# EDGAR Filing Document

**Accession Number:** 0001969995
**File Stem:** 0002071691-26-003422
**Filing Date:** 2026-2
**Character Count:** 63871
**Document Hash:** 5450b9f82395a42fa807287c74aac35d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-003422.hdr.sgml**: 20260224

**ACCESSION NUMBER**: 0002071691-26-003422

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260224

**DATE AS OF CHANGE**: 20260224

**PERIOD START**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Nomura ETF Trust
- **CENTRAL INDEX KEY:** 0001969995

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23890
- **FILM NUMBER:** 26670779

**BUSINESS ADDRESS:**
- **STREET 1:** 100 INDEPENDENCE
- **STREET 2:** 610 MARKET STREET
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19106
- **BUSINESS PHONE:** (800) 523-1918

**MAIL ADDRESS:**
- **STREET 1:** 100 INDEPENDENCE
- **STREET 2:** 610 MARKET STREET
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19106

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Macquarie ETF Trust
- **DATE OF NAME CHANGE:** 20230317

## Series and Classes Contracts Data

### Nomura National High-Yield Municipal Bond ETF (Series ID: S000090015)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000256891 | Nomura National High-Yield Municipal Bond ETF | HTAX            |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

- **b. Investment Company Act file number:** 811-23890

- **c. CIK number of Registrant:** 0001969995

- **d. LEI of Registrant:** 2549000D4NFBOFE18T49

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

  - **Street Address 1:** 100 Independence

  - **City:** Philadelphia

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19106-2354

  - **Telephone number:** 800-523-1918

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

- **a. Name of Series:** Nomura National High-Yield Municipal Bond ETF

- **b. EDGAR series identifier (if any):** S000090015

- **c. LEI of Series:** 25490033F2LO9COHAM21

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

- **a. Date of fiscal year-end:** 2026-03-31

- **b. Date as of which information is reported:** 2025-12-31

**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:** $32184016.03

**Total Liabilities:** $13091.91

**Net Assets:** $32170924.12

**Cash Not Reported:** $156917.40

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 1891.84357700 | **1-Year:** 201.61795600 | **5-Year:** 2729.12101700 | **10-Year:** 6153.14764500 | **30-Year:** 4565.84594800

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

- **3-Month:** 57.47040900 | **1-Year:** 34.82030600 | **5-Year:** 190.85584200 | **10-Year:** 2331.20826800 | **30-Year:** 3440.28981700

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000256891 | 1.04%                | 0.51%                | -0.38%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $25654.16                | $166122.70                                 |
| Month 2  | $7758.88                 | $10152.39                                  |
| Month 3  | $-61537.21               | $-190250.84                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Aerotropolis Regional Transportation Authority                        | Aerotropolis Regional Transportation Authority, Series 2024                         | CUSIP: 008051AD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $507251.20    | 1.58%             | 2044-12-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Allentown Neighborhood Improvement Zone Development Authority         | Allentown Neighborhood Improvement Zone Development Authority, Series 2018          | CUSIP: 018444BF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $303639.63    | 0.94%             | 2042-05-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                              | Arizona Industrial Development Authority, Series 2017A                              | CUSIP: 04052BDB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $46818.76     | 0.15%             | 2052-07-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                              | Arizona Industrial Development Authority, Series 2018A                              | CUSIP: 04052BHE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250063.45    | 0.78%             | 2048-07-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                              | Arizona Industrial Development Authority, Series 2025A-2                            | CUSIP: 04052TDC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $209388.15    | 0.65%             | 2059-01-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                              | Arizona Industrial Development Authority, Series 2025A                              | CUSIP: 04052TDL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $102350.14    | 0.32%             | 2055-03-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                | Arkansas Development Finance Authority, Series 2019                                 | CUSIP: 04108WCC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $194453.38    | 0.60%             | 2049-09-01      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                | Arkansas Development Finance Authority, Series 2022                                 | CUSIP: 04110FAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250251.95    | 0.78%             | 2052-09-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                | Arkansas Development Finance Authority, Series 2023                                 | CUSIP: 04110FAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $304372.17    | 0.95%             | 2053-05-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Bay Area Toll Authority                                               | Bay Area Toll Authority, Series 2024D                                               | CUSIP: 072024ZH8<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.93%             | 2059-04-01      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| City of Bethel                                                        | City of Bethel, Series 2024                                                         | CUSIP: 086759AY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $230719.70    | 0.72%             | 2059-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Desert Public Infrastructure District                           | Black Desert Public Infrastructure District, Series 2024                            | CUSIP: 09204TAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $151268.16    | 0.47%             | 2053-12-01      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                        | Buckeye Tobacco Settlement Financing Authority, Series 2020B-2, Class 2             | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $405367.40    | 1.26%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                        | Buckeye Tobacco Settlement Financing Authority, Series 2020B-3, Class 2             | CUSIP: 118217DA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $111317.85    | 0.35%             | 2057-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                              | Build NYC Resource Corp., Series 2025                                               | CUSIP: 12008EWJ1<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    250000 | PA      | $251241.28    | 0.78%             | 2060-07-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                              | Build NYC Resource Corp., Series 2025A                                              | CUSIP: 12008EWW2<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    200000 | PA      | $194358.20    | 0.60%             | 2061-10-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                              | Build NYC Resource Corp., Series 2025A                                              | CUSIP: 12008EXJ0<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    150000 | PA      | $149618.82    | 0.47%             | 2060-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                       | California Community Choice Financing Authority, Series 2021B-1                     | CUSIP: 13013JAP1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    350000 | PA      | $355124.91    | 1.10%             | 2052-02-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                 | California Infrastructure & Economic Development Bank, Series 2025B                 | CUSIP: 13034A7E4<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |    220000 | PA      | $162800.00    | 0.51%             | 2065-01-01      | Variable      | 12.00%                | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                   | California Public Finance Authority, Series 2024A                                   | CUSIP: 13057GAP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $122439.93    | 0.38%             | 2054-06-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| California Public Finance Authority                                   | California Public Finance Authority, Series 2024A                                   | CUSIP: 13057GAQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $191181.62    | 0.59%             | 2059-06-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| California School Finance Authority                                   | California School Finance Authority, Series 2023A                                   | CUSIP: 13058TRW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $170670.48    | 0.53%             | 2053-06-01      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| California School Finance Authority                                   | California School Finance Authority, Series 2024A                                   | CUSIP: 13058TTQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $237686.95    | 0.74%             | 2044-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                | California Statewide Communities Development Authority, Series 2016A                | CUSIP: 13080SMJ0<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    150000 | PA      | $150365.33    | 0.47%             | 2041-12-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                | California Statewide Communities Development Authority, Series 2016A                | CUSIP: 13080SMK7<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    400000 | PA      | $400062.48    | 1.24%             | 2046-12-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Capital Projects Finance Authority                                    | Capital Projects Finance Authority, Series 2024A-1                                  | CUSIP: 140427CR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $180575.14    | 0.56%             | 2058-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Capital Projects Finance Authority                                    | Capital Projects Finance Authority, Series 2025A                                    | CUSIP: 14043HAE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $102472.09    | 0.32%             | 2065-01-01      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Capital Trust Authority                                               | Capital Trust Authority, Series 2025A                                               | CUSIP: 14054WBX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $95719.68     | 0.30%             | 2065-07-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Capital Trust Authority                                               | Capital Trust Authority, Series 2025A                                               | CUSIP: 14054WCK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101021.42    | 0.31%             | 2065-07-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Capital Trust Authority                                               | Capital Trust Authority, Series 2024A                                               | CUSIP: 14054YAD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $174188.38    | 0.54%             | 2064-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| City of Chicago                                                       | City of Chicago, Series 2019A                                                       | CUSIP: 167486E39<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    240000 | PA      | $240142.82    | 0.75%             | 2049-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Chicago                                                       | City of Chicago, Series 2025A                                                       | CUSIP: 167486U72<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    150000 | PA      | $155158.97    | 0.48%             | 2050-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                            | Chicago Board of Education, Series 2012A                                            | CUSIP: 167505PL4<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    470000 | PA      | $454998.96    | 1.41%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                            | Chicago Board of Education, Series 2025A                                            | CUSIP: 167505ZL3<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    150000 | PA      | $156835.53    | 0.49%             | 2050-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Clackamas County Hospital Facility Authority                          | Clackamas County Hospital Facility Authority, Series 2020A                          | CUSIP: 179027YN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $97802.69     | 0.30%             | 2055-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Clifton Higher Education Finance Corp.                                | Clifton Higher Education Finance Corp., Series 2024A                                | CUSIP: 187145UR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $116155.81    | 0.36%             | 2054-06-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                  | Colorado Health Facilities Authority, Series 2018A                                  | CUSIP: 19648FGQ1<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    165000 | PA      | $148755.24    | 0.46%             | 2048-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                  | Colorado Health Facilities Authority, Series 2021A                                  | CUSIP: 19648FSJ4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    250000 | PA      | $181198.00    | 0.56%             | 2051-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Creekwalk Marketplace Business Improvement District                   | Creekwalk Marketplace Business Improvement District, Series 2024A                   | CUSIP: 225515AJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100184.76    | 0.31%             | 2054-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Colorado State University Research Foundation                         | Colorado State University Research Foundation, Series 2025A                         | CUSIP: 22945UAE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $292593.33    | 0.91%             | 2065-03-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| County of Cuyahoga                                                    | County of Cuyahoga, Series 2017                                                     | CUSIP: 2322655S3<br>LEI: 549300GHDK9DGLUNJU89 | Long             | DBT              | MUN               | US        |    245000 | PA      | $237632.68    | 0.74%             | 2047-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Cuyahoga                                                    | County of Cuyahoga, Series 2017                                                     | CUSIP: 2322655T1<br>LEI: 549300GHDK9DGLUNJU89 | Long             | DBT              | MUN               | US        |    100000 | PA      | $94607.09     | 0.29%             | 2052-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware State Economic Development Authority                         | Delaware State Economic Development Authority, Series 2025A                         | CUSIP: 246372BH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $202281.30    | 0.63%             | 2055-07-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Duluth Economic Development Authority                                 | Duluth Economic Development Authority, Series 2021A                                 | CUSIP: 26444VAH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $127154.96    | 0.40%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                     | Florida Development Finance Corp., Series 2024                                      | CUSIP: 340618DT1<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |     60000 | PA      | $45000.00     | 0.14%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                     | Florida Development Finance Corp., Series 2024                                      | CUSIP: 340618DU8<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    200000 | PA      | $150000.00    | 0.47%             | 2047-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GDB Debt Recovery Authority of Puerto Rico                            | GDB Debt Recovery Authority of Puerto Rico                                          | CUSIP: 36829QAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    845004 | PA      | $822705.61    | 2.56%             | 2040-08-20      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp.                             | Golden State Tobacco Securitization Corp., Series 2021B-2                           | CUSIP: 38122NB84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $196067.80    | 0.61%             | 2066-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Grand Rapids Economic Development Corp.                               | Grand Rapids Economic Development Corp., Series 2025A                               | CUSIP: 386246HJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $148266.75    | 0.46%             | 2050-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Greater Orlando Aviation Authority                                    | Greater Orlando Aviation Authority, Series 2025                                     | CUSIP: 39227AAD4<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |    300000 | PA      | $324038.37    | 1.01%             | 2037-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                  | Guam Government Waterworks Authority, Series 2024A                                  | CUSIP: 40065FEG5<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    125000 | PA      | $127659.26    | 0.40%             | 2046-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Higher Educational Facilities Financing Authority             | Florida Higher Educational Facilities Financing Authority, Series 2025              | CUSIP: 42982GAC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $199073.38    | 0.62%             | 2055-07-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| City of Houston                                                       | City of Houston, Series 2021B-1                                                     | CUSIP: 442349GA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $318370.78    | 0.99%             | 2041-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Humble Independent School District                                    | Humble Independent School District, Series 2020                                     | CUSIP: 445047HR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $77101.95     | 0.24%             | 2049-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Idaho Health Facilities Authority                                     | Idaho Health Facilities Authority, Series 2025D                                     | CUSIP: 451295E47<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 1.55%             | 2060-03-01      | Variable      | 2.45%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                            | Illinois Finance Authority, Series 2017                                             | CUSIP: 45204EC30<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    200000 | PA      | $175358.50    | 0.55%             | 2042-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                     | State of Illinois, Series 2024C                                                     | CUSIP: 452153MJ5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    300000 | PA      | $265828.05    | 0.83%             | 2048-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                             | Indiana Finance Authority, Series 2025                                              | CUSIP: 45471FBK6<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    150000 | PA      | $145053.42    | 0.45%             | 2060-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Iowa Higher Education Loan Authority                                  | Iowa Higher Education Loan Authority, Series 2025                                   | CUSIP: 46247DBK2<br>LEI: 549300DWVTM3KRNR0M36 | Long             | DBT              | MUN               | US        |    200000 | PA      | $209031.28    | 0.65%             | 2055-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| City of Kalispell                                                     | City of Kalispell, Series 2025A                                                     | CUSIP: 48343AAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $203612.82    | 0.63%             | 2060-05-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| King County Public Hospital District No. 4                            | King County Public Hospital District No. 4, Series 2025A                            | CUSIP: 494796AH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $153571.26    | 0.48%             | 2060-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                            | City of Los Angeles Department of Airports, Series 2021D                            | CUSIP: 544445VD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $89187.87     | 0.28%             | 2051-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                 | Louisiana Public Facilities Authority, Series 2024                                  | CUSIP: 546399TA4<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    500000 | PA      | $472113.30    | 1.47%             | 2066-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                 | Louisiana Public Facilities Authority, Series 2025                                  | CUSIP: 546399UT1<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101573.42    | 0.32%             | 2059-06-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                 | Louisiana Public Facilities Authority, Series 2025                                  | CUSIP: 546399UY0<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100279.73    | 0.31%             | 2059-06-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                      | Maricopa County Industrial Development Authority, Series 2021A                      | CUSIP: 56678PBL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    310000 | PA      | $220093.86    | 0.68%             | 2051-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                      | Maricopa County Industrial Development Authority, Series 2022                       | CUSIP: 56678TAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $423845.40    | 1.32%             | 2047-10-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                      | Maricopa County Industrial Development Authority, Series 2016                       | CUSIP: 56681NAT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $158309.75    | 0.49%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                      | Maricopa County Industrial Development Authority, Series 2021A                      | CUSIP: 56681NGM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $139975.53    | 0.44%             | 2061-07-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                              | Massachusetts Development Finance Agency, Series 2025A-1                            | CUSIP: 57563WAC2<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    100000 | PA      | $99223.15     | 0.31%             | 2060-07-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                              | Massachusetts Development Finance Agency, Series 2021V                              | CUSIP: 57584YN54<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    160000 | PA      | $174743.06    | 0.54%             | 2055-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government Nashville & Davidson County Sports Authority  | Metropolitan Government Nashville & Davidson County Sports Authority, Series 2023B  | CUSIP: 592090KV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $207440.14    | 0.64%             | 2056-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                              | Metropolitan Pier & Exposition Authority, Series 2017B                              | CUSIP: 592250DA9<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $219682.70    | 0.68%             | 2056-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                              | Metropolitan Pier & Exposition Authority, Series 2017B                              | CUSIP: 592250DB7<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $243667.80    | 0.76%             | 2054-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Miami-Dade County Industrial Development Authority                    | Miami-Dade County Industrial Development Authority, Series 2022A                    | CUSIP: 59334GAN7<br>LEI: 549300RM19LZY32DAU30 | Long             | DBT              | MUN               | US        |    250000 | PA      | $227758.95    | 0.71%             | 2061-07-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri    | Health & Educational Facilities Authority of the State of Missouri, Series 2020     | CUSIP: 60637ARH7<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    250000 | PA      | $217385.03    | 0.68%             | 2053-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mobile County Industrial Development Authority                        | Mobile County Industrial Development Authority, Series 2024A                        | CUSIP: 60733UAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $143423.04    | 0.45%             | 2054-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mobile County Industrial Development Authority                        | Mobile County Industrial Development Authority, Series 2024B                        | CUSIP: 60733UAB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    440000 | PA      | $404382.00    | 1.26%             | 2054-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Monroe County Industrial Development Corp.                            | Monroe County Industrial Development Corp., Series 2020A                            | CUSIP: 61075YAD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $164038.84    | 0.51%             | 2059-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                  | New Hope Cultural Education Facilities Finance Corp., Series 2021A-1                | CUSIP: 64542PGC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $228040.45    | 0.71%             | 2057-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                  | New Hope Cultural Education Facilities Finance Corp., Series 2025A                  | CUSIP: 64542PGP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $97853.27     | 0.30%             | 2045-07-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                  | New Hope Cultural Education Facilities Finance Corp., Series 2025A                  | CUSIP: 64542UHG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $128740.11    | 0.40%             | 2060-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                  | New Hope Cultural Education Facilities Finance Corp., Series 2025                   | CUSIP: 64542UHN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $203419.28    | 0.63%             | 2056-07-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                        | New Jersey Transportation Trust Fund Authority, Series 2025AA                       | CUSIP: 64613CHS0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    250000 | PA      | $256565.03    | 0.80%             | 2055-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York                                                      | City of New York, Series 2021F-1                                                    | CUSIP: 64966QVX5<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    335000 | PA      | $247973.37    | 0.77%             | 2051-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                       | New York City Municipal Water Finance Authority, Series 2022AA-1                    | CUSIP: 64972GZE7<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |    160000 | PA      | $134224.62    | 0.42%             | 2048-06-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                          | New York City Transitional Finance Authority, Series 2025D                          | CUSIP: 64972JNK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $106054.61    | 0.33%             | 2044-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                             | New York Transportation Development Corp., Series 2023                              | CUSIP: 650116GY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $258527.40    | 0.80%             | 2054-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                             | New York Transportation Development Corp., Series 2023                              | CUSIP: 650116HA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250212.83    | 0.78%             | 2060-06-30      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                             | New York Transportation Development Corp., Series 2024                              | CUSIP: 650116HQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $332883.84    | 1.03%             | 2060-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Newark Higher Education Finance Corp.                                 | Newark Higher Education Finance Corp., Series 2017A                                 | CUSIP: 650346DC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $182411.20    | 0.57%             | 2047-08-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                         | State of Ohio, Series 2024A                                                         | CUSIP: 67756CGF9<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     15000 | PA      | $17447.56     | 0.05%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                         | State of Ohio, Series 2024A                                                         | CUSIP: 67756CGG7<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    535000 | PA      | $620563.30    | 1.93%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Development Finance Authority                                | Oklahoma Development Finance Authority, Series 2018B                                | CUSIP: 67884XCK1<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |    400000 | PA      | $400005.32    | 1.24%             | 2052-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Oregon Health & Science University                                    | Oregon Health & Science University, Series 2021A                                    | CUSIP: 685869HG7<br>LEI: 549300XTWOAGON8L2G98 | Long             | DBT              | MUN               | US        |    255000 | PA      | $182297.97    | 0.57%             | 2051-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Oregon State Facilities Authority                                     | Oregon State Facilities Authority, Series 2025A-1                                   | CUSIP: 68608JB42<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $199548.74    | 0.62%             | 2060-03-01      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| County of Palm Beach                                                  | County of Palm Beach, Series 2025A                                                  | CUSIP: 696547HV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $306344.85    | 0.95%             | 2045-10-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                   | Pennsylvania Housing Finance Agency, Series 2025-149A                               | CUSIP: 70879QV91<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |    200000 | PA      | $203953.32    | 0.63%             | 2053-04-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                  | Pennsylvania Higher Educational Facilities Authority, Series 2025                   | CUSIP: 70917TTU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $380003.40    | 1.18%             | 2055-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                     | Philadelphia Authority for Industrial Development, Series 2017                      | CUSIP: 71781XDA8<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    225000 | PA      | $218528.69    | 0.68%             | 2047-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix Arizona (The) | Industrial Development Authority of the City of Phoenix Arizona (The), Series 2019A | CUSIP: 71885DEH1<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    330000 | PA      | $318221.57    | 0.99%             | 2059-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix Arizona (The) | Industrial Development Authority of the City of Phoenix Arizona (The), Series 2015A | CUSIP: 71885FDP9<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    250000 | PA      | $241986.63    | 0.75%             | 2045-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix Arizona (The) | Industrial Development Authority of the City of Phoenix Arizona (The), Series 2025A | CUSIP: 71885LAH7<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    250000 | PA      | $235294.23    | 0.73%             | 2060-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                              | Public Finance Authority, Series 2024                                               | CUSIP: 744396JY9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    175000 | PA      | $174659.94    | 0.54%             | 2044-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                              | Public Finance Authority, Series 2025A                                              | CUSIP: 744396KS0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100530.68    | 0.31%             | 2065-06-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Public Finance Authority                                              | Public Finance Authority, Series 2022A                                              | CUSIP: 74442EJX9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    100000 | PA      | $88011.81     | 0.27%             | 2052-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                              | Public Finance Authority, Series 2023-1, Class A                                    | CUSIP: 74448GAA7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    222678 | PA      | $233026.13    | 0.72%             | 2062-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                              | Public Finance Authority, Series 2025                                               | CUSIP: 74448UAC2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $547560.00    | 1.70%             | 2065-12-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                              | Public Finance Authority, Series 2025                                               | CUSIP: 74448UAD0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    250000 | PA      | $257615.18    | 0.80%             | 2065-12-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                           | Commonwealth of Puerto Rico, Series 2022A-1                                         | CUSIP: 74514L3P0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    827000 | PA      | $722478.78    | 2.25%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                           | Commonwealth of Puerto Rico                                                         | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    821571 | PA      | $526832.68    | 1.64%             | 2043-11-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Industrial Development Co.                                | Puerto Rico Industrial Development Co., Series 2023                                 | CUSIP: 745211LM2<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    350000 | PA      | $335563.66    | 1.04%             | 2054-01-01      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp.                                 | Puerto Rico Sales Tax Financing Corp., Series A-1                                   | CUSIP: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    730000 | PA      | $689178.18    | 2.14%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp.                                 | Puerto Rico Sales Tax Financing Corp., Series A-1                                   | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    950000 | PA      | $916167.65    | 2.85%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp.                                 | Puerto Rico Sales Tax Financing Corp., Series A-1                                   | CUSIP: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   1250000 | PA      | $420032.25    | 1.31%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp.                                 | Puerto Rico Sales Tax Financing Corp., Series A-1                                   | CUSIP: 74529JQH1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   1250000 | PA      | $314306.38    | 0.98%             | 2051-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Salt River Project Agricultural Improvement & Power District          | Salt River Project Agricultural Improvement & Power District, Series 2023B          | CUSIP: 79574CFR9<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |    500000 | PA      | $528161.90    | 1.64%             | 2053-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                           | San Diego County Regional Airport Authority, Series 2025B                           | CUSIP: 79739GTE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $535231.40    | 1.66%             | 2055-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Savannah Georgia Convention Center Authority                          | Savannah Georgia Convention Center Authority, Series 2025B                          | CUSIP: 804828AF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250567.38    | 0.78%             | 2061-06-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Seminole County Industrial Development Authority                      | Seminole County Industrial Development Authority, Series 2019A                      | CUSIP: 81669TAC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $138923.33    | 0.43%             | 2049-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Sierra Vista Industrial Development Authority                         | Sierra Vista Industrial Development Authority, Series 2023                          | CUSIP: 82652UAG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $249741.83    | 0.78%             | 2058-06-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Stamford Housing Authority                                            | Stamford Housing Authority, Series 2025A                                            | CUSIP: 852640AL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $99750.90     | 0.31%             | 2060-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp.            | Tarrant County Cultural Education Facilities Finance Corp., Series 2011C            | CUSIP: 87638QEW5<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |    400000 | PA      | $400000.00    | 1.24%             | 2050-11-15      | Variable      | 1.65%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                    | Tobacco Settlement Financing Corp., Series 2007B-1                                  | CUSIP: 88880NAU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $208375.00    | 0.65%             | 2047-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village Community Development District No. 15                         | Village Community Development District No. 15, Series 2023                          | CUSIP: 92708KAE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $196063.98    | 0.61%             | 2054-05-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                           | Virginia Small Business Financing Authority, Series 2022                            | CUSIP: 928104PW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $227164.64    | 0.71%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Public Building Authority                                    | Virginia Public Building Authority, Series 2019A                                    | CUSIP: 9281723N3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $163191.60    | 0.51%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                           | Washington State Housing Finance Commission, Series 2025A                           | CUSIP: 939783Y26<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    125000 | PA      | $125159.78    | 0.39%             | 2060-07-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                           | Washington State Housing Finance Commission, Series 2025A                           | CUSIP: 93978LJP2<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    150000 | PA      | $151894.95    | 0.47%             | 2060-07-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                           | Washington State Housing Finance Commission, Series 2025A                           | CUSIP: 93978LJQ0<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100245.79    | 0.31%             | 2064-07-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| West Virginia Hospital Finance Authority                              | West Virginia Hospital Finance Authority, Series 2025A                              | CUSIP: 956622Y81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $159797.75    | 0.50%             | 2050-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Woodbury                                                      | City of Woodbury, Series 2025                                                       | CUSIP: 979134BA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $92757.30     | 0.29%             | 2063-06-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-31

**Name of Applicant:** Nomura ETF Trust

**Signature:** Francis P. Magee

**Name of Signer:** Francis P. Magee

**Title:** Associate Director, US Funds Administration