# EDGAR Filing Document

**Accession Number:** 0001137360
**File Stem:** 0001752724-23-072047
**Filing Date:** 2023-3
**Character Count:** 964077
**Document Hash:** 15c54ed9b566a0d2012dfe782fb882fd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-072047.hdr.sgml**: 20230329

**ACCESSION NUMBER**: 0001752724-23-072047

**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:** 23774182

**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 Intermediate Muni ETF (Series ID: S000019190)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000053007 | VanEck Intermediate Muni ETF | ITM             |

## Nport-Ex

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

January 31, 2023(unaudited)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **MUNICIPAL BONDS: 98.7%** |  |  |
| **Alabama: 1.0%** |  |  |
| Alabama Public School and College Authority, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/01/30 (c) | $2000 | $2107430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/30 (c) | 2015 | 2369898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/30 (c) | 525 | 628331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Black Belt Energy Gas District, Project No. 8, Series A (RB)<br> 4.00%, 12/01/29 (c) (p) | 3500 | 3450229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Black Belt Energy Gas District, Series A (RB)<br> 4.00%, 12/01/31 (c) (p) | 5000 | 5054244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Board of Trustees of the University of Alabama, Series B (RB)<br> 3.00%, 07/01/27 (c) | 860 | 862143 |
| County of Jefferson (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/27 (c) | 800 | 879055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/27 (c) | 100 | 108261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lower Alabama Gas District, Series A (RB)<br> 5.00%, 09/01/34 | 2500 | 2743583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southeast Energy Authority, A Cooperative District Commodity Supply, Project No.2, Series B (RB)<br> 4.00%, 12/01/31 (c) (p) | 1000 | 997501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UAB Medicine Finance Authority, Series B (RB)<br> 5.00%, 09/01/26 (c) | 150 | 161435 |
| University of Alabama, Board of Trustee, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 07/01/29 (c) | 415 | 393374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/29 (c) | 820 | 867937 |
|  |  | 20623421 |
| **Alaska: 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alaska Housing Finance Corp., Series A (RB)<br> 4.00%, 06/01/27 (c) | 125 | 130972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alaska Housing Finance Corp., Series B (RB)<br> 2.15%, 12/01/30 (c) | 1040 | 846136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Alaska, International Airports System, Series A (RB)<br> 5.00%, 10/01/25 (c) | 305 | 326001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Alaska, International Airports System, Series B (RB)<br> 5.00%, 10/01/25 (c) | 635 | 668493 |
|  |  | 1971602 |
| **Arizona: 1.2%** |  |  |
| Arizona Transportation Board, Highway (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/26 (c) | 835 | 910471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/26 (c) | 1050 | 1142736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Mesa, Arizona Utility System (RB)<br> 4.00%, 07/01/26 (c) | 1550 | 1628363 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Arizona (continued)** |  |  |
| City of Phoenix Civic Improvement Corp., Junior Lien Wastewater System (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/26 (c) | $150 | $162991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/26 (c) | 860 | 939509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/26 (c) | 120 | 130929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/26 (c) | 620 | 677106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Phoenix Civic Improvement Corp., Junior Lien Wastewater System, Series A (RB)<br> 5.00%, 07/01/31 (c) | 800 | 955520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Phoenix Civic Improvement Corp., Junior Lien Water System, Series A (RB)<br> 5.00%, 07/01/31 (c) | 1000 | 1152833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Phoenix Civic Improvement Corp., Junior Lien Water System, Series B (RB)<br> 4.00%, 07/01/24 (c) | 1725 | 1767046 |
| City of Phoenix Civic Improvement Corp., Rental Car Facility Charge, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/29 (c) | 1275 | 1423458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/29 (c) | 1000 | 1129419 |
| City of Phoenix Civic Improvement Corp., Senior Lien Airport Revenue, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/27 (c) | 250 | 276170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/27 (c) | 100 | 111081 |
| City of Phoenix Civic Improvement Corp., Senior Lien Airport Revenue, Series D (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/27 (c) | 550 | 609777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/27 (c) | 120 | 133588 |
| Maricopa County Industrial Development Authority, Banner Health, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12%, 01/01/27 (c) | 20 | 20167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/01/27 (c) | 1500 | 1485595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/27 (c) | 605 | 645289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maricopa County, Arizona Pollution Control, Southern California Edison Company, Series A (RB)<br> 2.40%, 12/01/31 (c) | 1150 | 911275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maricopa County, Arizona Pollution Control, Southern California Edison Company, Series B (RB)<br> 2.40%, 12/01/31 (c) | 1500 | 1188620 |

---

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Arizona (continued)** |  |  |
| Salt River Project Agricultural Improvement and Power District, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/28 (c) | $250 | $280330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/28 (c) | 2380 | 2685910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/30 | 1000 | 1182328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/25 (c) | 1000 | 1061016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salt Verde Financial Corp. (RB)<br> 5.00%, 12/01/37 | 1600 | 1697210 |
|  |  | 24308737 |
| **Arkansas: 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Fayetteville, Sales and Use Tax Capital Improvements, Series A (RB)<br> 2.00%, 11/01/26 (c) | 305 | 302088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Fort Worth, Water and Sewer Construction (RB)<br> 5.00%, 10/01/28 (c) | 280 | 309501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Little Rock School District of Pulaski County, Series A (GO) (AGM)<br> 2.00%, 02/01/27 (c) | 1000 | 795227 |
|  |  | 1406816 |
| **California: 16.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anaheim Housing and Public Improvements Authority, Electric Utility Distribution System, Series A (RB)<br> 5.00%, 10/01/27 (c) | 1000 | 1107250 |
| Bay Area Toll Authority, Series S-7 (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 04/01/27 (c) | 1270 | 1232102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/01/27 (c) | 1735 | 1843573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Community Choice, Financing Authority Clean Energy Project, Series B-1 (RB)<br> 4.00%, 08/01/31 (c) (p) | 7000 | 7100250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Health Facilities Financial Authority, Series C (RB)<br> 5.00%, 11/01/29 (p) | 2000 | 2333660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Health Facilities Financing Authority, Cedars- Sinai Medical Center, Series A (RB)<br> 5.00%, 08/15/26 (c) | 310 | 337985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Health Facilities Financing Authority, Cedars- Sinai Medical Center, Series B (RB)<br> 3.00%, 08/15/26 (c) | 400 | 393448 |
| California Health Facilities Financing Authority, CommonSpirit Health, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/01/30 (c) | 500 | 502880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/01/30 (c) | 1060 | 1069586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/01/30 (c) | 450 | 456470 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **California (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Health Facilities Financing Authority, Series A (RB)<br> 3.75%, 01/30/23 (c) | $1100 | $1100400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Health Facilities Financing Authority, Stanford Health Care, Series A (RB)<br> 5.00%, 11/15/27 (c) | 750 | 841213 |
| California Health Facilities Financing Authority, Sutter Health, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/27 (c) | 150 | 164668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/27 (c) | 1575 | 1716778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/27 (c) | 450 | 497918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Housing Finance Agency, Series A (RB)<br> 3.50%, 11/20/35 | 1216 | 1179487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Housing Finance Agency, Series A (RB) (FHLMC COLL)<br> 3.75%, 03/25/35 | 6249 | 6253098 |
| California Infrastructure and Economic Development Bank, Clean Water State (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/26 (c) | 55 | 60152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/27 (c) | 170 | 189230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Municipal Finance Authority, Community Medical Centers, Series A (RB)<br> 5.00%, 02/01/27 (c) | 840 | 906803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Municipal Finance Authority, Northbay Healthcare, Series A (RB)<br> 5.25%, 11/01/26 (c) | 2000 | 2041321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California State Public Works Board, Coalinga State Hospital, Series E (RB)<br> 5.00%, 06/01/23 (c) | 3325 | 3355151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California State Public Works Board, Department of Corrections and Rehabilitation, Series A (RB)<br> 5.00%, 09/01/24 (c) | 2200 | 2289162 |
| California State Public Works Board, Department of Corrections and Rehabilitation, Series D (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 09/01/27 (c) | 500 | 508069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 09/01/27 (c) | 360 | 364286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California State Public Works Board, Various Capital Projects, Series B (RB)<br> 5.00%, 10/01/27 (c) | 340 | 384340 |
| California State Public Works Board, Various Capital Projects, Series C (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/01/26 (c) | 425 | 446578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/26 (c) | 30 | 33161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/26 (c) | 45 | 49756 |

---

------

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **California (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California State Public Works Board, Various Capital Projects, Series D (RB)<br> 5.00%, 10/01/26 (c) | $400 | $441540 |
| California State Public Works Board, Various Judicial Council Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/03/23 (c) | 1000 | 1002354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/03/23 (c) | 1000 | 1001959 |
| California State University, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/25 (c) | 2035 | 2193929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/26 (c) | 1510 | 1649191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/27 (c) | 510 | 568334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/27 (c) | 225 | 248518 |
| California Statewide Communities Development Authority, Front Porch Communities and Services, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 04/01/31 (c) | 1000 | 874431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/01/31 (c) | 1400 | 1415869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Statewide Communities Development Authority, Kaiser Permanente, Series C (RB)<br> 5.00%, 11/01/29 (p) | 1675 | 1954440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Statewide Communities Development Authority, Kaiser Permanente, Series D (RB)<br> 5.00%, 11/01/29 (p) | 2000 | 2333660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Statewide Communities Development Authority, Kaiser Permanente, Series L (RB)<br> 5.00%, 11/01/29 (p) | 1500 | 1750245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Statewide Communities Development Authority, Pollution Control, Southern California Edison Company, Series A (RB)<br> 1.75%, 11/19/26 (c) | 3000 | 2566905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chabot-Las Positas Community College District (GO)<br> 4.00%, 08/01/26 (c) | 140 | 144480 |
| City and County of San Francisco, Moscone Convention Center Expansion Project, Series B (CP) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/25 (c) | 2000 | 2086780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/25 (c) | 2000 | 2035430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City and County of San Francisco, Series B (CP)<br> 3.00%, 10/01/25 (c) | 255 | 257554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Bakersfield, Wastewater, Series A (RB)<br> 5.00%, 09/15/25 (c) | 15 | 16098 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **California (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Concord, Capital Improvement Project (CP)<br> 2.00%, 04/01/31 (c) | $1400 | $1019685 |
| City of Los Angeles, Department of Airports, Los Angeles International Airport, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/15/30 (c) | 1000 | 1039735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/31 (c) | 500 | 592584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/31 (c) | 1400 | 1623891 |
| City of Los Angeles, Wastewater System, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/23 (c) | 2000 | 2016468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/27 (c) | 565 | 635436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of San Jose, California Airport, Series B (RB) (BAM)<br> 4.00%, 03/01/31 (c) | 325 | 347537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of San Jose, Refunding, Libraries, Parks and Public Safety Projects, Series C (GO) (AGM)<br> 5.00%, 03/01/29 (c) | 200 | 234199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Los Angeles, Long Beach Unified School District, Series D-1 (GO)<br> 0.00%, 02/01/25 (c) ^ | 1250 | 620696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Sacramento, Airport System, Series E (RB)<br> 5.00%, 07/01/28 (c) | 150 | 168549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Sacramento, Regional County Sanitation District, Series A (RB)<br> 5.00%, 06/01/24 (c) | 3000 | 3106182 |
| County of Santa Clara, Series C (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 08/01/27 (c) | 245 | 236311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/27 (c) | 525 | 590848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/27 (c) | 125 | 141054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Desert Community College District (GO)<br> 5.00%, 08/01/27 (c) | 145 | 162590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;East Bay Municipal Utility District, Water System, Series A (RB)<br> 5.00%, 06/01/25 (c) | 1000 | 1065851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;East Bay Municipal Utility District, Water System, Series B (RB)<br> 5.00%, 06/01/27 (c) | 220 | 247232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;East Side Union High School District, Series B (GO) (AGM)<br> 3.00%, 08/01/27 (c) | 2590 | 2515213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eastern Municipal Water District, Financing Authority, Water and Wastewater, Series A (RB)<br> 5.00%, 07/01/30 (c) | 1070 | 1238258 |

---

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **California (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eastern Municipal Water District, Financing Authority, Water and Wastewater, Series B (RB) (BAM-TCRS)<br> 4.00%, 07/01/26 (c) | $1150 | $1191102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eastern Municipal Water District, Financing Authority, Water and Wastewater, Series B (RB) (SAW)<br> 5.00%, 07/01/26 (c) | 140 | 153874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fontana Redevelopment Agency Successor Agency (TA)<br> 5.00%, 10/01/27 (c) | 760 | 849076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foothill-De Anza Community College District (GO)<br> 3.00%, 08/01/31 (c) | 1500 | 1384523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kern High School District, Series A (GO) (AGM)<br> 2.00%, 08/01/30 (c) | 3000 | 2761420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kern High School District, Series C (GO) (AGM)<br> 2.00%, 08/01/30 (c) | 1600 | 1504523 |
| Los Angeles Community College District, Series I (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/01/26 (c) | 170 | 179176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/01/26 | 25 | 26678 |
| Los Angeles Community College District, Series J (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/01/27 (c) | 750 | 800367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/01/27 (c) | 400 | 428085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Los Angeles Community College District, Series L (GO)<br> 5.00%, 08/01/32 (c) | 1000 | 1210342 |
| Los Angeles County Metropolitan Transportation Authority (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/01/30 (c) | 1695 | 1791768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/30 (c) | 1000 | 1173942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/31 (c) | 2530 | 2957757 |
| Los Angeles County Metropolitan Transportation Authority, Sales Tax (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/01/30 (c) | 1045 | 1114922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/23 (c) | 2000 | 2019755 |
| Los Angeles County Metropolitan Transportation Authority, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/01/30 (c) | 1000 | 1084267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/01/31 (c) | 1460 | 1565044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/26 (c) | 375 | 411052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/26 (c) | 165 | 180806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/27 (c) | 795 | 894802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/31 (c) | 1060 | 1242421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/31 (c) | 900 | 1061463 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **California (continued)** |  |  |
| Los Angeles County Public Works Financing Authority, Lakma Bulding for Permanent Collection Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/01/30 (c) | $1500 | $1562792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/01/30 (c) | 1250 | 1288272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Los Angeles Department of International Airport, Series B (RB)<br> 4.00%, 05/15/30 (c) | 1900 | 1954615 |
| Los Angeles Department of Water and Power, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/27 (c) | 1010 | 1122602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/29 | 1000 | 1180527 |
| Los Angeles Department of Water and Power, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/27 (c) | 275 | 304698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/27 (c) | 1000 | 1109894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/23 (c) | 1500 | 1515564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/23 (c) | 1000 | 1010044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/28 (c) | 110 | 126714 |
| Los Angeles Department of Water and Power, Series C (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/24 (c) | 1000 | 1040818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/30 (c) | 1500 | 1753320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/30 (c) | 1125 | 1340148 |
| Los Angeles Department of Water and Power, Series D (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/24 (c) | 2000 | 2074239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/28 (c) | 125 | 142557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/28 (c) | 2000 | 2216769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/32 (c) | 1000 | 1174764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Los Angeles Municipal Improvement Corp., Series B (RB)<br> 4.00%, 11/01/26 (c) | 2000 | 2063769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Los Angeles Unified School District, AD Valorem Property Tax, Series C (GO)<br> 4.00%, 07/01/30 (c) | 1605 | 1668836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Los Angeles Unified School District, AD Valorem Property Tax, Series RYQ (GO)<br> 5.00%, 07/01/30 | 1070 | 1286774 |
| Los Angeles Unified School District, AD Valorem Property Tax, Series RYRR (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/01/32 (c) | 1500 | 1588882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/32 (c) | 1300 | 1549939 |
| Los Angeles Unified School District, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/29 (c) | 1580 | 1713042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/25 (c) | 695 | 743580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/29 (c) | 1720 | 2024458 |

---

------

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **California (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/30 | $500 | $601296 |
| Los Angeles Unified School District, Series B (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 07/01/26 (c) | 270 | 258182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/26 (c) | 915 | 1003822 |
| Los Angeles Unified School District, Series B-1 (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/28 (c) | 645 | 733785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/28 (c) | 585 | 664611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/28 (c) | 295 | 328719 |
| Los Angeles Unified School District, Series C (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 07/01/30 (c) | 1880 | 1837881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/30 (c) | 2000 | 2114620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/30 (c) | 360 | 384476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Los Angeles Unified School District, Series RYQ (GO)<br> 4.00%, 07/01/30 (c) | 1000 | 1050426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Los Angeles Unified School District, Series RYQ (GO) (BAM)<br> 5.00%, 07/01/29 | 3675 | 4328748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mount Diablo Unified School District, Series B (GO)<br> 4.00%, 08/01/31 (c) | 1000 | 1069195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal Improvement Corp. of Los Angeles, Series B (RB)<br> 5.00%, 11/01/26 (c) | 615 | 679524 |
| Oakland Unified School District (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/26 (c) | 175 | 191286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/26 (c) | 625 | 681069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oakland Unified School District, Series A (GO) (BAM)<br> 4.00%, 08/01/31 (c) | 1055 | 1110181 |
| Palm Springs Unified School District, Series D (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 08/01/26 (c) | 1500 | 1524137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 08/01/26 (c) | 160 | 162869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palomar Health (RB)<br> 5.00%, 11/01/26 (c) | 1725 | 1759197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palomar Health, Series B (GO)<br> 4.00%, 08/01/26 (c) | 1000 | 1021391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peralta Community College District, Series D (GO)<br> 4.00%, 08/01/25 (c) | 2000 | 2012807 |
| Public Utilities Commission of the City and County of San Francisco Water, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/01/26 (c) | 100 | 106864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/26 (c) | 25 | 27542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Utilities Commission of the City and County of San Francisco Water, Series D (RB)<br> 5.00%, 11/01/27 (c) | 785 | 878800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regents of the University of California Medical Center Pooled Revenue (RB)<br> 5.00%, 05/15/26 (c) | 650 | 706662 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **California (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Riverside County Transportation Commission, Series B (RB)<br> 5.00%, 12/01/27 (c) | $560 | $614903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sacramento County Sanitation Districts Financing Authority (RB)<br> 5.00%, 06/01/24 (c) | 1000 | 1037402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Diego County Regional Airport Authority, Series A (RB)<br> 5.00%, 07/01/29 (c) | 535 | 609343 |
| San Diego County Regional Airport Authority, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/30 (c) | 1630 | 1929302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/30 (c) | 2075 | 2404104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Diego County Water Authority, Series B (RB)<br> 4.00%, 05/01/31 (c) | 2000 | 2201370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Diego Unified School District, Series I (GO)<br> 5.00%, 07/01/27 (c) | 650 | 731321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Diego Unified School District, Series R-5 (GO)<br> 4.00%, 07/01/26 (c) | 20 | 21221 |
| San Francisco Bay Area Rapid Transit District, Series F-1 (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/29 (c) | 110 | 129530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/29 (c) | 140 | 162263 |
| San Francisco County Transportation Authority (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/01/27 (c) | 135 | 137998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/01/27 (c) | 500 | 501412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/01/27 (c) | 325 | 348691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Francisco Unified School District, Series B (GO)<br> 4.00%, 06/15/28 (c) | 2000 | 2151040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Joaquin County Transportation Authority (RB)<br> 5.00%, 03/01/27 (c) | 165 | 183622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Jose Redevelopment Agency, Series A (TA)<br> 5.00%, 08/01/27 (c) | 230 | 255119 |
| San Marcos Unified School District (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/01/27 (c) | 400 | 423455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/27 (c) | 350 | 388067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Mateo Union High School District, Series C (GO)<br> 4.00%, 09/01/26 (c) | 770 | 811474 |
| Santa Clara County Financing Authority, Capital Facilities, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/01/31 (c) | 840 | 887970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/31 (c) | 3855 | 4658975 |

---

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **California (continued)** |  |  |
| Santa Clara County Financing Authority, Multiple Facilities Projects, Series Q (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 05/15/25 (c) | $1000 | $978751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/15/25 (c) | 1510 | 1568612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/15/25 (c) | 400 | 412853 |
| Santa Clara Unified School District (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 07/01/26 (c) | 395 | 396129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 07/01/26 (c) | 1535 | 1500281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 07/01/26 (c) | 1000 | 1002859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santa Clara Valley Water District, Series A (RB)<br> 5.00%, 12/01/25 (c) | 25 | 27060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern California Public Power Authority, Milford Wind Corridor Phase I Project (RB)<br> 5.00%, 07/01/29 | 100 | 117987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of California (GO)<br> 4.00%, 04/01/31 (c) | 2000 | 2167921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of California, Department of Water Resources, Central Valley Project, Series AW (RB)<br> 5.00%, 12/01/26 (c) | 50 | 55480 |
| State of California, Department of Water Resources, Central Valley Project, Series AX (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/27 (c) | 100 | 113405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/27 (c) | 915 | 1040228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of California, Department of Water Resources, Central Valley Project, Series BA (RB) (AGM)<br> 5.00%, 06/01/29 (c) | 365 | 424672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of California, Series CL (GO)<br> 3.75%, 12/01/24 (c) | 10 | 9821 |
| State of California, Various Purpose (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/01/29 (c) | 2000 | 2015538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/01/29 (c) | 350 | 339269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12%, 04/01/29 (c) | 1575 | 1580657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/29 (c) | 2000 | 2072391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/01/27 (c) | 100 | 107718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/01/30 (c) | 3445 | 3719558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/01/30 (c) | 2000 | 2097329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/01/29 | 2000 | 2214773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/01/30 (c) | 9500 | 10067930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/01/30 (c) | 2000 | 2101866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/01/31 (c) | 1795 | 1978631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/01/31 (c) | 2300 | 2399571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/01/26 (c) | 130 | 135104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/01/26 (c) | 700 | 733046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/26 (c) | 1500 | 1559851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/26 (c) | 2815 | 2968805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/28 (c) | 300 | 347213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/28 (c) | 1065 | 1232022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/29 (c) | 2340 | 2767488 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **California (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/29 (c) | $3425 | $4037611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/29 | 4500 | 5325009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/29 | 1000 | 1183335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/30 | 2000 | 2412897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/31 | 4000 | 4911422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/23 (c) | 2000 | 2036583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/27 (c) | 3375 | 3817448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/27 (c) | 1020 | 1153314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/27 (c) | 2645 | 2988466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/28 (c) | 3135 | 3512680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/30 | 2360 | 2852028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/30 (c) | 1610 | 1904770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/30 (c) | 2000 | 2329059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/23 (c) | 1470 | 1470000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/30 (c) | 2330 | 2726507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/30 (c) | 1250 | 1468815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/23 (c) | 3000 | 3010930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/24 (c) | 500 | 515719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/26 (c) | 1690 | 1836357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/29 | 1735 | 2031774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/29 (c) | 3000 | 3413295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/29 (c) | 3500 | 4022970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/29 (c) | 2500 | 2915099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/30 | 2910 | 3474857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/31 | 380 | 462351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/32 | 4270 | 5276240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/24 (c) | 2480 | 2566172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/24 (c) | 1000 | 1040296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/24 (c) | 1000 | 1041049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/26 (c) | 905 | 987111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/26 (c) | 115 | 124216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/26 (c) | 150 | 164881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/26 (c) | 490 | 530661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/27 (c) | 2445 | 2750055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/27 (c) | 2250 | 2529482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/28 (c) | 3245 | 3641834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/28 (c) | 275 | 316947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/26 (c) | 125 | 136796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/29 | 1000 | 1181315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of California, Various Purpose (GO) (SAW)<br> 5.00%, 06/01/26 (c) | 1000 | 1080138 |
| State Public Works Board, Various Capital Projects, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/01/31 (c) | 1500 | 1564055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/01/31 (c) | 2000 | 2099567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockton Unified School District (GO)<br> 5.00%, 02/01/26 (c) | 100 | 108246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of California, Series AR (RB)<br> 5.00%, 05/15/26 (c) | 10 | 10932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of California, Series AY (RB)<br> 5.00%, 05/15/27 (c) | 625 | 701338 |

---

------

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **California (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of California, Series AZ (RB)<br> 5.00%, 05/15/28 (c) | $310 | $354199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of California, Series BE (RB)<br> 5.00%, 05/15/30 (c) | 1500 | 1749456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of California, Series I (RB)<br> 4.00%, 05/15/25 (c) | 2160 | 2221555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of California, Series O (RB)<br> 5.00%, 05/15/28 (c) | 1170 | 1312749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of California, Series Q (RB)<br> 4.00%, 05/15/31 (c) | 2500 | 2624764 |
|  |  | 336456434 |
| **Colorado: 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adams 12 Five Star Schools (GO)<br> 5.00%, 12/15/26 (c) | 2000 | 2207622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adams and Arapahoe Joint School District No. 28J, Series A (GO) (SAW)<br> 5.00%, 12/01/26 (c) | 540 | 595291 |
| Boulder Larimer & Weld Counties, St. Vrain Valley School District, Series C (GO) (SAW) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/26 (c) | 2000 | 2173497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/26 (c) | 2000 | 2159717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cherry Creek School District No. 5 (GO) (SAW)<br> 5.00%, 12/15/25 (c) | 1000 | 1077202 |
| City and County of Denver, Series A-2 (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 08/01/26 (c) ^ | 1200 | 690621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 08/01/26 (c) ^ | 200 | 127421 |
| &nbsp;&nbsp;&nbsp;City of Colorado Springs, Utilities System, Series A (RB)<br> 5.00%, 11/15/30 | 1000 | 1197515 |
| City of Colorado Springs, Utilities System, Series A-1 (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/27 (c) | 100 | 112530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/27 (c) | 110 | 123996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/27 (c) | 120 | 135210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Health Facilities Authority, Advenhealth, Series A (RB)<br> 4.00%, 11/15/29 (c) | 2000 | 2015726 |
| Colorado Health Facilities Authority, CommonSpirit Health, Series A-1 (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/01/29 (c) | 2350 | 2340222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/29 (c) | 155 | 165819 |
| Denver City and County School District No. 1 (GO) (SAW) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/01/30 (c) | 3000 | 3127767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/30 (c) | 1000 | 1140999 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Colorado (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/30 (c) | $1000 | $1181652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;El Paso County School District No. 20 (GO) (SAW)<br> 5.00%, 12/15/26 (c) | 295 | 323210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferson County School District R-1 (GO)<br> 5.00%, 12/15/28 (c) | 1110 | 1283325 |
| Pueblo City Schools No. 60 (GO) (SAW) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 12/15/29 (c) | 500 | 468502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/29 (c) | 1085 | 1211052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/29 (c) | 1625 | 1821450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/29 (c) | 1010 | 1162062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regional Transportation District, Fastracks Project, Series A (RB)<br> 5.00%, 11/01/26 (c) | 1820 | 1963512 |
| Regional Transportation District, Fastracks Project, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/27 (c) | 530 | 591576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/27 (c) | 1995 | 2216363 |
| State of Colorado, Series A (CP) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/15/31 (c) | 1750 | 1834302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/15/31 (c) | 1540 | 1574472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/31 (c) | 2000 | 2379239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Colorado, Series M (CP)<br> 5.00%, 03/15/28 (c) | 190 | 213660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of Colorado, Series A-2 (RB)<br> 3.00%, 06/01/24 (c) | 800 | 801169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weld County School District No. 6 (GO) (SAW)<br> 5.00%, 12/01/29 (c) | 2165 | 2457988 |
|  |  | 40874689 |
| **Connecticut: 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Housing Finance Authority Housing Mortgage Finance Program, Series A-1 (RB) (SAW)<br> 1.70%, 05/15/30 (c) | 1290 | 1041775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Housing Finance Authority, Series D-1 (RB)<br> 3.20%, 11/15/26 (c) | 260 | 260845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Housing Finance Authority, Series F-1 (RB)<br> 3.05%, 05/15/26 (c) | 140 | 136759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut State Health and Educational Facilities Authority, Hartford Health Issue, Series A (RB) (SD CRED PROG)<br> 5.00%, 01/01/30 (c) | 335 | 371448 |
| Connecticut State Health and Educational Facilities Authority, Nuvance Health Issue, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/29 (c) | 625 | 626353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/29 (c) | 525 | 519295 |

---

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Connecticut (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/29 (c) | $2200 | $2356396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut State Health and Educational Facilities Authority, Yale University Issue, Series B-1 (RB) (AGM)<br> 5.00%, 07/01/29 | 1120 | 1314088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut State, Transportation Infrastructure Purposes, Series A (RB)<br> 5.00%, 09/01/24 (c) | 1000 | 1039277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Connecticut (GO)<br> 5.00%, 11/15/25 (c) | 1525 | 1629591 |
| State of Connecticut, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 01/15/31 (c) | 2200 | 2216263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 01/15/31 (c) | 1000 | 994670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 01/15/31 (c) | 1000 | 947914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/15/31 | 1780 | 1986248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/15/27 (c) | 680 | 753596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/15/28 (c) | 1000 | 1090284 |
| State of Connecticut, Series A (GO) (SBG) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/15/29 (c) | 1000 | 1034770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/15/29 | 1000 | 1156232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Connecticut, Series A (RB)<br> 5.00%, 05/01/27 (c) | 350 | 387742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Connecticut, Series B (GO)<br> 4.00%, 03/01/23 (c) | 2000 | 2002401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Connecticut, Series B (GO) (BAM)<br> 3.00%, 06/01/29 | 1000 | 1025869 |
| State of Connecticut, Series C (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/01/30 (c) | 850 | 894274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/01/30 (c) | 1950 | 2117980 |
| State of Connecticut, Series E (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/15/26 (c) | 395 | 396026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/15/23 (c) | 2000 | 2027328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/15/28 (c) | 1665 | 1897638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Connecticut, Series F (GO)<br> 5.00%, 11/15/25 (c) | 1550 | 1657879 |
| State of Connecticut, Special Tax, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/01/31 (c) | 1500 | 1548778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/26 (c) | 785 | 808586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/28 (c) | 190 | 212742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/31 | 1650 | 1988475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/31 (c) | 1500 | 1757922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/24 (c) | 1250 | 1300749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/24 (c) | 1195 | 1244375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/24 (c) | 1300 | 1353079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/26 (c) | 200 | 216566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/26 (c) | 475 | 517990 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Connecticut (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Connecticut, Special Tax, Series A (ST)<br> 5.00%, 05/01/30 (c) | $2500 | $2825314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Connecticut, State Revolving Fund, Series A (RB)<br> 5.00%, 05/01/27 (c) | 1000 | 1110741 |
| University of Connecticut, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/15/27 (c) | 745 | 818549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/15/28 (c) | 1000 | 1126226 |
|  |  | 48713033 |
| **Delaware: 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Transportation Authority (RB)<br> 5.00%, 09/01/30 (c) | 2495 | 2965114 |
| State of Delaware (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 02/01/31 (c) | 1000 | 822626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 02/01/31 (c) | 1000 | 878317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Delaware, Health Facilities Authority, Bayhealth Medical Center Project, Series A (RB)<br> 3.00%, 07/01/27 (c) | 180 | 182429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Delaware, Series A (GO)<br> 2.00%, 01/01/30 (c) | 650 | 540550 |
|  |  | 5389036 |
| **District of Columbia: 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;District of Columbia, Federal Highway grant Anticipation (RB) (SAW)<br> 5.00%, 12/01/29 (c) | 2250 | 2587815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;District of Columbia, Georgetown University Issue (RB)<br> 5.00%, 04/01/27 (c) | 645 | 698793 |
| District of Columbia, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/26 (c) | 290 | 314411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/26 (c) | 210 | 228945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/26 (c) | 250 | 271378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/26 (c) | 30 | 32696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/27 (c) | 580 | 645816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/27 (c) | 2500 | 2771225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/27 (c) | 170 | 189115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/28 (c) | 750 | 839514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;District of Columbia, Series A (RB)<br> 5.00%, 09/01/29 (c) | 1000 | 1131294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;District of Columbia, Series C (GO)<br> 5.00%, 06/01/24 (c) | 1980 | 2032194 |
| District of Columbia, Series C (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/30 (c) | 1000 | 1142233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/30 | 250 | 296823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;District of Columbia, Series D (GO)<br> 4.00%, 06/01/27 (c) | 500 | 530052 |

---

------

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **District of Columbia (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/26 (c) | $20 | $21994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/26 (c) | 160 | 176569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/24 (c) | 1350 | 1397421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/27 (c) | 500 | 556220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;District of Columbia, Series E (GO)<br> 5.00%, 12/01/26 (c) | 25 | 27492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Washington Airports Authority, Dulles Toll Road, Series B (RB)<br> 4.00%, 10/01/29 (c) | 250 | 254187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Washington Airports Authority, Dulles Toll Road, Series B (RB) (AGM)<br> 4.00%, 10/01/29 (c) | 250 | 256080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington Convention & Sports Authority (RB)<br> 5.00%, 10/01/27 (c) | 2545 | 2834960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington Metropolitan Area Transit Authority (RB)<br> 5.00%, 07/01/27 (c) | 1000 | 1077325 |
| Washington Metropolitan Area Transit Authority, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/15/31 (c) | 4000 | 4349563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/15/30 (c) | 1400 | 1577557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/15/31 (c) | 2000 | 2273934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington Metropolitan Area Transit Authority, Series A-1 (RB)<br> 5.00%, 07/01/27 (c) | 140 | 153782 |
| Washington Metropolitan Area Transit Authority, Series A-2 (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/27 (c) | 550 | 601087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/27 (c) | 810 | 882048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/27 (c) | 300 | 328884 |
| Washington Metropolitan Area Transit Authority, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/27 (c) | 880 | 958274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/27 (c) | 1205 | 1316927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/27 (c) | 650 | 713989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/27 (c) | 555 | 611138 |
|  |  | 34081735 |
| **Florida: 3.2%** |  |  |
| Brevard County Health Facilities Authority, Health First, Inc. Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/24 (c) | 2510 | 2567316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/24 (c) | 1000 | 1022835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broward County, Florida School Board, Series B (CP)<br> 5.00%, 07/01/25 (c) | 1005 | 1058295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broward County, Florida Tourist Development, Convention Center Expansion Project (RB)<br> 4.00%, 09/01/31 (c) | 1000 | 1052745 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Florida (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Florida Expressway Authority (RB) (BAM)<br> 3.00%, 07/01/27 (c) | $520 | $520670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Florida Expressway Authority, Series A (RB)<br> 4.00%, 07/01/26 (c) | 1250 | 1298589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Florida Expressway Authority, Series A (RB) (BAM)<br> 5.00%, 07/01/27 (c) | 2000 | 2139694 |
| City of Gainesville, Utilities System, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/27 (c) | 195 | 217490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/27 (c) | 1045 | 1157613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Jacksonville, Florida Transportation (RB)<br> 5.00%, 10/01/25 (c) | 210 | 223871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Jacksonville, Series A (RB)<br> 5.00%, 10/01/29 (c) | 1095 | 1271343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Orlando, Senior Tourist Development Tax, 6th Cent Contract Payments, Series A (RB) (AGM)<br> 5.00%, 11/01/27 (c) | 560 | 607621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Orlando, Tourist Development Tax, Series A (RB) (AGM)<br> 5.00%, 11/01/27 (c) | 2000 | 2208262 |
| County of Miami-Dade (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 10/01/26 (c) ^ | 400 | 289480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 10/01/26 (c) ^ | 565 | 426748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/26 (c) | 510 | 550263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/26 (c) | 2005 | 2145926 |
| County of Miami-Dade, Building Better Communities Program, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/25 (c) | 100 | 106170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/26 (c) | 520 | 564856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/26 (c) | 280 | 303100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/26 (c) | 555 | 598142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Miami-Dade, Building Better Communities Program, Series A (GO) (SAW)<br> 4.00%, 07/01/30 (c) | 1600 | 1684114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Miami-Dade, Florida Aviation, Series A (RB)<br> 4.00%, 10/01/30 (c) | 1500 | 1512946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Miami-Dade, Florida Transit System (RB)<br> 4.00%, 07/01/26 (c) | 865 | 899510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Miami-Dade, Florida Water and Sewer System, Series A (RB)<br> 5.00%, 10/01/25 (c) | 1500 | 1586329 |
| County of Miami-Dade, Water and Sewer System (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/01/31 (c) | 1475 | 1541734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/31 (c) | 3500 | 4178793 |

---

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Florida (continued)** |  |  |
| County of Miami-Dade, Water and Sewer System, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/01/27 (c) | $370 | $364488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/25 (c) | 605 | 638064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida Development Finance Corp., Lakeland Regional Health Systems (RB)<br> 4.00%, 11/15/31 (c) | 2000 | 2041924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida Housing Finance Corp., Series 2 (RB)<br> 2.10%, 01/01/30 (c) | 950 | 830871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida Municipal Power Agency, All-Requirements Power Supply, Series A (RB)<br> 5.00%, 10/01/26 (c) | 125 | 135186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JEA Electric System, Series A (RB)<br> 5.00%, 10/01/23 (c) | 2000 | 2029176 |
| JEA Electric System, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 03/03/23 (c) | 520 | 520032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/27 (c) | 610 | 680912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/27 (c) | 885 | 976364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/27 (c) | 850 | 948434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JEA Water and Sewer System, Series A (RB)<br> 4.00%, 10/01/27 (c) | 1360 | 1382642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lee Memorial Health System, Series A-1 (RB)<br> 5.00%, 04/01/29 (c) | 605 | 670913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Manatee County, School District (RB) (AGM)<br> 5.00%, 04/01/27 (c) | 160 | 175501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miami-Dade County, School Board (GO)<br> 3.25%, 03/15/27 (c) | 125 | 126870 |
| Orange County, Health Facilities Authority, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/26 (c) | 1325 | 1401455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/23 (c) | 420 | 436522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orange County, School Board, Series C (CP)<br> 5.00%, 08/01/26 (c) | 410 | 439238 |
| Orange County, Tourist Development Tax (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/25 (c) | 100 | 106618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/26 | 190 | 207289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/29 | 280 | 323777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/30 | 490 | 576721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palm Beach County, Health Facilities Authority, Act Retirement - Life Communities, Inc. (RB)<br> 5.00%, 11/15/26 (c) | 350 | 359685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palm Beach County, School Board, Series A (CP)<br> 5.00%, 08/01/30 (c) | 275 | 318230 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Florida (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palm Beach County, School Board, Series C (CP)<br> 5.00%, 08/01/28 (c) | $695 | $790245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palm Beach County, School Board, Series D (CP)<br> 5.00%, 08/01/25 (c) | 2000 | 2119610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polk County, School District (RB)<br> 5.00%, 10/01/29 (c) | 100 | 115798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polk County, School District (RB) (SAW)<br> 5.00%, 10/01/29 (c) | 1000 | 1160384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Port Saint Lucie, Utility System (RB)<br> 4.00%, 09/01/26 (c) | 1455 | 1521859 |
| Reedy Creek Improvement District, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/01/27 (c) | 1000 | 1048496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/27 (c) | 175 | 192194 |
| South Miami Health Facilities Authority, Baptist Health (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/15/27 (c) | 800 | 871720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/15/27 (c) | 710 | 780216 |
| State of Florida, Board of Education, Public Education Capital Outlay, Series C (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/01/27 (c) | 780 | 831315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/01/27 (c) | 1000 | 1062639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Florida, Board of Education, Public Education Capital Outlay, Series C (GO) (AMBAC)<br> 3.00%, 06/01/29 (c) | 510 | 490030 |
| State of Florida, Board of Education, Public Education Capital Outlay, Series E (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 06/01/26 (c) | 590 | 562912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 06/01/25 (c) | 1000 | 992755 |
| State of Florida, Department of Transportation Financing Corp. (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 07/01/30 (c) | 1000 | 995633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 07/01/30 (c) | 1000 | 1025922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Florida, Department of Transportation Financing Corp., Series B (RB)<br> 5.00%, 07/01/28 (c) | 115 | 131522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Florida, Department of Transportation, Federal Highway Reimbursement, Series A (RB)<br> 5.00%, 07/01/30 | 880 | 1042323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Volusia County, School Board, Master Lease Program, Series B (CP)<br> 5.00%, 08/01/24 (c) | 1320 | 1363117 |
|  |  | 64524057 |

---

------

---

| | | |
|:---|:---|:---|
| | **Par** <br> **(000's** | **Value** |
| **Georgia: 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Athens-Clarke County, Georgia Water and Sewerage (RB)<br> 4.00%, 01/01/25 (c) | $1450 | $1491093 |
| City of Atlanta, Airport Passenger Facility Charge, Series C (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/29 (c) | 800 | 908569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/29 (c) | 2275 | 2526516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Atlanta, Water and Wastewater (RB)<br> 4.00%, 11/01/29 (c) | 1450 | 1503209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clarke County, Hospital Authority, Piedmont Healthcare, Inc. Project, Series A (RB)<br> 5.00%, 07/01/26 (c) | 250 | 267351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clarke County, Nevada Airport System, Series A-2 (RB)<br> 5.00%, 01/01/24 (c) | 1705 | 1745385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dekalb County, Water and Sewerage, Series B (RB) (AGM)<br> 5.00%, 10/01/26 (c) | 1530 | 1650490 |
| Fulton County, Georgia Water and Sewerage, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 01/01/30 (c) | 3000 | 2760812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/03/23 (c) | 1350 | 1353108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gainesville and Hall County Hospital Authority, Northeast Georgia Health System, Series A (RB)<br> 5.00%, 02/15/27 (c) | 225 | 236841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Georgia Housing and Finance Authority, Single Family Mortgage, Series B-1 (RB)<br> 2.90%, 12/01/25 (c) | 925 | 895311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Georgia Municipal Electric Authority Project (RB)<br> 5.00%, 02/27/23 (c) | 1000 | 1000745 |
| Georgia State Road and Tollway Authority (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/30 (c) | 2000 | 2365401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/30 (c) | 2550 | 3028757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Georgia State Road and Tollway Authority, Series A (RB)<br> 4.00%, 07/15/31 (c) | 3255 | 3562716 |
| Main Street Natural Gas, Inc., Gas Supply, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/01/29 (c) (p) | 2500 | 2505649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/38 | 1000 | 1060873 |
| Private Colleges and Universities Authority, Emory University, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/26 (c) | 2000 | 2032932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/30 (c) | 350 | 366565 |
| State of Georgia, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/01/30 (c) | 935 | 1026838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/26 (c) | 680 | 737415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/27 (c) | 150 | 166598 |

---

---

| | | |
|:---|:---|:---|
| | **Par** <br> **(000's** | **Value** |
| **Georgia (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/27 (c) | $350 | $389011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/27 (c) | 1200 | 1328582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/27 (c) | 2000 | 2217557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/29 | 2500 | 2939918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Georgia, Series C (GO)<br> 5.00%, 07/01/27 (c) | 3000 | 3364699 |
|  |  | 43432941 |
| **Hawaii: 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City and County of Honolulu, Rail Transit Project, Series B (GO)<br> 5.00%, 03/01/30 (c) | 1930 | 2281712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City and County of Honolulu, Rail Transit Project, Series B (GO) (SD CRED PROG)<br> 5.00%, 03/01/30 | 350 | 413929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City and County of Honolulu, Series A (GO)<br> 4.00%, 09/01/28 (c) | 1075 | 1099371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City and County of Honolulu, Series B (GO)<br> 5.00%, 09/01/27 (c) | 1015 | 1134067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City and County of Honolulu, Wastewater System, Series A (RB)<br> 4.00%, 07/01/26 (c) | 970 | 1011249 |
| City and County of Honolulu, Wastewater System, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/26 (c) | 100 | 103593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/29 (c) | 875 | 986136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/29 (c) | 395 | 459201 |
| State of Hawaii (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/31 (c) | 2250 | 2604451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Hawaii, Department of Budget and Finance, Series A (RB)<br> 6.00%, 07/01/23 (c) | 1000 | 1013380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Hawaii, Department of Transportation Airports Division, Series D (RB) (BAM)<br> 5.00%, 07/01/30 (c) | 2000 | 2331858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Hawaii, Series ET (GO)<br> 3.00%, 10/01/25 (c) | 1000 | 1019455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Hawaii, Series FH (GO)<br> 5.00%, 10/01/26 (c) | 15 | 16481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Hawaii, Series FK (GO)<br> 3.25%, 05/01/27 (c) | 1000 | 1020671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/27 (c) | 130 | 143724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/27 (c) | 690 | 761081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Hawaii, Series FN (GO)<br> 5.00%, 10/01/27 (c) | 500 | 560860 |
| State of Hawaii, Series FT (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/01/28 (c) | 295 | 315844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/28 (c) | 1150 | 1298981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/28 (c) | 405 | 457056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/27 (c) | 1020 | 1142713 |

---

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| | **Par** <br> **(000's** | **Value** |
| **Hawaii (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Hawaii, Series FW (GO)<br> 5.00%, 01/01/29 | $1180 | $1363748 |
|  |  | 21539561 |
| **Illinois: 5.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Board of Trustees of the University of Illinois, Auxiliary Facilities Sytem, Series A (RB)<br> 5.00%, 04/01/30 | 1000 | 1155903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago Board of Education (ST)<br> 5.75%, 04/01/27 (c) | 235 | 249447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago O'Hare International Airport, Series A (RB)<br> 5.00%, 01/01/30 (c) | 1000 | 1134131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago O'Hare International Airport, Series A (RB) (AGM)<br> 4.00%, 01/01/30 (c) | 2000 | 2052762 |
| Chicago O'Hare International Airport, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/27 (c) | 470 | 511663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/27 (c) | 365 | 395698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago O'Hare International Airport, Series C (RB)<br> 5.00%, 01/01/26 (c) | 135 | 143939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago O'Hare International Airport, Series D (RB)<br> 4.12%, 01/01/25 (c) | 1150 | 1156028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Chicago, Board of Education, Dedicated Capital Improvement Tax (ST)<br> 5.75%, 04/01/27 (c) | 100 | 106500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Chicago, Second Lien Water (RB)<br> 5.00%, 11/01/27 (c) | 1390 | 1487015 |
| City of Chicago, Second Lien Water (RB) (AGM) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/27 (c) | 2000 | 2108504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/27 (c) | 1420 | 1533235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 11/01/27 (c) | 180 | 196322 |
| City of Chicago, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/24 (c) | 1250 | 1252634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/24 (c) | 1500 | 1503295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/30 | 2000 | 2149208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/31 (c) | 1000 | 1077902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/31 (c) | 2455 | 2639625 |
| City of Chicago, Series B (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/01/30 | 358 | 358744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/01/32 (c) | 1064 | 977214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Chicago, Series C (GO)<br> 5.00%, 01/01/26 (c) | 1150 | 1168002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Chicago, Wastewater Transmission, Series B (RB)<br> 5.00%, 01/01/27 (c) | 750 | 778294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Springfield, Electric Senior Lien (RB) (AGM)<br> 5.00%, 03/01/25 (c) | 15 | 15629 |
| Cook County, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/26 (c) | 325 | 351741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/26 (c) | 250 | 270945 |

---

---

| | | |
|:---|:---|:---|
| | **Par** <br> **(000's** | **Value** |
| **Illinois (continued)** |  |  |
| Illinois Finance Authority, Carle Foundation, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/15/31 (c) | $1500 | $1526349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/15/31 (c) | 1500 | 1519888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/15/31 (c) | 1000 | 1141223 |
| Illinois Finance Authority, Clean Water Initiative (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/01/26 (c) | 165 | 172141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/01/31 (c) | 1000 | 1050551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/01/31 (c) | 1600 | 1723354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/26 (c) | 685 | 736779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/27 (c) | 140 | 154301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/27 (c) | 700 | 765114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/31 (c) | 750 | 877930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/29 (c) | 2560 | 2880354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority, Clean Water Initiative (RB) (AGM)<br> 5.00%, 07/01/29 (c) | 1400 | 1591887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority, Memorial Health System (RB)<br> 5.00%, 04/01/29 (c) | 1435 | 1568558 |
| Illinois Finance Authority, Mercy Health Corp. (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/01/26 (c) | 160 | 163129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/01/26 (c) | 90 | 91621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/26 (c) | 250 | 262527 |
| Illinois Finance Authority, NorthShore University HealthSystem, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/15/30 (c) | 1000 | 1163465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/15/30 (c) | 1365 | 1596284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/15/30 (c) | 1295 | 1494219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority, Presence Health Network, Series C (RB)<br> 5.00%, 02/15/27 (c) | 1000 | 1087885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority, Rush University Medical Center, Series A (RB)<br> 5.00%, 05/15/25 (c) | 125 | 130950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority, Silver Cross Hospital and Medical Centers, Series C (RB)<br> 4.12%, 08/15/25 (c) | 3145 | 3080137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Housing Development Authority, Series B (RB)<br> 3.45%, 04/01/27 (c) | 420 | 425280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois State Finance Authority, Ann & Robert H. Lurie Children's Hospital (RB)<br> 4.00%, 08/15/27 (c) | 1000 | 1017121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois State Finance Authority, University of Chicago, Series A (RB)<br> 5.00%, 10/01/33 | 1000 | 1244920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois State Municipal Electric Agency, Power Supply, Series A (RB)<br> 4.00%, 08/01/25 (c) | 2000 | 2040976 |

---

------

---

| | | |
|:---|:---|:---|
| | **Par** <br> **(000's** | **Value** |
| **Illinois (continued)** |  |  |
| Illinois State Toll Highway Authority, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/29 | $175 | $202146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/03/23 (c) | 1135 | 1137122 |
| Illinois State Toll Highway Authority, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/24 (c) | 5000 | 5077653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/26 (c) | 1500 | 1581539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/26 (c) | 1000 | 1049478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois State Toll Highway Authority, Series C (RB)<br> 5.00%, 01/01/30 (c) | 2550 | 2978250 |
| Metropolitan Water Reclamation District of Greater Chicago, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/26 (c) | 1500 | 1633402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/26 (c) | 780 | 852054 |
| Northern Illinois Municipal Power Agency, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/01/26 (c) | 1500 | 1524078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/01/26 (c) | 1235 | 1283057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/26 (c) | 990 | 1067527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/26 (c) | 910 | 994760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regional Transportation Authority of Illinois, Series A (RB)<br> 5.00%, 07/01/27 (c) | 500 | 553954 |
| Sales Tax Securitization Corp., Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/28 (c) | 250 | 273112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/28 (c) | 570 | 619550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/28 (c) | 250 | 272531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/28 (c) | 1150 | 1262164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/33 (c) | 1000 | 1155577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales Tax Securitization Corp., Series A (RB) (BAM)<br> 5.00%, 01/01/30 (c) | 155 | 169505 |
| State of Illinois (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 06/01/26 (c) | 685 | 687473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/01/31 (c) | 1000 | 977460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12%, 11/01/26 (c) | 360 | 366832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/26 (c) | 305 | 317551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 02/01/24 (c) | 1320 | 1342075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 07/01/23 (c) | 1470 | 1481961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Illinois (GO) (AGC)<br> 5.50%, 05/01/30 | 1300 | 1467862 |
| State of Illinois (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 06/15/26 (c) | 320 | 290044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 06/15/26 (c) | 680 | 633132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Illinois, Sales Tax, Series A (RB) (BAM)<br> 3.00%, 06/15/31 (c) | 3000 | 2793232 |
| State of Illinois, Sales Tax, Series C (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/30 | 1000 | 1090607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/31 | 1500 | 1642730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Illinois, Series A (GO)<br> 5.00%, 10/01/28 (c) | 2500 | 2664858 |

---

---

| | | |
|:---|:---|:---|
| | **Par** <br> **(000's** | **Value** |
| **Illinois (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/27 (c) | $1000 | $1046483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/31 | 500 | 551121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/31 (c) | 1000 | 1087042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/28 (c) | 2250 | 2370179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/01/27 (c) | 1200 | 1291686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Illinois, Series B (GO)<br> 5.00%, 11/01/29 (c) | 1000 | 1088862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Illinois, Series C (GO)<br> 5.00%, 11/01/27 (c) | 4105 | 4385976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Illinois, Series D (RB)<br> 5.00%, 06/15/26 (c) | 620 | 649892 |
|  |  | 106195840 |
| **Indiana: 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carmel Local Public Improvement Bond Bank (RB)<br> 5.00%, 07/15/26 (c) | 15 | 16319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Indianapolis, Indiana Water System, Series A (RB)<br> 5.00%, 10/01/28 (c) | 1720 | 1887248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duneland School Building Corp., AD Valorem Property Tax (RB)<br> 3.00%, 01/15/32 (c) | 1000 | 926070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indiana Finance Authority, First Lien Wastewater Utility (RB)<br> 4.00%, 10/01/31 (c) | 2500 | 2643658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series A (RB)<br> 4.25%, 11/01/30 | 1545 | 1536579 |
| Indiana Finance Authority, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/28 (c) | 1310 | 1482721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/28 (c) | 200 | 225597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/29 (c) | 175 | 199017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/29 (c) | 220 | 247409 |
| Indiana Finance Authority, Series C (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/28 (c) | 1000 | 1133867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/28 (c) | 610 | 690427 |
| Indiana Finance Authority, Series E (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/29 (c) | 105 | 120950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/29 | 935 | 1089723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/26 (c) | 100 | 108976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indiana Housing and Community Development Authority, Single Family Mortgage, Series A-1 (RB)<br> 2.85%, 07/01/25 (c) | 20 | 19808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indiana Municipal Power Agency, Series A (RB) <br> 5.00%, 01/01/28 (c) | 250 | 280417 |
| Indianapolis Local Public Improvement Bond Bank, Courhouse and Jail Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/29 | 710 | 819846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/29 (c) | 1715 | 1977811 |

---

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| | **Par** <br> **(000's** | **Value** |
| **Indiana (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indianapolis Local Public Improvement Bond Bank, Pilot Infrastructure Project, Series C (RB)<br> 4.00%, 01/01/28 (c) | $160 | $168975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indianapolis Local Public Improvement Bond Bank, Series A (RB) (AGM)<br> 4.00%, 06/01/31 (c) | 2000 | 2021011 |
|  |  | 17596429 |
| **Iowa: 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iowa Finance Authority (RB)<br> 5.00%, 08/01/27 (c) | 1000 | 1117236 |
| Iowa Finance Authority, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/31 (c) | 500 | 581097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/31 (c) | 1000 | 1154318 |
|  |  | 2852651 |
| **Kansas: 0.2%** |  |  |
| Butler County, Unified School District No. 385 (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/27 (c) | 500 | 530934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/27 (c) | 300 | 317544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Johnson, Internal Improvement, Series A (GO)<br> 4.00%, 09/01/27 (c) | 750 | 789961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kansas Development Finance Authority, Adventhealth Hospital, Series B (RB)<br> 5.00%, 11/15/31 (p) | 2450 | 2825658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Kansas, Department of Transportation (RB)<br> 5.00%, 09/01/27 (c) | 150 | 166589 |
|  |  | 4630686 |
| **Kentucky: 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kentucky Public Energy Authority (RB)<br> 4.00%, 08/01/30 (c) (p) | 1200 | 1198368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kentucky State Property and Building Commission, Project No. 115 (RB) (BAM)<br> 5.00%, 04/01/27 (c) | 1420 | 1567354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kentucky State Property and Building Commission, Project No. 119 (RB) (BAM)<br> 5.00%, 05/01/28 (c) | 3285 | 3647383 |
| Louisville and Jefferson County, Metro Government, Norton Healthcare, Inc., Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/26 (c) | 1000 | 1004248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/26 (c) | 55 | 58802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/26 (c) | 290 | 309364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisville and Jefferson County, Metro Government, Norton Healthcare, Inc., Series D (RB)<br> 5.00%, 10/01/29 (c) (p) | 1000 | 1114014 |

---

---

| | | |
|:---|:---|:---|
| | **Par** <br> **(000's** | **Value** |
| **Kentucky (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisville and Jefferson County, Metropolitan Sewer District, Kentucky Sewer and Drainage System, Series A (RB)<br> 4.00%, 05/15/23 (c) | $2000 | $2002639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paducah Electric Plant Board, Series A (RB) (AGM)<br> 5.00%, 10/01/26 | 20 | 21783 |
| University of Kentucky, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 04/01/26 (c) | 770 | 750888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/01/26 (c) | 500 | 523562 |
|  |  | 12198405 |
| **Louisiana: 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ascension Parish-Wide School District (GO)<br> 4.00%, 03/01/30 (c) | 1000 | 1014596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferson Sales Tax District, Parish of Jefferson, Series B (RB) (AGM)<br> 5.00%, 12/01/29 (c) | 615 | 700422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferson Sales Tax District, Series B (RB) (AGM)<br> 4.00%, 12/01/29 (c) | 500 | 521579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisiana Local Government Environmental Facilities and Community Development Authority, Westlake Chemical Corp. Project (RB)<br> 3.50%, 11/01/27 (c) | 5040 | 4818363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisiana Local Government Environmental Facilities and Community Development, Series B (RB)<br> 2.50%, 04/01/26 (c) | 1455 | 1224133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisville Public Facilities Authority, Tulane University, Series A (RB)<br> 5.00%, 10/15/32 (c) | 1000 | 1153866 |
| State of Louisiana, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 04/01/27 (c) | 150 | 153522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/29 (c) | 115 | 132108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/30 (c) | 930 | 1086521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/31 (c) | 1000 | 1139746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/31 (c) | 750 | 897371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/27 (c) | 565 | 627121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/26 (c) | 640 | 700629 |
| State of Louisiana, Series A (GO) (BAM) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/30 (c) | 425 | 480344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/30 (c) | 910 | 1058320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Louisiana, Series B (GO)<br> 5.00%, 08/01/26 (c) | 200 | 218093 |
|  |  | 15926734 |

---

------

---

| | | |
|:---|:---|:---|
| | **Par** <br> **(000's** | **Value** |
| **Maryland: 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Baltimore, Wastewater Project, Series C (RB)<br> 5.00%, 01/01/25 (c) | $1500 | $1552576 |
| County of Baltimore (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/01/30 (c) | 1140 | 1247537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/30 (c) | 325 | 386571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/30 | 945 | 1124430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Baltimore (GO) (AGC)<br> 4.00%, 03/01/29 (c) | 1925 | 2082859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Montgomery, Series A (GO)<br> 3.00%, 08/01/30 (c) | 750 | 762840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Montgomery, Series C (GO)<br> 4.00%, 10/01/27 (c) | 1070 | 1157752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maryland Department of Transportation (RB)<br> 3.00%, 09/01/27 (c) | 500 | 506059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maryland Stadium Authority, Baltimore City Public School Construction and Revitalization Program (RB)<br> 5.00%, 05/01/26 (c) | 250 | 268715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maryland Stadium Authority, Baltimore City Public School Construction and Revitalization Program, Series A (RB)<br> 5.00%, 05/01/28 (c) | 1000 | 1117985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maryland State (GO)<br> 4.00%, 06/01/24 (c) | 1500 | 1533171 |
| Maryland State, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 08/01/23 (c) | 2000 | 2005477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/01/31 (c) | 1000 | 1076201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/30 (c) | 1000 | 1166466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maryland Transportation Authority, Transportation Facilities Projects, Series A (RB)<br> 5.00%, 07/01/30 | 1900 | 2264751 |
| Prince George's County, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/15/28 (c) | 2500 | 2793129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/15/28 (c) | 1150 | 1321690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prince George's County, Series A (GO) (SAW)<br> 4.00%, 07/15/28 (c) | 1000 | 1095162 |
| State of Maryland, Department of Transportation (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12%, 10/01/29 (c) | 2000 | 1658503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 11/01/24 (c) | 520 | 522697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12%, 05/01/25 (c) | 855 | 862676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/01/28 (c) | 750 | 812642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Maryland, Department of Transportation (RB) (SAW)<br> 2.12%, 10/01/27 (c) | 2340 | 2202159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Maryland, State and Local Facilities Loan (GO)<br> 4.00%, 08/01/28 (c) | 530 | 573549 |

---

---

| | | |
|:---|:---|:---|
| | **Par** <br> **(000's** | **Value** |
| **Maryland (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/29 (c) | $3000 | $3485740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/28 (c) | 1000 | 1149730 |
| State of Maryland, State and Local Facilities Loan, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 08/01/27 (c) | 1000 | 1012000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12%, 03/15/28 (c) | 250 | 254166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/28 (c) | 1255 | 1431929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/29 | 1000 | 1166819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/30 (c) | 3500 | 4163658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/31 (c) | 1400 | 1696844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington Suburban Sanitary District, Maryland Consolidated Public Improvement (GO)<br> 5.00%, 06/01/26 (c) | 1650 | 1792569 |
|  |  | 46249052 |
| **Massachusetts: 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts Transportation Fund, Series A (RB)<br> 5.00%, 06/01/24 (c) | 1275 | 1319043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts, Accelerated Bridge Program, Series A (RB)<br> 5.00%, 06/01/24 (c) | 980 | 1010427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts, Series A (GO)<br> 5.00%, 10/01/31 | 3000 | 3675579 |
| Commonwealth of Massachusetts, Series B (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/26 (c) | 600 | 655511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/26 (c) | 1860 | 2017507 |
| Commonwealth of Massachusetts, Series C (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/01/24 (c) | 400 | 400962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/23 (c) | 205 | 206379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/23 (c) | 2000 | 2013837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/23 (c) | 350 | 352229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/30 | 1000 | 1192462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts, Series C (GO) (AGM)<br> 5.00%, 05/01/31 | 2665 | 3240768 |
| Commonwealth of Massachusetts, Series D (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/01/30 (c) | 2000 | 2099033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/01/28 (c) | 1165 | 1229631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/30 (c) | 365 | 419974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts, Series D (GO) (SBG)<br> 5.00%, 07/01/30 (c) | 2000 | 2273132 |
| Commonwealth of Massachusetts, Series E (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 11/01/27 (c) | 1275 | 1280031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/01/25 (c) | 1000 | 1012663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/01/25 (c) | 1000 | 1028699 |

---

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| | **Par** <br> **(000's** | **Value** |
| **Massachusetts (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/25 (c) | $3000 | $3036772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/27 (c) | 100 | 112696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/30 (c) | 1000 | 1200317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/28 (c) | 1010 | 1119627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts, Series E (GO) (AGM)<br> 5.00%, 05/01/24 (c) | 1100 | 1138213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts, Series I (GO)<br> 5.00%, 12/01/26 (c) | 10 | 11072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts, Transportation Fund, Series A (GO)<br> 5.00%, 12/01/26 (c) | 500 | 549317 |
| Commonwealth of Massachusetts, Transportation Fund, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/01/27 (c) | 450 | 467750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/31 (c) | 800 | 929663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Bay Transportation Authority, Series A (RB)<br> 0.00%, 07/01/26 (c) ^ | 130 | 101758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Department of Transportation, Metropolitan Highway System, Series A (RB) (SAW)<br> 5.00%, 01/01/29 (c) | 1000 | 1138167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, Beth Israel Lahey Health Issue, Series K (RB)<br> 5.00%, 07/01/29 (c) | 255 | 281849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, CareGroup Issue, Series J-2 (RB) (SBG)<br> 5.00%, 07/01/28 (c) | 130 | 143577 |
| Massachusetts Development Finance Agency, Harvard University Issue, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/15/26 (c) | 2000 | 2071465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/15/26 (c) | 6300 | 6864909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/15/26 (c) | 480 | 521542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, Partners Healthcare System, Series S (RB)<br> 4.00%, 01/01/28 (c) | 1500 | 1542956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, Suffolk University (RB)<br> 5.00%, 07/01/27 (c) | 500 | 526390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, Williams College, Series P (RB)<br> 5.00%, 07/01/23 (c) | 1500 | 1507254 |

---

---

| | | |
|:---|:---|:---|
| | **Par** <br> **(000's** | **Value** |
| **Massachusetts (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Housing Finance Agency, Series B-1 (RB) (FHA)<br> 2.75%, 12/01/28 (c) | $145 | $134039 |
| Massachusetts School Building Authority, Dedicated Sales Tax, Series C (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/26 (c) | 125 | 137108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/15/25 (c) | 1150 | 1212743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Water Resources Authority, Series B (RB) (AGM)<br> 5.25%, 08/01/30 | 2000 | 2426936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Water Resources Authority, Series C (RB)<br> 5.00%, 08/01/27 (c) | 2115 | 2373545 |
| University of Massachusetts Building Authority, Series 1 (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/29 (c) | 475 | 554074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/29 (c) | 750 | 865925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/29 (c) | 1220 | 1386396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of Massachusetts Building Authority, Series 1 (RB) (SD CRED PROG)<br> 5.00%, 11/01/29 (c) | 500 | 585073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of Massachusetts Building Authority, Series 3 (RB)<br> 5.00%, 11/01/27 (c) | 1020 | 1145948 |
|  |  | 59514948 |
| **Michigan: 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Detroit City School District (GO) (AGM Q-SBLF)<br> 6.00%, 05/01/29 | 3500 | 3910920 |
| Great Lakes Water Authority, Sewage Disposal System, Second Lien, Series C (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/26 (c) | 250 | 270655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/26 (c) | 250 | 270556 |
| Great Lakes Water Authority, Sewage Disposal System, Senior Lien, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/26 (c) | 570 | 618035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/26 (c) | 290 | 313672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/26 (c) | 500 | 541652 |
| Great Lakes Water Authority, Sewage Disposal System, Senior Lien, Series C (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/26 (c) | 30 | 32513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/26 (c) | 1025 | 1108671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Great Lakes Water Authority, Water Supply System, Second Lien, Series D (RB)<br> 5.00%, 07/01/26 (c) | 130 | 139937 |

---

------

---

| | | |
|:---|:---|:---|
| | **Par** <br> **(000's** | **Value** |
| **Michigan (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kalamazoo Michigan Hospital Facilities, Bronson Healthcare Group (RB)<br> 4.00%, 05/15/26 (c) | $2000 | $2002374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michigan Finance Authority, Henry Ford Health System (RB)<br> 3.00%, 11/15/26 (c) | 140 | 138477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michigan Finance Authority, Local Government Loan Program, Series H-1 (RB)<br> 5.00%, 10/01/24 (c) | 725 | 748166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michigan Finance Authority, Trinity Health Credit Group (RB)<br> 5.00%, 06/01/27 (c) | 75 | 82641 |
| Michigan Finance Authority, Trinity Health Credit Group, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/27 (c) | 585 | 640400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/27 (c) | 2000 | 2205299 |
| Michigan State Building Authority, Series I (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/15/25 (c) | 10 | 10686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/15/25 (c) | 5 | 5361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/15/26 (c) | 125 | 135994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/15/26 (c) | 570 | 621256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/15/26 (c) | 120 | 129720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michigan State Hospital Finance Authority, Series C (RB)<br> 5.00%, 12/01/27 | 100 | 111913 |
| Michigan State Housing Development Authority, Single-Family Mortgage, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10%, 06/01/26 (c) | 1370 | 1357204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.35%, 06/01/26 (c) | 130 | 127659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Michigan, Environmental Program (GO)<br> 3.00%, 05/01/26 (c) | 410 | 416595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Michigan, Environmental Program, Series A (GO)<br> 3.00%, 05/15/30 (c) | 750 | 717928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Michigan, Trunk Line, Series A (RB)<br> 5.00%, 11/15/31 (c) | 1900 | 2269632 |
|  |  | 18927916 |
| **Minnesota: 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Minneapolis, Fairview Health Services, Series A (RB)<br> 5.00%, 11/15/28 (c) | 125 | 136501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Hennepin, Minnesota First Lien Sales Tax, Series A (RB)<br> 5.00%, 12/15/26 (c) | 1000 | 1102247 |

---

---

| | | |
|:---|:---|:---|
| | **Par** <br> **(000's** | **Value** |
| **Minnesota (continued)** |  |  |
| Minneapolis-St. Paul Metropolitan Airports Commission, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/24 (c) | $2500 | $2558636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/27 (c) | 515 | 565781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/27 (c) | 325 | 356464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minnesota Public Facilities Authority, Series A (RB)<br> 5.00%, 03/01/26 (c) | 1500 | 1619255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regents of the University of Minnesota, Series B (RB)<br> 5.00%, 12/01/27 (c) | 1000 | 1126545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Minnesota, Various Purpose, Series A (GO)<br> 5.00%, 08/01/29 (c) | 1000 | 1165682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/29 | 400 | 469060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/29 (c) | 1000 | 1135691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/30 (c) | 2000 | 2297911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/30 (c) | 2000 | 2309097 |
| State of Minnesota, Various Purpose, Series D (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 08/01/26 (c) | 925 | 907961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/01/27 (c) | 1000 | 1019546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/01/27 (c) | 1000 | 1020407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;White Bear Lake, independent School District No. 624, Series A (GO) (SD CRED PROG)<br> 3.00%, 02/01/28 (c) | 1000 | 1008060 |
|  |  | 18798844 |
| **Mississippi: 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Mississippi, Series A (GO)<br> 5.00%, 10/01/27 (c) | 430 | 483224 |
| State of Mississippi, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/15/28 (c) | 400 | 443752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/15/28 (c) | 1000 | 1097465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/15/28 (c) | 550 | 595336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Mississippi, Series B (GO)<br> 4.00%, 10/01/29 (c) | 295 | 308271 |
|  |  | 2928048 |
| **Missouri: 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Springfield, Public Utility (RB)<br> 4.00%, 08/01/25 (c) | 1000 | 1034503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of St. Louis, Hazewood School District, Series A (GO) (BAM)<br> 5.00%, 03/01/32 (c) | 1000 | 1134409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Curators of the University of Missouri, Series A (RB)<br> 5.00%, 11/01/24 (c) | 1405 | 1469623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Curators of the University of Missouri, Series B (RB)<br> 5.00%, 11/01/30 | 1400 | 1679683 |

---

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| | **Par** <br> **(000's** | **Value** |
| **Missouri (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health and Educational Facilities Authority, Mercy Health, Series A (RB)<br> 5.00%, 12/01/28 (c) | $250 | $280230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Missouri Joint Municipal Electric Utility Commission, Prairie State Project, Series A (RB)<br> 4.00%, 06/01/26 (c) | 685 | 710989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Platte County, Park Hill School District (GO) (SAW)<br> 3.00%, 03/01/26 (c) | 105 | 104181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Springfield School District No. R-12 (GO)<br> 4.00%, 03/01/29 (c) | 650 | 696334 |
| Springfield School District No. R-12 (GO) (SAW) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/01/29 (c) | 1415 | 1500271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/29 (c) | 450 | 502296 |
|  |  | 9112519 |
| **Montana: 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Forsyth, Rosebud County, Montana Pollution Control, Series A (RB)<br> 3.90%, 03/03/23 (c) | 1000 | 1000261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Montana Facility Finance Authority, SCL Health System, Series A (RB)<br> 5.00%, 01/01/29 | 150 | 171656 |
|  |  | 1171917 |
| **Nebraska: 0.5%** |  |  |
| Central Plains Energy Project, Gas Project Crossover No. 3, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/32 | 1280 | 1424181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/34 | 3300 | 3670246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/35 | 2000 | 2202108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Plains Energy Project, Series G (RB)<br> 5.00%, 10/01/29 (c) (p) | 2000 | 2114409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nebraska Public Power District, Series B (RB)<br> 5.00%, 01/01/26 (c) | 1000 | 1057034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Omaha Public Power District, Electric System, Series A (RB)<br> 5.00%, 12/01/27 (c) | 100 | 111162 |
|  |  | 10579140 |
| **Nevada: 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clark County, Las Vegas McCarran International Airport, Passenger Facility, Series E (RB)<br> 5.00%, 07/01/29 (c) | 1200 | 1385174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clark County, Limited Tax (GO)<br> 4.00%, 06/01/29 (c) | 1000 | 1047360 |
| Clark County, Limited Tax, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/28 (c) | 150 | 168444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/28 (c) | 1110 | 1260650 |

---

---

| | | |
|:---|:---|:---|
| | **Par** <br> **(000's** | **Value** |
| **Nevada (continued)** |  |  |
| Clark County, Limited Tax, Series B (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/01/26 (c) | $155 | $163432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/01/26 (c) | 250 | 262359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/26 (c) | 300 | 329490 |
| Clark County, Nevada Airport System, Series A-2 (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/24 (c) | 2500 | 2593755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/24 (c) | 1000 | 1037312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/24 (c) | 1500 | 1547883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clark County, Nevada Limited Tax, Flood Control (GO)<br> 4.00%, 05/01/25 (c) | 1675 | 1719907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clark County, Nevada McCarran International Airport, Passenger Facility, Series E (RB)<br> 5.00%, 07/01/29 (c) | 470 | 543975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clark County, Nevada McCarran International Airport, Series B (RB)<br> 5.00%, 07/01/29 (c) | 275 | 318283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clark County, School District (GO)<br> 5.00%, 12/15/27 (c) | 1050 | 1168396 |
| Clark County, School District (GO) (AGM) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/30 (c) | 915 | 1056386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/30 (c) | 1000 | 1167958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clark County, School District (GO) (BAM)<br> 3.00%, 06/15/30 (c) | 1500 | 1319924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Las Vegas Valley Water District, Series C (GO)<br> 3.00%, 06/01/31 (c) | 1000 | 1012172 |
| State of Nevada, Highway Improvement, Motor Vehicle Fuel Tax (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/01/27 (c) | 1000 | 1052828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/27 (c) | 795 | 883301 |
| State of Nevada, Highway Improvement, Motor Vehicle Fuel Tax (RB) (AGM) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 06/01/28 (c) | 325 | 325645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/01/28 (c) | 760 | 811261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/01/28 (c) | 760 | 809559 |
| Truckee Meadows Water Authority (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/26 (c) | 30 | 32454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/26 (c) | 355 | 381993 |
|  |  | 22399901 |
| **New Jersey: 4.2%** |  |  |
| County of Camden, Board of Education of Township of Cherry Hill (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/01/29 (c) | 1500 | 1564985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/01/29 (c) | 1500 | 1553278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/01/29 (c) | 1000 | 1065517 |

---

------

---

| | | |
|:---|:---|:---|
| | **Par** <br> **(000's** | **Value** |
| **New Jersey (continued)** |  |  |
| County of Hudson (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 11/15/28 (c) | $2000 | $1714029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 11/15/28 (c) | 685 | 565821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12%, 11/15/28 (c) | 265 | 215823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series A (RB) (BAM)<br> 3.12%, 07/01/27 (c) | 755 | 751781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series A (RB) (AGM)<br> 5.00%, 11/01/29 (c) | 260 | 293132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority, New Jersey Transit Transportation Project, Series A (RB) (AGM)<br> 5.00%, 11/01/29 (c) | 1000 | 1118720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority, School Facilities Construction, Series AAA (RB)<br> 5.50%, 12/15/26 (c) | 380 | 414189 |
| New Jersey Economic Development Authority, School Facilities Construction, Series DDD (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/27 (c) | 935 | 1010303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/27 (c) | 615 | 660685 |
| New Jersey Economic Development Authority, School Facilities Construction, Series LLL (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/29 (c) | 1250 | 1360602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/29 (c) | 1970 | 2125640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority, School Facilities Construction, Series MMM (RB)<br> 4.00%, 12/15/29 (c) | 1080 | 1099646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority, School Facilities Construction, Series QQQ (RB)<br> 4.00%, 12/15/30 (c) | 1000 | 1002768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority, State House Project, Series B (RB)<br> 5.00%, 12/15/28 (c) | 315 | 348344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Educational Facilities Authority, Higher Educational Capital Improvement, Series A (RB)<br> 4.00%, 09/01/24 (c) | 1000 | 1014274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Educational Facilities Authority, Princeton University, Series C (RB)<br> 2.00%, 03/01/31 (c) | 1975 | 1551774 |

---

---

| | | |
|:---|:---|:---|
| | **Par** <br> **(000's** | **Value** |
| **New Jersey (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 03/01/31 (c) | $1000 | $811542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 03/01/31 (c) | 2000 | 1535951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Educational Facilities Authority, Princeton University, Series I (RB)<br> 5.00%, 07/01/27 (c) | 500 | 559413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Health Care Facilities Financing Authority, Inspira Health, Series A (RB)<br> 3.38%, 07/01/27 (c) | 360 | 360212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Health Care Facilities Financing Authority, Robert Wood Jonson University Hospital, Series A (RB)<br> 5.25%, 07/01/23 (c) | 2355 | 2380276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Health Care Facilities Financing Authority, RWJ Barnabas Health, Series A (RB)<br> 4.00%, 07/01/26 (c) | 1590 | 1637419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Health Care Facilities Financing Authority, Valley Health System (RB)<br> 5.00%, 07/01/29 (c) | 1000 | 1107088 |
| New Jersey State Turnpike Authority, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/28 (c) | 2900 | 3230450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/28 (c) | 115 | 129382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/28 (c) | 1080 | 1209802 |
| New Jersey State, COVID-19, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/01/31 | 1000 | 1106339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/01/32 | 1135 | 1261097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/29 | 1000 | 1161628 |
| New Jersey Transportation Trust Fund Authority, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/15/28 (c) | 2830 | 2969847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/28 (c) | 1000 | 1074431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/28 (c) | 1100 | 1203133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/28 (c) | 1395 | 1540363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/26 (c) | 435 | 466843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/31 (c) | 500 | 572802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority, Series A-1 (RB)<br> 4.10%, 06/15/26 (c) | 780 | 805877 |
| New Jersey Transportation Trust Fund Authority, Series AA (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/15/30 (c) | 1000 | 1002768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 06/15/25 (c) | 2950 | 3006343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/30 (c) | 1200 | 1297411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/23 (c) | 1500 | 1512261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority, Series D (RB)<br> 5.00%, 12/15/24 (c) | 1720 | 1785502 |

---

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| | **Par** <br> **(000's** | **Value** |
| **New Jersey (continued)** |  |  |
| New Jersey Turnpike Authority, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/01/27 (c) | $135 | $139711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/27 (c) | 270 | 294807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/27 (c) | 1625 | 1790351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/24 (c) | 4000 | 4126155 |
| New Jersey Turnpike Authority, Series E (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/28 (c) | 200 | 225012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/28 (c) | 115 | 129638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Turnpike Authority, Series G (RB)<br> 5.00%, 01/01/28 (c) | 3000 | 3283750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Turnpike Authority, Series G (RB) (AGM)<br> 4.00%, 01/01/28 (c) | 2130 | 2249502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of New Jersey, Series A (GO)<br> 3.00%, 06/01/32 | 250 | 253705 |
| State of New Jersey, Various Purposes (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 12/01/29 (c) | 3000 | 2799656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 12/01/29 (c) | 3000 | 2408464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 12/01/29 (c) | 3000 | 2594325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/29 (c) | 5000 | 5565465 |
| Tobacco Settlement Financing Corp., Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/28 (c) | 500 | 539845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/28 (c) | 2755 | 2969750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/28 (c) | 225 | 239323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/28 (c) | 195 | 210831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/28 (c) | 250 | 268709 |
|  |  | 83248490 |
| **New York: 18.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of New York Housing Development Corp., Series G-1 (RB)<br> 3.10%, 11/01/25 (c) | 500 | 489425 |
| City of New York, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/01/26 (c) | 485 | 502730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/01/31 (c) | 600 | 608555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/30 | 415 | 495174 |
| City of New York, Series A-1 (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/23 (c) | 3365 | 3400242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/29 | 1000 | 1170667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/32 (c) | 2000 | 2323629 |
| City of New York, Series B-1 (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/01/26 (c) | 250 | 253718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/27 (c) | 100 | 110911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/29 (c) | 1125 | 1310698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/29 (c) | 500 | 584015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/30 | 1000 | 1198985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/26 (c) | 395 | 431791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 10/01/27 (c) | 920 | 1043775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of New York, Series C (GO)<br> 5.00%, 02/01/25 (c) | 1165 | 1218928 |

---

---

| | | |
|:---|:---|:---|
| | **Par** <br> **(000's** | **Value** |
| **New York (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/29 | $2000 | $2341334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of New York, Series C-1 (GO) (SD CRED PROG)<br> 5.00%, 08/01/30 | 2000 | 2386380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of New York, Series D-1 (GO) (BAM)<br> 5.00%, 03/01/30 (c) | 1565 | 1770931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of New York, Series E (GO)<br> 5.00%, 08/01/26 (c) | 540 | 586008 |
| City of New York, Series E-1 (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/28 (c) | 2000 | 2169655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/28 (c) | 1015 | 1147809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 03/01/28 (c) | 1000 | 1137281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 03/01/28 (c) | 1500 | 1717536 |
| City of New York, Series F-1 (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/28 (c) | 250 | 281291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/28 (c) | 1435 | 1558543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of New York, Series J (GO)<br> 5.00%, 08/01/24 (c) | 1100 | 1143830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of New York, Series L (GO)<br> 5.00%, 04/01/29 (c) | 655 | 756383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of New York, Series L-5 (GO)<br> 5.00%, 04/01/31 (c) | 1865 | 2209264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of New York, Series L-6 (GO)<br> 5.00%, 04/01/29 (c) | 1000 | 1158660 |
| County of Nassau, Interim Finance Authority, Public Benefit Corp., Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/15/31 (c) | 1000 | 1110219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/31 (c) | 1500 | 1778103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Nassau, Series C (GO)<br> 5.00%, 10/01/27 (c) | 600 | 670157 |
| County of Suffolk, Public Improvement, Series C (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/30 (c) | 1000 | 1024904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/30 (c) | 1500 | 1718295 |
| Hudson Yards Infrastructure Corp., Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/27 (c) | 3025 | 3339341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/27 (c) | 460 | 506515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/27 (c) | 1400 | 1544049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/27 (c) | 1700 | 1874045 |
| Long Island Power Authority, Electric System (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/27 (c) | 750 | 832717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/27 (c) | 305 | 339527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/27 (c) | 500 | 556313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long Island Power Authority, Electric System, Series A (RB)<br> 3.00%, 09/01/28 (c) | 450 | 433127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long Island Power Authority, Electric System, Series B (RB)<br> 5.00%, 09/01/26 (c) | 2000 | 2131860 |

---

------

---

| | | |
|:---|:---|:---|
|  | **Par** <br> **(000's** | **Value** |
| **New York (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority, Series A (RB)<br> 4.00%, 11/15/26 (c) | $340 | $341497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority, Series B (RB)<br> 4.00%, 11/15/26 (c) | 215 | 215120 |
| Metropolitan Transportation Authority, Series B-2 (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/26 (c) | 15 | 16359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/27 (c) | 200 | 221674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/27 (c) | 1185 | 1307900 |
| Metropolitan Transportation Authority, Series C-1 (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/15/28 (c) | 1980 | 1999129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/15/28 (c) | 395 | 397179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/28 (c) | 2540 | 2683936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/28 (c) | 470 | 499410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/28 (c) | 810 | 853917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/28 (c) | 1540 | 1634844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/28 (c) | 1445 | 1531856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority, Series C-2 (RB)<br> 0.00%, 11/15/33 ^ | 1035 | 685811 |
| Metropolitan Transportation Authority, Series D (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12%, 11/15/26 (c) | 265 | 234692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/26 (c) | 400 | 402840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/28 (c) | 1085 | 1151822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/28 (c) | 1570 | 1662053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/28 (c) | 535 | 565317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority, Series D-1 (RB) (BAM)<br> 5.00%, 11/15/25 (c) | 2000 | 2120923 |
| Metropolitan Transportation Authority, Series E (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/23 (c) | 1775 | 1791078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/30 | 1000 | 1089930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monroe County Industrial Development Corp., Rochester Regional Health Project, Series A (RB)<br> 3.00%, 12/01/30 (c) | 865 | 696578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Housing Development Corp., Multi- Family Housing, Series A (RB) (AGC)<br> 2.90%, 04/01/30 (c) | 1000 | 881319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Housing Development Corp., Multi- Family Housing, Series A-1 (RB)<br> 3.70%, 11/15/23 (c) | 2000 | 2002509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Housing Development Corp., Multi- Family Housing, Series A-1-C (RB)<br> 2.35%, 05/01/28 (c) | 1100 | 940976 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** <br> **(000's** | **Value** |
| **New York (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Housing Development Corp., Multi- Family Housing, Series F-1 (RB) (FHA 542(C))<br> 2.10%, 05/01/29 (c) | $2000 | $1555590 |
| New York City Industrial Development Agency, Queens Baseball Stadium Project, Series A (RB) (AGM) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 01/01/31 (c) | 1250 | 911431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/01/31 (c) | 500 | 539247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/31 | 2700 | 3136971 |
| New York City Industrial Development Agency, Yankee Stadium Project, Series A (RB) (AGM) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/30 (c) | 2500 | 2686893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/30 | 2145 | 2462497 |
| New York City Municipal Water Finance Authority, Series AA (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/29 (c) | 1000 | 1179628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/27 (c) | 960 | 1034522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority, Series BB (RB)<br> 5.00%, 06/15/27 (c) | 310 | 344587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority, Series CC-1 (RB)<br> 5.00%, 12/15/26 (c) | 1000 | 1070376 |
| New York City Municipal Water Finance Authority, Series DD (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/23 (c) | 4500 | 4535610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/23 (c) | 1000 | 1007543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/31 | 1865 | 2276163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority, Series EE (RB)<br> 5.00%, 06/15/27 (c) | 215 | 238448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority, Series FF-2 (RB)<br> 5.00%, 06/15/29 (c) | 500 | 581548 |
| New York City Transitional Finance Authority, Building Aid, Series S-1 (RB) (SAW) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 07/15/31 (c) | 1400 | 1277959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/15/31 (c) | 1375 | 1432635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/15/31 (c) | 1000 | 1214541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority, Building Aid, Series S-2 (RB) (SAW)<br> 5.00%, 07/15/28 (c) | 1010 | 1153785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority, Building Aid, Series S-3 (RB) (SAW)<br> 5.00%, 07/15/28 (c) | 1605 | 1820354 |

---

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | **Par** <br> **(000's** | **Value** |
| **New York (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/15/28 (c) | $1000 | $1115378 |
| New York City Transitional Finance Authority, Building Aid, Series S-4 (RB) (SAW) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/15/28 (c) | 500 | 567089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/15/28 (c) | 100 | 114236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 07/15/28 (c) | 415 | 471487 |
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 11/01/30 (c) | 2000 | 1825131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/30 (c) | 3000 | 3442999 |
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A-1 (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/01/26 (c) | 630 | 659092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/31 (c) | 1000 | 1215817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/26 (c) | 880 | 947381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/26 (c) | 280 | 303170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/26 (c) | 655 | 704093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/26 (c) | 450 | 485186 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A-2 (RB)5.00%, 08/01/27 (c) | 2000 | 2162899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B (RB)<br> 5.00%, 08/01/24 (c) | 260 | 269930 |
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B-1 (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/01/29 (c) | 1500 | 1523164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/01/27 (c) | 115 | 118694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/01/31 (c) | 1190 | 1212505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/24 (c) | 2980 | 3069002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/27 (c) | 1065 | 1179963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/24 (c) | 1345 | 1394959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/26 (c) | 690 | 749755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/26 (c) | 540 | 586386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/26 (c) | 530 | 577200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/26 (c) | 895 | 970315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/27 (c) | 1000 | 1114469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/27 (c) | 125 | 139855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/27 (c) | 350 | 384308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/28 (c) | 780 | 878628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/30 (c) | 1000 | 1194477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/31 (c) | 1000 | 1192662 |
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/25 (c) | 20 | 21466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/27 (c) | 900 | 991631 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** <br> **(000's** | **Value** |
| **New York (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/27 (c) | $2280 | $2530324 |
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C-1 (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/01/30 (c) | 1690 | 1719450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/30 (c) | 2500 | 2854574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/30 (c) | 1400 | 1663452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series D-1 (RB)<br> 4.00%, 05/01/32 (c) | 1500 | 1538882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series E (RB)<br> 3.50%, 05/01/27 (c) | 100 | 102073 |
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series E-1 (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/25 (c) | 155 | 162670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/25 (c) | 1195 | 1252221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/26 (c) | 1500 | 1611588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/27 (c) | 1710 | 1834047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/27 (c) | 1190 | 1313498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series G-1 (RB)<br> 4.00%, 11/01/30 | 6000 | 6773152 |
| New York City Trust for Cultural Resources, The Museum of Modern Art, Series 1-E (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/26 (c) | 850 | 899157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/26 (c) | 745 | 786350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, Columbia University, Series A (RB) (FHA)<br> 5.00%, 10/01/28 | 115 | 133336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, Memorial Sloan- Kettering Cancer Center, Series 1 (RB)<br> 4.00%, 07/01/29 (c) | 1000 | 1026191 |
| New York State Dormitory Authority, Montefiore Medical Center, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/28 (c) | 1000 | 1050340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/28 (c) | 1890 | 1981990 |
| New York State Dormitory Authority, New York University, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/25 (c) | 3000 | 3182938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/26 (c) | 260 | 282963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/27 (c) | 445 | 498167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/27 (c) | 250 | 279259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/27 (c) | 200 | 222981 |

---

------

---

| | | |
|:---|:---|:---|
|  | **Par** <br> **(000's** | **Value** |
| **New York (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/28 (c) | $385 | $437782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/29 (c) | 370 | 433068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, New York University, Series A (RB) (AGC)<br> 5.00%, 03/15/28 (c) | 1250 | 1362432 |
| New York State Dormitory Authority, Sales Tax, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/24 (c) | 1310 | 1341955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/24 (c) | 2150 | 2210138 |
| New York State Dormitory Authority, School Districts Bond Financing Program, Series A (RB) (SAW) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/26 (c) | 1200 | 1301722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/26 (c) | 1325 | 1439254 |
| New York State Dormitory Authority, State Personal Income Tax, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 09/15/30 (c) | 3120 | 2807042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/15/27 (c) | 1000 | 1054542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/15/27 (c) | 1235 | 1259562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/15/27 (c) | 475 | 493519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/15/31 (c) | 2795 | 2850032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/15/31 (c) | 1075 | 1104173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/15/30 (c) | 1135 | 1164151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/27 (c) | 1375 | 1522314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/27 (c) | 595 | 657367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/27 (c) | 3115 | 3443107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/25 (c) | 195 | 204828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/29 | 2085 | 2422410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/29 (c) | 3910 | 4375488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/29 (c) | 1950 | 2207077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/29 (c) | 2370 | 2709796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/29 | 100 | 116183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/30 | 3000 | 3550688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/31 (c) | 4000 | 4707677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/15/26 (c) | 2000 | 2128899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/15/32 (c) | 2000 | 2282081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 09/15/28 (c) | 1305 | 1446052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, State Personal Income Tax, Series B (RB)<br> 5.00%, 02/15/25 (c) | 1095 | 1147873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/15/27 (c) | 2000 | 2236376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/15/27 (c) | 2270 | 2462591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, State Personal Income Tax, Series C (RB)<br> 5.00%, 03/15/24 (c) | 385 | 396590 |
| New York State Dormitory Authority, State Personal Income Tax, Series D (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/30 (c) | 2000 | 2342062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/30 | 1435 | 1695618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/15/26 (c) | 940 | 1021289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/15/26 (c) | 315 | 342798 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** <br> **(000's** | **Value** |
| **New York (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, State Personal Income Tax, Series D (RB) (BAM)<br> 5.00%, 02/15/30 (c) | $115 | $135822 |
| New York State Dormitory Authority, State Personal Income Tax, Series E (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/15/32 (c) | 2000 | 2059942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/15/32 (c) | 1500 | 1532603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/15/25 (c) | 3000 | 3204015 |
| New York State Dormitory Authority, State Sales Tax, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/27 (c) | 250 | 263029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/24 (c) | 115 | 118320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/24 (c) | 340 | 349854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/27 (c) | 2110 | 2309031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/27 (c) | 515 | 568134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/27 (c) | 305 | 337182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/27 (c) | 1000 | 1096305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/15/26 (c) | 1970 | 2149996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/15/26 (c) | 140 | 153148 |
| &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) | 170 | 181830 |
| New York State Dormitory Authority, State Sales Tax, Series C (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/28 (c) | 520 | 589403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/28 (c) | 1970 | 2193067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, Supported Debt Montefiore, Series A (RB)<br> 5.00%, 08/01/28 (c) | 1000 | 1029890 |
| New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/26 (c) | 765 | 835335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/26 (c) | 415 | 452449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/27 (c) | 150 | 164871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/27 (c) | 405 | 452577 |
| New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/15/29 (c) | 1530 | 1585068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/29 (c) | 1250 | 1411927 |
| New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series E (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 06/15/27 (c) | 495 | 507433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/27 (c) | 1000 | 1113020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/27 (c) | 500 | 553272 |

---

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | **Par** <br> **(000's** | **Value** |
| **New York (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Housing Finance Agency, Series H (RB) (AGM)<br> 2.10%, 05/01/29 (c) | $835 | $671165 |
| New York State Thruway Authority, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/26 (c) | 650 | 692694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/26 (c) | 600 | 637675 |
| New York State Thruway Authority, Series B (RB) (AGM) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/01/30 (c) | 800 | 813521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/01/30 (c) | 3155 | 3175655 |
| New York State Thruway Authority, Series K (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/25 (c) | 4335 | 4542575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/25 (c) | 2500 | 2620667 |
| New York State Thruway Authority, Series L (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 01/01/28 (c) | 1120 | 1087456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/28 (c) | 1500 | 1685364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/28 (c) | 1300 | 1456884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Thruway Authority, Series O (RB)<br> 4.00%, 07/01/31 (c) | 2000 | 2012318 |
| New York State Thruway Authority, State Personal Income, Series A-1 (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/31 (c) | 2000 | 2368318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/31 (c) | 800 | 937056 |
| New York State Urban Development Corp., State Personal Income, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/23 (c) | 1800 | 1805359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/27 (c) | 325 | 358745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/27 (c) | 750 | 829137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/15/29 | 2000 | 2352319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/15/30 (c) | 1475 | 1668020 |
| New York State Urban Development Corp., State Personal Income, Series C (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/15/30 (c) | 1000 | 1021667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/15/30 (c) | 1000 | 1058450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/15/27 (c) | 350 | 391075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/15/27 (c) | 4295 | 4794233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/15/30 (c) | 250 | 290073 |
| New York State Urban Development Corp., State Sales Tax, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/15/29 (c) | 1000 | 1146929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/15/31 (c) | 4500 | 5236660 |
| New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project, Series C (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/30 (c) | 750 | 810701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/30 | 1150 | 1298867 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** <br> **(000's** | **Value** |
| **New York (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/30 (c) | $1000 | $1066886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Port Authority of New York and New Jersey, Series 179 (RB)<br> 5.00%, 12/01/23 (c) | 2000 | 2034876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Port Authority of New York and New Jersey, Series 184 (RB)<br> 5.00%, 09/01/24 (c) | 2000 | 2076626 |
| Port Authority of New York and New Jersey, Series 205 (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/27 (c) | 1000 | 1124998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/27 (c) | 840 | 948901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/27 (c) | 2500 | 2799091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Port Authority of New York and New Jersey, Series 209 (RB)<br> 5.00%, 07/15/28 (c) | 500 | 552479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Port Authority of New York and New Jersey, Series 211 (RB)<br> 5.00%, 09/01/28 (c) | 500 | 565739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Port Authority of New York and New Jersey, Series 217 (RB)<br> 5.00%, 11/01/29 (c) | 500 | 562250 |
| Port Authority of New York and New Jersey, Series 222 (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/15/30 (c) | 2600 | 2676937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/15/30 (c) | 3975 | 4059254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/15/30 (c) | 1000 | 1175976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/15/30 (c) | 1000 | 1161688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of New York, Mortgage Agency, Series 195 (RB)<br> 3.00%, 04/01/25 (c) | 615 | 609494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of New York, Mortgage Agency, Series 205 (RB)<br> 3.12%, 10/01/26 (c) | 460 | 451410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Suffolk County Water Authority (RB)<br> 4.00%, 06/01/25 (c) | 10 | 10369 |
| Triborough Bridge and Tunnel Authority, Payroll Mobility Tax (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/31 | 1000 | 1226039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/33 (c) | 1000 | 1230411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Triborough Bridge and Tunnel Authority, Payroll Mobility Tax, Series C-1A (RB)<br> 5.00%, 11/15/31 (c) | 1225 | 1411766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Triborough Bridge and Tunnel Authority, Series A (RB)<br> 5.00%, 05/15/26 (c) | 20 | 21701 |
| Triborough Bridge and Tunnel Authority, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/31 | 1000 | 1213552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/27 (c) | 1000 | 1080950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/27 (c) | 1255 | 1384831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/27 (c) | 2085 | 2249158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/27 (c) | 1070 | 1181829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Troy Capital Resource Corp., Rensselaer Polytechnic Institute Project, Series A (RB)<br> 5.00%, 09/01/30 (c) | 1795 | 2021649 |

---

------

---

| | | |
|:---|:---|:---|
|  | **Par** <br> **(000's** | **Value** |
| **New York (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/30 (c) | $500 | $540547 |
| TSASC, Inc., Tobacco Settlement Bonds, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/27 (c) | 845 | 883815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/27 (c) | 500 | 527354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/27 (c) | 285 | 302402 |
| Utility Debt Securitization Authority (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/25 (c) | 2830 | 3022406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/27 (c) | 2000 | 2193544 |
| Utility Debt Securitization Authority, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/26 (c) | 500 | 542237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/26 (c) | 610 | 665876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/26 (c) | 2000 | 2181158 |
| Utility Debt Securitization Authority, Series E (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/23 (c) | 1250 | 1276410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/32 (c) | 2000 | 2420874 |
| &nbsp;&nbsp;&nbsp;Westchester County Local Development Corp., Pace University, Series A (RB) 5.00%, 05/01/24 (c) | 1000 | 1014119 |
|  |  | 359298491 |
| **North Carolina: 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Charlotte-Mecklenburg Hospital Authority, Atrium Health Care, Series B (RB) 1.95%, 11/01/29 (p) | 1500 | 1440489 |
| &nbsp;&nbsp;&nbsp;Charlotte-Mecklenburg Hospital Authority, Atrium Health Care, Series D (RB) 5.00%, 12/01/31 (p) | 3000 | 3543437 |
| County of Mecklenburg, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/01/27 (c) | 900 | 965950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/01/27 (c) | 1000 | 1073992 |
| &nbsp;&nbsp;&nbsp;County of Mecklenburg, Series B (GO) 2.00%, 12/01/26 (c) | 250 | 241624 |
| County of Wake (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 03/01/31 (c) | 1500 | 1481321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/01/31 (c) | 850 | 940398 |
| &nbsp;&nbsp;&nbsp;County of Wake, Series A (RB) 5.00%, 12/01/26 (c) | 500 | 551220 |
| &nbsp;&nbsp;&nbsp;North Carolina Charlotte Douglas International Airport, Series A (RB) 4.00%, 07/01/31 (c) | 1000 | 1026130 |
| &nbsp;&nbsp;&nbsp;North Carolina Housing Finance Agency Home Ownership (RB) 4.60%, 07/01/31 (c) | 1000 | 1048341 |
| &nbsp;&nbsp;&nbsp;North Carolina Municipal Power Agency No. 1, Series A (RB) 5.00%, 01/01/30 (c) | 1000 | 1144570 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** <br> **(000's** | **Value** |
| **North Carolina (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Carolina Turnpike Authority, Triangle Expressway System (RB)<br> 5.00%, 01/01/27 (c) | $500 | $532776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Carolina Turnpike Authority, Triangle Expressway System (RB) (AGM)<br> 5.00%, 01/01/29 (c) | 380 | 424740 |
| North Carolina Turnpike Authority, Triangle Expressway System, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/01/28 (c) | 360 | 382768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/01/28 (c) | 890 | 948702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/01/28 (c) | 800 | 843826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of North Carolina, Department of State Treasurer, Series B (GO)<br> 2.12%, 06/01/29 (c) | 625 | 527571 |
| State of North Carolina, Grant Anticipation Vehicle (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/29 (c) | 2500 | 2888649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/31 (c) | 1000 | 1195681 |
| State of North Carolina, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 06/01/28 (c) | 380 | 380555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/28 (c) | 1140 | 1306432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/30 (c) | 1100 | 1316391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of North Carolina, Series A (RB)<br> 5.00%, 05/01/29 (c) | 1000 | 1161978 |
| State of North Carolina, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 05/01/27 (c) | 800 | 807648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/27 (c) | 880 | 981459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of North Carolina at Chapel Hill (RB)<br> 5.00%, 12/01/31 (c) | 1000 | 1180805 |
|  |  | 28337453 |
| **Ohio: 1.9%** |  |  |
| Akron Bath Copley Joint Township Hospital District (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/30 (c) | 1000 | 970562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/30 (c) | 1000 | 982500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Municipal Power, Inc., Series A (RB)<br> 5.00%, 02/15/29 | 1000 | 1140428 |
| Buckeye Tobacco Settlement Financing Authority, Series A-2 (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/30 (c) | 500 | 549774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/30 (c) | 500 | 548090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/30 (c) | 3000 | 3270464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Butler County, Ohio Hospital facilities, UC Health (RB)<br> 4.00%, 11/15/27 (c) | 1205 | 1201832 |

---

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | **Par** <br> **(000's** | **Value** |
| **Ohio (continued)** |  |  |
| City of Columbus, Various Purpose (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/27 (c) | $200 | $213577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/27 (c) | 750 | 843414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Columbus, Various Purpose, Series A (GO)<br> 5.00%, 04/01/30 | 1000 | 1184602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Columbus, Various Purpose, Series B (GO)<br> 5.00%, 04/01/29 (c) | 1245 | 1442742 |
| County of Allen, Ohio Hospital Facilities, Mercy Health, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/29 | 1250 | 1435237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/28 (c) | 1030 | 1149151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/30 (c) | 1000 | 1161886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Butler, Ohio hospital Facilities, UC Health (RB)<br> 4.00%, 11/15/27 (c) | 400 | 403321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Cuyahoga, Ohio Hospital, The Metrohealth System (RB)<br> 5.00%, 02/15/27 (c) | 100 | 105755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Scioto, Southern Ohio Medical Center (RB)<br> 3.38%, 02/15/26 (c) | 165 | 160304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kent State University (RB)<br> 5.00%, 05/01/26 (c) | 20 | 21740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northeast Ohio Regional Sewer District (RB)<br> 3.00%, 11/15/29 (c) | 1000 | 959897 |
| Ohio State University, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/29 | 2225 | 2620180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/23 (c) | 1000 | 1006670 |
| Ohio Turnpike and Infrastructure Commission, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/28 (c) | 500 | 566268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/28 (c) | 500 | 565692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/28 (c) | 1845 | 2090016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ohio Water Development Authority, Drinking Water, Series A (RB)<br> 5.00%, 06/01/31 (c) | 1335 | 1565014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ohio Water Development Authority, Fresh Water (RB)<br> 5.00%, 12/01/29 (c) | 1760 | 2001959 |
| Ohio Water Development Authority, Water Pollution Control, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/27 (c) | 960 | 1069985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/30 (c) | 1000 | 1182973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/30 (c) | 1970 | 2251706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ohio Water Development Authority, Water Pollution Control, Series B (RB)<br> 5.00%, 12/01/25 (c) | 40 | 43076 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** <br> **(000's** | **Value** |
| **Ohio (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Ohio Hospital, Cleveland Clinic Health System, Series A (GO)<br> 5.00%, 03/15/24 (c) | $480 | $494558 |
| State of Ohio Hospital, Cleveland Clinic Health System, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/01/28 (c) | 760 | 801241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/28 (c) | 135 | 152057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/28 (c) | 140 | 157512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/28 (c) | 130 | 145432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Ohio, Common Schools, Series A (GO)<br> 5.00%, 03/15/24 (c) | 25 | 25744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Ohio, Higher Educational Facility, Case Western Reserve University Project (RB)<br> 3.25%, 12/01/25 (c) | 165 | 165142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Ohio, Highway Capital Improvement, Series T (GO)<br> 5.00%, 05/01/27 (c) | 1000 | 1107277 |
| State of Ohio, Major New Infrastructure Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/30 | 200 | 239248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/31 | 1225 | 1486463 |
|  |  | 37483489 |
| **Oklahoma: 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian County Educational Facilities Authority, Mustang Public Schools (RB)<br> 3.00%, 09/01/26 (c) | 330 | 334056 |
| Grand River Dam Authority, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/01/26 (c) | 2000 | 2080246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/26 (c) | 100 | 109622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/26 (c) | 515 | 563957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norman Regional Hospital Authority (RB)<br> 3.25%, 09/01/29 (c) | 750 | 629230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oklahoma Capitol Improvement Authority, State Highway Improvement (RB)<br> 4.00%, 07/01/26 (c) | 155 | 160263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oklahoma Turnpike Authority, Series C (RB)<br> 5.00%, 01/01/27 (c) | 565 | 615611 |
|  |  | 4492985 |
| **Oregon: 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asante Health System, Hospital Facilities Authority of the City of Medford, Asante Projects, Series A (RB)<br> 5.00%, 08/15/30 (c) | 720 | 815566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asante Health System, Hospital Facilities Authority of the City of Medford, Asante Projects, Series A (RB) (AGM)<br> 5.00%, 08/15/30 (c) | 700 | 786381 |

---

------

---

| | | |
|:---|:---|:---|
|  | **Par** <br> **(000's** | **Value** |
| **Oregon (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Portland Oregon, Sewer System, Series A (RB)<br> 3.00%, 09/01/30 (c) | $2350 | $2206707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corvallis School District No. 509J, Series B (GO) (SBG)<br> 5.00%, 06/15/28 (c) | 1285 | 1436871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deschutes Public Library District (GO)<br> 4.00%, 06/01/31 (c) | 2000 | 2095992 |
| Hillsboro School District No. 1J (GO) (SBG) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/27 (c) | 1000 | 1112927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/27 (c) | 590 | 649394 |
| Multnomah and Clackamas Counties School District No. 10JT (GO) (SBG) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01%, 06/15/27 (c) | 1215 | 851090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01%, 06/15/27 (c) | 1010 | 672496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multnomah County School District No. 1J, Series B (GO) (SBG)<br> 3.00%, 06/15/30 (c) | 1280 | 1306527 |
| Salem-Keizer School District No. 24J (GO) (SBG) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/15/28 (c) | 740 | 780471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/15/30 (c) | 2000 | 2079385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/28 (c) | 545 | 619186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sherwood School District No. 88J, Series B (GO) (SBG)<br> 5.00%, 06/15/27 (c) | 125 | 138183 |
| State of Oregon, Department of Transportation, Highway User Tax, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/30 (c) | 3000 | 3115925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/29 (c) | 1650 | 1873466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/30 (c) | 1000 | 1154840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Oregon, Seismic Project and Article XI-Q, Series F (GO)<br> 5.00%, 05/01/26 (c) | 10 | 10880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tri-County Metropolitan Transportation District of Oregon, Series A (RB)<br> 3.25%, 04/01/28 (c) | 570 | 566765 |
|  |  | 22273052 |
| **Pennsylvania: 3.9%** |  |  |
| Allegheny County Hospital Development Authority, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/28 (c) | 1000 | 1100360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/28 (c) | 1120 | 1224936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/15/29 (c) | 360 | 410296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/15/29 (c) | 810 | 915917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allegheny County Sanitary Authority (RB)<br> 5.00%, 12/01/25 (c) | 1000 | 1057398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allegheny County Sanitary Authority (RB) (AGM)<br> 4.00%, 12/01/26 (c) | 100 | 104815 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** <br> **(000's** | **Value** |
| **Pennsylvania (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Philadelphia (GO) (AGM)<br> 5.00%, 08/01/27 (c) | $380 | $416921 |
| City of Philadelphia, Gas Works (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/26 (c) | 880 | 948199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/26 (c) | 735 | 789306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/26 (c) | 970 | 1038527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/26 (c) | 680 | 725601 |
| City of Philadelphia, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/01/31 (c) | 1925 | 1958967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/27 (c) | 100 | 109122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/27 (c) | 750 | 823538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/27 (c) | 750 | 826282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Philadelphia, Series A (RB) (AGC)<br> 4.00%, 07/01/30 (c) | 1000 | 1027711 |
| City of Philadelphia, Series B (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/29 (c) | 1500 | 1634015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/29 (c) | 100 | 111698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/29 (c) | 300 | 337641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth Financing Authority, Series A (RB)<br> 5.00%, 06/01/25 (c) | 1595 | 1672290 |
| Commonwealth Financing Authority, Tobacco Master Settlement Payment (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/28 (c) | 775 | 862473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/28 (c) | 265 | 294629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/28 (c) | 415 | 459352 |
| Commonwealth of Pennsylvania (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 01/01/27 (c) | 510 | 516392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 05/01/30 (c) | 900 | 836822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 09/15/26 (c) | 1055 | 1026402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/01/27 (c) | 600 | 636630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/01/26 (c) | 1500 | 1566851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/15/31 (c) | 2000 | 2218744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/15/25 (c) | 1500 | 1545935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/15/26 (c) | 170 | 176209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania (GO) (AGM)<br> 3.00%, 09/15/26 (c) | 395 | 395458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Geisinger Authority Health System, Series C (RB)<br> 5.00%, 04/01/30 (c) (p) | 2000 | 2240814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lancaster County, Hospital Authority, Penn State Health (RB)<br> 5.00%, 11/01/29 (c) | 1100 | 1199971 |
| Pennsylvania Economic Development Financing Authority, UPMC (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/15/26 (c) | 100 | 100887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/15/26 (c) | 385 | 417544 |

---

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | **Par** <br> **(000's** | **Value** |
| **Pennsylvania (continued)** |  |  |
| Pennsylvania Economic Development Financing Authority, UPMC, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 11/15/27 (c) | $1000 | $1011259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/27 (c) | 205 | 210550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Higher Educational Facilities Authority, Commonwealth of Pennsylvania (RB)<br> 5.00%, 05/01/26 (c) | 125 | 132394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Higher Educational Facilities Authority, Commonwealth of Pennsylvania, Series AT-1 (RB)<br> 4.00%, 06/15/26 (c) | 775 | 800185 |
| Pennsylvania Higher Educational Facilities Authority, The Trustee of University, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/15/26 (c) | 1000 | 1056168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/15/26 (c) | 1450 | 1534747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Higher Educational Facilities Authority, The Trustee of University, Series B (RB)<br> 5.00%, 10/01/25 (c) | 2675 | 2855970 |
| Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania Health System, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12%, 08/15/27 (c) | 150 | 151317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/15/27 (c) | 270 | 298804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/15/27 (c) | 275 | 307414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 119 (RB)<br> 3.20%, 04/01/25 (c) | 425 | 422811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 121 (RB)<br> 2.80%, 10/01/25 (c) | 700 | 672342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 122 (RB)<br> 3.65%, 04/01/26 (c) | 315 | 317310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 123B (RB)<br> 3.45%, 10/01/26 (c) | 1620 | 1614339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 124-B (RB)<br> 3.20%, 10/01/26 (c) | 300 | 296731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania State University, Series B (RB)<br> 5.00%, 09/01/26 (c) | 20 | 21873 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** <br> **(000's** | **Value** |
| **Pennsylvania (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Turnpike Commission (RB)<br> 5.00%, 12/01/24 (c) | $1000 | $1045704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Turnpike Commission Oil Franchise Tax, Series A (RB)<br> 5.00%, 12/01/26 (c) | 1000 | 1100280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Turnpike Commission, Motor License (RB)<br> 4.00%, 12/01/27 (c) | 2000 | 2038129 |
| Pennsylvania Turnpike Commission, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/26 (c) | 750 | 824713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/26 (c) | 310 | 341074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/29 (c) | 500 | 567171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/29 (c) | 1000 | 1113770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/32 (c) | 1000 | 1203643 |
| Pennsylvania Turnpike Commission, Series A-2 (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/27 (c) | 175 | 196284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/28 (c) | 1250 | 1374623 |
| Pennsylvania Turnpike Commission, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/25 (c) | 1010 | 1075779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/26 (c) | 2650 | 2779482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/31 (c) | 700 | 816679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Turnpike Commission, Series B (RB) (AGM)<br> 5.00%, 06/01/27 (c) | 510 | 559814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Turnpike Commission, Series B-2 (RB)<br> 5.00%, 06/01/27 (c) | 205 | 222906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Turnpike Commission, Series B-2 (RB) (AGM)<br> 5.00%, 06/01/27 (c) | 3000 | 3306512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philadelphia Authority for Industrial Development, Children's Hospital of Philadelphia Project (RB)<br> 4.00%, 07/01/27 (c) | 110 | 113720 |
| Pittsburgh Water and Sewer Authority, Series B (RB) (AGM) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/31 | 1460 | 1755701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/32 | 2000 | 2437094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/33 | 2000 | 2462273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;School District of Philadelphia, Series A (GO) (SAW)<br> 5.00%, 09/01/28 (c) | 660 | 733078 |
| School District of Philadelphia, Series F (GO) (SAW) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/26 (c) | 485 | 517485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/26 (c) | 1570 | 1646844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/26 (c) | 1000 | 1050664 |

---

------

---

| | | |
|:---|:---|:---|
|  | **Par** <br> **(000's** | **Value** |
| **Pennsylvania (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southeastern Pennsylvania Transportation Authority, Capital Grant (RB)<br> 5.00%, 06/01/27 (c) | $845 | $932401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sports and Exhibition Authority, Regional Asset District (RB) (AGM)<br> 5.00%, 08/01/29 (c) | 1000 | 1129898 |
| State Public School Building Authority, School District of Philadelphia Project, Series A (RB) (AGM) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/26 (c) | 260 | 277727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/26 (c) | 1750 | 1873241 |
|  |  | 76929556 |
| **Rhode Island: 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rhode Island Commerce Corp., Department of Transportation, Series B (RB)<br> 5.00%, 06/15/26 (c) | 380 | 411715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rhode Island Health and Educational Building Corp., Pooled Issue, Series A (RB)<br> 5.00%, 05/15/26 (c) | 110 | 119319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rhode Island Housing and Mortgage Finance Corp., Series A (RB)<br> 2.05%, 04/01/30 (c) | 1000 | 792286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rhode Island Housing and Mortgage Finance Corp., Series A (RB) (AGM)<br> 2.10%, 10/01/29 (c) | 1000 | 832518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Rhode Island and Providence Plantations, Series B (GO)<br> 5.00%, 08/01/27 (c) | 250 | 280105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Rhode Island, Series A (GO)<br> 5.00%, 08/01/32 (c) | 2000 | 2326974 |
|  |  | 4762917 |
| **South Carolina: 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lancaster County School District (GO)<br> 3.25%, 03/01/27 (c) | 325 | 330861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lexington County Health Services District, Inc. (RB) (AGM)<br> 5.00%, 11/01/27 (c) | 100 | 109365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Piedmont Municipal Power Agency, Series B (RB)<br> 5.00%, 01/01/31 (c) | 1000 | 1154878 |
| South Carolina Transportation Infrastructure Bank, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/27 (c) | 1000 | 1081180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/28 (c) | 100 | 113109 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** <br> **(000's** | **Value** |
| **South Carolina (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Carolina Transportation Infrastructure Bank, Series B (RB)<br> 5.00%, 10/01/29 | $1270 | $1477043 |
| South Carolina, Public Service Authority, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/01/31 (c) | 1115 | 1150598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/26 (c) | 1500 | 1549286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Carolina, Public Service Authority, Series A (RB) (SAW)<br> 5.00%, 12/01/30 (c) | 3000 | 3369269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Town of Mount Pleasant, South Carolina Water and Sewer System, Series A (RB)<br> 4.00%, 06/01/27 (c) | 1000 | 1019966 |
|  |  | 11355555 |
| **South Dakota: 0.0%** |  |  |
| South Dakota Health and Educational Facilities Authority (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/27 (c) | 100 | 108246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/27 (c) | 255 | 276646 |
|  |  | 384892 |
| **Tennessee: 0.9%** |  |  |
| Greeneville Health and Educational Facilities Board, Ballad Health, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/23 (c) | 810 | 814817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/23 (c) | 1500 | 1507747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/23 (c) | 915 | 920631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/23 (c) | 550 | 553453 |
| Metropolitan Government of Nashville and Davidson County (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/26 (c) | 580 | 608798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/26 (c) | 545 | 574080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/27 (c) | 275 | 290478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/26 (c) | 1235 | 1345408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Government of Nashville and Davidson County, Health and Educational Facilities Board, Vanderbilt University Center, Series A (RB)<br> 5.00%, 07/01/26 (c) | 130 | 136509 |
| Shelby County, Public Improvement, Series B (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/01/30 (c) | 3000 | 3298434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/01/30 (c) | 1000 | 1094560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/01/30 (c) | 1000 | 1078124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tennessee Corp. Gas Supply, Series A (RB)<br> 5.50%, 12/01/30 (c) (p) | 2000 | 2168778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tennessee Energy Acquisition Corp., Commodity Project, Series A (RB)<br> 5.00%, 11/01/31 (c) (p) | 4000 | 4292188 |

---

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | **Par** <br> **(000's** | **Value** |
| **Tennessee (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tennessee Housing Development Agency, Series B (RB)<br> 3.70%, 07/01/26 (c) | $65 | $63784 |
|  |  | 18747789 |
| **Texas: 8.6%** |  |  |
| Aldine Independent School District, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/15/27 (c) | 675 | 701201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/15/27 (c) | 910 | 950585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/27 (c) | 700 | 775853 |
| Arlington Independent School District (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/15/29 (c) | 1000 | 1070188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/15/29 (c) | 500 | 528046 |
| Austin Independent School District (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/01/26 (c) | 100 | 105145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/33 (c) | 1500 | 1773830 |
| Bexar County Hospital District (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/15/26 (c) | 115 | 119816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/15/26 (c) | 250 | 255323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/26 (c) | 1315 | 1414469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bexar County, Alamo Community College District (GO)<br> 4.00%, 08/15/30 (c) | 1000 | 1110613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Board of Regents of the University of Texas System, Series A (RB)<br> 5.00%, 08/15/30 | 2500 | 2983310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Board of Regents of the University of Texas System, Series A (RB) (AGM)<br> 5.00%, 08/15/29 (c) | 850 | 993832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Board of Regents of the University of Texas System, Series B (RB)<br> 5.00%, 08/15/29 | 2040 | 2388113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Arlington, Senior Lien Special Tax (ST) (AGM)<br> 5.00%, 02/15/25 (c) | 150 | 157875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Austin, Texas Electric Utility System, Series A (RB)<br> 5.00%, 11/15/30 | 615 | 729704 |
| City of Austin, Water and Wastewater System (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/26 (c) | 360 | 394887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/26 (c) | 995 | 1089666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/24 (c) | 1065 | 1100026 |
| &nbsp;&nbsp;&nbsp;City of Dallas (GO)<br> 5.00%, 02/15/25 (c) | 1055 | 1111559 |
| &nbsp;&nbsp;&nbsp;City of Dallas, Series A (GO)<br> 3.00%, 02/15/29 (c) | 600 | 568951 |
| City of Dallas, Waterworks and Sewer System, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/26 (c) | 565 | 618075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/26 (c) | 600 | 655700 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** <br> **(000's** | **Value** |
| **Texas (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/26 (c) | $900 | $984876 |
| &nbsp;&nbsp;&nbsp;City of Dallas, Waterworks and Sewer System, Series C (RB) 5.00%, 10/01/30 (c) | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1171450 |
| City of Denton, Utility System (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/26 (c) | 965 | 1050653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/26 (c) | 1000 | 1071645 |
| &nbsp;&nbsp;&nbsp;City of El Paso (GO) 4.00%, 08/15/26 (c) | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;104166 |
| &nbsp;&nbsp;&nbsp;City of Houston, Airport System, Series B (RB) 5.00%, 07/01/28 (c) | &nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp;267105 |
| City of Houston, Airport System, Series D (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/28 (c) | 125 | 141998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/28 (c) | 1000 | 1106030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Houston, Combined Utility System, First Lien, Series A (RB)<br> 5.00%, 11/15/30 (c) | 4500 | 5269707 |
| City of Houston, Combined Utility System, First Lien, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/26 (c) | 1000 | 1073833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/26 (c) | 105 | 114969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Houston, Combined Utility System, First Lien, Series C (RB)<br> 4.00%, 11/15/30 (c) | 1500 | 1557286 |
| City of Houston, Combined Utility System, First Lien, Series D (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/28 (c) | 1000 | 1130283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/28 (c) | 750 | 833835 |
| City of Houston, Public Improvement, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/29 (c) | 1000 | 1143890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/29 (c) | 1215 | 1394951 |
| City of Houston, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/26 (c) | 180 | 193949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/26 (c) | 515 | 555003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/27 (c) | 500 | 550734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/27 (c) | 520 | 571628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Lubbock, Texas Electric Light and Power System (RB)<br> 4.00%, 04/15/30 (c) | 1550 | 1571723 |
| City of San Antonio, Electric and Gas Systems (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/01/30 | 1000 | 1095777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/32 (c) | 1000 | 1198006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/26 (c) | 125 | 136633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of San Antonio, Electric and Gas Systems, Series B (RB)<br> 4.00%, 02/01/33 | 1000 | 1108035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of San Antonio, General Improvement (GO)<br> 5.00%, 08/01/29 (c) | 325 | 378429 |

---

------

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **Texas (continued)** |  |  |
| Collin County, Community College District (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 08/15/27 (c) | $500 | $509571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/15/27 (c) | 925 | 985552 |
| Conroe Independent School District (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/25 (c) | 1430 | 1509558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/28 (c) | 100 | 112930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corpus Christi Independent School District (GO)<br> 4.00%, 08/15/28 (c) | 320 | 345614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Fort Bend, Series B (GO)<br> 5.00%, 03/01/26 (c) | 20 | 21609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Harris, Toll Road, First Lien (RB)<br> 4.00%, 08/15/30 (c) | 1100 | 1131721 |
| County of Harris, Toll Road, Senior Lien, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/28 (c) | 260 | 291917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/15/26 (c) | 160 | 174517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/15/26 | 115 | 125926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/15/26 (c) | 695 | 760041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/15/26 (c) | 675 | 732895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/15/26 (c) | 670 | 728652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/15/26 (c) | 190 | 207849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Harris, Unlimited Tax Road, Series A (GO)<br> 5.00%, 10/01/25 (c) | 2645 | 2836704 |
| Cypress-Fairbanks Independent School District (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/15/25 (c) | 1735 | 1779559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/15/30 (c) | 1275 | 1318756 |
| Cypress-Fairbanks Independent School District, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/15/31 (c) | 500 | 501394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/15/31 (c) | 1500 | 1564318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/29 (c) | 1805 | 2088670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dallas Area Rapid Transit, Senior Lien (RB)<br> 5.00%, 12/01/29 (c) | 1835 | 2129520 |
| Dallas Independent School District (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/15/30 (c) | 1000 | 1107463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/32 (c) | 1000 | 1176202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/32 (c) | 1000 | 1193777 |
| Eagle Mountain and Saginaw Independent School District (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/15/26 (c) | 335 | 348653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/26 (c) | 10 | 10747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;El Paso County Hospital District (GO)<br> 4.00%, 08/15/27 (c) | 250 | 247882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fort Bend Independent School District (GO)<br> 5.00%, 08/15/27 (c) | 645 | 718709 |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **Texas (continued)** |  |  |
| Frisco Independent School District (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/15/30 (c) | $1350 | $1473033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/15/30 (c) | 1345 | 1415851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/29 (c) | 2000 | 2252010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Garland Independent School District (GO)<br> 4.00%, 02/15/25 (c) | 165 | 169568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grand Parkway Transportation Corp., First Tier Toll, Series C (RB)<br> 4.00%, 04/01/30 (c) | 1500 | 1525893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grapevine-Colleyville Independent School District (GO)<br> 5.00%, 08/15/25 (c) | 250 | 266031 |
| Harris County, Cultural Education Facilities Finance Corp., TECO Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/27 (c) | 950 | 1002793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/27 (c) | 300 | 336279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/27 (c) | 850 | 950847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harris County, Cultural Education Facilities Finance Corp., Texas Children's Hospital, Series A (RB)<br> 5.00%, 10/01/29 | 330 | 379624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harris County, Flood Control District, Series A (GO)<br> 5.00%, 10/01/25 (c) | 480 | 513115 |
| Harris County, Flood Control District, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/27 (c) | 2855 | 2936227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/27 (c) | 1000 | 1027537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/27 (c) | 210 | 234392 |
| Houston Independent School District, Limited Tax School House (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/27 (c) | 750 | 829462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/27 (c) | 540 | 593246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Houston Independent School District, Maintenance Tax Notes (GO)<br> 5.00%, 07/15/28 (c) | 605 | 686794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Katy Independent School District, Fort Bend, Harris and Waller Counties (GO)<br> 5.00%, 02/15/27 (c) | 2510 | 2708743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Katy Independent School District, Fort Bend, Harris and Waller Counties, Series D (GO)<br> 5.00%, 02/15/27 (c) | 120 | 132640 |
| Lone Star College System (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/15/26 (c) | 1500 | 1557022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/26 (c) | 400 | 429406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lower Colorado River Authority (RB) (AGM)<br> 5.00%, 05/15/31 (c) | 1000 | 1197824 |

---

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **Texas (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lower Colorado River Authority, LCRA Transmission Services Corp. Project (RB) <br>5.00%, 05/15/30 (c) | $1250 | $1390716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp., Children's Health System, Series A (RB) (AGC)<br> 4.00%, 08/15/27 (c) | 1250 | 1292565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp., Children's Health System, Series A (RB) (NATL)<br> 5.00%, 08/15/27 (c) | 250 | 276058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Harris County Regional Water Authority (RB)<br> 5.00%, 12/15/26 (c) | 250 | 272201 |
| North Texas Municipal Water District, Water System (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/26 (c) | 500 | 543051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/26 (c) | 45 | 48987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/26 (c) | 715 | 770451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/26 (c) | 400 | 437027 |
| North Texas Tollway Authority System, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/01/31 (c) | 2000 | 2065032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/01/31 (c) | 2250 | 2268270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/01/31 (c) | 1975 | 2137330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/24 (c) | 3325 | 3395822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/24 (c) | 3500 | 3576007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/27 (c) | 1000 | 1060095 |
| North Texas Tollway Authority, First Tier, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12%, 01/01/32 (c) | 2000 | 2031146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/26 (c) | 1675 | 1787878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/26 (c) | 425 | 454327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/26 (c) | 500 | 532404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/26 (c) | 1195 | 1277462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Texas Tollway Authority, Second Tier, Series B (RB) (AGM)<br> 4.00%, 01/01/27 (c) | 450 | 466882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northside Independent School District, Unlimited Tax (GO)<br> 5.00%, 08/15/27 (c) | 880 | 978278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pflugerville Independent School District, Unlimited Tax, Series A (GO)<br> 5.00%, 02/15/32 (c) | 1000 | 1155111 |
| Plano Independent School District, Unlimited Tax (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/15/32 (c) | 1000 | 1183507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/15/32 (c) | 1000 | 1202907 |
| Port of Houston Authority of Harris County, Series A-2 (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/30 (c) | 740 | 877206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/30 (c) | 1000 | 1172224 |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **Texas (continued)** |  |  |
| San Antonio Independent School District, Unlimited Tax School Building (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/15/28 (c) | $500 | $521395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/15/28 (c) | 1025 | 1174642 |
| San Antonio Water System, Junior Lien, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/15/31 (c) | 1150 | 1173060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/30 (c) | 500 | 588963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spring Independent School District (GO)<br> 5.00%, 08/15/25 (c) | 45 | 47886 |
| State of Texas, Transportation Commission, Highway Improvement (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/26 (c) | 70 | 75624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/26 (c) | 125 | 135162 |
| State of Texas, Transportation Commission, Highway Improvement, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/26 (c) | 400 | 432517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/26 (c) | 500 | 540806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Texas, Transportation Commission, Mobility Fund, Series A (GO)<br> 5.00%, 10/01/27 (c) | 150 | 167142 |
| State of Texas, Transportation Commission, Mobility Fund, Series B (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/27 (c) | 465 | 519501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/27 (c) | 240 | 267427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp. (RB)<br> 5.00%, 05/15/26 (c) | 80 | 85888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas A&M University, Financing System, Series C (RB)<br> 4.00%, 05/15/26 (c) | 10 | 10491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas A&M University, Financing System, Series E (RB)<br> 5.00%, 05/15/27 (c) | 100 | 111236 |
| Texas Municipal Gas Acquisition & Supply Corp. III (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/29 | 2250 | 2392636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/31 | 1475 | 1579277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/32 | 1000 | 1074017 |
| Texas Private Activity Bond Surface Transportation Corp., LBJ Infrastructure Group LLC I-635 Managed Lanes Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/31/30 (c) | 1150 | 1133910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/31/30 (c) | 1390 | 1386975 |

---

------

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **Texas (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners LLC Project, Series A (RB) <br> 4.00%, 12/31/29 (c) | $1000 | $962789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas State University System, Board of Regents, Series A (RB)<br> 5.00%, 03/15/27 (c) | 100 | 109964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Transportation Commission, Central Texas Turnpike System, Series C (RB)<br> 5.00%, 08/15/24 (c) | 1570 | 1612306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Transportation Commission, Highway Improvement, Series A (GO)<br> 5.00%, 04/01/26 (c) | 1000 | 1064281 |
| Texas Water Development Board (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/15/30 (c) | 950 | 914612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/15/30 (c) | 750 | 739606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/15/30 (c) | 500 | 470902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/15/30 (c) | 500 | 504444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/15/25 (c) | 1000 | 1034687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/15/30 (c) | 2000 | 2226857 |
| Texas Water Development Board, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/15/25 (c) | 45 | 46843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/15/27 (c) | 2000 | 2070333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/15/27 (c) | 1000 | 1058828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/15/27 (c) | 400 | 426687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/15/28 (c) | 600 | 644021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/15/28 (c) | 180 | 189645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/15/27 (c) | 200 | 223940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/15/27 (c) | 250 | 280149 |
| Texas Water Development Board, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/15/28 (c) | 1000 | 1070428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/15/28 (c) | 3000 | 3126003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/15/28 (c) | 120 | 125942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/15/28 (c) | 3670 | 4189457 |
| Tomball Independent School District, Unlimited Tax (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/33 (c) | 1000 | 1181849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/33 (c) | 1100 | 1305344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trinity River Authority, Regional Wastewater System (RB)<br> 5.00%, 08/01/27 (c) | 670 | 745305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of Houston, Board of Regents, Series A (RB)<br> 5.00%, 02/15/32 (c) | 1500 | 1777929 |
| University of North Texas, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/15/27 (c) | 75 | 82800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/15/27 (c) | 140 | 154087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of Texas, Board of Regents, Series A (RB)<br> 4.00%, 08/15/24 (c) | 1000 | 1013210 |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **Texas (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of Texas, Board of Regents, Series B (RB)<br> 4.00%, 07/01/24 (c) | $1250 | $1276387 |
|  |  | 171353538 |
| **Utah: 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Utah Water Conservancy District, Series B (RB)<br> 4.00%, 10/01/27 (c) | 395 | 414435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intermountain Power Agency, Utah Power Supply, Series A (RB)<br> 4.00%, 07/01/31 (c) | 2000 | 2120561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Utah (GO)<br> 5.00%, 01/01/29 (c) | 250 | 288910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Utah, Series B (GO)<br> 5.00%, 01/01/29 (c) | 1275 | 1480535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of Utah (RB)<br> 5.00%, 08/01/32 (c) | 2220 | 2587287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of Utah, Series A (RB)<br> 5.00%, 08/01/27 (c) | 365 | 408123 |
| Utah Transit Authority, Subordinated Sales Tax (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 06/15/26 (c) ^ | 130 | 93469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/15/26 (c) | 2000 | 2095542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/15/26 (c) | 850 | 892438 |
|  |  | 10381300 |
| **Virginia: 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Richmond, Public Utility, Series A (RB)<br> 5.00%, 01/15/26 (c) | 1520 | 1642038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Fairfax, Public Improvement, Series A (GO)<br> 2.00%, 04/01/31 (c) | 375 | 343446 |
| County of Fairfax, Public Improvement, Series A (GO) (SAW) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/01/32 (c) | 1000 | 1103750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/01/32 (c) | 1000 | 1112974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/28 (c) | 750 | 854773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/29 (c) | 1755 | 2040881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loudoun County Economic Development Authority (RB)<br> 3.00%, 12/01/29 (c) | 1500 | 1463654 |
| Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/01/31 (c) | 2750 | 2676582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/01/26 (c) | 2000 | 2097961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/01/30 (c) | 1500 | 1578204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/30 (c) | 1950 | 2258469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series C (RB)<br> 3.00%, 02/01/27 (c) | 110 | 111052 |

---

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **Virginia (continued)** |  |  |
| Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series E (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/28 (c) | $880 | $998702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/28 (c) | 120 | 136308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/28 (c) | 2180 | 2473572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virginia College Building Authority, Educational Facilities, Public Higher Education Financing Program, Series A (RB)<br> 5.00%, 09/01/26 (c) | 20 | 21895 |
| Virginia College Building Authority, Virginia Educational Facilities, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/01/31 (c) | 1250 | 1144441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/26 (c) | 1000 | 1094371 |
| Virginia Commonwealth Transportation Board (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/15/26 (c) | 2000 | 2105004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/15/26 (c) | 20 | 21726 |
| Virginia Commonwealth Transportation Board, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/27 (c) | 180 | 191401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/27 (c) | 120 | 135005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/27 (c) | 800 | 898597 |
| Virginia Public Building Authority, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 08/01/26 (c) | 695 | 697623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12%, 08/01/28 (c) | 1050 | 1054898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/30 (c) | 1000 | 1186841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/30 (c) | 1000 | 1164982 |
| Virginia Public Building Authority, Series A-2 (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/01/31 (c) | 1000 | 1059505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/01/31 (c) | 1000 | 1085706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virginia Public School Authority (RB) (SAW)<br> 5.00%, 08/01/26 (c) | 30 | 32905 |
| Virginia State, Public Building Authority, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/01/27 (c) | 65 | 69930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/01/27 (c) | 185 | 198325 |
|  |  | 33055521 |
| **Washington: 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Puget Sound Regional Transit Authority, Sales Tax and Motor Vehicle Excise Tax, Series S-1 (RB)<br> 5.00%, 11/01/31 (c) | 2000 | 2420338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Seattle, Municipal Light and Power Improvement, Series A (RB)<br> 4.00%, 07/01/31 (c) | 1000 | 1039891 |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **Washington (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Seattle, Water System Improvement (RB)<br> 4.00%, 02/01/27 (c) | $115 | $122359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of King, Limited Tax (GO)<br> 4.00%, 07/01/27 (c) | 2110 | 2259589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of King, Limited Tax (GO) (SAW)<br> 5.00%, 01/01/29 (c) | 1000 | 1154586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of King, Sewer Improvement, Series B (RB)<br> 4.00%, 07/01/26 (c) | 1000 | 1041079 |
| Energy Northwest, Colombia Generating Station Electric, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/27 (c) | 400 | 443135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/28 (c) | 695 | 788388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/30 (c) | 1930 | 2277489 |
| Energy Northwest, Colombia Generating Station Electric, Series A (RB) (AGM) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/29 (c) | 1000 | 1130143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/29 (c) | 500 | 559909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/30 (c) | 1415 | 1625052 |
| Energy Northwest, Colombia Generating Station Electric, Series C (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/25 (c) | 1250 | 1327738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/28 (c) | 1000 | 1126860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Northwest, Project 3 Electric, Series C (RB) (AGM)<br> 5.00%, 07/01/30 (c) | 1000 | 1162158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Everett Housing Authority, Hunting Park Apartments Project (RB)<br> 4.00%, 07/01/30 (c) | 1545 | 1545004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;King County School District No. 210 Federal Way (GO) (SBG)<br> 4.00%, 12/01/27 (c) | 880 | 933569 |
| King County School District No. 401 Highline (GO) (SBG) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12%, 12/01/26 (c) | 690 | 701617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/26 (c) | 700 | 771674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;King County School District No. 405 Bellevue (GO) (SBG)<br> 5.00%, 12/01/26 (c) | 515 | 567731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;King County School District No. 411 Issaquah (GO) (SBG)<br> 4.00%, 06/01/26 (c) | 635 | 662715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;King County School District No. 414 Lake Washington (GO) (SBG)<br> 5.00%, 06/01/27 (c) | 835 | 926652 |
| Kitsap County School District No. 401 Central Kitsap (GO) (SBG) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/01/26 (c) | 1425 | 1490311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/01/26 (c) | 15 | 15853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/01/26 (c) | 1000 | 1034646 |

---

------

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **Washington (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/01/26 (c) | $1250 | $1301451 |
| Pierce County School District No. 403 Bethel (GO) (SBG) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/29 (c) | 500 | 582002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/29 (c) | 200 | 226494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pierce County School District No. 416 White River (GO) (SBG)<br> 4.00%, 06/01/26 (c) | 175 | 184426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Port of Seattle, Intermediate Lien (RB)<br> 5.00%, 02/01/26 (c) | 30 | 32106 |
| Puyallup School District No. 3 (GO) (SBG) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/27 (c) | 970 | 1066382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/27 (c) | 100 | 111020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Washington, Motor Vehicle Fuel Tax, Series R-A (GO)<br> 5.00%, 08/01/26 (c) | 825 | 900504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Washington, Motor Vehicle Fuel Tax, Series R-A (GO) (SBG)<br> 5.00%, 06/01/30 (c) | 1000 | 1189238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Washington, Motor Vehicle Fuel Tax, Series R-B (GO)<br> 5.00%, 08/01/26 (c) | 135 | 147450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Washington, Motor Vehicle Fuel Tax, Series R-D (GO)<br> 4.00%, 07/01/23 (c) | 1000 | 1006987 |
| State of Washington, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/26 (c) | 755 | 821973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/26 (c) | 115 | 124838 |
| State of Washington, Series C (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/28 (c) | 170 | 192845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/27 (c) | 880 | 982221 |
| State of Washington, Series D (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/27 (c) | 100 | 110036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/27 (c) | 880 | 983419 |
| State of Washington, Various Purpose, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/26 (c) | 200 | 218445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/26 (c) | 245 | 267595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/26 (c) | 495 | 540302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/26 (c) | 580 | 633695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/27 (c) | 500 | 558080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/27 (c) | 500 | 553118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Washington, Various Purpose, Series C (GO)<br> 5.00%, 02/01/31 (c) | 2175 | 2548029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Washington, Various Purpose, Series R-A (GO)<br> 5.00%, 08/01/26 (c) | 25 | 27218 |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **Washington (continued)** |  |  |
| State of Washington, Various Purpose, Series R-C (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/27 (c) | $1000 | $1120250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/27 (c) | 420 | 469359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/27 (c) | 880 | 973487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Washington, Various Purpose, Series R-D (GO)<br> 5.00%, 08/01/27 (c) | 1320 | 1478130 |
| Washington Health Care Facilities Authority, Multicare Health System, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/28 (c) | 2000 | 2088767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/28 (c) | 1815 | 1901915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington Health Care Facilities Authority, Providence St. Joseph Health, Series A (RB)<br> 4.00%, 03/03/23 (c) | 1820 | 1820168 |
| Washington Health Care Facilities Authority, Providence St. Joseph Health, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/30 (p) | 1595 | 1688590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/28 (c) | 225 | 247841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/28 (c) | 250 | 280948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington Health Care Facilities Authority, Virginia Mason Medical Center (RB)<br> 5.00%, 08/15/27 (c) | 760 | 800655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission, Series A (RB)<br> 3.50%, 12/20/35 | 1688 | 1592335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington State, Motor Vehicle Fuel Tax, Series A (GO)<br> 5.00%, 06/01/30 (c) | 1050 | 1201087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington State, Motor Vehicle Fuel Tax, Series F (GO)<br> 5.00%, 06/01/31 (c) | 2000 | 2285205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington State, Shoreline School District No. 412 (GO) (SBG)<br> 4.00%, 12/01/28 (c) | 1000 | 1031993 |
| Washington State, Various Purpose, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/29 | 1000 | 1160804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/30 (c) | 1000 | 1137965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/31 (c) | 1500 | 1725203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/31 (c) | 1250 | 1440867 |
| Washington State, Various Purpose, Series A-1 (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/23 (c) | 1500 | 1519808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/24 (c) | 1500 | 1561121 |
| Washington State, Various Purpose, Series C (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/25 (c) | 1575 | 1653439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/28 (c) | 1145 | 1254080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/28 (c) | 1000 | 1111298 |

---

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **Washington (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/29 (c) | $1080 | $1197866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/30 (c) | 1000 | 1140041 |
|  |  | 76321582 |
| **West Virginia: 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of West Virginia, Commissioner of Highways, Surface Transportation Improvements, Series A (RB)<br>5.00%, 09/01/27 (c) | 270 | 300383 |
| State of West Virginia, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/29 (c) | 500 | 561126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/29 (c) | 1000 | 1162538 |
| State of West Virginia, Series B (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/28 (c) | 675 | 771268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/28 (c) | 200 | 227379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;West Virginia Hospital Finance Authority, Huntington Hospital, Series A (RB)<br> 4.00%, 01/01/29 (c) | 1430 | 1380583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;West Virginia, Parkways Authority, Senior Lien Turnpike Toll (RB)<br> 5.00%, 06/01/31 (c) | 1320 | 1516060 |
|  |  | 5919337 |
| **Wisconsin: 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Milwaukee, Series N4 (GO)<br> 5.00%, 04/01/26 | 100 | 108658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Middleton-Cross Plains Area School District, Series A (GO)<br> 3.25%, 03/01/27 (c) | 350 | 352514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, KU Campus Development Corp., Central District Development Project (RB)<br> 5.00%, 03/01/26 (c) | 165 | 176340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Pollution Control, Duke energy Progress Project, Series A (RB)<br> 3.70%, 10/01/30 (p) | 1065 | 1105875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Providence St. Joseph Health, Series C (RB)<br> 4.00%, 10/01/30 (p) | 2335 | 2472011 |
| State of Wisconsin (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/27 (c) | 450 | 500999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/27 (c) | 460 | 512133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/27 (c) | 250 | 278824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/27 (c) | 500 | 553973 |
| State of Wisconsin, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/01/26 (c) | 100 | 103796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/01/28 (c) | 1655 | 1696170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/25 (c) | 890 | 934799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/25 (c) | 2000 | 2100671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/32 (c) | 1000 | 1193078 |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **Wisconsin (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/32 (c) | $1000 | $1178464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Wisconsin, Series D (GO)<br> 4.00%, 05/01/24 (c) | 1500 | 1531980 |
| Wisconsin Department of Transportation (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/27 (c) | 115 | 128928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/27 (c) | 480 | 537251 |
| Wisconsin Department of Transportation, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/24 (c) | 510 | 528280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/24 (c) | 940 | 974092 |
| Wisconsin Health and Educational Facilities Authority, Ascension Senior Credit Group, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/15/26 (c) | 1500 | 1518953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/26 (c) | 100 | 107851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin Health and Educational Facilities Authority, Children's Hospital of Wisconsin, Inc. (RB)<br> 4.00%, 08/15/27 (c) | 500 | 519425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin Health and Educational Facilities Authority, Froedtert Health, Inc., Series A (RB)<br> 5.00%, 04/01/27 (c) | 125 | 135799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin Health and Educational Facilities Authority, Prohealth Care, Inc. (RB)<br> 5.00%, 08/15/24 (c) | 2500 | 2580745 |
|  |  | 21831609 |
| **Wyoming: 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Campbell, Wyoming Solid Waste Facilities, Series A (RB) (SBG)<br> 3.62%, 05/15/29 (c) | 4500 | 4101928 |
| **Total Municipal Bonds: 98.7%**<br> (Cost: $2,022,390,349) |  | 1962684576 |
| **Other assets less liabilities: 1.3%** |  | 25902293 |
| **NET ASSETS: 100.0%** |  | $1988586869 |

---

------

---

| | |
|:---|:---|
| **Definitions:** |  |
| AGC | Assured Guaranty Corp. |
| AGM | Assured Guaranty Municipal Corp. |
| AMBAC | American Municipal Bond Assurance 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 |
| TA | Tax Allocation |

---

**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 |

---

---

| | | |
|:---|:---|:---|
| **Summary of Investments by Sector** | **% of<br> Investments** | **Value** |
| State GO | 18.3% | $359294771 |
| Local GO | 15.6 | 305511246 |
| Tax | 14.7 | 288554113 |
| Water & Sewer | 7.9 | 154618488 |
| Hospitals | 6.8 | 132546242 |
| Transportation | 6.4 | 125574413 |
| Toll & Turnpike | 5.8 | 114250945 |
| Education | 5.3 | 104061272 |
| Power | 4.8 | 93647691 |
| Leasing COPS & Appropriations | 4.4 | 85923995 |
| Utilities - Other | 3.2 | 63678015 |
| Airport | 2.3 | 44243378 |
| Misc | 1.5 | 30210208 |
| Multi-Family Housing | 1 | 19661431 |
| Tobacco | 0.6 | 11926810 |
| Single Family Housing | 0.5 | 10777499 |
| Industrial Development Revenue | 0.5 | 10515702 |
| Pollution Control | 0.2 | 4504664 |
| Health | 0.2 | 3086507 |
| Refunded | 0 | 75291 |
| Unassigned | 0 | 21895 |
|  | 100.0% | $1962684576 |

---

## 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 Intermediate Muni ETF

- **b. EDGAR series identifier (if any):** S000019190

- **c. LEI of Series:** 549300RNM0RZV692DV71

**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:** $2042134043.75

**Total Liabilities:** $51261856.13

**Net Assets:** $1990872187.62

**Delayed Delivery Securities:** $15745291.00

**Cash Not Reported:** $17947590.97

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -3425.21000000 | **1-Year:** -90042.16000000 | **5-Year:** -480302.19000000 | **10-Year:** -468642.44000000 | **30-Year:** -29849.54000000

**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 C000053007 | 4.69%                | 0.32%                | 2.79%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-3152669.80             | $78227104.55                               |
| Month 2  | $-2244868.21             | $4043413.66                                |
| Month 3  | $-4781250.02             | $56048244.29                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Illinois Municipal Electric Agency                                               | ILLINOIS ST MUNI ELEC AGY PWR SPLY                           | CUSIP: 452024JD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2040976.20   | 0.10%             | 2035-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Department of Transportation                                    | FLORIDA ST DEPT OF TRANSN FING CORP REVENUE                  | CUSIP: 34160KAP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $131521.92    | 0.01%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Pollution Control Corp                                           | MARICOPA CNTY AZ POLL CONTROLCORP POLL CONTROL REVENUE       | CUSIP: 566854EM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $911275.30    | 0.05%             | 2035-06-01      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | WASHINGTON ST                                                | CUSIP: 93974DYF9<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |    245000 | PA      | $267595.08    | 0.01%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 4521526K2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1467862.37   | 0.07%             | 2030-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Lee Memorial Health System                                                       | LEE MEMORIAL HLTH SYS FL HOSP REVENUE                        | CUSIP: 52385LDG1<br>LEI: 54930018FIX4OVLGH070 | Long             | DBT              | MUN               | US        |    605000 | PA      | $670913.42    | 0.03%             | 2034-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Airport Revenue                                          | PHILADELPHIA PA ARPT REVENUE                                 | CUSIP: 717817VA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027711.30   | 0.05%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                    | TEXAS ST WTR DEV BRD                                         | CUSIP: 882854J29<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $189645.07    | 0.01%             | 2035-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 64577BTG9<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    380000 | PA      | $414189.17    | 0.02%             | 2033-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                    | N TX TOLLWAY AUTH REVENUE                                    | CUSIP: 66285WLS3<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3576007.05   | 0.18%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH SALES TAX REVENUE                      | CUSIP: 64990AGC3<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    305000 | PA      | $337182.32    | 0.02%             | 2030-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Denver City & County School District No 1                                        | DENVER CITY & CNTY CO SCH DIST #1                            | CUSIP: 249174XV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1140999.50   | 0.06%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Municipal Water District Water System Revenue                        | N TEXAS ST MUNI WTR DIST WTR SYS REVENUE                     | CUSIP: 662903RA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $48987.50     | 0.00%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue                       | PENNSYLVANIA ST TURNPIKE COMMISSION OIL FRANCHISE TAX REVENU | CUSIP: 709221UK9<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    750000 | PA      | $824713.13    | 0.04%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Capitol Improvement Authority                                           | OKLAHOMA ST CAPITOL IMPT AUTH ST HIGHWAY CAP IMPT REVENUE    | CUSIP: 678514CD0<br>LEI: 549300LYHYBINTZ5AY71 | Long             | DBT              | MUN               | US        |    155000 | PA      | $160262.73    | 0.01%             | 2034-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JEA Electric System Revenue                                                      | JEA FL ELEC SYS REVENUE                                      | CUSIP: 46613SFW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    610000 | PA      | $680911.95    | 0.03%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii                                                                  | HAWAII ST                                                    | CUSIP: 419792RS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1020671.30   | 0.05%             | 2033-05-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Las Vegas Valley Water District                                                  | LAS VEGAS VLY NV WTR DIST                                    | CUSIP: 517845MH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012172.40   | 0.05%             | 2032-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                | CUSIP: 13063DLS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3413295.00   | 0.17%             | 2036-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Board of Regents of the University of Texas System                               | UNIV OF TEXAS TX UNIV REVENUES                               | CUSIP: 91514AJW6<br>LEI: TEHUYFNKZR6XVWLGEU86 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2983310.25   | 0.15%             | 2030-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                          | LOS ANGELES CA DEPT WTR & PWR REVENUE                        | CUSIP: 544495F58<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1040817.90   | 0.05%             | 2029-07-01      | 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: 64972HY89<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1115377.60   | 0.06%             | 2035-07-15      | 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: 64971WU73<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2280000 | PA      | $2530323.48   | 0.13%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Katy Independent School District                                                 | KATY TX INDEP SCH DIST                                       | CUSIP: 486063VN7<br>LEI: 254900H9QSKVP2HWVL72 | Long             | DBT              | MUN               | US        |    120000 | PA      | $132639.76    | 0.01%             | 2031-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Baltimore MD                                                           | BALTIMORE CNTY MD                                            | CUSIP: 05914F5W6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1247536.77   | 0.06%             | 2034-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | NEW YORK NY                                                  | CUSIP: 64966MHC6<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    395000 | PA      | $431791.49    | 0.02%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                               | WISCONSIN ST                                                 | CUSIP: 97705MGT6<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |    250000 | PA      | $278824.20    | 0.01%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salem-Keizer School District No 24J                                              | MARION & POLK CNTYS OR SCH DIST #24J SALEM                   | CUSIP: 569203NG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    740000 | PA      | $780470.97    | 0.04%             | 2035-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Multnomah County School District No 1 Portland/OR                                | MULTNOMAH CNTY OR SCH DIST #1J PORTLAND                      | CUSIP: 625517LP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1280000 | PA      | $1306526.59   | 0.07%             | 2033-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State of Nevada Highway Improvement Revenue                                      | NEVADA ST HIGHWAY IMPT REVENUE                               | CUSIP: 641480JW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $325644.67    | 0.02%             | 2034-12-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Allegheny County Sanitary Authority                                              | ALLEGHENY CNTY PA SAN AUTH                                   | CUSIP: 017357B94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $104814.88    | 0.01%             | 2033-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH SALES TAX REVENUE                      | CUSIP: 64990ABX2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    115000 | PA      | $118319.91    | 0.01%             | 2031-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Marcos Unified School District                                               | SAN MARCOS CA UNIF SCH DIST                                  | CUSIP: 798755FL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $388066.74    | 0.02%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Unified School District/CA                                           | LOS ANGELES CA UNIF SCH DIST                                 | CUSIP: 544647BT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1050426.00   | 0.05%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| San Francisco County Transportation Authority Sales Tax Revenue                  | SAN FRANCISCO CNTY CA TRANSPRTN AUTH SALES TAX REVENUE       | CUSIP: 79773TAK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $348691.23    | 0.02%             | 2029-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                    | TEXAS ST WTR DEV BRD                                         | CUSIP: 882854P55<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3670000 | PA      | $4189457.31   | 0.21%             | 2032-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grand River Dam Authority                                                        | GRAND RIVER OK DAM AUTH REVENUE                              | CUSIP: 386442WT0<br>LEI: 549300XGK5KWQHON4Q79 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2080246.20   | 0.10%             | 2033-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                    | TEXAS ST WTR DEV BRD                                         | CUSIP: 8828544M1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $504444.00    | 0.03%             | 2034-10-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Cherry Hill Township School District                                             | CHERRY HILL TWP NJ SCH DIST                                  | CUSIP: 164681MD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1564984.80   | 0.08%             | 2037-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| King County School District No 414 Lake Washington                               | KING CNTY WA SCH DIST #414 LAKE WASHINGTON                   | CUSIP: 495260H79<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    835000 | PA      | $926651.52    | 0.05%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Connecticut                                                        | UNIV OF CONNECTICUT CT                                       | CUSIP: 914233K83<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    745000 | PA      | $818548.71    | 0.04%             | 2030-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut Housing Finance Authority                                            | CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM             | CUSIP: 20775HES8<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |   1290000 | PA      | $1041774.98   | 0.05%             | 2034-05-15      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Combined Utility System Revenue                               | HOUSTON TX UTILITY SYS REVENUE                               | CUSIP: 44244CGN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $114968.42    | 0.01%             | 2030-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Alabama/The                                                        | UNIV OF ALABAMA AL UNIV GEN REVENUE                          | CUSIP: 914026SZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    860000 | PA      | $862142.86    | 0.04%             | 2033-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Central Florida Expressway Authority                                             | CENTRL FL EXPRESSWAY AUTH SR LIEN REVENUE                    | CUSIP: 153476CV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    520000 | PA      | $520670.28    | 0.03%             | 2034-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State of Louisiana                                                               | LOUISIANA ST                                                 | CUSIP: 546417DE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $480343.67    | 0.02%             | 2037-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Thruway Authority                                                 | NEW YORK ST THRUWAY AUTH                                     | CUSIP: 650009Q22<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1456883.87   | 0.07%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue       | LOS ANGELES CNTY CA MET TRANSPRTN AUTH SALES TAX REVENUE     | CUSIP: 54466HKS4<br>LEI: 54930051IHTXE1N9RB42 | Long             | DBT              | MUN               | US        |   2530000 | PA      | $2957756.71   | 0.15%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX                                                               | HOUSTON TX                                                   | CUSIP: 442331L28<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |    515000 | PA      | $555002.63    | 0.03%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                      | WASHINGTON ST HLTH CARE FACS AUTH                            | CUSIP: 93978HGA7<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   1820000 | PA      | $1820167.62   | 0.09%             | 2034-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 6461363N9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    435000 | PA      | $466842.48    | 0.02%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204FJL0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1526349.15   | 0.08%             | 2037-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland                                                                | MARYLAND ST                                                  | CUSIP: 574193UR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1696844.24   | 0.09%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisville/Jefferson County Metropolitan Government                              | LOUISVILLE & JEFFERSON CNTY KY MET GOVT HLTH SYS REVENUE     | CUSIP: 54659LBM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $58801.69     | 0.00%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland State Transportation Authority                                          | MARYLAND ST TRANSPRTN AUTH TRANSPRTN FACS PROJ REVENUE       | CUSIP: 574300MY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $2264751.17   | 0.11%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Harris TX Toll Road Revenue                                            | HARRIS CNTY TX TOLL ROAD REVENUE                             | CUSIP: 41423PAQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $291917.44    | 0.01%             | 2033-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                   | BUCKEYE OH TOBACCO SETTLEMENT FING AUTH                      | CUSIP: 118217CN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $549774.05    | 0.03%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | NEW YORK NY                                                  | CUSIP: 64966MXH7<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2169655.00   | 0.11%             | 2039-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                     | PENNSYLVANIA ST                                              | CUSIP: 70914PF31<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1055000 | PA      | $1026401.48   | 0.05%             | 2035-09-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                     | PENNSYLVANIA ST                                              | CUSIP: 70914PYD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1545934.95   | 0.08%             | 2034-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                               | WISCONSIN ST                                                 | CUSIP: 97705MKU8<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |    500000 | PA      | $553973.25    | 0.03%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Rhode Island                                                            | RHODE ISLAND ST & PROVIDENCE PLANTATIONS                     | CUSIP: 76222RVV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $280104.93    | 0.01%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Honolulu HI                                                     | HONOLULU CITY & CNTY HI                                      | CUSIP: 438687ME2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1930000 | PA      | $2281711.81   | 0.11%             | 2031-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | NEW YORK NY                                                  | CUSIP: 64966KQ63<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   3365000 | PA      | $3400241.98   | 0.17%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of West Virginia                                                           | WEST VIRGINIA ST                                             | CUSIP: 956553A76<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $227378.78    | 0.01%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Fairfax VA                                                             | FAIRFAX CNTY VA                                              | CUSIP: 30382AGK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $854773.28    | 0.04%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisville/Jefferson County Metropolitan Government                              | LOUISVILLE & JEFFERSON CNTY KY MET GOVT HLTH SYS REVENUE     | CUSIP: 54659LCE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1114014.00   | 0.06%             | 2047-10-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990FVZ4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1522314.20   | 0.08%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                                      | NEW JERSEY ST EDUCTNL FACS AUTH REVENUE                      | CUSIP: 646067CK2<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |   1975000 | PA      | $1551774.29   | 0.08%             | 2037-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| New York State Urban Development Corp                                            | NEW YORK ST URBAN DEV CORP SALES TAX REVENUE                 | CUSIP: 64985TAE1<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1146928.70   | 0.06%             | 2035-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                          | LOS ANGELES CA DEPT WTR & PWR REVENUE                        | CUSIP: 544495A53<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010043.90   | 0.05%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Frisco Independent School District                                               | FRISCO TX INDEP SCH DIST                                     | CUSIP: 35880CH56<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1345000 | PA      | $1415851.78   | 0.07%             | 2036-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Industrial Development Agency                                      | NEW YORK CITY NY INDL DEV AGY REVENUE                        | CUSIP: 64971PKZ7<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |   2700000 | PA      | $3136970.97   | 0.16%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | OHIO ST HOSP FAC REVENUE                                     | CUSIP: 677561KK7<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    130000 | PA      | $145432.31    | 0.01%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                    | NEW JERSEY ST TURNPIKE AUTH TURNPIKE REVENUE                 | CUSIP: 646140BY8<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |    115000 | PA      | $129637.82    | 0.01%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Alaska International Airports System                                    | ALASKA ST INTERNATIONAL ARPTS REVENUES                       | CUSIP: 011842TC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    305000 | PA      | $326001.14    | 0.02%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Municipal Improvement Corp of Los Angeles                                        | LOS ANGELES CA MUNI IMPT CORPLEASE REVENUE                   | CUSIP: 544587H50<br>LEI: 549300ZJ0YLTZNSR8F57 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2063769.00   | 0.10%             | 2035-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                           | CALIFORNIA STWD CMNTYS DEV AUTH REVENUE                      | CUSIP: 13080SXX7<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1675000 | PA      | $1954439.92   | 0.10%             | 2045-04-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                 | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                    | CUSIP: 13032UWY0<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1060000 | PA      | $1069586.11   | 0.05%             | 2037-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                              | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE                  | CUSIP: 7087965V5<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1620000 | PA      | $1614339.40   | 0.08%             | 2032-10-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                   | TEXAS ST                                                     | CUSIP: 882723P37<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |     70000 | PA      | $75623.80     | 0.00%             | 2032-04-01      | 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: 64972HG63<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $471487.06    | 0.02%             | 2035-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                | CUSIP: 13063C6U9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $124216.24    | 0.01%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Urban Development Corp                                            | NEW YORK ST URBAN DEV CORP REVENUE                           | CUSIP: 650036FC5<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2352319.00   | 0.12%             | 2029-09-15      | 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: 64971XC30<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1215817.30   | 0.06%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Department of Transportation                                           | WISCONSIN ST TRANSPRTN REVENUE                               | CUSIP: 977123N87<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    940000 | PA      | $974092.30    | 0.05%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | WASHINGTON ST HSG FIN COMMISSION                             | CUSIP: 93978TS59<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1688359 | PA      | $1592334.58   | 0.08%             | 2035-12-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57584XYB1<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    480000 | PA      | $521541.74    | 0.03%             | 2034-07-15      | 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: 64986DJN6<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |   1530000 | PA      | $1585068.22   | 0.08%             | 2037-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue       | LOS ANGELES CNTY CA MET TRANSPRTN AUTH SALES TAX REVENUE     | CUSIP: 54466HDR4<br>LEI: 54930051IHTXE1N9RB42 | Long             | DBT              | MUN               | US        |    375000 | PA      | $411052.20    | 0.02%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | DIST OF COLUMBIA                                             | CUSIP: 25476FWC8<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    750000 | PA      | $839513.55    | 0.04%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Commerce Corp                                                       | RHODE ISLAND COMMERCE CORP REVENUE                           | CUSIP: 762232AP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $411714.65    | 0.02%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Houston Independent School District                                              | HOUSTON TX INDEP SCH DIST                                    | CUSIP: 442403MG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    540000 | PA      | $593246.00    | 0.03%             | 2034-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Plano Independent School District                                                | PLANO TX INDEP SCH DIST                                      | CUSIP: 727199C25<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1202906.70   | 0.06%             | 2035-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                 | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                    | CUSIP: 13032UWZ7<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    500000 | PA      | $502879.65    | 0.03%             | 2038-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts Transportation Fund Revenue                        | MASSACHUSETTS ST TRANSPRTN FUND REVENUE                      | CUSIP: 57604TFD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $467749.80    | 0.02%             | 2036-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Geisinger Authority                                                              | GEISINGER PA AUTH HLTH SYS REVENUE                           | CUSIP: 368497JY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2240813.80   | 0.11%             | 2043-04-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                                 | ENERGY N W WA ELEC REVENUE                                   | CUSIP: 29270C3M5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1930000 | PA      | $2277488.78   | 0.11%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990FZS6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1075000 | PA      | $1104173.35   | 0.06%             | 2037-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA ST FIN AUTH REVENUE                                  | CUSIP: 45506DW84<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    220000 | PA      | $247408.88    | 0.01%             | 2036-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                | CUSIP: 13063DM70<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4911422.00   | 0.25%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Board of Regents of the University of Texas System                               | UNIV OF TEXAS TX UNIV REVENUES                               | CUSIP: 91514AJK2<br>LEI: TEHUYFNKZR6XVWLGEU86 | Long             | DBT              | MUN               | US        |    850000 | PA      | $993831.90    | 0.05%             | 2031-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Santa Clara County Financing Authority                                           | SANTA CLARA CNTY CA FING AUTH                                | CUSIP: 801577QP5<br>LEI: 549300A73O1Q5POHAT69 | Long             | DBT              | MUN               | US        |   3855000 | PA      | $4658974.90   | 0.23%             | 2034-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Thruway Authority                                                 | NEW YORK ST THRUWAY AUTH GEN REVENUE JUNIOR INDEBTEDNESS OBL | CUSIP: 650010AS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $637674.54    | 0.03%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                          | PORT AUTH OF NEW YORK & NEW JERSEY NY                        | CUSIP: 73358WM92<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1124998.60   | 0.06%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grand River Dam Authority                                                        | GRAND RIVER OK DAM AUTH REVENUE                              | CUSIP: 386442WQ6<br>LEI: 549300XGK5KWQHON4Q79 | Long             | DBT              | MUN               | US        |    100000 | PA      | $109621.54    | 0.01%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204EXY9<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    140000 | PA      | $154300.94    | 0.01%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Thruway Authority                                                 | NEW YORK ST THRUWAY AUTH PERSONAL INCOME TAX REVENUE         | CUSIP: 650028YR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2282081.40   | 0.11%             | 2039-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                             | TRIBOROUGH NY BRIDGE & TUNNEL AUTH PAYROLL MOBILITY TAX      | CUSIP: 89602HFK8<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1226038.40   | 0.06%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                      | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DDX7<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2505648.75   | 0.13%             | 2052-09-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                              | VIRGINIA ST CLG BLDG AUTH EDUCTNL FACS REVENUE 21ST CENTURY  | CUSIP: 92778VEF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $111052.08    | 0.01%             | 2032-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| California State University                                                      | CALIFORNIA ST UNIV REVENUE                                   | CUSIP: 13077C3N2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1510000 | PA      | $1649191.35   | 0.08%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Long Island Power Authority                                                      | LONG ISLAND NY PWR AUTH ELEC SYS REVENUE                     | CUSIP: 542691AL4<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |    305000 | PA      | $339526.92    | 0.02%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Suffolk County Water Authority                                                   | SUFFOLK CNTY NY WTR AUTH                                     | CUSIP: 864784EW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10369.26     | 0.00%             | 2031-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Baltimore MD                                                           | BALTIMORE CNTY MD                                            | CUSIP: 05914F5T3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $386571.12    | 0.02%             | 2031-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power Water System Revenue                     | LOS ANGELES CA DEPT OF WTR & PWR WTRWKS REVENUE              | CUSIP: 544525YA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $126714.16    | 0.01%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp                                                    | SALES TAX SECURITIZATION CORP IL                             | CUSIP: 79467BBC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $273112.30    | 0.01%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State Public School Building Authority                                           | STATE PUBLIC SCH BLDG AUTH PA LEASE REVENUE                  | CUSIP: 85732GUG3<br>LEI: 5493006JN0UR7OGWTO86 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1873240.60   | 0.09%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Department of Transportation                                           | WISCONSIN ST TRANSPRTN REVENUE                               | CUSIP: 977123U71<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    480000 | PA      | $537250.94    | 0.03%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | CONNECTICUT ST                                               | CUSIP: 20772KMA4<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $947913.90    | 0.05%             | 2036-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Palm Springs Unified School District                                             | PALM SPRINGS CA UNIF SCH DIST                                | CUSIP: 6966674A9<br>LEI: 549300VO66CCEHGE5291 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1524137.10   | 0.08%             | 2031-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                            | ILLINOIS ST TOLL HIGHWAY AUTH                                | CUSIP: 452252LD9<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1581538.50   | 0.08%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of West Virginia                                                           | WEST VIRGINIA ST                                             | CUSIP: 956553F89<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1162538.10   | 0.06%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utility Debt Securitization Authority                                            | UTILITY DEBT SECURITIZATION AUTH NY                          | CUSIP: 91802RBT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2830000 | PA      | $3022406.32   | 0.15%             | 2036-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Orlando FL Tourist Development Tax Revenue                               | ORLANDO FL TOURIST DEV TAX REVENUE                           | CUSIP: 686499CC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    560000 | PA      | $607620.89    | 0.03%             | 2037-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                                              | ILLINOIS ST SALES TAX REVENUE                                | CUSIP: 452227MC2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    320000 | PA      | $290043.81    | 0.01%             | 2034-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Cherry Hill Township School District                                             | CHERRY HILL TWP NJ SCH DIST                                  | CUSIP: 164681ME5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1553278.20   | 0.08%             | 2038-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Regional Transportation District Sales Tax Revenue                               | REGL TRANSPRTN DIST CO SALES TAX REVENUE                     | CUSIP: 759136UP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1995000 | PA      | $2216363.21   | 0.11%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Public School Authority                                                 | VIRGINIA ST PUBLIC SCH AUTH SPL OBLG PRINCE WM               | CUSIP: 92817TGJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $32904.60     | 0.00%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Department of Transportation                                    | FLORIDA ST DEPT OF TRANSN FEDERAL HWY REIMBURSEMENT REVENUE  | CUSIP: 34160DAL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    880000 | PA      | $1042322.42   | 0.05%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County School District                                                | PALM BEACH CNTY FL SCH BRD COPS                              | CUSIP: 696550G63<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    695000 | PA      | $790244.75    | 0.04%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jefferson Sales Tax District                                                     | JEFFERSON LA SALES TAX DIST SPL SALES TAX REVENUE            | CUSIP: 474176LE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $521579.60    | 0.03%             | 2035-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                | CUSIP: 13063C8S2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2445000 | PA      | $2750054.83   | 0.14%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | MET TRANSPRTN AUTH NY REVENUE                                | CUSIP: 59261AJW8<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    400000 | PA      | $402839.84    | 0.02%             | 2032-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lone Star College System                                                         | LONE STAR TX CLG SYS                                         | CUSIP: 542264GT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1557022.50   | 0.08%             | 2032-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                    | NEW JERSEY ST TURNPIKE AUTH TURNPIKE REVENUE                 | CUSIP: 646140CQ4<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3283749.60   | 0.16%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                             | PENNSYLVANIA ST HGR EDUCTNL FACS AUTH REVENUE                | CUSIP: 70917SVY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1534747.28   | 0.08%             | 2029-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                | CUSIP: 13063DUC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2330000 | PA      | $2726507.05   | 0.14%             | 2035-03-01      | 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: 64986DDL6<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |    405000 | PA      | $452576.40    | 0.02%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                                 | ENERGY N W WA ELEC REVENUE                                   | CUSIP: 29270C2S3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1130143.00   | 0.06%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Dakota Health & Educational Facilities Authority                           | SOUTH DAKOTA ST HLTH & EDUCTNL FACS AUTH                     | CUSIP: 83755VD27<br>LEI: 549300ZW6LKR8UI2C378 | Long             | DBT              | MUN               | US        |    100000 | PA      | $108245.82    | 0.01%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oakland Unified School District/Alameda County                                   | OAKLAND CA UNIF SCH DIST ALAMEDA CNTY                        | CUSIP: 672325ZX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $681069.19    | 0.03%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Municipal Power Agency                                                   | INDIANA ST MUNI PWR AGY                                      | CUSIP: 454898VL8<br>LEI: AX0ZCCVOQ71Z4RXBL233 | Long             | DBT              | MUN               | US        |    250000 | PA      | $280416.58    | 0.01%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas A&M University                                                             | TEXAS ST A & M UNIV REVENUES                                 | CUSIP: 88213AKY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $111236.44    | 0.01%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                | CUSIP: 13063DTC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2214773.20   | 0.11%             | 2029-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hudson Yards Infrastructure Corp                                                 | HUDSON YARDS INFRASTRUCTURE CORP NY 2ND INDENTURE REVENUE    | CUSIP: 44420RAS9<br>LEI: 549300EE2HJ67TPURL87 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1544048.80   | 0.08%             | 2031-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                    | TEXAS ST WTR DEV BRD                                         | CUSIP: 882854A36<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $280148.88    | 0.01%             | 2030-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990FGE8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2270000 | PA      | $2462591.11   | 0.12%             | 2037-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp                                                | TOBACCO SETTLEMENT FING CORP NJ                              | CUSIP: 888808HL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $239323.37    | 0.01%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida                                                                 | FLORIDA ST BRD OF EDU PUBLIC EDU                             | CUSIP: 34153QRN8<br>LEI: 5493004G5XFOOUT0LQ57 | Long             | DBT              | MUN               | US        |    510000 | PA      | $490030.13    | 0.02%             | 2035-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Northeast Ohio Regional Sewer District                                           | NORTHEAST OH REGL SWR DIST                                   | CUSIP: 663903HS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $959896.90    | 0.05%             | 2035-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State of Georgia                                                                 | GEORGIA ST                                                   | CUSIP: 373385BJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3364698.90   | 0.17%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                          | PORT AUTH OF NEW YORK & NEW JERSEY NY                        | CUSIP: 73358WM76<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    840000 | PA      | $948900.62    | 0.05%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                              | CALIFORNIA ST PUBLIC WKS BRD LEASE REVENUE                   | CUSIP: 13068LMH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2289162.48   | 0.11%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Omaha Public Power District                                                      | OMAHA NE PUBLIC PWR DIST ELEC REVENUE                        | CUSIP: 682001FT4<br>LEI: 54930000VJEJ9CGIYG32 | Long             | DBT              | MUN               | US        |    100000 | PA      | $111161.91    | 0.01%             | 2035-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU DEDICATED CAPITAL IMPT                 | CUSIP: 167510AC0<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    235000 | PA      | $249446.74    | 0.01%             | 2034-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| City of Jacksonville FL                                                          | JACKSONVILLE FL SPL REVENUE                                  | CUSIP: 469487PT3<br>LEI: 549300XQE0JVN9WV0J40 | Long             | DBT              | MUN               | US        |   1095000 | PA      | $1271342.74   | 0.06%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School Board of Miami-Dade County/The                                            | MIAMI-DADE CNTY FL SCH DIST                                  | CUSIP: 59333RHU1<br>LEI: 549300J3U4QVT6U3O129 | Long             | DBT              | MUN               | US        |    125000 | PA      | $126869.90    | 0.01%             | 2033-03-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| San Mateo Union High School District                                             | SAN MATEO CA UNION HIGH SCH DIST                             | CUSIP: 799017SA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    770000 | PA      | $811473.82    | 0.04%             | 2033-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Salem-Keizer School District No 24J                                              | MARION & POLK CNTYS OR SCH DIST #24J SALEM                   | CUSIP: 569203PM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2079385.20   | 0.10%             | 2038-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Mecklenburg NC                                                         | MECKLENBURG CNTY NC                                          | CUSIP: 584002VL0<br>LEI: 5493006G3IC5PBHB7A65 | Long             | DBT              | MUN               | US        |    900000 | PA      | $965950.20    | 0.05%             | 2030-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Thruway Authority                                                 | NEW YORK ST THRUWAY AUTH                                     | CUSIP: 650009W58<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2012317.60   | 0.10%             | 2040-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204EBQ0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    160000 | PA      | $163129.17    | 0.01%             | 2030-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Denton TX Utility System Revenue                                         | DENTON TX UTILITY SYS REVENUE                                | CUSIP: 249015C97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1071644.80   | 0.05%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Combined Utility System Revenue                               | HOUSTON TX UTILITY SYS REVENUE                               | CUSIP: 44244CST5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1130282.70   | 0.06%             | 2033-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alaska Housing Finance Corp                                                      | ALASKA ST HSG FIN CORP MTGE REVENUE                          | CUSIP: 01170RMG4<br>LEI: 549300HJ8NOJNYW6ER36 | Long             | DBT              | MUN               | US        |   1040000 | PA      | $846135.58    | 0.04%             | 2036-06-01      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp                                           | PHOENIX AZ CIVIC IMPT CORP WTR SYS REVENUE                   | CUSIP: 71883RNN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1725000 | PA      | $1767046.01   | 0.09%             | 2029-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Great Lakes Water Authority Sewage Disposal System Revenue                       | GREAT LAKES MI WTR AUTH SEWAGE DISPOSAL SYS REVENUE          | CUSIP: 39081HAH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    290000 | PA      | $313672.67    | 0.02%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | CONNECTICUT ST                                               | CUSIP: 20772KLA5<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |    850000 | PA      | $894273.70    | 0.04%             | 2036-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Building Authority                                                | MICHIGAN ST BLDG AUTH REVENUE                                | CUSIP: 594615FN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    570000 | PA      | $621256.11    | 0.03%             | 2032-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Austin Independent School District                                               | AUSTIN TX INDEP SCH DIST                                     | CUSIP: 052430PN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $105144.84    | 0.01%             | 2032-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                               | CLARK CNTY NV                                                | CUSIP: 180848F57<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1047360.00   | 0.05%             | 2035-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                                   | WASHINGTON DC MET AREA TRANSIT AUTH GROSS REVENUE            | CUSIP: 938782FK0<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |    555000 | PA      | $611137.53    | 0.03%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Unified School District/CA                                           | LOS ANGELES CA UNIF SCH DIST                                 | CUSIP: 544647DJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1605000 | PA      | $1668835.67   | 0.08%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | WASHINGTON ST                                                | CUSIP: 93974ELN4<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   2175000 | PA      | $2548028.60   | 0.13%             | 2035-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                               | CLARK CNTY NV                                                | CUSIP: 180848SC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $163432.19    | 0.01%             | 2031-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204FAX3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1163464.70   | 0.06%             | 2033-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204FFT7<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    750000 | PA      | $877929.60    | 0.04%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                | CUSIP: 13063DQP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1183335.40   | 0.06%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX                                                               | HOUSTON TX                                                   | CUSIP: 442331U77<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |    500000 | PA      | $550734.20    | 0.03%             | 2031-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH SALES TAX REVENUE                      | CUSIP: 64990AHT5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1362432.00   | 0.07%             | 2038-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Building Authority                                                | MICHIGAN ST BLDG AUTH REVENUE                                | CUSIP: 594615JJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10685.88     | 0.00%             | 2032-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp                                                    | SALES TAX SECURITIZATION CORP IL                             | CUSIP: 79467BAL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1262164.10   | 0.06%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204EYC6<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    700000 | PA      | $765114.00    | 0.04%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Scioto OH                                                              | SCIOTO CNTY OH HOSP REVENUE                                  | CUSIP: 808878HA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $160304.18    | 0.01%             | 2035-02-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| State of Georgia                                                                 | GEORGIA ST                                                   | CUSIP: 373385GQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2939918.00   | 0.15%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Colorado Springs CO Utilities System Revenue                             | COLORADO SPRINGS CO UTILITIES REVENUE                        | CUSIP: 196632ZA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $135210.07    | 0.01%             | 2030-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco Bay Area Rapid Transit District                                    | SAN FRANCISCO CA BAY AREA RAPID TRANSIT DIST                 | CUSIP: 797661YT6<br>LEI: 549300Y3C3QUMLE3FY58 | Long             | DBT              | MUN               | US        |    110000 | PA      | $129530.17    | 0.01%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | WASHINGTON ST                                                | CUSIP: 93974D2R8<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   1145000 | PA      | $1254080.03   | 0.06%             | 2038-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                           | CALIFORNIA ST STWD CMNTYS DEVAUTH POLL CONTROL REVENUE       | CUSIP: 13078HAY8<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2566905.00   | 0.13%             | 2029-09-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                | CUSIP: 13063DUB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1468815.25   | 0.07%             | 2034-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT         | CUSIP: 64990GBD3<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1301722.32   | 0.07%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Suburban Sanitary Commission                                          | WASHINGTON MD SUBURBAN SAN DIST                              | CUSIP: 940157L73<br>LEI: 549300EZUWNTQF827C24 | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1792568.75   | 0.09%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Department of Transportation State Highway Fund Revenue                  | ARIZONA ST TRANSPRTN BRD HIGHWAY REVENUE                     | CUSIP: 040654WZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    835000 | PA      | $910470.81    | 0.05%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority Dedicated Revenue                 | WASHINGTON DC MET AREA TRANSIT AUTH DEDICATED REVENUE        | CUSIP: 93878YBH1<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4349563.20   | 0.22%             | 2034-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp                                           | PHOENIX AZ CIVIC IMPT CORP WTR SYS REVENUE                   | CUSIP: 71883RQZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $955519.84    | 0.05%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland                                                                | MARYLAND ST                                                  | CUSIP: 574193SH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $4163657.75   | 0.21%             | 2031-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii                                                                  | HAWAII ST                                                    | CUSIP: 419792WL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    295000 | PA      | $315843.37    | 0.02%             | 2032-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government of Nashville & Davidson County TN                        | MET GOVT NASHVILLE & DAVIDSON CNTY TN                        | CUSIP: 592112SR8<br>LEI: 549300GW8FVQJ3DU6O10 | Long             | DBT              | MUN               | US        |    275000 | PA      | $290477.80    | 0.01%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp                                           | PHOENIX AZ CIVIC IMPT CORP WTR SYS REVENUE                   | CUSIP: 71883RRD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1152832.50   | 0.06%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles CA Wastewater System Revenue                                 | LOS ANGELES CA WSTWTR SYS REVENUE                            | CUSIP: 53945CAN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2016467.80   | 0.10%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | CHICAGO IL                                                   | CUSIP: 167486M22<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   2455000 | PA      | $2639624.84   | 0.13%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Michigan Trunk Line Revenue                                             | MICHIGAN ST TRUNK LINE                                       | CUSIP: 5946952S6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $2269632.46   | 0.11%             | 2035-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Anaheim Housing & Public Improvements Authority                                  | ANAHEIM CA HSG & PUBLIC IMPT AUTH REVENUE                    | CUSIP: 032556MJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1107250.20   | 0.06%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                    | MASSACHUSETTS ST                                             | CUSIP: 57582RST4<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2013837.00   | 0.10%             | 2031-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE         | CUSIP: 709224N39<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    500000 | PA      | $567171.00    | 0.03%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kern High School District                                                        | KERN CA HIGH SCH DIST                                        | CUSIP: 492246SB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1504522.72   | 0.08%             | 2031-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT         | CUSIP: 64990BFG3<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3182937.60   | 0.16%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Springfield School District No R-12                                              | SPRINGFIELD MO SCH DIST #R-12                                | CUSIP: 851035UG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $502296.57    | 0.03%             | 2036-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                                      | NEW JERSEY ST EDUCTNL FACS AUTH REVENUE                      | CUSIP: 646067CL0<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1535951.40   | 0.08%             | 2038-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| County of Cuyahoga OH                                                            | CUYAHOGA CNTY OH HOSP REVENUE                                | CUSIP: 2322655L8<br>LEI: 549300GHDK9DGLUNJU89 | Long             | DBT              | MUN               | US        |    100000 | PA      | $105754.83    | 0.01%             | 2030-02-15      | 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: 64971WR77<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    895000 | PA      | $970315.32    | 0.05%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                   | LOWER COLORADO RIVER TX AUTH TRANSMISSION CONTRACT REVENUE   | CUSIP: 54811BWR8<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1390715.75   | 0.07%             | 2037-05-15      | 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: 79574CED1<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1182327.40   | 0.06%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | WASHINGTON ST                                                | CUSIP: 93974DBE7<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1519808.10   | 0.08%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland Department of Transportation                                   | MARYLAND ST DEPT OF TRANSPRTN CONSOL TRANSPRTN               | CUSIP: 574204S46<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1658503.40   | 0.08%             | 2036-10-01      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                                     | MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE                     | CUSIP: 5946537Z4<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |    130000 | PA      | $127658.90    | 0.01%             | 2034-12-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Brevard County Health Facilities Authority                                       | BREVARD CNTY FL HLTH FACS AUTH HLTH CARE FACS REVENUE        | CUSIP: 10741LDL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2510000 | PA      | $2567316.10   | 0.13%             | 2039-04-01      | 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: 64972HG48<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $567088.65    | 0.03%             | 2033-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pueblo City Schools                                                              | PUEBLO CNTY CO SCH DIST #60 PUEBLO                           | CUSIP: 744873GF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1010000 | PA      | $1162062.07   | 0.06%             | 2034-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990F3H5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1435000 | PA      | $1695617.81   | 0.09%             | 2030-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp                                                    | SALES TAX SECURITIZATION CORP IL                             | CUSIP: 79467BCX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $169505.32    | 0.01%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County Health Facilities Authority                                        | ORANGE CNTY FL HLTH FACS AUTH REVENUE                        | CUSIP: 68450LFL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    420000 | PA      | $436522.17    | 0.02%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                           | IOWA ST FIN AUTH REVENUE                                     | CUSIP: 46247SAQ7<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    500000 | PA      | $581096.55    | 0.03%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | NEW YORK NY                                                  | CUSIP: 64966MWY1<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1717536.60   | 0.09%             | 2031-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH SALES TAX REVENUE                      | CUSIP: 64990ABW4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    340000 | PA      | $349853.57    | 0.02%             | 2030-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Eagle Mountain & Saginaw Independent School District                             | EAGLE MOUNTAIN & SAGINAW TX INDEP SCH DIST                   | CUSIP: 269696HA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10747.30     | 0.00%             | 2030-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Butler OH                                                              | BUTLER CNTY OH HOSP FACS                                     | CUSIP: 123550HU2<br>LEI: 54930064OLVQO8IVR655 | Long             | DBT              | MUN               | US        |    400000 | PA      | $403320.96    | 0.02%             | 2035-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH                                  | CUSIP: 64578ELY1<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    315000 | PA      | $348344.48    | 0.02%             | 2033-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles County Public Works Financing Authority                              | LOS ANGELES CNTY CA PUBLIC WKS FING AUTH LEASE REVENUE       | CUSIP: 54473EVN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1288272.00   | 0.06%             | 2039-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Utah Transit Authority                                                           | UTAH ST TRANSIT AUTH SALES TAX REVENUE                       | CUSIP: 917567CG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2095541.80   | 0.11%             | 2031-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                             | PENNSYLVANIA ST HGR EDUCTNL FACS AUTH REVENUE                | CUSIP: 70917SQR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2675000 | PA      | $2855969.90   | 0.14%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                      | WASHINGTON ST HLTH CARE FACS AUTH                            | CUSIP: 93978HYG4<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   1595000 | PA      | $1688590.29   | 0.08%             | 2042-10-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | CONNECTICUT ST                                               | CUSIP: 20772KBE8<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1090284.50   | 0.05%             | 2037-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Polk County School District                                                      | POLK CNTY FL SCH DIST SALES TAX REVENUE                      | CUSIP: 731127CZ7<br>LEI: 549300N07FMPTRZO0044 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1160383.70   | 0.06%             | 2030-10-01      | 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: 64971XUB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1690000 | PA      | $1719449.94   | 0.09%             | 2039-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp                                           | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE                 | CUSIP: 64972CT78<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    500000 | PA      | $489425.05    | 0.02%             | 2032-11-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Airport Passenger Facility Charge                             | ATLANTA GA ARPT PASSENGER FAC CHARGE REVENUE                 | CUSIP: 04780TCZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1705000 | PA      | $1745385.14   | 0.09%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                              | CALIFORNIA ST PUBLIC WKS BRD LEASE REVENUE                   | CUSIP: 13068XBP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1564054.50   | 0.08%             | 2038-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition & Supply Corp III                                | TEXAS ST MUNI GAS ACQUISITION& SPLY CORP III GAS SPLY REVEN  | CUSIP: 88256HBE7<br>LEI: 0UDITKOYW0YKG3BBP242 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2392635.60   | 0.12%             | 2029-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                             | PENNSYLVANIA ST HGR EDUCTNL FACS AUTH REVENUE                | CUSIP: 70917SR88<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $151316.63    | 0.01%             | 2032-08-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| Utility Debt Securitization Authority                                            | UTILITY DEBT SECURITIZATION AUTH NY                          | CUSIP: 91802REJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2193544.00   | 0.11%             | 2038-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Denver City & County School District No 1                                        | DENVER CITY & CNTY CO SCH DIST #1                            | CUSIP: 249174XQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1181652.20   | 0.06%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government of Nashville & Davidson County TN                        | MET GOVT NASHVILLE & DAVIDSON CNTY TN                        | CUSIP: 592112RE8<br>LEI: 549300GW8FVQJ3DU6O10 | Long             | DBT              | MUN               | US        |   1235000 | PA      | $1345408.51   | 0.07%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Thruway Authority                                                 | NEW YORK ST THRUWAY AUTH PERSONAL INCOME TAX REVENUE         | CUSIP: 650028WU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2368318.40   | 0.12%             | 2034-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southern California Public Power Authority                                       | STHRN CA PUBLIC PWR AUTH REVENUE                             | CUSIP: 84247PKZ3<br>LEI: 5493003B5TD5FWUKMD34 | Long             | DBT              | MUN               | US        |    100000 | PA      | $117986.77    | 0.01%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 646136S36<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1512261.30   | 0.08%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Broward County/FL                                             | BROWARD CNTY FL SCH BRD COPS                                 | CUSIP: 115065YG3<br>LEI: 5493006KVNQDJ1D0OD92 | Long             | DBT              | MUN               | US        |   1005000 | PA      | $1058294.65   | 0.05%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of California                                                         | UNIV OF CALIFORNIA CA REVENUES                               | CUSIP: 91412HGY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1749455.85   | 0.09%             | 2036-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990FYF5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   3120000 | PA      | $2807041.54   | 0.14%             | 2038-03-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE                | CUSIP: 97712DKL9<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2580745.50   | 0.13%             | 2031-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                                  | INDIANAPOLIS IN LOCAL PUBLIC IMPT BOND BANK                  | CUSIP: 45528UYW5<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   1715000 | PA      | $1977810.72   | 0.10%             | 2031-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County Honolulu HI Wastewater System Revenue                              | HONOLULU CITY & CNTY HI WSTWTR SYS REVENUE                   | CUSIP: 438701L28<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $103592.97    | 0.01%             | 2034-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Santa Clara CA                                                         | SANTA CLARA CNTY CA                                          | CUSIP: 801546QF2<br>LEI: 254900JSVO2QQ5A3DV83 | Long             | DBT              | MUN               | US        |    125000 | PA      | $141054.38    | 0.01%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                               | WISCONSIN ST                                                 | CUSIP: 97705MZX6<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1178464.10   | 0.06%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE         | CUSIP: 709224XH7<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3306511.80   | 0.17%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA ST FIN AUTH REVENUE                                  | CUSIP: 45506DJ55<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    610000 | PA      | $690427.16    | 0.03%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                    | MASSACHUSETTS ST                                             | CUSIP: 57582RSU1<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |    205000 | PA      | $206378.99    | 0.01%             | 2032-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE         | CUSIP: 709224XF1<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    205000 | PA      | $222906.36    | 0.01%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | CONNECTICUT ST                                               | CUSIP: 20772JP22<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1657879.07   | 0.08%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Akron Bath Copley Joint Township Hospital District                               | AKRON BATH COPLEY JT TWP OH HOSP DIST                        | CUSIP: 009730PS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $982499.60    | 0.05%             | 2035-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA                                                          | PHILADELPHIA PA                                              | CUSIP: 717813XE4<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |    300000 | PA      | $337641.39    | 0.02%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                   | TEXAS ST                                                     | CUSIP: 882723P29<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |    125000 | PA      | $135161.71    | 0.01%             | 2031-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI POLL CONTROL REVENUE                      | CUSIP: 74447HAA6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1065000 | PA      | $1105874.70   | 0.06%             | 2046-10-01      | Floating      | 3.70%                 | No            |                  2 | On Loan: No      |
| Ohio State University/The                                                        | OHIO ST UNIV                                                 | CUSIP: 677632A92<br>LEI: JFC10ZULKO4X2E3HBY86 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006669.50   | 0.05%             | 2038-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Adams & Arapahoe Joint School District 28J Aurora                                | ADAMS & ARAPAHOE CNTYS CO JT SCH DIST #28J AURORA            | CUSIP: 0054823K8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    540000 | PA      | $595291.14    | 0.03%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alabama Public School and College Authority                                      | ALABAMA ST PUBLIC SCH & CLG AUTH                             | CUSIP: 010609FQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2107430.00   | 0.11%             | 2036-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Utility Debt Securitization Authority                                            | UTILITY DEBT SECURITIZATION AUTH NY                          | CUSIP: 91802RAH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1276410.13   | 0.06%             | 2029-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lancaster County School District/SC                                              | LANCASTER CNTY SC SCH DIST                                   | CUSIP: 514120LM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $330861.25    | 0.02%             | 2032-03-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                            | ILLINOIS ST TOLL HIGHWAY AUTH                                | CUSIP: 452252LE7<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1049478.40   | 0.05%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of North Carolina                                                          | NORTH CAROLINA ST                                            | CUSIP: 6582563Q3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1306431.79   | 0.07%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                    | NEW JERSEY ST TURNPIKE AUTH TURNPIKE REVENUE                 | CUSIP: 6461395D3<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4126155.20   | 0.21%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sacramento County Sanitation Districts Financing Authority                       | SACRAMENTO CNTY CA SANTN DISTS FING AUTH REVENUE             | CUSIP: 786134UJ3<br>LEI: 549300MSDPX3EYMUYV38 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3106182.30   | 0.16%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | MICHIGAN ST FIN AUTH REVENUE                                 | CUSIP: 59447TPP2<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |     75000 | PA      | $82641.38     | 0.00%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Local Government Environmental Facilities & Community Development Auth | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVE | CUSIP: 54628CUH3<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |   1455000 | PA      | $1224132.68   | 0.06%             | 2036-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                            | ILLINOIS ST TOLL HIGHWAY AUTH                                | CUSIP: 452252NE5<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |    175000 | PA      | $202145.63    | 0.01%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                    | N TX TOLLWAY AUTH REVENUE                                    | CUSIP: 66285WVS2<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |    425000 | PA      | $454327.30    | 0.02%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                      | CONNECTICUT ST HLTH & EDUCTNL FACS AUTH REVENUE              | CUSIP: 20775DEX6<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    335000 | PA      | $371448.30    | 0.02%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salem-Keizer School District No 24J                                              | MARION & POLK CNTYS OR SCH DIST #24J SALEM                   | CUSIP: 569203ND0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    545000 | PA      | $619186.38    | 0.03%             | 2032-06-15      | 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: 79574CCR2<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |   2380000 | PA      | $2685910.21   | 0.13%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue       | LOS ANGELES CNTY CA MET TRANSPRTN AUTH SALES TAX REVENUE     | CUSIP: 54466HJN7<br>LEI: 54930051IHTXE1N9RB42 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1173942.10   | 0.06%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                            | SAN ANTONIO TX ELEC & GAS REVENUE                            | CUSIP: 79625GEL3<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1198006.00   | 0.06%             | 2033-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                                 | ENERGY N W WA ELEC REVENUE                                   | CUSIP: 29270C3Q6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1415000 | PA      | $1625051.51   | 0.08%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | DIST OF COLUMBIA                                             | CUSIP: 25476FRQ3<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    290000 | PA      | $314410.81    | 0.02%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 4521522R1<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2664857.50   | 0.13%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Alabama/The                                                        | UNIV OF ALABAMA AL UNIV GEN REVENUE                          | CUSIP: 914026UQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $393373.81    | 0.02%             | 2036-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Kitsap County School District No 401 Central Kitsap                              | KITSAP CNTY WA SCH DIST #401 CENTRAL KITSAP                  | CUSIP: 498098RF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1301451.00   | 0.07%             | 2033-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990FZT4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2795000 | PA      | $2850032.15   | 0.14%             | 2038-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 646136Y96<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2950000 | PA      | $3006342.64   | 0.15%             | 2038-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                            | ILLINOIS ST TOLL HIGHWAY AUTH                                | CUSIP: 452252PH6<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |   2550000 | PA      | $2978250.06   | 0.15%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cypress-Fairbanks Independent School District                                    | CYPRESS-FAIRBANKS TX INDEP SCH DIST                          | CUSIP: 232769HG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1564317.75   | 0.08%             | 2037-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Water Reclamation District of Greater Chicago                       | CHICAGO IL MET WTR RECLAMATION DIST GREATER CHICAGO          | CUSIP: 167560TA9<br>LEI: 254900GOGQEZEWCZ4D37 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1633402.65   | 0.08%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Michigan                                                                | MICHIGAN ST                                                  | CUSIP: 594612EB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    410000 | PA      | $416595.38    | 0.02%             | 2030-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                 | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                    | CUSIP: 13032UUW6<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2333659.60   | 0.12%             | 2041-06-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                          | LOS ANGELES CA DEPT WTR & PWR REVENUE                        | CUSIP: 5444956A7<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2216769.40   | 0.11%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | CHICAGO IL                                                   | CUSIP: 167486SX8<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1252634.25   | 0.06%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Foothill-De Anza Community College District                                      | FOOTHILL-DE ANZA CA CMNTY CLGDIST                            | CUSIP: 345102NL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1384522.95   | 0.07%             | 2038-08-01      | Fixed         | 3.00%                 | 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: 64972GPE8<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |    960000 | PA      | $1034521.92   | 0.05%             | 2038-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Long Island Power Authority                                                      | LONG ISLAND NY PWR AUTH ELEC SYS REVENUE                     | CUSIP: 542691CM0<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |    450000 | PA      | $433126.76    | 0.02%             | 2036-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | NEW YORK NY                                                  | CUSIP: 64966MWZ8<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1015000 | PA      | $1147808.99   | 0.06%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bexar County Hospital District                                                   | BEXAR CNTY TX HOSP DIST                                      | CUSIP: 088365FH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1315000 | PA      | $1414468.84   | 0.07%             | 2030-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Minnesota                                                               | MINNESOTA ST                                                 | CUSIP: 60412ATQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2297910.60   | 0.12%             | 2037-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware State Health Facilities Authority                                       | DELAWARE ST HLTH FACS AUTH REVENUE                           | CUSIP: 246388SJ2<br>LEI: 549300RXU7M05ZYSJG42 | Long             | DBT              | MUN               | US        |    180000 | PA      | $182428.61    | 0.01%             | 2032-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Hospital Finance Authority                                        | MICHIGAN ST HOSP FIN AUTH                                    | CUSIP: 59465HUN4<br>LEI: 54930011MIBQ2P7ZNM19 | Long             | DBT              | MUN               | US        |    100000 | PA      | $111912.73    | 0.01%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                                  | INDIANAPOLIS IN LOCAL PUBLIC IMPT BOND BANK                  | CUSIP: 45528UYU9<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |    710000 | PA      | $819846.44    | 0.04%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TSASC Inc/NY                                                                     | TSASC INC NY                                                 | CUSIP: 898526FB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $527353.90    | 0.03%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Truckee Meadows Water Authority                                                  | TRUCKEE MEADOWS NV WTR AUTH WTR REVENUE                      | CUSIP: 897825GQ2<br>LEI: 549300GC367BYY1WT202 | Long             | DBT              | MUN               | US        |    355000 | PA      | $381992.92    | 0.02%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                   | TEXAS ST                                                     | CUSIP: 8827236V6<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |    150000 | PA      | $167142.03    | 0.01%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Private Activity Bond Surface Transportation Corp                          | TEXAS ST PRIV ACTIVITY BOND SURFACE TRANSPRTN CORP REVENUE   | CUSIP: 882667AW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $962789.40    | 0.05%             | 2037-12-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | NEW YORK NY                                                  | CUSIP: 64966MQW2<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    100000 | PA      | $110910.86    | 0.01%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                                      | SAN DIEGO CNTY CA REGL ARPT AUTH AIRPORT REVENUE             | CUSIP: 79739GJC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1630000 | PA      | $1929301.58   | 0.10%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Thruway Authority                                                 | NEW YORK ST THRUWAY AUTH                                     | CUSIP: 650009G49<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2620667.25   | 0.13%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland                                                                | MARYLAND ST                                                  | CUSIP: 574193QD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1255000 | PA      | $1431928.77   | 0.07%             | 2029-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                          | PORT AUTH OF NEW YORK & NEW JERSEY NY                        | CUSIP: 73358WW26<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    500000 | PA      | $552478.90    | 0.03%             | 2036-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                | CUSIP: 13063DQQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3425000 | PA      | $4037610.91   | 0.20%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Minnesota                                                               | MINNESOTA ST                                                 | CUSIP: 60412ATP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2309096.60   | 0.12%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                               | CLARK CNTY NV                                                | CUSIP: 180848WY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1110000 | PA      | $1260649.64   | 0.06%             | 2030-06-01      | 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: 59334DJF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1586328.60   | 0.08%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | MET TRANSPRTN AUTH NY DEDICATED TAX FUND                     | CUSIP: 59259N7E7<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1185000 | PA      | $1307900.50   | 0.07%             | 2033-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts Transportation Fund Revenue                        | MASSACHUSETTS ST TRANSPRTN FUND REVENUE                      | CUSIP: 57604TGD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    980000 | PA      | $1010427.04   | 0.05%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                | CUSIP: 13063DLP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $4022970.35   | 0.20%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | WASHINGTON ST                                                | CUSIP: 93974C7N4<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006987.50   | 0.05%             | 2029-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990FWN0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    475000 | PA      | $493518.40    | 0.02%             | 2035-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Georgia                                                                 | GEORGIA ST                                                   | CUSIP: 3733844D5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    680000 | PA      | $737414.92    | 0.04%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152D65<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    685000 | PA      | $687473.06    | 0.03%             | 2029-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Westchester County Local Development Corp                                        | WESTCHESTER CNTY NY LOCAL DEV CORP REVENUE                   | CUSIP: 95737TBB1<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014119.30   | 0.05%             | 2034-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                | CUSIP: 13063CXC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $9820.92      | 0.00%             | 2034-12-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                         | CONNECTICUT ST SPL TAX OBLIG REVENUE                         | CUSIP: 207758D26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1548778.20   | 0.08%             | 2038-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH SALES TAX REVENUE                      | CUSIP: 64990AGG4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2110000 | PA      | $2309031.24   | 0.12%             | 2034-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Curators of the University of Missouri/The                                       | CURATORS OF THE UNIV OF MISSOURI MO SYS FACS REVENUE         | CUSIP: 231266MK0<br>LEI: G0G4PRB87K0V5MXIV248 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1679682.76   | 0.08%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark Department of Aviation                                           | CLARK CNTY NV ARPT REVENUE                                   | CUSIP: 18085PQM9<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1547883.15   | 0.08%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                    | MASSACHUSETTS ST                                             | CUSIP: 57582RXQ4<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1138212.68   | 0.06%             | 2031-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp                                           | PHOENIX AZ CIVIC IMPT CORP ARPT REVENUE                      | CUSIP: 71883MMN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $133587.52    | 0.01%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | MET TRANSPRTN AUTH NY REVENUE                                | CUSIP: 59261AJV0<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    265000 | PA      | $234692.11    | 0.01%             | 2035-11-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                 | MARICOPA CNTY AZ INDL DEV AUTH                               | CUSIP: 56682HCH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1485595.50   | 0.07%             | 2038-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                     | PENNSYLVANIA ST                                              | CUSIP: 70914PZX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1566851.40   | 0.08%             | 2032-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Jacksonville FL                                                          | JACKSONVILLE FL TRANSIT REVENUE                              | CUSIP: 469495DJ1<br>LEI: 549300XQE0JVN9WV0J40 | Long             | DBT              | MUN               | US        |    210000 | PA      | $223870.44    | 0.01%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                              | VIRGINIA ST CLG BLDG AUTH EDUCTNL FACS REVENUE 21ST CENTURY  | CUSIP: 92778VJQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1578204.15   | 0.08%             | 2036-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Medford Hospital Facilities Authority                                            | MEDFORD OR HOSP FACS AUTH REVENUE                            | CUSIP: 584283GR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    720000 | PA      | $815565.67    | 0.04%             | 2033-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                          | PORT AUTH OF NEW YORK & NEW JERSEY NY                        | CUSIP: 73358WN34<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2799091.25   | 0.14%             | 2033-11-15      | 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: 64972H5Y4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1277959.62   | 0.06%             | 2038-07-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Southeastern Pennsylvania Transportation Authority                               | S ESTRN PA TRANSPRTN AUTH                                    | CUSIP: 842039DW6<br>LEI: 98450061A2F3FD36E493 | Long             | DBT              | MUN               | US        |    845000 | PA      | $932400.72    | 0.05%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland                                                                | MARYLAND ST                                                  | CUSIP: 574193SF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1166818.70   | 0.06%             | 2029-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57583UWQ7<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1507253.85   | 0.08%             | 2038-07-01      | 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: 64971W4N7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1190000 | PA      | $1313498.20   | 0.07%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Building Authority                                                | MICHIGAN ST BLDG AUTH REVENUE                                | CUSIP: 594615FR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $129719.77    | 0.01%             | 2035-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Houston Independent School District                                              | HOUSTON TX INDEP SCH DIST                                    | CUSIP: 442403NH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    605000 | PA      | $686793.64    | 0.03%             | 2032-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                     | PENNSYLVANIA ST                                              | CUSIP: 70914PF23<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $176208.72    | 0.01%             | 2034-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District                                                     | CLARK CNTY NV SCH DIST                                       | CUSIP: 181059N85<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    915000 | PA      | $1056385.98   | 0.05%             | 2034-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                              | VIRGINIA ST CLG BLDG AUTH EDUCTNL FACS REVENUE 21ST CENTURY  | CUSIP: 92778VFJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    880000 | PA      | $998702.32    | 0.05%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990EY92<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3204015.30   | 0.16%             | 2030-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pittsburgh Water & Sewer Authority                                               | PITTSBURGH PA WTR & SWR AUTH                                 | CUSIP: 725304VD8<br>LEI: 54930034DVH6W22T1E86 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2437094.00   | 0.12%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                           | CALIFORNIA STWD CMNTYS DEV AUTH REVENUE                      | CUSIP: 13080SB94<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $874431.40    | 0.04%             | 2037-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | WASHINGTON ST                                                | CUSIP: 93974DP51<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |    500000 | PA      | $553117.40    | 0.03%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                    | N TX TOLLWAY AUTH REVENUE                                    | CUSIP: 66285WSM9<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |    500000 | PA      | $532404.00    | 0.03%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                    | N TX TOLLWAY AUTH REVENUE                                    | CUSIP: 66285WXG6<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |    450000 | PA      | $466882.20    | 0.02%             | 2035-01-01      | 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: 64971WTX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1195000 | PA      | $1252221.02   | 0.06%             | 2035-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Waterworks Revenue                                            | CHICAGO IL WTRWKS REVENUE                                    | CUSIP: 167736P84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2108503.80   | 0.11%             | 2036-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New Jersey                                                              | NEW JERSEY ST                                                | CUSIP: 646039YR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $253704.98    | 0.01%             | 2032-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Baltimore MD                                                             | BALTIMORE MD PROJ REVENUE                                    | CUSIP: 05922KXD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1552576.05   | 0.08%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                    | NEW JERSEY ST TURNPIKE AUTH TURNPIKE REVENUE                 | CUSIP: 6461396N0<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1790351.71   | 0.09%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lancaster County Hospital Authority/PA                                           | LANCASTER CNTY PA HOSP AUTH                                  | CUSIP: 514045V91<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1199971.30   | 0.06%             | 2038-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Jefferson AL                                                           | JEFFERSON CNTY AL                                            | CUSIP: 472628RD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $108260.96    | 0.01%             | 2034-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEA Electric System Revenue                                                      | JEA FL ELEC SYS REVENUE                                      | CUSIP: 46613SGL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    885000 | PA      | $976364.21    | 0.05%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                                   | WASHINGTON DC MET AREA TRANSIT AUTH GROSS REVENUE            | CUSIP: 938782EX3<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |    810000 | PA      | $882048.12    | 0.04%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | MET TRANSPRTN AUTH NY REVENUE                                | CUSIP: 59261ASX6<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1085000 | PA      | $1151821.68   | 0.06%             | 2030-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Plano Independent School District                                                | PLANO TX INDEP SCH DIST                                      | CUSIP: 727199C33<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1183507.00   | 0.06%             | 2036-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                    | N TX TOLLWAY AUTH REVENUE                                    | CUSIP: 66285WJ80<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2031145.80   | 0.10%             | 2040-01-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Ohio Turnpike & Infrastructure Commission                                        | OHIO ST TURNPIKE COMMISSION                                  | CUSIP: 67760HLP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $566268.25    | 0.03%             | 2031-02-15      | 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: 64986DFM2<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |    500000 | PA      | $553271.60    | 0.03%             | 2034-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Colorado                                                                | COLORADO ST COPS                                             | CUSIP: 196711TX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2379238.80   | 0.12%             | 2034-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                               | WISCONSIN ST                                                 | CUSIP: 97705MVF9<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |   1655000 | PA      | $1696169.61   | 0.09%             | 2038-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | DIST OF COLUMBIA                                             | CUSIP: 25476FUF3<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    580000 | PA      | $645815.96    | 0.03%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204ET73<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1435000 | PA      | $1568557.89   | 0.08%             | 2034-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA ST FIN AUTH REVENUE                                  | CUSIP: 45506DJ48<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1133866.80   | 0.06%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                | CUSIP: 13063DSP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3135000 | PA      | $3512679.41   | 0.18%             | 2037-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King County School District No 210 Federal Way                                   | KING CNTY WA SCH DIST #210 FEDERAL WAY                       | CUSIP: 494890B62<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    880000 | PA      | $933569.03    | 0.05%             | 2033-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indiana Housing & Community Development Authority                                | INDIANA ST HSG & CMNTY DEV AUTH SF MTGE REVENUE              | CUSIP: 45505TGP0<br>LEI: 549300QRKDYVNHT1OE86 | Long             | DBT              | MUN               | US        |     20000 | PA      | $19808.44     | 0.00%             | 2031-07-01      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                | NORTH CAROLINA ST TURNPIKE AUTH TRIANGLE EXPRESSWAY APPROP   | CUSIP: 65830VAC4<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |    800000 | PA      | $843826.16    | 0.04%             | 2035-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                              | VIRGINIA ST CLG BLDG AUTH EDUCTNL FACS REVENUE 21ST CENTURY  | CUSIP: 92778VCW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2097961.20   | 0.11%             | 2030-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204EJL3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    685000 | PA      | $736778.94    | 0.04%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of King WA Sewer Revenue                                                  | KING CNTY WA SWR REVENUE                                     | CUSIP: 4952894N7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1041079.20   | 0.05%             | 2034-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp                                           | PHOENIX AZ CIVIC IMPT CORP WSTWTR SYS REVENUE                | CUSIP: 71883PKR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $162990.66    | 0.01%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego County Water Authority                                                 | SAN DIEGO CNTY CA WTR AUTH                                   | CUSIP: 797412EF6<br>LEI: 549300Y0QN5OFKA1G520 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2201370.20   | 0.11%             | 2035-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Thruway Authority                                                 | NEW YORK ST THRUWAY AUTH                                     | CUSIP: 650009R54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1685364.60   | 0.08%             | 2032-01-01      | 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: 64971XF86<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1190000 | PA      | $1212504.80   | 0.06%             | 2039-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                         | CONNECTICUT ST SPL TAX OBLIG REVENUE                         | CUSIP: 207758SL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1039277.00   | 0.05%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greeneville Health & Educational Facilities Board                                | GREENEVILLE TN HLTH & EDUCTNL FACS BRD HOSP REVENUE          | CUSIP: 396649ES0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1507747.35   | 0.08%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                          | PORT AUTH OF NEW YORK & NEW JERSEY NY                        | CUSIP: 73358WSW5<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2076626.00   | 0.10%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hudson Yards Infrastructure Corp                                                 | HUDSON YARDS INFRASTRUCTURE CORP NY 2ND INDENTURE REVENUE    | CUSIP: 44420RAV2<br>LEI: 549300EE2HJ67TPURL87 | Long             | DBT              | MUN               | US        |    460000 | PA      | $506514.83    | 0.03%             | 2033-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Springfield School District No R-12                                              | SPRINGFIELD MO SCH DIST #R-12                                | CUSIP: 851035UF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1415000 | PA      | $1500270.73   | 0.08%             | 2035-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp                                           | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE                 | CUSIP: 64972EYT0<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1555589.80   | 0.08%             | 2036-11-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| Massachusetts School Building Authority                                          | MASSACHUSETTS ST SCH BLDG AUTH SALES TAX REVENUE             | CUSIP: 576000SE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1212742.51   | 0.06%             | 2037-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                              | VIRGINIA ST CLG BLDG AUTH EDUCTNL FACS REVENUE 21ST CENTURY  | CUSIP: 92778VJP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1950000 | PA      | $2258469.33   | 0.11%             | 2035-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii                                                                  | HAWAII ST                                                    | CUSIP: 419792SL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1020000 | PA      | $1142713.24   | 0.06%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Georgia State Road & Tollway Authority                                           | GEORGIA ST ROAD & TOLLWAY AUTH REVENUE                       | CUSIP: 37358MER8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3255000 | PA      | $3562715.98   | 0.18%             | 2035-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| School District of Philadelphia/The                                              | PHILADELPHIA PA SCH DIST                                     | CUSIP: 717883XT4<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |   1570000 | PA      | $1646844.28   | 0.08%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH REVENUESNON ST SUPPORTED DEBT          | CUSIP: 64990C6N6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    115000 | PA      | $133336.42    | 0.01%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT         | CUSIP: 64990GFZ0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1050339.80   | 0.05%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | LOUISIANA PUB FACS AUTH REVENUE                              | CUSIP: 546399QF6<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1153866.20   | 0.06%             | 2036-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                             | TRIBOROUGH NY BRIDGE & TUNNEL AUTH REVENUES                  | CUSIP: 89602N5G5<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |     20000 | PA      | $21700.96     | 0.00%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX                                                               | HOUSTON TX                                                   | CUSIP: 442331L36<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |    180000 | PA      | $193948.97    | 0.01%             | 2031-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                    | TEXAS ST WTR DEV BRD                                         | CUSIP: 8828544N9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $739605.75    | 0.04%             | 2035-10-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA ST FIN AUTH HIGHWAY REVENUE                          | CUSIP: 45470RCX2<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    935000 | PA      | $1089722.40   | 0.05%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of California                                                         | UNIV OF CALIFORNIA CA REVENUES                               | CUSIP: 91412HKQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2624763.75   | 0.13%             | 2039-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Canadian County Educational Facilities Authority                                 | CANADIAN CNTY OK EDUCTNL FACS AUTH EDUC FACS LEASE REVENUE   | CUSIP: 135521CP5<br>LEI: 549300HPRFS0Z66VHS30 | Long             | DBT              | MUN               | US        |    330000 | PA      | $334056.33    | 0.02%             | 2029-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                   | TEXAS ST                                                     | CUSIP: 8827234W6<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1064280.50   | 0.05%             | 2038-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Urban Development Corp                                            | NEW YORK ST URBAN DEV CORP REVENUE                           | CUSIP: 650036AG1<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |   1475000 | PA      | $1668019.68   | 0.08%             | 2037-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                    | MASSACHUSETTS ST                                             | CUSIP: 57582RUK0<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   1010000 | PA      | $1119627.02   | 0.06%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Dallas TX Waterworks & Sewer System Revenue                              | DALLAS TX WTRWKS & SWR SYS REVENUE                           | CUSIP: 23542JRT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1171449.90   | 0.06%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PTB1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2335000 | PA      | $2472011.50   | 0.12%             | 2041-10-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition & Supply Corp III                                | TEXAS ST MUNI GAS ACQUISITION& SPLY CORP III GAS SPLY REVEN  | CUSIP: 88256HBG2<br>LEI: 0UDITKOYW0YKG3BBP242 | Long             | DBT              | MUN               | US        |   1475000 | PA      | $1579277.34   | 0.08%             | 2031-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX                                                               | HOUSTON TX                                                   | CUSIP: 442331U85<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |    520000 | PA      | $571628.04    | 0.03%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cook IL                                                                | COOK CNTY IL                                                 | CUSIP: 213185KM2<br>LEI: 5493004UMR7OX4YITE10 | Long             | DBT              | MUN               | US        |    325000 | PA      | $351740.68    | 0.02%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | NEW YORK NY                                                  | CUSIP: 64966MAY5<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    540000 | PA      | $586008.11    | 0.03%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990FK78<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2059941.40   | 0.10%             | 2037-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Seattle WA Water System Revenue                                          | SEATTLE WA WTR SYS REVENUE                                   | CUSIP: 812728VR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $122358.59    | 0.01%             | 2031-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Central Florida Expressway Authority                                             | CENTRL FL EXPRESSWAY AUTH SR LIEN REVENUE                    | CUSIP: 153476AR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1298589.25   | 0.07%             | 2031-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH SALES TAX REVENUE                      | CUSIP: 64990AFD2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1970000 | PA      | $2149995.55   | 0.11%             | 2033-03-15      | 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: 64971XSJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1194477.10   | 0.06%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of the City of Erie/The                                          | ERIE PA CITY SCH DIST                                        | CUSIP: 295425TF9<br>LEI: 549300VQZWUO5J8WLO42 | Long             | DBT              | MUN               | US        |    220000 | PA      | $248585.08    | 0.01%             | 2034-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990FK86<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1532603.40   | 0.08%             | 2038-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                    | TEXAS ST WTR DEV BRD                                         | CUSIP: 8828544J8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2226856.40   | 0.11%             | 2031-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                                      | SAN DIEGO CNTY CA REGL ARPT AUTH AIRPORT REVENUE             | CUSIP: 79739GJE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2075000 | PA      | $2404104.13   | 0.12%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County Honolulu HI Wastewater System Revenue                              | HONOLULU CITY & CNTY HI WSTWTR SYS REVENUE                   | CUSIP: 438701K94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    970000 | PA      | $1011249.35   | 0.05%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Georgia                                                                 | GEORGIA ST                                                   | CUSIP: 373385GV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    935000 | PA      | $1026838.22   | 0.05%             | 2034-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| San Diego Unified School District/CA                                             | SAN DIEGO CA UNIF SCH DIST                                   | CUSIP: 7973555P5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $731321.24    | 0.04%             | 2032-07-01      | 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: 64971XF37<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1192662.40   | 0.06%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                 | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                    | CUSIP: 13032UWX2<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    450000 | PA      | $456469.83    | 0.02%             | 2036-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | WASHINGTON ST                                                | CUSIP: 93974DYE2<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |    580000 | PA      | $633694.89    | 0.03%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | DIST OF COLUMBIA                                             | CUSIP: 25476FST6<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    160000 | PA      | $176568.56    | 0.01%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Public Building Authority                                               | VIRGINIA ST PUB BLDG AUTH PUBLIC FACS REVENUE                | CUSIP: 928173BS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $69930.46     | 0.00%             | 2031-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57584XYA3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   6300000 | PA      | $6864909.66   | 0.34%             | 2033-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alaska Housing Finance Corp                                                      | ALASKA ST HSG FIN CORP                                       | CUSIP: 011839NV5<br>LEI: 549300HJ8NOJNYW6ER36 | Long             | DBT              | MUN               | US        |    125000 | PA      | $130971.81    | 0.01%             | 2031-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pierce County School District No 403 Bethel                                      | PIERCE CNTY WA SCH DIST #403 BETHEL                          | CUSIP: 720611YG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $226493.82    | 0.01%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116EQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $810700.73    | 0.04%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Delaware                                                                | DELAWARE ST                                                  | CUSIP: 246381QY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $878316.80    | 0.04%             | 2035-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Commissioner of Highways                                           | W VIRGINIA ST COMMISSIONER OF HIGHWAYS SPL OBLG              | CUSIP: 95649ACP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $300383.24    | 0.02%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State University                                                      | CALIFORNIA ST UNIV REVENUE                                   | CUSIP: 13077DAT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $248518.17    | 0.01%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                    | MASSACHUSETTS ST                                             | CUSIP: 57582RC79<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |    365000 | PA      | $419974.62    | 0.02%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Unified School District/CA                                           | LOS ANGELES CA UNIF SCH DIST                                 | CUSIP: 544647DE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $384475.61    | 0.02%             | 2035-07-01      | 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: 64971WYC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $21466.00     | 0.00%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kern High School District                                                        | KERN CA HIGH SCH DIST                                        | CUSIP: 492246SC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2761420.50   | 0.14%             | 2032-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                    | TEXAS ST WTR DEV BRD                                         | CUSIP: 882854H88<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $644020.62    | 0.03%             | 2033-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                    | N TX TOLLWAY AUTH REVENUE                                    | CUSIP: 66285WG34<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2268269.78   | 0.11%             | 2038-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                          | PORT AUTH OF NEW YORK & NEW JERSEY NY                        | CUSIP: 73358W6M1<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2676937.12   | 0.13%             | 2036-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority                            | NEW JERSEY ST HLTH CARE FACS FING AUTH REVENUE               | CUSIP: 645790LK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $360212.11    | 0.02%             | 2034-07-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | NEW YORK NY                                                  | CUSIP: 64966QYM6<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2341334.00   | 0.12%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990FPK4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    115000 | PA      | $135821.70    | 0.01%             | 2032-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grand River Dam Authority                                                        | GRAND RIVER OK DAM AUTH REVENUE                              | CUSIP: 386442WR4<br>LEI: 549300XGK5KWQHON4Q79 | Long             | DBT              | MUN               | US        |    515000 | PA      | $563956.93    | 0.03%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                    | TEXAS ST WTR DEV BRD                                         | CUSIP: 882854WV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1034686.90   | 0.05%             | 2034-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Northside Independent School District                                            | NORTHSIDE TX INDEP SCH DIST                                  | CUSIP: 66702RTP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    880000 | PA      | $978277.78    | 0.05%             | 2032-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Nassau NY                                                              | NASSAU CNTY NY                                               | CUSIP: 63165TZW8<br>LEI: 549300ICRCGQYCPS7T40 | Long             | DBT              | MUN               | US        |    600000 | PA      | $670156.62    | 0.03%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Wastewater Transmission Revenue                               | CHICAGO IL WSTWTR TRANSMISSION REVENUE                       | CUSIP: 167727ZF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $778293.90    | 0.04%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | MET TRANSPRTN AUTH NY REVENUE                                | CUSIP: 59261AFP7<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    215000 | PA      | $215120.29    | 0.01%             | 2034-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | DIST OF COLUMBIA                                             | CUSIP: 25476FVC9<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    500000 | PA      | $556220.35    | 0.03%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Minnesota                                                               | MINNESOTA ST                                                 | CUSIP: 60412AKE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019545.40   | 0.05%             | 2030-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                 | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                    | CUSIP: 13032UQJ0<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    750000 | PA      | $841213.05    | 0.04%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Board of Regents of the University of Texas System                               | UNIV OF TEXAS TX UNIV REVENUES                               | CUSIP: 91514AAX3<br>LEI: TEHUYFNKZR6XVWLGEU86 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013210.00   | 0.05%             | 2036-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Concord CA                                                               | CONCORD CA COPS                                              | CUSIP: 206094DK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1019684.68   | 0.05%             | 2038-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT         | CUSIP: 64990CDU2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    260000 | PA      | $282963.33    | 0.01%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                               | CLARK CNTY NV                                                | CUSIP: 180848SB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $329490.42    | 0.02%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Fulton GA Water & Sewerage Revenue                                     | FULTON CNTY GA WTR & SWR REVENUE                             | CUSIP: 360066PJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2760812.10   | 0.14%             | 2037-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Alamo Community College District                                                 | ALAMO TX CMNTY CLG DIST                                      | CUSIP: 011415SU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1110613.20   | 0.06%             | 2032-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH UPMC REVENUE              | CUSIP: 70870JAU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1011258.50   | 0.05%             | 2033-11-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                          | LOS ANGELES CA DEPT OF WTR & PWR REVENUE                     | CUSIP: 544532AW4<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1180527.50   | 0.06%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                 | CUSIP: 167593VP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $143939.42    | 0.01%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | DIST OF COLUMBIA                                             | CUSIP: 25476FRL4<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    210000 | PA      | $228945.13    | 0.01%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Dallas TX Waterworks & Sewer System Revenue                              | DALLAS TX WTRWKS & SWR SYS REVENUE                           | CUSIP: 23542JAN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $984876.12    | 0.05%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Collin County Community College District                                         | COLLIN CNTY TX CMNTY CLG DIST                                | CUSIP: 194741GS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    925000 | PA      | $985551.61    | 0.05%             | 2031-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Fairfax VA                                                             | FAIRFAX CNTY VA                                              | CUSIP: 30382ALC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $343445.74    | 0.02%             | 2034-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Water Reclamation District of Greater Chicago                       | CHICAGO IL MET WTR RECLAMATION DIST GREATER CHICAGO          | CUSIP: 167560SY8<br>LEI: 254900GOGQEZEWCZ4D37 | Long             | DBT              | MUN               | US        |    780000 | PA      | $852053.67    | 0.04%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Unified School District/CA                                           | LOS ANGELES CA UNIF SCH DIST                                 | CUSIP: 544647DG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2114620.20   | 0.11%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Santa Clara Valley Water District                                                | SANTA CLARA VLY CA WTR DIST WTR UTIL SYS REVENUE             | CUSIP: 80168QDS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27059.68     | 0.00%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of North Carolina                                                          | NORTH CAROLINA ST LTD OBLIG                                  | CUSIP: 65829QDA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $807647.52    | 0.04%             | 2031-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                    | MASSACHUSETTS ST                                             | CUSIP: 57582RJ98<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1200316.90   | 0.06%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Unified School District/CA                                           | LOS ANGELES CA UNIF SCH DIST                                 | CUSIP: 5446464Y5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    915000 | PA      | $1003822.34   | 0.05%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Nevada Highway Improvement Revenue                                      | NEVADA ST HIGHWAY IMPT REVENUE                               | CUSIP: 641480JV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $809559.07    | 0.04%             | 2033-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Bakersfield CA Wastewater Revenue                                        | BAKERSFIELD CA WSTWTR REVENUE                                | CUSIP: 05753PCG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $16097.93     | 0.00%             | 2029-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bay Area Toll Authority                                                          | BAY AREA CA TOLL AUTH TOLL BRIDGE REVENUE                    | CUSIP: 072024VH2<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |   1735000 | PA      | $1843572.31   | 0.09%             | 2033-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Multnomah & Clackamas Counties School District No 10JT Gresham-Barlow            | MULTNOMAH CLACKAMAS CNTYS OR SCH DIST #10JT GRESHAM-BARLOW   | CUSIP: 625482GC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1215000 | PA      | $851090.25    | 0.04%             | 2032-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                | CUSIP: 13063DBY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $107717.88    | 0.01%             | 2031-11-01      | 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: 64971XHJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    780000 | PA      | $878627.57    | 0.04%             | 2034-08-01      | 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: 64972HF98<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $114236.18    | 0.01%             | 2031-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Allen OH Hospital Facilities Revenue                                   | ALLEN CNTY OH HOSP FACS REVENUE                              | CUSIP: 01757LGU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1435236.88   | 0.07%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | MET TRANSPRTN AUTH NY REVENUE                                | CUSIP: 59259Y6V6<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2120922.60   | 0.11%             | 2033-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                    | MASSACHUSETTS ST                                             | CUSIP: 57582RC95<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2273132.40   | 0.11%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County Convention Center/Orlando                                          | ORANGE CNTY FL TOURIST DEV TAX                               | CUSIP: 684545B21<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $323777.22    | 0.02%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pittsburgh Water & Sewer Authority                                               | PITTSBURGH PA WTR & SWR AUTH                                 | CUSIP: 725304VC0<br>LEI: 54930034DVH6W22T1E86 | Long             | DBT              | MUN               | US        |   1460000 | PA      | $1755700.81   | 0.09%             | 2031-09-01      | 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: 64986DJM8<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1411927.25   | 0.07%             | 2036-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisville and Jefferson County Metropolitan Sewer District                      | LOUISVILLE & JEFFERSON CNTY KY MET SWR DIST SWR & DRAIN SYS  | CUSIP: 546589SS2<br>LEI: 5493004O4I11L8BK0A22 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2002639.40   | 0.10%             | 2036-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57584YTE9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    255000 | PA      | $281848.49    | 0.01%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Massachusetts Building Authority                                   | UNIV OF MASSACHUSETTS MA BLDG AUTH REVENUE                   | CUSIP: 914437SZ2<br>LEI: 6ILE2573NPR1XO2TR556 | Long             | DBT              | MUN               | US        |   1020000 | PA      | $1145947.76   | 0.06%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Independent School District                                               | DALLAS TX INDEP SCH DIST                                     | CUSIP: 235308A45<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1107463.10   | 0.06%             | 2031-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TSASC Inc/NY                                                                     | TSASC INC NY                                                 | CUSIP: 898526EX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    285000 | PA      | $302402.04    | 0.02%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Urban Development Corp                                            | NEW YORK ST URBAN DEV CORP REVENUE                           | CUSIP: 650036BV7<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1058450.30   | 0.05%             | 2034-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE         | CUSIP: 709224K24<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1374623.50   | 0.07%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Stadium Authority                                                       | MARYLAND ST STADIUM AUTH REVENUE                             | CUSIP: 574296BP3<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1117985.30   | 0.06%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                          | LOS ANGELES CA DEPT WTR & PWR REVENUE                        | CUSIP: 5444952H6<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1109893.80   | 0.06%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Urban Development Corp                                            | NEW YORK ST URBAN DEV CORP REVENUE                           | CUSIP: 650036BY1<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021667.20   | 0.05%             | 2037-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Thruway Authority                                                 | NEW YORK ST THRUWAY AUTH                                     | CUSIP: 650009Q63<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1087455.94   | 0.05%             | 2037-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Nebraska Public Power District                                                   | NEBRASKA ST PUBLIC PWR DIST REVENUE                          | CUSIP: 63968AK61<br>LEI: 5493001J0BLQRMOJKP23 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1057034.50   | 0.05%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Brevard County Health Facilities Authority                                       | BREVARD CNTY FL HLTH FACS AUTH HLTH CARE FACS REVENUE        | CUSIP: 10741LDJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1022835.10   | 0.05%             | 2033-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Mesa AZ Utility System Revenue                                           | MESA AZ UTILITY SYS REVENUE                                  | CUSIP: 590545WC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1628363.35   | 0.08%             | 2031-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                               | WISCONSIN ST                                                 | CUSIP: 97705MDG7<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |    890000 | PA      | $934798.77    | 0.05%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 64577B7X6<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1080000 | PA      | $1099645.74   | 0.06%             | 2036-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Unified School District/CA                                           | LOS ANGELES CA UNIF SCH DIST                                 | CUSIP: 544647DF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1880000 | PA      | $1837881.23   | 0.09%             | 2035-07-01      | 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: 64971WC57<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1611588.30   | 0.08%             | 2031-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                                 | ENERGY N W WA ELEC REVENUE                                   | CUSIP: 29270C2U8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $559909.30    | 0.03%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Philadelphia/The                                              | PHILADELPHIA PA SCH DIST                                     | CUSIP: 717883VA7<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |    660000 | PA      | $733077.44    | 0.04%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                                  | INDIANAPOLIS IN LOCAL PUBLIC IMPT BOND BANK                  | CUSIP: 45528UXN6<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |    160000 | PA      | $168974.62    | 0.01%             | 2034-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Butler County Unified School District No 385 Andover                             | BUTLER CNTY KS UNIF SCH DIST #385 ANDOVER                    | CUSIP: 12343ECR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $530934.30    | 0.03%             | 2030-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Columbus OH                                                              | COLUMBUS OH                                                  | CUSIP: 199492VK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $843414.00    | 0.04%             | 2029-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Hospital Development Authority                                  | ALLEGHENY CNTY PA HOSP DEV AUTH                              | CUSIP: 01728A3P9<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1100359.60   | 0.06%             | 2029-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennessee Housing Development Agency                                             | TENNESSEE HSG DEV AGY RSDL FIN PROGRAM REVENUE               | CUSIP: 880461PS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $63784.61     | 0.00%             | 2036-07-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | NEW YORK CITY NY TRANSITIONAL FIN AUTH REVENUE               | CUSIP: 64971XP69<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1538881.80   | 0.08%             | 2038-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                          | GEORGIA ST MUNI ELEC AUTH                                    | CUSIP: 3735414K4<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000744.50   | 0.05%             | 2039-01-01      | 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: 60637AND0<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    250000 | PA      | $280229.90    | 0.01%             | 2031-06-01      | 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: 64971XCK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $139854.48    | 0.01%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                | CUSIP: 13063DNH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2915099.25   | 0.15%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Georgia Housing & Finance Authority                                              | GEORGIA ST HSG & FIN AUTH REVENUE                            | CUSIP: 3735394S1<br>LEI: 549300I628IMF9PWV724 | Long             | DBT              | MUN               | US        |    925000 | PA      | $895311.48    | 0.04%             | 2031-12-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Cypress-Fairbanks Independent School District                                    | CYPRESS-FAIRBANKS TX INDEP SCH DIST                          | CUSIP: 2327607Y8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1735000 | PA      | $1779558.79   | 0.09%             | 2031-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Baltimore MD                                                           | BALTIMORE CNTY MD                                            | CUSIP: 05914F5S5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    945000 | PA      | $1124429.99   | 0.06%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX                                                               | HOUSTON TX                                                   | CUSIP: 4423315B6<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |   1215000 | PA      | $1394950.73   | 0.07%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                          | PORT AUTH OF NEW YORK & NEW JERSEY NY                        | CUSIP: 73358W4M3<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    500000 | PA      | $562249.70    | 0.03%             | 2036-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bexar County Hospital District                                                   | BEXAR CNTY TX HOSP DIST                                      | CUSIP: 088365FP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $255323.00    | 0.01%             | 2036-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                      | CONNECTICUT ST HLTH & EDUCTNL FACS AUTH REVENUE              | CUSIP: 20775DCM2<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    625000 | PA      | $626353.00    | 0.03%             | 2034-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Santa Clara CA                                                         | SANTA CLARA CNTY CA                                          | CUSIP: 801546QN5<br>LEI: 254900JSVO2QQ5A3DV83 | Long             | DBT              | MUN               | US        |    245000 | PA      | $236310.59    | 0.01%             | 2036-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                   | TEXAS ST                                                     | CUSIP: 8827234P1<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |    400000 | PA      | $432517.48    | 0.02%             | 2031-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990FJF2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1305000 | PA      | $1446052.10   | 0.07%             | 2038-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| University of Minnesota                                                          | UNIV OF MINNESOTA MN                                         | CUSIP: 914460RB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1126545.50   | 0.06%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH REVENUE                          | CUSIP: 13048TN90<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2041321.40   | 0.10%             | 2036-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                              | CALIFORNIA ST PUBLIC WKS BRD LEASE REVENUE                   | CUSIP: 13068LYW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $49755.55     | 0.00%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp                                                    | SALES TAX SECURITIZATION CORP IL                             | CUSIP: 79467BBE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    570000 | PA      | $619550.10    | 0.03%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Commonwealth Transportation Board                                       | VIRGINIA ST CMWLTH TRANSPRTN BRD FEDERAL TRANSPRTRN GRANT    | CUSIP: 92778UBA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $21725.86     | 0.00%             | 2029-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii                                                                  | HAWAII ST                                                    | CUSIP: 419792WM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    405000 | PA      | $457056.15    | 0.02%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hazelwood School District                                                        | HAZELWOOD MO SCH DIST                                        | CUSIP: 421722W47<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1134409.30   | 0.06%             | 2038-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                | CUSIP: 13063DUD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9500000 | PA      | $10067929.95  | 0.51%             | 2036-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Nassau County Interim Finance Authority                                          | NASSAU CNTY NY INTERIM FIN AUTH                              | CUSIP: 631663RC7<br>LEI: 549300DP7LB76W78BR41 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1778103.15   | 0.09%             | 2035-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | OHIO ST MAJOR NEW STATE INFRASTRUCTURE PROJ REVENUE          | CUSIP: 677581HJ2<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    200000 | PA      | $239247.82    | 0.01%             | 2030-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE         | CUSIP: 709225FH4<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1203643.30   | 0.06%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Dakota Health & Educational Facilities Authority                           | SOUTH DAKOTA ST HLTH & EDUCTNL FACS AUTH                     | CUSIP: 83755VC93<br>LEI: 549300ZW6LKR8UI2C378 | Long             | DBT              | MUN               | US        |    255000 | PA      | $276646.64    | 0.01%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Airport Passenger Facility Charge                             | ATLANTA GA ARPT PASSENGER FAC CHARGE REVENUE                 | CUSIP: 04780TDE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2275000 | PA      | $2526516.04   | 0.13%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Water & Wastewater Revenue                                    | ATLANTA GA WTR & WSTWTR REVENUE                              | CUSIP: 047870SB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1503208.77   | 0.08%             | 2038-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Texas A&M University                                                             | TEXAS ST A & M UNIV REVENUES                                 | CUSIP: 88213AFE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10490.96     | 0.00%             | 2029-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Utah/The                                                           | UNIV OF UTAH UT REVENUES                                     | CUSIP: 915183YQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    365000 | PA      | $408122.78    | 0.02%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 6461362F7<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    780000 | PA      | $805876.66    | 0.04%             | 2031-06-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                    | N TX TOLLWAY AUTH REVENUE                                    | CUSIP: 66285WSJ6<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   1195000 | PA      | $1277461.45   | 0.06%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Milwaukee WI                                                             | MILWAUKEE WI                                                 | CUSIP: 602366WX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $108658.18    | 0.01%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts School Building Authority                                          | MASSACHUSETTS ST SCH BLDG AUTH SALES TAX REVENUE             | CUSIP: 576000VD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $137108.09    | 0.01%             | 2033-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | NEW YORK NY                                                  | CUSIP: 64966MQS1<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    920000 | PA      | $1043775.42   | 0.05%             | 2031-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Permanent University Fund - University of Texas System                           | UNIV OF TEXAS TX PERMANENT UNIV FND                          | CUSIP: 9151154J5<br>LEI: 549300GZUEUTLKVGLF98 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1276387.13   | 0.06%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Oregon                                                                  | OREGON ST                                                    | CUSIP: 68609BSN8<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10879.83     | 0.00%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Unified School District/CA                                           | LOS ANGELES CA UNIF SCH DIST                                 | CUSIP: 544647ET3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1588882.35   | 0.08%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland                                                                | MARYLAND ST                                                  | CUSIP: 574193QV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $573548.62    | 0.03%             | 2032-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Seattle WA Municipal Light & Power Revenue                               | SEATTLE WA MUNI LIGHT & PWR REVENUE                          | CUSIP: 812643WD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1039891.50   | 0.05%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | MET TRANSPRTN AUTH NY REVENUE                                | CUSIP: 59261AQE0<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   2540000 | PA      | $2683936.47   | 0.13%             | 2033-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue       | LOS ANGELES CNTY CA MET TRANSPRTN AUTH SALES TAX REVENUE     | CUSIP: 54466HJP2<br>LEI: 54930051IHTXE1N9RB42 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1084266.70   | 0.05%             | 2035-06-01      | 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: 64971WM23<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    655000 | PA      | $704092.84    | 0.04%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL                                                          | MIAMI-DADE CNTY FL                                           | CUSIP: 59333FSN1<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |    520000 | PA      | $564856.03    | 0.03%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                 | CUSIP: 167593P55<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1134131.00   | 0.06%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                              | CALIFORNIA ST PUBLIC WKS BRD LEASE REVENUE                   | CUSIP: 13068LN84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $364286.27    | 0.02%             | 2032-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Board of Regents of the University of Texas System                               | UNIV OF TEXAS TX UNIV REVENUES                               | CUSIP: 91514AJU0<br>LEI: TEHUYFNKZR6XVWLGEU86 | Long             | DBT              | MUN               | US        |   2040000 | PA      | $2388112.94   | 0.12%             | 2029-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452153AK5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    500000 | PA      | $551121.05    | 0.03%             | 2031-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Unified School District/CA                                           | LOS ANGELES CA UNIF SCH DIST                                 | CUSIP: 5446464P4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    695000 | PA      | $743579.46    | 0.04%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                 | CUSIP: 167593A36<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    365000 | PA      | $395697.81    | 0.02%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | DIST OF COLUMBIA                                             | CUSIP: 25476FSV1<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |     20000 | PA      | $21993.68     | 0.00%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montana Facility Finance Authority                                               | MONTANA ST FAC FIN AUTH REVENUE                              | CUSIP: 61204KMP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $171655.92    | 0.01%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Suffolk NY                                                             | SUFFOLK CNTY NY                                              | CUSIP: 86476PP51<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1718295.15   | 0.09%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 6461364H1<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1074431.20   | 0.05%             | 2036-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH SALES TAX REVENUE                      | CUSIP: 64990ADY8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    170000 | PA      | $181829.65    | 0.01%             | 2030-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp                              | NEW HOPE CULTURAL EDU FACS FIN CORP TX HOSP REVENUE          | CUSIP: 645424AP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1292565.25   | 0.06%             | 2033-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp                         | HARRIS CNTY TX CULTURAL EDU FACS FIN CORP REVENUE            | CUSIP: 414009LU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $379623.62    | 0.02%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Wake NC                                                                | WAKE CNTY NC LIMITED OBLIG                                   | CUSIP: 930876FG7<br>LEI: 5493007XQJHO082P1H29 | Long             | DBT              | MUN               | US        |    850000 | PA      | $940397.42    | 0.05%             | 2034-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Great Lakes Water Authority Water Supply System Revenue                          | GREAT LAKES MI WTR AUTH WTR SPLY SYS REVENUE                 | CUSIP: 39081JAN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1025000 | PA      | $1108670.65   | 0.06%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | OHIO ST HOSP FAC REVENUE                                     | CUSIP: 677561KH4<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    140000 | PA      | $157511.35    | 0.01%             | 2031-01-01      | 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: 645790MR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1107087.60   | 0.06%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                             | TRIBOROUGH NY BRIDGE & TUNNEL AUTH REVENUES                  | CUSIP: 89602REN1<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1213552.40   | 0.06%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Georgia                                                                 | GEORGIA ST                                                   | CUSIP: 373385AM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $389010.90    | 0.02%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Springfield MO Public Utility Revenue                                    | SPRINGFIELD MO PUBLIC UTILITY REVENUE                        | CUSIP: 851018KU4<br>LEI: NDLRXEC1F2GZZETPKO45 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1034503.50   | 0.05%             | 2031-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| School District of Philadelphia/The                                              | PHILADELPHIA PA SCH DIST                                     | CUSIP: 717883TH5<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |    485000 | PA      | $517485.49    | 0.03%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Mecklenburg NC                                                         | MECKLENBURG CNTY NC                                          | CUSIP: 584002VK2<br>LEI: 5493006G3IC5PBHB7A65 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1073991.30   | 0.05%             | 2029-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii                                                                  | HAWAII ST                                                    | CUSIP: 419792RR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $143724.17    | 0.01%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Mississippi                                                             | MISSISSIPPI ST                                               | CUSIP: 605581LV7<br>LEI: 549300JRWW5RFQUB7P94 | Long             | DBT              | MUN               | US        |    295000 | PA      | $308271.61    | 0.02%             | 2036-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Unified School District/CA                                           | LOS ANGELES CA UNIF SCH DIST                                 | CUSIP: 544647CL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $601296.15    | 0.03%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV Passenger Facility Charge Revenue                             | CLARK CNTY NV PASSENGER FAC CHARGE REVENUE                   | CUSIP: 181006HS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1385174.28   | 0.07%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Dallas TX                                                                | DALLAS TX                                                    | CUSIP: 235219PU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $568950.66    | 0.03%             | 2036-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE                | CUSIP: 97712DVX1<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    125000 | PA      | $135798.71    | 0.01%             | 2034-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | WASHINGTON ST                                                | CUSIP: 93974EEJ1<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1140040.90   | 0.06%             | 2036-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | NEW YORK NY                                                  | CUSIP: 64966MFU8<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    485000 | PA      | $502730.29    | 0.03%             | 2034-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                | NORTH CAROLINA ST TURNPIKE AUTH TRIANGLE EXPRESSWAY APPROP   | CUSIP: 65830VAA8<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |    890000 | PA      | $948701.55    | 0.05%             | 2033-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority Dedicated Revenue                 | WASHINGTON DC MET AREA TRANSIT AUTH DEDICATED REVENUE        | CUSIP: 93878YBL2<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2273934.00   | 0.11%             | 2037-07-15      | 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: 592643CY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $256079.83    | 0.01%             | 2035-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of San Jose CA                                                              | SAN JOSE CA                                                  | CUSIP: 798135G60<br>LEI: 549300QHIHSH68W22O38 | Long             | DBT              | MUN               | US        |    200000 | PA      | $234199.32    | 0.01%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                      | WASHINGTON ST HLTH CARE FACS AUTH                            | CUSIP: 93978HUV5<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |    250000 | PA      | $280948.45    | 0.01%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                              | CALIFORNIA ST PUBLIC WKS BRD LEASE REVENUE                   | CUSIP: 13068LH57<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $384339.98    | 0.02%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                             | PENNSYLVANIA ST HGR EDUCTNL FACS AUTH REVENUE                | CUSIP: 70917SZQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    775000 | PA      | $800185.33    | 0.04%             | 2034-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH REVENUE                          | CUSIP: 13048TQ97<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    840000 | PA      | $906802.93    | 0.05%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp                         | HARRIS CNTY TX CULTURAL EDU FACS FIN CORP THERMAL UTILITY RE | CUSIP: 41401PCM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $950846.89    | 0.05%             | 2030-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                                   | WASHINGTON DC MET AREA TRANSIT AUTH GROSS REVENUE            | CUSIP: 938782FN4<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |   1205000 | PA      | $1316927.15   | 0.07%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                 | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                    | CUSIP: 13033LM53<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1100400.18   | 0.06%             | 2032-11-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                          | SOUTH CAROLINA ST PUBLIC SVC AUTH REVENUE                    | CUSIP: 837151PT0<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1549285.65   | 0.08%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Combined Utility System Revenue                               | HOUSTON TX UTILITY SYS REVENUE                               | CUSIP: 44244CGU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1073833.40   | 0.05%             | 2036-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204EEY0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1087884.90   | 0.05%             | 2032-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Charlotte-Mecklenburg Hospital Authority/The                                     | CHARLOTTE-MECKLENBURG NC HOSP AUTH HLTH CARE SYS REVENUE     | CUSIP: 160853VD6<br>LEI: 549300XOH4JU704GMZ32 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3543437.40   | 0.18%             | 2049-01-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | CONNECTICUT ST                                               | CUSIP: 20772KFX2<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1156231.50   | 0.06%             | 2029-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990FYE8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1135000 | PA      | $1164150.43   | 0.06%             | 2037-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Dallas TX                                                                | DALLAS TX                                                    | CUSIP: 235219LW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1055000 | PA      | $1111559.18   | 0.06%             | 2030-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority Water Pollution Control Loan Fund               | OHIO ST WTR DEV AUTH WTR POLLCONTROL REVENUE                 | CUSIP: 67766WYU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1182972.80   | 0.06%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Housing Finance Agency                                                | CALIFORNIA HSG FIN AGY MUNI CTFS                             | CUSIP: 13033DAE5<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |   1216418 | PA      | $1179487.48   | 0.06%             | 2035-11-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                             | PENNSYLVANIA ST HGR EDUCTNL FACS AUTH REVENUE                | CUSIP: 70917SXQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $132394.15    | 0.01%             | 2033-05-01      | 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: 64971XTV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1663451.58   | 0.08%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Utah                                                                    | UTAH ST                                                      | CUSIP: 917542WB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $288909.75    | 0.01%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                    | NEW JERSEY ST TURNPIKE AUTH TURNPIKE REVENUE                 | CUSIP: 6461397H2<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   1080000 | PA      | $1209801.96   | 0.06%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles CA Wastewater System Revenue                                 | LOS ANGELES CA WSTWTR SYS REVENUE                            | CUSIP: 53945CGK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    565000 | PA      | $635436.18    | 0.03%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alabama Public School and College Authority                                      | ALABAMA ST PUBLIC SCH & CLG AUTH                             | CUSIP: 010609FN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2015000 | PA      | $2369898.52   | 0.12%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Industrial Development Agency                                      | NEW YORK CITY NY INDL DEV AGY REVENUE                        | CUSIP: 64971PLA1<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |    500000 | PA      | $539246.60    | 0.03%             | 2032-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | WASHINGTON ST                                                | CUSIP: 93974DXC7<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |    200000 | PA      | $218444.96    | 0.01%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | WASHINGTON ST                                                | CUSIP: 93974DX45<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |    880000 | PA      | $982220.89    | 0.05%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                    | N TX TOLLWAY AUTH REVENUE                                    | CUSIP: 66285WLT1<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   3325000 | PA      | $3395822.17   | 0.17%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Denver City & County School District No 1                                        | DENVER CITY & CNTY CO SCH DIST #1                            | CUSIP: 249174XT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3127766.70   | 0.16%             | 2037-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Regional Transportation Authority                                                | REGL TRANSPRTN AUTH IL                                       | CUSIP: 7599113A6<br>LEI: 549300FOIPI62F5YFO59 | Long             | DBT              | MUN               | US        |    500000 | PA      | $553953.60    | 0.03%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Massachusetts Building Authority                                   | UNIV OF MASSACHUSETTS MA BLDGAUTH PROJ REVENUE               | CUSIP: 914440RS3<br>LEI: 6ILE2573NPR1XO2TR556 | Long             | DBT              | MUN               | US        |    500000 | PA      | $585073.15    | 0.03%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                | CUSIP: 13063DZF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1610000 | PA      | $1904770.07   | 0.10%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                                   | WASHINGTON DC MET AREA TRANSIT AUTH GROSS REVENUE            | CUSIP: 938782EW5<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |    550000 | PA      | $601087.08    | 0.03%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                                              | ILLINOIS ST SALES TAX REVENUE                                | CUSIP: 452227RS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2793231.60   | 0.14%             | 2032-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Long Island Power Authority                                                      | LONG ISLAND NY PWR AUTH ELEC SYS REVENUE                     | CUSIP: 542691AN0<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |    750000 | PA      | $832717.35    | 0.04%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Curators of the University of Missouri/The                                       | CURATORS OF THE UNIV OF MISSOURI MO SYS FACS REVENUE         | CUSIP: 231266MF1<br>LEI: G0G4PRB87K0V5MXIV248 | Long             | DBT              | MUN               | US        |   1405000 | PA      | $1469622.69   | 0.07%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Alaska International Airports System                                    | ALASKA ST INTERNATIONAL ARPTS REVENUES                       | CUSIP: 011842ST9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    635000 | PA      | $668493.33    | 0.03%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp                                           | PHOENIX AZ CIVIC IMPT CORP ARPT REVENUE                      | CUSIP: 71883MMS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $609777.19    | 0.03%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                          | LOS ANGELES CA DEPT WTR & PWR REVENUE                        | CUSIP: 5444955W0<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    125000 | PA      | $142557.26    | 0.01%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                    | MASSACHUSETTS ST                                             | CUSIP: 57582RY83<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3675579.30   | 0.18%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Regents of the University of California Medical Center Pooled Revenue            | UNIV OF CALIFORNIA CA RGTS MED CENTER POOLED REVENUE         | CUSIP: 913366HF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $706661.93    | 0.04%             | 2033-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                    | MASSACHUSETTS ST                                             | CUSIP: 57582RSE7<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   1165000 | PA      | $1229631.05   | 0.06%             | 2035-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| King County School District No 411 Issaquah                                      | KING CNTY WA SCH DIST #411 ISSAQUAH                          | CUSIP: 4952243A3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    635000 | PA      | $662714.70    | 0.03%             | 2031-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                             | TRIBOROUGH NY BRIDGE & TUNNEL AUTH REVENUES                  | CUSIP: 89602N7S7<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   2085000 | PA      | $2249157.68   | 0.11%             | 2038-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                         | CONNECTICUT ST SPL TAX OBLIG REVENUE                         | CUSIP: 207758VU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $517990.21    | 0.03%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Mississippi Gaming Tax Revenue                                          | MISSISSIPPI ST GAMING TAX REVENUE                            | CUSIP: 605638BK0<br>LEI: 549300JRWW5RFQUB7P94 | Long             | DBT              | MUN               | US        |    400000 | PA      | $443752.08    | 0.02%             | 2032-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TAW7<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3450229.30   | 0.17%             | 2052-12-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power Water System Revenue                     | LOS ANGELES CA DEPT OF WTR & PWR WTRWKS REVENUE              | CUSIP: 544525ZW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1753320.15   | 0.09%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Eagle Mountain & Saginaw Independent School District                             | EAGLE MOUNTAIN & SAGINAW TX INDEP SCH DIST                   | CUSIP: 269696HC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $348652.86    | 0.02%             | 2032-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT         | CUSIP: 64990C8G9<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    385000 | PA      | $437782.19    | 0.02%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark Department of Aviation                                           | CLARK CNTY NV ARPT REVENUE                                   | CUSIP: 18085PRP1<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |    275000 | PA      | $318283.24    | 0.02%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                              | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE                  | CUSIP: 7087964T1<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |    315000 | PA      | $317309.52    | 0.02%             | 2032-10-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 64577BL36<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    615000 | PA      | $660684.54    | 0.03%             | 2034-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City Of South Miami Health Facilities Authority Inc                              | S MIAMI FL HLTH FACS AUTH                                    | CUSIP: 838810DS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    710000 | PA      | $780215.88    | 0.04%             | 2029-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                              | CALIFORNIA ST PUBLIC WKS BRD LEASE REVENUE                   | CUSIP: 13068LCL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002354.30   | 0.05%             | 2029-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                | CUSIP: 13063DF52<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2167921.00   | 0.11%             | 2034-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Minneapolis-St Paul Metropolitan Airports Commission                             | MINNEAPOLIS-SAINT PAUL MN MET ARPTS COMMISSION ARPT REVENUE  | CUSIP: 603827WW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $356464.29    | 0.02%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Portland OR Sewer System Revenue                                         | PORTLAND OR SWR SYS REVENUE                                  | CUSIP: 736742C62<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2350000 | PA      | $2206706.87   | 0.11%             | 2037-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp                                                | TOBACCO SETTLEMENT FING CORP NJ                              | CUSIP: 888808HF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $210830.90    | 0.01%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL                                                          | MIAMI-DADE CNTY FL SPL OBLIG                                 | CUSIP: 59333NYQ0<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |    510000 | PA      | $550263.53    | 0.03%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Boulder Larimer & Weld Counties St Vrain Valley School District Re1J             | BOULDER LARIMER & WELD CNTYS CO SAINT VRAIN VLY SCH DIST #RE | CUSIP: 101565J67<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2173497.00   | 0.11%             | 2035-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida                                                                 | FLORIDA ST BRD OF EDU PUBLIC EDU                             | CUSIP: 34153QLQ7<br>LEI: 5493004G5XFOOUT0LQ57 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1062639.00   | 0.05%             | 2033-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Connecticut                                                        | UNIV OF CONNECTICUT CT                                       | CUSIP: 914233P88<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1126225.90   | 0.06%             | 2029-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Delaware                                                                | DELAWARE ST                                                  | CUSIP: 246381QZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $822626.00    | 0.04%             | 2036-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Athens-Clarke County GA Unified Government Water & Sewerage Revenue              | ATHENS-CLARKE CNTY GA UNIF GOVT WTR & SEWERAGE REVENUE       | CUSIP: 047061CY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1491093.15   | 0.07%             | 2032-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JEA Electric System Revenue                                                      | JEA FL ELEC SYS REVENUE                                      | CUSIP: 46613SGN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    520000 | PA      | $520031.56    | 0.03%             | 2034-10-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA FIN AUTH IN WSTWTR UTIL REVENUE                      | CUSIP: 45505MJR8<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2643657.50   | 0.13%             | 2035-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Utah Transit Authority                                                           | UTAH ST TRANSIT AUTH SALES TAX REVENUE                       | CUSIP: 917567CJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $93469.01     | 0.00%             | 2032-12-15      | None          | 0.00%                 | 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: 64972GBW3<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4535609.85   | 0.23%             | 2034-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                     | PENNSYLVANIA ST                                              | CUSIP: 70914PU67<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2218744.40   | 0.11%             | 2032-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                               | WISCONSIN ST                                                 | CUSIP: 97705MKT1<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |    450000 | PA      | $500998.95    | 0.03%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Combined Utility System Revenue                               | HOUSTON TX UTILITY SYS REVENUE                               | CUSIP: 44244CSV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $833835.30    | 0.04%             | 2035-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of DeKalb GA Water & Sewerage Revenue                                     | DE KALB CNTY GA WTR & SWR REVENUE                            | CUSIP: 240523UL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1530000 | PA      | $1650489.80   | 0.08%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New Jersey                                                              | NEW JERSEY ST                                                | CUSIP: 646039ZB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2799656.40   | 0.14%             | 2030-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | NEW YORK CITY NY TRANSITIONAL FIN AUTH REVENUE               | CUSIP: 64971WL99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    880000 | PA      | $947381.34    | 0.05%             | 2034-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 64577B7L2<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1360602.13   | 0.07%             | 2036-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                | CUSIP: 13063DXC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2097329.40   | 0.11%             | 2038-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | MICHIGAN ST FIN AUTH REVENUE                                 | CUSIP: 59447PL66<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    725000 | PA      | $748165.71    | 0.04%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                      | CONNECTICUT ST HLTH & EDUCTNL FACS AUTH REVENUE              | CUSIP: 20775DGP1<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1314087.82   | 0.07%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Shelby TN                                                              | SHELBY CNTY TN                                               | CUSIP: 821686Z88<br>LEI: 5493000UVZ1EF2SIPO10 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3298434.00   | 0.17%             | 2033-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of San Francisco CA Public Utilities Commission Water Revenue               | SAN FRANCISCO CITY & CNTY CA PUBLIC UTILITIES COMMISSION WTR | CUSIP: 79765RH77<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $106864.53    | 0.01%             | 2030-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Utah                                                                    | UTAH ST                                                      | CUSIP: 917542XD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1480534.85   | 0.07%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio State University/The                                                        | OHIO ST UNIV                                                 | CUSIP: 677632K67<br>LEI: JFC10ZULKO4X2E3HBY86 | Long             | DBT              | MUN               | US        |   2225000 | PA      | $2620180.47   | 0.13%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Delaware                                                                | DELAWARE ST                                                  | CUSIP: 246381PU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $540549.75    | 0.03%             | 2036-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | DIST OF COLUMBIA REVENUE                                     | CUSIP: 25483VWW0<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2587814.78   | 0.13%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA ST FIN AUTH REVENUE                                  | CUSIP: 45506D5S0<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    105000 | PA      | $120950.09    | 0.01%             | 2033-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Great Lakes Water Authority Sewage Disposal System Revenue                       | GREAT LAKES MI WTR AUTH SEWAGE DISPOSAL SYS REVENUE          | CUSIP: 39081HAF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    570000 | PA      | $618034.98    | 0.03%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                               | PORT OF SEATTLE WA REVENUE                                   | CUSIP: 735389YJ1<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |     30000 | PA      | $32105.98     | 0.00%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116ES1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1066886.40   | 0.05%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of California                                                         | UNIV OF CALIFORNIA CA REVENUES                               | CUSIP: 91412G3L7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $701338.25    | 0.04%             | 2030-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                     | PENNSYLVANIA ST                                              | CUSIP: 70914PE99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    395000 | PA      | $395457.77    | 0.02%             | 2033-09-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority                            | NEW JERSEY ST HLTH CARE FACS FING AUTH REVENUE               | CUSIP: 645790FL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1590000 | PA      | $1637419.37   | 0.08%             | 2032-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                    | TEXAS ST WTR DEV BRD                                         | CUSIP: 8828544Q2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $470902.35    | 0.02%             | 2037-10-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State of Florida                                                                 | FLORIDA ST BRD OF EDU PUBLIC EDU                             | CUSIP: 34153QAW6<br>LEI: 5493004G5XFOOUT0LQ57 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $992755.30    | 0.05%             | 2030-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Dallas Area Rapid Transit                                                        | DALLAS TX AREA RAPID TRANSIT SALES TAX REVENUE               | CUSIP: 235241TG1<br>LEI: 75YWM81F2R6UQGJIEW47 | Long             | DBT              | MUN               | US        |   1835000 | PA      | $2129519.70   | 0.11%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Indianapolis Department of Public Utilities Water System Revenue         | INDIANAPOLIS IN WTR SYS REVENUE                              | CUSIP: 455412BS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1720000 | PA      | $1887248.33   | 0.09%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Riverside County Transportation Commission Sales Tax Revenue                     | RIVERSIDE CNTY CA TRANSPRTN COMMISSION                       | CUSIP: 769125GX7<br>LEI: 5493003G0IESJS57M350 | Long             | DBT              | MUN               | US        |    560000 | PA      | $614902.74    | 0.03%             | 2037-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kansas Development Finance Authority                                             | KANSAS ST DEV FIN AUTH HOSP REVENUE                          | CUSIP: 48542AFE6<br>LEI: 549300WTL7BL8KBDPR87 | Long             | DBT              | MUN               | US        |   2450000 | PA      | $2825657.77   | 0.14%             | 2054-11-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                           | CALIFORNIA STWD CMNTYS DEV AUTH REVENUE                      | CUSIP: 13080SXY5<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2333659.60   | 0.12%             | 2033-05-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts Transportation Fund Revenue                        | MASSACHUSETTS ST TRANSPRTN FUND REVENUE                      | CUSIP: 57604TJU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $929663.36    | 0.05%             | 2037-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE         | CUSIP: 709224XJ3<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    510000 | PA      | $559813.94    | 0.03%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Harris TX Toll Road Revenue                                            | HARRIS CNTY TX TOLL ROAD REVENUE                             | CUSIP: 41423PBW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1131721.47   | 0.06%             | 2037-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of California Department of Water Resources                                | CALIFORNIA ST DEPT OF WTR RESOURCES CENTRL VLY PROJ          | CUSIP: 13067WQV7<br>LEI: 549300X618YEC5LGBQ98 | Long             | DBT              | MUN               | US        |    365000 | PA      | $424671.70    | 0.02%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of North Carolina                                                          | NORTH CAROLINA ST                                            | CUSIP: 6582564R0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $527571.38    | 0.03%             | 2036-06-01      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                              | CALIFORNIA ST PUBLIC WKS BRD LEASE REVENUE                   | CUSIP: 13068LN76<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $508068.85    | 0.03%             | 2031-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Peralta Community College District                                               | PERALTA CA CMNTY CLG DIST                                    | CUSIP: 713575VY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2012807.40   | 0.10%             | 2039-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | WASHINGTON ST                                                | CUSIP: 93974DYK8<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |    115000 | PA      | $124838.27    | 0.01%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA                                                          | PHILADELPHIA PA                                              | CUSIP: 717813TE9<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |    380000 | PA      | $416921.37    | 0.02%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue       | LOS ANGELES CNTY CA MET TRANSPRTN AUTH SALES TAX REVENUE     | CUSIP: 54466HJT4<br>LEI: 54930051IHTXE1N9RB42 | Long             | DBT              | MUN               | US        |   1695000 | PA      | $1791768.06   | 0.09%             | 2037-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Louisiana                                                               | LOUISIANA ST                                                 | CUSIP: 546417CE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $132107.92    | 0.01%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                              | CALIFORNIA ST PUBLIC WKS BRD LEASE REVENUE                   | CUSIP: 13068LA62<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $33161.01     | 0.00%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Georgia State Road & Tollway Authority                                           | GEORGIA ST ROAD & TOLLWAY AUTH REVENUE                       | CUSIP: 37358MEP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2365401.00   | 0.12%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Regional Transportation District Sales Tax Revenue                               | REGL TRANSPRTN DIST CO SALES TAX REVENUE                     | CUSIP: 759136TG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1820000 | PA      | $1963512.10   | 0.10%             | 2036-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Marcos Unified School District                                               | SAN MARCOS CA UNIF SCH DIST                                  | CUSIP: 798755FK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $423455.16    | 0.02%             | 2033-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | WASHINGTON ST                                                | CUSIP: 93974DF45<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |    100000 | PA      | $110036.01    | 0.01%             | 2033-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Intermountain Power Agency                                                       | INTERMOUNTAIN PWR AGY UT PWR SPLY REVENUE                    | CUSIP: 45884AA94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2120561.60   | 0.11%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                | CUSIP: 13063DPT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $515719.30    | 0.03%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Minnesota                                                               | MINNESOTA ST                                                 | CUSIP: 60412AKD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1020407.10   | 0.05%             | 2029-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue      | MASSACHUSETTS ST DEPT OF TRANSPRTN MET HIGHWAY SYS REVENUE   | CUSIP: 57563CEQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1138166.70   | 0.06%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Sanitary Authority                                              | ALLEGHENY CNTY PA SAN AUTH                                   | CUSIP: 017357A61<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1057398.10   | 0.05%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Airport Passenger Facility Charge                             | ATLANTA GA ARPT PASSENGER FAC CHARGE REVENUE                 | CUSIP: 04780TDB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $908569.20    | 0.05%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Housing Development Authority                                           | ILLINOIS ST HSG DEV AUTH REVENUE                             | CUSIP: 45201YQ91<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |    420000 | PA      | $425279.86    | 0.02%             | 2033-10-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                                              | ILLINOIS ST SALES TAX REVENUE                                | CUSIP: 452227MA6<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    680000 | PA      | $633132.50    | 0.03%             | 2032-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | WASHINGTON ST                                                | CUSIP: 93974DXU7<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |    135000 | PA      | $147450.35    | 0.01%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Electric Utility Revenue                                       | AUSTIN TX ELEC UTILITY SYS REVENUE                           | CUSIP: 052414TT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    615000 | PA      | $729703.96    | 0.04%             | 2030-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware Transportation Authority                                                | DELAWARE ST TRANSPRTN AUTH GRANT ANTICIPATION BONDS          | CUSIP: 246419BS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2495000 | PA      | $2965114.39   | 0.15%             | 2032-09-01      | 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: 64972GYU2<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   1865000 | PA      | $2276163.31   | 0.11%             | 2031-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | DIST OF COLUMBIA                                             | CUSIP: 25476FNT1<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1980000 | PA      | $2032193.79   | 0.10%             | 2038-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | CONNECTICUT ST                                               | CUSIP: 20772KMS5<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1025869.10   | 0.05%             | 2029-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Collin County Community College District                                         | COLLIN CNTY TX CMNTY CLG DIST                                | CUSIP: 194741GU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $509571.60    | 0.03%             | 2033-08-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| New York State Urban Development Corp                                            | NEW YORK ST URBAN DEV CORP REVENUE                           | CUSIP: 6500356Q6<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |    350000 | PA      | $391075.20    | 0.02%             | 2031-03-15      | 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: 64971WMW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $269930.34    | 0.01%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                | CUSIP: 13063DBW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1020000 | PA      | $1153314.00   | 0.06%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Combined Utility System Revenue                               | HOUSTON TX UTILITY SYS REVENUE                               | CUSIP: 44244CA23<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1557286.20   | 0.08%             | 2036-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of North Carolina                                                          | NORTH CAROLINA ST LTD OBLIG                                  | CUSIP: 65829QDN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1161978.40   | 0.06%             | 2031-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                | CUSIP: 13063DA73<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1080138.50   | 0.05%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Santa Clara Unified School District                                              | SANTA CLARA CA UNIF SCH DIST                                 | CUSIP: 801495Y71<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002858.60   | 0.05%             | 2034-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Central Plains Energy Project                                                    | CENTRL PLAINS ENERGY PROJ NE GAS PROJ REVENUE                | CUSIP: 154871CK1<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |   3300000 | PA      | $3670246.14   | 0.18%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                | CUSIP: 13063DVV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3445000 | PA      | $3719557.89   | 0.19%             | 2034-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                                      | SAN DIEGO CNTY CA REGL ARPT AUTH AIRPORT REVENUE             | CUSIP: 79739GKY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    535000 | PA      | $609343.01    | 0.03%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | WASHINGTON ST                                                | CUSIP: 93974ERT5<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1725203.55   | 0.09%             | 2038-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii                                                                  | HAWAII ST                                                    | CUSIP: 419792SK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $560860.00    | 0.03%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | MET TRANSPRTN AUTH NY REVENUE                                | CUSIP: 59261AQF7<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    395000 | PA      | $397179.33    | 0.02%             | 2034-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Suffolk NY                                                             | SUFFOLK CNTY NY                                              | CUSIP: 86476PP69<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1024903.90   | 0.05%             | 2036-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                         | CONNECTICUT ST SPL TAX OBLIG REVENUE                         | CUSIP: 207758VW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $216565.92    | 0.01%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| El Paso County School District No 20 Academy                                     | EL PASO CNTY CO SCH DIST #20                                 | CUSIP: 283461F97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    295000 | PA      | $323210.32    | 0.02%             | 2031-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | NEW YORK NY                                                  | CUSIP: 64966LME8<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1143829.61   | 0.06%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of El Paso TX                                                               | EL PASO TX                                                   | CUSIP: 283734B59<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $104166.27    | 0.01%             | 2032-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                | CUSIP: 13063DPH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1735000 | PA      | $2031773.83   | 0.10%             | 2029-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                    | MASSACHUSETTS ST                                             | CUSIP: 57582RYD2<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1192462.00   | 0.06%             | 2030-05-01      | 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: 64971XCN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1114469.00   | 0.06%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of North Texas System                                                 | UNIV OF N TEXAS UNIV REVENUE                                 | CUSIP: 914729RW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $154087.15    | 0.01%             | 2032-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of North Carolina                                                          | NORTH CAROLINA ST GRANT ANTICIPATION REVENUE                 | CUSIP: 658268ES2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1195681.60   | 0.06%             | 2032-03-01      | 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: 88256HBH0<br>LEI: 0UDITKOYW0YKG3BBP242 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1074017.10   | 0.05%             | 2032-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Reedy Creek Improvement District                                                 | REEDY CREEK FL IMPT DIST                                     | CUSIP: 758449RK0<br>LEI: 549300DLSKH6SZ96KV94 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1048495.40   | 0.05%             | 2031-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | NEW YORK NY                                                  | CUSIP: 64966MXB0<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1137280.80   | 0.06%             | 2034-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Long Island Power Authority                                                      | LONG ISLAND NY PWR AUTH ELEC SYS REVENUE                     | CUSIP: 542691AM2<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |    500000 | PA      | $556312.90    | 0.03%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Independent School District                                               | DALLAS TX INDEP SCH DIST                                     | CUSIP: 235308L35<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1176201.80   | 0.06%             | 2036-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152S93<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1291686.24   | 0.06%             | 2030-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE         | CUSIP: 709224EW5<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045704.30   | 0.05%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                    | NEW JERSEY ST TURNPIKE AUTH TURNPIKE REVENUE                 | CUSIP: 6461397G4<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |    115000 | PA      | $129382.00    | 0.01%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp                                                | TOBACCO SETTLEMENT FING CORP NJ                              | CUSIP: 888808HG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $539844.65    | 0.03%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Jose Redevelopment Agency Successor Agency                                   | SAN JOSE CA REDEV AGY SUCCESSOR AGY TAX ALLOCATION           | CUSIP: 798170AP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $255118.81    | 0.01%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nassau County Interim Finance Authority                                          | NASSAU CNTY NY INTERIM FIN AUTH                              | CUSIP: 631663RB9<br>LEI: 549300DP7LB76W78BR41 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1110218.80   | 0.06%             | 2035-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | CONNECTICUT ST                                               | CUSIP: 20772KDW6<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   1665000 | PA      | $1897637.63   | 0.10%             | 2030-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | OHIO ST MAJOR NEW STATE INFRASTRUCTURE PROJ REVENUE          | CUSIP: 677581HK9<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   1225000 | PA      | $1486463.02   | 0.07%             | 2031-12-15      | 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: 64971WTW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $162669.54    | 0.01%             | 2034-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King County School District No 405 Bellevue                                      | KING CNTY WA SCH DIST #405 BELLEVUE                          | CUSIP: 495098YW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    515000 | PA      | $567731.37    | 0.03%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                | CUSIP: 13063CZY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2815000 | PA      | $2968804.84   | 0.15%             | 2032-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Local Government Environmental Facilities & Community Development Auth | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVE | CUSIP: 54628CDX7<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |   5040000 | PA      | $4818362.98   | 0.24%             | 2032-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204FFV2<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1723353.60   | 0.09%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                 | CUSIP: 167593P71<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2052762.40   | 0.10%             | 2037-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Georgia                                                                 | GEORGIA ST                                                   | CUSIP: 373385AQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2217556.60   | 0.11%             | 2032-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Alabama/The                                                        | UNIV OF ALABAMA AL UNIV GEN REVENUE                          | CUSIP: 914026UP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    820000 | PA      | $867937.04    | 0.04%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| East Bay Municipal Utility District Water System Revenue                         | EAST BAY CA MUNI UTILITY DIST WTR SYS REVENUE                | CUSIP: 271014YZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1065851.30   | 0.05%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Water Resources Authority                                          | MASSACHUSETTS ST WTR RESOURCES AUTH                          | CUSIP: 576051SF4<br>LEI: 549300GBS2G3YGHOYO19 | Long             | DBT              | MUN               | US        |   2115000 | PA      | $2373545.43   | 0.12%             | 2031-08-01      | 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: 64971XZU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6773152.20   | 0.34%             | 2030-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City & County of Honolulu HI                                                     | HONOLULU CITY & CNTY HI                                      | CUSIP: 438687MD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $413929.08    | 0.02%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grapevine-Colleyville Independent School District                                | GRAPEVINE-COLLEYVILLE TX INDEP SCH DIST                      | CUSIP: 3886403Q5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $266031.03    | 0.01%             | 2031-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | CHICAGO IL                                                   | CUSIP: 167486XF1<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1168002.10   | 0.06%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Department of Transportation                                    | FLORIDA ST DEPT OF TRANSN FING CORP REVENUE                  | CUSIP: 34160KBF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $995633.20    | 0.05%             | 2035-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                    | TEXAS ST WTR DEV BRD                                         | CUSIP: 882854A85<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1058827.80   | 0.05%             | 2034-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 64577B7M0<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1970000 | PA      | $2125640.44   | 0.11%             | 2037-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii                                                                  | HAWAII ST                                                    | CUSIP: 419792XP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1180000 | PA      | $1363747.59   | 0.07%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | CONNECTICUT ST                                               | CUSIP: 20772KLY3<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $994670.00    | 0.05%             | 2034-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| County of Harris TX                                                              | HARRIS CNTY TX                                               | CUSIP: 414005WL8<br>LEI: 549300G9BRP25M0W1S40 | Long             | DBT              | MUN               | US        |    160000 | PA      | $174517.55    | 0.01%             | 2031-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                | CUSIP: 13063CKW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2480000 | PA      | $2566172.06   | 0.13%             | 2031-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                                 | ENERGY N W WA ELEC REVENUE                                   | CUSIP: 29270C3P8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1162158.00   | 0.06%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Long Island Power Authority                                                      | LONG ISLAND NY PWR AUTH ELEC SYS REVENUE                     | CUSIP: 5426908K1<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2131859.80   | 0.11%             | 2036-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | CHICAGO IL                                                   | CUSIP: 167486G37<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    200000 | PA      | $213079.48    | 0.01%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                                  | INDIANAPOLIS IN LOCAL PUBLIC IMPT BOND BANK                  | CUSIP: 45528UT50<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2021011.00   | 0.10%             | 2039-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                             | TRIBOROUGH NY BRIDGE & TUNNEL AUTH REVENUES                  | CUSIP: 89602N7M0<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1255000 | PA      | $1384830.88   | 0.07%             | 2033-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp                                           | PHOENIX AZ CIVIC IMPT CORP WTR SYS REVENUE                   | CUSIP: 71883RPD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    860000 | PA      | $939509.15    | 0.05%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | CHICAGO IL                                                   | CUSIP: 167486L64<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2149207.80   | 0.11%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Waterworks Revenue                                            | CHICAGO IL WTRWKS REVENUE                                    | CUSIP: 167736P68<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1420000 | PA      | $1533235.06   | 0.08%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204FJJ5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1141223.10   | 0.06%             | 2035-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County School District                                                | PALM BEACH CNTY FL SCH BRD COPS                              | CUSIP: 696550ZZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2119610.20   | 0.11%             | 2029-08-01      | 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: 64972GPQ1<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |    310000 | PA      | $344586.95    | 0.02%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                          | PORT AUTH OF NEW YORK & NEW JERSEY NY                        | CUSIP: 73358WRB2<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2034876.00   | 0.10%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Allen OH Hospital Facilities Revenue                                   | ALLEN CNTY OH HOSP FACS REVENUE                              | CUSIP: 01757LFV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1030000 | PA      | $1149151.64   | 0.06%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                | NORTH CAROLINA ST TURNPIKE AUTH                              | CUSIP: 65830RBL2<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |    500000 | PA      | $532775.55    | 0.03%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Louisiana                                                               | LOUISIANA ST                                                 | CUSIP: 546417AN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    565000 | PA      | $627120.68    | 0.03%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REV                              | CUSIP: 64577XAW6<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1118719.70   | 0.06%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Community College District/CA                                        | LOS ANGELES CA CMNTY CLG DIST                                | CUSIP: 54438CVF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26677.83     | 0.00%             | 2026-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                          | PORT AUTH OF NEW YORK & NEW JERSEY NY                        | CUSIP: 73358W6K5<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1175975.90   | 0.06%             | 2034-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Housing Finance Agency                                            | NEW YORK ST HSG FIN AGY                                      | CUSIP: 64987D6G4<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |    835000 | PA      | $671164.98    | 0.03%             | 2035-11-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                | CUSIP: 13063B3W0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3010930.20   | 0.15%             | 2037-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clarke County Hospital Authority                                                 | CLARKE CNTY GA HOSP AUTH                                     | CUSIP: 181685JD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $267350.88    | 0.01%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fort Bend Independent School District                                            | FORT BEND TX INDEP SCH DIST                                  | CUSIP: 346843NB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    645000 | PA      | $718709.44    | 0.04%             | 2029-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                          | PORT AUTH OF NEW YORK & NEW JERSEY NY                        | CUSIP: 73358WX25<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    500000 | PA      | $565739.20    | 0.03%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT         | CUSIP: 64990GGA4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1890000 | PA      | $1981990.65   | 0.10%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | WASHINGTON ST                                                | CUSIP: 93974DW95<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1120250.60   | 0.06%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Rhode Island                                                            | RHODE ISLAND ST                                              | CUSIP: 762223NS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2326974.00   | 0.12%             | 2039-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH REVENUESNON ST SUPPORTED DEBT          | CUSIP: 64990CB67<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    250000 | PA      | $279259.38    | 0.01%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152VH1<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1320000 | PA      | $1342074.62   | 0.07%             | 2031-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Maryland                                                                | MARYLAND ST                                                  | CUSIP: 574193QT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1149729.80   | 0.06%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UAB Medicine Finance Authority                                                   | UAB MEDICINE FIN AUTH AL REVENUE                             | CUSIP: 902562AR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $161435.06    | 0.01%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990E4Z7<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    940000 | PA      | $1021288.76   | 0.05%             | 2032-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEA Electric System Revenue                                                      | JEA FL ELEC SYS REVENUE                                      | CUSIP: 46613SPW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2029176.00   | 0.10%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX                                                               | HOUSTON TX                                                   | CUSIP: 4423315D2<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1143890.40   | 0.06%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204EJM1<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    165000 | PA      | $172141.53    | 0.01%             | 2030-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | WASHINGTON ST                                                | CUSIP: 93974DHD3<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1561121.25   | 0.08%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Duneland School Building Corp                                                    | DUNELAND IN SCH BLDG CORP                                    | CUSIP: 265404FH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $926069.90    | 0.05%             | 2038-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | CONNECTICUT ST                                               | CUSIP: 20772JMU3<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2002401.20   | 0.10%             | 2031-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | NEW YORK NY                                                  | CUSIP: 64966LA68<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1165000 | PA      | $1218927.50   | 0.06%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District                                                     | CLARK CNTY NV SCH DIST                                       | CUSIP: 181059N69<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1167957.70   | 0.06%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                      | WASHINGTON ST HLTH CARE FACS AUTH                            | CUSIP: 93978HSM8<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |    760000 | PA      | $800655.44    | 0.04%             | 2033-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | WASHINGTON ST                                                | CUSIP: 93974EDG8<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1189237.60   | 0.06%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                            | ILLINOIS ST TOLL HIGHWAY AUTH                                | CUSIP: 452252HG7<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |   1135000 | PA      | $1137122.11   | 0.06%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                          | SOUTH CAROLINA ST PUBLIC SVC AUTH REVENUE                    | CUSIP: 837151XW4<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   1115000 | PA      | $1150598.27   | 0.06%             | 2033-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                   | TEXAS ST                                                     | CUSIP: 8827237B9<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |    240000 | PA      | $267427.25    | 0.01%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Utah Water Conservancy District                                          | CENTRL UT WTR CONSERVANCY DIST WTR REVENUE                   | CUSIP: 15567RBL6<br>LEI: 5493001AT8W3NBIEDB45 | Long             | DBT              | MUN               | US        |    395000 | PA      | $414434.95    | 0.02%             | 2034-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                    | MASSACHUSETTS ST                                             | CUSIP: 57582RFT8<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3036771.90   | 0.15%             | 2039-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Orlando FL Tourist Development Tax Revenue                               | ORLANDO FL TOURIST DEV TAX REVENUE                           | CUSIP: 686499BW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2208262.40   | 0.11%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Building Authority                                                | MICHIGAN ST BLDG AUTH REVENUE                                | CUSIP: 594615JF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $5360.70      | 0.00%             | 2032-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Harris TX                                                              | HARRIS CNTY TX                                               | CUSIP: 414005WK0<br>LEI: 549300G9BRP25M0W1S40 | Long             | DBT              | MUN               | US        |    695000 | PA      | $760040.81    | 0.04%             | 2030-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH REVENUE                   | CUSIP: 70869PLL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    385000 | PA      | $417543.51    | 0.02%             | 2030-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                                              | ILLINOIS ST SALES TAX REVENUE                                | CUSIP: 452227SF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1642729.65   | 0.08%             | 2031-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                       | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 544445QK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1954614.74   | 0.10%             | 2039-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii State Highway Fund                                               | HAWAII ST HIGHWAY REVENUE                                    | CUSIP: 41981CQB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2604450.83   | 0.13%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                           | CALIFORNIA STWD CMNTYS DEV AUTH REVENUE                      | CUSIP: 13080SYA6<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1750244.70   | 0.09%             | 2038-04-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204FAY1<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1295000 | PA      | $1494219.43   | 0.08%             | 2034-08-15      | 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: 64972EN39<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $881318.80    | 0.04%             | 2037-11-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                | CUSIP: 13063DWS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2360000 | PA      | $2852028.14   | 0.14%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                 | CMWLTH FING AUTH PA TOBACCO MASTER SETTLEMENT PAYMENT REV    | CUSIP: 20282EAM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $294628.93    | 0.01%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | CONNECTICUT ST                                               | CUSIP: 20772KGF0<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1034770.30   | 0.05%             | 2037-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tennergy Corp/TN                                                                 | TENNERGY CORP TN GAS REVENUE                                 | CUSIP: 880397CF9<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2168778.20   | 0.11%             | 2053-10-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| State of Georgia                                                                 | GEORGIA ST                                                   | CUSIP: 373385AN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $166598.04    | 0.01%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp                                                | TOBACCO SETTLEMENT FING CORP NJ                              | CUSIP: 888808HJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $268709.20    | 0.01%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Honolulu HI                                                     | HONOLULU CITY & CNTY HI                                      | CUSIP: 438687FR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1075000 | PA      | $1099371.11   | 0.06%             | 2039-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Commonwealth Transportation Board                                       | VIRGINIA ST CMWLTH TRANSPRTN BRD TRANSPRTN REVENUE           | CUSIP: 927793E21<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $898596.80    | 0.05%             | 2032-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | MET TRANSPRTN AUTH NY DEDICATED TAX FUND                     | CUSIP: 59259N7C1<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    200000 | PA      | $221673.66    | 0.01%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kitsap County School District No 401 Central Kitsap                              | KITSAP CNTY WA SCH DIST #401 CENTRAL KITSAP                  | CUSIP: 498098RE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1425000 | PA      | $1490311.03   | 0.07%             | 2032-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                | CUSIP: 13063DRA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2072390.60   | 0.10%             | 2039-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii                                                                  | HAWAII ST                                                    | CUSIP: 419792AM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019454.60   | 0.05%             | 2029-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland Department of Transportation                                   | MARYLAND ST DEPT OF TRANSPRTN CONSOL TRANSPRTN               | CUSIP: 574204G56<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    855000 | PA      | $862676.19    | 0.04%             | 2031-05-01      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| Palm Springs Unified School District                                             | PALM SPRINGS CA UNIF SCH DIST                                | CUSIP: 6966673Z5<br>LEI: 549300VO66CCEHGE5291 | Long             | DBT              | MUN               | US        |    160000 | PA      | $162868.98    | 0.01%             | 2030-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | WASHINGTON ST                                                | CUSIP: 93974DP36<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |    500000 | PA      | $558080.05    | 0.03%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp                                           | PHOENIX AZ CIVIC IMPT CORP WSTWTR SYS REVENUE                | CUSIP: 71883PKM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    620000 | PA      | $677106.65    | 0.03%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                          | PORT AUTH OF NEW YORK & NEW JERSEY NY                        | CUSIP: 73358W6L3<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1161687.70   | 0.06%             | 2035-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152P21<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   4105000 | PA      | $4385975.76   | 0.22%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL                                                          | MIAMI-DADE CNTY FL                                           | CUSIP: 59333FSR2<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |    280000 | PA      | $303099.69    | 0.02%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | COLORADO ST HLTH FACS AUTH REVENUE                           | CUSIP: 19648FJW5<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    155000 | PA      | $165819.12    | 0.01%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland                                                                | MARYLAND ST                                                  | CUSIP: 574193RH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3485740.50   | 0.18%             | 2032-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utility Debt Securitization Authority                                            | UTILITY DEBT SECURITIZATION AUTH NY                          | CUSIP: 91802RCF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2181158.20   | 0.11%             | 2033-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                    | TEXAS ST WTR DEV BRD                                         | CUSIP: 882854A51<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $223939.86    | 0.01%             | 2031-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | WASHINGTON ST                                                | CUSIP: 93974DYJ1<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |    755000 | PA      | $821972.80    | 0.04%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| El Paso County Hospital District                                                 | EL PASO CNTY TX HOSP DIST                                    | CUSIP: 283590GV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $247882.03    | 0.01%             | 2036-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Public Building Authority                                               | VIRGINIA ST PUBLIC BLDG AUTH PUBLIC FACS REVENUE             | CUSIP: 9281725M3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1186840.40   | 0.06%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp                         | HARRIS CNTY TX CULTURAL EDU FACS FIN CORP THERMAL UTILITY RE | CUSIP: 41401PCP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    950000 | PA      | $1002793.21   | 0.05%             | 2032-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                 | CMWLTH FING AUTH PA TOBACCO MASTER SETTLEMENT PAYMENT REV    | CUSIP: 20282EAP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $459352.50    | 0.02%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                 | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                    | CUSIP: 13032UJZ2<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    400000 | PA      | $393448.20    | 0.02%             | 2034-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power Water System Revenue                     | LOS ANGELES CA DEPT OF WTR & PWR WTRWKS REVENUE              | CUSIP: 544525WA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1010000 | PA      | $1122601.87   | 0.06%             | 2032-07-01      | 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: 64986DFK6<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |    495000 | PA      | $507433.36    | 0.03%             | 2032-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Gas Works Co                                                        | PHILADELPHIA PA GAS WKS REVENUE                              | CUSIP: 7178238J0<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | DBT              | MUN               | US        |    735000 | PA      | $789305.99    | 0.04%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego Unified School District/CA                                             | SAN DIEGO CA UNIF SCH DIST                                   | CUSIP: 7973554S0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $21220.65     | 0.00%             | 2029-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Housing Finance Agency                                                | CALIFORNIA HSG FIN AGY MUNI CTFS                             | CUSIP: 13033DAG0<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |   6249213 | PA      | $6253097.67   | 0.31%             | 2035-03-25      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | NEW YORK NY                                                  | CUSIP: 64966QGW4<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2386379.80   | 0.12%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Montgomery MD                                                          | MONTGOMERY CNTY MD                                           | CUSIP: 61334PCD3<br>LEI: 549300GNX5SDUEBKPK13 | Long             | DBT              | MUN               | US        |    750000 | PA      | $762839.93    | 0.04%             | 2032-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                   | TEXAS ST                                                     | CUSIP: 8827234N6<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |    500000 | PA      | $540805.90    | 0.03%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Aldine Independent School District                                               | ALDINE TX INDEP SCH DIST                                     | CUSIP: 014393XJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    910000 | PA      | $950584.91    | 0.05%             | 2033-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pierce County School District No 403 Bethel                                      | PIERCE CNTY WA SCH DIST #403 BETHEL                          | CUSIP: 720611YC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $582002.35    | 0.03%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Public Building Authority                                               | VIRGINIA ST PUB BLDG AUTH PUBLIC FACS REVENUE                | CUSIP: 928173BT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $198325.14    | 0.01%             | 2031-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                    | MASSACHUSETTS ST                                             | CUSIP: 57582RJY3<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |    600000 | PA      | $655510.68    | 0.03%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                   | TEXAS ST                                                     | CUSIP: 8827237A1<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |    465000 | PA      | $519500.28    | 0.03%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Minnesota                                                               | MINNESOTA ST                                                 | CUSIP: 60412ATG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $469060.52    | 0.02%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisville/Jefferson County Metropolitan Government                              | LOUISVILLE & JEFFERSON CNTY KY MET GOVT HLTH SYS REVENUE     | CUSIP: 54659LBP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    290000 | PA      | $309364.61    | 0.02%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 6461364C2<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2830000 | PA      | $2969846.71   | 0.15%             | 2031-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City & County of Honolulu HI                                                     | HONOLULU CITY & CNTY HI                                      | CUSIP: 438687BV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1015000 | PA      | $1134067.42   | 0.06%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990FZJ6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3550688.10   | 0.18%             | 2030-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | MET TRANSPRTN AUTH NY REVENUE                                | CUSIP: 59261APZ4<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    470000 | PA      | $499409.69    | 0.03%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Boulder Larimer & Weld Counties St Vrain Valley School District Re1J             | BOULDER LARIMER & WELD CNTYS CO SAINT VRAIN VLY SCH DIST #RE | CUSIP: 101565J75<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2159717.40   | 0.11%             | 2036-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH SALES TAX REVENUE                      | CUSIP: 64990ACE3<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1310000 | PA      | $1341954.83   | 0.07%             | 2038-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV Passenger Facility Charge Revenue                             | CLARK CNTY NV PASSENGER FAC CHARGE REVENUE                   | CUSIP: 181006HR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    470000 | PA      | $543974.99    | 0.03%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                | CUSIP: 13063CD98<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1559850.45   | 0.08%             | 2034-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of California                                                         | UNIV OF CALIFORNIA CA REVENUES                               | CUSIP: 91412GZG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2160000 | PA      | $2221554.60   | 0.11%             | 2035-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Lubbock TX Electric Light & Power System Revenue                         | LUBBOCK TX ELEC LIGHT & PWR SYS                              | CUSIP: 549203XJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1571723.25   | 0.08%             | 2039-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Environmental Facilities Corp                                     | NEW YORK ST ENVRNMNTL FACS CORP ST CLEAN WTR & DRINKING WTR  | CUSIP: 64986DDT9<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |    150000 | PA      | $164871.24    | 0.01%             | 2035-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Colorado                                                                | COLORADO ST COPS                                             | CUSIP: 196711TZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1834302.05   | 0.09%             | 2036-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Corpus Christi Independent School District                                       | CORPUS CHRISTI TX INDEP SCH DIST                             | CUSIP: 2201476A5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    320000 | PA      | $345614.30    | 0.02%             | 2032-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Arlington TX Special Tax Revenue                                         | ARLINGTON TX SPL TAX REVENUE                                 | CUSIP: 04184RAZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $157875.03    | 0.01%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Urban Development Corp                                            | NEW YORK ST URBAN DEV CORP REVENUE                           | CUSIP: 650036BW5<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |    250000 | PA      | $290073.28    | 0.01%             | 2035-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | WASHINGTON ST                                                | CUSIP: 93974DXF0<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     25000 | PA      | $27217.64     | 0.00%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                                   | WASHINGTON DC MET AREA TRANSIT AUTH GROSS REVENUE            | CUSIP: 938782GL7<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1077325.40   | 0.05%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Mississippi Gaming Tax Revenue                                          | MISSISSIPPI ST GAMING TAX REVENUE                            | CUSIP: 605638BP9<br>LEI: 549300JRWW5RFQUB7P94 | Long             | DBT              | MUN               | US        |    550000 | PA      | $595335.51    | 0.03%             | 2036-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Flood Control District                                             | HARRIS CNTY TX FLOOD CONTROL DIST                            | CUSIP: 4140186W6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $234392.03    | 0.01%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark Department of Aviation                                           | CLARK CNTY NV ARPT REVENUE                                   | CUSIP: 18085PQE7<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1037312.00   | 0.05%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Great Lakes Water Authority Sewage Disposal System Revenue                       | GREAT LAKES MI WTR AUTH SEWAGE DISPOSAL SYS REVENUE          | CUSIP: 39081HAL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $270655.13    | 0.01%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Desert Community College District                                                | DESERT CMNTY CLG DIST CA                                     | CUSIP: 250375HA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $162590.25    | 0.01%             | 2033-08-01      | 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: 64971XRZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1825130.40   | 0.09%             | 2037-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Washington Convention & Sports Authority                                         | WASHINGTON DC CONVENTION & SPORTS AUTH DEDICATED TAX REVENUE | CUSIP: 93878LBX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2545000 | PA      | $2834959.74   | 0.14%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | WASHINGTON ST                                                | CUSIP: 93974DY85<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   1320000 | PA      | $1478129.66   | 0.07%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Oregon Department of Transportation                                     | OREGON ST DEPT OF TRANSPRTN HIGHWAY USER TAX REVENUE         | CUSIP: 68607DUJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1873465.94   | 0.09%             | 2036-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | HOUSTON TX ARPT SYS REVENUE                                  | CUSIP: 442349BH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $267104.55    | 0.01%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                | CUSIP: 13063CX47<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $136795.86    | 0.01%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Francisco CA Public Utilities Commission Water Revenue               | SAN FRANCISCO CITY & CNTY CA PUBLIC UTILITIES COMMISSION WTR | CUSIP: 79765RJ26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27541.91     | 0.00%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Department of Transportation State Highway Fund Revenue                  | ARIZONA ST TRANSPRTN BRD HIGHWAY REVENUE                     | CUSIP: 040654XA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1142736.53   | 0.06%             | 2031-07-01      | 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: 64971XCQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $384308.44    | 0.02%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                | SOUTHEAST ENERGY AUTH AL COMMODITY SPLY REVENUE              | CUSIP: 84136FAV9<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $997500.70    | 0.05%             | 2051-12-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Urban Development Corp                                            | NEW YORK ST URBAN DEV CORP REVENUE                           | CUSIP: 6500353V8<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |    325000 | PA      | $358744.69    | 0.02%             | 2032-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New Jersey                                                              | NEW JERSEY ST                                                | CUSIP: 646039YN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1161627.50   | 0.06%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Michigan                                                                | MICHIGAN ST                                                  | CUSIP: 594612EM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $717927.60    | 0.04%             | 2036-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE         | CUSIP: 709224ZL6<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    175000 | PA      | $196283.66    | 0.01%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                         | CONNECTICUT ST SPL TAX OBLIG REVENUE                         | CUSIP: 207758SG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1195000 | PA      | $1244375.13   | 0.06%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Stockton Unified School District                                                 | STOCKTON CA UNIF SCH DIST                                    | CUSIP: 861419WM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $108245.78    | 0.01%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Wake NC                                                                | WAKE CNTY NC LIMITED OBLIG                                   | CUSIP: 930876FH5<br>LEI: 5493007XQJHO082P1H29 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1481321.25   | 0.07%             | 2035-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii Airports System Revenue                                          | HAWAII ST ARPTS SYS REVENUE                                  | CUSIP: 419794B92<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2331858.00   | 0.12%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                      | OHIO ST HGR EDUCTNL FAC COMMISSION                           | CUSIP: 67756DJW7<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    165000 | PA      | $165141.60    | 0.01%             | 2035-12-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57584XM65<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    500000 | PA      | $526390.30    | 0.03%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                | CUSIP: 13063DZX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2329059.00   | 0.12%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Public Building Authority                                               | VIRGINIA ST PUBLIC BLDG AUTH PUBLIC FACS REVENUE             | CUSIP: 9281725P6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1164982.40   | 0.06%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii                                                                  | HAWAII ST                                                    | CUSIP: 419792WK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1298980.78   | 0.07%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | MET TRANSPRTN AUTH NY DEDICATED TAX FUND                     | CUSIP: 59259N4U4<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |     15000 | PA      | $16358.73     | 0.00%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Oregon Department of Transportation                                     | OREGON ST DEPT OF TRANSPRTN HIGHWAY USER TAX REVENUE         | CUSIP: 68607DUR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1154840.70   | 0.06%             | 2036-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Industrial Development Agency                                      | NEW YORK CITY NY INDL DEV AGY REVENUE                        | CUSIP: 64971PLG8<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $911431.25    | 0.05%             | 2038-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Deschutes Public Library District                                                | DESCHUTES OR PUBLIC LIBRARY DIST                             | CUSIP: 250353BH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2095992.20   | 0.11%             | 2038-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                         | CONNECTICUT ST SPL TAX OBLIG REVENUE                         | CUSIP: 207758SH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1353079.00   | 0.07%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | CONNECTICUT ST                                               | CUSIP: 20772KLV9<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   1780000 | PA      | $1986248.24   | 0.10%             | 2031-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of New Jersey                                                              | NEW JERSEY ST                                                | CUSIP: 646039ZF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2594325.00   | 0.13%             | 2034-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| State of New York Mortgage Agency                                                | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE                  | CUSIP: 6498832H7<br>LEI: 549300ZQWNLLIG564027 | Long             | DBT              | MUN               | US        |    460000 | PA      | $451410.33    | 0.02%             | 2032-10-01      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue       | LOS ANGELES CNTY CA MET TRANSPRTN AUTH SALES TAX             | CUSIP: 5447126G2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2019755.40   | 0.10%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH SALES TAX REVENUE                      | CUSIP: 64990AGF6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1096305.50   | 0.06%             | 2033-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                | CUSIP: 13063DKC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $347213.37    | 0.02%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                | CUSIP: 13063DKD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1065000 | PA      | $1232022.25   | 0.06%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Louisiana                                                               | LOUISIANA ST                                                 | CUSIP: 546417ES1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $897371.48    | 0.05%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Fulton GA Water & Sewerage Revenue                                     | FULTON CNTY GA WTR & SWR REVENUE                             | CUSIP: 360066NU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1353108.38   | 0.07%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | NEW YORK NY                                                  | CUSIP: 64966MZP7<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    250000 | PA      | $281291.25    | 0.01%             | 2034-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of North Carolina                                                          | NORTH CAROLINA ST LTD OBLIG                                  | CUSIP: 65829QCY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    880000 | PA      | $981459.25    | 0.05%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA                                                          | PHILADELPHIA PA                                              | CUSIP: 717813VR7<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |    100000 | PA      | $109121.79    | 0.01%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                    | NEW JERSEY ST TURNPIKE AUTH TURNPIKE REVENUE                 | CUSIP: 6461396S9<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |    270000 | PA      | $294806.82    | 0.01%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                             | PENNSYLVANIA ST HGR EDUCTNL FACS AUTH REVENUE                | CUSIP: 70917SR62<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $307413.70    | 0.02%             | 2030-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                         | CONNECTICUT ST SPL TAX OBLIG REVENUE                         | CUSIP: 207758C35<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1988474.90   | 0.10%             | 2031-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | WASHINGTON ST                                                | CUSIP: 93974EPV2<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2285205.00   | 0.11%             | 2039-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE                | CUSIP: 97712DQP4<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1518952.65   | 0.08%             | 2035-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                    | TEXAS ST WTR DEV BRD                                         | CUSIP: 882854WT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $46843.16     | 0.00%             | 2032-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                    | NEW JERSEY ST TURNPIKE AUTH TURNPIKE REVENUE                 | CUSIP: 646140CB7<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |    200000 | PA      | $225012.18    | 0.01%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Missouri Joint Municipal Electric Utility Commission                             | MISSOURI JT MUNI ELEC UTILITYCOMMISSION PWR PROJ REVENUE     | CUSIP: 606092KX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    685000 | PA      | $710988.56    | 0.04%             | 2032-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Water & Sewer System Revenue                             | MIAMI-DADE CNTY FL WTR & SWR REVENUE                         | CUSIP: 59334DKF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    605000 | PA      | $638063.67    | 0.03%             | 2033-10-01      | 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: 64971WBG4<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   2980000 | PA      | $3069001.57   | 0.15%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                                 | KENTUCKY ST PUBLIC ENERGY AUTH GAS SPLY REVENUE              | CUSIP: 74440DDS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1198367.64   | 0.06%             | 2052-08-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT         | CUSIP: 64990GJF0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    370000 | PA      | $433068.13    | 0.02%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Nevada Highway Improvement Revenue                                      | NEVADA ST HIGHWAY IMPT REVENUE                               | CUSIP: 641480JC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    795000 | PA      | $883300.97    | 0.04%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | NEW YORK NY                                                  | CUSIP: 64966QBW9<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    655000 | PA      | $756383.06    | 0.04%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL                                                          | MIAMI-DADE CNTY FL SPL OBLIG                                 | CUSIP: 59333NYS6<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |   2005000 | PA      | $2145925.64   | 0.11%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Municipal Power Agency                                                   | FLORIDA ST MUNI PWR AGY                                      | CUSIP: 342816J55<br>LEI: 549300M3I10QJUPNU131 | Long             | DBT              | MUN               | US        |    125000 | PA      | $135186.25    | 0.01%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Louisiana                                                               | LOUISIANA ST                                                 | CUSIP: 5464152E9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $218092.70    | 0.01%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minneapolis-St Paul Metropolitan Airports Commission                             | MINNEAPOLIS-SAINT PAUL MN MET ARPTS COMMISSION ARPT REVENUE  | CUSIP: 603827WV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    515000 | PA      | $565781.16    | 0.03%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                 | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                    | CUSIP: 13032UNS3<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    150000 | PA      | $164667.86    | 0.01%             | 2034-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Regional Transportation District Sales Tax Revenue                               | REGL TRANSPRTN DIST CO SALES TAX REVENUE                     | CUSIP: 759136UN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $591575.61    | 0.03%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland                                                                | MARYLAND ST                                                  | CUSIP: 574193MY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1533171.45   | 0.08%             | 2030-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990F3C6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1054542.20   | 0.05%             | 2033-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Clean Water Fund - State Revolving Fund                     | CONNECTICUT ST REVOLVING FUNDGEN REVENUE                     | CUSIP: 20775YDN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $387742.22    | 0.02%             | 2034-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Harris TX                                                              | HARRIS CNTY TX                                               | CUSIP: 414005WN4<br>LEI: 549300G9BRP25M0W1S40 | Long             | DBT              | MUN               | US        |    675000 | PA      | $732894.62    | 0.04%             | 2033-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                 | CUSIP: 167593SU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1156027.61   | 0.06%             | 2040-01-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                               | CLARK CNTY NV                                                | CUSIP: 180848QB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1675000 | PA      | $1719907.09   | 0.09%             | 2033-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                    | MASSACHUSETTS ST                                             | CUSIP: 57582RSW7<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |    350000 | PA      | $352229.29    | 0.02%             | 2034-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greeneville Health & Educational Facilities Board                                | GREENEVILLE TN HLTH & EDUCTNL FACS BRD HOSP REVENUE          | CUSIP: 396649EQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    915000 | PA      | $920630.45    | 0.05%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                | PHILADELPHIA PA AUTH FOR INDL DEV HOSP REVENUE               | CUSIP: 717901BH4<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    110000 | PA      | $113719.95    | 0.01%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                              | VIRGINIA ST CLG BLDG AUTH EDUCTNL FACS REVENUE PUBLIC HGR ED | CUSIP: 92778WNC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1094371.00   | 0.05%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Frisco Independent School District                                               | FRISCO TX INDEP SCH DIST                                     | CUSIP: 35880CZR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2252009.80   | 0.11%             | 2036-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Gas Works Co                                                        | PHILADELPHIA PA GAS WKS REVENUE                              | CUSIP: 7178238L5<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | DBT              | MUN               | US        |    680000 | PA      | $725601.14    | 0.04%             | 2033-10-01      | 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: 64986DAP0<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |    765000 | PA      | $835335.25    | 0.04%             | 2030-06-15      | 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: 64971WV23<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $991631.43    | 0.05%             | 2033-11-01      | 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: 64971WL81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $485186.13    | 0.02%             | 2033-05-01      | 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: 59334DMB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $4178793.15   | 0.21%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New Jersey                                                              | NEW JERSEY ST                                                | CUSIP: 646039YQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1106339.10   | 0.06%             | 2031-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| King County School District No 401 Highline                                      | KING CNTY WA SCH DIST #401 HIGHLINE                          | CUSIP: 495033EK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $771673.70    | 0.04%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                    | MASSACHUSETTS ST                                             | CUSIP: 57582RNT9<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |    400000 | PA      | $400961.84    | 0.02%             | 2031-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                                 | ENERGY N W WA ELEC REVENUE                                   | CUSIP: 29270CV44<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $443134.96    | 0.02%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                      | WASHINGTON ST HLTH CARE FACS AUTH                            | CUSIP: 93978HUY9<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |    225000 | PA      | $247840.58    | 0.01%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                    | MASSACHUSETTS ST                                             | CUSIP: 57582RYE0<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   2665000 | PA      | $3240767.92   | 0.16%             | 2031-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii                                                                  | HAWAII ST                                                    | CUSIP: 419792RT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    690000 | PA      | $761080.97    | 0.04%             | 2034-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Hospital Development Authority                                  | ALLEGHENY CNTY PA HOSP DEV AUTH                              | CUSIP: 01728A3T1<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1224935.82   | 0.06%             | 2033-04-01      | 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: 64971WV31<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $102072.94    | 0.01%             | 2034-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI LEASE DEV REVENUE                         | CUSIP: 74444YAP9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    165000 | PA      | $176340.17    | 0.01%             | 2031-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | MET TRANSPRTN AUTH NY REVENUE                                | CUSIP: 59261AQB6<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1445000 | PA      | $1531856.49   | 0.08%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Minnesota                                                               | MINNESOTA ST                                                 | CUSIP: 60412AGT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    925000 | PA      | $907961.13    | 0.05%             | 2029-08-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| City & County Honolulu HI Wastewater System Revenue                              | HONOLULU CITY & CNTY HI WSTWTR SYS REVENUE                   | CUSIP: 438701V43<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    395000 | PA      | $459201.25    | 0.02%             | 2031-07-01      | 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: 64972HT85<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1010000 | PA      | $1153785.42   | 0.06%             | 2031-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                               | WISCONSIN ST                                                 | CUSIP: 97705MGG4<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2100671.40   | 0.11%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204EX94<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1591886.66   | 0.08%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                               | CLARK CNTY NV                                                | CUSIP: 180848XC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $168444.38    | 0.01%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | NEW YORK NY                                                  | CUSIP: 64966MZW2<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1435000 | PA      | $1558542.45   | 0.08%             | 2039-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH SALES TAX REVENUE                      | CUSIP: 64990AGD1<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    515000 | PA      | $568134.15    | 0.03%             | 2031-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | MET TRANSPRTN AUTH NY REVENUE                                | CUSIP: 59259YM55<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1775000 | PA      | $1791077.95   | 0.09%             | 2033-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204EBT4<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    250000 | PA      | $262526.68    | 0.01%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                | CUSIP: 13063C6L9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    905000 | PA      | $987110.47    | 0.05%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hillsboro School District No 1J                                                  | WASHINGTON MULTNOMAH & YAMHILL CNTYS OR SCH DIST #1J         | CUSIP: 939307JG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    590000 | PA      | $649394.42    | 0.03%             | 2035-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 6461367E5<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002768.30   | 0.05%             | 2039-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                              | CALIFORNIA ST PUBLIC WKS BRD LEASE REVENUE                   | CUSIP: 13068LGJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3325000 | PA      | $3355151.10   | 0.17%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                       | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 544445TM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1623890.80   | 0.08%             | 2037-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Unified School District/CA                                           | LOS ANGELES CA UNIF SCH DIST                                 | CUSIP: 5446466P2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    585000 | PA      | $664611.48    | 0.03%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990FZN7<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4707676.80   | 0.24%             | 2034-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Hudson NJ                                                              | HUDSON CNTY NJ                                               | CUSIP: 4437267T5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $215822.49    | 0.01%             | 2036-11-15      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| State of Louisiana                                                               | LOUISIANA ST                                                 | CUSIP: 546417AQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $153521.57    | 0.01%             | 2032-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| State of Florida                                                                 | FLORIDA ST BRD OF EDU PUBLIC EDU                             | CUSIP: 34153QFP6<br>LEI: 5493004G5XFOOUT0LQ57 | Long             | DBT              | MUN               | US        |    590000 | PA      | $562911.39    | 0.03%             | 2031-06-01      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| City of Colorado Springs CO Utilities System Revenue                             | COLORADO SPRINGS CO UTILITIES REVENUE                        | CUSIP: 196632ZB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $112529.74    | 0.01%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | DIST OF COLUMBIA INCOME TAX SECURED REVENUE                  | CUSIP: 25477GPG4<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1131294.40   | 0.06%             | 2036-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Santa Clara Unified School District                                              | SANTA CLARA CA UNIF SCH DIST                                 | CUSIP: 801495Y89<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1535000 | PA      | $1500280.91   | 0.08%             | 2035-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                 | CMWLTH FING AUTH PA                                          | CUSIP: 20281PJP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1595000 | PA      | $1672290.35   | 0.08%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Aviation Revenue                                         | MIAMI-DADE CNTY FL AVIATION REVENUE                          | CUSIP: 59333P5X2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1512945.75   | 0.08%             | 2039-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                              | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE                  | CUSIP: 7087963Y1<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |    700000 | PA      | $672341.88    | 0.03%             | 2031-10-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Pueblo City Schools                                                              | PUEBLO CNTY CO SCH DIST #60 PUEBLO                           | CUSIP: 744873GL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1085000 | PA      | $1211052.26   | 0.06%             | 2039-12-15      | 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: 64971WL65<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    630000 | PA      | $659092.33    | 0.03%             | 2031-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Fairfax VA                                                             | FAIRFAX CNTY VA                                              | CUSIP: 30382AMT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1112974.00   | 0.06%             | 2035-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                              | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE                  | CUSIP: 7087962G1<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |    425000 | PA      | $422810.53    | 0.02%             | 2031-10-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Greeneville Health & Educational Facilities Board                                | GREENEVILLE TN HLTH & EDUCTNL FACS BRD HOSP REVENUE          | CUSIP: 396649ER2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    810000 | PA      | $814817.39    | 0.04%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | NEW YORK NY                                                  | CUSIP: 64966QF62<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2323628.80   | 0.12%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                | CUSIP: 13063C6P0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $135103.94    | 0.01%             | 2034-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Oregon Department of Transportation                                     | OREGON ST DEPT OF TRANSPRTN HIGHWAY USER TAX REVENUE         | CUSIP: 68607DUT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3115924.80   | 0.16%             | 2038-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA                                                          | PHILADELPHIA PA                                              | CUSIP: 717813XJ3<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |    100000 | PA      | $111697.89    | 0.01%             | 2034-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue                       | PENNSYLVANIA ST TURNPIKE COMMISSION OIL FRANCHISE TAX REVENU | CUSIP: 709221UH6<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    310000 | PA      | $341074.12    | 0.02%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                                              | ILLINOIS ST SALES TAX REVENUE                                | CUSIP: 452227LX7<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    620000 | PA      | $649892.31    | 0.03%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City Of South Miami Health Facilities Authority Inc                              | S MIAMI FL HLTH FACS AUTH                                    | CUSIP: 838810DW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $871720.48    | 0.04%             | 2032-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                              | CALIFORNIA ST PUBLIC WKS BRD LEASE REVENUE                   | CUSIP: 13068LYZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $446578.10    | 0.02%             | 2032-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204ETV0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017120.80   | 0.05%             | 2037-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp                         | HARRIS CNTY TX CULTURAL EDU FACS FIN CORP THERMAL UTILITY RE | CUSIP: 41401PCL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $336279.36    | 0.02%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | WASHINGTON ST                                                | CUSIP: 93974DX60<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |    880000 | PA      | $973486.62    | 0.05%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                    | N TX TOLLWAY AUTH REVENUE                                    | CUSIP: 66285WF68<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   1975000 | PA      | $2137330.39   | 0.11%             | 2033-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| East Side Union High School District                                             | EAST SIDE CA UNION HIGH SCH DIST SANTA CLARA CNTY            | CUSIP: 275282PD7<br>LEI: 549300FHNKBG2V8ZLG85 | Long             | DBT              | MUN               | US        |   2590000 | PA      | $2515212.97   | 0.13%             | 2035-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Santa Clara County Financing Authority                                           | SANTA CLARA CNTY CA FING AUTH                                | CUSIP: 801577QR1<br>LEI: 549300A73O1Q5POHAT69 | Long             | DBT              | MUN               | US        |    840000 | PA      | $887970.05    | 0.04%             | 2036-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Industrial Development Agency                                      | NEW YORK CITY NY INDL DEV AGY REVENUE                        | CUSIP: 64971PKC8<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2686893.00   | 0.13%             | 2032-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Weld County School District No 6 Greeley                                         | WELD CNTY CO SCH DIST #6 GREELEY                             | CUSIP: 949289PS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2165000 | PA      | $2457987.93   | 0.12%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                              | CALIFORNIA ST PUBLIC WKS BRD LEASE REVENUE                   | CUSIP: 13068LCR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001958.80   | 0.05%             | 2038-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | DIST OF COLUMBIA UNIV REVENUE                                | CUSIP: 25484JCW8<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    645000 | PA      | $698792.68    | 0.04%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Colorado                                                                | COLORADO ST BLDG EXCELLENT SCHS TODAY COPS                   | CUSIP: 19668QKF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $213659.98    | 0.01%             | 2030-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990F2Z6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   3115000 | PA      | $3443107.00   | 0.17%             | 2031-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Unified School District/CA                                           | LOS ANGELES CA UNIF SCH DIST                                 | CUSIP: 544647BL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3675000 | PA      | $4328748.32   | 0.22%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                   | BUCKEYE OH TOBACCO SETTLEMENT FING AUTH                      | CUSIP: 118217CQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3270463.80   | 0.16%             | 2034-06-01      | 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: 64971WMZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1345000 | PA      | $1394959.22   | 0.07%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | CONNECTICUT ST                                               | CUSIP: 20772KKX6<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   1950000 | PA      | $2117980.22   | 0.11%             | 2034-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Mississippi Gaming Tax Revenue                                          | MISSISSIPPI ST GAMING TAX REVENUE                            | CUSIP: 605638BM6<br>LEI: 549300JRWW5RFQUB7P94 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1097465.40   | 0.06%             | 2034-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp                                                | TENNESSEE ENERGY ACQUISITION CORP COMMODITY PROJECT REVENUE  | CUSIP: 88044TAL3<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4292188.40   | 0.22%             | 2052-05-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland                                                                | MARYLAND ST                                                  | CUSIP: 574193QH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $254166.55    | 0.01%             | 2033-03-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| Oakland Unified School District/Alameda County                                   | OAKLAND CA UNIF SCH DIST ALAMEDA CNTY                        | CUSIP: 672325L88<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1055000 | PA      | $1110180.51   | 0.06%             | 2039-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                           | IOWA ST FIN AUTH REVENUE                                     | CUSIP: 46246K4F6<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1117236.10   | 0.06%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jefferson Sales Tax District                                                     | JEFFERSON LA SALES TAX DIST SPL SALES TAX REVENUE            | CUSIP: 474176LC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    615000 | PA      | $700422.15    | 0.04%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Dallas TX Waterworks & Sewer System Revenue                              | DALLAS TX WTRWKS & SWR SYS REVENUE                           | CUSIP: 23542JAQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $655699.74    | 0.03%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Turnpike Authority                                                      | OKLAHOMA ST TURNPIKE AUTH                                    | CUSIP: 679111XT6<br>LEI: 549300J83EP2PBDYH615 | Long             | DBT              | MUN               | US        |    565000 | PA      | $615611.40    | 0.03%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                       | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 544445TK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $592584.50    | 0.03%             | 2035-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco County Transportation Authority Sales Tax Revenue                  | SAN FRANCISCO CNTY CA TRANSPRTN AUTH SALES TAX REVENUE       | CUSIP: 79773TAQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501411.55    | 0.03%             | 2034-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Private Colleges & Universities Authority                                        | PRIV CLGS & UNIVS AUTH GA                                    | CUSIP: 74265LT57<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $366564.87    | 0.02%             | 2036-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57584X8S3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1542956.10   | 0.08%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County School District                                                | PALM BEACH CNTY FL SCH BRD COPS                              | CUSIP: 696550G97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $318230.39    | 0.02%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | WASHINGTON ST                                                | CUSIP: 93974D2H0<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |    170000 | PA      | $192844.86    | 0.01%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Utah/The                                                           | UNIV OF UTAH UT REVENUES                                     | CUSIP: 915183Z83<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2220000 | PA      | $2587287.01   | 0.13%             | 2038-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hudson Yards Infrastructure Corp                                                 | HUDSON YARDS INFRASTRUCTURE CORP NY 2ND INDENTURE REVENUE    | CUSIP: 44420RAR1<br>LEI: 549300EE2HJ67TPURL87 | Long             | DBT              | MUN               | US        |   3025000 | PA      | $3339341.36   | 0.17%             | 2030-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Louisiana                                                               | LOUISIANA ST                                                 | CUSIP: 546417EY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1139746.50   | 0.06%             | 2038-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                           | IOWA ST FIN AUTH REVENUE                                     | CUSIP: 46247SAR5<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1154318.30   | 0.06%             | 2037-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                            | SAN ANTONIO TX ELEC & GAS REVENUE                            | CUSIP: 7962535N8<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |    125000 | PA      | $136632.81    | 0.01%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | WASHINGTON ST                                                | CUSIP: 93974DY93<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |    880000 | PA      | $983419.01    | 0.05%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                             | TRIBOROUGH NY BRIDGE & TUNNEL AUTH PAYROLL MOBILITY TAX      | CUSIP: 89602HAY3<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1225000 | PA      | $1411766.07   | 0.07%             | 2037-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Troy Capital Resource Corp                                                       | TROY NY CAPITAL RESOURCE CORP REVENUE                        | CUSIP: 897579BV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $540547.15    | 0.03%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                    | MASSACHUSETTS ST                                             | CUSIP: 57582RQD1<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1280030.90   | 0.06%             | 2033-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| County of Broward FL Tourist Development Tax Revenue                             | BROWARD CNTY FL TOURIST DEV TAX REVENUE                      | CUSIP: 115085AP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1052745.10   | 0.05%             | 2036-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | MET TRANSPRTN AUTH NY REVENUE                                | CUSIP: 59261ASZ1<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1570000 | PA      | $1662052.55   | 0.08%             | 2032-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152T68<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1046483.30   | 0.05%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New York Mortgage Agency                                                | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE                  | CUSIP: 649883K95<br>LEI: 549300ZQWNLLIG564027 | Long             | DBT              | MUN               | US        |    615000 | PA      | $609494.21    | 0.03%             | 2031-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | MET TRANSPRTN AUTH NY REVENUE                                | CUSIP: 59261AQG5<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    810000 | PA      | $853916.99    | 0.04%             | 2034-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of California                                                         | UNIV OF CALIFORNIA CA REVENUES                               | CUSIP: 91412HCU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1170000 | PA      | $1312748.66   | 0.07%             | 2036-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                    | MASSACHUSETTS ST                                             | CUSIP: 57582RKB1<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   1860000 | PA      | $2017507.59   | 0.10%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH MTR VEHCL SURCHARGE REVENUE      | CUSIP: 64578JBG0<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    755000 | PA      | $751780.91    | 0.04%             | 2031-07-01      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| State of California Department of Water Resources                                | CALIFORNIA ST DEPT OF WTR RESOURCES CENTRL VLY PROJ          | CUSIP: 13067WNX6<br>LEI: 549300X618YEC5LGBQ98 | Long             | DBT              | MUN               | US        |    100000 | PA      | $113404.34    | 0.01%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland Department of Transportation                                   | MARYLAND ST DEPT OF TRANSPRTN CONSOL TRANSPRTN               | CUSIP: 574204D75<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    520000 | PA      | $522696.51    | 0.03%             | 2030-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | MICHIGAN ST FIN AUTH REVENUE                                 | CUSIP: 59447TQP1<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    585000 | PA      | $640400.44    | 0.03%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                     | PENNSYLVANIA ST                                              | CUSIP: 70914PK68<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    510000 | PA      | $516392.14    | 0.03%             | 2031-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                      | CONNECTICUT ST HLTH & EDUCTNL FACS AUTH REVENUE              | CUSIP: 20775DCK6<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2356395.80   | 0.12%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Health and Educational Building Corp                                | RHODE ISLAND ST HLTH & EDUCTNL BLDG CORP REVENUE             | CUSIP: 762244EQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $119318.90    | 0.01%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                               | CLARK CNTY NV                                                | CUSIP: 180848SD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $262358.80    | 0.01%             | 2032-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                    | NEW JERSEY ST TURNPIKE AUTH TURNPIKE REVENUE                 | CUSIP: 6461397N9<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   2900000 | PA      | $3230450.07   | 0.16%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990FQ23<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1235000 | PA      | $1259562.30   | 0.06%             | 2036-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Washington Clackamas & Yamhill Counties School District No 88J                   | WASHINGTON CLACKAMAS & YAMHILL CNTYS OR SCH DIST #88J        | CUSIP: 937440EQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $138183.14    | 0.01%             | 2033-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                    | MASSACHUSETTS ST                                             | CUSIP: 57582RLY0<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |    500000 | PA      | $549316.50    | 0.03%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                               | WISCONSIN ST                                                 | CUSIP: 97705MLQ6<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |    100000 | PA      | $103796.20    | 0.01%             | 2034-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Urban Development Corp                                            | NEW YORK ST URBAN DEV CORP REVENUE                           | CUSIP: 6500356R4<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |   4295000 | PA      | $4794232.33   | 0.24%             | 2032-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King County School District No 401 Highline                                      | KING CNTY WA SCH DIST #401 HIGHLINE                          | CUSIP: 495033EM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    690000 | PA      | $701617.05    | 0.04%             | 2032-12-01      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57584XYC9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2071464.80   | 0.10%             | 2036-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                       | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 544445QG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1039734.60   | 0.05%             | 2036-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp                                                    | SALES TAX SECURITIZATION CORP IL                             | CUSIP: 79467BBD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $272530.93    | 0.01%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Fort Smith AR Water & Sewer Revenue                                      | FORT SMITH AR WTR & SWR REVENUE                              | CUSIP: 348815PL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $309500.77    | 0.02%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Richmond VA Public Utility Revenue                                       | RICHMOND VA PUBLIC UTILITY REVENUE                           | CUSIP: 765433KH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1642038.37   | 0.08%             | 2030-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452153AS8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $977460.10    | 0.05%             | 2038-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                          | PORT AUTH OF NEW YORK & NEW JERSEY NY                        | CUSIP: 73358W6N9<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   3975000 | PA      | $4059254.10   | 0.20%             | 2037-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Santa Clara Unified School District                                              | SANTA CLARA CA UNIF SCH DIST                                 | CUSIP: 801495R87<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    395000 | PA      | $396129.15    | 0.02%             | 2034-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Norman Y Mineta San Jose International Airport SJC                               | SAN JOSE CA ARPT REVENUE                                     | CUSIP: 798136XQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $347537.48    | 0.02%             | 2034-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Monroe County Industrial Development Corp/NY                                     | MONROE CNTY NY INDL DEV CORP REVENUE                         | CUSIP: 61075TWL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    865000 | PA      | $696578.19    | 0.03%             | 2037-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Eastern Municipal Water District Financing Authority                             | ESTRN CA MUNI WTR DIST FING AUTH WTR & WSTWTR REVENUE        | CUSIP: 27677SCN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1191102.50   | 0.06%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District                                                     | CLARK CNTY NV SCH DIST                                       | CUSIP: 181059YM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1168395.90   | 0.06%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL                                                          | MIAMI-DADE CNTY FL                                           | CUSIP: 59333FSS0<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |    555000 | PA      | $598141.59    | 0.03%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Illinois                                                           | UNIV OF ILLINOIS IL REVENUES                                 | CUSIP: 9143535Q6<br>LEI: 549300VD8PPC4Q5HK850 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1155903.00   | 0.06%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Harris County Regional Water Authority                                     | N HARRIS CNTY TX REGL WTR AUTH                               | CUSIP: 65956NGT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $272201.40    | 0.01%             | 2030-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                                      | NEW JERSEY ST EDUCTNL FACS AUTH REVENUE                      | CUSIP: 646067CJ5<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $811541.70    | 0.04%             | 2036-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp                                                | TOBACCO SETTLEMENT FING CORP NJ                              | CUSIP: 888808HH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2755000 | PA      | $2969749.50   | 0.15%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152M65<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    360000 | PA      | $366832.15    | 0.02%             | 2031-11-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | NEW YORK CITY NY TRANSITIONAL FIN AUTH REVENUE               | CUSIP: 64971XAU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2162899.00   | 0.11%             | 2039-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Building Authority                                                | MICHIGAN ST BLDG AUTH REVENUE                                | CUSIP: 594615FP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $135994.28    | 0.01%             | 2033-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | COLORADO ST HLTH FACS AUTH REVENUE                           | CUSIP: 19648FJC9<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2015725.80   | 0.10%             | 2038-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA                                                          | PHILADELPHIA PA                                              | CUSIP: 717813XM6<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1634014.80   | 0.08%             | 2037-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                            | SAN ANTONIO TX ELEC & GAS REVENUE                            | CUSIP: 79625GBJ1<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1095777.60   | 0.06%             | 2030-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Public Building Authority                                               | VIRGINIA ST PUBLIC BLDG AUTH PUBLIC FACS REVENUE             | CUSIP: 928172P41<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    695000 | PA      | $697622.51    | 0.04%             | 2032-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                | CUSIP: 13063DM62<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2412896.80   | 0.12%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Georgia State Road & Tollway Authority                                           | GEORGIA ST ROAD & TOLLWAY AUTH REVENUE                       | CUSIP: 37358MEN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2550000 | PA      | $3028756.89   | 0.15%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Gas Works Co                                                        | PHILADELPHIA PA GAS WKS REVENUE                              | CUSIP: 7178238H4<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | DBT              | MUN               | US        |    880000 | PA      | $948198.94    | 0.05%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Water System                                                         | SAN ANTONIO TX WTR REVENUE                                   | CUSIP: 79642GMV1<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1173060.03   | 0.06%             | 2039-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                             | PENNSYLVANIA ST HGR EDUCTNL FACS AUTH REVENUE                | CUSIP: 70917SR96<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $298804.41    | 0.02%             | 2033-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Commonwealth Transportation Board                                       | VIRGINIA ST CMWLTH TRANSPRTN BRD TRANSPRTN REVENUE           | CUSIP: 927793ZJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2105004.20   | 0.11%             | 2031-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE                | CUSIP: 97712DQJ8<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    100000 | PA      | $107851.45    | 0.01%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                          | LOS ANGELES CA DEPT WTR & PWR REVENUE                        | CUSIP: 5444952J2<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    275000 | PA      | $304697.58    | 0.02%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 4521525K3<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1088862.00   | 0.05%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                         | CONNECTICUT ST SPL TAX OBLIG REVENUE                         | CUSIP: 207758SJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1300748.63   | 0.07%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH SALES TAX REVENUE                      | CUSIP: 64990AJV8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    520000 | PA      | $589403.10    | 0.03%             | 2031-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Alabama Gas District/The                                                   | LOWER AL GAS DIST GAS PROJ REVENUE                           | CUSIP: 547804AF1<br>LEI: 549300YTI1NTDG2OVU42 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2743583.50   | 0.14%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                | CUSIP: 13063CPS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1041048.50   | 0.05%             | 2032-08-01      | 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: 64971W4X5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1710000 | PA      | $1834047.16   | 0.09%             | 2039-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TSASC Inc/NY                                                                     | TSASC INC NY                                                 | CUSIP: 898526FD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    845000 | PA      | $883814.57    | 0.04%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Parkways Authority                                                 | WEST VIRGINIA ST PARKWAYS AUTH TURNPIKE TOLL REVENUE         | CUSIP: 956510BQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1320000 | PA      | $1516059.60   | 0.08%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of King WA                                                                | KING CNTY WA                                                 | CUSIP: 49474FVQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1154585.90   | 0.06%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                    | TEXAS ST WTR DEV BRD                                         | CUSIP: 882854Q21<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3126003.30   | 0.16%             | 2037-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                | CUSIP: 13063DHQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3245000 | PA      | $3641833.65   | 0.18%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                               | WISCONSIN ST                                                 | CUSIP: 97705MZW8<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1193077.80   | 0.06%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990FKS2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1950000 | PA      | $2207077.08   | 0.11%             | 2035-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Joaquin County Transportation Authority Measure K Sales Tax Revenue          | SAN JOAQUIN CNTY CA TRANSPRTN AUTH SALES TAX REVENUE         | CUSIP: 798110CF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $183622.41    | 0.01%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Shelby TN                                                              | SHELBY CNTY TN                                               | CUSIP: 821686Z96<br>LEI: 5493000UVZ1EF2SIPO10 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1094560.10   | 0.05%             | 2034-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Central Plains Energy Project                                                    | CENTRL PLAINS ENERGY PROJ NE GAS PROJ REVENUE                | CUSIP: 154871CH8<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |   1280000 | PA      | $1424180.99   | 0.07%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lone Star College System                                                         | LONE STAR TX CLG SYS                                         | CUSIP: 542264GU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $429405.80    | 0.02%             | 2033-02-15      | 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: 64986DAR6<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |    415000 | PA      | $452449.10    | 0.02%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                | CUSIP: 13063DFY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1690000 | PA      | $1836357.21   | 0.09%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | OHIO ST                                                      | CUSIP: 677522RG1<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1107277.40   | 0.06%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                     | PENNSYLVANIA ST                                              | CUSIP: 70914PK50<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $636629.52    | 0.03%             | 2030-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Massachusetts Building Authority                                   | UNIV OF MASSACHUSETTS MA BLDGAUTH PROJ REVENUE               | CUSIP: 914440RT1<br>LEI: 6ILE2573NPR1XO2TR556 | Long             | DBT              | MUN               | US        |    475000 | PA      | $554073.73    | 0.03%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Stadium Authority                                                       | MARYLAND ST STADIUM AUTH REVENUE                             | CUSIP: 574296AS8<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |    250000 | PA      | $268715.40    | 0.01%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                                   | WASHINGTON DC MET AREA TRANSIT AUTH GROSS REVENUE            | CUSIP: 938782ET2<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |    140000 | PA      | $153782.29    | 0.01%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT         | CUSIP: 64990CJG7<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    250000 | PA      | $263028.58    | 0.01%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | WASHINGTON ST                                                | CUSIP: 93974ETN6<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1160803.60   | 0.06%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA                                                          | PHILADELPHIA PA                                              | CUSIP: 717813VN6<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |    750000 | PA      | $826281.98    | 0.04%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                    | KENTUCKY ST PROPERTY & BLDGS COMMISSION REVENUES             | CUSIP: 49151FTF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1420000 | PA      | $1567353.54   | 0.08%             | 2031-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Independent School District/TX                                       | SAN ANTONIO TX INDEP SCH DIST                                | CUSIP: 796269B80<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $521395.15    | 0.03%             | 2034-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                                   | WASHINGTON DC MET AREA TRANSIT AUTH GROSS REVENUE            | CUSIP: 938782FP9<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |    880000 | PA      | $958274.50    | 0.05%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Detroit City School District                                                     | DETROIT MI CITY SCH DIST                                     | CUSIP: 251129ZY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3910920.30   | 0.20%             | 2029-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Water & Sewer System Revenue                             | MIAMI-DADE CNTY FL WTR & SWR REVENUE                         | CUSIP: 59334DMG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1475000 | PA      | $1541733.72   | 0.08%             | 2037-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152M99<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    305000 | PA      | $317551.24    | 0.02%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Eastern Municipal Water District Financing Authority                             | ESTRN CA MUNI WTR DIST FING AUTH WTR & WSTWTR REVENUE        | CUSIP: 27677SCJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $153873.87    | 0.01%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue       | LOS ANGELES CNTY CA MET TRANSPRTN AUTH SALES TAX REVENUE     | CUSIP: 54466HJR8<br>LEI: 54930051IHTXE1N9RB42 | Long             | DBT              | MUN               | US        |   1045000 | PA      | $1114921.89   | 0.06%             | 2036-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Public Building Authority                                               | VIRGINIA ST PUBLIC BLDG AUTH PUBLIC FACS REVENUE             | CUSIP: 9281728B4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1085705.90   | 0.05%             | 2035-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                            | SAN ANTONIO TX ELEC & GAS REVENUE                            | CUSIP: 79625GEC3<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1108035.30   | 0.06%             | 2033-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152X89<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2370178.58   | 0.12%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cherry Hill Township School District                                             | CHERRY HILL TWP NJ SCH DIST                                  | CUSIP: 164681MB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1065517.50   | 0.05%             | 2035-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | WASHINGTON ST                                                | CUSIP: 93974EDM5<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1201087.02   | 0.06%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of North Carolina at Chapel Hill                                      | UNIV OF NORTH CAROLINA NC AT CHAPEL HILL  REVENUE            | CUSIP: 914713S37<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1180805.10   | 0.06%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California Department of Water Resources                                | CALIFORNIA ST DEPT OF WTR RESOURCES CENTRL VLY PROJ          | CUSIP: 13067WNW8<br>LEI: 549300X618YEC5LGBQ98 | Long             | DBT              | MUN               | US        |    915000 | PA      | $1040228.27   | 0.05%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Park Hill School District of Platte County                                       | PLATTE CNTY MO SCH DIST PARK HILL                            | CUSIP: 727730HW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $104180.72    | 0.01%             | 2032-03-01      | Fixed         | 3.00%                 | 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: 64972GBZ6<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007542.50   | 0.05%             | 2038-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | NEW YORK NY                                                  | CUSIP: 64966QXR6<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    600000 | PA      | $608554.50    | 0.03%             | 2038-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | OHIO ST                                                      | CUSIP: 677522NZ3<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25744.19     | 0.00%             | 2033-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | CONNECTICUT ST                                               | CUSIP: 20772JP30<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   1525000 | PA      | $1629590.45   | 0.08%             | 2032-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Airport Revenue                                             | CHARLOTTE NC ARPT REVENUE                                    | CUSIP: 161036RR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1026129.80   | 0.05%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JEA Water & Sewer System Revenue                                                 | JEA FL WTR & SWR REVENUE                                     | CUSIP: 46613P3W4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1360000 | PA      | $1382641.96   | 0.07%             | 2039-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT         | CUSIP: 64990GAZ5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1325000 | PA      | $1439254.09   | 0.07%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                    | TEXAS ST WTR DEV BRD                                         | CUSIP: 882854XQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $660763.74    | 0.03%             | 2029-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Colorado Springs CO Utilities System Revenue                             | COLORADO SPRINGS CO UTILITIES REVENUE                        | CUSIP: 1966322Z5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1197514.50   | 0.06%             | 2030-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pierce County School District No 416 White River                                 | PIERCE CNTY WA SCH DIST #416 WHITE RIVER                     | CUSIP: 720628KS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $184426.50    | 0.01%             | 2031-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | COLORADO ST HLTH FACS AUTH REVENUE                           | CUSIP: 19648FJY1<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2350000 | PA      | $2340222.36   | 0.12%             | 2038-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Louisville/Jefferson County Metropolitan Government                              | LOUISVILLE & JEFFERSON CNTY KY MET GOVT HLTH SYS REVENUE     | CUSIP: 54659LBU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004247.80   | 0.05%             | 2036-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts Transportation Fund Revenue                        | MASSACHUSETTS ST TRANSPRTN FUND REVENUE                      | CUSIP: 57604TGB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1319043.09   | 0.07%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REV                              | CUSIP: 64577XCQ7<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002768.30   | 0.05%             | 2039-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City & County of San Francisco CA                                                | SAN FRANCISCO CITY & CNTY CA COPS                            | CUSIP: 79765DX47<br>LEI: 549300RA28ZEFOB6M782 | Long             | DBT              | MUN               | US        |    255000 | PA      | $257554.39    | 0.01%             | 2031-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Lexington County Health Services District Inc                                    | LEXINGTON CNTY SC HLTH SVCS DIST                             | CUSIP: 529050EQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $109364.84    | 0.01%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                              | VIRGINIA ST CLG BLDG AUTH EDUCTNL FACS REVENUE 21ST CENTURY  | CUSIP: 92778VFK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2180000 | PA      | $2473572.10   | 0.12%             | 2031-02-01      | 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: 64971WR36<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $577200.21    | 0.03%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King County School District No 412 Shoreline                                     | KING CNTY WA SCH DIST #412 SHORELINE                         | CUSIP: 495242N47<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1031993.20   | 0.05%             | 2036-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | NEW YORK NY                                                  | CUSIP: 64966QFE5<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1310697.68   | 0.07%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Hudson NJ                                                              | HUDSON CNTY NJ                                               | CUSIP: 4437267R9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1714028.80   | 0.09%             | 2034-11-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp                                           | PHOENIX AZ CIVIC IMPT CORP RENTAL CAR FAC REVENUE            | CUSIP: 718846AV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1423458.07   | 0.07%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                             | TRIBOROUGH NY BRIDGE & TUNNEL AUTH PAYROLL MOBILITY TAX      | CUSIP: 89602HFN2<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1230411.30   | 0.06%             | 2034-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Fairfax VA                                                             | FAIRFAX CNTY VA                                              | CUSIP: 30382AMU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1103749.50   | 0.06%             | 2036-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Santa Clara County Financing Authority                                           | SANTA CLARA CNTY CA FING AUTH                                | CUSIP: 801577LB1<br>LEI: 549300A73O1Q5POHAT69 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $978750.70    | 0.05%             | 2035-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | WASHINGTON ST                                                | CUSIP: 93974DX37<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |    420000 | PA      | $469359.07    | 0.02%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                           | CALIFORNIA STWD CMNTYS DEV AUTH REVENUE                      | CUSIP: 13080SC28<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1415868.44   | 0.07%             | 2038-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                    | TEXAS ST WTR DEV BRD                                         | CUSIP: 882854P71<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1070428.20   | 0.05%             | 2034-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of North Carolina                                                          | NORTH CAROLINA ST                                            | CUSIP: 6582565F5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1316391.34   | 0.07%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Nevada Highway Improvement Revenue                                      | NEVADA ST HIGHWAY IMPT REVENUE                               | CUSIP: 641480JF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1052827.50   | 0.05%             | 2033-12-01      | 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: 64971WL40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $303169.36    | 0.02%             | 2029-05-01      | 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: 59334DKG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $364488.55    | 0.02%             | 2034-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Cypress-Fairbanks Independent School District                                    | CYPRESS-FAIRBANKS TX INDEP SCH DIST                          | CUSIP: 232769GL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1318756.47   | 0.07%             | 2038-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Municipal Power Agency No 1                                       | NORTH CAROLINA ST MUNI PWR AGY #1 CATAWBA ELEC REVENUE       | CUSIP: 6582035L4<br>LEI: 549300N3Q65G1ODRFX75 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1144570.40   | 0.06%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204FGW9<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1244919.80   | 0.06%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut Housing Finance Authority                                            | CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM             | CUSIP: 20775CLV4<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |    140000 | PA      | $136758.36    | 0.01%             | 2031-11-15      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                | NORTH CAROLINA ST TURNPIKE AUTH                              | CUSIP: 65830RCA5<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |    380000 | PA      | $424740.14    | 0.02%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Norman Regional Hospital Authority                                               | NORMAN OK REGL HOSP AUTH HOSP REVENUE                        | CUSIP: 656178EG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $629229.45    | 0.03%             | 2038-09-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                              | CALIFORNIA ST PUBLIC WKS BRD LEASE REVENUE                   | CUSIP: 13068XBN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2099567.20   | 0.11%             | 2037-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Spring Independent School District                                               | SPRING TX INDEP SCH DIST                                     | CUSIP: 8500003A6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $47885.58     | 0.00%             | 2029-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                    | TEXAS ST WTR DEV BRD                                         | CUSIP: 882854A77<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $426686.72    | 0.02%             | 2033-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania State University/The                                                | PENNSYLVANIA ST UNIV                                         | CUSIP: 709235XV2<br>LEI: 549300QDK4O4XCJ47X56 | Long             | DBT              | MUN               | US        |     20000 | PA      | $21872.98     | 0.00%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland Department of Transportation                                   | MARYLAND ST DEPT OF TRANSPRTN CONSOL TRANSPRTN               | CUSIP: 574204J20<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $506058.50    | 0.03%             | 2031-09-01      | 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: 13067WLZ3<br>LEI: 549300X618YEC5LGBQ98 | Long             | DBT              | MUN               | US        |     50000 | PA      | $55479.97     | 0.00%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                                     | MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE                     | CUSIP: 5946537L5<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   1370000 | PA      | $1357203.79   | 0.07%             | 2031-12-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Harris County Flood Control District                                             | HARRIS CNTY TX FLOOD CONTROL DIST                            | CUSIP: 4140187A3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2855000 | PA      | $2936226.75   | 0.15%             | 2037-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990E3Z8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2128899.20   | 0.11%             | 2039-02-15      | 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: 64972GNH3<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |    215000 | PA      | $238448.33    | 0.01%             | 2033-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                    | N TX TOLLWAY AUTH REVENUE                                    | CUSIP: 66285WF92<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2065031.40   | 0.10%             | 2036-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Urban Development Corp                                            | NEW YORK ST URBAN DEV CORP REVENUE                           | CUSIP: 6500353T3<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |    750000 | PA      | $829136.85    | 0.04%             | 2030-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                                              | ILLINOIS ST SALES TAX REVENUE                                | CUSIP: 452227SE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1090607.10   | 0.05%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kalamazoo Hospital Finance Authority                                             | KALAMAZOO MI HOSP FIN AUTH                                   | CUSIP: 483233RK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2002374.20   | 0.10%             | 2036-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | MET TRANSPRTN AUTH NY REVENUE                                | CUSIP: 59261ATB3<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    535000 | PA      | $565317.33    | 0.03%             | 2033-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd | MET GOVT NASHVILLE & DAVIDSONCNTY TN HLTH & EDUCTNL FAC BRD  | CUSIP: 592041WF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $136508.74    | 0.01%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jefferson County School District R-1                                             | JEFFERSON CNTY CO SCH DIST #R-001                            | CUSIP: 472736X69<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1110000 | PA      | $1283324.95   | 0.06%             | 2030-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                    | NEW JERSEY ST TURNPIKE AUTH TURNPIKE REVENUE                 | CUSIP: 646140CL5<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   2130000 | PA      | $2249502.37   | 0.11%             | 2033-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                | NORTH CAROLINA ST TURNPIKE AUTH TRIANGLE EXPRESSWAY APPROP   | CUSIP: 65830VAB6<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |    360000 | PA      | $382767.73    | 0.02%             | 2034-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Transit System                                           | MIAMI-DADE CNTY FL TRANSIT SALES SURTAX REVENUE              | CUSIP: 59334PGG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    865000 | PA      | $899510.30    | 0.05%             | 2034-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                                      | NEW JERSEY ST EDUCTNL FACS AUTH REVENUE                      | CUSIP: 646066CK4<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014274.40   | 0.05%             | 2031-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County Health Facilities Authority                                    | PALM BEACH CNTY FL HLTH FACS AUTH                            | CUSIP: 69650MAV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $359685.24    | 0.02%             | 2032-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Massachusetts Building Authority                                   | UNIV OF MASSACHUSETTS MA BLDG AUTH REVENUE                   | CUSIP: 914437TU2<br>LEI: 6ILE2573NPR1XO2TR556 | Long             | DBT              | MUN               | US        |   1220000 | PA      | $1386395.68   | 0.07%             | 2034-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                            | CALIFORNIA ST INFRASTRUCTURE & ECON DEV BANK REVENUE         | CUSIP: 13034ASG6<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |    170000 | PA      | $189230.40    | 0.01%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                    | NEW JERSEY ST TURNPIKE AUTH TURNPIKE REVENUE                 | CUSIP: 6461396U4<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |    135000 | PA      | $139710.84    | 0.01%             | 2035-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Harris TX                                                              | HARRIS CNTY TX                                               | CUSIP: 414005WM6<br>LEI: 549300G9BRP25M0W1S40 | Long             | DBT              | MUN               | US        |    670000 | PA      | $728651.67    | 0.04%             | 2032-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | WASHINGTON ST                                                | CUSIP: 93974DJR0<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   1575000 | PA      | $1653439.10   | 0.08%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Kentucky                                                           | UNIV OF KENTUCKY KY GEN RECPTS                               | CUSIP: 914378MH4<br>LEI: 549300CXE3YQ1HXYCQ71 | Long             | DBT              | MUN               | US        |    770000 | PA      | $750888.22    | 0.04%             | 2035-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority                                                 | OHIO ST WTR DEV AUTH REVENUE                                 | CUSIP: 67765QKM7<br>LEI: 549300QMBH1DMY67FZ74 | Long             | DBT              | MUN               | US        |   1335000 | PA      | $1565014.09   | 0.08%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                | CUSIP: 13063DD96<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1181315.20   | 0.06%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Dedicated Excise Tax Revenue                          | DENVER CO CITY & CNTY DEDICATED TAX REVENUE                  | CUSIP: 24917DBT9<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $690620.76    | 0.03%             | 2036-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                              | CALIFORNIA ST PUBLIC WKS BRD LEASE REVENUE                   | CUSIP: 13068LA47<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $441540.44    | 0.02%             | 2029-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA ST FIN AUTH REVENUE                                  | CUSIP: 45506DR56<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1310000 | PA      | $1482720.62   | 0.07%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern Illinois Municipal Power Agency                                         | NTHRN IL MUNI PWR AGY PWR PROJ REVENUE                       | CUSIP: 665250CN4<br>LEI: VWCV6ROJUT9NS55JU583 | Long             | DBT              | MUN               | US        |    910000 | PA      | $994760.13    | 0.05%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pueblo City Schools                                                              | PUEBLO CNTY CO SCH DIST #60 PUEBLO                           | CUSIP: 744873GK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1821449.83   | 0.09%             | 2038-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority Water Pollution Control Loan Fund               | OHIO ST WTR DEV AUTH WTR POLLCONTROL REVENUE                 | CUSIP: 67766WXX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    960000 | PA      | $1069984.70   | 0.05%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Louisiana                                                               | LOUISIANA ST                                                 | CUSIP: 546417DA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    930000 | PA      | $1086520.86   | 0.05%             | 2033-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990FFY5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2236375.60   | 0.11%             | 2031-02-15      | 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: 64972GKG8<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1070375.50   | 0.05%             | 2038-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power Water System Revenue                     | LOS ANGELES CA DEPT OF WTR & PWR WTRWKS REVENUE              | CUSIP: 544525ZU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1340148.15   | 0.07%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                    | MASSACHUSETTS ST                                             | CUSIP: 57582RLS3<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |     10000 | PA      | $11071.67     | 0.00%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kitsap County School District No 401 Central Kitsap                              | KITSAP CNTY WA SCH DIST #401 CENTRAL KITSAP                  | CUSIP: 498098RA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15853.06     | 0.00%             | 2028-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Allen OH Hospital Facilities Revenue                                   | ALLEN CNTY OH HOSP FACS REVENUE                              | CUSIP: 01757LGV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1161885.70   | 0.06%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | OHIO ST HOSP FAC REVENUE                                     | CUSIP: 677561KG6<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    135000 | PA      | $152057.18    | 0.01%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Trust for Cultural Resources of The City of New York/The                         | NEW YORK CITY NY TRUST FOR CULTURAL RESOURCES                | CUSIP: 649717TE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    745000 | PA      | $786350.33    | 0.04%             | 2031-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Harris TX                                                              | HARRIS CNTY TX                                               | CUSIP: 414005WF1<br>LEI: 549300G9BRP25M0W1S40 | Long             | DBT              | MUN               | US        |    115000 | PA      | $125926.37    | 0.01%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Water System                                                         | SAN ANTONIO TX WTR REVENUE                                   | CUSIP: 79642GHF2<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |    500000 | PA      | $588962.60    | 0.03%             | 2031-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Water & Wastewater System Revenue                              | AUSTIN TX WTR & WSTWTR SYS REVENUE                           | CUSIP: 052476U48<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    995000 | PA      | $1089666.69   | 0.05%             | 2032-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990FKR4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2370000 | PA      | $2709796.38   | 0.14%             | 2034-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Campbell WY                                                            | CAMPBELL CNTY WY SOL WST FACS REVENUE                        | CUSIP: 134340AB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4101928.20   | 0.21%             | 2039-07-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| Arlington Independent School District/TX                                         | ARLINGTON TX INDEP SCH DIST                                  | CUSIP: 0418264Z8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $528045.70    | 0.03%             | 2035-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                              | VIRGINIA ST CLG BLDG AUTH EDUCTNL FACS REVENUE 21ST CENTURY  | CUSIP: 92778VLD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1144441.13   | 0.06%             | 2039-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                      | WASHINGTON ST HLTH CARE FACS AUTH                            | CUSIP: 93978HTQ8<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2088767.60   | 0.10%             | 2037-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hillsboro School District No 1J                                                  | WASHINGTON MULTNOMAH & YAMHILL CNTYS OR SCH DIST #1J         | CUSIP: 939307JC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1112926.70   | 0.06%             | 2031-06-15      | 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: 64971XRX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3442999.20   | 0.17%             | 2036-11-01      | 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: 64971XNH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1523163.45   | 0.08%             | 2039-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Great Lakes Water Authority Water Supply System Revenue                          | GREAT LAKES MI WTR AUTH WTR SPLY SYS REVENUE                 | CUSIP: 39081JBA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $139937.14    | 0.01%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Carmel Local Public Improvement Bond Bank                                        | CARMEL IN LOCAL PUBLIC IMPT BOND BANK                        | CUSIP: 143287AZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $16318.98     | 0.00%             | 2030-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Medford Hospital Facilities Authority                                            | MEDFORD OR HOSP FACS AUTH REVENUE                            | CUSIP: 584283GS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $786380.77    | 0.04%             | 2034-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Unified School District/CA                                           | LOS ANGELES CA UNIF SCH DIST                                 | CUSIP: 5446464X7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $258182.10    | 0.01%             | 2029-07-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 646136V40<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1720000 | PA      | $1785502.07   | 0.09%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                              | VIRGINIA ST CLG BLDG AUTH EDUCTNL FACS REVENUE PUBLIC HGR ED | CUSIP: 92778WMR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $21894.65     | 0.00%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Fayetteville AR Sales & Use Tax Revenue                                  | FAYETTEVILLE AR SALES & USE TAX CAPITAL IMPT                 | CUSIP: 312673FF8<br>LEI: 5493005PJCLNCCO7GU16 | Long             | DBT              | MUN               | US        |    305000 | PA      | $302087.62    | 0.02%             | 2029-11-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| North Texas Municipal Water District Water System Revenue                        | N TEXAS ST MUNI WTR DIST WTR SYS REVENUE                     | CUSIP: 662903QZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $437026.84    | 0.02%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204EBR8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     90000 | PA      | $91620.94     | 0.00%             | 2031-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Grand Parkway Transportation Corp                                                | GRAND PARKWAY TRANSPRTN CORP TX SYS TOLL REVENUE             | CUSIP: 38611TBZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1525893.15   | 0.08%             | 2039-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Gainesville & Hall County Hospital Authority                                     | GAINESVILLE & HALL CNTY GA HOSP AUTH                         | CUSIP: 362762LQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $236841.01    | 0.01%             | 2036-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL                                                          | MIAMI-DADE CNTY FL                                           | CUSIP: 59333FXJ4<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1684113.76   | 0.08%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                               | WISCONSIN ST                                                 | CUSIP: 97705MFJ9<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1531979.70   | 0.08%             | 2029-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pierce County School District No 3 Puyallup                                      | PIERCE CNTY WA SCH DIST #3 PUYALLUP                          | CUSIP: 720390ZP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    970000 | PA      | $1066382.01   | 0.05%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Paducah Electric Plant Board                                                     | PADUCAH KY ELEC PLANT BRD REVENUE                            | CUSIP: 695317DN4<br>LEI: 549300XTPDPORT8VIQ62 | Long             | DBT              | MUN               | US        |     20000 | PA      | $21783.17     | 0.00%             | 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: 64986DFL4<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1113020.10   | 0.06%             | 2033-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Conroe Independent School District                                               | CONROE TX INDEP SCH DIST                                     | CUSIP: 208418L92<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $112929.35    | 0.01%             | 2033-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Urban Development Corp                                            | NEW YORK ST URBAN DEV CORP SALES TAX REVENUE                 | CUSIP: 64985TCH2<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $5236659.90   | 0.26%             | 2036-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | CHICAGO IL                                                   | CUSIP: 167486H85<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    358000 | PA      | $358744.07    | 0.02%             | 2030-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116EK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1298866.70   | 0.07%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Pollution Control Corp                                           | MARICOPA CNTY AZ POLL CONTROLCORP POLL CONTROL REVENUE       | CUSIP: 566854EN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1188619.95   | 0.06%             | 2035-06-01      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| Eastern Municipal Water District Financing Authority                             | ESTRN CA MUNI WTR DIST FING AUTH WTR & WSTWTR REVENUE        | CUSIP: 27677SBL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1070000 | PA      | $1238257.61   | 0.06%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Transportation Infrastructure Bank                                | SOUTH CAROLINA ST TRANSPRTN INFRASTRUCTURE BANK REVENUE      | CUSIP: 837152VP9<br>LEI: 549300YI1NMCP4VLJN43 | Long             | DBT              | MUN               | US        |    100000 | PA      | $113109.37    | 0.01%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 6461364E8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1395000 | PA      | $1540363.46   | 0.08%             | 2033-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of San Francisco CA                                                | SAN FRANCISCO CITY & CNTY CA COPS                            | CUSIP: 79765DX39<br>LEI: 549300RA28ZEFOB6M782 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2086780.40   | 0.10%             | 2030-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Springfield IL Electric Revenue                                          | SPRINGFIELD IL ELEC REVENUE                                  | CUSIP: 850578TS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15629.36     | 0.00%             | 2034-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | DIST OF COLUMBIA                                             | CUSIP: 25476FPN2<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1397421.32   | 0.07%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Thruway Authority                                                 | NEW YORK ST THRUWAY AUTH                                     | CUSIP: 650009G56<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4335000 | PA      | $4542574.54   | 0.23%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Water & Wastewater System Revenue                              | AUSTIN TX WTR & WSTWTR SYS REVENUE                           | CUSIP: 052476U30<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $394886.74    | 0.02%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Santa Clara County Financing Authority                                           | SANTA CLARA CNTY CA FING AUTH                                | CUSIP: 801577KZ9<br>LEI: 549300A73O1Q5POHAT69 | Long             | DBT              | MUN               | US        |    400000 | PA      | $412852.92    | 0.02%             | 2033-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REV                              | CUSIP: 64577XAV8<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    260000 | PA      | $293131.59    | 0.01%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                            | NORTH CAROLINA ST HSG FIN AGY HOMEOWNERSHIP REVENUE          | CUSIP: 658207T54<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1048340.90   | 0.05%             | 2037-07-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Central Puget Sound Regional Transit Authority                                   | CENTRL PUGET SOUND WA REGL TRANSIT AUTH SALES TAX & MOTOR VE | CUSIP: 155048DY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2420338.20   | 0.12%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA                                                          | PHILADELPHIA PA                                              | CUSIP: 717813VP1<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |    750000 | PA      | $823538.10    | 0.04%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Nevada Highway Improvement Revenue                                      | NEVADA ST HIGHWAY IMPT REVENUE                               | CUSIP: 641480JU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $811260.94    | 0.04%             | 2032-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                              | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE                  | CUSIP: 7087967C5<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |    300000 | PA      | $296730.84    | 0.01%             | 2032-10-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| North Texas Municipal Water District Water System Revenue                        | N TEXAS ST MUNI WTR DIST WTR SYS REVENUE                     | CUSIP: 662903RB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $543051.20    | 0.03%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Commonwealth Transportation Board                                       | VIRGINIA ST CMWLTH TRANSPRTN BRD TRANSPRTN REVENUE           | CUSIP: 927793D97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $135005.27    | 0.01%             | 2031-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Troy Capital Resource Corp                                                       | TROY NY CAPITAL RESOURCE CORP REVENUE                        | CUSIP: 897579BP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1795000 | PA      | $2021648.91   | 0.10%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                         | CONNECTICUT ST SPL TAX OBLIG REVENUE                         | CUSIP: 207758XM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $212741.96    | 0.01%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark Department of Aviation                                           | CLARK CNTY NV ARPT REVENUE                                   | CUSIP: 18085PQD9<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2593754.50   | 0.13%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp                                           | PHOENIX AZ CIVIC IMPT CORP WTR SYS REVENUE                   | CUSIP: 71883RPF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $130928.77    | 0.01%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | NEW YORK NY                                                  | CUSIP: 64966QME7<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    415000 | PA      | $495173.81    | 0.02%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                             | TRIBOROUGH NY BRIDGE & TUNNEL AUTH REVENUES                  | CUSIP: 89602N7L2<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1070000 | PA      | $1181828.59   | 0.06%             | 2032-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | HOUSTON TX ARPT SYS REVENUE                                  | CUSIP: 442349DB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1106030.20   | 0.06%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cook IL                                                                | COOK CNTY IL                                                 | CUSIP: 213185KK6<br>LEI: 5493004UMR7OX4YITE10 | Long             | DBT              | MUN               | US        |    250000 | PA      | $270945.00    | 0.01%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Columbus OH                                                              | COLUMBUS OH                                                  | CUSIP: 199492H51<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1184602.40   | 0.06%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Aldine Independent School District                                               | ALDINE TX INDEP SCH DIST                                     | CUSIP: 014393XK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $701201.00    | 0.04%             | 2034-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue       | LOS ANGELES CNTY CA MET TRANSPRTN AUTH SALES TAX REVENUE     | CUSIP: 54466HET9<br>LEI: 54930051IHTXE1N9RB42 | Long             | DBT              | MUN               | US        |    795000 | PA      | $894802.55    | 0.04%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| East Bay Municipal Utility District Water System Revenue                         | EAST BAY CA MUNI UTILITY DIST WTR SYS REVENUE                | CUSIP: 271014E81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $247231.80    | 0.01%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Santa Clara CA                                                         | SANTA CLARA CNTY CA                                          | CUSIP: 801546QK1<br>LEI: 254900JSVO2QQ5A3DV83 | Long             | DBT              | MUN               | US        |    525000 | PA      | $590848.07    | 0.03%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                     | PENNSYLVANIA ST                                              | CUSIP: 70914PS60<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $836822.25    | 0.04%             | 2037-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | MET TRANSPRTN AUTH NY REVENUE                                | CUSIP: 59261APJ0<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1035000 | PA      | $685810.87    | 0.03%             | 2033-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Sports & Exhibition Authority of Pittsburgh and Allegheny County                 | PITTSBURGH & ALLEGHENY CNTY PA SPORTS & EXHIBITION AUTH SALE | CUSIP: 724799BR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1129898.20   | 0.06%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland                                                                | MARYLAND ST                                                  | CUSIP: 574193MJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2005477.20   | 0.10%             | 2030-08-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| San Francisco County Transportation Authority Sales Tax Revenue                  | SAN FRANCISCO CNTY CA TRANSPRTN AUTH SALES TAX REVENUE       | CUSIP: 79773TAM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $137998.03    | 0.01%             | 2031-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | DIST OF COLUMBIA                                             | CUSIP: 25476FTN8<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |     25000 | PA      | $27492.10     | 0.00%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 6461364F5<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1203133.25   | 0.06%             | 2034-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oakland Unified School District/Alameda County                                   | OAKLAND CA UNIF SCH DIST ALAMEDA CNTY                        | CUSIP: 672325ZV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $191286.25    | 0.01%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | CONNECTICUT ST                                               | CUSIP: 20772J6Q0<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |    680000 | PA      | $753595.86    | 0.04%             | 2029-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Transportation Infrastructure Bank                                | SOUTH CAROLINA ST TRANSPRTN INFRASTRUCTURE BANK REVENUE      | CUSIP: 837152UT2<br>LEI: 549300YI1NMCP4VLJN43 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1081180.10   | 0.05%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Department of Transportation                                           | WISCONSIN ST TRANSPRTN REVENUE                               | CUSIP: 977123U55<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $128928.54    | 0.01%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990FKT0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   3910000 | PA      | $4375488.24   | 0.22%             | 2036-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Department of Transportation                                           | WISCONSIN ST TRANSPRTN REVENUE                               | CUSIP: 977123N61<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    510000 | PA      | $528280.08    | 0.03%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                             | PENNSYLVANIA ST HGR EDUCTNL FACS AUTH REVENUE                | CUSIP: 70917SWA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1056167.60   | 0.05%             | 2031-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Community College District/CA                                        | LOS ANGELES CA CMNTY CLG DIST                                | CUSIP: 54438CXG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $428085.68    | 0.02%             | 2032-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL                                                          | MIAMI-DADE CNTY FL                                           | CUSIP: 59333FRK8<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |    100000 | PA      | $106170.56    | 0.01%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Unified School District/CA                                           | LOS ANGELES CA UNIF SCH DIST                                 | CUSIP: 544647ER7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1549938.91   | 0.08%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA DEV FIN CORP HLTHCAREFACS REVENUE                    | CUSIP: 34061QBB2<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2041924.00   | 0.10%             | 2035-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA                                                          | PHILADELPHIA PA                                              | CUSIP: 717813ZA0<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |   1925000 | PA      | $1958967.40   | 0.10%             | 2039-05-01      | 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: 64971WR69<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    540000 | PA      | $586386.16    | 0.03%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | WASHINGTON ST                                                | CUSIP: 93974EJE7<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1137964.80   | 0.06%             | 2038-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                | CUSIP: 13063DF45<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1795000 | PA      | $1978631.19   | 0.10%             | 2033-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JEA Electric System Revenue                                                      | JEA FL ELEC SYS REVENUE                                      | CUSIP: 46613SFX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $948434.08    | 0.05%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Springfield School District No R-12                                              | SPRINGFIELD MO SCH DIST #R-12                                | CUSIP: 851035UE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $696334.08    | 0.03%             | 2034-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Great Lakes Water Authority Sewage Disposal System Revenue                       | GREAT LAKES MI WTR AUTH SEWAGE DISPOSAL SYS REVENUE          | CUSIP: 39081HAM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $270555.53    | 0.01%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fontana Redevelopment Agency Successor Agency                                    | FONTANA CA REDEV AGY SUCCESSOR AGY TAX ALLOCATION            | CUSIP: 34461CAQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $849075.72    | 0.04%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | CONNECTICUT ST                                               | CUSIP: 20772JPP1<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2027328.60   | 0.10%             | 2032-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                | CUSIP: 13063CPT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1040296.10   | 0.05%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Santa Clara County Financing Authority                                           | SANTA CLARA CNTY CA FING AUTH                                | CUSIP: 801577KY2<br>LEI: 549300A73O1Q5POHAT69 | Long             | DBT              | MUN               | US        |   1510000 | PA      | $1568612.01   | 0.08%             | 2032-05-15      | Fixed         | 4.00%                 | 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: 64972GUC6<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1179628.20   | 0.06%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE         | CUSIP: 709224PK9<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   2650000 | PA      | $2779481.65   | 0.14%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                | CUSIP: 13063C6M7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $733045.46    | 0.04%             | 2033-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tri-County Metropolitan Transportation District of Oregon                        | TRI-CNTY OR MET TRANSPRTN DIST                               | CUSIP: 89546RPV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    570000 | PA      | $566764.91    | 0.03%             | 2034-10-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990FAZ7<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    595000 | PA      | $657366.47    | 0.03%             | 2032-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kent State University                                                            | KENT OH ST UNIV REVENUES                                     | CUSIP: 490728YK2<br>LEI: 549300HL3HX54032AG28 | Long             | DBT              | MUN               | US        |     20000 | PA      | $21739.99     | 0.00%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE         | CUSIP: 709224E39<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2038129.40   | 0.10%             | 2037-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | CHICAGO IL                                                   | CUSIP: 167486L80<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1077902.00   | 0.05%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Charlotte-Mecklenburg Hospital Authority/The                                     | CHARLOTTE-MECKLENBURG NC HOSP AUTH HLTH CARE SYS REVENUE     | CUSIP: 160853TK3<br>LEI: 549300XOH4JU704GMZ32 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1440489.15   | 0.07%             | 2048-01-15      | Floating      | 1.95%                 | No            |                  2 | On Loan: No      |
| Adams 12 Five Star Schools                                                       | ADAMS CO 12 FIVE STAR SCHS                                   | CUSIP: 006449GV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2207622.00   | 0.11%             | 2030-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Independent School District/TX                                       | SAN ANTONIO TX INDEP SCH DIST                                | CUSIP: 796269B56<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1025000 | PA      | $1174641.49   | 0.06%             | 2031-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE         | CUSIP: 709224S59<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1113769.30   | 0.06%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Transportation Infrastructure Bank                                | SOUTH CAROLINA ST TRANSPRTN INFRASTRUCTURE BANK REVENUE      | CUSIP: 837152WA1<br>LEI: 549300YI1NMCP4VLJN43 | Long             | DBT              | MUN               | US        |   1270000 | PA      | $1477043.15   | 0.07%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority Water Pollution Control Loan Fund               | OHIO ST WTR DEV AUTH WTR POLLCONTROL REVENUE                 | CUSIP: 67766WYZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1970000 | PA      | $2251706.06   | 0.11%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp                                           | PHOENIX AZ CIVIC IMPT CORP RENTAL CAR FAC REVENUE            | CUSIP: 718846AT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1129418.30   | 0.06%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Mecklenburg NC                                                         | MECKLENBURG CNTY NC                                          | CUSIP: 584002UU1<br>LEI: 5493006G3IC5PBHB7A65 | Long             | DBT              | MUN               | US        |    250000 | PA      | $241624.08    | 0.01%             | 2030-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Housing & Mortgage Finance Corp                                     | RHODE ISLAND ST HSG & MTGE FIN CORP                          | CUSIP: 76221RG98<br>LEI: 254900N9FNYNPO539444 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $832517.70    | 0.04%             | 2035-10-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA ST FIN AUTH REVENUE                                  | CUSIP: 45506DZH1<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    100000 | PA      | $108976.00    | 0.01%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kitsap County School District No 401 Central Kitsap                              | KITSAP CNTY WA SCH DIST #401 CENTRAL KITSAP                  | CUSIP: 498098RG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1034646.30   | 0.05%             | 2034-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                | CUSIP: 13063DM54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $5325009.30   | 0.27%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                         | CONNECTICUT ST SPL TAX OBLIG REVENUE                         | CUSIP: 207758VX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    785000 | PA      | $808586.27    | 0.04%             | 2035-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of San Francisco CA Public Utilities Commission Water Revenue               | SAN FRANCISCO CITY & CNTY CA PUBLIC UTILITIES COMMISSION WTR | CUSIP: 79765R2R9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    785000 | PA      | $878800.36    | 0.04%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Hennepin MN Sales Tax Revenue                                          | HENNEPIN CNTY MN SALES TAX REVENUE                           | CUSIP: 425538DC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1102246.80   | 0.06%             | 2031-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                          | SOUTH CAROLINA ST PUBLIC SVC AUTH REVENUE                    | CUSIP: 837151WU9<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3369268.50   | 0.17%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH REVENUESNON ST SUPPORTED DEBT          | CUSIP: 64990CB83<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    200000 | PA      | $222980.58    | 0.01%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE                | CUSIP: 97712DD60<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    500000 | PA      | $519424.65    | 0.03%             | 2031-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH SALES TAX REVENUE                      | CUSIP: 64990AFB6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    140000 | PA      | $153148.32    | 0.01%             | 2031-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Gainesville FL Utilities System Revenue                                  | GAINESVILLE FL UTILITIES SYS REVENUE                         | CUSIP: 362848UG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1045000 | PA      | $1157613.38   | 0.06%             | 2034-10-01      | 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: 64972HY55<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1605000 | PA      | $1820354.57   | 0.09%             | 2033-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                      | WASHINGTON ST HLTH CARE FACS AUTH                            | CUSIP: 93978HTP0<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   1815000 | PA      | $1901914.72   | 0.10%             | 2036-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990EQR1<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    385000 | PA      | $396590.27    | 0.02%             | 2030-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern Illinois Municipal Power Agency                                         | NTHRN IL MUNI PWR AGY PWR PROJ REVENUE                       | CUSIP: 665250CP9<br>LEI: VWCV6ROJUT9NS55JU583 | Long             | DBT              | MUN               | US        |    990000 | PA      | $1067527.59   | 0.05%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Kentucky                                                           | UNIV OF KENTUCKY KY GEN RECPTS                               | CUSIP: 914378MC5<br>LEI: 549300CXE3YQ1HXYCQ71 | Long             | DBT              | MUN               | US        |    500000 | PA      | $523561.80    | 0.03%             | 2030-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Port St Lucie FL Utility System Revenue                                  | PORT SAINT LUCIE FL UTILITY REVENUE                          | CUSIP: 735352QF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1455000 | PA      | $1521859.14   | 0.08%             | 2031-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204FJM8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1519887.75   | 0.08%             | 2038-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN                                                           | MINNEAPOLIS MN HLTH CARE SYS REVENUE                         | CUSIP: 60374VDY6<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |    125000 | PA      | $136501.30    | 0.01%             | 2033-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                    | MASSACHUSETTS ST                                             | CUSIP: 57582RJH0<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012663.10   | 0.05%             | 2038-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Central Plains Energy Project                                                    | CENTRL PLAINS ENERGY PROJ NE GAS PROJ REVENUE                | CUSIP: 154871CL9<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2202108.00   | 0.11%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                    | TEXAS ST WTR DEV BRD                                         | CUSIP: 882854B35<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2070333.40   | 0.10%             | 2037-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of Houston of Harris County Texas                                 | PORT HOUSTON TX AUTH                                         | CUSIP: 7342606K3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    740000 | PA      | $877206.06    | 0.04%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                      | CONNECTICUT ST HLTH & EDUCTNL FACS AUTH REVENUE              | CUSIP: 20775DCN0<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    525000 | PA      | $519295.40    | 0.03%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | MET TRANSPRTN AUTH NY REVENUE                                | CUSIP: 59261AJT5<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    340000 | PA      | $341497.46    | 0.02%             | 2033-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp                                                    | SALES TAX SECURITIZATION CORP IL                             | CUSIP: 79467BFG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1155576.40   | 0.06%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU DEDICATED CAPITAL IMPT                 | CUSIP: 167510AB2<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    100000 | PA      | $106499.79    | 0.01%             | 2033-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| County of Sacramento CA Airport System Revenue                                   | SACRAMENTO CNTY CA ARPT SYS REVENUE                          | CUSIP: 786107SW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $168549.20    | 0.01%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Urban Development Corp                                            | NEW YORK ST URBAN DEV CORP REVENUE                           | CUSIP: 650035ZE1<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1805359.32   | 0.09%             | 2032-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pierce County School District No 3 Puyallup                                      | PIERCE CNTY WA SCH DIST #3 PUYALLUP                          | CUSIP: 720390ZL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $111019.81    | 0.01%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                             | TRIBOROUGH NY BRIDGE & TUNNEL AUTH REVENUES                  | CUSIP: 89602N7R9<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1080950.20   | 0.05%             | 2037-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Columbus OH                                                              | COLUMBUS OH                                                  | CUSIP: 199492YP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1245000 | PA      | $1442741.48   | 0.07%             | 2031-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Philadelphia/The                                              | PHILADELPHIA PA SCH DIST                                     | CUSIP: 717883TN2<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1050663.60   | 0.05%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut Housing Finance Authority                                            | CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM             | CUSIP: 20775CVF8<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |    260000 | PA      | $260845.10    | 0.01%             | 2032-11-15      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority                                                 | OHIO ST WTR DEV AUTH REVENUE                                 | CUSIP: 67765QHK5<br>LEI: 549300QMBH1DMY67FZ74 | Long             | DBT              | MUN               | US        |   1760000 | PA      | $2001959.17   | 0.10%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Forsyth MT                                                               | FORSYTH MT POLL CONTROL REVENUE                              | CUSIP: 346668DH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000261.30   | 0.05%             | 2031-03-01      | Floating      | 3.90%                 | No            |                  2 | On Loan: No      |
| San Francisco Unified School District                                            | SAN FRANCISCO CITY & CNTY CA UNIF SCH DIST                   | CUSIP: 79771TNK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2151040.00   | 0.11%             | 2034-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority                            | NEW JERSEY ST HLTH CARE FACS FING AUTH REVENUE               | CUSIP: 64579F4Q3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2355000 | PA      | $2380275.98   | 0.12%             | 2035-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Florida Department of Transportation                                    | FLORIDA ST DEPT OF TRANSN FING CORP REVENUE                  | CUSIP: 34160KBB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1025921.90   | 0.05%             | 2031-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | DIST OF COLUMBIA                                             | CUSIP: 25476FUE6<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    170000 | PA      | $189114.92    | 0.01%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45203HY30<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   3145000 | PA      | $3080136.89   | 0.15%             | 2037-08-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | MICHIGAN ST FIN AUTH REVENUE                                 | CUSIP: 59447TMJ9<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    140000 | PA      | $138477.21    | 0.01%             | 2033-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Everett Housing Authority/WA                                                     | EVERETT WA HSG AUTH REVENUE                                  | CUSIP: 30002GAG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1545000 | PA      | $1545003.55   | 0.08%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cypress-Fairbanks Independent School District                                    | CYPRESS-FAIRBANKS TX INDEP SCH DIST                          | CUSIP: 232769FG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1805000 | PA      | $2088670.37   | 0.10%             | 2031-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                    | N TX TOLLWAY AUTH REVENUE                                    | CUSIP: 66285WSK3<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   1675000 | PA      | $1787878.42   | 0.09%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH REVENUESNON ST SUPPORTED DEBT          | CUSIP: 64990CB26<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    445000 | PA      | $498167.04    | 0.03%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990FZH0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2085000 | PA      | $2422409.92   | 0.12%             | 2029-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County Convention Center/Orlando                                          | ORANGE CNTY FL TOURIST DEV TAX                               | CUSIP: 684545A71<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $207288.84    | 0.01%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tomball Independent School District                                              | TOMBALL TX INDEP SCH DIST                                    | CUSIP: 889855U34<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1305344.48   | 0.07%             | 2037-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland Department of Transportation                                   | MARYLAND ST DEPT OF TRANSPRTN CONSOL TRANSPRTN               | CUSIP: 574204K51<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $812642.25    | 0.04%             | 2030-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Public Building Authority                                               | VIRGINIA ST PUBLIC BLDG AUTH PUBLIC FACS REVENUE             | CUSIP: 9281728D0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1059504.80   | 0.05%             | 2037-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Bay Transportation Authority Sales Tax Revenue                     | MASSACHUSETTS ST BAY TRANSPRTN AUTH SALES TAX REVENUE        | CUSIP: 575579ZQ3<br>LEI: 549300D2U0XBUXGX8P68 | Long             | DBT              | MUN               | US        |    130000 | PA      | $101757.59    | 0.01%             | 2030-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                | CUSIP: 13063DF94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2399571.14   | 0.12%             | 2039-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Garland Independent School District                                              | GARLAND TX INDEP SCH DIST                                    | CUSIP: 366155N54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $169568.09    | 0.01%             | 2031-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Central Florida Expressway Authority                                             | CENTRL FL EXPRESSWAY AUTH SR LIEN REVENUE                    | CUSIP: 153476CZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2139693.80   | 0.11%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii Department of Budget & Finance                                   | HAWAII ST DEPT OF BUDGET & FIN SPL PURPOSE REVENUE           | CUSIP: 419800JV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013379.90   | 0.05%             | 2033-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Orange County School Board                                                       | ORANGE CNTY FL SCH BRD COPS                                  | CUSIP: 684517RW7<br>LEI: 549300SEFJ368NVQXL34 | Long             | DBT              | MUN               | US        |    410000 | PA      | $439238.17    | 0.02%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                 | CMWLTH FING AUTH PA TOBACCO MASTER SETTLEMENT PAYMENT REV    | CUSIP: 20282EAL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    775000 | PA      | $862472.93    | 0.04%             | 2030-06-01      | 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: 64972H5W8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1432634.64   | 0.07%             | 2036-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power Water System Revenue                     | LOS ANGELES CA DEPT OF WTR & PWR WTRWKS REVENUE              | CUSIP: 544525P69<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1174764.10   | 0.06%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | HOUSTON TX ARPT SYS REVENUE                                  | CUSIP: 442349CW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $141997.31    | 0.01%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of West Virginia                                                           | WEST VIRGINIA ST                                             | CUSIP: 956553G96<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $561125.95    | 0.03%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Unified School District/CA                                           | LOS ANGELES CA UNIF SCH DIST                                 | CUSIP: 544647BA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1580000 | PA      | $1713042.16   | 0.09%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Private Colleges & Universities Authority                                        | PRIV CLGS & UNIVS AUTH GA                                    | CUSIP: 74265LM88<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2032931.80   | 0.10%             | 2038-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland                                                                | MARYLAND ST                                                  | CUSIP: 574193PS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1011999.60   | 0.05%             | 2031-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Ohio Turnpike & Infrastructure Commission                                        | OHIO ST TURNPIKE COMMISSION                                  | CUSIP: 67760HLN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1845000 | PA      | $2090016.18   | 0.10%             | 2030-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority Dedicated Revenue                 | WASHINGTON DC MET AREA TRANSIT AUTH DEDICATED REVENUE        | CUSIP: 93878YAQ2<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1577556.68   | 0.08%             | 2037-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | OHIO ST HOSP FAC REVENUE                                     | CUSIP: 677561KL5<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    760000 | PA      | $801241.10    | 0.04%             | 2034-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland                                                                | MARYLAND ST                                                  | CUSIP: 574193TJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1166466.00   | 0.06%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Harris TX                                                              | HARRIS CNTY TX                                               | CUSIP: 414005UM8<br>LEI: 549300G9BRP25M0W1S40 | Long             | DBT              | MUN               | US        |   2645000 | PA      | $2836703.52   | 0.14%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pueblo City Schools                                                              | PUEBLO CNTY CO SCH DIST #60 PUEBLO                           | CUSIP: 744873GJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $468501.50    | 0.02%             | 2037-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                         | CONNECTICUT ST SPL TAX OBLIG REVENUE                         | CUSIP: 207758A29<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2825314.25   | 0.14%             | 2037-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                               | WISCONSIN ST                                                 | CUSIP: 97705MGV1<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |    460000 | PA      | $512132.26    | 0.03%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp                                           | PHOENIX AZ CIVIC IMPT CORP ARPT REVENUE                      | CUSIP: 71883MLV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $276170.30    | 0.01%             | 2034-07-01      | 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: 64971WR51<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    690000 | PA      | $749754.55    | 0.04%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | WASHINGTON ST                                                | CUSIP: 93974DYG7<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |    495000 | PA      | $540302.35    | 0.03%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | DIST OF COLUMBIA                                             | CUSIP: 25476FRP5<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    250000 | PA      | $271378.45    | 0.01%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New Jersey                                                              | NEW JERSEY ST                                                | CUSIP: 646039YS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1135000 | PA      | $1261097.02   | 0.06%             | 2032-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Georgia                                                                 | GEORGIA ST                                                   | CUSIP: 373385AR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1328581.92   | 0.07%             | 2033-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Transit Authority                                                           | UTAH ST TRANSIT AUTH SALES TAX REVENUE                       | CUSIP: 917567CH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $892438.63    | 0.04%             | 2029-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | MET TRANSPRTN AUTH NY REVENUE                                | CUSIP: 59261AQA8<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1540000 | PA      | $1634843.67   | 0.08%             | 2030-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of King WA                                                                | KING CNTY WA                                                 | CUSIP: 49474FSG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2110000 | PA      | $2259589.08   | 0.11%             | 2030-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power Water System Revenue                     | LOS ANGELES CA DEPT OF WTR & PWR WTRWKS REVENUE              | CUSIP: 544525SG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1515564.45   | 0.08%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Texas Turnpike System                                                    | TEXAS ST TRANSPRTN COMMISSION CENTRAL TX TURNPIKE SYS REVENU | CUSIP: 88283KAX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1570000 | PA      | $1612306.01   | 0.08%             | 2034-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tomball Independent School District                                              | TOMBALL TX INDEP SCH DIST                                    | CUSIP: 889855U42<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1181848.70   | 0.06%             | 2038-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Akron Bath Copley Joint Township Hospital District                               | AKRON BATH COPLEY JT TWP OH HOSP DIST                        | CUSIP: 009730PT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $970562.40    | 0.05%             | 2036-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Bexar County Hospital District                                                   | BEXAR CNTY TX HOSP DIST                                      | CUSIP: 088365FK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $119815.66    | 0.01%             | 2032-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Utility Debt Securitization Authority                                            | UTILITY DEBT SECURITIZATION AUTH NY                          | CUSIP: 91802RCE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    610000 | PA      | $665876.43    | 0.03%             | 2032-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                 | MARICOPA CNTY AZ INDL DEV AUTH                               | CUSIP: 56682HCF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20167.09     | 0.00%             | 2033-01-01      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| Arapahoe County School District No 5 Cherry Creek                                | CHERRY CREEK CO SCH DIST #5                                  | CUSIP: 164555BC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1077202.10   | 0.05%             | 2030-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Butler OH                                                              | BUTLER CNTY OH HOSP FACS                                     | CUSIP: 123550HW8<br>LEI: 54930064OLVQO8IVR655 | Long             | DBT              | MUN               | US        |   1205000 | PA      | $1201832.18   | 0.06%             | 2037-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                    | MASSACHUSETTS ST                                             | CUSIP: 57582RG91<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2099032.80   | 0.11%             | 2037-11-01      | Fixed         | 4.00%                 | 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: 64972H5S7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1214541.10   | 0.06%             | 2032-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Louisiana                                                               | LOUISIANA ST                                                 | CUSIP: 546417DB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    910000 | PA      | $1058320.45   | 0.05%             | 2034-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco Bay Area Rapid Transit District                                    | SAN FRANCISCO CA BAY AREA RAPID TRANSIT DIST                 | CUSIP: 797661YW9<br>LEI: 549300Y3C3QUMLE3FY58 | Long             | DBT              | MUN               | US        |    140000 | PA      | $162262.86    | 0.01%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Hudson NJ                                                              | HUDSON CNTY NJ                                               | CUSIP: 4437267S7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    685000 | PA      | $565821.44    | 0.03%             | 2035-11-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Clean Water Fund - State Revolving Fund                     | CONNECTICUT ST REVOLVING FUNDGEN REVENUE                     | CUSIP: 20775YDM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1110740.90   | 0.06%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pflugerville Independent School District                                         | PFLUGERVILLE TX INDEP SCH DIST                               | CUSIP: 717096DG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1155111.30   | 0.06%             | 2037-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Hospital Development Authority                                  | ALLEGHENY CNTY PA HOSP DEV AUTH                              | CUSIP: 01728A4Q6<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |    360000 | PA      | $410296.14    | 0.02%             | 2030-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County Convention Center/Orlando                                          | ORANGE CNTY FL TOURIST DEV TAX                               | CUSIP: 684545YW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $106618.32    | 0.01%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Mount Pleasent SC Water & Sewer Revenue                                  | MOUNT PLEASANT SC WTR & SWR REVENUE                          | CUSIP: 622634FT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019966.30   | 0.05%             | 2039-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                                 | ENERGY N W WA ELEC REVENUE                                   | CUSIP: 29270CZ57<br>LEI: 549300164ZV2301BC703 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1126860.50   | 0.06%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH SALES TAX REVENUE                      | CUSIP: 64990ACA1<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2150000 | PA      | $2210138.51   | 0.11%             | 2034-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Volusia County School Board                                                      | VOLUSIA CNTY FL SCH BRD COPS                                 | CUSIP: 92884EHH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1320000 | PA      | $1363117.01   | 0.07%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                    | MASSACHUSETTS ST                                             | CUSIP: 57582RQB5<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |    100000 | PA      | $112696.21    | 0.01%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of California                                                         | UNIV OF CALIFORNIA CA REVENUES                               | CUSIP: 91412HAS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    310000 | PA      | $354198.99    | 0.02%             | 2033-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                 | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                    | CUSIP: 13032UNT1<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1575000 | PA      | $1716778.51   | 0.09%             | 2035-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland                                                                | MARYLAND ST                                                  | CUSIP: 574193UU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1076200.40   | 0.05%             | 2036-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                            | CALIFORNIA ST INFRASTRUCTURE & ECON DEV BANK REVENUE         | CUSIP: 13034AJR2<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |     55000 | PA      | $60151.77     | 0.00%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii                                                                  | HAWAII ST                                                    | CUSIP: 419792MK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $16481.14     | 0.00%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Shelby TN                                                              | SHELBY CNTY TN                                               | CUSIP: 8216862A9<br>LEI: 5493000UVZ1EF2SIPO10 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1078124.00   | 0.05%             | 2035-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                                      | NEW JERSEY ST EDUCTNL FACS AUTH REVENUE                      | CUSIP: 6460665F3<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |    500000 | PA      | $559412.65    | 0.03%             | 2032-07-01      | 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: 79574CCT8<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |    250000 | PA      | $280329.70    | 0.01%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL                                                          | MIAMI-DADE CNTY FL SPL OBLIG                                 | CUSIP: 59333NZA4<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |    565000 | PA      | $426747.78    | 0.02%             | 2031-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Polk County School District                                                      | POLK CNTY FL SCH DIST SALES TAX REVENUE                      | CUSIP: 731127DA1<br>LEI: 549300N07FMPTRZO0044 | Long             | DBT              | MUN               | US        |    100000 | PA      | $115797.78    | 0.01%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Unified School District/CA                                           | LOS ANGELES CA UNIF SCH DIST                                 | CUSIP: 5446466M9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    645000 | PA      | $733784.83    | 0.04%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern Illinois Municipal Power Agency                                         | NTHRN IL MUNI PWR AGY PWR PROJ REVENUE                       | CUSIP: 665250CV6<br>LEI: VWCV6ROJUT9NS55JU583 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1524077.70   | 0.08%             | 2036-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Minneapolis-St Paul Metropolitan Airports Commission                             | MINNEAPOLIS-SAINT PAUL MN MET ARPTS COMMISSION ARPT REVENUE  | CUSIP: 603827VX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2558635.75   | 0.13%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                   | LOWER COLORADO RIVER TX AUTH REVENUE                         | CUSIP: 54811GK58<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1197823.50   | 0.06%             | 2032-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Water Resources Authority                                          | MASSACHUSETTS ST WTR RESOURCES AUTH                          | CUSIP: 576049W30<br>LEI: 549300GBS2G3YGHOYO19 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2426936.40   | 0.12%             | 2030-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp                                           | NEW YORK CITY NY HSG DEV CORP                                | CUSIP: 64970HEU4<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2002509.00   | 0.10%             | 2034-11-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | DIST OF COLUMBIA INCOME TAX SECURED REVENUE                  | CUSIP: 25477GSU0<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    250000 | PA      | $296822.60    | 0.01%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Conroe Independent School District                                               | CONROE TX INDEP SCH DIST                                     | CUSIP: 208418YG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1430000 | PA      | $1509558.34   | 0.08%             | 2031-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 6461367X3<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    500000 | PA      | $572801.50    | 0.03%             | 2033-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Turnpike & Infrastructure Commission                                        | OHIO ST TURNPIKE COMMISSION                                  | CUSIP: 67760HLR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $565691.75    | 0.03%             | 2032-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | MET TRANSPRTN AUTH NY REVENUE                                | CUSIP: 59261AQD2<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1980000 | PA      | $1999128.78   | 0.10%             | 2032-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hudson Yards Infrastructure Corp                                                 | HUDSON YARDS INFRASTRUCTURE CORP NY 2ND INDENTURE REVENUE    | CUSIP: 44420RAT7<br>LEI: 549300EE2HJ67TPURL87 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1874045.32   | 0.09%             | 2032-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mount Diablo Unified School District/CA                                          | MOUNT DIABLO CA UNIF SCH DIST                                | CUSIP: 621196N83<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1069194.80   | 0.05%             | 2035-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of North Carolina                                                          | NORTH CAROLINA ST GRANT ANTICIPATION REVENUE                 | CUSIP: 658268EB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2888648.75   | 0.15%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57584YJP5<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    130000 | PA      | $143577.47    | 0.01%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                         | CONNECTICUT ST SPL TAX OBLIG REVENUE                         | CUSIP: 207758C76<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1757922.00   | 0.09%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Industrial Development Agency                                      | NEW YORK CITY NY INDL DEV AGY REVENUE                        | CUSIP: 64971PKA2<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |   2145000 | PA      | $2462496.89   | 0.12%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Houston Independent School District                                              | HOUSTON TX INDEP SCH DIST                                    | CUSIP: 442403MC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $829461.83    | 0.04%             | 2030-02-15      | 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: 64971XCS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $118694.36    | 0.01%             | 2035-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                                   | WASHINGTON DC MET AREA TRANSIT AUTH GROSS REVENUE            | CUSIP: 938782FL8<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |    650000 | PA      | $713989.19    | 0.04%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                | CUSIP: 13063CGB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2036582.40   | 0.10%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Truckee Meadows Water Authority                                                  | TRUCKEE MEADOWS NV WTR AUTH WTR REVENUE                      | CUSIP: 897825GN9<br>LEI: 549300GC367BYY1WT202 | Long             | DBT              | MUN               | US        |     30000 | PA      | $32454.50     | 0.00%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Thruway Authority                                                 | NEW YORK ST THRUWAY AUTH PERSONAL INCOME TAX REVENUE         | CUSIP: 650028WV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $937056.00    | 0.05%             | 2035-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Unified School District/CA                                           | LOS ANGELES CA UNIF SCH DIST                                 | CUSIP: 5446466S6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    295000 | PA      | $328718.77    | 0.02%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA ST FIN AUTH REVENUE                                  | CUSIP: 45506DR80<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    200000 | PA      | $225597.30    | 0.01%             | 2033-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                    | TEXAS ST WTR DEV BRD                                         | CUSIP: 8828544P4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    950000 | PA      | $914612.12    | 0.05%             | 2036-10-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue                       | PENNSYLVANIA ST TURNPIKE COMMISSION OIL FRANCHISE TAX REVENU | CUSIP: 709221UJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1100279.60   | 0.06%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida                                                                 | FLORIDA ST BRD OF EDU PUBLIC EDU                             | CUSIP: 34153QLN4<br>LEI: 5493004G5XFOOUT0LQ57 | Long             | DBT              | MUN               | US        |    780000 | PA      | $831315.34    | 0.04%             | 2031-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Louisiana                                                               | LOUISIANA ST                                                 | CUSIP: 5464153X6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    640000 | PA      | $700628.61    | 0.04%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                 | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                    | CUSIP: 13032UJD1<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    310000 | PA      | $337984.51    | 0.02%             | 2031-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Waterworks Revenue                                            | CHICAGO IL WTRWKS REVENUE                                    | CUSIP: 167736L47<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $196321.84    | 0.01%             | 2034-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                    | MASSACHUSETTS ST                                             | CUSIP: 57582RJF4<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1028698.70   | 0.05%             | 2033-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE         | CUSIP: 709224KV0<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1010000 | PA      | $1075779.18   | 0.05%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palomar Health                                                                   | PALOMAR HLTH CA REVENUE                                      | CUSIP: 697528AT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1725000 | PA      | $1759196.92   | 0.09%             | 2039-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990EYP6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    195000 | PA      | $204827.96    | 0.01%             | 2034-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                | CUSIP: 13063DHP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $316947.15    | 0.02%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | MICHIGAN ST FIN AUTH REVENUE                                 | CUSIP: 59447TQN6<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2205298.60   | 0.11%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Loudoun County Economic Development Authority                                    | LOUDOUN CNTY VA ECON DEV AUTH PUBLIC FAC LEASE REVENUE       | CUSIP: 54589SGH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1463653.80   | 0.07%             | 2036-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Housing Finance Agency                                             | MASSACHUSETTS ST HSG FIN AGY HSG REVENUE                     | CUSIP: 57587AY51<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |    145000 | PA      | $134038.52    | 0.01%             | 2034-12-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                            | ILLINOIS ST TOLL HIGHWAY AUTH                                | CUSIP: 452252JD2<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5077653.00   | 0.26%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Kansas Department of Transportation                                     | KANSAS ST DEPT OF TRANSPRTN HIGHWAY REVENUE                  | CUSIP: 485424RM9<br>LEI: 5493001635XK841MIO47 | Long             | DBT              | MUN               | US        |    150000 | PA      | $166588.58    | 0.01%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH UPMC REVENUE              | CUSIP: 70870JAV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $210550.01    | 0.01%             | 2034-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Johnson KS                                                             | JOHNSON CNTY KS                                              | CUSIP: 47844PKV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $789961.28    | 0.04%             | 2034-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                | CUSIP: 13063C6S4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    490000 | PA      | $530660.94    | 0.03%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Frisco Independent School District                                               | FRISCO TX INDEP SCH DIST                                     | CUSIP: 35880CG99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1473032.79   | 0.07%             | 2032-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sacramento County Sanitation Districts Financing Authority                       | SACRAMENTO CNTY CA SANTN DISTS FING AUTH REVENUE             | CUSIP: 786134UG9<br>LEI: 549300MSDPX3EYMUYV38 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1037401.70   | 0.05%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County Convention Center/Orlando                                          | ORANGE CNTY FL TOURIST DEV TAX                               | CUSIP: 684545B39<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    490000 | PA      | $576720.89    | 0.03%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Private Activity Bond Surface Transportation Corp                          | TEXAS ST PRIV ACTIVITY BOND SURFACE TRANSPRTN CORP REVENUE   | CUSIP: 882667BM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1390000 | PA      | $1386975.08   | 0.07%             | 2036-06-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | WASHINGTON ST                                                | CUSIP: 93974ERS7<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1440867.00   | 0.07%             | 2037-08-01      | 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: 64972EPX1<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $940975.97    | 0.05%             | 2035-11-01      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| Benton & Linn Counties Consolidated School District No 509J & 509A Corvallis     | BENTON & LINN CNTYS OR SCH DIST #509J CORVALLIS              | CUSIP: 082744DC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1285000 | PA      | $1436870.81   | 0.07%             | 2035-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE         | CUSIP: 709225CS3<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    700000 | PA      | $816678.94    | 0.04%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Housing Finance Corp                                                     | FLORIDA ST HSG FIN CORP REVENUE                              | CUSIP: 34074MVK4<br>LEI: 549300W0PCIJCI0JCF10 | Long             | DBT              | MUN               | US        |    950000 | PA      | $830870.67    | 0.04%             | 2035-07-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| County of Fort Bend TX                                                           | FORT BEND CNTY TX                                            | CUSIP: 346766TW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $21608.65     | 0.00%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                | CUSIP: 13063DLQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1575000 | PA      | $1580656.77   | 0.08%             | 2035-04-01      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                    | KENTUCKY ST PROPERTY & BLDGS COMMISSION REVENUES             | CUSIP: 49151FZF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3285000 | PA      | $3647382.80   | 0.18%             | 2034-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                          | LOS ANGELES CA DEPT WTR & PWR REVENUE                        | CUSIP: 544495H31<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2074238.60   | 0.10%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government of Nashville & Davidson County TN                        | MET GOVT NASHVILLE & DAVIDSON CNTY TN                        | CUSIP: 592112RF5<br>LEI: 549300GW8FVQJ3DU6O10 | Long             | DBT              | MUN               | US        |    545000 | PA      | $574079.78    | 0.03%             | 2031-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Commonwealth Transportation Board                                       | VIRGINIA ST CMWLTH TRANSPRTN BRD TRANSPRTN REVENUE           | CUSIP: 927793E47<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $191401.00    | 0.01%             | 2034-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | NEW YORK NY                                                  | CUSIP: 64966QWJ5<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1865000 | PA      | $2209263.52   | 0.11%             | 2034-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Fairfax VA                                                             | FAIRFAX CNTY VA                                              | CUSIP: 30382AHF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1755000 | PA      | $2040881.43   | 0.10%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Community College District/CA                                        | LOS ANGELES CA CMNTY CLG DIST                                | CUSIP: 54438CVP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $179176.02    | 0.01%             | 2034-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45203HP22<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    125000 | PA      | $130950.46    | 0.01%             | 2030-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Thruway Authority                                                 | NEW YORK ST THRUWAY AUTH GEN REVENUE JUNIOR INDEBTEDNESS OBL | CUSIP: 650010BZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $813520.80    | 0.04%             | 2037-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Unified School District/CA                                           | LOS ANGELES CA UNIF SCH DIST                                 | CUSIP: 544647AX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1720000 | PA      | $2024458.40   | 0.10%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State University                                                      | CALIFORNIA ST UNIV REVENUE                                   | CUSIP: 13077DAR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    510000 | PA      | $568333.70    | 0.03%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Hospital Finance Authority                                         | WEST VIRGINIA ST HOSP FIN AUTH                               | CUSIP: 956622S39<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1430000 | PA      | $1380583.49   | 0.07%             | 2038-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue       | LOS ANGELES CNTY CA MET TRANSPRTN AUTH SALES TAX REVENUE     | CUSIP: 54466HLT1<br>LEI: 54930051IHTXE1N9RB42 | Long             | DBT              | MUN               | US        |   1460000 | PA      | $1565043.93   | 0.08%             | 2038-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Little Rock School District                                                      | LITTLE ROCK AR SCH DIST                                      | CUSIP: 537428Z56<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $795227.20    | 0.04%             | 2037-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                              | VIRGINIA ST CLG BLDG AUTH EDUCTNL FACS REVENUE 21ST CENTURY  | CUSIP: 92778VFH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $136307.69    | 0.01%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | CONNECTICUT ST                                               | CUSIP: 20772KLW7<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2216262.84   | 0.11%             | 2032-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Central Plains Energy Project                                                    | CENTRL PLAINS ENERGY PROJ NE GAS PROJ REVENUE                | CUSIP: 154871CU9<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2114408.60   | 0.11%             | 2053-05-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                | CUSIP: 13063DLL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4270000 | PA      | $5276239.59   | 0.27%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                | CUSIP: 13063DLG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2910000 | PA      | $3474857.19   | 0.17%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | DIST OF COLUMBIA                                             | CUSIP: 25476FVD7<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    500000 | PA      | $530051.75    | 0.03%             | 2033-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                 | CUSIP: 167593A28<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    470000 | PA      | $511663.01    | 0.03%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | WASHINGTON ST                                                | CUSIP: 93974DXD5<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |    825000 | PA      | $900503.92    | 0.05%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                  | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JAP1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7100249.80   | 0.36%             | 2052-02-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                | CUSIP: 13063DPS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2340000 | PA      | $2767487.81   | 0.14%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                | CUSIP: 13063DPU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2015538.40   | 0.10%             | 2033-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA ST FIN AUTH REVENUE                                  | CUSIP: 45506DW76<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    175000 | PA      | $199017.61    | 0.01%             | 2035-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Katy Independent School District                                                 | KATY TX INDEP SCH DIST                                       | CUSIP: 486063WL0<br>LEI: 254900H9QSKVP2HWVL72 | Long             | DBT              | MUN               | US        |   2510000 | PA      | $2708742.55   | 0.14%             | 2038-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | DIST OF COLUMBIA                                             | CUSIP: 25476FUG1<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2771224.75   | 0.14%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | NEW YORK NY                                                  | CUSIP: 64966QMU1<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1198985.00   | 0.06%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Housing & Mortgage Finance Corp                                     | RHODE ISLAND ST HSG & MTGE FIN CORP                          | CUSIP: 76221RR39<br>LEI: 254900N9FNYNPO539444 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $792286.30    | 0.04%             | 2036-10-01      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Combined Utility System Revenue                               | HOUSTON TX UTILITY SYS REVENUE                               | CUSIP: 44244CWK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $5269707.00   | 0.26%             | 2033-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 6461367D7<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1297410.60   | 0.07%             | 2038-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Jefferson AL                                                           | JEFFERSON CNTY AL                                            | CUSIP: 472628QX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $879054.96    | 0.04%             | 2029-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Prince George's MD                                                     | PRINCE GEORGES CNTY MD                                       | CUSIP: 7417016P6<br>LEI: 549300NSQ1W50I0VU811 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2793129.25   | 0.14%             | 2036-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                | CUSIP: 13063BP63<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1470000 | PA      | $1470000.00   | 0.07%             | 2038-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | DIST OF COLUMBIA INCOME TAX SECURED REVENUE                  | CUSIP: 25477GTA3<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1142233.50   | 0.06%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                | CUSIP: 13063DBX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2645000 | PA      | $2988465.95   | 0.15%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | CHICAGO IL                                                   | CUSIP: 167486SV2<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1503295.35   | 0.08%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Columbus OH                                                              | COLUMBUS OH                                                  | CUSIP: 199492VL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $213577.34    | 0.01%             | 2030-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Northern Illinois Municipal Power Agency                                         | NTHRN IL MUNI PWR AGY PWR PROJ REVENUE                       | CUSIP: 665250CR5<br>LEI: VWCV6ROJUT9NS55JU583 | Long             | DBT              | MUN               | US        |   1235000 | PA      | $1283057.06   | 0.06%             | 2032-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue      | MASSACHUSETTS ST DEPT OF TRANSPRTN MET HIGHWAY SYS REVENUE   | CUSIP: 57563CDH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1156920.20   | 0.06%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Public Building Authority                                               | VIRGINIA ST PUBLIC BLDG AUTH PUBLIC FACS REVENUE             | CUSIP: 9281722C8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1054898.36   | 0.05%             | 2034-08-01      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| New York State Thruway Authority                                                 | NEW YORK ST THRUWAY AUTH GEN REVENUE JUNIOR INDEBTEDNESS OBL | CUSIP: 650010AQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $692694.21    | 0.03%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                 | MARICOPA CNTY AZ INDL DEV AUTH                               | CUSIP: 56682HCC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    605000 | PA      | $645288.77    | 0.03%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                | CUSIP: 13063DQW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $339268.97    | 0.02%             | 2036-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue       | LOS ANGELES CNTY CA MET TRANSPRTN AUTH SALES TAX REVENUE     | CUSIP: 54466HKR6<br>LEI: 54930051IHTXE1N9RB42 | Long             | DBT              | MUN               | US        |   1060000 | PA      | $1242421.12   | 0.06%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of West Virginia                                                           | WEST VIRGINIA ST                                             | CUSIP: 956553A43<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $771268.23    | 0.04%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                                 | ENERGY N W WA ELEC REVENUE                                   | CUSIP: 29270CX91<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    695000 | PA      | $788387.98    | 0.04%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | MET TRANSPRTN AUTH NY REVENUE                                | CUSIP: 59261AJ65<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1089930.00   | 0.05%             | 2030-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT         | CUSIP: 64990GGD8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1029890.00   | 0.05%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                                   | WASHINGTON DC MET AREA TRANSIT AUTH GROSS REVENUE            | CUSIP: 938782EV7<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |    300000 | PA      | $328884.00    | 0.02%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Massachusetts Building Authority                                   | UNIV OF MASSACHUSETTS MA BLDGAUTH PROJ REVENUE               | CUSIP: 914440RU8<br>LEI: 6ILE2573NPR1XO2TR556 | Long             | DBT              | MUN               | US        |    750000 | PA      | $865925.33    | 0.04%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA FIN AUTH MIDWESTERN DISASTER RELIEF REVENUE          | CUSIP: 45470CAG4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1545000 | PA      | $1536579.13   | 0.08%             | 2030-11-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| County of Prince George's MD                                                     | PRINCE GEORGES CNTY MD                                       | CUSIP: 7417014S2<br>LEI: 549300NSQ1W50I0VU811 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1321689.71   | 0.07%             | 2029-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Colorado Springs CO Utilities System Revenue                             | COLORADO SPRINGS CO UTILITIES REVENUE                        | CUSIP: 196632YZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $123995.91    | 0.01%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | NEW YORK NY                                                  | CUSIP: 64966QFD7<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    500000 | PA      | $584014.85    | 0.03%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Aldine Independent School District                                               | ALDINE TX INDEP SCH DIST                                     | CUSIP: 014393XE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $775853.40    | 0.04%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Denton TX Utility System Revenue                                         | DENTON TX UTILITY SYS REVENUE                                | CUSIP: 249015C55<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    965000 | PA      | $1050653.69   | 0.05%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| White Bear Lake Independent School District No 624                               | WHITE BEAR LAKE MN INDEP SCH DIST #624                       | CUSIP: 963439B29<br>LEI: 549300I7BXOUJLASQ618 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008060.40   | 0.05%             | 2033-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| North Texas Municipal Water District Water System Revenue                        | N TEXAS ST MUNI WTR DIST WTR SYS REVENUE                     | CUSIP: 662903RE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    715000 | PA      | $770450.90    | 0.04%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chabot-Las Positas Community College District                                    | CHABOT-LAS POSITAS CA CMNTY CLG DIST                         | CUSIP: 15722TGQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $144480.24    | 0.01%             | 2035-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Colorado                                                                | COLORADO ST COPS                                             | CUSIP: 196711UC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1540000 | PA      | $1574471.98   | 0.08%             | 2039-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Utility Debt Securitization Authority                                            | UTILITY DEBT SECURITIZATION AUTH NY                          | CUSIP: 91802RFJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2420874.00   | 0.12%             | 2035-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp                        | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP HOSP REVENUE      | CUSIP: 87638QPF0<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |     80000 | PA      | $85888.29     | 0.00%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles County Public Works Financing Authority                              | LOS ANGELES CNTY CA PUBLIC WKS FING AUTH LEASE REVENUE       | CUSIP: 54473EVM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1562791.80   | 0.08%             | 2038-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Texas Private Activity Bond Surface Transportation Corp                          | TEXAS ST PRIV ACTIVITY BOND SURFACE TRANSPRTN CORP REVENUE   | CUSIP: 882667BP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1133909.66   | 0.06%             | 2037-06-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Wake NC                                                                | WAKE CNTY NC LIMITED OBLIG                                   | CUSIP: 930876CT2<br>LEI: 5493007XQJHO082P1H29 | Long             | DBT              | MUN               | US        |    500000 | PA      | $551219.90    | 0.03%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | NEW YORK NY                                                  | CUSIP: 64966QJS0<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1565000 | PA      | $1770931.15   | 0.09%             | 2037-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL                                                          | MIAMI-DADE CNTY FL SPL OBLIG                                 | CUSIP: 59333NZB2<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |    400000 | PA      | $289480.32    | 0.01%             | 2032-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| State of New Jersey                                                              | NEW JERSEY ST                                                | CUSIP: 646039ZH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2408463.90   | 0.12%             | 2036-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| California State University                                                      | CALIFORNIA ST UNIV REVENUE                                   | CUSIP: 13077CW42<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2035000 | PA      | $2193928.41   | 0.11%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                    | TEXAS ST WTR DEV BRD                                         | CUSIP: 882854P97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $125941.50    | 0.01%             | 2036-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Dedicated Excise Tax Revenue                          | DENVER CO CITY & CNTY DEDICATED TAX REVENUE                  | CUSIP: 24917DBR3<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |    200000 | PA      | $127421.54    | 0.01%             | 2034-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| State of Minnesota                                                               | MINNESOTA ST                                                 | CUSIP: 60412ARC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1135690.60   | 0.06%             | 2036-08-01      | 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: 592643CZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $254187.25    | 0.01%             | 2036-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                | CUSIP: 13063C8T0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2529482.18   | 0.13%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Baltimore MD                                                           | BALTIMORE CNTY MD                                            | CUSIP: 05914F2C3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1925000 | PA      | $2082858.47   | 0.10%             | 2034-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp                                           | PHOENIX AZ CIVIC IMPT CORP ARPT REVENUE                      | CUSIP: 71883MLT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $111080.63    | 0.01%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452153AN9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1087042.20   | 0.05%             | 2034-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                   | BUCKEYE OH TOBACCO SETTLEMENT FING AUTH                      | CUSIP: 118217CP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $548089.85    | 0.03%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | WASHINGTON ST                                                | CUSIP: 93974D6U7<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   1080000 | PA      | $1197865.69   | 0.06%             | 2039-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Multnomah & Clackamas Counties School District No 10JT Gresham-Barlow            | MULTNOMAH CLACKAMAS CNTYS OR SCH DIST #10JT GRESHAM-BARLOW   | CUSIP: 625482GD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1010000 | PA      | $672495.37    | 0.03%             | 2033-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Unified School District/CA                                           | LOS ANGELES CA UNIF SCH DIST                                 | CUSIP: 544647BM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1070000 | PA      | $1286773.76   | 0.06%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Public Facilities Authority                                            | MINNESOTA ST PUBLIC FACS AUTH REVOLVING FUND REVENUE         | CUSIP: 604115CQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1619254.65   | 0.08%             | 2033-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990FKL7<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    100000 | PA      | $116182.73    | 0.01%             | 2029-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Houston                                                            | UNIV OF HOUSTON TX UNIV REVENUES                             | CUSIP: 914302KD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1777929.30   | 0.09%             | 2035-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204FFX8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1050551.40   | 0.05%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS SPLY REVENUE               | CUSIP: 09182NBR0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5054244.00   | 0.25%             | 2051-06-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                      | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DBT8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1060873.70   | 0.05%             | 2038-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | NEW YORK NY                                                  | CUSIP: 64966QBU3<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1158660.10   | 0.06%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Flood Control District                                             | HARRIS CNTY TX FLOOD CONTROL DIST                            | CUSIP: 4140186G1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    480000 | PA      | $513115.20    | 0.03%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 64577BL28<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    935000 | PA      | $1010303.40   | 0.05%             | 2033-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of North Carolina                                                          | NORTH CAROLINA ST                                            | CUSIP: 6582563U4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $380554.65    | 0.02%             | 2034-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp                              | NEW HOPE CULTURAL EDU FACS FIN CORP TX HOSP REVENUE          | CUSIP: 645424AL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $276057.65    | 0.01%             | 2030-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                 | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                    | CUSIP: 13032URF7<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    450000 | PA      | $497917.71    | 0.03%             | 2032-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority Water Pollution Control Loan Fund               | OHIO ST WTR DEV AUTH WTR POLLCONTROL REVENUE                 | CUSIP: 67766WXC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $43075.88     | 0.00%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greeneville Health & Educational Facilities Board                                | GREENEVILLE TN HLTH & EDUCTNL FACS BRD HOSP REVENUE          | CUSIP: 396649EP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $553452.46    | 0.03%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of North Texas System                                                 | UNIV OF N TEXAS UNIV REVENUE                                 | CUSIP: 914729RT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $82800.25     | 0.00%             | 2029-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ascension Parish School Board                                                    | ASCENSION PARISH LA PARISHWIDE SCH DIST                      | CUSIP: 043519YZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014596.00   | 0.05%             | 2039-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Water & Wastewater System Revenue                              | AUSTIN TX WTR & WSTWTR SYS REVENUE                           | CUSIP: 052476G36<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1065000 | PA      | $1100025.93   | 0.06%             | 2030-11-15      | 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: 64971WU99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1065000 | PA      | $1179963.02   | 0.06%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Independent School District                                               | DALLAS TX INDEP SCH DIST                                     | CUSIP: 235308L27<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1193777.50   | 0.06%             | 2035-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Gainesville FL Utilities System Revenue                                  | GAINESVILLE FL UTILITIES SYS REVENUE                         | CUSIP: 362848UE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $217489.45    | 0.01%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | CHICAGO IL                                                   | CUSIP: 167486J75<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1064000 | PA      | $977214.20    | 0.05%             | 2040-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State Public School Building Authority                                           | STATE PUBLIC SCH BLDG AUTH PA LEASE REVENUE                  | CUSIP: 85732GUH1<br>LEI: 5493006JN0UR7OGWTO86 | Long             | DBT              | MUN               | US        |    260000 | PA      | $277727.37    | 0.01%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of Houston of Harris County Texas                                 | PORT HOUSTON TX AUTH                                         | CUSIP: 7342606M9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1172223.50   | 0.06%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Flood Control District                                             | HARRIS CNTY TX FLOOD CONTROL DIST                            | CUSIP: 4140187B1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027536.90   | 0.05%             | 2038-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue       | LOS ANGELES CNTY CA MET TRANSPRTN AUTH SALES TAX REVENUE     | CUSIP: 54466HKQ8<br>LEI: 54930051IHTXE1N9RB42 | Long             | DBT              | MUN               | US        |    900000 | PA      | $1061462.70   | 0.05%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | NEW YORK NY                                                  | CUSIP: 64966QMD9<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1170667.00   | 0.06%             | 2029-08-01      | 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: 79574CAP8<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1061016.30   | 0.05%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cypress-Fairbanks Independent School District                                    | CYPRESS-FAIRBANKS TX INDEP SCH DIST                          | CUSIP: 232769HD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501393.60    | 0.03%             | 2034-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Arlington Independent School District/TX                                         | ARLINGTON TX INDEP SCH DIST                                  | CUSIP: 0418264Y1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1070188.10   | 0.05%             | 2034-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Municipal Improvement Corp of Los Angeles                                        | LOS ANGELES CA MUNI IMPT CORPLEASE REVENUE                   | CUSIP: 544587G77<br>LEI: 549300ZJ0YLTZNSR8F57 | Long             | DBT              | MUN               | US        |    615000 | PA      | $679524.08    | 0.03%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New Jersey                                                              | NEW JERSEY ST                                                | CUSIP: 646039ZK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5565465.00   | 0.28%             | 2038-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pittsburgh Water & Sewer Authority                                               | PITTSBURGH PA WTR & SWR AUTH                                 | CUSIP: 725304VE6<br>LEI: 54930034DVH6W22T1E86 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2462273.20   | 0.12%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | CONNECTICUT ST                                               | CUSIP: 20772J4P4<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |    395000 | PA      | $396025.93    | 0.02%             | 2032-10-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| County of Prince George's MD                                                     | PRINCE GEORGES CNTY MD                                       | CUSIP: 7417014T0<br>LEI: 549300NSQ1W50I0VU811 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1095162.20   | 0.06%             | 2030-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Palomar Health                                                                   | PALOMAR HLTH CA                                              | CUSIP: 697527BC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021391.50   | 0.05%             | 2035-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Reedy Creek Improvement District                                                 | REEDY CREEK FL IMPT DIST                                     | CUSIP: 758449RH7<br>LEI: 549300DLSKH6SZ96KV94 | Long             | DBT              | MUN               | US        |    175000 | PA      | $192194.40    | 0.01%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Austin Independent School District                                               | AUSTIN TX INDEP SCH DIST                                     | CUSIP: 052430VV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1773830.40   | 0.09%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Trinity River Authority Central Regional Wastewater System Revenue               | TRINITY RIVER TX AUTH REGL WSTWTR SYS REVENUE                | CUSIP: 89658HVE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    670000 | PA      | $745305.32    | 0.04%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | WASHINGTON ST                                                | CUSIP: 93974D2N7<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1111298.40   | 0.06%             | 2035-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH REVENUE                   | CUSIP: 70869PLS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100887.36    | 0.01%             | 2036-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204FAW5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1365000 | PA      | $1596284.37   | 0.08%             | 2032-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of San Francisco CA                                                | SAN FRANCISCO CITY & CNTY CA COPS                            | CUSIP: 79765DX96<br>LEI: 549300RA28ZEFOB6M782 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2035429.80   | 0.10%             | 2036-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Manatee County School District                                                   | MANATEE CNTY FL SCH DIST SALES TAX REVENUE                   | CUSIP: 56185PCG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $175501.15    | 0.01%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County Honolulu HI Wastewater System Revenue                              | HONOLULU CITY & CNTY HI WSTWTR SYS REVENUE                   | CUSIP: 438701V92<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $986135.59    | 0.05%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bay Area Toll Authority                                                          | BAY AREA CA TOLL AUTH TOLL BRIDGE REVENUE                    | CUSIP: 072024VL3<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |   1270000 | PA      | $1232102.31   | 0.06%             | 2036-04-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Middleton-Cross Plains Area School District/WI                                   | MIDDLETON-CROSS PLAINS WI AREA SCH DIST                      | CUSIP: 596697QV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $352513.67    | 0.02%             | 2036-03-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                | CUSIP: 13063DLJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $462350.83    | 0.02%             | 2031-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990FPL2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2342062.20   | 0.12%             | 2033-02-15      | 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: 64971XTZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2854574.25   | 0.14%             | 2037-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland Department of Transportation                                   | MARYLAND ST DEPT OF TRANSPRTN CONSOL TRANSPRTN               | CUSIP: 574204N74<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2340000 | PA      | $2202159.26   | 0.11%             | 2031-10-01      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| Great Lakes Water Authority Water Supply System Revenue                          | GREAT LAKES MI WTR AUTH WTR SPLY SYS REVENUE                 | CUSIP: 39081JAJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $32512.82     | 0.00%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Waterworks Revenue                                            | CHICAGO IL WTRWKS REVENUE                                    | CUSIP: 167736K71<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1390000 | PA      | $1487014.77   | 0.07%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Colorado                                                           | UNIV OF COLORADO CO ENTERPRISE REVENUE                       | CUSIP: 91417KX89<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $801169.04    | 0.04%             | 2033-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| American Municipal Power Inc                                                     | AMERICAN MUNI PWR-OHIO INC OH REVENUE                        | CUSIP: 02765UQE7<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1140427.60   | 0.06%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salt Verde Financial Corp                                                        | SALT VERDE AZ FINANCIAL CORP SENIOR GAS REVENUE              | CUSIP: 79575EAS7<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1697210.08   | 0.09%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152TB7<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1470000 | PA      | $1481960.95   | 0.07%             | 2033-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                | CUSIP: 13063DVC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2101866.40   | 0.11%             | 2037-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Butler County Unified School District No 385 Andover                             | BUTLER CNTY KS UNIF SCH DIST #385 ANDOVER                    | CUSIP: 12343ECS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $317543.64    | 0.02%             | 2031-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District                                                     | CLARK CNTY NV SCH DIST                                       | CUSIP: 181059S80<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1319923.50   | 0.07%             | 2038-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                              | VIRGINIA ST CLG BLDG AUTH EDUCTNL FACS REVENUE 21ST CENTURY  | CUSIP: 92778VLA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2676581.60   | 0.13%             | 2036-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Long Beach Unified School District                                               | LONG BEACH CA UNIF SCH DIST                                  | CUSIP: 542433QP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $620695.75    | 0.03%             | 2039-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Community College District/CA                                        | LOS ANGELES CA CMNTY CLG DIST                                | CUSIP: 54438CZL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1210342.30   | 0.06%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | OHIO ST                                                      | CUSIP: 677522NY6<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    480000 | PA      | $494558.21    | 0.02%             | 2032-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                                 | ENERGY N W WA ELEC REVENUE                                   | CUSIP: 29270CP33<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1327737.75   | 0.07%             | 2030-07-01      | 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: 64972GSY1<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |    500000 | PA      | $581548.00    | 0.03%             | 2033-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alabama Public School and College Authority                                      | ALABAMA ST PUBLIC SCH & CLG AUTH                             | CUSIP: 010609FK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $628330.66    | 0.03%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Great Lakes Water Authority Sewage Disposal System Revenue                       | GREAT LAKES MI WTR AUTH SEWAGE DISPOSAL SYS REVENUE          | CUSIP: 39081HAE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $541651.75    | 0.03%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Community College District/CA                                        | LOS ANGELES CA CMNTY CLG DIST                                | CUSIP: 54438CXH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $800366.78    | 0.04%             | 2033-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Minnesota                                                               | MINNESOTA ST                                                 | CUSIP: 60412AQZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1165682.60   | 0.06%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Mississippi                                                             | MISSISSIPPI ST                                               | CUSIP: 605581JM0<br>LEI: 549300JRWW5RFQUB7P94 | Long             | DBT              | MUN               | US        |    430000 | PA      | $483223.81    | 0.02%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                | CUSIP: 13063DBU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3375000 | PA      | $3817447.99   | 0.19%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990FTS3<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1095000 | PA      | $1147872.95   | 0.06%             | 2034-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Trust for Cultural Resources of The City of New York/The                         | NEW YORK CITY NY TRUST FOR CULTURAL RESOURCES                | CUSIP: 649717TC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $899156.86    | 0.05%             | 2029-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990E4W4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    315000 | PA      | $342798.37    | 0.02%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX                                                           | SAN ANTONIO TX                                               | CUSIP: 79623PCY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $378428.73    | 0.02%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County Health Facilities Authority                                        | ORANGE CNTY FL HLTH FACS AUTH REVENUE                        | CUSIP: 68450LEL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1325000 | PA      | $1401455.15   | 0.07%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Gas Works Co                                                        | PHILADELPHIA PA GAS WKS REVENUE                              | CUSIP: 7178238K7<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | DBT              | MUN               | US        |    970000 | PA      | $1038526.91   | 0.05%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | DIST OF COLUMBIA                                             | CUSIP: 25476FRM2<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |     30000 | PA      | $32696.35     | 0.00%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Piedmont Municipal Power Agency                                                  | PIEDMONT SC MUNI PWR AGY ELEC REVENUE                        | CUSIP: 720175ZG6<br>LEI: 549300C7VOBGIG4OD375 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1154877.80   | 0.06%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government of Nashville & Davidson County TN                        | MET GOVT NASHVILLE & DAVIDSON CNTY TN                        | CUSIP: 592112RH1<br>LEI: 549300GW8FVQJ3DU6O10 | Long             | DBT              | MUN               | US        |    580000 | PA      | $608797.58    | 0.03%             | 2032-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Dallas TX Waterworks & Sewer System Revenue                              | DALLAS TX WTRWKS & SWR SYS REVENUE                           | CUSIP: 23542JAP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    565000 | PA      | $618075.03    | 0.03%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Harris TX                                                              | HARRIS CNTY TX                                               | CUSIP: 414005WJ3<br>LEI: 549300G9BRP25M0W1S40 | Long             | DBT              | MUN               | US        |    190000 | PA      | $207848.73    | 0.01%             | 2029-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | NEW YORK NY                                                  | CUSIP: 64966MHJ1<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    250000 | PA      | $253718.13    | 0.01%             | 2036-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                    | N TX TOLLWAY AUTH REVENUE                                    | CUSIP: 66285WXL5<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1060095.30   | 0.05%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204EY36<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   2560000 | PA      | $2880354.30   | 0.14%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of California                                                         | UNIV OF CALIFORNIA CA REVENUES                               | CUSIP: 91412GH40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10932.49     | 0.00%             | 2031-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue       | LOS ANGELES CNTY CA MET TRANSPRTN AUTH SALES TAX REVENUE     | CUSIP: 54466HEB8<br>LEI: 54930051IHTXE1N9RB42 | Long             | DBT              | MUN               | US        |    165000 | PA      | $180805.86    | 0.01%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH SALES TAX REVENUE                      | CUSIP: 64990AJZ9<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1970000 | PA      | $2193067.24   | 0.11%             | 2035-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas State University System                                                    | TEXAS ST UNIV SYS FING REVENUE                               | CUSIP: 88278PYJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $109964.16    | 0.01%             | 2029-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Thruway Authority                                                 | NEW YORK ST THRUWAY AUTH GEN REVENUE JUNIOR INDEBTEDNESS OBL | CUSIP: 650010CB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3155000 | PA      | $3175654.84   | 0.16%             | 2039-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT         | CUSIP: 64990GVE9<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1026191.00   | 0.05%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Montgomery MD                                                          | MONTGOMERY CNTY MD                                           | CUSIP: 6133407R3<br>LEI: 549300GNX5SDUEBKPK13 | Long             | DBT              | MUN               | US        |   1070000 | PA      | $1157751.88   | 0.06%             | 2030-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Utility Debt Securitization Authority                                            | UTILITY DEBT SECURITIZATION AUTH NY                          | CUSIP: 91802RCH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $542236.65    | 0.03%             | 2035-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Hospital Development Authority                                  | ALLEGHENY CNTY PA HOSP DEV AUTH                              | CUSIP: 01728A4T0<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |    810000 | PA      | $915917.38    | 0.05%             | 2033-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                | CUSIP: 13063C4Q0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $164881.32    | 0.01%             | 2028-08-01      | 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