# EDGAR Filing Document

**Accession Number:** 0001137360
**File Stem:** 0001752724-23-072052
**Filing Date:** 2023-3
**Character Count:** 276733
**Document Hash:** 5ec243ac14e9eea8b6064a6081c9f5a2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-072052.hdr.sgml**: 20230329

**ACCESSION NUMBER**: 0001752724-23-072052

**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:** 23774192

**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 Short Muni ETF (Series ID: S000019192)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000053009 | VanEck Short Muni ETF | SMB             |

## Nport-Ex

VANECK SHORT MUNI ETF

SCHEDULE OF INVESTMENTS

January 31, 2022 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Par <br>(000's** | **Value** |
| **MUNICIPAL BONDS: 98.7%** |  |  |
| **Alabama: 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alabama Federal Aid Highway Finance Authority, Series A (RB) <br> 5.00%, 09/01/27 (c)  | $985 | $1106020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alabama Federal Aid Highway Finance Authority, Series B (RB) <br> 5.00%, 09/01/23  | 125 | 126859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Black Belt Energy Gas District Gas, Project No. 4, Series A (RB) <br> 4.00%, 12/01/25 (c) (p)  | 1000 | 1003591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Jefferson (RB) <br> 5.00%, 03/15/27 (c)  | 525 | 578290 |
| Jefferson County, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/24 | 290 | 298575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/25 | 340 | 357964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lower Alabama Gas District, Project No. 2 (RB) (SAW) <br> 4.00%, 12/01/25 (c) (p)  | 1500 | 1507190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southeast Alabama Gas Supply District, Series A (RB) <br> 4.00%, 06/01/24 (c) (p)  | 250 | 250590 |
| Tuscaloosa City Board of Education (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/26 (c) | 1055 | 1150810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/26 (c) | 825 | 899923 |
|  |  | 7279812 |
| **Arizona: 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Phoenix, Civic Improvement Corp., Junior Lien Airport, Series D (RB) <br> 5.00%, 07/01/23  | 250 | 252573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maricopa County Industrial Development Authority, Banner Health, Series A (RB) <br> 5.00%, 01/01/26  | 700 | 752298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maricopa County Special Health Care District, Series C (GO) <br> 5.00%, 07/01/24  | 250 | 258890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maricopa County Special Health Care District, Series D (GO) <br> 5.00%, 07/01/23  | 500 | 505147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pima County (GO) <br> 4.00%, 07/01/23  | 310 | 312090 |
| Salt River Project Agricultural Improvement & Power District, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/26 | 500 | 540587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/27 | 500 | 554479 |
|  |  | 3176064 |
| **California: 17.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bay Area Toll Authority, San Francisco Bay Area, Series A (RB) <br> 2.95%, 04/01/26 (c) (p)  | 1205 | 1207631 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br>(000's** | **Value** |
| **California (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bay Area Toll Authority, Series B (RB) <br> 2.85%, 04/01/25 (c) (p)  | $395 | $394780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bay Area Toll Authority, Series G (RB) <br> 2.00%, 04/01/24 (c) (p)  | 725 | 713779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Community Choice Financing Authority, Clean Energy, Series A-1 (RB) <br> 4.00%, 08/01/28 (c) (p)  | 500 | 507936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Health Facilities Financing Authority, Providence St. Joseph Health, Series B-2 (RB) <br> 4.00%, 10/01/24 (c) (p)  | 500 | 511937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Health Facilities Financing Authority, Providence St. Joseph Health, Series B-3 (RB) <br> 2.00%, 10/01/25 (c) (p)  | 335 | 329656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Health Facilities Financing Authority, Providence St. Joseph Health, Series C (RB) <br> 5.00%, 10/01/25 (p)  | 585 | 620527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Infrastructure And Economic Development Bank, Series B-2 (RB) <br> 3.00%, 10/01/26 (c) (p)  | 500 | 509036 |
| California State Public Works Board, Various Capital Projects, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/26 | 885 | 977321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/27 (c) | 835 | 944914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California State Public Works Board, Various Capital Projects, Series D (RB) <br> 5.00%, 09/01/26  | 500 | 550993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Statewide Communities Development Authority, Cottage Health System Obligated Group (RB) <br> 5.00%, 11/01/24 (c)  | 900 | 940290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chino Basin Regional Financing Authority, Series B (RB) <br> 4.00%, 08/01/25 (c)  | 405 | 423092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City & County of San Francisco, Series B (CP) <br> 5.00%, 04/01/25  | 100 | 105718 |
| City & County of San Francisco, Series R-1 (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/15/23 (c) | 1000 | 1007055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/25 | 250 | 266968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Los Angeles, Department of Airports, Los Angeles International Airport, Series B (RB) <br> 5.00%, 05/15/26  | 500 | 546009 |

---

VANECK SHORT MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| | **Par <br>(000's** | **Value** |
| **California (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foothill-Eastern Transportation Corridor Agency, Series A (RB) <br> 0.00%, 01/01/27 ^  | $500 | $456733 |
| Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/23 (c) | 500 | 504584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/25 (c) | 1870 | 1990246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/25 (c) | 1000 | 1064303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Series A (RB) (AGM) <br> 0.00%, 06/01/26 ^  | 1000 | 926776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grossmont-Cuyamaca Community College District (GO) <br> 5.00%, 08/01/24  | 265 | 275639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Los Angeles Community College District/CA, Series C (GO) <br> 5.00%, 08/01/26  | 500 | 550541 |
| Los Angeles Department of Water & Power, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/23 | 550 | 556256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/24 | 250 | 259813 |
| Los Angeles Unified School District, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/24 | 875 | 909095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/26 | 800 | 878949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Los Angeles Unified School District, Series B (GO) <br> 5.00%, 07/01/23  | 130 | 131376 |
| Metropolitan Water District of Southern California, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/23 (c) | 450 | 454976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/24 (c) | 1000 | 1038211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northern California Energy Authority, Series A (RB) <br> 4.00%, 07/01/24 (p)  | 1000 | 1006083 |
| Oakland Unified School District, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/23 | 350 | 354326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/25 (c) | 1000 | 1069333 |
| Orange County Transportation Authority, I-405 Improvement Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/15/24 | 675 | 693761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/15/24 | 750 | 783290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orange County Water District, Series A (CP)<br> 2.00%, 02/21/23 (c) | 205 | 204597 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br>(000's** | **Value** |
| **California (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Utilities Commission of the City & County of San Francisco, Wastewater Revenue, Series B (RB) <br> 2.12%, 10/01/23 (c) (p)  | $930 | $923820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regents of The University Of California, Limited Project, Series I (RB) <br> 5.00%, 05/15/23  | 485 | 488745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sacramento Municipal Utility District, Series B (RB) <br> 5.00%, 10/15/25 (c) (p)  | 485 | 510699 |
| San Bernardino Community College District, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/01/23 (c) | 1275 | 1286392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/16/27 (c) | 540 | 585539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Bernardino County, Capital Facilities, Project B (CP) <br> 6.88%, 08/01/24  | 1035 | 1096924 |
| San Joaquin Hills, Agency Toll Road (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 01/01/24 ^ | 1000 | 977524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 01/01/25 ^ | 500 | 477653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern California Public Power Authority. Windy Point/Windy Flats Project (RB) <br> 5.00%, 01/01/24 (c)  | 725 | 742950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southwestern Community College District, Series D (GO) <br> 5.00%, 08/01/25 (c)  | 500 | 535676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of California Department of Water Resources (RB) <br> 5.00%, 12/01/26  | 500 | 555866 |
| State of California, Various Purpose (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 03/01/26 | 1000 | 1013534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/27 | 1100 | 1195297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/01/24 | 300 | 308803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/01/24 | 500 | 509269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/23 | 250 | 254462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/24 | 555 | 580198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/24 | 100 | 104540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/27 | 530 | 600037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/27 | 1000 | 1132145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/27 | 500 | 566073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/23 | 525 | 535547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/26 | 915 | 1012938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/27 (c) | 1000 | 1133842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/28 | 910 | 1056005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/27 | 500 | 568371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/24 | 300 | 309432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/25 | 300 | 318003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/27 | 750 | 838728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/24 | 325 | 338243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/25 | 1500 | 1605135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/26 | 295 | 324504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/27 | 1305 | 1471474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/23 | 1000 | 1015627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/25 | 300 | 321786 |

---

------

---

| | | |
|:---|:---|:---|
| | **Par <br>(000's** | **Value** |
| **California (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/26 | $1000 | $1102351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Public Works Board, Series C (RB) <br> 5.00%, 11/01/27  | 525 | 595327 |
|  |  | 51659989 |
| **Colorado: 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Health Facilities Authority, Sanford, Series A (RB) <br> 5.00%, 11/01/25  | 500 | 531695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Douglas County School District No. RE-1 (GO) (SAW) <br> 5.00%, 12/15/24  | 1000 | 1049347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Larimer County School District No. R-1 (GO) (SAW) <br> 5.00%, 12/15/23  | 450 | 460174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regional Transportation District, Fastracks Project, Series B (RB) <br> 5.00%, 11/01/28  | 1000 | 1151651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Colorado, Series A (CP) <br> 5.00%, 12/15/26  | 500 | 551906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of Colorado, Series A-2 (RB) <br> 4.00%, 06/01/28 (c)  | 500 | 545949 |
|  |  | 4290722 |
| **Connecticut: 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Housing Finance Authority, Housing Mortgage Program, Sereies B-5 (RB) <br> 0.45%, 05/15/24 (c) (p)  | 250 | 239484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut State Health and Educational Facilities Authority, Yale University Issue, Series C-2 (RB) <br> 5.00%, 02/13/23 (p)  | 390 | 390000 |
| State of Connecticut, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/15/23 | 375 | 376916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/15/23 | 265 | 266354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Connecticut, Series B (GO) <br> 4.00%, 05/15/23  | 375 | 376716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Connecticut, Series B (RB) <br> 5.00%, 10/01/24  | 535 | 558843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Connecticut, Series C (GO) <br> 5.00%, 06/15/26  | 300 | 327174 |
| State of Connecticut, Series D (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/15/26 | 1040 | 1129596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/15/23 | 300 | 304188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Connecticut, Series E (GO) <br> 5.00%, 09/15/25  | 270 | 288788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Connecticut, Special Tax Obligation, Series A (GO) <br> 5.00%, 04/15/23  | 375 | 376916 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br>(000's** | **Value** |
| **Connecticut (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Connecticut, Special Tax Obligation, Series A (ST) <br> 5.00%, 05/01/28  | $600 | $683948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Connecticut, Special Tax Obligation, Series B (RB) <br> 5.00%, 10/01/23  | 200 | 203503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Connecticut, State Revolving Fund, Series B (RB) <br> 5.00%, 06/01/26  | 275 | 300087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Connecticut, Transportation Infrastructure Purposes, Series A (ST) <br> 5.00%, 05/01/26  | 1015 | 1103970 |
| University of Connecticut, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/15/24 | 575 | 592585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/15/26 | 550 | 596849 |
|  |  | 8115917 |
| **Delaware: 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware State Economic Development Authority, NRG Energy Project, Series A (RB) <br> 1.25%, 10/01/25 (c) (p)  | 500 | 463739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Transportation Authority (RB) <br> 5.00%, 07/01/26  | 500 | 547609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Delaware, Series A (GO) <br> 5.00%, 10/01/25  | 410 | 440267 |
|  |  | 1451615 |
| **District of Columbia: 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;District of Columbia, Series B (GO) <br> 5.00%, 06/01/25  | 120 | 127745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;District of Columbia, Series C (RB) <br> 5.00%, 10/01/26  | 785 | 865720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;District of Columbia, Series D (GO) <br> 5.00%, 06/01/25  | 315 | 335329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;District of Columbia, Series E (GO) <br> 5.00%, 06/01/25  | 500 | 532269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Washington Airports Authority, Dulles Toll Road (RB) (AGC) <br> 6.50%, 10/01/26 (c)  | 1000 | 1147854 |
| Washington Metropolitan Area Transit Authority, Series A-1 (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/24 | 225 | 233161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/25 | 100 | 106413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/27 | 200 | 223434 |
|  |  | 3571925 |
| **Florida: 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Florida Expressway Authority (RB) (AGM) <br> 5.00%, 07/01/27  | 500 | 557247 |

---

VANECK SHORT MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| | **Par <br>(000's** | **Value** |
| **Florida (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Florida Expressway Authority, Series B (RB) <br> 5.00%, 07/01/26  | $300 | $326806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Miami-Dade, Water and Sewer System (RB) <br> 5.00%, 10/01/28  | 1000 | 1146751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida Department of Management Services, Series A (CP) <br> 5.00%, 11/01/26  | 250 | 274859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida State Board of Education, Public Education Capital Outlay, Series C (GO) <br> 5.00%, 06/01/24  | 1000 | 1036197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida State Department of Transportation, Turnpike Enterprise, Series A (RB) <br> 5.00%, 07/01/25 (c)  | 1155 | 1229352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miami-Dade County, Florida Water And Sewer System Revenue Refunding Bonds, Series B (RB) <br> 5.00%, 10/01/27  | 500 | 561096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;School District of Broward County, Series C (CP) <br> 5.00%, 07/01/24  | 340 | 351417 |
| State of Florida, Board of Education, Lottery Revenue, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/23 | 450 | 454576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/24 | 650 | 674127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Florida, Department of Management Services, Series A (RB) <br> 5.00%, 09/01/23  | 180 | 182708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Florida, Department Of Management Services, Series A (RB) <br> 5.00%, 09/01/25  | 750 | 802315 |
|  |  | 7597451 |
| **Georgia: 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Burke County Development Authority, Series F (RB) <br> 3.00%, 02/13/23 (p)  | 500 | 500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Atlanta, Water and Wastewater, Series A (RB) <br> 5.00%, 11/01/24  | 500 | 523173 |
| Main Street Natural Gas, Inc., Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/23 (c) (p) | 500 | 502020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/27 (c) (p) | 1250 | 1274556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Main Street Natural Gas, Inc., Series B (RB) <br> 4.00%, 12/02/24 (c) (p)  | 1500 | 1510128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Main Street Natural Gas, Inc., Series C (RB) <br> 4.00%, 09/01/26 (c) (p)  | 2000 | 2012679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Georgia, Series A (GO)<br> 5.00%, 02/01/23 | 160 | 160000 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br>(000's** | **Value** |
| **Georgia (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/25 | $250 | $263473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/26 | 700 | 768270 |
| State of Georgia, Series C (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/24 | 250 | 259422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/26 | 1000 | 1095217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Georgia, Series E (GO) <br> 5.00%, 12/01/24  | 1100 | 1154115 |
|  |  | 10023053 |
| **Guam: 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guam Government, Waterworks Authority, Water and Wastewater System (RB) <br> 5.50%, 07/01/23 (c)  | 1000 | 1012629 |
| **Hawaii: 0.5%** |  |  |
| City & County of Honolulu, Rail Transit Project, Series E (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/26 | 785 | 851311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/27 | 500 | 555718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Hawaii, Series FN (GO) <br> 5.00%, 10/01/24  | 110 | 114994 |
|  |  | 1522023 |
| **Illinois: 4.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago O'Hare International Airport, Series B (RB) (AGM) <br> 5.00%, 01/01/26  | 500 | 538235 |
| Chicago O'Hare International Airport, Series C (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/24 | 115 | 117618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/26 | 315 | 339088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago Park District, Series A (GO) (NATL) <br> 5.50%, 01/01/24 (c)  | 1375 | 1413866 |
| Chicago Transit Authority, Federal Transit Administration Section 5307 Urbanized Area Formula (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/23 | 350 | 352520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/25 | 340 | 355379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Chicago, Series A (GO) <br> 5.00%, 01/01/27  | 500 | 523237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Community College District No. 512, Counties of Cook, Kane, Lake, and McHenry, Series B (GO) <br> 5.00%, 12/01/25  | 200 | 215151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cook County, Series A (GO) <br> 5.00%, 11/15/26  | 300 | 325247 |
| Illinois Finance Authority, Clean Water Initiative (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/24 | 155 | 158657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/25 | 600 | 630228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/28 | 500 | 565272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/27 | 685 | 765567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority, Clean Water Initiative (RB) (AGM) <br> 5.00%, 07/01/24  | 500 | 518418 |

---

------

---

| | | |
|:---|:---|:---|
| | **Par <br>(000's** | **Value** |
| **Illinois (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority, Northwestern Memorial Healthcare, Series A (RB) <br> 5.00%, 07/15/23  | $250 | $252763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois State Toll Highway Authority, Series A (RB) <br> 5.00%, 01/01/27  | 415 | 458735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois State Toll Highway Authority, Series C (RB) <br> 5.00%, 01/01/27  | 650 | 718501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regional Transportation Authority of Illinois, Series A (RB) <br> 5.00%, 07/01/24  | 495 | 512112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales Tax Securitization Corp., Series A (RB) <br> 5.00%, 01/01/24  | 550 | 561868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Illinois (GO) <br> 5.00%, 02/01/23  | 350 | 350000 |
| State of Illinois (GO) (AGC) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 05/01/24 | 250 | 258087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 05/01/25 | 335 | 353577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Illinois, Series A (RB) <br> 4.00%, 06/15/28  | 580 | 595447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Illinois, Series B (GO) <br> 5.00%, 09/01/25  | 400 | 420035 |
| State of Illinois, Series D (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/23 | 500 | 508180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/25 | 1345 | 1415816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/26 | 800 | 853383 |
|  |  | 14076987 |
| **Indiana: 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indiana Finance Authority Hospital, Series 2012A, Community Health Network Project (RB) <br> 5.00%, 05/01/23 (c)  | 1000 | 1006411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indiana Finance Authority, Indiana University Health, Series C (RB) <br> 5.00%, 12/01/23  | 500 | 510130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indiana Finance Authority, Series C (RB) <br> 5.00%, 12/01/24  | 575 | 602864 |
| Indiana Finance Authority, Series E (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/24 | 500 | 513187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/25 | 250 | 263623 |
|  |  | 2896215 |
| **Iowa: 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iowa Finance Authority (RB) <br> 5.00%, 08/01/23  | 250 | 253289 |
| **Kentucky: 1.3%** |  |  |
| Kentucky Public Energy Authority, Gas Supply, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/01/25 (c) (p) | 1085 | 1085104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/23 | 200 | 200286 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br>(000's** | **Value** |
| **Kentucky (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kentucky Public Energy Authority, Gas Supply, Series C-1 (RB) <br> 4.00%, 06/01/25 (c) (p)  | $1100 | $1103275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kentucky State Property & Building Commission (RB) <br> 5.00%, 05/01/26  | 275 | 297218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kentucky Turnpike Authority, Series B (RB) <br> 5.00%, 07/01/24  | 125 | 129268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisville & Jefferson County, Metro Government, Norton Healtcare, Inc., Series C (RB) <br> 5.00%, 10/01/26 (c) (p)  | 1000 | 1065273 |
|  |  | 3880424 |
| **Louisiana: 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisiana Public Facilities Authority, Ochsner Clinic Project, Series B (RB) (SAW) <br> 5.00%, 05/15/25 (c) (p)  | 500 | 523040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisiana State Citizens Property Insurance Corp., Series 2 (RB) <br> 5.00%, 06/01/23  | 590 | 594819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;St. John Baptist Parish, Marathon Oil Co., Series B-2 (RB) <br> 2.38%, 07/01/26 (p)  | 750 | 710306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Louisiana, Series A (GO) <br> 5.00%, 03/01/26  | 335 | 363194 |
|  |  | 2191359 |
| **Maine: 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Maine, Series B (GO) (SBG) <br> 5.00%, 06/01/25  | 500 | 531799 |
| **Maryland: 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Montgomery, Consolidated Public Improvement, Series A (GO) <br> 5.00%, 11/01/26  | 265 | 292759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Department of Transportation of Maryland, Series B (RB) <br> 5.00%, 12/01/23  | 500 | 510962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prince George's County, Series A (GO) <br> 5.00%, 07/15/25  | 425 | 453685 |
| State of Maryland, Department of Transportation (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/01/24 (c) | 500 | 515544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/26 | 595 | 655740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/23 | 500 | 503243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/24 | 165 | 171975 |
| State of Maryland, Series B (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/24 | 550 | 571997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/25 | 500 | 534415 |

---

VANECK SHORT MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| | **Par** **<br> (000's** | **Value** |
| **Maryland (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Maryland, State and Local Facilities Loan, First Series A (GO) <br> 5.00%, 03/15/24 | $1500 | $1544482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Maryland, State and Local Facilities Loan, First Series C (GO) <br> 5.00%, 08/01/24 | 250 | 259999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Maryland, State and Local Facilities Loan, Second Series A (GO) <br> 5.00%, 08/01/25 | 500 | 534415 |
|  |  | 6549216 |
| **Massachusetts: 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts, Federal Highway Grant Anticipation, Series A (RB) <br> 5.00%, 06/15/23 (c) | 860 | 868689 |
| Commonwealth of Massachusetts, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/26 | 250 | 270294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/27 | 710 | 787360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts, Series C (GO) <br> 5.00%, 10/01/26 | 400 | 440833 |
| Commonwealth of Massachusetts, Series D (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/23 | 900 | 909863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/27 | 250 | 280636 |
| Commonwealth of Massachusetts, Series E (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 12/01/25 | 750 | 762793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/26 | 295 | 325789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts, Series E (GO) (AGM) <br> 5.00%, 09/01/26 | 250 | 274951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Bay Transportation Authority Subordinated Sales Tax Bonds Series A, Subseries A-1 & Subseries A-2 (RB) <br> 5.00%, 07/01/24 | 515 | 533605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, Broad Institute (RB) <br> 5.00%, 04/01/26 | 450 | 486869 |
| Massachusetts Development Finance Agency, Harvard University Issue, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/15/25 | 900 | 966030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/15/26 | 500 | 551951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, Partners Healthcare System, Series S-4 (RB) <br> 5.00%, 01/25/24 (p) | 250 | 255086 |

---

---

| | | |
|:---|:---|:---|
| | **Par** **<br> (000's** | **Value** |
| **Massachusetts (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Housing Finance Agency Housing Bonds, Series B-2 (RB)<br> 0.90%, 12/01/24 (c) | $1000 | $917547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts School Building Authority, Series A (RB) <br> 5.00%, 05/15/23 (c) | 500 | 503713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts State College Building Authority, Series A (RB) <br> 5.00%, 05/01/25 (c) | 775 | 821681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Water Resources Authority (RB) <br> 5.00%, 08/01/23 | 170 | 172220 |
|  |  | 10129910 |
| **Michigan: 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Royal Oak Hospital Finance Authority, William Beaumont Hospital Obligated Group, Series D (RB) <br> 5.00%, 03/01/24 (c) | 1000 | 1027632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Great Lakes Water Authority Water Supply System, Series A (RB) <br> 5.00%, 07/01/24 | 590 | 611398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michigan State Building Authority, Series I (RB) <br> 5.00%, 04/15/26 | 250 | 271101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regents of The University of Michigan, Series A (RB) <br> 5.00%, 04/01/23 | 180 | 180770 |
| State of Michigan, Grant Anticipation (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/24 | 650 | 669276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/26 | 1065 | 1154736 |
|  |  | 3914913 |
| **Minnesota: 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minneapolis-St. Paul Metropolitan Area, Series C (GO) <br> 5.00%, 12/01/26 | 1000 | 1106661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Minnesota, Various Purpose, Series A (GO) <br> 5.00%, 08/01/24 | 1200 | 1247994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Minnesota, Various Purpose, Series D (GO) <br> 5.00%, 08/01/26 | 400 | 439012 |
|  |  | 2793667 |
| **Missouri: 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of St. Louis, St. Louis Lambert International Airport, Series A (RB) (AGM) <br> 5.00%, 07/01/23 | 1000 | 1010085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health & Educational Facilities Authority, Mercy Health, Series A (RB) <br> 5.00%, 06/01/25 | 150 | 158068 |

---

------

---

| | | |
|:---|:---|:---|
| | **Par** **<br> (000's** | **Value** |
| **Missouri (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Missouri State Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water, Series B (RB) <br> 5.00%, 07/01/25 (c) | $500 | $532430 |
|  |  | 1700583 |
| **Nebraska: 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Plains Energy Project, Gas Project Crossover, Series A (RB) <br> 5.00%, 01/01/24 (c) (p) | 500 | 505511 |
| **Nevada: 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clark County (GO)<br> 5.00%, 06/01/25 | 1090 | 1156763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Clark, Nevada McCarran International Airport, Series A (RB) <br> 5.00%, 07/01/23 | 300 | 303088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Clark, Series B (GO)<br> 5.00%, 11/01/23 | 450 | 458838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Nevada, Highway Improvement, Motor Vehicle Fuel Tax (RB) <br> 5.00%, 12/01/24 | 300 | 314483 |
|  |  | 2233172 |
| **New Jersey: 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series B (RB) <br> 5.00%, 11/01/24 | 100 | 103987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority, School Facilities Construction, Series WW (RB)<br> 5.25%, 06/15/25 (c) | 500 | 535189 |
| New Jersey Educational Facilities Authority, Higher Education Facilities Trust (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/23 | 1000 | 1008433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/24 | 575 | 592815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Educational Facilities Authority, Princeton University, Series B (RB) <br> 5.00%, 07/01/25 | 1000 | 1068515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Educational Facilities Authority, Princeton University, Series I (RB) <br> 5.00%, 07/01/25 | 225 | 240416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Health Care Facilities Financing Authority, AHS Hospital Corp. (RB) <br> 5.00%, 07/01/23 | 300 | 303038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Health Care Facilities Financing Authority, Valley Health System (RB) <br> 5.00%, 07/01/26 | 300 | 320886 |

---

---

| | | |
|:---|:---|:---|
| | **Par** **<br> (000's** | **Value** |
| **New Jersey (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Higher Education Student Assistance Authority, Series A (RB) (AGM) <br> 5.00%, 12/01/23 | $500 | $510130 |
| New Jersey Transportation Trust Fund Authority, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/23 | 1175 | 1197886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/24 | 1410 | 1453686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of New Jersey, Covid-19 General Emergency, Series A (GO) <br> 5.00%, 06/01/27 | 500 | 556627 |
| State of New Jersey, Various Purposes (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 06/01/25 | 500 | 491842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 06/01/26 | 500 | 489293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tobacco Settlement Financing Corp., Series A (RB) <br> 5.00%, 06/01/23 | 290 | 292143 |
|  |  | 9164886 |
| **New Mexico: 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of New Mexico, Series A (GO) <br> 5.00%, 03/01/23 | 320 | 320673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of New Mexico, Series A (RB) <br> 5.00%, 07/01/27 | 840 | 940677 |
| State of New Mexico, Series B (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/23 | 340 | 340715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/25 | 250 | 263810 |
|  |  | 1865875 |
| **New York: 13.8%** |  |  |
| City of New York, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/01/23 | 250 | 251986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/23 | 100 | 101285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/24 | 1500 | 1558641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of New York, Series C (GO)<br> 5.00%, 08/01/24 | 750 | 779320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of New York, Series C (GO) (SD CRED PROG) <br> 5.00%, 08/01/27 | 500 | 561494 |
| City of New York, Series C and D (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/23 | 320 | 324114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/26 | 325 | 356467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of New York, Series E (GO)<br> 5.00%, 08/01/24 | 255 | 264969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of New York, Series F-1 (GO) <br> 5.00%, 03/01/27 | 410 | 455859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of New York, Series J-9 (GO)<br> 5.00%, 08/01/26 | 500 | 548410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Nassau, Series C (GO)<br> 5.00%, 10/01/24 | 200 | 208479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hudson Yards Infrastructure Corp., Series A (RB) <br> 5.00%, 02/15/23 | 100 | 100090 |

---

VANECK SHORT MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| | **Par** <br> **(000's** | **Value** |
| **New York (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long Island Power Authority Electric System (RB) (BAM) <br> 5.00%, 09/01/26 | $510 | $560160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority, Series A-1 (RB) <br> 5.00%, 11/15/24 (p) | 2000 | 2050458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority, Series A-2 (RB) (SD CRED PROG) <br> 5.00%, 05/15/24 (p) | 1160 | 1186218 |
| Metropolitan Transportation Authority, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/23 | 290 | 293848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/24 | 390 | 403201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/26 | 500 | 532760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/26 | 255 | 271708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority, Series C-1 (RB) <br> 5.00%, 11/15/23 | 500 | 506651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Housing Development Corp., Multi- Family Housing, Series F-2 (RB) (FHA 542 (C))<br> 0.60%, 07/01/25 (c) (p) | 305 | 285135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Industrial Development Agency, Queens Baseball Stadium Project, Series A (RB) (AGM) <br> 5.00%, 01/01/27 | 750 | 816383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured, Series A (RB) <br> 5.00%, 11/01/27 | 440 | 497875 |
| New York City Transitional Finance Authority, Building Aid, Series S-1 (RB) (SAW) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/15/24 | 550 | 571454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/15/25 | 570 | 608541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority, Fiscal Series A, Subseries A-1 (RB) <br> 5.00%, 11/01/26 | 1000 | 1104369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C-1 (RB) <br> 5.00%, 05/01/23 | 575 | 578730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority, Series A (RB) <br> 5.00%, 11/01/26 | 550 | 607403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority, Series C (RB) <br> 5.00%, 11/01/23 | 1000 | 1019715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Water & Sewer System, Series BB-2 (RB) <br> 5.00%, 12/15/23 (c) | 700 | 715399 |

---

---

| | | |
|:---|:---|:---|
| | **Par** <br> **(000's** | **Value** |
| **New York (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Water & Sewer System, Series BB-2 (RB) (AGM) <br> 5.00%, 12/15/24 (c) | $430 | $451704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, Montefiore Medical Center, Series A (RB) <br> 5.00%, 08/01/24 | 300 | 304545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, New York Cornell University, Series A (RB) <br> 5.00%, 07/01/26 | 700 | 768594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, New York University, Series A (RB) <br> 5.00%, 07/01/24 | 110 | 114146 |
| New York State Dormitory Authority, Personal Income Tax, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/23 | 220 | 220209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/25 | 140 | 147859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/23 | 290 | 290916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/27 | 300 | 334739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/27 | 500 | 556443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, Personal Income Tax, Series B (RB) <br> 5.00%, 02/15/27 | 510 | 568315 |
| New York State Dormitory Authority, Personal Income Tax, Series D (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/23 | 1070 | 1070996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/27 | 25 | 27767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, Personal Income Tax, Series D (RB) (BAM) <br> 5.00%, 02/15/25 | 1000 | 1055430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, School District Financing Program, Series A (RB) (SAW) <br> 5.00%, 10/01/26 | 400 | 438609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, Series A (RB) <br> 5.00%, 02/15/27 | 500 | 557583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, Series C (RB) <br> 5.00%, 03/15/28 | 640 | 731521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, State Sales Tax, Series B (RB) <br> 5.00%, 09/15/25 (c) | 500 | 535517 |
| New York State Dormitory Authority, State Sales Tax, Series C (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/24 | 155 | 159625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/25 | 1035 | 1093430 |

---

------

---

| | | |
|:---|:---|:---|
| | **Par** **<br> (000's** | **Value** |
| **New York (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, State Sales Tax, Series E (RB) <br> 5.00%, 03/15/26 | $680 | $739857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, State University Dormitory Facilities, Series A (RB) <br> 5.00%, 07/01/25 | 500 | 531701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Environmental Facilities Corp., State Clean Water And Drinking Water Revolving Funds, Series B (RB) <br> 5.00%, 06/15/28 | 605 | 694791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Housing Finance Agency, Series A-2, Series B-2, Series C (RB)<br> 2.50%, 05/01/27 (c) (p) | 975 | 948774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Housing Finance Agency, Series I (RB) (SAW)<br> 1.75%, 02/21/23 (c) | 700 | 689030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Housing Finance Agency, Series L-2 (RB)<br> 0.75%, 02/21/23 (c) | 750 | 692089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Thruway Authority, Series L (RB) <br> 5.00%, 01/01/24 | 165 | 168756 |
| New York State Urban Development Corp., State Personal Income, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/25 | 5 | 5277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/25 | 495 | 523209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/26 (c) | 500 | 539930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/27 | 690 | 766724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Urban Development Corp., State Personal Income, Series E (RB) <br> 5.00%, 03/15/25 | 500 | 528494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Town of Oyster Bay, New York Public Improvement, Series B (GO) (AGM)<br> 3.25%, 02/01/26 | 530 | 540946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority, Series A-2 (RB)<br> 2.00%, 05/15/26 (p) | 875 | 848943 |
| Triborough Bridge & Tunnel Authority, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/26 | 1000 | 1105824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/27 | 500 | 566781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/28 | 1000 | 1160266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority, Series B (RB) <br> 5.00%, 05/15/26 (p) | 1000 | 1074528 |

---

---

| | | |
|:---|:---|:---|
| | **Par** **<br> (000's** | **Value** |
| **New York (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority, Series C-1B (RB) <br> 5.00%, 05/15/26 (p) | $500 | $537100 |
|  |  | 40212090 |
| **North Carolina: 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Charlotte, North Carolina Water & Sewer System (RB) <br> 5.00%, 07/01/23 | 500 | 505459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Guilford, Series B (GO) <br> 5.00%, 05/01/24 | 500 | 516621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Wake (GO)<br> 5.00%, 04/01/27 | 300 | 334855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Wake (RB)<br> 5.00%, 09/01/26 | 375 | 411882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Carolina Medical Care Commission Hospital, Caromont Health, Series B (RB) <br> 5.00%, 02/01/26 (p) | 500 | 534801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Carolina Turnpike Authority, Triangle Expressway System (RB) (BAM) <br> 5.00%, 02/01/24 | 2125 | 2174897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of North Carolina, Grant Anticipation Vehicle (RB) <br> 5.00%, 03/01/23 | 500 | 501010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of North Carolina, Series B (GO) <br> 5.00%, 06/01/23 | 575 | 580022 |
|  |  | 5559547 |
| **Ohio: 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Municipal Power, Inc., Combined Hydroelectric Projects, Series A (RB) <br> 5.00%, 02/15/28 | 1000 | 1118969 |
| County of Allen, Ohio Hospital Facilities, Mercy Health, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/25 | 100 | 105906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/26 | 410 | 443786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Hamilton, Sales Tax, Series A (RB) <br> 5.00%, 12/01/25 | 500 | 537164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Franklin County Convention Facilities Authority (RB) <br> 5.00%, 12/01/24 (c) | 1730 | 1813835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lancaster Port Authority (RB) (SBG) <br> 5.00%, 02/01/25 (c) (p) | 485 | 499358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lucas-Plaza Hsg Development Corp., Bds Plaza Section 8, Proj B (RB) (FHA) 0.00%, 06/01/24 ^ | 500 | 483476 |

---

VANECK SHORT MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| | **Par** **<br> (000's** | **Value** |
| **Ohio (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ohio Turnpike and Infrastructure Commission, Series A (RB) <br> 5.00%, 02/15/26 | $460 | $497886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Ohio, Common School, Series B (GO) <br> 5.00%, 09/15/25 | 100 | 107170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Ohio, Higher Educational Facility, Case Western Reserve University Project (RB) <br> 5.00%, 12/01/23 | 560 | 571904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Ohio, Highway Capital Improvement, Series R (GO) <br> 5.00%, 05/01/27 | 500 | 516308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Ohio, Highway Capital Improvement, Series U (GO) <br> 5.00%, 05/01/23 | 1000 | 1006411 |
|  |  | 7702173 |
| **Oklahoma: 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian County Educational Facilities Authority, Mustang Public Schools (RB) <br> 5.00%, 09/01/26 (c) | 535 | 582215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oklahoma County Independent School District, Series A (GO)<br> 3.00%, 07/01/27 | 1000 | 1013497 |
|  |  | 1595712 |
| **Oregon: 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beaverton School District 48J, Series B (GO) (SBG) <br> 5.00%, 06/15/24 (c) | 1000 | 1035868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Linn and Benton Counties School District No. 8J (GO) (SBG) <br> 5.00%, 06/15/26 | 350 | 381703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multnomah County School District No. 1J, Series B (GO) (SBG) <br> 5.00%, 06/15/25 | 500 | 531783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Oregon, Article Xi-Q State Projects, Series A (GO) <br> 5.00%, 05/01/23 | 500 | 503280 |
|  |  | 2452634 |
| **Pennsylvania: 3.1%** |  |  |
| City of Philadelphia, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/24 | 200 | 207609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/25 | 245 | 260141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/25 | 300 | 318541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth Financing Authority, Tobacco Master Settlement Payment (RB) <br> 5.00%, 06/01/23 | 250 | 251900 |
| Commonwealth of Pennsylvania, First Series (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/26 | 560 | 603316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/27 | 315 | 347698 |

---

---

| | | |
|:---|:---|:---|
| | **Par** **<br> (000's** | **Value** |
| **Pennsylvania (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/25 (c) | $500 | $528707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/29 | 500 | 517934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania, First Series (GO) (SBG) <br> 5.00%, 07/15/26 | 1000 | 1091756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Lehig, Valley Health Network, Series A (RB) (SBG) <br> 5.00%, 07/01/26 | 600 | 643795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware River Port Authority, Series B (RB) <br> 5.00%, 01/01/25 | 350 | 367162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Montgomery County, Higher Education and Health Authority, Thomas Jefferson University, Series A (RB) <br> 5.00%, 09/01/23 | 500 | 506216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northampton County, General Purpose Authority (RB) <br> 5.00%, 11/01/23 | 150 | 152845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Turnpike Commission, Series B-2 (RB) <br> 5.00%, 06/01/26 | 500 | 540585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philadelphia School District, Series F (GO) (SAW) <br> 5.00%, 09/01/25 | 660 | 699041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southeastern Pennsylvania Transportation Authority, Federal Transit Administration Section 5337 (RB) <br> 5.00%, 06/01/23 | 115 | 115943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westmoreland County (RB)<br> 5.00%, 08/15/31 | 1185 | 1201600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westmoreland County Municipal Authority (RB) (BAM) <br> 5.00%, 08/15/25 (c) | 765 | 805167 |
|  |  | 9159956 |
| **Rhode Island: 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tobacco Settlement Financing Corporation Tobacco Settlement Asset-Backed Bonds, Series A (RB) <br> 5.00%, 06/01/25 (c) | 500 | 516848 |
| **South Carolina: 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Charleston, Series C (GO) (SAW) <br> 5.00%, 11/01/24 | 510 | 533368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Richland, Series A (GO) (SAW) <br> 5.00%, 03/01/26 | 500 | 543171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Patriots Energy Group Financing Agency, Series A (RB)<br> 4.00%, 02/01/24 (c) (p) | 1765 | 1776539 |
|  |  | 2853078 |

---

------

---

| | | |
|:---|:---|:---|
| | **Par**<br>**(000's** |<br>**Value** |
| **South Dakota: 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Dakota Health And Educational Facilities Authority, Series A, Avera Health (RB)<br> 5.00%, 07/01/24 (c) (p) | $535 | $549138 |
| **Tennessee: 1.3%** |  |  |
| Metropolitan Government of Nashville & Davidson County (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/24 | 200 | 207396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/26 | 525 | 574081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Government of Nashville & Davidson County, Series C (GO) (SBG)<br> 5.00%, 01/01/24 | 500 | 511750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tennessee Energy Acquisition Corp., Gas Project (RB)<br> 4.00%, 11/01/25 (c) (p) | 1775 | 1783946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tennessee Energy Acquisition Corp., Series A (RB)<br> 4.00%, 05/01/23 (c) (p) | 560 | 560599 |
|  |  | 3637772 |
| **Texas: 8.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bexar County (GO)<br> 5.00%, 06/15/26 (c) | 500 | 544609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Board of Regents of the University of Texas System, Series H (RB)<br> 5.00%, 08/15/23 | 275 | 278986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Denton, Utility System (RB)<br> 5.00%, 12/01/26 | 310 | 338756 |
| City of Houston, Airport System, Series D (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/23 | 500 | 505105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/24 | 250 | 258819 |
| City of Houston, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/23 | 250 | 250513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/24 (c) | 750 | 770724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of San Antonio, Electric and Gas Systems (RB)<br> 5.00%, 08/01/26 (c) | 630 | 688520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of San Antonio, General Improvement (GO)<br> 5.00%, 08/01/25 | 500 | 533659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comal Independent School District (GO)<br> 5.00%, 02/01/26 | 775 | 839434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conroe Independent School District, Unlimited Tax School Buildings, Series A (GO)<br> 5.00%, 02/15/27 | 2000 | 2218892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dallas Area Rapid Transit, Series A (RB)<br> 5.00%, 12/01/25 (c) | 1000 | 1076040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dallas County Hospital District (GO)<br> 5.00%, 08/15/23 | 950 | 962751 |

---

---

| | | |
|:---|:---|:---|
| | **Par**<br>**(000's** |<br>**Value** |
| **Texas (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dallas County, Combination Tax and Parking Garage (GO)<br> 5.00%, 08/15/23 | $375 | $380174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dallas Fort Worth International Airport, Series B (RB)<br> 5.00%, 11/01/25 | 200 | 214439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dallas Independent School District, Series A (GO)<br> 4.00%, 02/15/25 (c) | 500 | 516645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denton Independent School District, Series A (GO)<br> 5.00%, 08/15/25 (c) | 500 | 531744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dripping Springs Independent School District (GO)<br> 4.00%, 02/15/24 (c) | 1000 | 1016276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grand Parkway Transportation Corp. (RB)<br> 5.00%, 02/01/23 | 325 | 325000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harris County, Texas Toll Road Senior Lien, Series A (RB)<br> 5.00%, 08/15/27 | 1000 | 1121254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Houston Community College System (GO)<br> 5.00%, 02/15/23 (c) | 1000 | 1000931 |
| &nbsp;&nbsp;&nbsp;Houston Independent School<br> District, Limited Tax School House (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/24 | 155 | 159218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/26 | 250 | 270513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Houston Independent School District, Limited Tax School House, Series A (GO)<br> 5.00%, 02/15/23 | 650 | 650610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp., Children's Health System, Series A (RB)<br> 5.00%, 08/15/23 | 160 | 162053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Texas Thruway Authority, Series I (RB) (AGC)<br> 6.20%, 01/01/25 (c) | 1000 | 1071550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Texas Tollway Authority, First Tier, Series A (RB)<br> 5.00%, 01/01/26 (c) | 595 | 638519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pflugerville Independent School District (GO)<br> 5.00%, 02/15/24 (c) | 500 | 512964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pflugerville Independent School District, Series A (GO)<br> 5.00%, 02/15/24 | 1000 | 1025451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Texas, Water Infrastructure Fund, Series B-2 (GO)<br> 5.00%, 08/01/24 (c) | 430 | 447522 |
| State of Texas, Water Infrastructure Fund, Series B-3 (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/23 | 400 | 405163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/24 | 250 | 259811 |

---

VANECK SHORT MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| | **Par**<br>**(000's** |<br>**Value** |
| **Texas (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas A&M University, Series D (RB)<br> 5.00%, 05/15/26 | $820 | $895456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Municipal Gas Acquisition & Supply Corp. III (RB)<br> 5.00%, 12/15/26 | 600 | 629473 |
| Texas Water Development Board (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/15/26 | 1000 | 1085504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/23 | 350 | 354604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/25 | 225 | 239977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Water Development Board, Series A (RB)<br> 5.00%, 04/15/23 | 340 | 341807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Water Development Board, Series B (RB)<br> 5.00%, 10/15/24 | 500 | 522393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of Houston, Series A (RB)<br> 5.00%, 02/15/26 | 1000 | 1081748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ysleta Independent School District (GO)<br> 5.00%, 08/15/25 (c) | 650 | 694580 |
|  |  | 25822187 |
| **Utah: 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Utah, IHL Health Services Inc., Series B-1 (RB)<br> 5.00%, 08/01/24 (c) (p) | 1000 | 1032665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Utah, IHL Health Services Inc., Series B-2 (RB)<br> 5.00%, 08/01/24 (c) (p) | 500 | 511044 |
|  |  | 1543709 |
| **Virginia: 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Richmond, Public Utility Revenue, Series A (RB)<br> 5.00%, 01/15/25 | 125 | 131604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Fairfax, Public Improvement, Series A (GO)<br> 4.00%, 10/01/24 | 285 | 293027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Fairfax, Public Improvement, Series A (GO) (SAW)<br> 4.00%, 10/01/23 | 275 | 277871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hampton Roads Transportation Accountability Commission (RB)<br> 5.00%, 07/01/26 | 1250 | 1365134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rector And Visitors of The University Of Virginia, Series A (RB)<br> 5.00%, 06/01/23 (c) | 1000 | 1008601 |
| Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series C (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/24 | 235 | 241198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/27 | 600 | 665783 |

---

---

| | | |
|:---|:---|:---|
| | **Par**<br>**(000's** |<br>**Value** |
| **Virginia (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/27 | $250 | $277409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series E (RB)<br> 5.00%, 02/01/23 | 250 | 250000 |
| Virginia Commonwealth Transportation Board (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/15/23 | 400 | 406516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/15/24 | 325 | 339034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/15/26 (c) | 510 | 553825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virginia Public Building Authority, Series B (RB)<br> 5.00%, 08/01/26 | 500 | 549119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wise County Industrial Development Authority, Virginia Electric and Power Co. Project, Series A (RB) (AGC)<br> 0.75%, 09/02/25 (p) | 1000 | 919288 |
|  |  | 7278409 |
| **Washington: 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Puget Sound Regional Transit Authority, Series S-1 (RB)<br> 5.00%, 11/01/25 (c) | 1000 | 1074963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Seattle, Municipal Light and Power Improvement, Series B (RB)<br> 5.00%, 02/01/26 | 400 | 432530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of King, Sewer Improvement, Series B (RB)<br> 5.00%, 07/01/26 | 200 | 218490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Northwest Project Electric, Series A (RB)<br> 5.00%, 07/01/25 | 1000 | 1064860 |
| Energy Northwest Project Electric, Series C (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/24 | 450 | 466640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/25 | 1375 | 1464183 |
| Energy Northwest, Colombia Generating Station Electric, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/23 | 100 | 101071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/24 | 455 | 471825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Northwest, Project 3 Electric, Series A (RB)<br> 5.00%, 07/01/27 (c) | 725 | 810920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of New Mexico, Series A (GO)<br> 5.00%, 06/01/26 | 1000 | 1091225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Washington Various Purpose, Series D (GO)<br> 5.00%, 02/01/24 | 200 | 205255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Washington, Various Purpose, Series R-A (GO)<br> 5.00%, 08/01/24 | 750 | 779208 |

---

------

---

| | | |
|:---|:---|:---|
| | **Par**<br>**(000's** |<br>**Value** |
| **Washington (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington Health Care Facilities Authority, CommonSpirit Health, Series B-1 (RB)<br> 5.00%, 08/01/24 (c) (p) | $1000 | $1017534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington Health Care Facilities Authority, Virginia Mason Medical Center (RB)<br> 5.00%, 08/15/25 | 270 | 281149 |
|  |  | 9479853 |
| **West Virginia: 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of West Virginia, Commissioner of Highways, Surface Transportation Improvements, Series A (RB)<br> 5.00%, 09/01/23 | 410 | 416168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of West Virginia, Surface Transportation Improvements, Series A (RB)<br> 5.00%, 09/01/26 | 1000 | 1090407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;West Virginia Hospital Finance Authority, United Health System Obligated Group, Series A (RB)<br> 5.50%, 06/01/23 (c) | 500 | 504867 |
|  |  | 2011442 |

---

---

| | | |
|:---|:---|:---|
| | **Par**<br>**(000's** |<br>**Value** |
| **Wisconsin: 1.7%** |  |  |
| City of Milwaukee, Series N4 (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/24 | $225 | $230424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/25 | 125 | 130715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/26 | 750 | 799616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Wisconsin, Series 1 (RB)<br> 5.00%, 07/01/29 | 500 | 505396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Wisconsin, Series 2 (GO)<br> 5.00%, 11/01/25 | 380 | 408908 |
| State of Wisconsin, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/25 | 500 | 530569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/25 (c) | 500 | 530004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Wisconsin, Series B (GO)<br> 5.00%, 05/01/26 | 525 | 572572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of Wisconsin Hospitals And Clinics Authority, Series A (RB)<br> 5.00%, 04/01/23 (c) | 1000 | 1003910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin Department of Transportation, Series 2 (RB)<br> 5.00%, 07/01/24 | 120 | 124539 |
|  |  | 4836653 |
| **Total Municipal Bonds: 98.7%**<br> (Cost: $295,176,126) |  | 287600207 |
| **Other assets less liabilities: 1.3%** |  | 3669362 |
| **NET ASSETS: 100.0%** |  | $291269569 |

---

**Definitions:**

---

| | |
|:---|:---|
| AGC | Assured Guaranty Corp. |
| AGM | Assured Guaranty Municipal Corp. |
| BAM | Build America Assurance Co. |
| CP | Certificate of Participation |
| FHA | Federal Housing Association |
| GO | General Obligation |
| NATL | National Public Finance Guarantee Corp. |
| RB | Revenue Bond |
| SAW | State Aid Withholding |
| SBG | School Board Guaranteed |
| SD CRED PROG | Special District Credit Enhancement Program |
| ST | Special Tax |

---

**Footnotes:**

---

| | |
|:---|:---|
| (c) | Callable Security — the redemption date shown is when the security may be redeemed by the issuer |
| (p) | Putable Security — the redemption date shown is when the security may be redeemed by the investor |
| ^ | Zero Coupon Bond |

---

VANECK SHORT MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **Summary of Investments by Sector** | **% of**<br>**Investments** |<br>**Value** |
| State GO | 18.8% | $54173341 |
| Refunded | 14.8 | 42672075 |
| Local GO | 12.9 | 37167406 |
| Tax | 8.8 | 25287591 |
| Utilities - Other | 6.4 | 18369807 |
| Transportation | 5.9 | 16894791 |
| Water & Sewer | 5.5 | 15871819 |
| Leasing COPS & Appropriations | 4.3 | 12491560 |
| Toll & Turnpike | 4.3 | 12360150 |
| Power | 4.2 | 12046904 |
| Education | 4.2 | 11932278 |
| Hospitals | 4.1 | 11720811 |
| Misc | 1.7 | 5010039 |
| Airport | 1.4 | 4085060 |
| Multi-Family Housing | 1.3 | 3772060 |
| Tobacco | 0.7 | 1987668 |
| Unassigned | 0.4 | 1046541 |
| Industrial Development Revenue | 0.3 | 710306 |
|  | 100.0% | $287600207 |

---

## 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 Short Muni ETF

- **b. EDGAR series identifier (if any):** S000019192

- **c. LEI of Series:** 5493007TRTQNFVE3A788

**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:** $293356572.66

**Total Liabilities:** $2096131.36

**Net Assets:** $291260441.30

**Delayed Delivery Securities:** $2041800.00

**Cash Not Reported:** $2251022.83

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -1513.14000000 | **1-Year:** -28923.92000000 | **5-Year:** -33069.83000000 | **10-Year:** -426.12000000 | **30-Year:** 0.00000000

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000053009 | 1.83%                | 0.15%                | 1.28%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-655224.44              | $6312257.10                                |
| Month 2  | $-722868.95              | $824108.07                                 |
| Month 3  | $-1343814.48             | $4968574.97                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Main Street Natural Gas Inc                                                   | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DCH3<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1510127.70   | 0.52%             | 2049-08-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp                           | NEW HOPE CULTURAL EDU FACS FIN CORP TX HOSP REVENUE          | CUSIP: 645424AD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $162053.06    | 0.06%             | 2023-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Commissioner of Highways                                        | W VIRGINIA ST COMMISSIONER OF HIGHWAYS SPL OBLG              | CUSIP: 95649ACL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1090407.10   | 0.37%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                 | N TX TOLLWAY AUTH REVENUE                                    | CUSIP: 66285WEE2<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1071550.40   | 0.37%             | 2042-01-01      | Floating      | 6.20%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                        | NORTH CAROLINA ST MED CARE COMMISSION HOSP REVENUE           | CUSIP: 65820HN90<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    500000 | PA      | $534800.95    | 0.18%             | 2051-02-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                 | MASSACHUSETTS ST                                             | CUSIP: 57582RQW9<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |    295000 | PA      | $325788.91    | 0.11%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Urban Development Corp                                         | NEW YORK ST URBAN DEV CORP REVENUE                           | CUSIP: 650035U22<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |    500000 | PA      | $539930.00    | 0.19%             | 2028-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                 | MASSACHUSETTS ST                                             | CUSIP: 57582RWH5<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |    250000 | PA      | $270293.58    | 0.09%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX                                                            | HOUSTON TX                                                   | CUSIP: 442331T79<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250513.45    | 0.09%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Bexar TX                                                            | BEXAR CNTY TX                                                | CUSIP: 088281ZX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $544609.35    | 0.19%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                 | OHIO ST                                                      | CUSIP: 677522VK7<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    100000 | PA      | $107169.89    | 0.04%             | 2025-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                           | CALIFORNIA ST                                                | CUSIP: 13063DFT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    555000 | PA      | $580198.39    | 0.20%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Transit Authority Capital Grant Receipts Revenue                      | CHICAGO IL TRANSIT AUTH CAPITAL GRANT RECPTS REVENUE         | CUSIP: 167723GN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $355379.02    | 0.12%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Fairfax VA                                                          | FAIRFAX CNTY VA                                              | CUSIP: 30382AKS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    285000 | PA      | $293027.08    | 0.10%             | 2024-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp                                      | GOLDEN ST TOBACCO SECURITIZATION CORP CA TOBACCO SETTLEMENT  | CUSIP: 38122NGK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $926775.90    | 0.32%             | 2026-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                | TEXAS ST                                                     | CUSIP: 882724FT9<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |    430000 | PA      | $447521.43    | 0.15%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Urban Development Corp                                         | NEW YORK ST URBAN DEV CORP REVENUE                           | CUSIP: 650036EQ5<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |      5000 | PA      | $5276.94      | 0.00%             | 2025-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                            | NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT         | CUSIP: 64990GND0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    400000 | PA      | $438608.84    | 0.15%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Environmental Facilities Corp                                  | NEW YORK ST ENVRNMNTL FACS CORP ST CLEAN WTR & DRINKING WTR  | CUSIP: 64986DJD8<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |    605000 | PA      | $694791.38    | 0.24%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Joaquin Hills Transportation Corridor Agency                              | SAN JOAQUIN HILLS CA TRANSPRTN CORRIDOR AGY TOLL ROAD REV    | CUSIP: 798111BY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $477653.05    | 0.16%             | 2025-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                          | CONNECTICUT ST                                               | CUSIP: 20772KDR7<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |    270000 | PA      | $288788.27    | 0.10%             | 2025-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government of Nashville & Davidson County TN                     | MET GOVT NASHVILLE & DAVIDSON CNTY TN                        | CUSIP: 592112UP9<br>LEI: 549300GW8FVQJ3DU6O10 | Long             | DBT              | MUN               | US        |    500000 | PA      | $511749.55    | 0.18%             | 2024-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                      | CONNECTICUT ST SPL TAX OBLIG REVENUE                         | CUSIP: 207758ZM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1015000 | PA      | $1103970.03   | 0.38%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Guilford NC                                                         | GUILFORD CNTY NC                                             | CUSIP: 401784F99<br>LEI: 549300OUKUGQGH8RCL96 | Long             | DBT              | MUN               | US        |    500000 | PA      | $516620.85    | 0.18%             | 2024-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Harris TX Toll Road Revenue                                         | HARRIS CNTY TX TOLL ROAD REVENUE                             | CUSIP: 41423PAJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1121254.30   | 0.38%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Unified School District/CA                                        | LOS ANGELES CA UNIF SCH DIST                                 | CUSIP: 544647CE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $878948.64    | 0.30%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                           | CALIFORNIA ST                                                | CUSIP: 13063DPF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $838727.63    | 0.29%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                      | CONNECTICUT ST SPL TAX OBLIG REVENUE                         | CUSIP: 207758XY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    535000 | PA      | $558842.60    | 0.19%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Housing Finance Agency                                         | NEW YORK ST HSG FIN AGY AFFORDABLE HSG REVENUE               | CUSIP: 64987JDR9<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |    750000 | PA      | $692089.20    | 0.24%             | 2025-11-01      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                 | TEXAS ST WTR DEV BRD                                         | CUSIP: 882854ZQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $341807.34    | 0.12%             | 2023-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wise County Industrial Development Authority                                  | WISE CNTY VA INDL DEV AUTH SOL WST & SEWAGE DISP REVENUE     | CUSIP: 977228AE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $919287.80    | 0.32%             | 2040-10-01      | Floating      | 0.75%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                             | ILLINOIS ST                                                  | CUSIP: 452152Q61<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    800000 | PA      | $853382.56    | 0.29%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                               | NEW YORK CITY NY MUNI WTR FIN AUTH WTR & SWR SYS REVENUE     | CUSIP: 64972GUK8<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |    700000 | PA      | $715399.16    | 0.25%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Park District                                                         | CHICAGO IL PARK DIST                                         | CUSIP: 167615RX3<br>LEI: 549300DNSTZGBZLIU409 | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1413866.30   | 0.49%             | 2033-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Northampton County General Purpose Authority                                  | NORTHAMPTON CNTY PA GEN PURPOSE AUTH CLG REVENUE             | CUSIP: 66353LDE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $152844.80    | 0.05%             | 2023-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                            | NEW YORK ST DORM AUTH SALES TAX REVENUE                      | CUSIP: 64990AJS5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    640000 | PA      | $731520.96    | 0.25%             | 2028-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Westmoreland County Municipal Authority                                       | WESTMORELAND CNTY PA MUNI AUTH                               | CUSIP: 961017QP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    765000 | PA      | $805166.94    | 0.28%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland                                                             | MARYLAND ST                                                  | CUSIP: 574193RN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $534414.70    | 0.18%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                          | TRIBOROUGH NY BRIDGE & TUNNEL AUTH PAYROLL MOBILITY TAX      | CUSIP: 89602HFG7<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1160266.50   | 0.40%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue           | MET WASHINGTON DC ARPTS AUTH DULLES TOLL ROAD REVENUE        | CUSIP: 592643BM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1147854.20   | 0.39%             | 2041-10-01      | Floating      | 6.50%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts Federal Highway Grant Anticipation Note Revenue | MASSACHUSETTS ST FEDERAL HIGHWAY                             | CUSIP: 57583PHB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    860000 | PA      | $868688.67    | 0.30%             | 2024-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Louisiana                                                            | LOUISIANA ST                                                 | CUSIP: 546417BY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $363193.94    | 0.12%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                            | WISCONSIN ST                                                 | CUSIP: 97705MPE9<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |    525000 | PA      | $572571.62    | 0.20%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                            | NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT         | CUSIP: 64990GA93<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    700000 | PA      | $768593.77    | 0.26%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                              | ENERGY N W WA ELEC REVENUE                                   | CUSIP: 29270CX67<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    455000 | PA      | $471824.76    | 0.16%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority                      | NEW JERSEY ST HGR EDU ASSISTANCE AUTH STUDENT LOAN REVENUE   | CUSIP: 646080UA7<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |    500000 | PA      | $510129.50    | 0.18%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Transit Authority Capital Grant Receipts Revenue                      | CHICAGO IL TRANSIT AUTH CAPITAL GRANT RECPTS REVENUE         | CUSIP: 167723GL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $352520.53    | 0.12%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                         | LOUISIANA PUB FACS AUTH REVENUE                              | CUSIP: 546399KT2<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    500000 | PA      | $523040.00    | 0.18%             | 2050-05-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware State Economic Development Authority                                 | DELAWARE ST ECON DEV AUTH REVENUE                            | CUSIP: 246387SV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $463738.85    | 0.16%             | 2045-10-01      | Floating      | 1.25%                 | No            |                  2 | On Loan: No      |
| Virginia Commonwealth Transportation Board                                    | VIRGINIA ST CMWLTH TRANSPRTN BRD FEDERAL TRANSPRTRN GRANT    | CUSIP: 92778UAW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    510000 | PA      | $553825.17    | 0.19%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                            | NEW YORK ST DORM AUTH SALES TAX REVENUE                      | CUSIP: 64990AJP1<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1035000 | PA      | $1093429.68   | 0.38%             | 2025-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oakland Unified School District/Alameda County                                | OAKLAND CA UNIF SCH DIST ALAMEDA CNTY                        | CUSIP: 672325XT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1069333.50   | 0.37%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                      | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57584X7D7<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    250000 | PA      | $255086.40    | 0.09%             | 2038-07-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority                         | NEW JERSEY ST HLTH CARE FACS FING AUTH REVENUE               | CUSIP: 645790ML7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $320886.03    | 0.11%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                            | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990FP73<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    500000 | PA      | $557582.85    | 0.19%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 6461363E9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1410000 | PA      | $1453686.31   | 0.50%             | 2024-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                                | WASHINGTON DC MET AREA TRANSIT AUTH GROSS REVENUE            | CUSIP: 938782EM7<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |    100000 | PA      | $106413.14    | 0.04%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                              | CMWLTH FING AUTH PA TOBACCO MASTER SETTLEMENT PAYMENT REV    | CUSIP: 20282EAD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $251900.23    | 0.09%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Royal Oak Hospital Finance Authority                                          | ROYAL OAK MI HOSP FIN AUTH                                   | CUSIP: 780486HD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027631.80   | 0.35%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Wisconsin Hospitals & Clinics                                   | UNIV HOSPS & CLINICS AUTH WI                                 | CUSIP: 915260CK7<br>LEI: 549300O76DW14JGO7224 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003909.90   | 0.34%             | 2038-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Patriots Energy Group Financing Agency                                        | PATRIOTS ENERGY GROUP FING AGY SC GAS SPLY REVENUE           | CUSIP: 70342PAK0<br>LEI: 5493008X0DFBVFH4HL19 | Long             | DBT              | MUN               | US        |   1765000 | PA      | $1776539.04   | 0.61%             | 2048-10-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts State College Building Authority                                | MASSACHUSETTS ST CLG BLDG AUTH REVENUE                       | CUSIP: 575831CS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    775000 | PA      | $821680.89    | 0.28%             | 2049-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                             | ILLINOIS ST                                                  | CUSIP: 452152Q46<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1345000 | PA      | $1415816.00   | 0.49%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                       | DALLAS-FORT WORTH TX INTERNATIONAL ARPT REVENUE              | CUSIP: 2350365S5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $214438.60    | 0.07%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Oregon                                                               | OREGON ST                                                    | CUSIP: 68609BYU5<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |    500000 | PA      | $503280.65    | 0.17%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                           | VIRGINIA ST CLG BLDG AUTH EDUCTNL FACS REVENUE 21ST CENTURY  | CUSIP: 92778VHV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $665782.56    | 0.23%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware River Port Authority                                                 | DELAWARE RIVER PORT AUTH PA & NJ                             | CUSIP: 246352HK7<br>LEI: 549300OBM31KJO8JR048 | Long             | DBT              | MUN               | US        |    350000 | PA      | $367162.04    | 0.13%             | 2025-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                       | LOS ANGELES CA DEPT WTR & PWR REVENUE                        | CUSIP: 5444957A6<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    250000 | PA      | $259812.73    | 0.09%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Franklin County Convention Facilities Authority                               | FRANKLIN CNTY OH CONVENTION FACS AUTH                        | CUSIP: 353174GN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1730000 | PA      | $1813834.94   | 0.62%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                    | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204EXL7<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    155000 | PA      | $158656.56    | 0.05%             | 2024-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                   | CONNECTICUT ST HLTH & EDUCTNL FACS AUTH REV                  | CUSIP: 20774Y3D7<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    390000 | PA      | $390000.00    | 0.13%             | 2057-07-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Water District of Southern California                            | MET WTR DIST OF STHRN CA WTRWKS REVENUE                      | CUSIP: 59266TNT4<br>LEI: 5493003GD0S0P56RLT45 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1038211.50   | 0.36%             | 2024-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                          | GUAM GOVT WTRWKS AUTH WTR & WSTWTR SYS REVENUE               | CUSIP: 40065FBA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012629.00   | 0.35%             | 2043-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Long Island Power Authority                                                   | LONG ISLAND NY PWR AUTH ELEC SYS REVENUE                     | CUSIP: 542691BH2<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |    510000 | PA      | $560159.57    | 0.19%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                  | PENNSYLVANIA ST                                              | CUSIP: 70914PVU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $517934.00    | 0.18%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                         | SAN ANTONIO TX ELEC & GAS REVENUE                            | CUSIP: 7962535L2<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |    630000 | PA      | $688520.32    | 0.24%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                          | CONNECTICUT ST                                               | CUSIP: 20772KFP9<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |    375000 | PA      | $376916.18    | 0.13%             | 2023-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| American Municipal Power Inc                                                  | AMERICAN MUNI PWR-OHIO INC OH REVENUE                        | CUSIP: 02765UQD9<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1118968.70   | 0.38%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New Mexico                                                           | NEW MEXICO ST                                                | CUSIP: 647293RR2<br>LEI: 549300H4YLM23QKOGK29 | Long             | DBT              | MUN               | US        |    340000 | PA      | $340715.09    | 0.12%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Wake NC                                                             | WAKE CNTY NC                                                 | CUSIP: 930864DQ3<br>LEI: 5493007XQJHO082P1H29 | Long             | DBT              | MUN               | US        |    300000 | PA      | $334854.96    | 0.11%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Housing Finance Agency                                         | NEW YORK ST HSG FIN AGY AFFORDABLE HSG REVENUE               | CUSIP: 64987JSF9<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |    975000 | PA      | $948773.57    | 0.33%             | 2060-11-01      | Floating      | 2.50%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                     | INDIANA ST FIN AUTH REVENUE                                  | CUSIP: 45506D5J0<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    250000 | PA      | $263623.03    | 0.09%             | 2025-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                  | PENNSYLVANIA ST                                              | CUSIP: 70914PK27<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $347698.17    | 0.12%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                                | WASHINGTON DC MET AREA TRANSIT AUTH GROSS REVENUE            | CUSIP: 938782EL9<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |    225000 | PA      | $233160.39    | 0.08%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Department of Management Services                                     | FLORIDA ST DEPT GEN SVCS DIV FACS MGMT REVENUE               | CUSIP: 341602F21<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $182708.03    | 0.06%             | 2023-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                          | DIST OF COLUMBIA INCOME TAX SECURED REVENUE                  | CUSIP: 25477GPW9<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    785000 | PA      | $865719.82    | 0.30%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland Department of Transportation                                | MARYLAND ST DEPT OF TRANSPRTN CONSOL TRANSPRTN               | CUSIP: 574204F57<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $503243.05    | 0.17%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                         | MET TRANSPRTN AUTH NY REVENUE                                | CUSIP: 59261ANH6<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    500000 | PA      | $532759.80    | 0.18%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                 | TEXAS ST WTR DEV BRD                                         | CUSIP: 882854T69<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $239976.99    | 0.08%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Higher Education and Health Authority                       | MONTGOMERY CNTY PA HGR EDU & HLTH AUTH                       | CUSIP: 613603YF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $506215.75    | 0.17%             | 2023-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                            | NEW YORK ST DORM AUTH SALES TAX REVENUE                      | CUSIP: 64990APS8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    155000 | PA      | $159625.54    | 0.05%             | 2024-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Water District of Southern California                            | MET WTR DIST OF STHRN CA WTRWKS REVENUE                      | CUSIP: 59266TNR8<br>LEI: 5493003GD0S0P56RLT45 | Long             | DBT              | MUN               | US        |    450000 | PA      | $454975.61    | 0.16%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Conroe Independent School District                                            | CONROE TX INDEP SCH DIST                                     | CUSIP: 208418T37<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2218891.80   | 0.76%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland Department of Transportation                                | MARYLAND ST DEPT OF TRANSPRTN CONSOL TRANSPRTN               | CUSIP: 574204U35<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $510962.15    | 0.18%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New Jersey                                                           | NEW JERSEY ST                                                | CUSIP: 646039YX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $489293.35    | 0.17%             | 2026-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| City of Richmond VA Public Utility Revenue                                    | RICHMOND VA PUBLIC UTILITY REVENUE                           | CUSIP: 765433KC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $131603.73    | 0.05%             | 2025-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                            | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990F2B9<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     25000 | PA      | $27766.83     | 0.01%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland                                                             | MARYLAND ST                                                  | CUSIP: 574193NF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1544482.50   | 0.53%             | 2024-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Michigan                                                             | MICHIGAN ST                                                  | CUSIP: 594612DH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1065000 | PA      | $1154736.05   | 0.40%             | 2026-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tuscaloosa City Board of Education                                            | TUSCALOOSA AL CITY BRD OF EDU SCH TAX WARRANTS               | CUSIP: 90059RAV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $899922.71    | 0.31%             | 2041-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County Transportation Authority                                        | ORANGE CNTY CA TRANSPRTN AUTH                                | CUSIP: 68441VAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $783290.70    | 0.27%             | 2024-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                               | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JBJ4<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    500000 | PA      | $507936.15    | 0.17%             | 2053-05-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                                   | NEW JERSEY ST EDUCTNL FACS AUTH REVENUE                      | CUSIP: 646066N48<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1068515.20   | 0.37%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Foothill-Eastern Transportation Corridor Agency                               | FOOTHILL ESTRN TRANSPRTN CORRIDOR AGY CA TOLL ROAD REVENUE   | CUSIP: 345105BB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $456732.70    | 0.16%             | 2027-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                 | OHIO ST                                                      | CUSIP: 677522RH9<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006411.00   | 0.35%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                            | NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT         | CUSIP: 64990GFT4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    300000 | PA      | $304544.85    | 0.10%             | 2024-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington & Multnomah Counties School District No 48J Beaverton              | WASHINGTON CNTY OR SCH DIST #48J BEAVERTON                   | CUSIP: 938429K22<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1035868.00   | 0.36%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                          | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                 | CUSIP: 167593Q54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $538234.60    | 0.18%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southern California Public Power Authority                                    | STHRN CA PUBLIC PWR AUTH REVENUE                             | CUSIP: 84247PLK5<br>LEI: 5493003B5TD5FWUKMD34 | Long             | DBT              | MUN               | US        |    725000 | PA      | $742950.13    | 0.26%             | 2024-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                      | CONNECTICUT ST SPL TAX OBLIG REVENUE                         | CUSIP: 207758ZQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $683947.98    | 0.23%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                           | CALIFORNIA ST                                                | CUSIP: 13063DSA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    910000 | PA      | $1056004.59   | 0.36%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland Department of Transportation                                | MARYLAND ST DEPT OF TRANSPRTN CONSOL TRANSPRTN               | CUSIP: 574204L68<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    595000 | PA      | $655739.80    | 0.23%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Building Aid Revenue             | NEW YORK CITY NY TRANSITIONAL FIN AUTH BLDG AID REVENUE      | CUSIP: 64972HZK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    570000 | PA      | $608541.35    | 0.21%             | 2025-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ysleta Independent School District                                            | YSLETA TX INDEP SCH DIST                                     | CUSIP: 9881688N3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $694580.38    | 0.24%             | 2045-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                           | CALIFORNIA ST                                                | CUSIP: 13063DG85<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1195296.74   | 0.41%             | 2027-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Unified School District/CA                                        | LOS ANGELES CA UNIF SCH DIST                                 | CUSIP: 5446465L2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $909095.51    | 0.31%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                     | INDIANA ST FIN AUTH REVENUE                                  | CUSIP: 45506D5H4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    500000 | PA      | $513186.95    | 0.18%             | 2024-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                 | MASSACHUSETTS ST                                             | CUSIP: 57582RYK6<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |    750000 | PA      | $762792.83    | 0.26%             | 2025-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue       | NEW YORK CITY NY TRANSITIONAL FIN AUTH REVENUE               | CUSIP: 64971WPA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019715.10   | 0.35%             | 2023-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Lehigh PA                                                           | LEHIGH CNTY PA GEN PURPOSE HOSP REVENUE                      | CUSIP: 52480GDJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $643794.84    | 0.22%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                         | ILLINOIS ST TOLL HIGHWAY AUTH                                | CUSIP: 452252PD5<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |    650000 | PA      | $718501.29    | 0.25%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                           | CALIFORNIA ST                                                | CUSIP: 13063CY95<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015627.00   | 0.35%             | 2023-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                           | CALIFORNIA ST                                                | CUSIP: 13063DM39<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $566072.60    | 0.19%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts School Building Authority                                       | MASSACHUSETTS ST SCH BLDG AUTH SALES TAX REVENUE             | CUSIP: 576000PL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $503712.85    | 0.17%             | 2043-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                   | OHIO ST HGR EDUCTNL FAC COMMISSION                           | CUSIP: 67756DJL1<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    560000 | PA      | $571904.31    | 0.20%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Honolulu HI                                                  | HONOLULU CITY & CNTY HI                                      | CUSIP: 438687TW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    785000 | PA      | $851310.83    | 0.29%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of San Francisco CA                                             | SAN FRANCISCO CITY & CNTY CA COPS                            | CUSIP: 79765DW63<br>LEI: 549300RA28ZEFOB6M782 | Long             | DBT              | MUN               | US        |    100000 | PA      | $105717.70    | 0.04%             | 2025-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                              | ENERGY N W WA ELEC REVENUE                                   | CUSIP: 29270CX42<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101070.90    | 0.03%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                  | PENNSYLVANIA ST                                              | CUSIP: 70914PJ94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    560000 | PA      | $603315.72    | 0.21%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Dallas TX                                                           | DALLAS CNTY TX                                               | CUSIP: 234650MX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $380173.99    | 0.13%             | 2023-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Delaware                                                             | DELAWARE ST                                                  | CUSIP: 246381NY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    410000 | PA      | $440267.35    | 0.15%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Commonwealth Transportation Board                                    | VIRGINIA ST CMWLTH TRANSPRTN BRD FEDERAL TRANSPRTRN GRANT    | CUSIP: 92778UBR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $406515.68    | 0.14%             | 2023-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County Water District                                                  | ORANGE CNTY CA WTR DIST COPS                                 | CUSIP: 684421FB1<br>LEI: 549300KBQTX6CMJ3U708 | Long             | DBT              | MUN               | US        |    205000 | PA      | $204596.58    | 0.07%             | 2023-08-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                            | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990E5L7<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1070000 | PA      | $1070995.85   | 0.37%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bay Area Toll Authority                                                       | BAY AREA CA TOLL AUTH TOLL BRIDGE REVENUE                    | CUSIP: 072024UK6<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |    395000 | PA      | $394780.46    | 0.14%             | 2047-04-01      | Floating      | 2.85%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                                   | NEW JERSEY ST EDUCTNL FACS AUTH REVENUE                      | CUSIP: 646066ED8<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008432.80   | 0.35%             | 2023-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                          | TRIBOROUGH NY BRIDGE & TUNNEL AUTH PAYROLL MOBILITY TAX      | CUSIP: 89602HAD9<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |    875000 | PA      | $848943.29    | 0.29%             | 2045-05-15      | Floating      | 2.00%                 | No            |                  2 | On Loan: No      |
| Louisville/Jefferson County Metropolitan Government                           | LOUISVILLE & JEFFERSON CNTY KY MET GOVT HLTH SYS REVENUE     | CUSIP: 54659LCD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1065273.00   | 0.37%             | 2047-10-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Canadian County Educational Facilities Authority                              | CANADIAN CNTY OK EDUCTNL FACS AUTH EDUC FACS LEASE REVENUE   | CUSIP: 135521CM2<br>LEI: 549300HPRFS0Z66VHS30 | Long             | DBT              | MUN               | US        |    535000 | PA      | $582214.93    | 0.20%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                             | ILLINOIS ST                                                  | CUSIP: 452152P70<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    500000 | PA      | $508180.55    | 0.17%             | 2023-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salt River Project Agricultural Improvement & Power District                  | SALT RIVER AZ PROJ AGRIC IMPT& PWR DIST ELEC SYS REVENUE     | CUSIP: 79574CEL3<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |    500000 | PA      | $554479.00    | 0.19%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Urban Development Corp                                         | NEW YORK ST URBAN DEV CORP REVENUE                           | CUSIP: 6500354F2<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |    690000 | PA      | $766724.00    | 0.26%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp/RI                                          | TOBACCO SETTLEMENT FING CORP RI                              | CUSIP: 888809AY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $516848.35    | 0.18%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                           | NEW YORK NY                                                  | CUSIP: 64966MSU4<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    325000 | PA      | $356466.47    | 0.12%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Water & Sewer System Revenue                          | MIAMI-DADE CNTY FL WTR & SWR REVENUE                         | CUSIP: 59334DJZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $561095.70    | 0.19%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                            | NEW YORK ST DORM AUTH SALES TAX REVENUE                      | CUSIP: 64990AFZ3<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    300000 | PA      | $334738.68    | 0.11%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                              | KENTUCKY ST PUBLIC ENERGY AUTH GAS SPLY REVENUE              | CUSIP: 74440DAZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200285.90    | 0.07%             | 2023-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Water Resources Authority                                       | MASSACHUSETTS ST WTR RESOURCES AUTH                          | CUSIP: 576051XY7<br>LEI: 549300GBS2G3YGHOYO19 | Long             | DBT              | MUN               | US        |    170000 | PA      | $172219.52    | 0.06%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                              | ENERGY N W WA ELEC REVENUE                                   | CUSIP: 29270CV85<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1064860.50   | 0.37%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland Department of Transportation                                | MARYLAND ST DEPT OF TRANSPRTN CONSOL TRANSPRTN               | CUSIP: 574204H30<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $171975.14    | 0.06%             | 2024-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                    | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204EV70<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    500000 | PA      | $518417.80    | 0.18%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Denton Independent School District                                            | DENTON TX INDEP SCH DIST                                     | CUSIP: 249002DZ6<br>LEI: 5493005I9W678SUI0Z07 | Long             | DBT              | MUN               | US        |    500000 | PA      | $531744.10    | 0.18%             | 2045-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii                                                               | HAWAII ST                                                    | CUSIP: 419792SD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $114994.28    | 0.04%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                          | TRIBOROUGH NY BRIDGE & TUNNEL AUTH PAYROLL MOBILITY TAX      | CUSIP: 89602HBG1<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |    500000 | PA      | $537100.45    | 0.18%             | 2051-05-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of St Louis MO Airport Revenue                                           | SAINT LOUIS MO ARPT REVENUE                                  | CUSIP: 791638D55<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010085.40   | 0.35%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                | TEXAS ST                                                     | CUSIP: 882724GB7<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |    400000 | PA      | $405162.64    | 0.14%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                           | CALIFORNIA ST                                                | CUSIP: 13063DSW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $509268.50    | 0.17%             | 2024-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of San Bernardino CA                                                   | SAN BERNARDINO CNTY CA COPS                                  | CUSIP: 796815KR8<br>LEI: 254900RTS8DDNPA7MX91 | Long             | DBT              | MUN               | US        |   1035000 | PA      | $1096924.46   | 0.38%             | 2024-08-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                                | WASHINGTON DC MET AREA TRANSIT AUTH GROSS REVENUE            | CUSIP: 938782EP0<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |    200000 | PA      | $223434.00    | 0.08%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                          | DIST OF COLUMBIA                                             | CUSIP: 25476FUV8<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    315000 | PA      | $335329.47    | 0.12%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southwestern Community College District                                       | S WSTRN CA CMNTY CLG DIST                                    | CUSIP: 845389FP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $535676.50    | 0.18%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Colorado                                                             | COLORADO ST COPS                                             | CUSIP: 196711TP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $551905.50    | 0.19%             | 2026-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                            | CHICAGO IL                                                   | CUSIP: 167486D30<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    500000 | PA      | $523236.65    | 0.18%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                            | WISCONSIN ST                                                 | CUSIP: 97705MFW0<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |    500000 | PA      | $530569.50    | 0.18%             | 2025-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                          | DIST OF COLUMBIA                                             | CUSIP: 25476FWP9<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    120000 | PA      | $127744.56    | 0.04%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                           | CALIFORNIA ST                                                | CUSIP: 13063CZS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $321786.09    | 0.11%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma County Independent School District No 89 Oklahoma City               | OKLAHOMA CNTY OK INDEP SCH DIST #89 OKLAHOMA CITY            | CUSIP: 678841LM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013497.60   | 0.35%             | 2027-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State of California Department of Water Resources                             | CALIFORNIA ST DEPT OF WTR RESOURCES CENTRL VLY PROJ          | CUSIP: 13067WRT1<br>LEI: 549300X618YEC5LGBQ98 | Long             | DBT              | MUN               | US        |    500000 | PA      | $555866.00    | 0.19%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                           | VIRGINIA ST CLG BLDG AUTH EDUCTNL FACS REVENUE 21ST CENTURY  | CUSIP: 92778VFB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250000.00    | 0.09%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                            | NEW YORK ST DORM AUTH SALES TAX REVENUE                      | CUSIP: 64990APG4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    680000 | PA      | $739856.73    | 0.25%             | 2026-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                          | CONNECTICUT ST                                               | CUSIP: 20772KAQ2<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |    375000 | PA      | $376916.18    | 0.13%             | 2023-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                             | ILLINOIS ST                                                  | CUSIP: 4521524R9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    400000 | PA      | $420034.80    | 0.14%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Philadelphia/The                                           | PHILADELPHIA PA SCH DIST                                     | CUSIP: 717883TA0<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |    660000 | PA      | $699040.85    | 0.24%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                 | MASSACHUSETTS ST                                             | CUSIP: 57582RB96<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |    250000 | PA      | $280636.15    | 0.10%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Regional Transportation District Sales Tax Revenue                            | REGL TRANSPRTN DIST CO SALES TAX REVENUE                     | CUSIP: 759136UU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1151651.40   | 0.40%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Houston                                                         | UNIV OF HOUSTON TX UNIV REVENUES                             | CUSIP: 914302FW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1081747.60   | 0.37%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alabama Federal Aid Highway Finance Authority                                 | ALABAMA FEDERAL AID HIGHWAY FIN AUTH SPL OBLIG REVENUE       | CUSIP: 010268BZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $126858.75    | 0.04%             | 2023-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                     | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 64577BD84<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    100000 | PA      | $103987.41    | 0.04%             | 2024-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                          | CONNECTICUT ST                                               | CUSIP: 20772J2M3<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |    300000 | PA      | $304187.55    | 0.10%             | 2023-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Turnpike Authority                                                   | KENTUCKY ST TURNPIKE AUTH ECON DEV ROAD REVENUE              | CUSIP: 491552Q24<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $129268.15    | 0.04%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                 | OHIO ST                                                      | CUSIP: 6775217F7<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    500000 | PA      | $516307.75    | 0.18%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                           | CALIFORNIA ST                                                | CUSIP: 13063DBN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    915000 | PA      | $1012938.40   | 0.35%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp                                      | GOLDEN ST TOBACCO SECURITIZATION CORP CA TOBACCO SETTLEMENT  | CUSIP: 38122NYK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1870000 | PA      | $1990246.24   | 0.68%             | 2045-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Connecticut                                                     | UNIV OF CONNECTICUT CT                                       | CUSIP: 914233P54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $596849.28    | 0.20%             | 2026-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alabama Federal Aid Highway Finance Authority                                 | ALABAMA FEDERAL AID HIGHWAY FIN AUTH SPL OBLIG REVENUE       | CUSIP: 010268BX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    985000 | PA      | $1106020.35   | 0.38%             | 2037-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Minnesota                                                            | MINNESOTA ST                                                 | CUSIP: 60412AQQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1247994.48   | 0.43%             | 2024-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Industrial Development Agency                                   | NEW YORK CITY NY INDL DEV AGY REVENUE                        | CUSIP: 64971PKV6<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |    750000 | PA      | $816382.88    | 0.28%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                           | WASHINGTON ST                                                | CUSIP: 93974EDB9<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1091225.40   | 0.37%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Building Aid Revenue             | NEW YORK CITY NY TRANSITIONAL FIN AUTH BLDG AID REVENUE      | CUSIP: 64972HZJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $571454.02    | 0.20%             | 2024-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Bernardino Community College District                                     | SAN BERNARDINO CA CMNTY CLG DIST                             | CUSIP: 796720MB3<br>LEI: 549300Y4FPTEP3EQZ007 | Long             | DBT              | MUN               | US        |    540000 | PA      | $585539.60    | 0.20%             | 2049-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Grossmont-Cuyamaca Community College District                                 | GROSSMONT-CUYAMACA CA CMNTY CLG DIST                         | CUSIP: 399267HA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $275638.64    | 0.09%             | 2024-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware Transportation Authority                                             | DELAWARE ST TRANSPRTN AUTH TRANSPRTN SYS REVENUE             | CUSIP: 246428J72<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $547608.80    | 0.19%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp                                                 | SALES TAX SECURITIZATION CORP IL                             | CUSIP: 79467BDZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $561868.01    | 0.19%             | 2024-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Public Utilities Commission Wastewater Revenue    | SAN FRANCISCO CITY & CNTY CA PUBLIC UTILS COMMISSION WSTWTR  | CUSIP: 79768HDZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    930000 | PA      | $923819.59    | 0.32%             | 2048-10-01      | Floating      | 2.13%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                             | ILLINOIS ST                                                  | CUSIP: 452152G47<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    350000 | PA      | $350000.00    | 0.12%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Puget Sound Regional Transit Authority                                | CENTRL PUGET SOUND WA REGL TRANSIT AUTH SALES & USE TAX      | CUSIP: 15504RGA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1074962.60   | 0.37%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                           | CALIFORNIA ST PUBLIC WKS BRD LEASE REVENUE                   | CUSIP: 13068LH24<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    885000 | PA      | $977321.25    | 0.34%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                           | CALIFORNIA ST PUBLIC WKS BRD LEASE REVENUE                   | CUSIP: 13068LN27<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $550993.15    | 0.19%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                          | DIST OF COLUMBIA                                             | CUSIP: 25476FTK4<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    500000 | PA      | $532269.00    | 0.18%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Alabama Gas District/The                                                | LOWER AL GAS DIST GAS PROJ REVENUE                           | CUSIP: 547804AM6<br>LEI: 549300YTI1NTDG2OVU42 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1507189.65   | 0.52%             | 2050-12-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                           | CALIFORNIA ST                                                | CUSIP: 13063C5T3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $338242.94    | 0.12%             | 2024-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Broward County/FL                                          | BROWARD CNTY FL SCH BRD COPS                                 | CUSIP: 115065ZL1<br>LEI: 5493006KVNQDJ1D0OD92 | Long             | DBT              | MUN               | US        |    340000 | PA      | $351417.23    | 0.12%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                   | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DCR1<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2012679.40   | 0.69%             | 2050-03-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Special Health Care District                                  | MARICOPA CNTY AZ SPL HLTH CARE DIST                          | CUSIP: 56756TAE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $258890.00    | 0.09%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bay Area Toll Authority                                                       | BAY AREA CA TOLL AUTH TOLL BRIDGE REVENUE                    | CUSIP: 072024UJ9<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |   1205000 | PA      | $1207631.00   | 0.41%             | 2047-04-01      | Floating      | 2.95%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                 | TEXAS ST WTR DEV BRD                                         | CUSIP: 882854L91<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $522393.40    | 0.18%             | 2024-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                  | PENNSYLVANIA ST                                              | CUSIP: 70914PXA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $528707.10    | 0.18%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Houston Independent School District                                           | HOUSTON TX INDEP SCH DIST                                    | CUSIP: 442403KR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $650609.77    | 0.22%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Commonwealth Transportation Board                                    | VIRGINIA ST CMWLTH TRANSPRTN BRD FEDERAL TRANSPRTRN GRANT    | CUSIP: 92778UBT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $339034.25    | 0.12%             | 2024-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                       | LOS ANGELES CA DEPT WTR & PWR REVENUE                        | CUSIP: 5444956X7<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    550000 | PA      | $556256.31    | 0.19%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                                           | ILLINOIS ST SALES TAX REVENUE                                | CUSIP: 452227RN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    580000 | PA      | $595446.62    | 0.20%             | 2028-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Special Health Care District                                  | MARICOPA CNTY AZ SPL HLTH CARE DIST                          | CUSIP: 56756TAW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $505146.60    | 0.17%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeastern Pennsylvania Transportation Authority                            | S ESTRN PA TRANSPRTN AUTH                                    | CUSIP: 842039DQ9<br>LEI: 98450061A2F3FD36E493 | Long             | DBT              | MUN               | US        |    115000 | PA      | $115943.06    | 0.04%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                           | VIRGINIA ST CLG BLDG AUTH EDUCTNL FACS REVENUE 21ST CENTURY  | CUSIP: 92778VDX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $241197.87    | 0.08%             | 2024-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp                                             | TENNESSEE ST ENERGY ACQUISITION CORP GAS REVENUE             | CUSIP: 880443JE7<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |   1775000 | PA      | $1783946.36   | 0.61%             | 2049-11-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                         | ILLINOIS ST TOLL HIGHWAY AUTH                                | CUSIP: 452252NC9<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |    415000 | PA      | $458735.44    | 0.16%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                           | CALIFORNIA ST                                                | CUSIP: 13063DBJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $535547.41    | 0.18%             | 2023-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                           | CALIFORNIA ST                                                | CUSIP: 13063DNY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $309431.58    | 0.11%             | 2024-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark Department of Aviation                                        | CLARK CNTY NV ARPT REVENUE                                   | CUSIP: 18085PRE6<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |    300000 | PA      | $303087.96    | 0.10%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                 | MASSACHUSETTS ST                                             | CUSIP: 57582RWJ1<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |    710000 | PA      | $787360.18    | 0.27%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp                                             | TENNESSEE ST ENERGY ACQUISITION CORP GAS REVENUE             | CUSIP: 880443HZ2<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |    560000 | PA      | $560598.92    | 0.19%             | 2048-05-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Utah UT                                                             | UTAH CNTY UT HOSP REVENUE                                    | CUSIP: 917393DE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1032664.40   | 0.35%             | 2060-05-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland                                                             | MARYLAND ST                                                  | CUSIP: 574193PC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $571997.47    | 0.20%             | 2024-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Water & Sewer System Revenue                             | CHARLOTTE NC WTR & SWR SYS REVENUE                           | CUSIP: 161045NJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $505458.55    | 0.17%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tuscaloosa City Board of Education                                            | TUSCALOOSA AL CITY BRD OF EDU SCH TAX WARRANTS               | CUSIP: 90059RAX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1055000 | PA      | $1150810.25   | 0.40%             | 2046-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                            | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990FE75<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    220000 | PA      | $220209.64    | 0.08%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Minnesota                                                            | MINNESOTA ST                                                 | CUSIP: 60412AGQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $439011.56    | 0.15%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Housing Finance Agency                                          | MASSACHUSETTS ST HSG FIN AGY HSG REVENUE                     | CUSIP: 57587GKN4<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $917547.50    | 0.32%             | 2026-06-01      | Fixed         | 0.90%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                            | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990FE83<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    140000 | PA      | $147859.12    | 0.05%             | 2025-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Housing Finance Agency                                         | NEW YORK ST HSG FIN AGY                                      | CUSIP: 64987DB29<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |    700000 | PA      | $689029.88    | 0.24%             | 2024-05-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| State of Florida Department of Transportation Turnpike System Revenue         | FLORIDA ST TURNPIKE AUTH                                     | CUSIP: 3431368D2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1155000 | PA      | $1229352.43   | 0.42%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                           | NEW YORK NY                                                  | CUSIP: 64966MSR1<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    320000 | PA      | $324114.18    | 0.11%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Alabama Gas Supply District/The                                     | S E ALABAMA ST GAS SPLY DIST GAS SPLY REVENUE                | CUSIP: 84131TAQ5<br>LEI: 549300BL04JIB2GJZ178 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250589.65    | 0.09%             | 2049-06-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Georgia                                                              | GEORGIA ST                                                   | CUSIP: 373385BE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1095217.60   | 0.38%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                              | KENTUCKY ST PUBLIC ENERGY AUTH GAS SPLY REVENUE              | CUSIP: 74440DBD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1085000 | PA      | $1085103.62   | 0.37%             | 2049-01-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Fairfax VA                                                          | FAIRFAX CNTY VA                                              | CUSIP: 30382AGB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $277870.84    | 0.10%             | 2023-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                      | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57584YZK8<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    500000 | PA      | $551951.30    | 0.19%             | 2026-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut Housing Finance Authority                                         | CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM             | CUSIP: 20775HKQ5<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |    250000 | PA      | $239484.38    | 0.08%             | 2051-11-15      | Floating      | 0.45%                 | No            |                  2 | On Loan: No      |
| Texas A&M University                                                          | TEXAS ST A & M UNIV REVENUES                                 | CUSIP: 88213AFB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    820000 | PA      | $895455.58    | 0.31%             | 2026-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Bay Transportation Authority Sales Tax Revenue                  | MASSACHUSETTS ST BAY TRANSPRTN AUTH SALES TAX REVENUE        | CUSIP: 575579J81<br>LEI: 549300D2U0XBUXGX8P68 | Long             | DBT              | MUN               | US        |    515000 | PA      | $533605.25    | 0.18%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of North Carolina                                                       | NORTH CAROLINA ST GRANT ANTICIPATION REVENUE                 | CUSIP: 658268DQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501010.45    | 0.17%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                            | NEW YORK ST DORM AUTH REVENUESNON ST SUPPORTED DEBT          | CUSIP: 64990CA50<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    110000 | PA      | $114145.59    | 0.04%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dripping Springs Independent School District/TX                               | DRIPPING SPRINGS TX INDEP SCHDIST                            | CUSIP: 262061PR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016275.60   | 0.35%             | 2039-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cook Kane Lake & McHenry Counties Community College District No 512           | COOK KANE LAKE & MCHENRY CNTYS IL CMNTY CLG DIST #512        | CUSIP: 216181GD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $215150.92    | 0.07%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                            | NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT         | CUSIP: 64990CUY5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    500000 | PA      | $531701.45    | 0.18%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Urban Development Corp                                         | NEW YORK ST URBAN DEV CORP REVENUE                           | CUSIP: 650036CP9<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |    500000 | PA      | $528493.70    | 0.18%             | 2025-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Jefferson AL                                                        | JEFFERSON CNTY AL                                            | CUSIP: 472628QW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $578289.92    | 0.20%             | 2028-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 6461363U3<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1197885.48   | 0.41%             | 2023-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                              | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE         | CUSIP: 709224XA2<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    500000 | PA      | $540585.15    | 0.19%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                   | WASHINGTON ST HLTH CARE FACS AUTH                            | CUSIP: 93978HSD8<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |    270000 | PA      | $281148.68    | 0.10%             | 2025-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County Transportation Authority                                        | ORANGE CNTY CA TRANSPRTN AUTH                                | CUSIP: 68441VAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $693760.75    | 0.24%             | 2024-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue       | NEW YORK CITY NY TRANSITIONAL FIN AUTH REVENUE               | CUSIP: 64971XTQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $578729.51    | 0.20%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                          | TRIBOROUGH NY BRIDGE & TUNNEL AUTH PAYROLL MOBILITY TAX      | CUSIP: 89602HAV9<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1074527.70   | 0.37%             | 2050-05-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Denton TX Utility System Revenue                                      | DENTON TX UTILITY SYS REVENUE                                | CUSIP: 249015B80<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    310000 | PA      | $338755.51    | 0.12%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lancaster Port Authority                                                      | LANCASTER OH PORT AUTH GAS REVENUE                           | CUSIP: 514401BA5<br>LEI: 5493007EGWLFDZJFF129 | Long             | DBT              | MUN               | US        |    485000 | PA      | $499357.94    | 0.17%             | 2049-08-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana State Citizens Property Insurance Corp                              | LOUISIANA ST CITIZENS PROPERTY INSURANCE CORP                | CUSIP: 546456EC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    590000 | PA      | $594818.65    | 0.20%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                           | VIRGINIA ST CLG BLDG AUTH EDUCTNL FACS REVENUE 21ST CENTURY  | CUSIP: 92778VEA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $277409.40    | 0.10%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Parish of St John the Baptist LA                                              | SAINT JOHN THE BAPTIST PARISH LA REVENUE                     | CUSIP: 79020FBA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $710306.48    | 0.24%             | 2037-06-01      | Floating      | 2.38%                 | No            |                  2 | On Loan: No      |
| State of California                                                           | CALIFORNIA ST                                                | CUSIP: 13063DPA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $318003.21    | 0.11%             | 2025-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                              | ENERGY N W WA ELEC REVENUE                                   | CUSIP: 29270CV93<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    725000 | PA      | $810920.33    | 0.28%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority                         | NEW JERSEY ST HLTH CARE FACS FING AUTH REVENUE               | CUSIP: 645790EL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $303038.10    | 0.10%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                          | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                 | CUSIP: 167593VH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $339087.80    | 0.12%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cook IL                                                             | COOK CNTY IL                                                 | CUSIP: 213185LT6<br>LEI: 5493004UMR7OX4YITE10 | Long             | DBT              | MUN               | US        |    300000 | PA      | $325246.68    | 0.11%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Urban Development Corp                                         | NEW YORK ST URBAN DEV CORP REVENUE                           | CUSIP: 650036ER3<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |    495000 | PA      | $523208.76    | 0.18%             | 2025-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                           | WASHINGTON ST                                                | CUSIP: 93974DE38<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |    200000 | PA      | $205254.78    | 0.07%             | 2024-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue       | NEW YORK CITY NY TRANSITIONAL FIN AUTH REVENUE               | CUSIP: 64971XRN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    440000 | PA      | $497875.31    | 0.17%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pflugerville Independent School District                                      | PFLUGERVILLE TX INDEP SCH DIST                               | CUSIP: 717096CT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1025450.80   | 0.35%             | 2024-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                 | KENTUCKY ST PROPERTY & BLDGS COMMISSION REVENUES             | CUSIP: 49151FYW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $297217.86    | 0.10%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Oyster Bay NY                                                         | OYSTER BAY NY                                                | CUSIP: 692160QK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $540946.09    | 0.19%             | 2026-02-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                         | MET TRANSPRTN AUTH NY REVENUE                                | CUSIP: 59261APM3<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    500000 | PA      | $506650.85    | 0.17%             | 2023-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Houston Independent School District                                           | HOUSTON TX INDEP SCH DIST                                    | CUSIP: 442403LZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $270513.50    | 0.09%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Milwaukee WI                                                          | MILWAUKEE WI                                                 | CUSIP: 602366YG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $130715.35    | 0.04%             | 2025-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                 | MASSACHUSETTS ST                                             | CUSIP: 57582RNM4<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |    400000 | PA      | $440833.48    | 0.15%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                           | CALIFORNIA ST                                                | CUSIP: 13063DB72<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $568371.15    | 0.20%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX                                                        | SAN ANTONIO TX                                               | CUSIP: 79623PCS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $533659.40    | 0.18%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Florida Expressway Authority                                          | CENTRL FL EXPRESSWAY AUTH SR LIEN REVENUE                    | CUSIP: 153476BF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $326805.54    | 0.11%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Lottery Revenue                                              | FLORIDA ST BRD OF EDU LOTTERY REVENUE                        | CUSIP: 341507R78<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $674127.55    | 0.23%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                           | NEW YORK NY                                                  | CUSIP: 64966MHY8<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    500000 | PA      | $548409.95    | 0.19%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                     | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 64577BJV7<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    500000 | PA      | $535188.70    | 0.18%             | 2031-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp                                        | PHOENIX AZ CIVIC IMPT CORP ARPT REVENUE                      | CUSIP: 71883MMG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $252573.30    | 0.09%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                     | HOUSTON TX ARPT SYS REVENUE                                  | CUSIP: 442349CN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $505105.05    | 0.17%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                              | ENERGY N W WA ELEC REVENUE                                   | CUSIP: 29270CZ81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $466639.88    | 0.16%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                           | CALIFORNIA ST                                                | CUSIP: 13063DG93<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1132145.20   | 0.39%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Michigan                                                        | UNIV OF MICHIGAN MI                                          | CUSIP: 914455VL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $180769.77    | 0.06%             | 2023-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                           | CALIFORNIA ST                                                | CUSIP: 13063DFH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $254461.60    | 0.09%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Virginia                                                        | UNIV OF VIRGINIA VA UNIV REVENUES                            | CUSIP: 915217VC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008600.70   | 0.35%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                              | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                    | CUSIP: 13032UGN2<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    500000 | PA      | $511936.95    | 0.18%             | 2036-10-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Utah UT                                                             | UTAH CNTY UT HOSP REVENUE                                    | CUSIP: 917393CX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $511044.25    | 0.18%             | 2057-05-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Allen OH Hospital Facilities Revenue                                | ALLEN CNTY OH HOSP FACS REVENUE                              | CUSIP: 01757LFR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    410000 | PA      | $443786.30    | 0.15%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida                                                              | FLORIDA ST BRD OF EDU PUBLIC EDU                             | CUSIP: 34153QWL6<br>LEI: 5493004G5XFOOUT0LQ57 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1036196.50   | 0.36%             | 2024-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Milwaukee WI                                                          | MILWAUKEE WI                                                 | CUSIP: 602366YF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $230424.17    | 0.08%             | 2024-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Thruway Authority                                              | NEW YORK ST THRUWAY AUTH                                     | CUSIP: 650009N90<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $168756.51    | 0.06%             | 2024-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                              | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                    | CUSIP: 13032UB80<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    585000 | PA      | $620526.52    | 0.21%             | 2039-10-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Michigan                                                             | MICHIGAN ST                                                  | CUSIP: 594612DF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $669275.75    | 0.23%             | 2024-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Great Lakes Water Authority Water Supply System Revenue                       | GREAT LAKES MI WTR AUTH WTR SPLY SYS REVENUE                 | CUSIP: 39081JBQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    590000 | PA      | $611398.36    | 0.21%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Commissioner of Highways                                        | W VIRGINIA ST COMMISSIONER OF HIGHWAYS SPL OBLG              | CUSIP: 95649ACH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    410000 | PA      | $416168.29    | 0.14%             | 2023-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                           | NEW YORK NY                                                  | CUSIP: 64966MJH3<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    750000 | PA      | $779320.50    | 0.27%             | 2024-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA                                                       | PHILADELPHIA PA                                              | CUSIP: 717813WN5<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |    245000 | PA      | $260141.56    | 0.09%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                           | CALIFORNIA ST                                                | CUSIP: 13063DQK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $600036.96    | 0.21%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Community College District/CA                                     | LOS ANGELES CA CMNTY CLG DIST                                | CUSIP: 54438CYX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $550541.00    | 0.19%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                  | PENNSYLVANIA ST                                              | CUSIP: 70914PP97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1091756.10   | 0.37%             | 2026-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Board of Regents of the University of Texas System                            | UNIV OF TEXAS TX UNIV REVENUES                               | CUSIP: 91514AFG5<br>LEI: TEHUYFNKZR6XVWLGEU86 | Long             | DBT              | MUN               | US        |    275000 | PA      | $278986.37    | 0.10%             | 2023-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                              | KENTUCKY ST PUBLIC ENERGY AUTH GAS SPLY REVENUE              | CUSIP: 74440DBR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1103275.47   | 0.38%             | 2049-12-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                | TEXAS ST                                                     | CUSIP: 882724GC5<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |    250000 | PA      | $259811.03    | 0.09%             | 2024-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Dakota Health & Educational Facilities Authority                        | SOUTH DAKOTA ST HLTH & EDUCTNL FACS AUTH                     | CUSIP: 83755VJ54<br>LEI: 549300ZW6LKR8UI2C378 | Long             | DBT              | MUN               | US        |    535000 | PA      | $549138.23    | 0.19%             | 2033-07-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                          | TRIBOROUGH NY BRIDGE & TUNNEL AUTH PAYROLL MOBILITY TAX      | CUSIP: 89602HFF9<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |    500000 | PA      | $566780.65    | 0.19%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Linn & Benton Counties School District No 8J Greater Albany                   | GTR ALBANY OR SCH DIST #8J                                   | CUSIP: 391554CC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $381702.69    | 0.13%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Building Authority                                             | MICHIGAN ST BLDG AUTH REVENUE                                | CUSIP: 594615GT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $271101.43    | 0.09%             | 2026-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of King WA Sewer Revenue                                               | KING CNTY WA SWR REVENUE                                     | CUSIP: 495290AR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $218490.50    | 0.08%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                           | CALIFORNIA ST                                                | CUSIP: 13063DBT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1133842.30   | 0.39%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of San Francisco CA                                             | SAN FRANCISCO CITY & CNTY CA                                 | CUSIP: 797646A97<br>LEI: 549300RA28ZEFOB6M782 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007054.60   | 0.35%             | 2028-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                            | WISCONSIN ST                                                 | CUSIP: 97705MJH9<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |    380000 | PA      | $408907.66    | 0.14%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                              | ENERGY N W WA ELEC REVENUE                                   | CUSIP: 29270C2B0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1464183.19   | 0.50%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Missouri State Environmental Improvement & Energy Resources Authority         | MISSOURI ST ENVRNMNTL IMPT & ENERGY RESOURCES AUTH WTR POLL  | CUSIP: 60636UDB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $532430.25    | 0.18%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government of Nashville & Davidson County TN                     | MET GOVT NASHVILLE & DAVIDSON CNTY TN                        | CUSIP: 592112TC0<br>LEI: 549300GW8FVQJ3DU6O10 | Long             | DBT              | MUN               | US        |    525000 | PA      | $574081.46    | 0.20%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New Mexico                                                           | NEW MEXICO ST                                                | CUSIP: 647293RT8<br>LEI: 549300H4YLM23QKOGK29 | Long             | DBT              | MUN               | US        |    250000 | PA      | $263809.70    | 0.09%             | 2025-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                         | MET TRANSPRTN AUTH NY REVENUE                                | CUSIP: 59261AWX1<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    255000 | PA      | $271707.50    | 0.09%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Larimer County School District No R-1 Poudre                                  | LARIMER CNTY CO SCH DIST #R-1POUDRE                          | CUSIP: 517138XM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $460174.05    | 0.16%             | 2023-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX                                                            | HOUSTON TX                                                   | CUSIP: 442331E83<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |    750000 | PA      | $770723.85    | 0.26%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hampton Roads Transportation Accountability Commission                        | HAMPTON ROADS VA TRANSPRTN ACCOUNTABILITY COMMISSION REVENUE | CUSIP: 40934TAV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1365134.38   | 0.47%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                                   | NEW JERSEY ST EDUCTNL FACS AUTH REVENUE                      | CUSIP: 646066EE6<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |    575000 | PA      | $592815.34    | 0.20%             | 2024-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                           | CALIFORNIA ST                                                | CUSIP: 13063C5U0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1605135.45   | 0.55%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                      | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57584YZJ1<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    900000 | PA      | $966030.03    | 0.33%             | 2025-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                           | CALIFORNIA ST                                                | CUSIP: 13063C5W6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    295000 | PA      | $324504.31    | 0.11%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland Department of Transportation                                | MARYLAND ST DEPT OF TRANSPRTN CONSOL TRANSPRTN               | CUSIP: 574204D42<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $515544.10    | 0.18%             | 2027-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Multnomah County School District No 1 Portland/OR                             | MULTNOMAH CNTY OR SCH DIST #1J PORTLAND                      | CUSIP: 625517KT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $531783.15    | 0.18%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                           | CALIFORNIA ST                                                | CUSIP: 13063DJY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $104540.25    | 0.04%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                      | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57584X2R1<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    450000 | PA      | $486868.55    | 0.17%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Colorado                                                        | UNIV OF COLORADO CO ENTERPRISE REVENUE                       | CUSIP: 91417KX97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $545949.40    | 0.19%             | 2034-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Jefferson AL                                                        | JEFFERSON CNTY AL                                            | CUSIP: 472628RP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    290000 | PA      | $298575.16    | 0.10%             | 2024-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                 | TEXAS ST WTR DEV BRD                                         | CUSIP: 882854C67<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $354604.46    | 0.12%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA                                                       | PHILADELPHIA PA                                              | CUSIP: 717813VJ5<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |    300000 | PA      | $318540.69    | 0.11%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Honolulu HI                                                  | HONOLULU CITY & CNTY HI                                      | CUSIP: 438687TX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $555718.40    | 0.19%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of San Francisco CA                                             | SAN FRANCISCO CITY & CNTY CA                                 | CUSIP: 7976466T8<br>LEI: 549300RA28ZEFOB6M782 | Long             | DBT              | MUN               | US        |    250000 | PA      | $266968.10    | 0.09%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                   | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DAK8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    500000 | PA      | $502019.85    | 0.17%             | 2048-04-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                         | CALIFORNIA ST INFRASTRUCTURE & ECON DEV BANK REVENUE         | CUSIP: 13034AV49<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |    500000 | PA      | $509035.70    | 0.17%             | 2047-10-01      | Floating      | 3.00%                 | No            |                  2 | On Loan: No      |
| Dallas County Hospital District                                               | DALLAS CNTY TX HOSP DIST                                     | CUSIP: 234667KJ1<br>LEI: UQCNU7AEWLMSSOK7VW91 | Long             | DBT              | MUN               | US        |    950000 | PA      | $962750.52    | 0.33%             | 2023-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                     | INDIANA ST FIN AUTH HLTH SYS REVENUE                         | CUSIP: 45470YFC0<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    500000 | PA      | $510129.50    | 0.18%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                     | INDIANA ST FIN AUTH HOSP REVENUE                             | CUSIP: 45471AKA9<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006411.00   | 0.35%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Houston Independent School District                                           | HOUSTON TX INDEP SCH DIST                                    | CUSIP: 442403LX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $159217.66    | 0.05%             | 2024-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                             | NORTH CAROLINA ST TURNPIKE AUTH                              | CUSIP: 65830RCW7<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   2125000 | PA      | $2174896.70   | 0.75%             | 2024-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                          | TRIBOROUGH NY BRIDGE & TUNNEL AUTH PAYROLL MOBILITY TAX      | CUSIP: 89602HFE2<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1105824.30   | 0.38%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                               | NEW YORK CITY NY MUNI WTR FIN AUTH WTR & SWR SYS REVENUE     | CUSIP: 64972GUL6<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |    430000 | PA      | $451704.34    | 0.16%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Georgia                                                              | GEORGIA ST                                                   | CUSIP: 373385AF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $160000.00    | 0.05%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                    | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204EXN3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    600000 | PA      | $630227.52    | 0.22%             | 2025-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                            | CLARK CNTY NV                                                | CUSIP: 180848SM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1090000 | PA      | $1156763.15   | 0.40%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hudson Yards Infrastructure Corp                                              | HUDSON YARDS INFRASTRUCTURE CORP NY 2ND INDENTURE REVENUE    | CUSIP: 44420RAD2<br>LEI: 549300EE2HJ67TPURL87 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100090.49    | 0.03%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                              | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                    | CUSIP: 13032UGP7<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    335000 | PA      | $329655.81    | 0.11%             | 2036-10-01      | Floating      | 2.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                    | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204FFE0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    685000 | PA      | $765567.51    | 0.26%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland                                                             | MARYLAND ST                                                  | CUSIP: 574193SU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $259998.85    | 0.09%             | 2024-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Plains Energy Project                                                 | CENTRL PLAINS ENERGY PROJ NE GAS PROJ REVENUE                | CUSIP: 154871CT2<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |    500000 | PA      | $505510.80    | 0.17%             | 2050-03-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                          | CONNECTICUT ST                                               | CUSIP: 20772JY22<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |    375000 | PA      | $376715.59    | 0.13%             | 2023-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sacramento Municipal Utility District                                         | SACRAMENTO CA MUNI UTILITY DIST ELEC REVENUE                 | CUSIP: 786005ZW1<br>LEI: E3GSVR6ZOU1MX2V7HF33 | Long             | DBT              | MUN               | US        |    485000 | PA      | $510698.84    | 0.18%             | 2049-08-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Independent School District                                            | DALLAS TX INDEP SCH DIST                                     | CUSIP: 235308WH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $516644.85    | 0.18%             | 2034-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Dallas Area Rapid Transit                                                     | DALLAS TX AREA RAPID TRANSIT SALES TAX REVENUE               | CUSIP: 235241RW8<br>LEI: 75YWM81F2R6UQGJIEW47 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1076040.10   | 0.37%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                           | CALIFORNIA ST                                                | CUSIP: 13063DDR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1305000 | PA      | $1471474.15   | 0.51%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of California                                                      | UNIV OF CALIFORNIA CA REVENUES                               | CUSIP: 91412GYG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    485000 | PA      | $488744.54    | 0.17%             | 2023-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Jefferson AL                                                        | JEFFERSON CNTY AL                                            | CUSIP: 472628RQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $357964.27    | 0.12%             | 2025-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                | BLACK BELT ENERGY GAS DIST ALGAS PREPAY REVENUE              | CUSIP: 09182RAR2<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003591.40   | 0.34%             | 2049-12-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                             | ILLINOIS ST                                                  | CUSIP: 4521526H9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    335000 | PA      | $353577.56    | 0.12%             | 2025-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Water & Sewer System Revenue                          | MIAMI-DADE CNTY FL WTR & SWR REVENUE                         | CUSIP: 59334DMV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1146751.10   | 0.39%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                           | NEW YORK NY                                                  | CUSIP: 64966MP78<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    255000 | PA      | $264968.97    | 0.09%             | 2024-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Department of Transportation                                        | WISCONSIN ST TRANSPRTN REVENUE                               | CUSIP: 977123E38<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $505396.15    | 0.17%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue       | NEW YORK CITY NY TRANSITIONAL FIN AUTH REVENUE               | CUSIP: 64971XRM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $607403.06    | 0.21%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chino Basin Regional Financing Authority                                      | CHINO BASIN CA REGL FING AUTH                                | CUSIP: 169498FR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    405000 | PA      | $423091.84    | 0.15%             | 2025-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                            | NEW YORK ST DORM AUTH SALES TAX REVENUE                      | CUSIP: 64990ADU6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    500000 | PA      | $535516.65    | 0.18%             | 2026-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Florida Expressway Authority                                          | CENTRL FL EXPRESSWAY AUTH SR LIEN REVENUE                    | CUSIP: 153476GL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $557247.05    | 0.19%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                              | MARICOPA CNTY AZ INDL DEV AUTH                               | CUSIP: 56682HBR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $752297.84    | 0.26%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Pima AZ                                                             | PIMA CNTY AZ                                                 | CUSIP: 721663ZL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    310000 | PA      | $312090.36    | 0.11%             | 2023-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                           | NEW YORK NY                                                  | CUSIP: 64966MPA1<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    250000 | PA      | $251985.78    | 0.09%             | 2023-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Houston Community College System                                              | HOUSTON TX CMNTY CLG                                         | CUSIP: 44236PJG4<br>LEI: 549300UWXV516I6N3V90 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000930.70   | 0.34%             | 2030-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Allen OH Hospital Facilities Revenue                                | ALLEN CNTY OH HOSP FACS REVENUE                              | CUSIP: 01757LFQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $105905.73    | 0.04%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                         | MET TRANSPRTN AUTH NY REVENUE                                | CUSIP: 59261ANC7<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    290000 | PA      | $293848.18    | 0.10%             | 2023-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp                                      | GOLDEN ST TOBACCO SECURITIZATION CORP CA TOBACCO SETTLEMENT  | CUSIP: 38122NA28<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1064302.80   | 0.37%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Turnpike & Infrastructure Commission                                     | OHIO ST TURNPIKE COMMISSION                                  | CUSIP: 67760HLD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    460000 | PA      | $497885.83    | 0.17%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Regional Transportation Authority                                             | REGL TRANSPRTN AUTH IL                                       | CUSIP: 7599112V1<br>LEI: 549300FOIPI62F5YFO59 | Long             | DBT              | MUN               | US        |    495000 | PA      | $512111.85    | 0.18%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Charleston SC                                                       | CHARLESTON CNTY SC                                           | CUSIP: 160069ZM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    510000 | PA      | $533367.84    | 0.18%             | 2024-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                           | NEW YORK NY                                                  | CUSIP: 64966QGQ7<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    500000 | PA      | $561493.75    | 0.19%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oakland Unified School District/Alameda County                                | OAKLAND CA UNIF SCH DIST ALAMEDA CNTY                        | CUSIP: 672325A56<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $354325.76    | 0.12%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Joaquin Hills Transportation Corridor Agency                              | SAN JOAQUIN HILLS CA TRANSPRTN CORRIDOR AGY TOLL ROAD REV    | CUSIP: 798111BX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $977524.30    | 0.34%             | 2024-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Westmoreland County Municipal Authority                                       | WESTMORELAND CNTY PA MUNI AUTH                               | CUSIP: 961017PF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1185000 | PA      | $1201600.07   | 0.41%             | 2031-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Wake NC                                                             | WAKE CNTY NC LIMITED OBLIG                                   | CUSIP: 930876EF0<br>LEI: 5493007XQJHO082P1H29 | Long             | DBT              | MUN               | US        |    375000 | PA      | $411882.04    | 0.14%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                 | MASSACHUSETTS ST                                             | CUSIP: 57582RNV4<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |    900000 | PA      | $909862.83    | 0.31%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Connecticut                                                     | UNIV OF CONNECTICUT CT                                       | CUSIP: 914233P39<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $592585.23    | 0.20%             | 2024-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salt River Project Agricultural Improvement & Power District                  | SALT RIVER AZ PROJ AGRIC IMPT& PWR DIST ELEC SYS REVENUE     | CUSIP: 79574CCK7<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |    500000 | PA      | $540587.15    | 0.19%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Lottery Revenue                                              | FLORIDA ST BRD OF EDU LOTTERY REVENUE                        | CUSIP: 341507P39<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $454575.83    | 0.16%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                          | COLORADO ST HLTH FACS AUTH REVENUE                           | CUSIP: 19648FPC2<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    500000 | PA      | $531694.50    | 0.18%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of North Carolina                                                       | NORTH CAROLINA ST                                            | CUSIP: 6582564C3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $580022.17    | 0.20%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                            | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990FNX8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1055430.20   | 0.36%             | 2025-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                    | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 544445PV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $546009.50    | 0.19%             | 2026-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                    | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204FFF7<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    500000 | PA      | $565272.15    | 0.19%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Unified School District/CA                                        | LOS ANGELES CA UNIF SCH DIST                                 | CUSIP: 5446465H1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $131375.96    | 0.05%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                          | CONNECTICUT ST                                               | CUSIP: 20772J6E7<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |    265000 | PA      | $266354.10    | 0.09%             | 2023-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Douglas County School District No Re-1 Douglas & Elbert Counties              | DOUGLAS CNTY CO SCH DIST #RE-1 DOUGLAS & ELBERT CNTYS        | CUSIP: 258885N24<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1049347.30   | 0.36%             | 2024-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Burke County/The                                     | BURKE CNTY GA DEV AUTH POLL CONTROL REVENUE                  | CUSIP: 121342PP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.17%             | 2045-11-01      | Floating      | 3.00%                 | No            |                  2 | On Loan: No      |
| County of Nassau NY                                                           | NASSAU CNTY NY                                               | CUSIP: 63165TZP3<br>LEI: 549300ICRCGQYCPS7T40 | Long             | DBT              | MUN               | US        |    200000 | PA      | $208478.74    | 0.07%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                 | MASSACHUSETTS ST                                             | CUSIP: 57582RTY2<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |    250000 | PA      | $274951.03    | 0.09%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lucas-Plaza Housing Development Corp                                          | LUCAS-PLAZA OH HSG DEV CORP                                  | CUSIP: 549364AE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $483476.20    | 0.17%             | 2024-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Grand Parkway Transportation Corp                                             | GRAND PARKWAY TRANSPRTN CORP T                               | CUSIP: 38612PAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $325000.00    | 0.11%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Prince George's MD                                                  | PRINCE GEORGES CNTY MD                                       | CUSIP: 7417016C5<br>LEI: 549300NSQ1W50I0VU811 | Long             | DBT              | MUN               | US        |    425000 | PA      | $453684.61    | 0.16%             | 2025-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern California Energy Authority                                          | NRTHRN CA ENERGY AUTH COMMODITY SPLY REVENUE                 | CUSIP: 664840AD7<br>LEI: 5493001ZIJGWU7HYLH34 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006083.00   | 0.35%             | 2049-07-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp                                      | GOLDEN ST TOBACCO SECURITIZATION CORP CA TOBACCO SETTLEMENT  | CUSIP: 38122NXS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $504584.05    | 0.17%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                        | IOWA ST FIN AUTH REVENUE                                     | CUSIP: 46246K3X8<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    250000 | PA      | $253288.90    | 0.09%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Georgia                                                              | GEORGIA ST                                                   | CUSIP: 373385BC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $259421.80    | 0.09%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                           | CALIFORNIA ST                                                | CUSIP: 13063DAP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $308802.57    | 0.11%             | 2024-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Bay Area Toll Authority                                                       | BAY AREA CA TOLL AUTH TOLL BRIDGE REVENUE                    | CUSIP: 072024UQ3<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |    725000 | PA      | $713778.81    | 0.25%             | 2053-04-01      | Floating      | 2.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                   | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DDH2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1274555.75   | 0.44%             | 2052-07-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Public Building Authority                                            | VIRGINIA ST PUBLIC BLDG AUTH PUBLIC FACS REVENUE             | CUSIP: 9281726B6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $549119.20    | 0.19%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government of Nashville & Davidson County TN                     | MET GOVT NASHVILLE & DAVIDSON CNTY TN                        | CUSIP: 592112SG2<br>LEI: 549300GW8FVQJ3DU6O10 | Long             | DBT              | MUN               | US        |    200000 | PA      | $207395.50    | 0.07%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                      | CONNECTICUT ST SPL TAX OBLIG REVENUE                         | CUSIP: 207758XX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $203502.62    | 0.07%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                 | TEXAS ST WTR DEV BRD                                         | CUSIP: 882854YD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1085503.60   | 0.37%             | 2026-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                                   | NEW JERSEY ST EDUCTNL FACS AUTH REVENUE                      | CUSIP: 6460664Y3<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |    225000 | PA      | $240415.92    | 0.08%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pflugerville Independent School District                                      | PFLUGERVILLE TX INDEP SCH DIST                               | CUSIP: 7170956G3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $512964.05    | 0.18%             | 2038-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                            | WISCONSIN ST                                                 | CUSIP: 97705MCZ6<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |    500000 | PA      | $530003.60    | 0.18%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                           | NEW YORK NY                                                  | CUSIP: 64966MD63<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1558641.00   | 0.54%             | 2024-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition & Supply Corp III                             | TEXAS ST MUNI GAS ACQUISITION& SPLY CORP III GAS SPLY REVEN  | CUSIP: 88256HBB3<br>LEI: 0UDITKOYW0YKG3BBP242 | Long             | DBT              | MUN               | US        |    600000 | PA      | $629472.66    | 0.22%             | 2026-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New Mexico Severance Tax Permanent Fund                              | NEW MEXICO ST SEVERANCE TAX                                  | CUSIP: 6473102Y6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    840000 | PA      | $940676.94    | 0.32%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                            | CLARK CNTY NV                                                | CUSIP: 180848RU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $458838.05    | 0.16%             | 2023-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                            | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990FFU3<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    510000 | PA      | $568315.08    | 0.20%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                 | N TX TOLLWAY AUTH REVENUE                                    | CUSIP: 66285WUX2<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |    595000 | PA      | $638519.01    | 0.22%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Nevada Highway Improvement Revenue                                   | NEVADA ST HIGHWAY IMPT REVENUE                               | CUSIP: 641480HW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $314482.65    | 0.11%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                           | CALIFORNIA ST                                                | CUSIP: 13063CR51<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1102350.50   | 0.38%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Milwaukee WI                                                          | MILWAUKEE WI                                                 | CUSIP: 602366C61<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $799616.10    | 0.27%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Department of Management Services                                     | FLORIDA ST DEPT OF MGMT SVCS COPS                            | CUSIP: 34160PEA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $274859.03    | 0.09%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                           | WASHINGTON ST                                                | CUSIP: 93974DWW4<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |    750000 | PA      | $779207.85    | 0.27%             | 2024-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New Mexico                                                           | NEW MEXICO ST                                                | CUSIP: 647293RF8<br>LEI: 549300H4YLM23QKOGK29 | Long             | DBT              | MUN               | US        |    320000 | PA      | $320673.02    | 0.11%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                         | MET TRANSPRTN AUTH NY REVENUE                                | CUSIP: 59261AE60<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1160000 | PA      | $1186217.62   | 0.41%             | 2034-11-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New Jersey                                                           | NEW JERSEY ST                                                | CUSIP: 646039YL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $556627.25    | 0.19%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                           | CALIFORNIA ST PUBLIC WKS BRD LEASE REVENUE                   | CUSIP: 13068XCQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $595327.06    | 0.20%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                          | CONNECTICUT ST                                               | CUSIP: 20772KDA4<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   1040000 | PA      | $1129596.21   | 0.39%             | 2026-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue       | NEW YORK CITY NY TRANSITIONAL FIN AUTH REVENUE               | CUSIP: 64971XB56<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1104369.20   | 0.38%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                    | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204EZK7<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    250000 | PA      | $252763.05    | 0.09%             | 2023-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maine                                                                | MAINE ST                                                     | CUSIP: 56052AC20<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $531798.75    | 0.18%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Seattle WA Municipal Light & Power Revenue                            | SEATTLE WA MUNI LIGHT & PWR REVENUE                          | CUSIP: 812643UD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $432529.52    | 0.15%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp                                             | TOBACCO SETTLEMENT FING CORP NJ                              | CUSIP: 888808GY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    290000 | PA      | $292143.30    | 0.10%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri            | MISSOURI ST HLTH & EDUCTNL FACS AUTH HLTH FACS REVENUE       | CUSIP: 60637AMX7<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    150000 | PA      | $158067.62    | 0.05%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland                                                             | MARYLAND ST                                                  | CUSIP: 574193PD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $534414.70    | 0.18%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New Jersey                                                           | NEW JERSEY ST                                                | CUSIP: 646039YW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $491841.40    | 0.17%             | 2025-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| San Bernardino Community College District                                     | SAN BERNARDINO CA CMNTY CLG DIST                             | CUSIP: 796720HT0<br>LEI: 549300Y4FPTEP3EQZ007 | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1286391.87   | 0.44%             | 2027-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                            | NEW YORK ST DORM AUTH SALES TAX REVENUE                      | CUSIP: 64990AFV2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    290000 | PA      | $290916.40    | 0.10%             | 2023-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp                                        | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE                 | CUSIP: 64972EYZ6<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    305000 | PA      | $285135.11    | 0.10%             | 2061-05-01      | Floating      | 0.60%                 | No            |                  2 | On Loan: No      |
| State of Georgia                                                              | GEORGIA ST                                                   | CUSIP: 373385GM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $768270.23    | 0.26%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Georgia                                                              | GEORGIA ST                                                   | CUSIP: 373385AH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $263472.28    | 0.09%             | 2025-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA                                                       | PHILADELPHIA PA                                              | CUSIP: 717813WM7<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |    200000 | PA      | $207608.72    | 0.07%             | 2024-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                          | CONNECTICUT ST                                               | CUSIP: 20772KCH0<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |    300000 | PA      | $327173.73    | 0.11%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                           | NEW YORK NY                                                  | CUSIP: 64966QVH0<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    410000 | PA      | $455858.79    | 0.16%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Comal Independent School District                                             | COMAL TX INDEP SCH DIST                                      | CUSIP: 1998203A7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    775000 | PA      | $839434.28    | 0.29%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                             | ILLINOIS ST                                                  | CUSIP: 4521526G1<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    250000 | PA      | $258086.90    | 0.09%             | 2024-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| State of Georgia                                                              | GEORGIA ST                                                   | CUSIP: 3733846T8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1154115.27   | 0.40%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Montgomery MD                                                       | MONTGOMERY CNTY MD                                           | CUSIP: 61334PBC6<br>LEI: 549300GNX5SDUEBKPK13 | Long             | DBT              | MUN               | US        |    265000 | PA      | $292758.70    | 0.10%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                     | INDIANA ST FIN AUTH HIGHWAY REVENUE                          | CUSIP: 45470RCS3<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    575000 | PA      | $602864.16    | 0.21%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Water & Wastewater Revenue                                 | ATLANTA GA WTR & WSTWTR REVENUE                              | CUSIP: 047870NP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $523173.00    | 0.18%             | 2024-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Hospital Finance Authority                                      | WEST VIRGINIA ST HOSP FIN AUTH                               | CUSIP: 956622E91<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $504866.40    | 0.17%             | 2044-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Florida Department of Management Services                                     | FLORIDA ST DEPT GEN SVCS DIV FACS MGMT REVENUE               | CUSIP: 341602F47<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $802315.43    | 0.28%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                        | CALIFORNIA STWD CMNTYS DEV AUTH REVENUE                      | CUSIP: 13080SFW9<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    900000 | PA      | $940290.21    | 0.32%             | 2043-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                           | CALIFORNIA ST PUBLIC WKS BRD LEASE REVENUE                   | CUSIP: 13068LH40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    835000 | PA      | $944913.56    | 0.32%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                     | HOUSTON TX ARPT SYS REVENUE                                  | CUSIP: 442349CP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $258819.23    | 0.09%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                         | MET TRANSPRTN AUTH NY REVENUE                                | CUSIP: 59261ANE3<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    390000 | PA      | $403201.07    | 0.14%             | 2024-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                         | MET TRANSPRTN AUTH NY REVENUE                                | CUSIP: 59261AXR3<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2050457.80   | 0.70%             | 2048-11-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Hamilton OH Sales Tax Revenue                                       | HAMILTON CNTY OH SALES TAX                                   | CUSIP: 407287MA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $537164.45    | 0.18%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                   | WASHINGTON ST HLTH CARE FACS AUTH                            | CUSIP: 93978HUZ6<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017534.10   | 0.35%             | 2049-08-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                          | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                 | CUSIP: 167593VF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $117618.17    | 0.04%             | 2024-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                           | NEW YORK NY                                                  | CUSIP: 64966MD55<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101285.68    | 0.03%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                           | CALIFORNIA ST                                                | CUSIP: 13063DUG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013534.40   | 0.35%             | 2026-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                            | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990FZF4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    500000 | PA      | $556442.65    | 0.19%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Clean Water Fund - State Revolving Fund                  | CONNECTICUT ST REVOLVING FUNDGEN REVENUE                     | CUSIP: 20775YEA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $300086.99    | 0.10%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Council                                                          | MET COUNCIL MINNEAPOLIS-SAINT PAUL MN MET AREA               | CUSIP: 591852Z50<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1106660.70   | 0.38%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Richland SC                                                         | RICHLAND CNTY SC                                             | CUSIP: 7636312M9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $543171.50    | 0.19%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Department of Transportation                                        | WISCONSIN ST TRANSPRTN REVENUE                               | CUSIP: 977123T73<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $124539.50    | 0.04%             | 2024-07-01      | Fixed         | 5.00%                 | 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