US        |    125000 | PA      | $110452.23    | 0.15%             | 2047-08-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Fanniemae-Aces                                                     | Fannie Mae-Aces                                                                  | CUSIP: 3136AY6U2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     12844 | PA      | $12377.75     | 0.02%             | 2027-11-25      | Variable      | 3.15%                 | No            |                  2 | On Loan: No      |
| INTL BK RECON & DEVELOP                                            | International Bank for Reconstruction & Development                              | CUSIP: 45905URL0<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | XX        |    430000 | PA      | $411822.74    | 0.55%             | 2025-03-03      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                      | Citigroup Inc                                                                    | CUSIP: 172967MR9<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    550000 | PA      | $544599.34    | 0.72%             | 2024-05-15      | Fixed         | 1.68%                 | No            |                  2 | On Loan: No      |
| EQUINIX INC                                                        | Equinix Inc                                                                      | CUSIP: 29444UBU9<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | DBT              |  | US        |    350000 | PA      | $322171.30    | 0.43%             | 2032-04-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| INDUSTRIAL BANK/HK                                                 | Industrial Bank Co Ltd/Hong Kong                                                 | CUSIP: 000000000<br>LEI: 3003007Y03W5HH1MXR96 | Long             | DBT              | CORP              | CN        |    200000 | PA      | $194710.00    | 0.26%             | 2023-11-06      | Fixed         | 1.13%                 | No            |                  2 | On Loan: No      |
| NSTAR Electric Co                                                  | NSTAR Electric Co                                                                | CUSIP: 67021CAN7<br>LEI: 54930080R72Y2Z31UR68 | Long             | DBT              | CORP              | US        |    225000 | PA      | $209764.69    | 0.28%             | 2029-05-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| KILROY REALTY LP                                                   | Kilroy Realty LP                                                                 | CUSIP: 49427RAR3<br>LEI: 5493008CT3N3JR7P1552 | Long             | DBT              |  | US        |    150000 | PA      | $108491.82    | 0.14%             | 2033-11-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| LG Chem Ltd                                                        | LG Chem Ltd                                                                      | CUSIP: 501955AA6<br>LEI: 988400IES4EIG7O06940 | Long             | DBT              | CORP              | KR        |    250000 | PA      | $241860.38    | 0.32%             | 2024-10-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| HONG KONG                                                          | Hong Kong Government International Bond                                          | CUSIP: 43858AAD2<br>LEI: 549300DSMAD69T7GGN13 | Long             | DBT              | NUSS              | HK        |    400000 | PA      | $330588.00    | 0.44%             | 2031-02-02      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| LG CHEM LTD                                                        | LG Chem Ltd                                                                      | CUSIP: 501955AC2<br>LEI: 988400IES4EIG7O06940 | Long             | DBT              | CORP              | KR        |    200000 | PA      | $176684.73    | 0.23%             | 2026-07-07      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| KAISER FOUNDATION HOSPIT                                           | Kaiser Foundation Hospitals                                                      | CUSIP: 48305QAF0<br>LEI: DW4Z57L3G4IRMHYZYK62 | Long             | DBT              | CORP              | US        |    500000 | PA      | $386628.63    | 0.51%             | 2041-06-01      | Fixed         | 2.81%                 | No            |                  2 | On Loan: No      |
| Fanniemae-Aces                                                     | Fannie Mae-Aces                                                                  | CUSIP: 3136B0YM2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    395474 | PA      | $374966.01    | 0.50%             | 2028-01-25      | Variable      | 2.91%                 | No            |                  2 | On Loan: No      |
| PATTERN ENERGY OP LP/PAT                                           | Pattern Energy Operations LP / Pattern Energy Operations Inc                     | CUSIP: 70339PAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $229698.75    | 0.30%             | 2028-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ARIZONA PUBLIC SERVICE                                             | Arizona Public Service Co                                                        | CUSIP: 040555DC5<br>LEI: YG6VT0TPHRH4TFVAQV64 | Long             | DBT              | CORP              | US        |    200000 | PA      | $126635.89    | 0.17%             | 2050-09-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                      | MASSACHUSETTS ST                                                                 | CUSIP: 57582RJN7<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |    150000 | PA      | $122876.97    | 0.16%             | 2046-06-01      | Fixed         | 3.28%                 | No            |                  2 | On Loan: No      |
| Klabin Austria GmbH                                                | Klabin Austria GmbH                                                              | CUSIP: 49836AAB0<br>LEI: 984500578YEA8DD41B09 | Long             | DBT              | CORP              | AT        |    150000 | PA      | $151991.25    | 0.20%             | 2049-04-03      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| PIEDMONT OPERATING PARTN                                           | Piedmont Operating Partnership LP                                                | CUSIP: 720198AE0<br>LEI: 549300WKGDPAS39FBD10 | Long             | DBT              |  | US        |    150000 | PA      | $118023.70    | 0.16%             | 2030-08-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| UNION ELECTRIC CO                                                  | Union Electric Co                                                                | CUSIP: 906548CS9<br>LEI: QMPJLLDULY5C1M8PNY21 | Long             | DBT              | CORP              | US        |    275000 | PA      | $188992.28    | 0.25%             | 2051-03-15      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-03-02

**Name of Applicant:** VanEck ETF Trust

**Signature:** James Parker

**Name of Signer:** James Parker

**Title:** Assistant Treasurer